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, 2023

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).

(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.

	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)
86	GLOBAL SUSTAINABILITY INDEX FUND (Ticker Symbols: Class I: NSRIX, Class K: NSRKX)
97	GLOBAL TACTICAL ASSET ALLOCATION FUND (Ticker Symbol: BBALX)
99	INCOME EQUITY FUND (Ticker Symbol: NOIEX)
103	INTERNATIONAL EQUITY FUND (Ticker Symbol: NOIGX)
108	INTERNATIONAL EQUITY INDEX FUND (Ticker Symbol: NOINX)
120	LARGE CAP CORE FUND (Ticker Symbol: NOLCX)
124	LARGE CAP VALUE FUND (Ticker Symbol: NOLVX)
128	MID CAP INDEX FUND (Ticker Symbol: NOMIX)
136	MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND (Ticker Symbol: NMFIX)
139	MULTI-MANAGER GLOBAL REAL ESTATE FUND (Ticker Symbol: NMMGX)
142	NORTHERN ENGAGE360TM FUND (Ticker Symbol: NENGX)
143	SMALL CAP CORE FUND (Ticker Symbols: Class I: NSGRX, Class K: NSCKX)
165	SMALL CAP INDEX FUND (Ticker Symbol: NSIDX)
192	SMALL CAP VALUE FUND (Ticker Symbol: NOSGX)
202	STOCK INDEX FUND (Ticker Symbol: NOSIX)
211	U.S. QUALITY ESG FUND (Ticker Symbols: Class I: NUEIX, Class K: NUESX)
215	NOTES TO THE FINANCIAL STATEMENTS
237	FUND EXPENSES
240	APPROVAL OF MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENTS
252	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		$125,663			$415,610		$1,255,937			$883,172
Investments in affiliates, at value		3,652			17,848		24,547			6,603
Cash		323			—		—			58
Cash held at broker		—			—		1,133	(1)		805	(1)
Foreign currencies held at broker, at value		—			—		—			143	(2)
Foreign currencies, at value		233			359		4,011			5,578
Interest income receivable		7			—		—			—
Dividend income receivable		244			925		2,701			3,868
Receivable for capital gains tax		335			—		153			2
Receivable for foreign tax reclaims		38			1,829		92			765
Receivable for securities sold		737			402		—			94
Receivable for variation margin on futures contracts		—			1		—			2
Receivable for fund shares sold		19			3		1,628			274
Receivable from investment adviser		5			7		24			35
Unrealized appreciation on forward foreign currency exchange contracts		—			—		84			91
Prepaid and other assets		3			24		44			14
Total Assets		131,259			437,008		1,290,354			901,504
LIABILITIES:
Cash overdraft		—			—		88			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—		19			15
Payable for securities purchased		1,566			444		—			—
Payable for variation margin on futures contracts		—			23		—			58
Payable for fund shares redeemed		104			230		1,455			782
Payable to affiliates:
Management fees		23			59		30			59
Custody fees		64			19		165			45
Shareholder servicing fees		10			4		55			34
Transfer agent fees		4			14		41			30
Accrued Trustee fees		2			2		7			6
Outstanding options written, at value (premiums received $(23))		—			—		—			—
Deferred foreign capital gains tax payable		318			—		7,162			335
Accrued other liabilities		124			26		140			48
Total Liabilities		2,215			821		9,162			1,412
Net Assets		$129,044			$436,187		$1,281,192			$900,092
ANALYSIS OF NET ASSETS:
Capital stock		$148,065			$351,042		$1,367,011			$978,687
Distributable earnings (loss)		(19,021	)		85,145		(85,819	)		(78,595	)
Net Assets		$129,044			$436,187		$1,281,192			$900,092
Net Assets:
Shares		$129,044			$436,187		$1,281,192			$900,092
Class K		—			—		—			—
Class I		—			—		—			—
Total Shares Outstanding ($.001 par value, unlimited authorization):
Shares		9,783			38,796		124,008			107,243
Class K		—			—		—			—
Class I		—			—		—			—
Net Asset Value, Redemption and Offering Price Per Share:
Shares		$13.19			$11.24		$10.33			$8.39
Class K		—			—		—			—
Class I		—			—		—			—
Investments, at cost		$114,599			$350,786		$948,919			$742,439
Investments in affiliates, at cost		3,652			17,848		24,547			6,603
Foreign currencies held at broker, at cost		—			—		—			145
Foreign currencies, at cost		197			361		4,039			5,607

⁽¹⁾  Includes restricted cash held at broker of $900, $663 and $1,208, respectively.

⁽²⁾  Includes restricted foreign currencies held at broker of $126, $674, $141 and $3,302, respectively.

See Notes to the Financial Statements.

EQUITY FUNDS  2  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

GLOBAL   SUSTAINABILITY   INDEX FUND			GLOBAL TACTICAL   ASSET ALLOCATION   FUND			INCOME   EQUITY FUND		INTERNATIONAL   EQUITY FUND			INTERNATIONAL   EQUITY INDEX FUND			LARGE CAP   CORE FUND
	$1,630,034			$25,632			$139,233		$123,302			$4,059,830			$236,745
	23,856			74,525			2,018		398			11,699			1,593
	141			—			—		—			412			—
	1,208	(1)		—			—		8			4			—
	1,139	(2)		—			—		172	(2)		3,349	(2)		—
	7,165			—			—		999			9,669			—
	—			—			—		—			—			—
	2,021			1			206		356			10,744			195
	—			—			—		—			—			—
	1,518			—			—		653			20,623			—
	—			—			—		—			1,246			—
	29			—			—		10			197			—
	5,302			1			14		—			4,170			42
	4			2			3		4			48			4
	23			—			—		—			55			—
	15			11			3		10			15			3
	1,672,455			100,172			141,477		125,912			4,122,061			238,582
	—			—			—		—			—			—
	62			—			—		—			252			—
	—			1,586			—		—			3			—
	93			—			7		3			102			4
	1,148			27			2		53			2,314			167
	49			4			11		10			61			17
	7			—			4		8			40			3
	106			11			19		6			68			19
	55			3			4		4			134			8
	3			4			4		9			15			16
	—			—			4		—			—			—
	—			—			—		—			—			—
	35			24			26		24			59			29
	1,558			1,659			81		117			3,048			263
	$1,670,897			$98,513			$141,396		$125,795			$4,119,013			$238,319
	$1,341,663			$103,386			$96,350		$162,014			$3,488,684			$146,218
	329,234			(4,873	)		45,046		(36,219	)		630,329			92,101
	$1,670,897			$98,513			$141,396		$125,795			$4,119,013			$238,319
	—			98,513			141,396		125,795			4,119,013			238,319
	773,822			—			—		—			—			—
	897,075			—			—		—			—			—
	—			8,473			10,377		13,336			319,460			10,000
	41,750			—			—		—			—			—
	48,435			—			—		—			—			—
	—			11.63			13.63		9.43			12.89			23.83
	18.53			—			—		—			—			—
	18.52			—			—		—			—			—
	$1,297,172			$28,395			$101,175		$116,448			$2,718,771			$161,570
	23,994			71,715			2,018		398			11,699			1,593
	1,182			—			—		177			3,429			—
	7,184			—			—		996			9,631			—

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		$56,608		$1,777,045		$926,210			$106,767
Investments in affiliates, at value		847		16,862		32,420			4,616
Cash		—		—		11			4
Foreign currencies, at value		—		—		446			16
Interest income receivable		—		—		—			—
Dividend income receivable		58		2,056		2,012			429
Receivable for foreign tax reclaims		—		—		1,525			68
Receivable for securities sold		—		160		4,420			116
Receivable for variation margin on futures contracts		—		7		—			—
Receivable for fund shares sold		—		517		128			—
Receivable from investment adviser		2		17		13			3
Prepaid and other assets		11		9		22			4
Total Assets		57,526		1,796,673		967,207			112,023
LIABILITIES:
Cash overdraft		—		—		—			—
Payable for securities purchased		—		5,521		6,266			114
Payable for variation margin on futures contracts		2		66		63			—
Payable for fund shares redeemed		8		976		2,982			—
Payable to affiliates:
Management fees		5		26		145			16
Custody fees		6		24		14			3
Shareholder servicing fees		7		71		2			8
Transfer agent fees		2		59		32			4
Accrued Trustee fees		7		6		4			2
Accrued other liabilities		24		38		31			32
Total Liabilities		61		6,787		9,539			179
Net Assets		$57,465		$1,789,886		$957,668			$111,844
ANALYSIS OF NET ASSETS:
Capital stock		$53,326		$1,182,255		$1,028,806			$122,814
Distributable earnings (loss)		4,139		607,631		(71,138	)		(10,970	)
Net Assets		$57,465		$1,789,886		$957,668			$111,844
Net Assets:
Shares		$57,465		$1,789,886		$957,668			$111,844
Class K		—		—		—			—
Class I		—		—		—			—
Total Shares Outstanding ($.001 par value, unlimited authorization):
Shares		3,042		92,696		89,222			12,002
Class K		—		—		—			—
Class I		—		—		—			—
Net Asset Value, Redemption and Offering Price Per Share:
Shares		$18.89		$19.31		$10.73			$9.32
Class K		—		—		—			—
Class I		—		—		—			—
Investments, at cost		$55,153		$1,276,350		$1,008,046			$110,426
Investments in affiliates, at cost		847		16,862		32,420			4,616
Foreign currencies, at cost		—		—		444			16

See Notes to the Financial Statements.

EQUITY FUNDS  4  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

NORTHERN   ENGAGE360TM   FUND		SMALL CAP     CORE FUND		SMALL CAP     INDEX FUND		SMALL CAP     VALUE FUND		STOCK     INDEX FUND		U.S. QUALITY     ESG     FUND
	$—		$405,510		$1,005,408		$1,474,325		$10,703,881		$358,793
	4,245		12,357		2,622		32,205		213,351		3,956
	1		12		16		86		—		2
	—		—		—		—		—		—
	—		—		—		—		1		—
	88		426		1,114		2,554		7,528		241
	341		—		—		—		—		—
	—		1,021		2,048		19,181		—		—
	—		—		6		7		—		—
	—		105		377		740		3,612		2
	30		5		8		39		78		3
	1		17		16		8		44		20
	4,706		419,453		1,011,615		1,529,145		10,928,495		363,017
	—		—		—		—		1		—
	—		—		347		519		—		—
	—		76		37		185		649		11
	—		70		501		2,428		2,753		104
	3		32		15		238		71		23
	6		8		78		14		56		—
	—		49		25		529		110		5
	1		14		33		50		356		12
	1		3		6		11		27		—
	14		26		38		79		76		24
	25		278		1,080		4,053		4,099		179
	$4,681		$419,175		$1,010,535		$1,525,092		$10,924,396		$362,838
	$4,598		$262,033		$764,451		$861,408		$3,224,339		$315,578
	83		157,142		246,084		663,684		7,700,057		47,260
	$4,681		$419,175		$1,010,535		$1,525,092		$10,924,396		$362,838
	4,681		—		1,010,535		1,525,092		10,924,396		—
	—		230,947		—		—		—		340,672
	—		188,228		—		—		—		22,166
	488		—		84,702		83,567		239,604		—
	—		9,048		—		—		—		21,273
	—		7,388		—		—		—		1,387
	9.59		—		11.93		18.25		45.59		—
	—		25.52		—		—		—		16.01
	—		25.48		—		—		—		15.99
	$66		$277,029		$746,935		$936,699		$3,325,481		$295,342
	4,245		12,357		2,622		32,205		212,178		3,956
	—		—		—		—		—		—

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		$2,261	(1)		$6,950	(1)		$25,115	(1)		$20,491	(1)
Dividend income from investments in affiliates		123			475			863			366
Interest income (Note 6)		20			323			77			56
Total Investment Income		2,404			7,748			26,055			20,913
EXPENSES:
Management fees		842			1,937			991			1,944
Custody fees		134			76			657			116
Transfer agent fees		30			91			273			187
Blue sky fees		10			9			10			11
Printing fees		4			6			15			11
Professional fees		18			19			25			24
Shareholder servicing fees (Shares)		32			13			102			69
Shareholder servicing fees (Class I)		—			—			—			—
Trustee fees		4			3			7			7
Interest expense		—			—			—			—
Other		36			17			41			15
Total Expenses		1,110			2,171			2,121			2,384
Less expenses reimbursed by investment adviser		(247	)		(171	)		(1,101	)		(90	)
Net Expenses		863			2,000			1,020			2,294
Net Investment Income		1,541			5,748			25,035			18,619
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments		2,422	(2)		15,833			13,359	(2)		(16,463	)(2)
Investments in affiliates		—			—			—			—
Options written		—			—			—			—
Futures contracts		162			222			2,636			974
Foreign currency transactions		(182	)		(52	)		(46	)		(182	)
Forward foreign currency exchange contracts		—			—			30			50
Net changes in unrealized appreciation (depreciation) on:
Investments		(5,396	)(3)		(23,958	)(3)		(74,143	)(3)		(47,580	)(3)
Investments in affiliates		—			—			—			—
Options written		—			—			—			—
Futures contracts		(135	)		(510	)		(3,185	)		(1,310	)
Foreign currency translations		36			(39	)		(153	)		(150	)
Forward foreign currency exchange contracts		—			—			133			157
Net Gains (Losses)		(3,093	)		(8,504	)		(61,369	)		(64,504	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$(1,552	)		$(2,756	)		$(36,334	)		$(45,885	)

⁽¹⁾  Net of $273, $828, $3,340, $815, $983, $322 and $9,128, respectively, in foreign withholding taxes.

⁽²⁾  Net of foreign capital gains tax paid of $111, $1,527 and $11, respectively.

⁽³⁾  Net change in unrealized of deferred foreign capital gains tax of $(318), $10, $(2,752) and $(260), respectively.

See Notes to the Financial Statements.

EQUITY FUNDS  6  NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)

GLOBAL         SUSTAINABILITY         INDEX FUND			GLOBAL TACTICAL     ASSET ALLOCATION     FUND			INCOME     EQUITY FUND			INTERNATIONAL     EQUITY FUND			INTERNATIONAL     EQUITY INDEX FUND			LARGE CAP     CORE FUND
	$16,978	(1)		$406			$1,890			$2,646	(1)		$80,298	(1)		$2,218
	703			1,595			33			22			187			40
	118			—			3			10			156			3
	17,799			2,001			1,926			2,678			80,641			2,261
	1,497			117			329			300			1,990			548
	82			1			10			25			282			16
	320			20			28			25			851			48
	18			11			9			8			13			11
	15			4			4			4			38			5
	23			18			18			18			41			18
	—			23			51			22			188			45
	221			—			—			—			—			—
	7			4			3			4			18			3
	—			2			—			—			1			1
	41			5			6			5			30			5
	2,224			205			458			411			3,452			700
	(23	)		(70	)		(108	)		(92	)		(1,179	)		(134	)
	2,201			135			350			319			2,273			566
	15,598			1,866			1,576			2,359			78,368			1,695
	7,725			(482	)		4,632			(727	)		9,243			13,878
	(26	)		(1,390	)		—			—			—			—
	—			—			54			—			—			—
	3,108			—			151			164			2,732			101
	(411	)		—			—			(54	)		(891	)		—
	(38	)		—			—			—			(212	)		—
	29,199			(1,184	)		(974	)		(1,359	)		(155,756	)		(2,393	)
	(184	)		385			—			—			—			—
	—			—			20			—			—			—
	(2,572	)		—			(160	)		(123	)		(1,483	)		(132	)
	(136	)		—			—			(35	)		(862	)		—
	(132	)		—			—			—			(638	)		—
	36,533			(2,671	)		3,723			(2,134	)		(147,867	)		11,454
	$52,131			$(805	)		$5,299			$225			$(69,499	)		$13,149

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		$734			$16,064			$21,330	(1)		$1,997	(1)
Dividend income from investments in affiliates		13			459			1,177			118
Interest income (Note 6)		1			26			57			—
Total Investment Income		748			16,549			22,564			2,115
EXPENSES:
Management fees		158			866			4,623			527
Custody fees		9			86			73			20
Transfer agent fees		11			370			198			23
Blue sky fees		9			15			10			9
Printing fees		3			19			11			4
Professional fees		18			30			23			18
Shareholder servicing fees (Shares)		17			154			142			20
Shareholder servicing fees (Class I)		—			—			—			—
Trustee fees		4			10			7			3
Interest expense		—			6			—			—
Other		4			13			16			10
Total Expenses		233			1,569			5,103			634
Less expenses voluntarily reimbursed by investment adviser		—			—			—			—
Less expenses reimbursed by investment adviser		(65	)		(581	)		(159	)		(90	)
Net Expenses		168			988			4,944			544
Net Investment Income		580			15,561			17,620			1,571
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments		1,345			61,861			899			(1,667	)
Investments in affiliates		—			—			—			—
Futures contracts		26			291			880			—
Foreign currency transactions		—			—			(47	)		(6	)
Net changes in unrealized appreciation (depreciation) on:
Investments		(1,021	)		(65,514	)		(112,012	)		(7,031	)
Investments in affiliates		—			—			—			—
Futures contracts		(14	)		(1,491	)		(692	)		—
Foreign currency translations		—			—			(54	)		(5	)
Net Gains (Losses)		336			(4,853	)		(111,026	)		(8,709	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$916			$10,708			$(93,406	)		$(7,138	)

⁽¹⁾  Net of $1,315, $63, $152, $2 and $1, respectively, in foreign withholding taxes.

See Notes to the Financial Statements.

EQUITY FUNDS  8  NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)

NORTHERN     ENGAGE360TM     FUND			SMALL CAP     CORE FUND			SMALL CAP     INDEX FUND			SMALL CAP     VALUE FUND			STOCK     INDEX FUND			U.S. QUALITY  ESG FUND
	$1,635	(1)		$3,413	(1)		$8,926	(1)		$17,500			$86,332			$3,326
	412			370			103			1,260			2,109			77
	6			29			6			87			125			5
	2,053			3,812			9,035			18,847			88,566			3,408
	577			1,025			513			7,618			2,207			736
	21			28			107			69			386			16
	33			84			219			309			2,124			77
	7			17			9			22			21			14
	2			6			12			16			90			6
	6			18			23			31			75			18
	—			—			56			1,088			253			—
	—			98			—			—			—			11
	4			4			7			11			39			4
	—			—			—			—			—			—
	8			7			9			19			41			6
	658			1,287			955			9,183			5,236			888
	(27	)		—			—			—			—			—
	(58	)		(114	)		(366	)		(1,141	)		(2,312	)		(95	)
	573			1,173			589			8,042			2,924			793
	1,480			2,639			8,446			10,805			85,642			2,615
	23,375			11,600			17,941			93,081			263,063			7,488
	—			—			—			—			(34	)		—
	193			413			(41	)		1,247			11,931			224
	3			—			—			—			—			—
	(17,508	)		(11,563	)		(21,284	)		(86,844	)		196,538			10,866
	—			—			—			—			(1,123	)		—
	(183	)		(803	)		(262	)		(3,547	)		(6,551	)		(197	)
	(15	)		—			—			—			—			—
	5,865			(353	)		(3,646	)		3,937			463,824			18,381
	$7,345			$2,286			$4,800			$14,742			$549,466			$20,996

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, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
OPERATIONS:
Net investment income (Note 6)		$1,541			$3,089			$5,748			$7,906			$25,035			$47,815
Net realized gains (losses)		2,402			(20,053	)		16,003			7,373			15,979			(52,744	)
Net change in unrealized appreciation (depreciation)		(5,495	)		(26,685	)		(24,507	)		(23,899	)		(77,348	)		(211,762	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,552	)		(43,649	)		(2,756	)		(8,620	)		(36,334	)		(216,691	)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Shares transactions		(42,711	)		(94,964	)		(40,235	)		(89,396	)		(197,675	)		(185,373	)
Net increase (decrease) 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		(42,711	)		(94,964	)		(40,235	)		(89,396	)		(197,675	)		(185,373	)
DISTRIBUTIONS TO SHARES SHAREHOLDERS:
Distributable earnings		—			(1,445	)		—			(6,821	)		—			(31,842	)
Return of Capital		—			—			—			—			—			—
Total Distributions to Shares Shareholders		—			(1,445	)		—			(6,821	)		—			(31,842	)
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		(44,263	)		(140,058	)		(42,991	)		(104,837	)		(234,009	)		(433,906	)
NET ASSETS:
Beginning of period		173,307			313,365			479,178			584,015			1,515,201			1,949,107
End of period		$129,044			$173,307			$436,187			$479,178			$1,281,192			$1,515,201

See Notes to the Financial Statements.

EQUITY FUNDS  10  NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2023

GLOBAL REAL ESTATE INDEX FUND						GLOBAL SUSTAINABILITY INDEX FUND					GLOBAL TACTICAL ASSET ALLOCATION FUND						INCOME EQUITY FUND
SEP 30,       2023			MAR 31, 2023			SEP 30, 2023		MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
	$18,619			$34,812			$15,598		$24,875			$1,866			$3,276			$1,576			$3,015
	(15,621	)		(11,667	)		10,358		(20,873	)		(1,872	)		(2,456	)		4,837			5,282
	(48,883	)		(333,670	)		26,175		(91,140	)		(799	)		(9,532	)		(1,114	)		(19,969	)
	(45,885	)		(310,525	)		52,131		(87,138	)		(805	)		(8,712	)		5,299			(11,672	)
	(36,757	)		(154,309	)		—		—			(888	)		(10,086	)		(910	)		(6,223	)
	—			—			12,970		47,247			—			—			—			—
	—			—			76,567		121,546			—			—			—			—
	(36,757	)		(154,309	)		89,537		168,793			(888	)		(10,086	)		(910	)		(6,223	)
	(16,176	)		(17,271	)		—		—			(1,629	)		(7,486	)		(1,536	)		(8,028	)
	—			(11,867	)		—		—			—			—			—			—
	(16,176	)		(29,138	)		—		—			(1,629	)		(7,486	)		(1,536	)		(8,028	)
	—			—			—		(13,541	)		—			—			—			—
	—			—			—		(13,541	)		—			—			—			—
	—			—			—		(11,600	)		—			—			—			—
	—			—			—		(11,600	)		—			—			—			—
	(98,818	)		(493,972	)		141,668		56,514			(3,322	)		(26,284	)		2,853			(25,923	)
	998,910			1,492,882			1,529,229		1,472,715			101,835			128,119			138,543			164,466
	$900,092			$998,910			$1,670,897		$1,529,229			$98,513			$101,835			$141,396			$138,543

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, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
OPERATIONS:
Net investment income (Note 6)		$2,359			$3,734			$78,368			$134,725			$1,695			$3,352
Net realized gains (losses)		(617	)		(5,179	)		10,872			(45,756	)		13,979			5,443
Net change in unrealized appreciation (depreciation)		(1,517	)		1,008			(158,739	)		(143,549	)		(2,525	)		(29,938	)
Net Increase (Decrease) in Net Assets Resulting from Operations		225			(437	)		(69,499	)		(54,580	)		13,149			(21,143	)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Shares transactions		1,508			3,156			(291,294	)		(206,477	)		(15,758	)		(14,024	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		1,508			3,156			(291,294	)		(206,477	)		(15,758	)		(14,024	)
DISTRIBUTIONS TO SHARES SHAREHOLDERS:
Distributable earnings		—			(3,200	)		—			(110,518	)		(1,678	)		(11,564	)
Total Distributions to Shares Shareholders		—			(3,200	)		—			(110,518	)		(1,678	)		(11,564	)
Total Increase (Decrease) in Net Assets		1,733			(481	)		(360,793	)		(371,575	)		(4,287	)		(46,731	)
NET ASSETS:
Beginning of period		124,062			124,543			4,479,806			4,851,381			242,606			289,337
End of period	$	125,795		$	124,062		$	4,119,013		$	4,479,806		$	238,319		$	242,606

See Notes to the Financial Statements.

EQUITY FUNDS  12 
NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2023

LARGE CAP VALUE FUND						MID CAP INDEX FUND						MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND						MULTI-MANAGER GLOBAL REAL ESTATE FUND
SEP 30,       2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
	$580			$1,223			$15,561			$30,904			$17,620			$23,236			$1,571			$3,138
	1,371			683			62,152			91,456			1,732			(504	)		(1,673	)		(7,695	)
	(1,035	)		(5,406	)		(67,005	)		(258,236	)		(112,758	)		(82,784	)		(7,036	)		(35,522	)
	916			(3,500	)		10,708			(135,876	)		(93,406	)		(60,052	)		(7,138	)		(40,079	)
	(2,458	)		(410	)		(220,373	)		(113,863	)		80,011			(15,996	)		(922	)		(40,995	)
	(2,458	)		(410	)		(220,373	)		(113,863	)		80,011			(15,996	)		(922	)		(40,995	)
	—			(4,797	)		—			(190,111	)		(16,413	)		(39,799	)		(1,269	)		(2,646	)
	—			(4,797	)		—			(190,111	)		(16,413	)		(39,799	)		(1,269	)		(2,646	)
	(1,542	)		(8,707	)		(209,665	)		(439,850	)		(29,808	)		(115,847	)		(9,329	)		(83,720	)
	59,007			67,714			1,999,551			2,439,401			987,476			1,103,323			121,173			204,893
	$57,465			$59,007			$1,789,886			$1,999,551			$957,668			$987,476			$111,844			$121,173

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, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
OPERATIONS:
Net investment income (Note 6)		$1,480			$3,047			$2,639			$4,849			$8,446			$17,593
Net realized gains (losses)		23,571			(19,218	)		12,013			11,233			17,900			6,192
Net change in unrealized appreciation (depreciation)		(17,706	)		(11,101	)		(12,366	)		(56,553	)		(21,546	)		(202,642	)
Net Increase (Decrease) in Net Assets Resulting from Operations		7,345			(27,272	)		2,286			(40,471	)		4,800			(178,857	)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Shares transactions		(230,813	)		(36,339	)		—			—			(157,342	)		(122,009	)
Net increase (decrease) in net assets resulting from Class K transactions		—			—			(10,794	)		(15,416	)		—			—
Net increase (decrease) in net assets resulting from Class I transactions		—			—			(6,709	)		(12,998	)		—			—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(230,813	)		(36,339	)		(17,503	)		(28,414	)		(157,342	)		(122,009	)
DISTRIBUTIONS TO SHARES SHAREHOLDERS:
Distributable earnings		(6,292	)		(38,548	)		—			—			—			(71,471	)
Total Distributions to Shares Shareholders		(6,292	)		(38,548	)		—			—			—			(71,471	)
DISTRIBUTIONS TO CLASS K SHAREHOLDERS:
Distributable earnings		—			—			—			(1,616	)		—			—
Total Distributions to Class K Shareholders		—			—			—			(1,616	)		—			—
DISTRIBUTIONS TO CLASS I SHAREHOLDERS:
Distributable earnings		—			—			—			(1,028	)		—			—
Total Distributions to Class I Shareholders		—			—			—			(1,028	)		—			—
Total Increase (Decrease) in Net Assets		(229,760	)		(102,159	)		(15,217	)		(71,529	)		(152,542	)		(372,337	)
NET ASSETS:
Beginning of period		234,441			336,600			434,392			505,921			1,163,077			1,535,414
End of period		$4,681			$234,441			$419,175			$434,392			$1,010,535			$1,163,077

See Notes to the Financial Statements.

EQUITY FUNDS  14 
NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2023

SMALL CAP VALUE FUND						STOCK INDEX FUND						U.S. QUALITY ESG FUND
SEP 30,       2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
	$10,805			$19,874			$85,642			$173,479			$2,615			$5,325
	94,328			85,674			274,960			326,009			7,712			(23,119	)
	(90,391	)		(269,979	)		188,864			(1,498,536	)		10,669			(24,323	)
	14,742			(164,431	)		549,466			(999,048	)		20,996			(42,117	)
	(107,320	)		(417,037	)		(269,987	)		(266,016	)		—			—
	—			—			—			—			(52,613	)		(50,336	)
	—			—			—			—			3,045			15,832
	(107,320	)		(417,037	)		(269,987	)		(266,016	)		(49,568	)		(34,504	)
	—			(94,077	)		(84,864	)		(472,874	)		—			—
	—			(94,077	)		(84,864	)		(472,874	)		—			—
	—			—			—			—			(2,467	)		(13,622	)
	—			—			—			—			(2,467	)		(13,622	)
	—			—			—			—			(141	)		(184	)
	—			—			—			—			(141	)		(184	)
	(92,578	)		(675,545	)		194,615			(1,737,938	)		(31,180	)		(90,427	)
	1,617,670			2,293,215			10,729,781			12,467,719			394,018			484,445
	$1,525,092			$1,617,670			$10,924,396			$10,729,781			$362,838			$394,018

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, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR     ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$13.40			$15.38			$22.17			$14.61			$19.49			$22.55
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.14			0.22			0.24	(1)		0.15	(2)		0.59			0.42
Net realized and unrealized gains (losses)		(0.35	)		(2.09	)		(2.11	)		8.93	(3)		(3.84	)		(3.30	)
Total from Investment Operations		(0.21	)		(1.87	)		(1.87	)		9.08			(3.25	)		(2.88	)
LESS DISTRIBUTIONS PAID:
From net investment income(4)		—			(0.11	)		(0.36	)		(0.20	)		(0.88	)		(0.18	)
From net realized gains		—			—			(4.56	)		(1.32	)		(0.75	)		—
Total Distributions Paid		—			(0.11	)		(4.92	)		(1.52	)		(1.63	)		(0.18	)
Net Asset Value, End of Period		$13.19			$13.40			$15.38			$22.17			$14.61			$19.49
Total Return(5)		(1.57	)%		(12.09	)%(6)		(9.64	)%		62.55	%		(18.77	)%		(12.71	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$129,044			$173,307			$313,365			$438,809			$338,370			$816,363
Ratio to average net assets of:(7)
Expenses, net of reimbursements and credits(8)		1.11	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Expenses, before reimbursements and credits		1.42	%		1.30	%		1.26	%		1.25	%		1.26	%		1.21	%
Net investment income, net of reimbursements and credits(8)		1.97	%		1.45	%		1.01	%		0.72	%		1.85	%		1.61	%
Net investment income, before reimbursements and credits		1.66	%		1.25	%		0.85	%		0.57	%		1.69	%		1.50	%
Portfolio Turnover Rate		39.61	%		115.02	%		99.51	%		134.29	%		81.32	%		80.98	%

⁽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.

⁽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%.

⁽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.

⁽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⁾  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.

⁽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 $4,000, $10,000, less than $1,000 and approximately $10,000, $17,000 and $42,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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  16 
NORTHERN FUNDS SEMIANNUAL REPORT

ACTIVE M   INTERNATIONAL EQUITY   FUND	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR     ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$11.34			$11.45			$12.81			$8.09			$10.38			$11.70
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.16			0.21			0.16	(1)		0.13	(2)		0.21			0.22
Net realized and unrealized gains (losses)		(0.26	)		(0.16	)		(0.21	)		4.69	(3)		(1.85	)		(0.91	)
Total from Investment Operations		(0.10	)		0.05			(0.05	)		4.82			(1.64	)		(0.69	)
LESS DISTRIBUTIONS PAID:
From net investment income(4)		—			(0.16	)		(0.20	)		(0.10	)		(0.26	)		(0.29	)
From net realized gains		—			—			(1.11	)		—			(0.39	)		(0.34	)
Total Distributions Paid		—			(0.16	)		(1.31	)		(0.10	)		(0.65	)		(0.63	)
Net Asset Value, End of Period		$11.24			$11.34			$11.45			$12.81			$8.09			$10.38
Total Return(5)		(0.88	)%		0.55	%		(1.04	)%		59.61	%		(17.49	)%		(5.32	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$436,187			$479,178			$584,015			$683,128			$558,183			$915,696
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits(7)		0.85	%		0.85	%		0.84	%		0.85	%		0.85	%		0.84	%
Expenses, before reimbursements and credits		0.92	%		0.93	%		0.90	%		0.92	%		0.93	%		0.94	%
Net investment income, net of reimbursements and credits(7)		2.43	%		1.66	%		1.10	%		0.93	%		1.86	%		1.75	%
Net investment income, before reimbursements and credits		2.36	%		1.58	%		1.04	%		0.86	%		1.78	%		1.65	%
Portfolio Turnover Rate		16.93	%		51.69	%		41.19	%		51.34	%		39.52	%		35.11	%

⁽¹⁾  The Northern Trust Company reimbursed the Fund approximately $20,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

⁽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%.

⁽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.

⁽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 $16,000, $23,000, less than $1,000 and approximately $17,000, $45,000 and $66,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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 
EQUITY FUNDS

EQUITY FUNDS

FINANCIAL HIGHLIGHTS    continued

EMERGING MARKETS   EQUITY INDEX FUND	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR     ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$10.64			$12.15			$14.32			$9.25			$11.70			$13.10
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.19			0.34			0.29	(1)		0.20	(2)		0.37			0.30
Net realized and unrealized gains (losses)		(0.50	)		(1.60	)		(2.08	)		5.20			(2.43	)		(1.41	)
Total from Investment Operations		(0.31	)		(1.26	)		(1.79	)		5.40			(2.06	)		(1.11	)
LESS DISTRIBUTIONS PAID:
From net investment income(3)		—			(0.25	)		(0.38	)		(0.33	)		(0.39	)		(0.29	)
Total Distributions Paid		—			(0.25	)		(0.38	)		(0.33	)		(0.39	)		(0.29	)
Net Asset Value, End of Period		$10.33			$10.64			$12.15			$14.32			$9.25			$11.70
Total Return(4)		(2.91	)%		(10.30	)%(5)		(12.69	)%		58.51	%		(18.36	)%		(8.20	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$1,281,192			$1,515,201			$1,949,107			$2,412,779			$1,594,038			$2,790,805
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits		0.14	%		0.22	%(7)		0.30	%(7)		0.30	%(7)		0.30	%(7)		0.30	%(7)
Expenses, before reimbursements and credits		0.30	%		0.33	%		0.34	%		0.34	%		0.35	%		0.35	%
Net investment income, net of reimbursements and credits		3.54	%		3.10	%(7)		2.18	%(7)		1.76	%(7)		3.07	%(7)		2.35	%(7)
Net investment income, before reimbursements and credits		3.38	%		2.99	%		2.14	%		1.72	%		3.02	%		2.30	%
Portfolio Turnover Rate		12.44	%		57.68	%		20.35	%		74.68	%		45.08	%		54.69	%

⁽¹⁾  The Fund received reimbursements from Northern Trust Investments, Inc. of approximately $10,000. The reimbursements represents less than $0.01 per share and had no effect on the Fund’s total return.

⁽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%.

⁽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⁾  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.

⁽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 $15,000, $1,000, $21,000, $26,000 and $31,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$8.97			$11.62			$10.67			$8.22			$11.05			$10.35
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.17			0.26			0.24	(1)		0.04			0.34			0.34
Net realized and unrealized gains (losses)		(0.60	)		(2.67	)		1.03			2.64			(2.67	)		0.72
Total from Investment Operations		(0.43	)		(2.41	)		1.27			2.68			(2.33	)		1.06
LESS DISTRIBUTIONS PAID:
From net investment income(2)		(0.15	)		(0.15	)		(0.32	)		(0.23	)		(0.50	)		(0.36	)
Return of capital		—			(0.09	)		—			—			—			—
Total Distributions Paid		(0.15	)		(0.24	)		(0.32	)		(0.23	)		(0.50	)		(0.36	)
Net Asset Value, End of Period	$	8.39		$	8.97		$	11.62		$	10.67		$	8.22		$	11.05
Total Return(3)		(4.85	)%		(20.74	)%(4)		11.84	%		33.25	%(5)		(22.11	)%		10.55	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$900,092			$998,910			$1,492,882			$1,432,173			$1,780,428			$2,091,233
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits(7)		0.47	%		0.47	%		0.48	%		0.48	%		0.49	%		0.50	%
Expenses, before reimbursements and credits		0.49	%		0.49	%		0.48	%		0.48	%		0.49	%		0.53	%
Net investment income, net of reimbursements and credits(7)		3.83	%		2.96	%		2.23	%		2.55	%		2.81	%		3.17	%
Net investment income, before reimbursements and credits		3.81	%		2.94	%		2.23	%		2.55	%		2.81	%		3.14	%
Portfolio Turnover Rate		3.42	%		7.48	%		5.75	%		7.27	%		6.91	%		27.17	%

⁽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.

⁽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⁾  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.

⁽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 $12,000, $18,000, $1,000, $8,000, $32,000 and $16,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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     SEP 30, 2023         (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			PERIOD ENDED   MAR 31,   2021(1)
Net Asset Value, Beginning of Period		$17.92			$19.57			$18.67			$15.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.17			0.31			0.30	(2)		0.19
Net realized and unrealized gains (losses)		0.44			(1.64	)		1.70			3.27
Total from Investment Operations		0.61			(1.33	)		2.00			3.46
LESS DISTRIBUTIONS PAID:
From net investment income(3)		—			(0.26	)		(0.28	)		(0.29	)
From net realized gains		—			(0.06	)		(0.82	)		—	(4)
Total Distributions Paid		—			(0.32	)		(1.10	)		(0.29	)
Net Asset Value, End of Period		$18.53			$17.92			$19.57			$18.67
Total Return(5)		3.40	%		(6.67	)%		10.48	%		22.44	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$773,822			$736,028			$740,470			$513,860
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits(7)		0.24	%		0.24	%		0.24	%		0.25	%
Expenses, before reimbursements and credits		0.24	%		0.24	%		0.24	%		0.27	%
Net investment income, net of reimbursements and credits(7)		1.90	%		1.86	%		1.49	%		1.62	%(8)
Net investment income, before reimbursements and credits		1.90	%		1.86	%		1.49	%		1.60	%(8)
Portfolio Turnover Rate		10.77	%		19.49	%		8.31	%		29.04	%

⁽¹⁾  For the period from July 30, 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.

⁽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 $11,000, $12,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023, for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and 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 30, 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 SEP 30, 2023 (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			PERIOD     ENDED MAR 31, 2021(1)
Net Asset Value, Beginning of Period		$17.91			$19.56			$18.66			$15.50
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.14			0.29			0.23	(2)		0.19
Net realized and unrealized gains (losses)		0.47			(1.62	)		1.77			3.26
Total from Investment Operations		0.61			(1.33	)		2.00			3.45
LESS DISTRIBUTIONS PAID:
From net investment income(3)		—			(0.26	)		(0.28	)		(0.29	)
From net realized gains		—			(0.06	)		(0.82	)		—	(4)
Total Distributions Paid		—			(0.32	)		(1.10	)		(0.29	)
Net Asset Value, End of Period		$18.52			$17.91			$19.56			$18.66
Total Return(5)		3.41	%		(6.72	)%		10.47	%		22.35	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$897,075			$793,201			$732,245			$474,771
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits(7)		0.29	%		0.29	%		0.29	%		0.30	%
Expenses, before reimbursements and credits		0.29	%		0.29	%		0.29	%		0.31	%
Net investment income, net of reimbursements and credits(7)		1.85	%		1.83	%		1.48	%		1.57	%(8)
Net investment income, before reimbursements and credits		1.85	%		1.83	%		1.48	%		1.56	%(8)
Portfolio Turnover Rate		10.77	%		19.49	%		8.31	%		29.04	%

⁽¹⁾  For the period from July 30, 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.

⁽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 $12,000, $12,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023, for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and 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 30, 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, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$11.92			$13.68			$13.74			$11.11			$12.69			$13.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.22			0.38			0.33	(1)		0.31			0.36			0.38
Net realized and unrealized gains (losses)		(0.32	)		(1.26	)		0.22			3.18			(1.60	)		(0.25	)
Net increase from payment by affiliate on affiliate transactions		—			—			—			—			—			0.03	(2)
Total from Investment Operations		(0.10	)		(0.88	)		0.55			3.49			(1.24	)		0.16
LESS DISTRIBUTIONS PAID:
From net investment income		(0.19	)		(0.37	)		(0.31	)		(0.32	)		(0.34	)		(0.39	)
From net realized gains		—			(0.51	)		(0.30	)		(0.54	)		—			(0.10	)
Total Distributions Paid		(0.19	)		(0.88	)		(0.61	)		(0.86	)		(0.34	)		(0.49	)
Net Asset Value, End of Period		$11.63			$11.92			$13.68			$13.74			$11.11			$12.69
Total Return(3)		(0.81	)%		(6.27	)%		3.92	%		31.94	%		(10.14	)%		1.46	%(2)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$98,513			$101,835			$128,119			$120,727			$101,156			$91,468
Ratio to average net assets of:(4)
Expenses, net of reimbursements and credits(5)		0.26	%(6)		0.26	%(6)		0.26	%		0.26	%(6)		0.26	%(6)		0.28	%(6)
Expenses, before reimbursements and credits(5)		0.40	%		0.39	%		0.39	%		0.40	%		0.40	%		0.42	%
Net investment income, net of reimbursements and credits		3.67	%(6)		3.01	%(6)		2.45	%		2.32	%(6)		2.85	%(6)		2.99	%(6)
Net investment income, before reimbursements and credits		3.53	%		2.88	%		2.32	%		2.18	%		2.71	%		2.85	%
Portfolio Turnover Rate		20.58	%		34.86	%		60.88	%		50.89	%		48.38	%		87.64	%

⁽¹⁾  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.

⁽²⁾  Northern Trust Investments, Inc. reimbursed the Fund approximately $209,000. Without this reimbursement the total return would have been 1.25%.

⁽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⁾  Expense ratios reflect only the direct expenses of the Fund and not any expenses associated with the underlying funds.

⁽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 less than $1,000, $1,000, approximately $1,000 and less than $2,000 and $2,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$13.26			$15.07			$14.81			$10.42			$12.95			$13.96
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.15			0.28			0.19			0.20			0.26			0.28
Net realized and unrealized gains (losses)		0.37			(1.33	)		2.24			5.28			(1.63	)		0.56
Total from Investment Operations		0.52			(1.05	)		2.43			5.48			(1.37	)		0.84
LESS DISTRIBUTIONS PAID:
From net investment income		(0.15	)		(0.28	)		(0.18	)		(0.25	)		(0.26	)		(0.28	)
From net realized gains		—			(0.48	)		(1.99	)		(0.84	)		(0.90	)		(1.57	)
Total Distributions Paid		(0.15	)		(0.76	)		(2.17	)		(1.09	)		(1.16	)		(1.85	)
Net Asset Value, End of Period		$13.63			$13.26			$15.07			$14.81			$10.42			$12.95
Total Return(1)		3.92	%		(6.78	)%		16.31	%		53.57	%		(12.44	)%(2)		7.66	%(3)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$141,396			$138,543			$164,466			$149,908			$115,562			$187,632
Ratio to average net assets of:(4)
Expenses, net of reimbursements and credits(5)		0.49	%		0.66	%		1.01	%		1.01	%		1.02	%		1.01	%
Expenses, before reimbursements and credits		0.64	%		0.80	%		1.16	%		1.18	%		1.12	%		1.12	%
Net investment income, net of reimbursements and credits(5)		2.20	%		2.10	%		1.18	%		1.51	%		1.89	%		2.01	%
Net investment income, before reimbursements and credits		2.05	%		1.96	%		1.03	%		1.34	%		1.79	%		1.90	%
Portfolio Turnover Rate		14.56	%		34.87	%		30.55	%		27.94	%		76.34	%		40.94	%

⁽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, $1,000, $1,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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, 2023 (UNAUDITED)			FISCAL YEAR ENDED   MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.42			$9.70			$9.68			$7.14			$9.36			$10.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.17			0.29			0.25	(1)		0.45			0.37			0.37
Net realized and unrealized gains (losses)		(0.16	)		(0.31	)		0.10			2.63			(2.23	)		(0.94	)
Total from Investment Operations		0.01			(0.02	)		0.35			3.08			(1.86	)		(0.57	)
LESS DISTRIBUTIONS PAID:
From net investment income(2)		—			(0.26	)		(0.33	)		(0.54	)		(0.36	)		(0.23	)
Total Distributions Paid		—			(0.26	)		(0.33	)		(0.54	)		(0.36	)		(0.23	)
Net Asset Value, End of Period		$9.43			$9.42			$9.70			$9.68			$7.14			$9.36
Total Return(3)		0.11	%		(0.02	)%		3.49	%(1)		43.53	%		(20.78	)%		(5.36	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$125,795			$124,062			$124,543			$106,032			$122,189			$203,688
Ratio to average net assets of:(4)
Expenses, net of reimbursements and credits		0.50	%(5)		0.51	%(5)		0.51	%		0.52	%(5)		0.55	%(5)		0.51	%(5)
Expenses, before reimbursements and credits		0.64	%		0.65	%		0.65	%		0.75	%		0.67	%		0.69	%
Net investment income, net of reimbursements and credits		3.69	%(5)		3.28	%(5)		2.91	%		2.73	%(5)		3.14	%(5)		3.18	%(5)
Net investment income, before reimbursements and credits		3.55	%		3.14	%		2.77	%		2.50	%		3.02	%		3.00	%
Portfolio Turnover Rate		25.85	%		46.55	%		41.96	%		63.81	%		33.97	%		59.45	%

⁽¹⁾  The Northern Trust Company reimbursed the Fund approximately $5,000. The reimbursements represent less than $0.01 per share. Without these reimbursements, the total return would have been 3.48%.

⁽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, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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  24 
NORTHERN FUNDS SEMIANNUAL REPORT

INTERNATIONAL EQUITY INDEX   FUND	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$13.13			$13.50			$13.92			$9.84			$11.86			$12.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.25			0.40			0.37	(1)		0.28			0.35	(2)		0.39
Net realized and unrealized gains (losses)		(0.49	)		(0.44	)		(0.33	)		4.08			(1.98	)		(0.93	)
Total from Investment Operations		(0.24	)		(0.04	)		0.04			4.36			(1.63	)		(0.54	)
LESS DISTRIBUTIONS PAID:
From net investment income(3)		—			(0.33	)		(0.46	)		(0.28	)		(0.39	)		(0.37	)
Total Distributions Paid		—			(0.33	)		(0.46	)		(0.28	)		(0.39	)		(0.37	)
Net Asset Value, End of Period		$12.89			$13.13			$13.50			$13.92			$9.84			$11.86
Total Return(4)		(1.83	)%		(0.11	)%		0.13	%		44.22	%		(14.46	)%		(3.89	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$4,119,013			$4,479,806			$4,851,381			$5,379,675			$4,100,160			$5,333,685
Ratio to average net assets of:(5)
Expenses, net of reimbursements and credits		0.10	%		0.17	%(6)		0.24	%		0.24	%(6)		0.25	%(6)		0.25	%(6)
Expenses, before reimbursements and credits		0.16	%		0.20	%		0.24	%		0.24	%		0.26	%		0.30	%
Net investment income, net of reimbursements and credits		3.54	%		3.20	%(6)		2.61	%		2.26	%(6)		2.85	%(6)		3.15	%(6)
Net investment income, before reimbursements and credits		3.48	%		3.17	%		2.61	%		2.26	%		2.84	%		3.10	%
Portfolio Turnover Rate		7.89	%		20.88	%		20.76	%		21.26	%		10.17	%		26.95	%

⁽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.

⁽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⁾  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 $6,000, $12,000, $30,000 and $36,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$22.78			$25.71			$25.24			$16.46			$19.36			$18.88
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.17			0.31			0.30			0.31			0.39			0.34
Net realized and unrealized gains (losses)		1.04			(2.16	)		4.09			8.79			(2.44	)		0.65
Total from Investment Operations		1.21			(1.85	)		4.39			9.10			(2.05	)		0.99
LESS DISTRIBUTIONS PAID:
From net investment income		(0.16	)		(0.31	)		(0.30	)		(0.32	)		(0.39	)		(0.34	)
From net realized gains		—			(0.77	)		(3.62	)		—			(0.46	)		(0.17	)
Total Distributions Paid		(0.16	)		(1.08	)		(3.92	)		(0.32	)		(0.85	)		(0.51	)
Net Asset Value, End of Period		$23.83			$22.78			$25.71			$25.24			$16.46			$19.36
Total Return(1)		5.32	%		(7.00	)%		17.18	%		55.62	%		(11.28	)%		5.45	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$238,319			$242,606			$289,337			$270,545			$164,695			$245,220
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits(3)		0.45	%		0.45	%		0.45	%		0.45	%		0.46	%		0.46	%
Expenses, before reimbursements and credits		0.56	%		0.56	%		0.55	%		0.57	%		0.56	%		0.56	%
Net investment income, net of reimbursements and credits(3)		1.36	%		1.35	%		1.10	%		1.47	%		1.85	%		1.76	%
Net investment income, before reimbursements and credits		1.25	%		1.24	%		1.00	%		1.35	%		1.75	%		1.66	%
Portfolio Turnover Rate		29.26	%		38.46	%		44.93	%		38.54	%		37.90	%		45.92	%

⁽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, $3,000, less than $1,000 and approximately $2,000, $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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  26 
NORTHERN FUNDS SEMIANNUAL REPORT

LARGE CAP VALUE FUND	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$18.61			$21.27			$20.39			$12.85			$16.42			$15.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.20			0.39			0.35			0.38			0.41			0.34
Net realized and unrealized gains (losses)		0.08			(1.49	)		2.28			7.42			(3.62	)		0.50
Total from Investment Operations		0.28			(1.10	)		2.63			7.80			(3.21	)		0.84
LESS DISTRIBUTIONS PAID:
From net investment income		—			(0.24	)		(0.43	)		(0.26	)		(0.36	)		(0.25	)
From net realized gains		—			(1.32	)		(1.32	)		—			—			—
Total Distributions Paid		—			(1.56	)		(1.75	)		(0.26	)		(0.36	)		(0.25	)
Net Asset Value, End of Period		$18.89			$18.61			$21.27			$20.39			$12.85			$16.42
Total Return(1)		1.51	%		(5.18	)%		13.00	%		61.02	%		(20.16	)%		5.52	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$57,465			$59,007			$67,714			$63,821			$45,786			$85,581
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.57	%(3)		0.56	%(3)		0.57	%		0.57	%(3)		0.55	%(3)		0.59	%(3)
Expenses, before reimbursements and credits		0.79	%		0.75	%		0.80	%		0.89	%		0.83	%		0.83	%
Net investment income, net of reimbursements and credits		1.95	%(3)		1.99	%(3)		1.55	%		2.05	%(3)		2.04	%(3)		1.95	%(3)
Net investment income, before reimbursements and credits		1.73	%		1.80	%		1.32	%		1.73	%		1.76	%		1.71	%
Portfolio Turnover Rate		18.64	%		78.33	%		75.05	%		74.86	%		80.40	%		96.45	%

⁽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 less than $1,000, less than $1,000, $1,000, and approximately $1,000 and $2,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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 
EQUITY FUNDS

EQUITY FUNDS

FINANCIAL HIGHLIGHTS    continued

MID CAP INDEX FUND							SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$19.23			$22.41			$23.76			$13.59			$17.95			$19.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.18			0.32			0.28			0.26			0.28			0.27
Net realized and unrealized gains (losses)		(0.10	)		(1.57	)		0.80			10.91			(4.21	)		(0.04	)
Total from Investment Operations		0.08			(1.25	)		1.08			11.17			(3.93	)		0.23
LESS DISTRIBUTIONS PAID:
From net investment income		—			(0.30	)		(0.25	)		(0.26	)		(0.27	)		(0.28	)
From net realized gains		—			(1.63	)		(2.18	)		(0.74	)		(0.16	)		(1.17	)
Total Distributions Paid		—			(1.93	)		(2.43	)		(1.00	)		(0.43	)		(1.45	)
Net Asset Value, End of Period		$19.31			$19.23			$22.41			$23.76			$13.59			$17.95
Total Return(1)		0.42	%		(5.28	)%		4.44	%		83.26	%		(22.61	)%		2.38	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$1,789,886			$1,999,551			$2,439,401			$2,523,727			$1,700,510			$2,294,736
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.10	%		0.12	%(3)		0.15	%(3)		0.15	%(3)		0.15	%(3)		0.15	%(3)
Expenses, before reimbursements and credits		0.16	%		0.18	%		0.19	%		0.19	%		0.18	%		0.17	%
Net investment income, net of reimbursements and credits		1.62	%		1.48	%(3)		1.13	%(3)		1.25	%(3)		1.52	%(3)		1.39	%(3)
Net investment income, before reimbursements and credits		1.56	%		1.42	%		1.09	%		1.21	%		1.49	%		1.37	%
Portfolio Turnover Rate		10.12	%		13.39	%		15.17	%		18.73	%		18.15	%		20.59	%

⁽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 $15,000, $2,000, $17,000, $72,000 and $77,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$11.96			$13.02			$12.92			$10.48			$12.09			$12.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.20			0.26			0.32	(1)		0.21			0.31			0.36
Net realized and unrealized gains (losses)		(1.24	)		(0.85	)		1.10			2.47	(2)		(1.61	)		0.08
Total from Investment Operations		(1.04	)		(0.59	)		1.42			2.68			(1.30	)		0.44
LESS DISTRIBUTIONS PAID:
From net investment income(3)		(0.19	)		(0.33	)		(0.28	)		(0.20	)		(0.31	)		(0.43	)
From net realized gains		—			(0.14	)		(1.04	)		(0.04	)		—			(0.75	)
Total Distributions Paid		(0.19	)		(0.47	)		(1.32	)		(0.24	)		(0.31	)		(1.18	)
Net Asset Value, End of Period		$10.73			$11.96			$13.02			$12.92			$10.48			$12.09
Total Return(4)		(8.83	)%		(4.43	)%		11.46	%		25.81	%		(11.09	)%		4.24	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$957,668			$987,476			$1,103,323			$1,167,594			$896,220			$1,009,594
Ratio to average net assets of:(5)
Expenses, net of reimbursements and credits(6)		0.96	%		0.96	%		0.97	%		0.96	%		0.98	%		1.00	%
Expenses, before reimbursements and credits		0.99	%		0.99	%		0.97	%		0.96	%		0.98	%		1.02	%
Net investment income, net of reimbursements and credits(6)		3.43	%		2.27	%		2.38	%		1.78	%		2.45	%		2.81	%
Net investment income, before reimbursements and credits		3.40	%		2.24	%		2.38	%		1.78	%		2.45	%		2.79	%
Portfolio Turnover Rate		12.34	%		57.83	%		62.31	%		60.11	%		80.41	%		38.64	%

⁽¹⁾  The Northern Trust Company reimbursed the Fund approximately $13,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

⁽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.

⁽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 $40,000, $57,000, $1,000, $41,000, $77,000 and $66,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$10.02			$12.72			$11.37			$8.67			$11.12			$10.38
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.13			0.24			0.15	(1)		0.21			0.29			0.31
Net realized and unrealized gains (losses)		(0.72	)		(2.74	)		1.56			2.68	(2)		(2.28	)		1.01
Total from Investment Operations		(0.59	)		(2.50	)		1.71			2.89			(1.99	)		1.32
LESS DISTRIBUTIONS PAID:
From net investment income(3)		(0.11	)		(0.20	)		(0.20	)		(0.19	)		(0.46	)		(0.46	)
From net realized gains		—			—			(0.16	)		—			—			(0.12	)
Total Distributions Paid		(0.11	)		(0.20	)		(0.36	)		(0.19	)		(0.46	)		(0.58	)
Net Asset Value, End of Period		$9.32			$10.02			$12.72			$11.37			$8.67			$11.12
Total Return(4)		(5.95	)%		(19.64	)%		15.03	%(5)		33.59	%(6)		(18.86	)%		13.28	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$111,844			$121,173			$204,893			$181,192			$98,568			$98,914
Ratio to average net assets of:(7)
Expenses, net of reimbursements and credits(8)		0.92	%		0.92	%		0.91	%		0.92	%		0.94	%		0.94	%
Expenses, before reimbursements and credits		1.07	%		1.06	%		1.00	%		1.04	%		1.10	%		1.20	%
Net investment income, net of reimbursements and credits(8)		2.66	%		2.06	%		1.20	%		1.73	%		2.18	%		2.47	%
Net investment income, before reimbursements and credits		2.51	%		1.92	%		1.11	%		1.61	%		2.02	%		2.21	%
Portfolio Turnover Rate		22.25	%		59.41	%		42.01	%		81.36	%		62.47	%		66.43	%

⁽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.

⁽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.

⁽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 fiscal year ended March 31, 2022, the Fund received monies related to certain nonrecurring litigation proceeds. If these monies were not received, the total return would have been 14.55%.

⁽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 $4,000, $7,000, less than $1,000 and approximately $6,000, $5,000 and $3,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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  30 
NORTHERN FUNDS SEMIANNUAL REPORT

NORTHERN     ENGAGE360TM FUND	SHARES
Selected per share data	SIX MONTHS     ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR     ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.55			$12.40			$13.64			$8.78			$10.03			$10.17
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income		0.34			0.12			0.23	(1)		0.12			0.15			0.09
Net realized and unrealized gains (losses)		0.06			(1.08	)		(0.16	)		4.86	(2)		(1.24	)		(0.14	)
Total from Investment Operations		0.40			(0.96	)		0.07			4.98			(1.09	)		(0.05	)
LESS DISTRIBUTIONS PAID:
From net investment income		(0.26	)		—			(0.29	)		(0.12	)		(0.16	)		(0.09	)
From net realized gains		(0.10	)		(1.89	)		(1.02	)		—			—			—	(3)
Total Distributions Paid		(0.36	)		(1.89	)		(1.31	)		(0.12	)		(0.16	)		(0.09	)
Net Asset Value, End of Period		$9.59			$9.55			$12.40			$13.64			$8.78			$10.03
Total Return(4)		4.14	%(5)		(7.06	)%		(0.10	)%		56.79	%		(11.22	)%		(0.36	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$4,681			$234,441			$336,600			$400,499			$245,669			$229,838
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits(7)		0.68	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Expenses, before reimbursements and credits		0.78	%		0.78	%		0.77	%		0.77	%		0.80	%		0.88	%
Net investment income, net of reimbursements and credits(7)		1.74	%		1.14	%		1.50	%		1.08	%		1.57	%		1.60	%
Net investment income, before reimbursements and credits		1.64	%		1.06	%		1.43	%		1.01	%		1.47	%		1.42	%
Portfolio Turnover Rate		4.42	%		18.79	%		85.19	%		41.71	%		32.99	%		48.63	%

⁽¹⁾  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.

⁽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.

⁽³⁾  Per share amounts from distributions paid from net realized gains 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⁾  Northern Trust Investments, Inc voluntarily reimbursed expenses of the Fund in the amount of approximately $27,000. Total return excluding the voluntary reimbursement would have been 4.07%. See Note 5.

⁽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 $14,000, $14,000, $1,000, $9,000, $16,000 and $11,000, which represent 0.02 percent of average net assets for the six months ended September 30, 2023 and less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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  EQUITY FUNDS

EQUITY FUNDS

FINANCIAL HIGHLIGHTS    continued

SMALL CAP CORE FUND	CLASS K
Selected per share data	SIX MONTHS         ENDED      SEP 30, 2023 (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			PERIOD ENDED     MAR 31,     2021(1)
Net Asset Value, Beginning of Period		$25.40			$27.82			$32.58			$23.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.16			0.28			0.24			0.13
Net realized and unrealized gains (losses)		(0.04	)		(2.53	)		(0.33	)		10.42
Total from Investment Operations		0.12			(2.25	)		(0.09	)		10.55
LESS DISTRIBUTIONS PAID:
From net investment income		—			(0.09	)		(0.17	)		(0.21	)
From net realized gains		—			(0.08	)		(4.50	)		(1.22	)
Total Distributions Paid		—			(0.17	)		(4.67	)		(1.43	)
Net Asset Value, End of Period		$25.52			$25.40			$27.82			$32.58
Total Return(2)		0.47	%		(8.08	)%		(0.54	)%		45.82	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$230,947			$240,538			$279,376			$287,618
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)		0.49	%		0.49	%		0.49	%		0.49	%
Expenses, before reimbursements and credits		0.54	%		0.54	%		0.54	%		0.57	%
Net investment income, net of reimbursements and credits(4)		1.25	%		1.13	%		0.70	%		0.67	%(5)
Net investment income, before reimbursements and credits		1.20	%		1.08	%		0.65	%		0.59	%(5)
Portfolio Turnover Rate		12.38	%		13.01	%		15.47	%		26.59	%

⁽¹⁾  For the period from July 30, 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 $7,000, $12,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and 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 30, 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 SEP 30, 2023 (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			PERIOD ENDED     MAR 31,     2021(1)
Net Asset Value, Beginning of Period		$25.37			$27.77			$32.56			$23.46
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.18			0.30			0.17			0.12
Net realized and unrealized gains (losses)		(0.07	)		(2.56	)		(0.30	)		10.41
Total from Investment Operations		0.11			(2.26	)		(0.13	)		10.53
LESS DISTRIBUTIONS PAID:
From net investment income		—			(0.06	)		(0.16	)		(0.21	)
From net realized gains		—			(0.08	)		(4.50	)		(1.22	)
Total Distributions Paid		—			(0.14	)		(4.66	)		(1.43	)
Net Asset Value, End of Period		$25.48			$25.37			$27.77			$32.56
Total Return(2)		0.43	%		(8.18	)%		(0.63	)%		45.72	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$188,228			$193,854			$226,545			$254,387
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)		0.59	%		0.59	%		0.59	%		0.59	%
Expenses, before reimbursements and credits		0.64	%		0.64	%		0.64	%		0.67	%
Net investment income, net of reimbursements and credits(4)		1.15	%		1.03	%		0.59	%		0.57	%(5)
Net investment income, before reimbursements and credits		1.10	%		0.98	%		0.54	%		0.49	%(5)
Portfolio Turnover Rate		12.38	%		13.01	%		15.47	%		26.59	%

⁽¹⁾  For the period from July 30, 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 $6,000, $10,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and 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 30, 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, 2023 (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			FISCAL YEAR     ENDED MAR 31, 2021			FISCAL YEAR     ENDED MAR 31, 2020			FISCAL YEAR     ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$11.96			$14.40			$17.24			$9.18			$12.34			$13.60
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income		0.11			0.18			0.15			0.12			0.14			0.16
Net realized and unrealized gains (losses)		(0.14	)		(1.88	)		(1.10	)		8.48			(3.07	)		(0.11	)
Total from Investment Operations		(0.03	)		(1.70	)		(0.95	)		8.60			(2.93	)		0.05
LESS DISTRIBUTIONS PAID:
From net investment income		—			(0.14	)		(0.13	)		(0.15	)		(0.14	)		(0.15	)
From net realized gains		—			(0.60	)		(1.76	)		(0.39	)		(0.09	)		(1.16	)
Total Distributions Paid		—			(0.74	)		(1.89	)		(0.54	)		(0.23	)		(1.31	)
Net Asset Value, End of Period		$11.93			$11.96			$14.40			$17.24			$9.18			$12.34
Total Return(1)		(0.25	)%		(11.68	)%		(5.88	)%		94.41	%		(24.28	)%		1.97	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$1,010,535			$1,163,077			$1,535,414			$1,606,895			$887,429			$1,167,092
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.10	%		0.12	%(3)		0.15	%(3)		0.15	%(3)		0.15	%(3)		0.15	%(3)
Expenses, before reimbursements and credits		0.17	%		0.18	%		0.19	%		0.19	%		0.19	%		0.18	%
Net investment income, net of reimbursements and credits		1.48	%		1.38	%(3)		0.88	%(3)		0.93	%(3)		1.13	%(3)		1.13	%(3)
Net investment income, before reimbursements and credits		1.41	%		1.32	%		0.84	%		0.89	%		1.09	%		1.10	%
Portfolio Turnover Rate		8.49	%		13.66	%		25.57	%		20.62	%		18.36	%		20.81	%

⁽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 $4,000, $1,000, $14,000, $32,000 and $32,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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, 2023 (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			FISCAL YEAR     ENDED MAR 31, 2021			FISCAL YEAR     ENDED MAR 31, 2020			FISCAL YEAR     ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$18.10			$20.71			$23.46			$13.49			$20.18			$22.71
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income		0.13			0.22			0.18			0.20			0.22			0.21
Net realized and unrealized gains (losses)		0.02			(1.78	)		0.56			10.15			(5.45	)		(0.59	)
Total from Investment Operations		0.15			(1.56	)		0.74			10.35			(5.23	)		(0.38	)
LESS DISTRIBUTIONS PAID:
From net investment income		—			(0.16	)		(0.19	)		(0.22	)		(0.23	)		(0.16	)
From net realized gains		—			(0.89	)		(3.30	)		(0.16	)		(1.23	)		(1.99	)
Total Distributions Paid		—			(1.05	)		(3.49	)		(0.38	)		(1.46	)		(2.15	)
Net Asset Value, End of Period		$18.25			$18.10			$20.71			$23.46			$13.49			$20.18
Total Return(1)		0.77	%		(7.50	)%		3.29	%		77.32	%		(28.43	)%		(0.45	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$1,525,092			$1,617,670			$2,293,215			$2,974,261			$2,076,900			$2,972,451
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits(3)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Expenses, before reimbursements and credits		1.15	%		1.13	%		1.15	%		1.13	%		1.10	%		1.12	%
Net investment income, net of reimbursements and credits(3)		1.35	%		1.08	%		0.69	%		1.05	%		1.09	%		0.86	%
Net investment income, before reimbursements and credits		1.20	%		0.95	%		0.54	%		0.92	%		0.99	%		0.74	%
Portfolio Turnover Rate		16.35	%		13.25	%		20.41	%		27.79	%		14.18	%		16.02	%

⁽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 $43,000, $63,000, $3,000, $59,000, $138,000 and $110,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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, 2023 (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			FISCAL YEAR     ENDED MAR 31, 2021			FISCAL YEAR     ENDED MAR 31, 2020			FISCAL YEAR     ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$43.69			$49.65			$44.44			$29.61			$32.74			$31.35
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.36			0.71			0.62			0.61			0.65			0.61
Net realized and unrealized gains (losses)		1.90			(4.72	)		6.29			15.87			(2.87	)		2.18
Total from Investment Operations		2.26			(4.01	)		6.91			16.48			(2.22	)		2.79
LESS DISTRIBUTIONS PAID:
From net investment income		(0.36	)		(0.71	)		(0.62	)		(0.61	)		(0.65	)		(0.61	)
From net realized gains		—			(1.24	)		(1.08	)		(1.04	)		(0.26	)		(0.79	)
Total Distributions Paid		(0.36	)		(1.95	)		(1.70	)		(1.65	)		(0.91	)		(1.40	)
Net Asset Value, End of Period		$45.59			$43.69			$49.65			$44.44			$29.61			$32.74
Total Return(1)		5.16	%		(7.82	)%		15.51	%(2)		56.22	%		(7.10	)%		9.38	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$10,924,396			$10,729,781			$12,467,719			$11,225,431			$7,933,222			$8,512,061
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits		0.05	%		0.07	%(4)		0.10	%(4)		0.10	%(4)		0.10	%(4)		0.10	%(4)
Expenses, before reimbursements and credits		0.09	%		0.11	%		0.13	%		0.13	%		0.12	%		0.11	%
Net investment income, net of reimbursements and credits		1.55	%		1.62	%(4)		1.26	%(4)		1.54	%(4)		1.88	%(4)		1.89	%(4)
Net investment income, before reimbursements and credits		1.51	%		1.58	%		1.23	%		1.51	%		1.86	%		1.88	%
Portfolio Turnover Rate		1.44	%		2.96	%		3.11	%		4.66	%		5.15	%		6.68	%

⁽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.

⁽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 $39,000, $7,000, $85,000, $205,000 and $185,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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 SEP 30, 2023 (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			PERIOD     ENDED         MAR 31,         2021(1)
Net Asset Value, Beginning of Period		$15.30			$17.26			$16.12			$13.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.11			0.22			0.16			0.10
Net realized and unrealized gains (losses)		0.71			(1.58	)		2.09			3.21
Total from Investment Operations		0.82			(1.36	)		2.25			3.31
LESS DISTRIBUTIONS PAID:
From net investment income		(0.11	)		(0.22	)		(0.16	)		(0.11	)
From net realized gains		—			(0.38	)		(0.95	)		(0.08	)
Total Distributions Paid		(0.11	)		(0.60	)		(1.11	)		(0.19	)
Net Asset Value, End of Period		$16.01			$15.30			$17.26			$16.12
Total Return(2)		5.33	%		(7.70	)%		13.71	%		25.59	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$340,672			$375,837			$482,259			$298,204
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)		0.39	%		0.39	%		0.39	%		0.39	%
Expenses, before reimbursements and credits		0.44	%		0.44	%		0.44	%		0.51	%
Net investment income, net of reimbursements and credits(4)		1.32	%		1.37	%		0.95	%		1.06	%(5)
Net investment income, before reimbursements and credits		1.27	%		1.32	%		0.90	%		0.94	%(5)
Portfolio Turnover Rate		22.58	%		45.72	%		29.11	%		28.66	%

⁽¹⁾  For the period from July 30, 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 $3,000, $7,000, $3,000 and $3,000 which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022 and for the period July 30, 2020 (commencement of class operations) to March 31, 2021, respectively. Subject to the contractual expense limitation and 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 30, 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 SEP 30, 2023 (UNAUDITED)			FISCAL YEAR     ENDED MAR 31, 2023			FISCAL YEAR     ENDED MAR 31, 2022			PERIOD     ENDED             MAR 31,              2021(1)
Net Asset Value, Beginning of Period		$15.28			$17.25			$16.12			$13.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.11			0.18			0.15			0.08
Net realized and unrealized gains (losses)		0.70			(1.56	)		2.09			2.56
Total from Investment Operations		0.81			(1.38	)		2.24			2.64
LESS DISTRIBUTIONS PAID:
From net investment income		(0.10	)		(0.21	)		(0.16	)		(0.10	)
From net realized gains		—			(0.38	)		(0.95	)		(0.08	)
Total Distributions Paid		(0.10	)		(0.59	)		(1.11	)		(0.18	)
Net Asset Value, End of Period		$15.99			$15.28			$17.25			$16.12
Total Return(2)		5.31	%		(7.79	)%		13.62	%		19.46	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$22,166			$18,181			$2,186			$83
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits		0.49	%(4)		0.49	%(4)		0.49	%		0.49	%
Expenses, before reimbursements and credits		0.54	%		0.55	%		0.53	%		0.61	%
Net investment income, net of reimbursements and credits		1.23	%(4)		1.27	%(4)		1.02	%		0.91	%(5)
Net investment income, before reimbursements and credits		1.18	%		1.21	%		0.98	%		0.79	%(5)
Portfolio Turnover Rate		22.58	%		45.72	%		29.11	%		28.66	%

⁽¹⁾  For the period from August 21, 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 less than $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and the fiscal year ended March 31, 2023, respectively. Subject to the contractual expense limitation and 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 August 21, 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, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.2% (1)
Austria – 0.2%
Erste Group Bank A.G.		7,547		$261
Brazil – 6.8%
Ambev S.A.*		95,000		248
Ambev S.A. ADR*		658,414		1,699
Arcos Dorados Holdings, Inc., Class A		24,700		234
B3 S.A. - Brasil Bolsa Balcao		447,920		1,093
Banco BTG Pactual S.A.*		145,100		896
Banco do Brasil S.A.		30,800		289
Hypera S.A.*		62,000		460
Localiza Rent a Car S.A.*		62,100		725
MercadoLibre, Inc.*		1,114		1,412
Multiplan Empreendimentos Imobiliarios S.A.*		16,000		78
NU Holdings Ltd., Class A*		117,000		848
Raia Drogasil S.A.		38,800		213
Vale S.A.		19,140		257
WEG S.A.		37,700		273
				8,725
China – 16.3%
Airtac International Group		2,000		61
Alibaba Group Holding Ltd.*		138,800		1,505
Alibaba Group Holding Ltd. ADR*		3,142		273
ANTA Sports Products Ltd.		56,600		632
Baidu, Inc. ADR*		2,384		320
Baidu, Inc., Class A*		75,150		1,267
BYD Co. Ltd., Class H		2,500		77
Centre Testing International Group Co. Ltd., Class A		105,700		270
China International Capital Corp. Ltd., Class H		231,200		422
China Petroleum & Chemical Corp., Class H		1,134,000		617
China Resources Beer Holdings Co. Ltd.		47,000		257
Dongfeng Motor Group Co. Ltd., Class H		1,064,352		419
Eastroc Beverage Group Co. Ltd., Class A		9,400		235
Focus Media Information Technology Co. Ltd., Class A		718,000		708
KE Holdings, Inc. ADR		42,740		663
Luzhou Laojiao Co. Ltd., Class A		14,700		441
Meituan, Class B*		34,520		501
MINISO Group Holding Ltd. ADR		22,030		571
NARI Technology Co. Ltd., Class A		88,339		269
PDD Holdings, Inc. ADR*		5,052		495

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.2% (1)     continued
China – 16.3%     continued
Ping An Insurance Group Co. of China Ltd., Class H		79,500		$450
Proya Cosmetics Co. Ltd., Class A		12,300		171
Shenzhen Inovance Technology Co. Ltd., Class A		60,292		553
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,100		41
Tencent Holdings Ltd.		111,400		4,317
Topsports International Holdings Ltd.		509,394		387
Trip.com Group Ltd. ADR*		36,600		1,280
Want Want China Holdings Ltd.		959,740		626
Wuliangye Yibin Co. Ltd., Class A		2,800		60
WuXi AppTec Co. Ltd., Class A		44,700		532
XPeng, Inc. ADR*		27,496		505
Yifeng Pharmacy Chain Co. Ltd., Class A		26,200		126
Yum China Holdings, Inc.		25,817		1,439
Zijin Mining Group Co. Ltd., Class H		382,000		581
				21,071
Denmark – 0.2%
Novo Nordisk A/S, Class B		3,498		318
Egypt – 1.0%
Commercial International Bank Egypt S.A.E.		695,191		1,350
France – 0.5%
Hermes International S.C.A.		132		240
L’Oreal S.A.		711		295
LVMH Moet Hennessy Louis Vuitton S.E.		194		146
				681
Greece – 0.4%
OPAP S.A.		31,653		531
Hong Kong – 0.2%
AIA Group Ltd.		31,400		254
India – 16.3%
ABB India Ltd.		2,979		147
Asian Paints Ltd.		18,791		715
Axis Bank Ltd.		37,841		470
Bajaj Finance Ltd.		10,889		1,021
Bharat Electronics Ltd.		288,304		480
HDFC Bank Ltd.		129,339		2,369
HDFC Bank Ltd. ADR		23,580		1,391
HDFC Life Insurance Co. Ltd.		7,148		55
Hero MotoCorp Ltd.		41,831		1,541
Hindalco Industries Ltd.		61,316		362

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 – 94.2% (1)     continued
India – 16.3%    continued
ICICI Bank Ltd.		43,136		$493
ICICI Bank Ltd. ADR		42,373		980
Indian Hotels Co. Ltd.		165,721		818
Larsen & Toubro Ltd.		47,315		1,721
MakeMyTrip Ltd.*		7,470		303
Maruti Suzuki India Ltd.		7,193		919
Polycab India Ltd.		9,386		604
Reliance Industries Ltd.		35,591		999
Siemens Ltd.		3,796		168
Sona Blw Precision Forgings Ltd.		16,959		119
Tata Consultancy Services Ltd.		62,953		2,670
Titan Co. Ltd.		11,851		449
Triveni Turbine Ltd.		29,223		154
TVS Motor Co. Ltd.		36,795		672
Varun Beverages Ltd.		69,502		791
Zomato Ltd.*		507,038		615
				21,026
Indonesia – 4.3%
Astra International Tbk PT		3,862,054		1,554
Bank Central Asia Tbk PT		806,100		460
Bank Mandiri Persero Tbk PT		1,392,400		543
Bank Rakyat Indonesia Persero Tbk PT		3,590,700		1,213
Sumber Alfaria Trijaya Tbk PT		2,215,200		424
Telkom Indonesia Persero Tbk PT		5,144,900		1,248
Vale Indonesia Tbk PT		409,700		150
				5,592
Italy – 0.2%
Ferrari N.V. (New York Exchange)		893		264
Macau – 0.5%
Galaxy Entertainment Group Ltd.		102,000		610
Malaysia – 0.3%
CIMB Group Holdings Bhd.		370,400		428
Mexico – 6.7%
Alfa S.A.B. de C.V., Class A		1,001,670		653
Alsea S.A.B. de C.V.*		32,800		120
America Movil S.A.B. de C.V. ADR		74,309		1,287
Arca Continental S.A.B. de C.V.		51,500		469
Cemex S.A.B. de C.V. ADR (Participation Certificate)*		86,200		560
Corp. Inmobiliaria Vesta S.A.B. de C.V.		116,300		383
Fomento Economico Mexicano S.A.B. de C.V. ADR		5,890		643

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.2% (1)     continued
Mexico – 6.7%    continued
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		40,200		$437
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		3,500		57
Grupo Financiero Banorte S.A.B. de C.V., Class O		173,500		1,454
Grupo Mexico S.A.B. de C.V., Class B		20,400		96
Wal-Mart de Mexico S.A.B. de C.V.		647,675		2,445
				8,604
Netherlands – 0.1%
ASML Holding N.V.		197		116
Panama – 0.1%
Copa Holdings S.A., Class A		800		71
Peru – 1.5%
Cia de Minas Buenaventura S.A.A. ADR		75,022		639
Credicorp Ltd.		10,404		1,331
				1,970
Philippines – 0.4%
BDO Unibank, Inc.		201,778		506
Poland – 0.3%
Dino Polska S.A.*		4,121		333
Russia – 0.0%
Gazprom PJSC(2) (3)		66,340		—
LUKOIL PJSC(2) (3)		9,885		—
Moscow Exchange MICEX-RTS PJSC(2)		426,740		—
				—
Saudi Arabia – 1.6%
Alinma Bank		30,321		270
Dr. Sulaiman Al Habib Medical
Services Group Co.		1,109		70
Elm Co.		1,758		365
Leejam Sports Co. JSC		5,199		197
Saudi Arabian Oil Co.		129,123		1,205
				2,107
South Africa – 4.1%
Anglo American Platinum Ltd.		24,958		931
Anglo American PLC		2,062		57
Bid Corp. Ltd.		40,399		896
Bidvest Group (The) Ltd.		113,865		1,633
Clicks Group Ltd.		11,505		157
Naspers Ltd., Class N		1,004		160

See Notes to the Financial Statements.

EQUITY FUNDS  40 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.2% (1)     continued
South Africa – 4.1%    continued
Standard Bank Group Ltd.		90,942		$882
Truworths International Ltd.		156,877		632
				5,348
South Korea – 12.6%
Amorepacific Corp.		8,869		799
Coupang, Inc.*		7,400		126
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		6,464		531
Hyundai Mobis Co. Ltd.		4,842		863
Hyundai Motor Co.		14,845		2,102
Korea Aerospace Industries Ltd.		7,273		263
LG Chem Ltd.		408		150
NAVER Corp.		3,110		464
NCSoft Corp.		4,183		689
Orion Corp.		7,799		741
Samsung Biologics Co. Ltd.*		1,566		788
Samsung Electronics Co. Ltd.		136,759		6,929
Samsung SDI Co. Ltd.		1,563		593
SK Hynix, Inc.		14,913		1,267
				16,305
Switzerland – 0.2%
Cie Financiere Richemont S.A., Class A (Registered)		887		108
Novartis A.G. (Registered)		1,938		198
				306
Taiwan – 9.0%
Accton Technology Corp.		39,000		596
Alchip Technologies Ltd.		9,700		823
ASE Technology Holding Co. Ltd.		44,000		149
Delta Electronics, Inc.		47,000		473
E Ink Holdings, Inc.		10,000		56
Hon Hai Precision Industry Co. Ltd.		371,796		1,199
MediaTek, Inc.		7,000		160
Realtek Semiconductor Corp.		14,000		173
Taiwan Semiconductor Manufacturing Co. Ltd.		458,000		7,432
United Microelectronics Corp. ADR		74,292		524
Voltronic Power Technology Corp.		900		44
				11,629
Thailand – 2.8%
Bumrungrad Hospital PCL NVDR		134,900		990
Central Pattana PCL NVDR		165,900		288
CP ALL PCL (Registered)		532,600		885

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.2% (1)     continued
Thailand – 2.8%    continued
Kasikornbank PCL (Registered)		93,100		$323
PTT Exploration & Production PCL (Registered)		149,900		704
PTT Exploration & Production PCL NVDR		79,900		373
				3,563
United Arab Emirates – 3.5%
Aldar Properties PJSC		252,604		396
Americana Restaurants International PLC		121,570		136
Dubai Islamic Bank PJSC		214,081		341
Emaar Properties PJSC		1,521,527		3,331
Salik Co. PJSC		327,213		295
				4,499
United Kingdom – 0.3%
BAE Systems PLC		27,093		329
United States – 3.3%
Cadence Design Systems, Inc.*		610		143
Globant S.A.*		2,490		493
Linde PLC		1,030		383
Microsoft Corp.		1,445		456
NVIDIA Corp.		2,400		1,044
Samsonite International S.A.*		87,600		300
Tenaris S.A. ADR		45,087		1,425
				4,244
Zambia – 0.5%
First Quantum Minerals Ltd.		26,100		617
Total Common Stocks
(Cost $110,999)				121,658
PREFERRED STOCKS – 1.9% (1)
Brazil – 1.6%
Itau Unibanco Holding S.A. ADR*		378,184		2,031
South Korea – 0.3%
Samsung Electronics Co. Ltd., 2.65%(4)		9,779		395
Total Preferred Stocks
(Cost $1,962)				2,426

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)
RIGHTS – 0.0%
Brazil – 0.0%
Localiza Rent a Car S.A.*		455		$1
Total Rights
(Cost $—)				1
INVESTMENT COMPANIES – 4.0%
iShares Core S&P 500 ETF		3,500		1,503
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(5) (6)		3,651,861		3,652
Total Investment Companies
(Cost $5,215)				5,155
	PRINCIPAL AMOUNT (000S)		VALUE         (000S)
SHORT-TERM INVESTMENTS – 0.1%
U.S. Treasury Bill, 5.26%, 10/26/23(7) (8)		$75		$75
Total Short-Term Investments
(Cost $75)				75
Total Investments – 100.2%
(Cost $118,251)				129,315
Liabilities less Other Assets – (0.2%)				(271	)
Net Assets – 100.0%				$129,044

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

⁽²⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽³⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of these restricted illiquid securities amounted to $0 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST         (000S)
Gazprom PJSC	11/29/21-12/21/21		$301
LUKOIL PJSC	4/26/21-1/18/22		785

⁽⁴⁾  Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁵⁾  Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾  7-day current yield as of September 30, 2023 is disclosed.

⁽⁷⁾  Discount rate at the time of purchase.

⁽⁸⁾  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:

ADR - American Depositary Receipt

ETF - Exchange-Traded Fund

MSCI - Morgan Stanley Capital International

NVDR - Non-Voting Depositary Receipt

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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)		37		$1,768		Long		12/23		$(61)

⁽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, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET   ASSETS
United States Dollar		22.5	%
Indian Rupee		14.2
Korean Won		12.8
Hong Kong Dollar		10.3
Taiwan Dollar		8.7
All other currencies less than 5%		31.7
Total Investments		100.2
Liabilities less Other Assets		(0.2	)
Net Assets		100.0	%

See Notes to the Financial Statements.

EQUITY FUNDS  42 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2023 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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Brazil	$	8,725		$	—	$	—	$	8,725
China		5,546			15,525		—		21,071
India		2,674			18,352		—		21,026
Italy		264			—		—		264
Mexico		8,604			—		—		8,604
Panama		71			—		—		71
Peru		1,970			—		—		1,970
South Korea		126			16,179		—		16,305
Taiwan		524			11,105		—		11,629
United States		3,944			300		—		4,244
Zambia		617			—		—		617
All Other Countries(1)		—			27,132		—		27,132
Total Common Stocks		33,065			88,593		—		121,658
Preferred Stocks:
Brazil		2,031			—		—		2,031
South Korea		—			395		—		395
Total Preferred Stocks		2,031			395		—		2,426
Rights		1			—		—		1
Investment Companies		5,155			—		—		5,155
Short-Term Investments		—			75		—		75
Total Investments	$	40,252		$	89,063	$	—	$	129,315
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(61	)	$	—	$	—	$	(61	)

⁽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 – 94.0% (1)
Australia – 1.0%
AGL Energy Ltd.		31,241		$215
Allkem Ltd.*		31,373		236
Beach Energy Ltd.		188,293		199
Charter Hall Group		25,574		156
CSR Ltd.		51,118		186
GrainCorp. Ltd., Class A		34,048		155
Iluka Resources Ltd.		35,672		174
JB Hi-Fi Ltd.		8,101		235
OceanaGold Corp.		147,675		289
Rio Tinto PLC		23,675		1,487
Seven Group Holdings Ltd.		16,875		339
Super Retail Group Ltd.		29,386		226
Technology One Ltd.		33,165		330
Ventia Services Group Pty. Ltd.		107,614		195
				4,422
Austria – 0.5%
ams-OSRAM A.G.*		51,088		239
Erste Group Bank A.G.		30,499		1,054
Mondi PLC		48,802		814
				2,107
Belgium – 0.6%
Ageas S.A./N.V.		20,354		840
Anheuser-Busch InBev S.A./N.V.		23,465		1,292
Proximus S.A.DP		59,678		485
				2,617
Brazil – 1.4%
Atacadao S.A.		233,032		412
Cia de Saneamento Basico do Estado de Sao Paulo S.A.B.ESP*		50,209		612
MercadoLibre, Inc.*		3,086		3,913
Telefonica Brasil S.A.		103,736		887
Ultrapar Participacoes S.A.		108,705		406
				6,230
Burkina Faso – 0.1%
Endeavour Mining PLC		29,702		582
Canada – 4.6%
Alamos Gold, Inc., Class A		32,135		363
Alimentation Couche-Tard, Inc.		22,397		1,138
ARC Resources Ltd.		32,103		512
ATS Corp.*		6,647		283
Barrick Gold Corp.		56,819		825
Boardwalk Real Estate Investment Trust		8,450		416
Bombardier, Inc., Class B*		5,244		183

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
Canada – 4.6%    continued
Canadian Pacific Kansas City Ltd.		93,666		$6,970
Canadian Pacific Kansas City Ltd. (Toronto Exchange)		12,551		933
Celestica, Inc.*		30,001		734
Dundee Precious Metals, Inc.		46,865		290
Element Fleet Management Corp.		23,660		340
EQB, Inc.		2,922		162
Finning International, Inc.		17,029		502
Headwater Exploration, Inc.		67,940		358
Kinaxis, Inc.*		1,677		189
NuVista Energy Ltd.*		31,327		300
Parex Resources, Inc.		16,539		310
Shopify, Inc., Class A*		24,041		1,312
Stella-Jones, Inc.		7,730		372
Superior Plus Corp.		24,720		187
Thomson Reuters Corp.		23,052		2,820
TransAlta Corp.		19,208		167
Tricon Residential, Inc.		24,257		179
Whitecap Resources, Inc.		42,526		359
				20,204
Chile – 0.0%
Lundin Mining Corp.		23,630		176
China – 0.4%
Alibaba Group Holding Ltd.*		49,357		535
Baidu, Inc., Class A*		8,011		135
Beijing Capital International Airport Co. Ltd., Class H*		512,000		238
Dongfeng Motor Group Co. Ltd., Class H		678,043		267
Tencent Holdings Ltd.		19,100		740
				1,915
Denmark – 2.8%
Bavarian Nordic A/S*		9,777		219
DSV A/S		17,848		3,327
ISS A/S		10,846		167
Jyske Bank A/S (Registered)*		4,908		359
Novo Nordisk A/S, Class B		86,300		7,850
Pandora A/S		2,855		294
ROCKWOOL A/S, Class B		744		180
				12,396
Finland – 0.4%
Konecranes OYJ		7,977		264
Nokia OYJ		213,842		804

See Notes to the Financial Statements.

EQUITY FUNDS  44 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
Finland – 0.4%    continued
TietoEVRY OYJ		7,746		$174
Valmet OYJ		7,424		170
Wartsila OYJ Abp		24,379		276
				1,688
France – 8.1%
Accor S.A.		7,899		266
Air Liquide S.A.		5,785		975
Alstom S.A.		75,623		1,794
Arkema S.A.		3,701		365
AXA S.A.		115,543		3,422
BNP Paribas S.A.		31,740		2,021
Carrefour S.A.		107,751		1,853
Cie de Saint-Gobain S.A.		20,242		1,213
Criteo S.A. ADR*		7,398		216
Danone S.A.		42,028		2,316
Dassault Aviation S.A.		1,199		226
Dassault Systemes S.E.		9,389		349
Edenred S.E.		3,158		197
Eiffage S.A.		4,388		417
Elis S.A.		19,809		349
Engie S.A.		110,758		1,698
Ipsen S.A.		2,088		274
Kering S.A.		3,437		1,563
Klepierre S.A.		16,888		413
La Francaise des Jeux S.A.E.M.		5,304		172
LVMH Moet Hennessy Louis Vuitton S.E.		5,364		4,047
Orange S.A.		97,203		1,115
Renault S.A.		24,414		1,000
Rexel S.A.		17,660		395
Societe Generale S.A.		47,386		1,146
Sopra Steria Group S.A.CA		2,306		476
SPIE S.A.		12,939		376
Technip Energies N.V.		13,259		329
Teleperformance S.E.		7,153		894
TotalEnergies S.E.		39,060		2,570
Valeo S.E.		73,525		1,260
Vallourec S.A.C.A.*		22,495		273
Verallia S.A.		5,492		216
Vinci S.A.		8,663		959
				35,155
Germany – 6.0%
adidas A.G.		7,818		1,376
AIXTRON S.E.		13,174		485

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
Germany – 6.0%    continued
Allianz S.E. (Registered)		6,278		$1,497
Aurubis A.G.		3,217		238
BASF S.E.		21,755		988
Bayer A.G. (Registered)		17,666		848
Bechtle A.G.		7,384		346
CECONOMY A.G.*		53,474		113
Continental A.G.		8,789		621
CTS Eventim A.G. & Co. KGaA		4,093		233
Daimler Truck Holding A.G.		35,263		1,223
Deutsche Pfandbriefbank A.G.		22,173		158
Deutsche Telekom A.G. (Registered)		103,909		2,182
Encavis A.G.*		13,504		190
Evonik Industries A.G.		44,953		823
Freenet A.G.		12,390		291
Fresenius S.E. & Co. KGaA		36,883		1,150
GEA Group A.G.		8,275		306
Gerresheimer A.G.		4,850		510
Heidelberg Materials A.G.		18,888		1,467
HUGO BOSS A.G.		5,067		321
Mercedes-Benz Group A.G.		8,968		625
Rheinmetall A.G.		691		178
RTL Group S.A.		10,290		353
RWE A.G.		31,220		1,160
SAP S.E.		39,675		5,150
Siemens Healthineers A.G.(2)		47,841		2,430
SMA Solar Technology A.G.*		2,475		161
TAG Immobilien A.G.*		32,719		343
TeamViewer S.E.*		12,217		206
Vitesco Technologies Group A.G.*		4,053		329
				26,301
Hong Kong – 0.9%
CK Asset Holdings Ltd.		143,767		756
Kerry Properties Ltd.		83,500		142
Melco Resorts & Entertainment Ltd. ADR*		18,021		178
Prudential PLC		208,976		2,250
United Laboratories International Holdings (The) Ltd.		236,000		239
WH Group Ltd.(2)		1,053,221		550
				4,115
India – 1.1%
HDFC Bank Ltd.		64,101		1,174
ICICI Bank Ltd. ADR		154,107		3,563
				4,737

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 – 94.0% (1)     continued
Ireland – 0.9%
AIB Group PLC		163,778		$740
Bank of Ireland Group PLC		61,265		602
Bank of Ireland Group PLC		80,492		784
Dalata Hotel Group PLC		55,531		236
Glanbia PLC		23,067		380
Ryanair Holdings PLC ADR*		11,930		1,160
				3,902
Israel – 0.1%
Perion Network Ltd.*		15,508		475
Italy – 4.0%
Banco BPM S.p.A.		82,232		392
BPER Banca		239,379		730
Buzzi S.p.A.		13,137		360
Coca-Cola HBC A.G. - CDI*		14,307		392
Enel S.p.A.		390,843		2,398
Eni S.p.A.		124,162		1,994
ERG S.p.A.		6,094		147
Ferrari N.V.		18,197		5,363
Iren S.p.A.		106,225		205
Leonardo S.p.A.		17,580		254
Saras S.p.A.		137,746		197
UniCredit S.p.A.		212,054		5,074
				17,506
Japan – 11.6%
Adastria Co. Ltd.		10,000		193
Advantest Corp.		86,800		2,413
Alfresa Holdings Corp.		27,843		457
Alps Alpine Co. Ltd.		58,369		506
Amada Co. Ltd.		61,130		615
Asics Corp.		7,500		262
BayCurrent Consulting, Inc.		6,600		221
BIPROGY, Inc.		7,300		182
Citizen Watch Co. Ltd.		32,100		197
Credit Saison Co. Ltd.		15,200		241
Daicel Corp.		30,500		255
Daido Steel Co. Ltd.		9,700		394
Daihen Corp.		7,000		237
Dai-ichi Life Holdings, Inc.		52,429		1,091
DeNA Co. Ltd.		26,450		266
DMG Mori Co. Ltd.		10,500		178
Ebara Corp.		5,800		272
Eisai Co. Ltd.		5,456		303
FANUC Corp.		68,300		1,783

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
Japan – 11.6%    continued
Fuji Soft, Inc.		8,600		$278
Fujikura Ltd.		38,300		308
FULLCAST Holdings Co. Ltd.		9,700		122
Fuyo General Lease Co. Ltd.		2,900		234
Goldwin, Inc.		2,400		163
Hakuhodo DY Holdings, Inc.		41,480		341
Hino Motors Ltd.*		70,694		270
Honda Motor Co. Ltd.		52,463		590
Horiba Ltd.		3,500		189
INFRONEER Holdings, Inc.		32,000		330
Internet Initiative Japan, Inc.		26,900		435
Invincible Investment Corp.		558		231
Isuzu Motors Ltd.		68,854		865
J Front Retailing Co. Ltd.		27,800		284
Japan Airlines Co. Ltd.		28,923		563
Jeol Ltd.		7,800		232
JGC Holdings Corp.		52,380		728
Kaneka Corp.		7,200		187
Kenedix Office Investment Corp.		80		185
Keyence Corp.		8,020		2,981
Kirin Holdings Co. Ltd.		62,033		870
Komeri Co. Ltd.		8,700		183
Kubota Corp.		50,130		742
Lasertec Corp.		4,015		623
Makita Corp.		28,607		709
Mebuki Financial Group, Inc.		92,400		255
Mitsubishi Estate Co. Ltd.		64,240		840
Mitsubishi Gas Chemical Co., Inc.		38,140		513
Mitsubishi UFJ Financial Group, Inc.		129,764		1,101
Morinaga Milk Industry Co. Ltd.		5,400		204
MS&AD Insurance Group Holdings, Inc.		33,105		1,211
Murata Manufacturing Co. Ltd.		109,500		2,001
Nakanishi, Inc.		14,400		336
Nichicon Corp.		22,700		214
Nikon Corp.		35,726		376
Nippon Accommodations Fund, Inc.		43		182
Nippon Television Holdings, Inc.		32,852		332
Nissan Motor Co. Ltd.		244,758		1,080
Nissui Corp.		59,900		293
Nomura Holdings, Inc.		72,713		292
OKUMA Corp.		4,200		185
Ono Pharmaceutical Co. Ltd.		37,528		720
Park24 Co. Ltd.*		13,700		173

See Notes to the Financial Statements.

EQUITY FUNDS  46 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
Japan – 11.6%    continued
Rengo Co. Ltd.		49,900		$343
Resona Holdings, Inc.		153,517		848
Round One Corp.		58,100		218
Sankyo Co. Ltd.		7,000		320
Sankyu, Inc.		6,300		218
Santen Pharmaceutical Co. Ltd.		35,000		321
Sanwa Holdings Corp.		24,400		324
Shimamura Co. Ltd.		2,900		287
Shinko Electric Industries Co. Ltd.		7,500		291
Socionext, Inc.		1,800		177
Stanley Electric Co. Ltd.		29,469		465
Subaru Corp.		38,462		747
Sumitomo Bakelite Co. Ltd.		4,800		209
Sumitomo Electric Industries Ltd.		73,513		885
Sumitomo Forestry Co. Ltd.		9,700		247
Sumitomo Heavy Industries Ltd.		17,943		455
Sumitomo Mitsui Financial Group, Inc.		14,000		686
Sumitomo Mitsui Trust Holdings, Inc.		32,997		1,239
Sumitomo Rubber Industries Ltd.		41,571		459
T&D Holdings, Inc.		96,611		1,586
Taiheiyo Cement Corp.		17,011		301
Takeda Pharmaceutical Co. Ltd.		78,892		2,450
Takeuchi Manufacturing Co. Ltd.		10,400		341
THK Co. Ltd.		30,476		557
Tokai Carbon Co. Ltd.		26,000		204
Tokyo Seimitsu Co. Ltd.		5,800		290
Tokyo Tatemono Co. Ltd.		18,900		261
Tokyu Fudosan Holdings Corp.		30,800		189
Toyo Suisan Kaisha Ltd.		6,700		263
Toyo Tire Corp.		19,200		295
Toyoda Gosei Co. Ltd.		10,300		221
Tsuruha Holdings, Inc.		7,767		522
Yamaguchi Financial Group, Inc.		20,600		180
Yamato Holdings Co. Ltd.		56,950		927
Zeon Corp.		18,500		193
				50,536
Jordan – 0.1%
Hikma Pharmaceuticals PLC		12,960		330
Malaysia – 0.1%
CIMB Group Holdings Bhd.		415,338		480
Mexico – 0.1%
Fresnillo PLC		45,039		302

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
Netherlands – 6.4%
Aalberts N.V.		4,268		$156
ABN AMRO Bank N.V. - C.V.A.		78,617		1,113
Adyen N.V.*		3,884		2,879
Akzo Nobel N.V.		25,407		1,833
ASM International N.V.		8,619		3,599
ASML Holding N.V.		2,570		1,509
ASML Holding N.V. (Registered)		5,531		3,256
ASR Nederland N.V.		9,692		364
BE Semiconductor Industries N.V.		3,385		331
Fugro N.V.*		21,151		325
ING Groep N.V.		187,342		2,475
Koninklijke Philips N.V.*		140,552		2,801
NN Group N.V.		27,814		891
OCI N.V.*		8,230		229
Pharming Group N.V.*		171,605		220
Shell PLC		115,302		3,661
Shell PLC		65,131		2,099
VEON Ltd. ADR*		6,908		135
				27,876
Norway – 0.1%
Norsk Hydro ASA		20,432		128
Seadrill Ltd.*		5,242		237
				365
Russia – 0.0%
Gazprom PJSC ADR(3) *		54,380		—
LUKOIL PJSC ADR(3) *		4,766		—
Mobile TeleSystems PJSC ADR(3) (4) *		64,508		—
Sberbank of Russia PJSC(3) (4)		186,456		—
				—
Singapore – 0.3%
Frasers Logistics & Commercial Trust		211,100		165
Sembcorp Industries Ltd.		102,300		380
United Overseas Bank Ltd.		38,600		804
				1,349
South Africa – 0.4%
Anglo American PLC		25,183		697
MTN Group Ltd.		60,482		360
Old Mutual Ltd.		756,014		482
				1,539
South Korea – 3.0%
Classys, Inc.		8,606		240
Coway Co. Ltd.		11,384		348

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 – 94.0% (1)     continued
South Korea – 3.0%    continued
Dentium Co. Ltd.		3,567		$282
Hankook Tire & Technology Co. Ltd.		15,837		464
Hanmi Pharm Co. Ltd.		772		170
Hyundai Mobis Co. Ltd.		5,859		1,044
JYP Entertainment Corp.		4,521		376
KB Financial Group, Inc.		31,970		1,315
KT Corp. ADR		73,763		946
LOTTE Fine Chemical Co. Ltd.		4,817		208
LS Electric Co. Ltd.		2,532		175
LX Semicon Co. Ltd.		2,241		138
NongShim Co. Ltd.		527		185
Samsung Electronics Co. Ltd.		72,612		3,679
Samsung Engineering Co. Ltd.*		17,313		388
Shinhan Financial Group Co. Ltd.		46,377		1,225
SK Hynix, Inc.		16,496		1,401
SOLUM Co. Ltd.*		11,819		270
Youngone Corp.		5,576		199
				13,053
Spain – 1.5%
Acerinox S.A.		27,337		265
Aena S.M.E. S.A.		9,376		1,410
Amadeus IT Group S.A.		34,786		2,096
Applus Services S.A.		23,750		249
Bankinter S.A.		66,194		422
CaixaBank S.A.		68,002		272
Cia de Distribucion Integral Logista Holdings S.A.		10,001		255
Iberdrola S.A.		80,997		904
Indra Sistemas S.A.		13,113		190
Laboratorios Farmaceuticos Rovi S.A.		4,783		259
Merlin Properties Socimi S.A.		36,005		302
				6,624
Sweden – 2.5%
Atlas Copco AB, Class A		157,510		2,110
Avanza Bank Holding AB		10,567		182
Evolution AB		55,014		5,544
Loomis AB		6,789		182
SKF AB, Class B		74,684		1,238
Storskogen Group AB, Class B		196,990		142
Telefonaktiebolaget LM Ericsson, Class B		168,900		821
Trelleborg AB, Class B		11,086		275
Wihlborgs Fastigheter AB		29,530		206
				10,700

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
Switzerland – 4.3%
Accelleron Industries A.G.		7,385		$192
Adecco Group A.G. (Registered)		29,272		1,201
Baloise Holding A.G. (Registered)		1,572		228
Bucher Industries A.G. (Registered)		871		333
Flughafen Zurich A.G. (Registered)		1,301		248
Galenica A.G.		4,791		354
Julius Baer Group Ltd.		6,244		400
Lonza Group A.G. (Registered)		3,516		1,627
Novartis A.G. (Registered)		39,793		4,061
PSP Swiss Property A.G. (Registered)		3,800		448
Siegfried Holding A.G. (Registered)*		365		312
Sika A.G. (Registered)		14,357		3,639
Sulzer A.G. (Registered)		3,453		330
Swatch Group (The) A.G. (Bearer)		3,688		945
Swissquote Group Holding S.A. (Registered)		1,795		328
Temenos A.G. (Registered)		15,683		1,100
UBS Group A.G. (Registered)		90,194		2,229
Zurich Insurance Group A.G.		2,114		969
				18,944
Taiwan – 0.3%
Catcher Technology Co. Ltd.		91,491		519
Hon Hai Precision Industry Co. Ltd.		177,815		573
				1,092
Thailand – 0.2%
Kasikornbank PCL (Registered)		128,985		447
Kasikornbank PCL NVDR		174,080		602
				1,049
United Kingdom – 13.5%
4imprint Group PLC		5,133		326
Abcam PLC ADR*		12,705		287
AstraZeneca PLC		42,350		5,699
Babcock International Group PLC*		79,738		400
BAE Systems PLC		283,312		3,439
Balfour Beatty PLC		65,642		256
Barclays PLC		1,196,382		2,317
Beazley PLC		39,224		264
Berkeley Group Holdings PLC		13,963		696
BP PLC		794,783		5,132
British American Tobacco PLC		107,942		3,388
British Land (The) Co. PLC		84,233		324
BT Group PLC		518,309		736
Bunzl PLC		44,166		1,568

See Notes to the Financial Statements.

EQUITY FUNDS  48 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
United Kingdom – 13.5%    continued
CK Hutchison Holdings Ltd.		152,984		$815
Compass Group PLC		144,588		3,522
Computacenter PLC		13,117		404
CVS Group PLC		11,708		233
Diageo PLC		46,428		1,712
Drax Group PLC		27,481		147
Dunelm Group PLC		12,502		160
easyJet PLC*		177,319		921
Harbour Energy PLC		51,246		160
IG Group Holdings PLC		34,078		266
IMI PLC		11,559		220
Inchcape PLC		33,780		311
J Sainsbury PLC		131,523		405
Kingfisher PLC		240,322		651
Land Securities Group PLC		57,859		414
Legal & General Group PLC		258,303		698
LondonMetric Property PLC		95,624		200
Man Group PLC/Jersey		107,674		293
Marks & Spencer Group PLC*		129,134		372
Moneysupermarket.com Group PLC		82,273		243
NatWest Group PLC		172,747		494
OSB Group PLC		47,013		188
Playtech PLC*		32,233		180
QinetiQ Group PLC		51,234		199
Reckitt Benckiser Group PLC		36,430		2,575
RELX PLC		14,954		504
RELX PLC (London Stock Exchange)		30,856		1,041
Rolls-Royce Holdings PLC*		1,842,132		4,938
Safestore Holdings PLC		29,379		264
Sage Group (The) PLC		302,250		3,638
Savills PLC		20,721		218
Segro PLC		28,321		247
Serco Group PLC		164,164		298
Spectris PLC		5,238		216
Standard Chartered PLC		193,629		1,789
Tate & Lyle PLC		22,719		190
Taylor Wimpey PLC		127,272		181
Tritax Big Box REIT PLC		110,089		188
Unilever PLC		56,245		2,776
Virgin Money UK PLC		101,373		208
Weir Group (The) PLC		8,241		190
WPP PLC		132,230		1,178
				58,679

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.0% (1)     continued
United States – 16.7%
Accenture PLC, Class A		12,856		$3,948
Aon PLC, Class A		24,693		8,006
Arch Capital Group Ltd.*		48,318		3,851
Atlassian Corp., Class A*		22,693		4,573
BRP, Inc.		6,002		454
CSL Ltd.		3,749		604
EPAM Systems, Inc.*		7,939		2,030
Experian PLC		117,261		3,831
Ferguson PLC		23,082		3,795
Globant S.A.*		4,140		819
GSK PLC		211,650		3,826
Holcim A.G.*		11,289		723
ICON PLC*		40,603		9,998
IMAX Corp.*		10,295		199
Inmode Ltd.*		8,279		252
International Game Technology PLC		10,180		309
Linde PLC		7,395		2,754
Medtronic PLC		22,584		1,770
Mettler-Toledo International, Inc.*		1,920		2,127
Nestle S.A. (Registered)		30,815		3,480
Roche Holding A.G. (Genusschein)		9,184		2,505
Sanofi		18,682		2,005
Schneider Electric S.E.		26,360		4,346
STERIS PLC		16,165		3,547
Waste Connections, Inc.		21,795		2,927
				72,679
Total Common Stocks
(Cost $345,318)				410,125
PREFERRED STOCKS – 1. 0% (1)
Brazil – 0.5%
Banco Bradesco S.A. ADR*		566,544		1,614
Raizen S.A., 0.68%(5)		743,700		530
				2,144
Germany – 0.5%
Henkel A.G. & Co. KGaA, 2.75%(5)		10,920		779
Volkswagen A.G., 8.05%(5)		10,652		1,227
				2,006
Total Preferred Stocks
(Cost $4,162)				4,150
INVESTMENT COMPANIES – 4.3%
iShares Core MSCI EAFE ETF		8,546		550

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)
INVESTMENT COMPANIES – 4.3%    continued
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(6) (7)		17,848,135		$17,848
Vanguard FTSE Developed Markets ETF		12,932		566
Total Investment Companies
(Cost $18,935)				18,964
	PRINCIPAL AMOUNT (000S)		VALUE         (000S)
SHORT-TERM INVESTMENTS – 0.1%
U.S. Treasury Bill, 4.95%, 10/26/23(8) (9)		$220		$219
Total Short-Term Investments
(Cost $219)				219
Total Investments – 99.4%
(Cost $368,634)				433,458
Other Assets less Liabilities – 0.6%				2,729
Net Assets – 100.0%				$436,187

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

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽³⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of these restricted illiquid securities amounted to approximately $0 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE		COST         (000S)
Mobile TeleSystems PJSC ADR		1/28/22-2/11/22		$498
Sberbank of Russia PJSC		1/3/19-11/25/20		625

⁽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, 2023 is disclosed.

⁽⁸⁾  Discount rate at the time of purchase.

⁽⁹⁾  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:

ADR - American Depositary Receipt

CDI - CREST Depository Interest

EAFE - Europe, Australasia and the Far East

ETF - Exchange-Traded Fund

FTSE - Financial Times Stock Exchange

MSCI - Morgan Stanley Capital International

NVDR - Non-Voting Depositary Receipt

REIT - Real Estate Investment Trust

Percentages shown are based on Net Assets.

At September 30, 2023, 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)	60	$6,125	Long	12/23	$(190)

⁽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, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET ASSETS
Euro		28.1	%
United States Dollar		20.7
British Pound		18.0
Japanese Yen		11.6
Swiss Franc		5.9
All other currencies less than 5%		15.1
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, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. See Note 2 for a discussion of this

See Notes to the Financial Statements.

EQUITY FUNDS  50 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL   (000S)
Common Stocks:
Australia	$	289		$	4,133		$—	$	4,422
Brazil		6,230			—		—		6,230
Burkina Faso		582			—		—		582
Canada		20,204			—		—		20,204
Chile		176			—		—		176
France		216			34,939		—		35,155
Hong Kong		178			3,937		—		4,115
India		3,563			1,174		—		4,737
Ireland		1,160			2,742		—		3,902
Israel		475			—		—		475
Japan		2,450			48,086		—		50,536
Netherlands		3,391			24,485		—		27,876
South Korea		946			12,107		—		13,053
United Kingdom		287			58,392		—		58,679
United States		47,564			25,115		—		72,679
All Other Countries(1)		—			107,304		—		107,304
Total Common Stocks		87,711			322,414		—		410,125
Preferred Stocks:
Brazil		2,144			—		—		2,144
Germany		—			2,006		—		2,006
Total Preferred Stocks		2,144			2,006		—		4,150
Investment Companies		18,964			—		—		18,964
Short-Term Investments		—			219		—		219
Total Investments	$	108,819		$	324,639		$—	$	433,458
OTHER FINANCIAL INSTRUMENTS
Liabilities Futures Contracts	$	(190	)	$	—		$—	$	(190	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

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 – 94.6% (1)
Brazil – 3.8%
Ambev S.A.*		897,460		$2,342
Atacadao S.A.		107,600		190
B3 S.A. - Brasil Bolsa Balcao		1,112,495		2,716
Banco Bradesco S.A.*		293,977		739
Banco BTG Pactual S.A.*		226,700		1,399
Banco do Brasil S.A.		167,244		1,572
Banco Santander Brasil S.A.		70,236		364
BB Seguridade Participacoes S.A.		133,201		829
CCR S.A.		200,200		516
Centrais Eletricas Brasileiras S.A.		228,600		1,673
Cia de Saneamento Basico do Estado de Sao Paulo S.A.B.ESP*		63,771		778
Cia Siderurgica Nacional S.A.		116,090		281
Cosan S.A.		226,788		770
CPFL Energia S.A.		39,800		268
Energisa S/A		42,000		391
Eneva S.A.*		163,900		394
Engie Brasil Energia S.A.		40,147		331
Equatorial Energia S.A.(A Bolsa do Brasil Exchange)		199,307		1,274
Hapvida Participacoes e Investimentos S.A.*		1,024,784		962
Hypera S.A.*		65,558		486
Klabin S.A.		140,441		669
Localiza Rent a Car S.A.*		171,494		2,003
Lojas Renner S.A.*		177,746		474
Magazine Luiza S.A.*		581,800		249
Natura & Co. Holding S.A.		163,601		475
Petroleo Brasileiro S.A.		719,234		5,399
PRIO S.A.*		148,200		1,386
Raia Drogasil S.A.		248,427		1,365
Rede D’Or Sao Luiz S.A.*		106,000		536
Rumo S.A.		248,994		1,134
Sendas Distribuidora S/A		252,454		612
Suzano S.A.		150,685		1,621
Telefonica Brasil S.A.		76,073		650
TIM S.A.		170,695		508
TOTVS S.A.*		96,955		519
Ultrapar Participacoes S.A.		130,648		488
Vale S.A.		648,913		8,713
Vibra Energia S.A.*		221,400		832
WEG S.A.		319,448		2,309
				48,217

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Cayman Islands – 0.0%
China Huishan Dairy Holdings Co. Ltd.(2) *		1,922,380		$—
Chile – 0.4%
Banco de Chile		8,915,282		908
Banco de Credito e Inversiones S.A.		12,427		318
Banco Santander Chile		12,865,061		596
Cencosud S.A.		235,005		446
Cia Cervecerias Unidas S.A.		28,500		181
Cia Sud Americana de Vapores S.A.		3,271,831		196
Empresas CMPC S.A.		212,116		390
Empresas Copec S.A.		73,487		521
Enel Americas S.A.		4,152,707		477
Enel Chile S.A.		5,153,529		313
Falabella S.A.		158,562		354
				4,700
China – 28.9%
360 Security Technology, Inc., Class A*		89,800		121
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		24,100		72
3peak, Inc., Class A		1,475		37
3SBio, Inc.*		326,500		272
AAC Technologies Holdings, Inc.		152,500		259
Advanced Micro-Fabrication Equipment, Inc. China, Class A		7,398		153
AECC Aero-Engine Control Co. Ltd., Class A		19,700		58
AECC Aviation Power Co. Ltd., Class A		34,100		174
Agricultural Bank of China Ltd., Class A		1,012,900		499
Agricultural Bank of China Ltd., Class H		5,654,367		2,112
Aier Eye Hospital Group Co. Ltd., Class A		119,176		296
Air China Ltd., Class A*		81,800		91
Air China Ltd., Class H*		406,705		274
Airtac International Group		25,765		782
Akeso, Inc.*		102,000		466
Alibaba Group Holding Ltd.*		3,130,280		33,937
Alibaba Health Information Technology Ltd.*		950,000		591
Aluminum Corp. of China Ltd., Class A		145,900		125
Aluminum Corp. of China Ltd., Class H		797,435		442
Amlogic Shanghai Co. Ltd., Class A*		6,175		53
Angel Yeast Co. Ltd., Class A		9,100		42
Anhui Conch Cement Co. Ltd., Class A		47,700		170
Anhui Conch Cement Co. Ltd., Class H		232,575		615

See Notes to the Financial Statements.

EQUITY FUNDS  52  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Anhui Gujing Distillery Co. Ltd., Class A		5,300		$199
Anhui Gujing Distillery Co. Ltd., Class B		21,200		355
Anhui Honglu Steel Construction Group Co. Ltd., Class A		10,280		40
Anhui Kouzi Distillery Co. Ltd., Class A		9,600		68
Anhui Yingjia Distillery Co. Ltd., Class A		9,500		96
Anjoy Foods Group Co. Ltd., Class A		4,100		70
ANTA Sports Products Ltd.		242,632		2,708
Apeloa Pharmaceutical Co. Ltd., Class A		9,400		23
Asia - Potash International Investment Guangzhou Co. Ltd., Class A*		11,600		45
ASR Microelectronics Co. Ltd., Class A*		4,133		36
Asymchem Laboratories Tianjin Co. Ltd., Class A		4,340		90
Autobio Diagnostics Co. Ltd., Class A		8,000		50
Autohome, Inc. ADR		13,624		413
Avary Holding Shenzhen Co. Ltd., Class A		23,000		64
AVIC Industry-Finance Holdings Co. Ltd., Class A		127,300		62
AviChina Industry & Technology Co. Ltd., Class H		403,313		191
AVICOPTER PLC, Class A		9,300		48
Baidu, Inc., Class A*		430,182		7,251
Bank of Beijing Co. Ltd., Class A		267,900		170
Bank of Changsha Co. Ltd., Class A		50,200		56
Bank of Chengdu Co. Ltd., Class A		35,500		67
Bank of China Ltd., Class A		427,900		221
Bank of China Ltd., Class H		15,128,652		5,297
Bank of Communications Co. Ltd., Class A		407,400		321
Bank of Communications Co. Ltd., Class H		1,743,117		1,054
Bank of Hangzhou Co. Ltd., Class A		81,220		124
Bank of Jiangsu Co. Ltd., Class A		202,344		199
Bank of Nanjing Co. Ltd., Class A		129,396		142
Bank of Ningbo Co. Ltd., Class A		72,850		268
Bank of Shanghai Co. Ltd., Class A		168,471		142
Bank of Suzhou Co. Ltd., Class A		26,200		25
Baoshan Iron & Steel Co. Ltd., Class A		206,596		172
BeiGene Ltd.*		131,934		1,836
Beijing Capital International Airport Co. Ltd., Class H*		392,000		182
Beijing Dabeinong Technology Group Co. Ltd., Class A		40,700		38

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Beijing Easpring Material Technology Co. Ltd., Class A		6,500		$37
Beijing Enlight Media Co. Ltd., Class A		44,100		52
Beijing Enterprises Holdings Ltd.		88,271		304
Beijing Enterprises Water Group Ltd.		833,886		182
Beijing Kingsoft Office Software, Inc., Class A		5,789		296
Beijing New Building Materials PLC, Class A		20,100		83
Beijing Roborock Technology Co. Ltd., Class A		1,353		55
Beijing Shiji Information Technology Co. Ltd., Class A*		17,680		28
Beijing Tiantan Biological Products Corp. Ltd., Class A		13,200		46
Beijing Tongrentang Co. Ltd., Class A		17,800		134
Beijing United Information Technology Co. Ltd., Class A		8,199		37
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		11,158		74
Beijing Yanjing Brewery Co. Ltd., Class A		23,100		32
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		357,900		251
Bethel Automotive Safety Systems Co. Ltd., Class A		5,800		58
Betta Pharmaceuticals Co. Ltd., Class A		6,800		53
BGI Genomics Co. Ltd., Class A		7,400		53
Bilibili, Inc., Class Z*		37,571		519
Bloomage Biotechnology Corp. Ltd., Class A		4,950		59
BOC Aviation Ltd.		44,800		311
BOC International China Co. Ltd., Class A		28,600		44
BOE Technology Group Co. Ltd., Class A		372,400		197
Bosideng International Holdings Ltd.		698,000		298
BTG Hotels Group Co. Ltd., Class A*		18,600		44
BYD Co. Ltd., Class A		21,500		698
BYD Co. Ltd., Class H		197,199		6,070
BYD Electronic International Co. Ltd.		150,500		685
By-health Co. Ltd., Class A		24,200		63
C&D International Investment Group Ltd.		138,327		336
Caitong Securities Co. Ltd., Class A		10,010		11

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 – 94.6% (1)     continued
China – 28.9%     continued
Cambricon Technologies Corp. Ltd., Class A*		4,731		$81
Canmax Technologies Co. Ltd., Class A		11,440		40
CECEP Solar Energy Co. Ltd., Class A		45,600		36
CECEP Wind-Power Corp., Class A		100,620		45
CETC Cyberspace Security Technology Co. Ltd., Class A		12,900		42
CGN Power Co. Ltd., Class H		2,056,000		534
Changchun High & New Technology Industry Group, Inc., Class A		5,100		97
Changjiang Securities Co. Ltd., Class A		97,000		78
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		4,200		87
Chaozhou Three-Circle Group Co. Ltd., Class A		27,200		116
Chengxin Lithium Group Co. Ltd., Class A		8,300		25
China Baoan Group Co. Ltd., Class A		38,400		55
China Cinda Asset Management Co. Ltd., Class H		1,881,000		189
China CITIC Bank Corp. Ltd., Class H		1,788,286		830
China Coal Energy Co. Ltd., Class H		367,000		287
China Communications Services Corp. Ltd., Class H		523,035		219
China Conch Venture Holdings Ltd.		284,500		242
China Construction Bank Corp., Class A		102,900		89
China Construction Bank Corp., Class H		18,314,693		10,320
China CSSC Holdings Ltd., Class A		57,000		218
China Eastern Airlines Corp. Ltd., Class A*		145,900		88
China Energy Engineering Corp. Ltd., Class A		430,300		133
China Everbright Bank Co. Ltd., Class A		562,500		236
China Everbright Bank Co. Ltd., Class H		715,000		214
China Everbright Environment Group Ltd.		588,629		202
China Feihe Ltd.		641,000		378
China Galaxy Securities Co. Ltd., Class A		66,700		102
China Galaxy Securities Co. Ltd., Class H		626,500		322
China Gas Holdings Ltd.		539,095		507
China Great Wall Securities Co. Ltd., Class A		36,100		41

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
China Greatwall Technology Group Co. Ltd., Class A		30,000		$43
China Hongqiao Group Ltd.		430,500		419
China International Capital Corp. Ltd., Class A		15,200		78
China International Capital Corp. Ltd., Class H		294,800		538
China Jinmao Holdings Group Ltd.		1,199,791		153
China Jushi Co. Ltd., Class A		51,222		95
China Life Insurance Co. Ltd., Class A		35,600		178
China Life Insurance Co. Ltd., Class H		1,434,544		2,234
China Literature Ltd.*		74,800		273
China Longyuan Power Group Corp. Ltd., Class H		602,473		527
China Medical System Holdings Ltd.		224,000		338
China Meheco Co. Ltd., Class A		22,960		39
China Meidong Auto Holdings Ltd.		150,000		83
China Mengniu Dairy Co. Ltd.*		602,870		2,014
China Merchants Bank Co. Ltd., Class A		230,779		1,039
China Merchants Bank Co. Ltd., Class H		749,433		3,109
China Merchants Energy Shipping Co. Ltd., Class A		111,600		98
China Merchants Port Holdings Co. Ltd.		246,067		305
China Merchants Securities Co. Ltd., Class A		67,310		130
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		94,300		160
China Minsheng Banking Corp. Ltd., Class A		349,440		184
China Minsheng Banking Corp. Ltd., Class H		1,226,154		419
China National Building Material Co. Ltd., Class H		800,000		416
China National Chemical Engineering Co. Ltd., Class A		73,800		79
China National Nuclear Power Co. Ltd., Class A		233,298		233
China National Software & Service Co. Ltd., Class A		10,400		54
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		46,900		140
China Oilfield Services Ltd., Class H		354,757		424
China Overseas Land & Investment Ltd.		734,695		1,510
China Overseas Property Holdings Ltd.		235,000		263

See Notes to the Financial Statements.

EQUITY FUNDS  54  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
China Pacific Insurance Group Co. Ltd., Class A		83,500		$330
China Pacific Insurance Group Co. Ltd., Class H		497,537		1,236
China Petroleum & Chemical Corp., Class A		389,100		323
China Petroleum & Chemical Corp., Class H		4,686,628		2,551
China Power International Development Ltd.		883,000		321
China Railway Group Ltd., Class A		257,500		241
China Railway Group Ltd., Class H		732,827		377
China Railway Signal & Communication Corp. Ltd., Class A		110,341		80
China Rare Earth Resources And Technology Co. Ltd., Class A		14,300		56
China Resources Beer Holdings Co. Ltd.		310,948		1,700
China Resources Cement Holdings Ltd.		518,000		132
China Resources Gas Group Ltd.		188,058		547
China Resources Land Ltd.		617,432		2,433
China Resources Microelectronics Ltd., Class A		12,584		93
China Resources Mixc Lifestyle Services Ltd.		135,400		542
China Resources Pharmaceutical Group Ltd.		318,000		211
China Resources Power Holdings Co. Ltd.		357,735		683
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		7,100		49
China Ruyi Holdings Ltd.*		976,000		252
China Shenhua Energy Co. Ltd., Class A		76,000		326
China Shenhua Energy Co. Ltd., Class H		652,136		2,115
China Southern Airlines Co. Ltd., Class A*		149,900		126
China Southern Airlines Co. Ltd., Class H*		390,530		189
China State Construction Engineering Corp. Ltd., Class A		487,180		369
China State Construction International Holdings Ltd.		415,600		437
China Taiping Insurance Holdings Co. Ltd.		305,304		302
China Three Gorges Renewables Group Co. Ltd., Class A		375,300		246

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
China Tourism Group Duty Free Corp. Ltd., Class A		21,900		$322
China Tourism Group Duty Free Corp. Ltd., Class H		14,900		196
China Tower Corp. Ltd., Class H		8,798,000		842
China Traditional Chinese Medicine Holdings Co. Ltd.		594,000		277
China United Network Communications Ltd., Class A		335,800		226
China Vanke Co. Ltd., Class A		108,300		194
China Vanke Co. Ltd., Class H		419,772		459
China Yangtze Power Co. Ltd., Class A		281,300		857
China Zhenhua Group Science & Technology Co. Ltd., Class A		5,900		66
China Zheshang Bank Co. Ltd., Class A		252,330		88
Chinasoft International Ltd.*		478,000		339
Chongqing Brewery Co. Ltd., Class A		5,300		62
Chongqing Changan Automobile Co. Ltd., Class A		108,268		199
Chongqing Fuling Zhacai Group Co. Ltd., Class A		9,750		21
Chongqing Rural Commercial Bank Co. Ltd., Class A		136,800		75
Chongqing Zhifei Biological Products Co. Ltd., Class A		28,950		193
Chow Tai Fook Jewellery Group Ltd.		381,800		574
CITIC Ltd.		1,083,803		988
CITIC Securities Co. Ltd., Class A		135,945		407
CITIC Securities Co. Ltd., Class H		365,400		738
CMOC Group Ltd., Class A		236,400		191
CMOC Group Ltd., Class H		720,000		462
CNGR Advanced Material Co. Ltd., Class A		7,502		52
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		44,225		28
CNPC Capital Co. Ltd., Class A		68,400		62
Contemporary Amperex Technology Co. Ltd., Class A		50,440		1,414
COSCO SHIPPING Development Co. Ltd., Class A		118,200		39
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		35,700		66
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		266,000		289
COSCO SHIPPING Holdings Co. Ltd., Class A		135,580		182

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 – 94.6% (1)     continued
China – 28.9%     continued
COSCO SHIPPING Holdings Co. Ltd., Class H		555,150		$567
COSCO SHIPPING Ports Ltd.		299,886		195
Country Garden Holdings Co. Ltd.*		2,093,886		239
Country Garden Services Holdings Co. Ltd.		396,000		402
CRRC Corp. Ltd., Class A		287,200		230
CRRC Corp. Ltd., Class H		904,000		434
CSC Financial Co. Ltd., Class A		53,600		181
CSPC Pharmaceutical Group Ltd.		1,699,360		1,242
Dajin Heavy Industry Co. Ltd., Class A		10,500		37
Daqin Railway Co. Ltd., Class A		194,400		194
Daqo New Energy Corp. ADR*		10,877		329
DaShenLin Pharmaceutical Group Co. Ltd., Class A		17,092		59
Datang International Power Generation Co. Ltd., Class A		57,100		21
DHC Software Co. Ltd., Class A		58,000		52
Do-Fluoride New Materials Co. Ltd., Class A		15,680		34
Dong-E-E-Jiao Co. Ltd., Class A		3,800		26
Dongfang Electric Corp. Ltd., Class A		31,200		67
Dongfeng Motor Group Co. Ltd., Class H		491,169		193
Dongxing Securities Co. Ltd., Class A		9,300		10
Dongyue Group Ltd.		318,000		239
East Buy Holding Ltd.*		75,500		354
East Money Information Co. Ltd., Class A		175,424		370
Eastroc Beverage Group Co. Ltd., Class A		2,600		65
Ecovacs Robotics Co. Ltd., Class A		8,100		54
ENN Energy Holdings Ltd.		152,079		1,257
ENN Natural Gas Co. Ltd., Class A		31,600		75
Eve Energy Co. Ltd., Class A		27,196		168
Everbright Securities Co. Ltd., Class A		44,198		100
Fangda Carbon New Material Co. Ltd., Class A*		55,582		44
Far East Horizon Ltd.		252,000		181
FAW Jiefang Group Co. Ltd., Class A*		48,500		58
First Capital Securities Co. Ltd., Class A		72,300		59
Flat Glass Group Co. Ltd., Class A		23,600		92
Flat Glass Group Co. Ltd., Class H		67,000		150
Focus Media Information Technology Co. Ltd., Class A		172,400		170

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Foshan Haitian Flavouring & Food Co. Ltd., Class A		48,458		$254
Fosun International Ltd.		428,865		271
Founder Securities Co. Ltd., Class A		53,200		54
Foxconn Industrial Internet Co. Ltd., Class A		107,600		290
Fujian Sunner Development Co. Ltd., Class A		20,900		55
Fuyao Glass Industry Group Co. Ltd., Class A		24,792		125
Fuyao Glass Industry Group Co. Ltd., Class H		121,600		557
Ganfeng Lithium Group Co. Ltd., Class A		17,240		105
Ganfeng Lithium Group Co. Ltd., Class H		78,720		322
G-bits Network Technology Xiamen Co. Ltd., Class A		1,300		65
GCL Technology Holdings Ltd.		3,785,000		699
GD Power Development Co. Ltd., Class A		242,200		122
GDS Holdings Ltd., Class A*		186,380		255
Geely Automobile Holdings Ltd.		1,156,641		1,361
GEM Co. Ltd., Class A		14,400		12
Gemdale Corp., Class A		56,900		53
Genscript Biotech Corp.*		212,000		556
GF Securities Co. Ltd., Class A		77,893		156
GF Securities Co. Ltd., Class H		162,200		217
Giant Network Group Co. Ltd., Class A		20,700		37
GigaDevice Semiconductor, Inc., Class A		8,880		120
Ginlong Technologies Co. Ltd., Class A		4,450		48
GoerTek, Inc., Class A		41,300		89
Goldwind Science & Technology Co. Ltd., Class A		42,100		53
Gongniu Group Co. Ltd., Class A		4,500		64
GoodWe Technologies Co. Ltd., Class A		1,993		36
Gotion High-tech Co. Ltd., Class A*		24,200		77
Great Wall Motor Co. Ltd., Class A		34,400		121
Great Wall Motor Co. Ltd., Class H		410,796		486
Gree Electric Appliances, Inc. of Zhuhai, Class A		26,600		132
Greenland Holdings Corp. Ltd., Class A*		107,900		40
Greentown China Holdings Ltd.		192,000		197

See Notes to the Financial Statements.

EQUITY FUNDS  56 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
GRG Banking Equipment Co. Ltd., Class A		9,500		$16
Guangdong Haid Group Co. Ltd., Class A		22,400		139
Guangdong HEC Technology Holding Co. Ltd., Class A		48,500		44
Guangdong Investment Ltd.		568,514		434
Guanghui Energy Co. Ltd., Class A		80,900		85
Guangzhou Automobile Group Co. Ltd., Class A		68,100		93
Guangzhou Automobile Group Co. Ltd., Class H		545,664		268
Guangzhou Baiyun International Airport Co. Ltd., Class A*		21,600		33
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		10,300		44
Guangzhou Great Power Energy & Technology Co. Ltd., Class A*		6,300		28
Guangzhou Haige Communications Group, Inc. Co., Class A		40,500		63
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		7,000		60
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		8,200		57
Guangzhou Tinci Materials Technology Co. Ltd., Class A		22,180		82
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		37,347		35
Guolian Securities Co. Ltd., Class A*		44,000		64
Guosen Securities Co. Ltd., Class A		44,300		56
Guotai Junan Securities Co. Ltd., Class A		71,400		142
Guoyuan Securities Co. Ltd., Class A		39,160		36
H World Group Ltd. ADR*		39,270		1,548
Haidilao International Holding Ltd.		317,000		845
Haier Smart Home Co. Ltd., Class A		62,397		203
Haier Smart Home Co. Ltd., Class H		478,400		1,496
Hainan Airlines Holding Co. Ltd., Class A*		459,200		93
Hainan Airport Infrastructure Co. Ltd., Class A*		122,100		66
Haitian International Holdings Ltd.		104,000		220
Haitong Securities Co. Ltd., Class A		73,900		100
Haitong Securities Co. Ltd., Class H		627,233		375
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		40,800		54

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Hangzhou Chang Chuan Technology Co. Ltd., Class A		8,600		$39
Hangzhou First Applied Material Co. Ltd., Class A		24,757		97
Hangzhou Lion Electronics Co. Ltd., Class A		10,000		45
Hangzhou Oxygen Plant Group Co. Ltd., Class A		11,900		53
Hangzhou Robam Appliances Co. Ltd., Class A		7,600		28
Hangzhou Silan Microelectronics Co. Ltd., Class A		17,200		57
Hangzhou Tigermed Consulting Co. Ltd., Class A		6,500		59
Hansoh Pharmaceutical Group Co. Ltd.		252,000		341
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		10,500		35
Heilongjiang Agriculture Co. Ltd., Class A		30,600		55
Henan Shenhuo Coal & Power Co. Ltd., Class A		34,200		80
Henan Shuanghui Investment & Development Co. Ltd., Class A		48,100		174
Hengan International Group Co. Ltd.		124,398		397
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		23,700		53
Hengli Petrochemical Co. Ltd., Class A*		71,260		141
Hengtong Optic-electric Co. Ltd., Class A		37,800		73
Hengyi Petrochemical Co. Ltd., Class A*		57,330		58
Hesteel Co. Ltd., Class A		142,400		44
Hithink RoyalFlush Information Network Co. Ltd., Class A		6,100		125
Hongfa Technology Co. Ltd., Class A		2,880		13
Hoshine Silicon Industry Co. Ltd., Class A		10,900		90
Hoyuan Green Energy Co. Ltd., Class A		6,735		39
Hua Hong Semiconductor Ltd.*		105,000		264
Huadian Power International Corp. Ltd., Class A		84,100		59
Huadong Medicine Co. Ltd., Class A		22,720		132
Huafon Chemical Co. Ltd., Class A		11,300		11
Huagong Tech Co. Ltd., Class A		10,600		49
Huaibei Mining Holdings Co. Ltd., Class A		38,100		73

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 – 94.6% (1)     continued
China – 28.9%     continued
Hualan Biological Engineering, Inc., Class A		26,070		$79
Huaneng Power International, Inc., Class A*		98,100		106
Huaneng Power International, Inc., Class H*		778,501		377
Huatai Securities Co. Ltd., Class A		76,100		166
Huatai Securities Co. Ltd., Class H		261,000		332
Huaxi Securities Co. Ltd., Class A		44,400		50
Huaxia Bank Co. Ltd., Class A		156,390		123
Huayu Automotive Systems Co. Ltd., Class A		42,200		109
Hubei Feilihua Quartz Glass Co. Ltd., Class A		8,400		52
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		13,900		52
Hubei Xingfa Chemicals Group Co. Ltd., Class A		10,600		29
Huizhou Desay Sv Automotive Co. Ltd., Class A		5,200		102
Humanwell Healthcare Group Co. Ltd., Class A		22,400		74
Hunan Changyuan Lico Co. Ltd., Class A		27,015		32
Hunan Valin Steel Co. Ltd., Class A		105,500		86
Hundsun Technologies, Inc., Class A		23,645		105
Hygeia Healthcare Holdings Co. Ltd.		62,200		346
IEIT Systems Co. Ltd., Class A		17,856		92
Iflytek Co. Ltd., Class A		24,300		169
Imeik Technology Development Co. Ltd., Class A		2,900		156
Industrial & Commercial Bank of China Ltd., Class A		783,700		502
Industrial & Commercial Bank of China Ltd., Class H		12,396,023		5,972
Industrial Bank Co. Ltd., Class A		245,600		548
Industrial Securities Co. Ltd., Class A		126,400		111
Ingenic Semiconductor Co. Ltd., Class A		4,200		43
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		580,400		137
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		29,200		55
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		29,500		17
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		61,300		223

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Inner Mongolia Yitai Coal Co. Ltd., Class B*		228,400		$320
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		53,900		52
Innovent Biologics, Inc.*		213,500		1,037
iQIYI, Inc. ADR*		84,407		400
iRay Technology Co. Ltd., Class A		1,359		46
JA Solar Technology Co. Ltd., Class A		41,916		148
Jason Furniture Hangzhou Co. Ltd., Class A		8,450		47
JCET Group Co. Ltd., Class A		25,900		109
JD Health International, Inc.*		214,250		1,099
JD Logistics, Inc.*		389,700		490
JD.com, Inc., Class A		447,466		6,504
Jiangsu Eastern Shenghong Co. Ltd., Class A		54,800		87
Jiangsu Expressway Co. Ltd., Class H		260,000		234
Jiangsu Hengli Hydraulic Co. Ltd., Class A		16,468		144
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		74,385		459
Jiangsu King’s Luck Brewery JSC Ltd., Class A		17,800		143
Jiangsu Pacific Quartz Co. Ltd., Class A		4,900		72
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		15,700		281
Jiangsu Yangnong Chemical Co. Ltd., Class A		6,110		58
Jiangsu Yoke Technology Co. Ltd., Class A		7,700		68
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		8,300		39
Jiangsu Zhongtian Technology Co. Ltd., Class A		40,200		82
Jiangxi Copper Co. Ltd., Class A		33,099		87
Jiangxi Copper Co. Ltd., Class H		186,000		290
Jiangxi Special Electric Motor Co. Ltd., Class A*		26,300		32
Jinduicheng Molybdenum Co. Ltd., Class A		33,100		50
Jinko Solar Co. Ltd., Class A		74,327		103
JiuGui Liquor Co. Ltd., Class A		3,200		39
Jiumaojiu International Holdings Ltd.		187,000		254
Jizhong Energy Resources Co. Ltd., Class A		54,400		50

See Notes to the Financial Statements.

EQUITY FUNDS  58 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		34,700		$59
Jointown Pharmaceutical Group Co. Ltd., Class A		34,717		51
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		8,400		40
JOYY, Inc. ADR		7,933		302
Juewei Food Co. Ltd., Class A		6,300		32
Juneyao Airlines Co. Ltd., Class A*		25,900		51
Kangmei Pharmaceutical Co. Ltd.(2) *		5,336		—
Kanzhun Ltd. ADR*		40,900		620
KE Holdings, Inc. ADR		124,551		1,933
Keda Industrial Group Co. Ltd., Class A		29,800		47
Kingboard Holdings Ltd.		118,500		264
Kingdee International Software Group Co. Ltd.*		532,000		653
Kingsoft Corp. Ltd.		178,903		644
Kuaishou Technology*		443,000		3,519
Kuang-Chi Technologies Co. Ltd., Class A		32,000		64
Kunlun Energy Co. Ltd.		793,230		682
Kunlun Tech Co. Ltd., Class A*		13,900		74
Kweichow Moutai Co. Ltd., Class A		14,295		3,547
LB Group Co. Ltd., Class A		29,400		74
Lenovo Group Ltd.		1,404,000		1,411
Lens Technology Co. Ltd., Class A		60,300		101
Lepu Medical Technology Beijing Co. Ltd., Class A		17,300		39
Li Auto, Inc., Class A*		215,630		3,856
Li Ning Co. Ltd.		459,000		1,928
Liaoning Port Co. Ltd., Class A		253,500		54
Lingyi iTech Guangdong Co., Class A		49,900		39
Livzon Pharmaceutical Group, Inc., Class A		10,600		54
Longfor Group Holdings Ltd.		365,669		646
LONGi Green Energy Technology Co. Ltd., Class A		81,769		306
Lufax Holding Ltd. ADR		145,900		155
Luxi Chemical Group Co. Ltd., Class A		17,200		27
Luxshare Precision Industry Co. Ltd., Class A		74,105		303
Luzhou Laojiao Co. Ltd., Class A		16,300		489
Mango Excellent Media Co. Ltd., Class A		22,070		86

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Maxscend Microelectronics Co. Ltd., Class A		6,880		$110
Meihua Holdings Group Co. Ltd., Class A		45,200		60
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		55,676		52
Meituan, Class B*		967,518		14,046
Metallurgical Corp. of China Ltd., Class A		198,300		100
Microport Scientific Corp.*		163,100		245
Ming Yang Smart Energy Group Ltd., Class A		30,600		66
MINISO Group Holding Ltd. ADR		18,009		466
Minth Group Ltd.		140,000		358
Montage Technology Co. Ltd., Class A		13,959		95
Muyuan Foods Co. Ltd., Class A		54,978		285
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		27,175		47
NARI Technology Co. Ltd., Class A		77,606		236
National Silicon Industry Group Co. Ltd., Class A*		27,400		74
NAURA Technology Group Co. Ltd., Class A		6,400		212
NavInfo Co. Ltd., Class A*		33,500		46
NetEase, Inc.		370,975		7,448
New China Life Insurance Co. Ltd., Class A		18,600		94
New China Life Insurance Co. Ltd., Class H		169,852		408
New Hope Liuhe Co. Ltd., Class A*		63,200		96
New Oriental Education & Technology Group, Inc.*		287,720		1,705
Ninestar Corp., Class A		19,800		70
Ningbo Deye Technology Co. Ltd., Class A		4,140		44
Ningbo Joyson Electronic Corp., Class A		10,600		26
Ningbo Orient Wires & Cables Co. Ltd., Class A		6,900		38
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		7,198		41
Ningbo Shanshan Co. Ltd., Class A		25,600		49
Ningbo Tuopu Group Co. Ltd., Class A		13,100		133
Ningxia Baofeng Energy Group Co. Ltd., Class A		54,600		107
NIO, Inc. ADR*		261,657		2,365

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 – 94.6% (1)     continued
China – 28.9%     continued
Nongfu Spring Co. Ltd., Class H		340,200		$1,946
North Industries Group Red Arrow Co. Ltd., Class A		21,100		43
Offcn Education Technology Co. Ltd., Class A*		84,800		44
Offshore Oil Engineering Co. Ltd., Class A		50,500		44
Oppein Home Group, Inc., Class A		6,220		82
Orient Securities Co. Ltd., Class A		102,839		135
Ovctek China, Inc., Class A		8,900		31
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		82,300		41
PDD Holdings, Inc. ADR*		113,957		11,176
People.cn Co. Ltd., Class A		12,400		65
People’s Insurance Co. Group of China (The) Ltd., Class A		69,700		57
People’s Insurance Co. Group of China (The) Ltd., Class H		1,822,535		651
Perfect World Co. Ltd., Class A		15,050		27
PetroChina Co. Ltd., Class A		222,300		243
PetroChina Co. Ltd., Class H		4,053,438		3,043
Pharmaron Beijing Co. Ltd., Class A		19,125		82
PICC Property & Casualty Co. Ltd., Class H		1,343,359		1,718
Ping An Bank Co. Ltd., Class A		203,600		312
Ping An Healthcare and Technology Co. Ltd.*		107,500		249
Ping An Insurance Group Co. of China Ltd., Class A		120,935		809
Ping An Insurance Group Co. of China Ltd., Class H		1,285,906		7,284
Poly Developments and Holdings Group Co. Ltd., Class A		154,200		269
Pop Mart International Group Ltd.		78,800		231
Postal Savings Bank of China Co. Ltd., Class A		329,200		224
Postal Savings Bank of China Co. Ltd., Class H		1,438,000		723
Power Construction Corp. of China Ltd., Class A		231,300		170
Pylon Technologies Co. Ltd., Class A		2,023		36
Qi An Xin Technology Group, Inc., Class A*		7,306		51
Qifu Technology, Inc.		21,867		336
Qinghai Salt Lake Industry Co. Ltd., Class A*		69,700		164

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Raytron Technology Co. Ltd., Class A		7,223		$47
Risen Energy Co. Ltd., Class A		15,400		40
Riyue Heavy Industry Co. Ltd., Class A		15,700		34
Rongsheng Petrochemical Co. Ltd., Class A		127,900		209
SAIC Motor Corp. Ltd., Class A		63,693		129
Sailun Group Co. Ltd., Class A		48,300		83
Sanan Optoelectronics Co. Ltd., Class A		54,200		114
Sangfor Technologies, Inc., Class A*		4,400		56
Sany Heavy Equipment International Holdings Co. Ltd.		238,000		375
Sany Heavy Industry Co. Ltd., Class A		107,000		232
Satellite Chemical Co. Ltd., Class A		43,761		92
SDIC Capital Co. Ltd., Class A		96,000		91
SDIC Power Holdings Co. Ltd., Class A		78,900		127
Seazen Holdings Co. Ltd., Class A*		25,694		46
Seres Group Co. Ltd., Class A*		16,300		126
SF Holding Co. Ltd., Class A		50,600		285
SG Micro Corp., Class A		5,850		62
Shaanxi Coal Industry Co. Ltd., Class A		110,700		280
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		32,550		38
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		6,956		17
Shandong Gold Mining Co. Ltd., Class A		45,337		156
Shandong Gold Mining Co. Ltd., Class H		122,000		229
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		27,340		120
Shandong Linglong Tyre Co. Ltd., Class A		17,500		49
Shandong Nanshan Aluminum Co. Ltd., Class A		171,500		74
Shandong Sun Paper Industry JSC Ltd., Class A		32,500		55
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		497,316		436
Shanghai Aiko Solar Energy Co. Ltd., Class A		24,500		75
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		14,640		58
Shanghai Baosight Software Co. Ltd., Class A		20,400		127

See Notes to the Financial Statements.

EQUITY FUNDS  60 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Shanghai Baosight Software Co. Ltd., Class B		131,844		$278
Shanghai Construction Group Co. Ltd., Class A		87,900		33
Shanghai Electric Group Co. Ltd., Class A*		161,200		103
Shanghai Electric Power Co. Ltd., Class A		46,300		56
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		25,300		99
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		78,500		184
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		2,162		74
Shanghai Fudan Microelectronics Group Co. Ltd., Class A		6,163		41
Shanghai Industrial Urban Development Group Ltd.*		1		—
Shanghai International Airport Co. Ltd., Class A*		17,200		89
Shanghai International Port Group Co. Ltd., Class A		109,600		77
Shanghai Jinjiang International Hotels Co. Ltd., Class A		12,600		65
Shanghai Junshi Biosciences Co. Ltd., Class A*		9,421		50
Shanghai Lingang Holdings Corp. Ltd., Class A		2,580		4
Shanghai M&G Stationery, Inc., Class A		10,400		52
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		37,200		92
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		133,747		208
Shanghai Pudong Development Bank Co. Ltd., Class A		340,192		331
Shanghai Putailai New Energy Technology Co. Ltd., Class A		25,752		103
Shanghai RAAS Blood Products Co. Ltd., Class A		94,600		90
Shanghai Rural Commercial Bank Co. Ltd., Class A		113,200		94
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		54,500		55
Shanxi Coal International Energy Group Co. Ltd., Class A		20,300		52
Shanxi Coking Coal Energy Group Co. Ltd., Class A		44,120		61

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		36,200		$94
Shanxi Meijin Energy Co. Ltd., Class A*		56,000		54
Shanxi Securities Co. Ltd., Class A		64,030		50
Shanxi Taigang Stainless Steel Co. Ltd., Class A		87,300		48
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		13,360		443
Shede Spirits Co. Ltd., Class A		3,500		61
Shenergy Co. Ltd., Class A		41,700		36
Shenghe Resources Holding Co. Ltd., Class A		26,000		39
Shengyi Technology Co. Ltd., Class A		26,300		55
Shennan Circuits Co. Ltd., Class A		7,480		68
Shenwan Hongyuan Group Co. Ltd., Class A		205,700		123
Shenzhen Capchem Technology Co. Ltd., Class A		10,260		62
Shenzhen Dynanonic Co. Ltd., Class A		3,840		40
Shenzhen Energy Group Co. Ltd., Class A		58,255		51
Shenzhen Inovance Technology Co. Ltd., Class A		13,100		120
Shenzhen International Holdings Ltd.		306,274		189
Shenzhen Kaifa Technology Co. Ltd., Class A		16,100		38
Shenzhen Kangtai Biological Products Co. Ltd., Class A*		11,360		46
Shenzhen Kedali Industry Co. Ltd., Class A		3,500		46
Shenzhen Kstar Science And Technology Co. Ltd., Class A		9,300		37
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		14,300		530
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		9,800		85
Shenzhen Overseas Chinese Town Co. Ltd., Class A*		112,400		65
Shenzhen S.C. New Energy Technology Corp., Class A		900		9
Shenzhen S.E.D Industry Co. Ltd., Class A		10,300		32
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		18,000		73
Shenzhen Senior Technology Material Co. Ltd., Class A		17,231		31

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 – 94.6% (1)     continued
China – 28.9%     continued
Shenzhen Sunlord Electronics Co. Ltd., Class A		13,800		$54
Shenzhen Transsion Holdings Co. Ltd., Class A		10,391		208
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		14,500		49
Shenzhou International Group Holdings Ltd.		159,400		1,522
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		18,940		61
Sichuan Chuantou Energy Co. Ltd., Class A		56,000		113
Sichuan Hebang Biotechnology Co. Ltd., Class A		135,700		43
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		13,800		55
Sichuan New Energy Power Co. Ltd., Class A*		18,700		30
Sichuan Road and Bridge Group Co. Ltd., Class A		102,900		122
Sichuan Swellfun Co. Ltd., Class A		4,700		39
Sichuan Yahua Industrial Group Co. Ltd., Class A		17,300		35
Sieyuan Electric Co. Ltd., Class A		11,000		78
Silergy Corp.		61,000		576
Sinoma International Engineering Co., Class A		22,900		35
Sinoma Science & Technology Co. Ltd., Class A		26,300		74
Sinomine Resource Group Co. Ltd., Class A		9,800		49
Sinopec Shanghai Petrochemical Co. Ltd., Class A*		115,300		49
Sinopharm Group Co. Ltd., Class H		235,914		685
Sinotruk Hong Kong Ltd.		124,000		237
Skshu Paint Co. Ltd., Class A*		9,380		89
Smoore International Holdings Ltd.		337,000		305
Songcheng Performance Development Co. Ltd., Class A		24,100		40
SooChow Securities Co. Ltd., Class A		45,943		54
Southwest Securities Co. Ltd., Class A		103,600		59
Spring Airlines Co. Ltd., Class A*		10,100		76
StarPower Semiconductor Ltd., Class A		1,900		47
Sungrow Power Supply Co. Ltd., Class A		15,400		189
Sunny Optical Technology Group Co. Ltd.		134,225		936

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Sunresin New Materials Co. Ltd., Class A		4,800		$38
Sunwoda Electronic Co. Ltd., Class A		17,800		41
SUPCON Technology Co. Ltd., Class A		8,381		55
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		25,700		61
Suzhou Maxwell Technologies Co. Ltd., Class A		3,648		63
TAL Education Group ADR*		86,612		789
Tangshan Jidong Cement Co. Ltd., Class A		41,000		42
TBEA Co. Ltd., Class A		66,690		135
TCL Technology Group Corp., Class A*		166,710		93
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		52,750		169
Tencent Holdings Ltd.		1,277,689		49,517
Tencent Music Entertainment Group ADR*		143,378		915
Thunder Software Technology Co. Ltd., Class A		6,900		72
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		12,200		42
Tianma Microelectronics Co. Ltd., Class A*		25,400		32
Tianqi Lithium Corp., Class A		18,800		141
Tianshan Aluminum Group Co. Ltd., Class A		36,700		33
Tianshui Huatian Technology Co. Ltd., Class A		27,200		33
Tingyi Cayman Islands Holding Corp.		374,435		524
Titan Wind Energy Suzhou Co. Ltd., Class A*		26,600		47
Tongcheng Travel Holdings Ltd.*		230,400		504
TongFu Microelectronics Co. Ltd., Class A		22,400		59
Tongkun Group Co. Ltd., Class A*		24,900		50
Tongling Nonferrous Metals Group Co. Ltd., Class A		159,700		70
Tongwei Co. Ltd., Class A		46,600		206
Topchoice Medical Corp., Class A*		4,700		57
Topsports International Holdings Ltd.		398,000		302
TravelSky Technology Ltd., Class H		165,000		285
Trina Solar Co. Ltd., Class A		28,251		118
Trip.com Group Ltd.*		105,223		3,712
Tsingtao Brewery Co. Ltd., Class A		8,300		99
Tsingtao Brewery Co. Ltd., Class H		123,767		1,007

See Notes to the Financial Statements.

EQUITY FUNDS  62 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Unigroup Guoxin Microelectronics Co. Ltd., Class A*		10,479		$125
Uni-President China Holdings Ltd.		278,000		196
Unisplendour Corp. Ltd., Class A*		32,948		106
Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		5,183		43
Vipshop Holdings Ltd. ADR*		64,125		1,027
Walvax Biotechnology Co. Ltd., Class A		20,500		66
Wanda Film Holding Co. Ltd., Class A*		31,200		58
Wanhua Chemical Group Co. Ltd., Class A		35,900		437
Want Want China Holdings Ltd.		909,870		593
Weibo Corp. ADR		14,790		185
Weichai Power Co. Ltd., Class A		54,600		94
Weichai Power Co. Ltd., Class H		369,812		502
Weihai Guangwei Composites Co. Ltd., Class A		12,640		48
Wens Foodstuffs Group Co. Ltd., Class A		82,200		196
Western Mining Co. Ltd., Class A		37,500		66
Western Securities Co. Ltd., Class A		61,100		56
Western Superconducting Technologies Co. Ltd., Class A		8,653		55
Will Semiconductor Co. Ltd. Shanghai, Class A		10,435		133
Wingtech Technology Co. Ltd., Class A*		14,600		87
Wuchan Zhongda Group Co. Ltd., Class A		54,900		36
Wuhan Guide Infrared Co. Ltd., Class A		42,825		45
Wuliangye Yibin Co. Ltd., Class A		44,200		955
WUS Printed Circuit Kunshan Co. Ltd., Class A		11,280		35
WuXi AppTec Co. Ltd., Class A		30,692		365
WuXi AppTec Co. Ltd., Class H		67,911		808
Wuxi Autowell Technology Co. Ltd., Class A		2,208		43
Wuxi Biologics Cayman, Inc.*		728,500		4,279
XCMG Construction Machinery Co. Ltd., Class A		159,500		139
Xiamen C & D, Inc., Class A		40,800		55
Xiamen Faratronic Co. Ltd., Class A		3,200		42
Xiamen Tungsten Co. Ltd., Class A		21,200		50
Xiaomi Corp., Class B*		2,957,800		4,606
Xinjiang Daqo New Energy Co. Ltd., Class A		19,509		108

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Xinyi Solar Holdings Ltd.		914,318		$680
XPeng, Inc., Class A*		195,058		1,801
Xtep International Holdings Ltd.		284,500		261
Yadea Group Holdings Ltd.		230,000		426
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		7,600		36
Yankuang Energy Group Co. Ltd., Class A		48,450		134
Yankuang Energy Group Co. Ltd., Class H		422,707		795
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		15,500		67
Yealink Network Technology Corp. Ltd., Class A		19,040		93
Yifeng Pharmacy Chain Co. Ltd., Class A		10,858		52
Yihai International Holding Ltd.*		101,000		174
Yihai Kerry Arawana Holdings Co. Ltd., Class A		20,200		96
Yintai Gold Co. Ltd., Class A		38,800		76
YongXing Special Materials Technology Co. Ltd., Class A		5,720		36
Yonyou Network Technology Co. Ltd., Class A		42,835		98
Youngor Group Co. Ltd., Class A		48,800		48
YTO Express Group Co. Ltd., Class A		41,800		86
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		20,800		43
Yuexiu Property Co. Ltd.		298,180		340
Yum China Holdings, Inc.		79,380		4,423
Yunda Holding Co. Ltd., Class A		41,450		56
Yunnan Aluminium Co. Ltd., Class A		53,200		110
Yunnan Baiyao Group Co. Ltd., Class A		21,700		159
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		2,700		34
Yunnan Energy New Material Co. Ltd., Class A		11,400		94
Yunnan Tin Co. Ltd., Class A		15,600		31
Yunnan Yuntianhua Co. Ltd., Class A		20,000		47
Zai Lab Ltd.*		168,960		411
Zangge Mining Co. Ltd., Class A		18,500		58
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		5,693		214
Zhaojin Mining Industry Co. Ltd., Class H		258,000		355
Zhefu Holding Group Co. Ltd., Class A		87,100		46

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 – 94.6% (1)     continued
China – 28.9%     continued
Zhejiang Century Huatong Group Co. Ltd., Class A*		110,560		$73
Zhejiang China Commodities City Group Co. Ltd., Class A		86,100		107
Zhejiang Chint Electrics Co. Ltd., Class A		28,994		92
Zhejiang Dahua Technology Co. Ltd., Class A		31,600		96
Zhejiang Dingli Machinery Co. Ltd., Class A		8,340		60
Zhejiang Expressway Co. Ltd., Class H		219,294		163
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		23,210		54
Zhejiang Huayou Cobalt Co. Ltd., Class A		20,515		105
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		17,200		112
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		7,700		31
Zhejiang Juhua Co. Ltd., Class A		32,100		67
Zhejiang NHU Co. Ltd., Class A		42,448		94
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		18,600		76
Zhejiang Supor Co. Ltd., Class A		4,700		31
Zhejiang Weiming Environment Protection Co. Ltd., Class A		19,250		47
Zhejiang Weixing New Building Materials Co. Ltd., Class A		22,500		57
Zhejiang Zheneng Electric Power Co. Ltd., Class A*		112,600		66
Zheshang Securities Co. Ltd., Class A		41,500		57
ZhongAn Online P&C Insurance Co. Ltd., Class H*		129,900		384
Zhongji Innolight Co. Ltd., Class A		8,500		135
Zhongjin Gold Corp. Ltd., Class A		45,400		68
Zhongsheng Group Holdings Ltd.		156,000		439
Zhongtai Securities Co. Ltd., Class A		59,500		58
Zhuzhou CRRC Times Electric Co. Ltd., Class A		8,479		46
Zhuzhou CRRC Times Electric Co. Ltd., Class H		102,874		356
Zhuzhou Kibing Group Co. Ltd., Class A		24,300		27
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		40,400		36
Zijin Mining Group Co. Ltd., Class A		257,400		426
Zijin Mining Group Co. Ltd., Class H		1,032,162		1,570

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
China – 28.9%     continued
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		111,600		$105
ZTE Corp., Class A		42,800		191
ZTE Corp., Class H		145,317		438
ZTO Express Cayman, Inc. ADR		81,221		1,963
				370,091
Colombia – 0.1%
Bancolombia S.A.		46,697		356
Interconexion Electrica S.A. ESP		94,263		344
				700
Czech Republic – 0.2%
CEZ A.S.		30,283		1,287
Komercni Banka A.S.		13,021		378
Moneta Money Bank A.S.		74,541		270
				1,935
Egypt – 0.1%
Commercial International Bank Egypt S.A.E.		482,414		937
Eastern Co. S.A.E.		208,647		162
EFG Holding S.A.E.*		213,806		102
				1,201
Greece – 0.4%
Alpha Services and Holdings S.A.*		407,751		541
Eurobank Ergasias Services and Holdings S.A.*		516,113		795
FF Group(2) *		18,664		—
Hellenic Telecommunications Organization S.A.		38,222		558
JUMBO S.A.		22,866		629
Motor Oil Hellas Corinth Refineries S.A.		13,711		347
Mytilineos S.A.		21,571		794
National Bank of Greece S.A.*		109,108		615
OPAP S.A.		37,020		621
Piraeus Financial Holdings S.A.*		121,888		361
Public Power Corp. S.A.*		35,152		353
				5,614
Hong Kong – 0.1%
Kingboard Laminates Holdings Ltd.		194,500		137
Nine Dragons Paper Holdings Ltd.*		351,923		197
Orient Overseas International Ltd.		24,000		320
Sino Biopharmaceutical Ltd.		2,060,750		747
Vinda International Holdings Ltd.		78,000		187
				1,588

See Notes to the Financial Statements.

EQUITY FUNDS  64 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Hungary – 0.2%
MOL Hungarian Oil & Gas PLC		84,329		$639
OTP Bank Nyrt.		44,653		1,611
Richter Gedeon Nyrt.		25,784		625
				2,875
India – 15.2%
ABB India Ltd.		9,972		492
Adani Enterprises Ltd.		32,680		948
Adani Green Energy Ltd.*		59,350		705
Adani Ports & Special Economic Zone Ltd.		100,964		1,003
Adani Power Ltd.*		148,012		672
Ambuja Cements Ltd.		114,728		586
Apollo Hospitals Enterprise Ltd.		18,316		1,134
Ashok Leyland Ltd.		260,393		554
Asian Paints Ltd.		72,420		2,754
Astral Ltd.		22,133		509
AU Small Finance Bank Ltd.		29,772		256
Aurobindo Pharma Ltd.		49,907		549
Avenue Supermarts Ltd.*		30,413		1,346
Axis Bank Ltd.		434,151		5,394
Bajaj Auto Ltd.		13,644		831
Bajaj Finance Ltd.		51,965		4,873
Bajaj Finserv Ltd.		73,161		1,355
Bajaj Holdings & Investment Ltd.		4,773		409
Balkrishna Industries Ltd.		14,703		452
Bandhan Bank Ltd.		132,767		402
Bank of Baroda		185,874		479
Berger Paints India Ltd.		55,550		380
Bharat Electronics Ltd.		689,631		1,149
Bharat Forge Ltd.		49,386		650
Bharat Petroleum Corp. Ltd.		151,967		634
Bharti Airtel Ltd.		427,042		4,765
Britannia Industries Ltd.		20,354		1,112
CG Power & Industrial Solutions Ltd.		121,960		648
Cholamandalam Investment and Finance Co. Ltd.		78,468		1,140
Cipla Ltd.		100,318		1,433
Coal India Ltd.		287,794		1,022
Colgate-Palmolive India Ltd.		21,739		524
Container Corp. of India Ltd.		48,106		412
Cummins India Ltd.		25,355		518
Dabur India Ltd.		120,016		796
Divi’s Laboratories Ltd.		23,966		1,086
DLF Ltd.		124,664		796

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
India – 15.2%     continued
Dr. Reddy’s Laboratories Ltd.		20,721		$1,393
Eicher Motors Ltd.		26,201		1,087
GAIL India Ltd.		464,279		695
Godrej Consumer Products Ltd.*		79,051		944
Godrej Properties Ltd.*		24,805		464
Grasim Industries Ltd.		49,843		1,167
Havells India Ltd.		47,632		791
HCL Technologies Ltd.		180,818		2,682
HDFC Asset Management Co. Ltd.		15,270		486
HDFC Bank Ltd.		531,332		9,730
HDFC Life Insurance Co. Ltd.		187,042		1,436
Hero MotoCorp Ltd.		22,041		812
Hindalco Industries Ltd.		234,450		1,386
Hindustan Aeronautics Ltd.		33,162		770
Hindustan Petroleum Corp. Ltd.		113,283		348
Hindustan Unilever Ltd.		157,096		4,650
ICICI Bank Ltd.		986,367		11,280
ICICI Lombard General Insurance Co. Ltd.		46,093		726
ICICI Prudential Life Insurance Co. Ltd.		68,523		467
IDFC First Bank Ltd.*		596,470		686
Indian Hotels Co. Ltd.		170,675		843
Indian Oil Corp. Ltd.		531,226		582
Indian Railway Catering & Tourism Corp. Ltd.		41,078		337
Indraprastha Gas Ltd.		59,121		323
Info Edge India Ltd.		13,975		701
Infosys Ltd.		633,029		10,922
InterGlobe Aviation Ltd.*		26,833		770
ITC Ltd.		569,431		3,049
Jindal Steel & Power Ltd.		70,110		592
Jio Financial Services Ltd.*		570,181		1,587
JSW Steel Ltd.		109,764		1,028
Jubilant Foodworks Ltd.		71,493		458
Kotak Mahindra Bank Ltd.		208,173		4,352
Larsen & Toubro Ltd.		130,705		4,754
LTIMindtree Ltd.		17,016		1,067
Lupin Ltd.		36,844		519
Mahindra & Mahindra Ltd.		178,364		3,337
Marico Ltd.		102,479		693
Maruti Suzuki India Ltd.		25,624		3,275
Max Healthcare Institute Ltd.		148,939		1,018
Mphasis Ltd.		14,831		424
MRF Ltd.		366		472

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 – 94.6% (1)     continued
India – 15.2%     continued
Muthoot Finance Ltd.		20,601		$310
Nestle India Ltd.		6,578		1,781
NTPC Ltd.		831,032		2,455
Oil & Natural Gas Corp.Ltd.		589,426		1,359
Page Industries Ltd.		1,189		558
Petronet LNG Ltd.		134,320		388
PI Industries Ltd.		15,049		626
Pidilite Industries Ltd.		29,428		863
Power Finance Corp. Ltd.		244,430		741
Power Grid Corp. of India Ltd.		899,781		2,163
REC Ltd.		222,045		768
Reliance Industries Ltd.		580,392		16,292
Samvardhana Motherson International Ltd.		474,585		549
SBI Cards & Payment Services Ltd.		57,047		544
SBI Life Insurance Co. Ltd.		87,282		1,371
Shree Cement Ltd.		1,791		551
Shriram Finance Ltd.		53,653		1,234
Siemens Ltd.		17,735		785
Sona Blw Precision Forgings Ltd.		82,093		573
SRF Ltd.		28,446		769
State Bank of India		337,218		2,428
Sun Pharmaceutical Industries Ltd.		184,948		2,570
Supreme Industries Ltd.		11,860		590
Tata Consultancy Services Ltd.		174,460		7,400
Tata Consumer Products Ltd.		105,729		1,116
Tata Elxsi Ltd.		6,418		558
Tata Motors Ltd.		315,198		2,390
Tata Power (The) Co. Ltd.		269,417		850
Tata Steel Ltd.		1,407,932		2,183
Tech Mahindra Ltd.		103,954		1,528
Titan Co. Ltd.		67,960		2,575
Torrent Pharmaceuticals Ltd.		20,101		467
Trent Ltd.		36,175		905
Tube Investments of India Ltd.		19,930		716
TVS Motor Co. Ltd.		45,857		837
UltraTech Cement Ltd.		22,407		2,223
United Spirits Ltd.*		57,162		693
UPL Ltd.		79,088		586
Varun Beverages Ltd.		86,251		982
Vedanta Ltd.		146,062		391
Wipro Ltd.		245,529		1,197

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
India – 15.2%     continued
Yes Bank Ltd.*		2,453,204		$510
Zomato Ltd.*		816,238		990
				195,236
Indonesia – 1.9%
Adaro Energy Indonesia Tbk PT		2,675,720		493
Aneka Tambang Tbk		1,384,100		162
Astra International Tbk PT		3,910,860		1,573
Bank Central Asia Tbk PT		10,579,160		6,036
Bank Mandiri Persero Tbk PT		7,223,120		2,816
Bank Negara Indonesia Persero Tbk PT		1,420,409		949
Bank Rakyat Indonesia Persero Tbk PT		12,961,165		4,380
Barito Pacific Tbk PT		5,361,295		451
Charoen Pokphand Indonesia Tbk PT*		1,455,135		510
GoTo Gojek Tokopedia Tbk PT*		158,564,600		867
Indah Kiat Pulp & Paper Tbk PT		479,500		344
Indofood CBP Sukses Makmur Tbk PT		499,600		358
Indofood Sukses Makmur Tbk PT		819,371		351
Kalbe Farma Tbk PT		4,166,580		473
Merdeka Copper Gold Tbk PT*		2,262,863		421
Sarana Menara Nusantara Tbk PT		3,989,100		248
Semen Indonesia Persero Tbk PT		600,468		250
Sumber Alfaria Trijaya Tbk PT		3,165,700		606
Telkom Indonesia Persero Tbk PT		9,387,062		2,277
Unilever Indonesia Tbk PT		1,408,940		341
United Tractors Tbk PT		264,171		482
Vale Indonesia Tbk PT		382,200		140
				24,528
Kuwait – 0.8%
Agility Public Warehousing Co. K.S.C.*		313,827		566
Boubyan Bank K.S.C.P.		255,017		498
Gulf Bank K.S.C.P.		365,734		311
Kuwait Finance House K.S.C.P.		1,572,649		3,725
Mabanee Co. KPSC		127,351		340
Mobile Telecommunications Co. K.S.C.P.		378,932		597
National Bank of Kuwait S.A.K.P.		1,429,737		4,190
				10,227
Luxembourg – 0.1%
Reinet Investments S.C.A.		26,227		574
Malaysia – 1.3%
AMMB Holdings Bhd.		325,737		257
Axiata Group Bhd.		491,003		261
CELCOMDIGI Bhd.		669,400		622

See Notes to the Financial Statements.

EQUITY FUNDS  66 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Malaysia – 1.3%     continued
CIMB Group Holdings Bhd.		1,233,217		$1,425
Dialog Group Bhd.		665,544		300
Gamuda Bhd.		370,719		350
Genting Bhd.		416,300		369
Genting Malaysia Bhd.		560,900		299
Hong Leong Bank Bhd.		128,898		536
Hong Leong Financial Group Bhd.		38,328		145
IHH Healthcare Bhd.		407,300		508
Inari Amertron Bhd.		479,100		295
IOI Corp. Bhd.		438,940		372
Kuala Lumpur Kepong Bhd.		92,792		422
Malayan Banking Bhd.		1,062,676		1,989
Malaysia Airports Holdings Bhd.		125,396		190
Maxis Bhd.		409,451		352
MISC Bhd.		242,160		365
MR DIY Group M Bhd.		598,200		192
Nestle Malaysia Bhd.		11,300		305
Petronas Chemicals Group Bhd.		552,300		845
Petronas Dagangan Bhd.		58,700		279
Petronas Gas Bhd.		157,800		566
PPB Group Bhd.		122,200		403
Press Metal Aluminium Holdings Bhd.		684,000		686
Public Bank Bhd.		2,766,905		2,390
QL Resources Bhd.		236,550		275
RHB Bank Bhd.		279,856		324
Sime Darby Bhd.		586,128		274
Sime Darby Plantation Bhd.		364,665		333
Telekom Malaysia Bhd.		185,486		193
Tenaga Nasional Bhd.		496,250		1,056
				17,178
Mexico – 2.5%
Alfa S.A.B. de C.V., Class A		614,837		401
America Movil S.A.B. de C.V., Class B		3,592,049		3,102
Arca Continental S.A.B. de C.V.		95,241		868
Banco del Bajio S.A.		156,700		491
Cemex S.A.B. de C.V., Class CPO*		2,914,052		1,898
Coca-Cola Femsa S.A.B. de C.V.		100,422		784
Fibra Uno Administracion S.A. de C.V.		574,201		960
Fomento Economico Mexicano S.A.B. de C.V., Class UBD		371,043		4,045
Gruma S.A.B. de C.V., Class B		36,890		630
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B		75,692		1,243

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Mexico – 2.5%     continued
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		36,326		$890
Grupo Bimbo S.A.B. de C.V., Class A		255,954		1,230
Grupo Carso S.A.B. de C.V., Class A1		105,806		768
Grupo Financiero Banorte S.A.B. de C.V., Class O		496,204		4,159
Grupo Financiero Inbursa S.A.B. de C.V., Class O*		340,933		670
Grupo Mexico S.A.B. de C.V., Class B		600,039		2,836
Grupo Televisa S.A.B., Class CPO		433,614		263
Industrias Penoles S.A.B. de C.V.*		36,149		426
Kimberly-Clark de Mexico S.A.B. de C.V., Class A		284,827		567
Operadora De Sites Mexicanos S.A.B. de C.V., Class A		277,400		229
Orbia Advance Corp. S.A.B. de C.V.		203,680		423
Promotora y Operadora de Infraestructura S.A.B. de C.V.		37,320		333
Southern Copper Corp.		16,028		1,207
Wal-Mart de Mexico S.A.B. de C.V.		994,427		3,753
				32,176
Peru – 0.2%
Cia de Minas Buenaventura S.A.A. ADR		38,816		331
Credicorp Ltd.		12,745		1,631
				1,962
Philippines – 0.6%
Aboitiz Equity Ventures, Inc.		364,039		323
Ayala Corp.		42,647		470
Ayala Land, Inc.		1,331,460		693
Bank of the Philippine Islands		386,255		765
BDO Unibank, Inc.		453,756		1,138
International Container Terminal Services, Inc.		200,650		733
JG Summit Holdings, Inc.		506,483		339
Jollibee Foods Corp.		75,943		308
Manila Electric Co.		53,290		347
Metropolitan Bank & Trust Co.		334,109		318
PLDT, Inc.		14,985		312
SM Investments Corp.		42,972		641
SM Prime Holdings, Inc.		1,984,313		1,059
Universal Robina Corp.		150,210		315
				7,761

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 – 94.6% (1)     continued
Poland – 0.7%
Allegro.eu S.A.*		89,535		$659
Bank Polska Kasa Opieki S.A.		36,644		842
Budimex S.A.		2,303		229
CD Projekt S.A.		12,588		360
Cyfrowy Polsat S.A.*		45,645		126
Dino Polska S.A.*		9,404		760
KGHM Polska Miedz S.A.		25,763		655
LPP S.A.		215		636
mBank S.A.*		2,716		245
ORLEN S.A.		110,306		1,477
PGE Polska Grupa Energetyczna S.A.*		163,789		280
Powszechna Kasa Oszczednosci Bank Polski S.A.		161,418		1,276
Powszechny Zaklad Ubezpieczen S.A.		116,581		1,103
Santander Bank Polska S.A.*		6,691		548
				9,196
Qatar – 0.9%
Barwa Real Estate Co.		346,101		245
Commercial Bank PSQC (The)		616,963		915
Dukhan Bank		359,949		393
Industries Qatar QSC		299,052		1,126
Masraf Al Rayan QSC		1,072,328		657
Mesaieed Petrochemical Holding Co.		797,887		407
Ooredoo QPSC		156,808		460
Qatar Electricity & Water Co. QSC		80,071		386
Qatar Fuel QSC		113,811		517
Qatar Gas Transport Co. Ltd.		472,773		483
Qatar International Islamic Bank QSC		186,187		491
Qatar Islamic Bank S.A.Q.		322,755		1,645
Qatar National Bank QPSC		874,800		3,701
				11,426
Romania – 0.0%
NEPI Rockcastle N.V.*		89,348		491
Russia – 0.0%
Alrosa PJSC(2) (3) *		695,290		—
Gazprom PJSC(2)		3,218,050		—
Gazprom PJSC ADR(2)  *		134		—
Inter RAO UES PJSC(2)		10,354,623		—
LUKOIL PJSC(2)		112,883		—
Magnit PJSC(2)		2,287		—
Magnit PJSC GDR (Registered)(2)  *		82,678		—
MMC Norilsk Nickel PJSC(2) (3) *		17,106		—
Mobile TeleSystems PJSC ADR(2) *		121,420		—

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Russia – 0.0%     continued
Moscow Exchange MICEX-RTS PJSC(2)		419,576		$—
Novatek PJSC GDR (Registered)(2) *		24,702		—
Novolipetsk Steel PJSC(2) *		408,255		—
Ozon Holdings PLC ADR(2) *		13,658		—
PhosAgro PJSC(2) *		224		—
PhosAgro PJSC GDR (Registered)(2) *		34,779		—
Polymetal International PLC(2) *		97,434		—
Polyus PJSC(2) (3) *		9,359		—
Rosneft Oil Co.PJSC(2)		318,005		—
Sberbank of Russia PJSC(2) (3)		2,882,082		—
Sberbank of Russia PJSC (Moscow Exchange)(2) (3)		56,000		—
Severstal PAO(2) (3) *		55,330		—
Severstal PAO GDR (Registered)(2) (3) *		1,839		—
Surgutneftegas PJSC(2)		1,902,467		—
Surgutneftegas PJSC ADR(2) *		4,629		—
Tatneft PJSC(2)		386,254		—
TCS Group Holding PLC GDR (Registered)(2) *		32,689		—
United Co. RUSAL International PJSC(2)		832,063		—
VK Co.Ltd.GDR(2) *		30,900		—
VTB Bank PJSC(2) (3) *		800,566,738		—
VTB Bank PJSC GDR(2) (3) *		11,036		—
VTB Bank PJSC GDR (Registered)(2) (3) *		43,343		—
X5 Retail Group N.V. GDR (2) * (Registered)		32,705		—
Yandex N.V., Class A(2) *		83,223		—
				—
Saudi Arabia – 4.0%
ACWA Power Co.		18,050		941
Advanced Petrochemical Co.		21,640		231
Al Rajhi Bank		375,161		6,793
Alinma Bank		188,795		1,680
Almarai Co. JSC		48,162		818
Arab National Bank		125,128		800
Arabian Internet & Communications Services Co.		4,988		426
Bank AlBilad		93,295		1,052
Bank Al-Jazira		83,166		373
Banque Saudi Fransi		112,573		1,096
Bupa Arabia for Cooperative Insurance Co.		14,323		794
Co for Cooperative Insurance (The)		13,000		437
Dallah Healthcare Co.		7,557		287

See Notes to the Financial Statements.

EQUITY FUNDS  68 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Saudi Arabia – 4.0%     continued
Dar Al Arkan Real Estate Development Co.*		99,651		$419
Dr. Sulaiman Al Habib Medical Services Group Co.		16,721		1,050
Elm Co.		4,590		954
Etihad Etisalat Co.		74,539		886
Jarir Marketing Co.		115,105		445
Mobile Telecommunications Co. Saudi Arabia		79,529		279
Mouwasat Medical Services Co.		19,396		532
Nahdi Medical Co.		8,423		324
National Industrialization Co.*		69,290		235
Power & Water Utility Co. for Jubail & Yanbu		13,840		231
Rabigh Refining & Petrochemical Co.*		70,961		205
Riyad Bank		278,483		2,060
SABIC Agri-Nutrients Co.		45,202		1,603
Sahara International Petrochemical Co.		67,562		682
Saudi Arabian Mining Co.*		250,025		2,691
Saudi Arabian Oil Co.		508,596		4,747
Saudi Aramco Base Oil Co.		9,835		391
Saudi Awwal Bank		189,055		1,739
Saudi Basic Industries Corp.		171,507		3,774
Saudi Electricity Co.		156,628		796
Saudi Industrial Investment Group		67,250		426
Saudi Investment Bank (The)		90,812		382
Saudi Kayan Petrochemical Co.*		137,915		460
Saudi National Bank (The)		559,444		4,897
Saudi Research & Media Group*		6,644		291
Saudi Tadawul Group Holding Co.		9,161		472
Saudi Telecom Co.		379,207		3,803
Savola Group (The)		49,584		475
Yanbu National Petrochemical Co.		51,775		574
				51,551
South Africa – 2.7%
Absa Group Ltd.		159,728		1,469
African Rainbow Minerals Ltd.		15,755		142
Anglo American Platinum Ltd.		13,299		496
Aspen Pharmacare Holdings Ltd.		76,097		689
Bid Corp. Ltd.		63,863		1,417
Bidvest Group (The) Ltd.		53,866		773
Capitec Bank Holdings Ltd.		16,784		1,510
Clicks Group Ltd.		49,072		669
Discovery Ltd.*		104,659		759

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
South Africa – 2.7%     continued
Exxaro Resources Ltd.		50,790		$462
FirstRand Ltd.		964,510		3,251
Gold Fields Ltd.		169,172		1,839
Growthpoint Properties Ltd.		666,623		371
Harmony Gold Mining Co. Ltd.		103,931		391
Impala Platinum Holdings Ltd.		160,804		836
Kumba Iron Ore Ltd.		13,731		330
MTN Group Ltd.		327,443		1,946
Naspers Ltd., Class N		37,332		5,958
Nedbank Group Ltd.		79,217		846
Northam Platinum Holdings Ltd.		71,700		435
Old Mutual Ltd.		915,939		584
OUTsurance Group Ltd.		156,159		353
Pepkor Holdings Ltd.		389,476		354
Remgro Ltd.		94,374		740
Sanlam Ltd.		325,918		1,128
Sasol Ltd.		108,609		1,495
Shoprite Holdings Ltd.		94,785		1,200
Sibanye Stillwater Ltd.		530,504		816
Standard Bank Group Ltd.		259,595		2,516
Vodacom Group Ltd.		123,843		690
Woolworths Holdings Ltd.		177,154		633
				35,098
South Korea – 11.2%
Amorepacific Corp.		5,277		476
BGF retail Co. Ltd.		1,588		166
Celltrion Healthcare Co. Ltd.		20,183		942
Celltrion Pharm, Inc.*		2,822		140
Celltrion, Inc.		21,076		2,175
CJ CheilJedang Corp.		1,534		348
CosmoAM&T Co. Ltd.*		4,193		464
Coway Co. Ltd.		9,785		299
DB Insurance Co. Ltd.		9,259		613
Doosan Bobcat, Inc.		10,448		393
Doosan Enerbility Co. Ltd.*		87,433		1,064
Ecopro B.M. Co. Ltd.		9,277		1,738
Ecopro Co. Ltd.		3,777		2,492
F&F Co. Ltd./New		3,693		310
GS Holdings Corp.		9,915		292
Hana Financial Group, Inc.		56,993		1,792
Hankook Tire & Technology Co. Ltd.		14,371		421
Hanmi Pharm Co. Ltd.		1,238		273
Hanmi Semiconductor Co. Ltd.		8,336		328
Hanon Systems		39,733		277

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 – 94.6% (1)     continued
South Korea – 11.2%     continued
Hanwha Aerospace Co. Ltd.		6,491		$503
Hanwha Ocean Co. Ltd.*		8,035		184
Hanwha Solutions Corp.*		18,883		416
HD Hyundai Co. Ltd.		8,434		414
HD Hyundai Heavy Industries Co. Ltd.*		4,406		396
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		8,410		692
HLB, Inc.*		21,670		479
HMM Co. Ltd.		48,655		586
Hotel Shilla Co. Ltd.		5,984		374
HYBE Co. Ltd.*		3,471		612
Hyundai Engineering & Construction Co. Ltd.		13,855		371
Hyundai Glovis Co. Ltd.		3,638		497
Hyundai Mipo Dockyard Co. Ltd.*		4,921		303
Hyundai Mobis Co. Ltd.		11,974		2,133
Hyundai Motor Co.		26,025		3,684
Hyundai Steel Co.		17,329		488
Industrial Bank of Korea		55,191		458
JYP Entertainment Corp.		5,304		441
Kakao Corp.		60,295		1,963
Kakao Games Corp.*		7,659		144
KakaoBank Corp.		30,940		535
Kakaopay Corp.*		5,888		178
Kangwon Land, Inc.		20,471		229
KB Financial Group, Inc.		72,904		2,999
Kia Corp.		49,608		2,977
Korea Aerospace Industries Ltd.		13,511		488
Korea Electric Power Corp.*		50,924		678
Korea Investment Holdings Co. Ltd.		6,902		271
Korea Zinc Co. Ltd.		1,578		590
Korean Air Lines Co. Ltd.		31,952		515
Krafton, Inc.*		5,573		619
KT Corp.		12,790		314
KT&G Corp.		19,276		1,233
Kumho Petrochemical Co. Ltd.		3,183		315
L&F Co. Ltd.		4,934		625
LG Chem Ltd.		9,521		3,500
LG Corp.		17,552		1,087
LG Display Co. Ltd.*		42,177		410
LG Electronics, Inc.		20,621		1,541
LG Energy Solution Ltd.*		8,939		3,155
LG H&H Co. Ltd.		1,734		571
LG Innotek Co. Ltd.		2,636		477

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
South Korea – 11.2%     continued
LG Uplus Corp.		41,046		$315
Lotte Chemical Corp.		3,309		336
Lotte Energy Materials Corp.		4,892		144
Meritz Financial Group, Inc.*		20,074		821
Mirae Asset Securities Co. Ltd.		47,497		227
NAVER Corp.		25,065		3,740
NCSoft Corp.		2,863		472
Netmarble Corp.*		4,122		129
NH Investment & Securities Co. Ltd.		32,897		249
Orion Corp.		4,407		419
Pan Ocean Co. Ltd.		56,968		209
Pearl Abyss Corp.*		6,307		218
POSCO Chemical Co. Ltd.		5,863		1,539
POSCO Holdings, Inc.		13,699		5,368
Posco International Corp.		10,470		546
Samsung Biologics Co. Ltd.*		3,399		1,711
Samsung C&T Corp.		15,261		1,214
Samsung Electro-Mechanics Co. Ltd.		10,545		1,077
Samsung Electronics Co. Ltd.		909,447		46,077
Samsung Engineering Co. Ltd.*		29,192		654
Samsung Fire & Marine Insurance Co. Ltd.		5,854		1,127
Samsung Heavy Industries Co. Ltd.*		121,412		706
Samsung Life Insurance Co. Ltd.		15,578		810
Samsung SDI Co. Ltd.		10,507		3,984
Samsung SDS Co. Ltd.		7,512		750
Samsung Securities Co. Ltd.		11,820		322
Shinhan Financial Group Co. Ltd.		83,451		2,204
SK Biopharmaceuticals Co. Ltd.*		4,906		313
SK Bioscience Co. Ltd.*		5,017		251
SK Hynix, Inc.		104,184		8,849
SK IE Technology Co. Ltd.*		4,570		250
SK Innovation Co. Ltd.*		11,502		1,267
SK Square Co. Ltd.*		18,107		568
SK, Inc.		7,192		779
SKC Co. Ltd.		3,696		208
S-Oil Corp.		8,775		513
Woori Financial Group, Inc.		116,680		1,063
Yuhan Corp.		9,965		560
				143,437
Taiwan – 14.2%
Accton Technology Corp.		97,000		1,482
Acer, Inc.		531,800		601
Advantech Co. Ltd.		87,661		941

See Notes to the Financial Statements.

EQUITY FUNDS  70 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Taiwan – 14.2%     continued
ASE Technology Holding Co. Ltd.		587,928		$1,998
Asia Cement Corp.		460,567		567
Asustek Computer, Inc.		135,546		1,543
AUO Corp.*		1,218,172		620
Catcher Technology Co. Ltd.		103,111		584
Cathay Financial Holding Co. Ltd.*		1,857,002		2,564
Chailease Holding Co. Ltd.		288,804		1,619
Chang Hwa Commercial Bank Ltd.		1,041,012		556
Cheng Shin Rubber Industry Co. Ltd.		363,184		479
China Airlines Ltd.		542,000		356
China Development Financial Holding Corp.*		3,073,143		1,124
China Steel Corp.		2,271,156		1,777
Chunghwa Telecom Co. Ltd.		715,493		2,572
Compal Electronics, Inc.		798,759		763
CTBC Financial Holding Co. Ltd.		3,352,878		2,549
Delta Electronics, Inc.		371,343		3,733
E Ink Holdings, Inc.		162,000		906
E.Sun Financial Holding Co. Ltd.		2,688,254		2,020
Eclat Textile Co. Ltd.		32,182		486
eMemory Technology, Inc.		12,000		751
Eva Airways Corp.		489,000		451
Evergreen Marine Corp. Taiwan Ltd.		188,556		678
Far Eastern New Century Corp.		577,789		515
Far EasTone Telecommunications Co. Ltd.		303,345		683
Feng TAY Enterprise Co. Ltd.		95,199		541
First Financial Holding Co. Ltd.		2,057,034		1,692
Formosa Chemicals & Fibre Corp.		644,499		1,228
Formosa Petrochemical Corp.		213,487		533
Formosa Plastics Corp.		737,682		1,824
Fubon Financial Holding Co. Ltd.		1,503,085		2,828
Giant Manufacturing Co. Ltd.		56,857		314
Gigabyte Technology Co. Ltd.		97,000		849
Global Unichip Corp.		17,000		721
Globalwafers Co. Ltd.		43,000		605
Hon Hai Precision Industry Co. Ltd.		2,377,942		7,666
Hotai Motor Co.Ltd.		59,118		1,200
Hua Nan Financial Holdings Co. Ltd.		1,701,210		1,080
Innolux Corp.*		1,639,822		669
Inventec Corp.		503,314		773
Largan Precision Co. Ltd.		18,835		1,248
Lite-On Technology Corp.		388,964		1,478
MediaTek, Inc.		291,334		6,656

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Taiwan – 14.2%     continued
Mega Financial Holding Co. Ltd.		2,136,275		$2,496
Micro-Star International Co. Ltd.		137,000		697
momo.com, Inc.		14,960		233
Nan Ya Plastics Corp.		918,951		1,897
Nan Ya Printed Circuit Board Corp.		40,000		331
Nanya Technology Corp.		229,071		467
Nien Made Enterprise Co. Ltd.		34,000		327
Novatek Microelectronics Corp.		109,850		1,441
Pegatron Corp.		396,594		942
PharmaEssentia Corp.*		45,000		468
Pou Chen Corp.		426,093		378
Powerchip Semiconductor Manufacturing Corp.		552,000		454
President Chain Store Corp.		107,220		872
Quanta Computer, Inc.		516,576		3,849
Realtek Semiconductor Corp.		92,457		1,141
Ruentex Development Co. Ltd.*		289,784		316
Shanghai Commercial & Savings Bank (The) Ltd.		737,904		989
Shin Kong Financial Holding Co. Ltd.*		2,485,907		713
SinoPac Financial Holdings Co. Ltd.		2,017,290		1,089
Synnex Technology International Corp.		244,940		487
Taishin Financial Holding Co. Ltd.		2,139,418		1,187
Taiwan Business Bank		1,126,400		461
Taiwan Cement Corp.		1,222,310		1,259
Taiwan Cooperative Financial Holding Co. Ltd.		1,985,675		1,575
Taiwan High Speed Rail Corp.		322,000		299
Taiwan Mobile Co. Ltd.		337,076		988
Taiwan Semiconductor Manufacturing Co. Ltd.		4,697,749		76,235
Unimicron Technology Corp.		255,000		1,373
Uni-President Enterprises Corp.		942,150		2,048
United Microelectronics Corp.		2,164,043		3,034
Vanguard International Semiconductor Corp.		157,000		331
Voltronic Power Technology Corp.		13,000		638
Walsin Lihwa Corp.		516,986		591
Wan Hai Lines Ltd.		119,005		178
Winbond Electronics Corp.		522,000		412
Wistron Corp.		493,000		1,557
Wiwynn Corp.		17,000		790
WPG Holdings Ltd.		304,290		571
Ya Hsin Industrial Co. Ltd.(2) *		121,548		—
Yageo Corp.		63,525		1,034

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 – 94.6% (1)     continued
Taiwan – 14.2%     continued
Yang Ming Marine Transport Corp.		350,000		$492
Yuanta Financial Holding Co. Ltd.		1,871,108		1,453
Zhen Ding Technology Holding Ltd.		140,850		430
				181,346
Thailand – 1.8%
Advanced Info Service PCL (Registered)		194,000		1,215
Advanced Info Service PCL NVDR		28,799		180
Airports of Thailand PCL NVDR*		794,200		1,521
Asset World Corp. PCL NVDR		1,691,900		180
B Grimm Power PCL NVDR (Registered)		150,900		119
Bangkok Dusit Medical Services PCL NVDR		2,095,100		1,537
Bangkok Expressway & Metro PCL
NVDR (Registered)		1,416,098		323
Banpu PCL NVDR		1,493,700		328
Berli Jucker PCL NVDR		176,400		149
BTS Group Holdings PCL NVDR		1,413,300		290
Bumrungrad Hospital PCL NVDR		111,487		819
Central Pattana PCL NVDR		369,400		640
Central Retail Corp. PCL NVDR
(Registered)		354,058		376
Charoen Pokphand Foods PCL NVDR		759,057		432
CP ALL PCL (Registered)		905,200		1,504
CP ALL PCL NVDR		232,936		387
CP Axtra PCL NVDR		415,100		367
Delta Electronics Thailand PCL NVDR		604,600		1,373
Electricity Generating PCL NVDR		37,900		126
Energy Absolute PCL NVDR		331,300		464
Global Power Synergy PCL NVDR		152,500		187
Gulf Energy Development PCL NVDR (Registered)		557,050		696
Home Product Center PCL NVDR		1,014,304		348
Indorama Ventures PCL NVDR		298,247		212
Intouch Holdings PCL NVDR		189,700		384
Kasikornbank PCL NVDR		112,200		388
Krung Thai Bank PCL (Registered)		699,750		365
Krung Thai Bank PCL NVDR		80,993		42
Krungthai Card PCL NVDR		185,600		223
Land & Houses PCL NVDR		1,607,700		344
Minor International PCL NVDR		653,830		560
Muangthai Capital PCL NVDR
(Registered)		142,000		140
Osotspa PCL NVDR		249,200		171
PTT Exploration & Production PCL (Registered)		242,500		1,139

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
Thailand – 1.8%    continued
PTT Exploration & Production PCL NVDR		14,143		$66
PTT Global Chemical PCL (Registered)		189,814		180
PTT Global Chemical PCL NVDR		210,576		199
PTT Oil & Retail Business PCL NVDR (Registered)		548,000		281
PTT PCL (Registered)		1,835,000		1,688
PTT PCL NVDR		97,900		90
Ratch Group PCL NVDR		166,300		144
SCB X PCL (Registered)		145,800		410
SCB X PCL NVDR		5,176		15
SCG Packaging PCL NVDR		230,000		241
Siam Cement (The) PCL (Registered)		51,000		422
Siam Cement (The) PCL NVDR		101,098		835
Thai Oil PCL (Registered)		106,110		147
Thai Oil PCL NVDR		142,908		198
TMBThanachart Bank PCL NVDR		3,858,400		182
True Corp. PCL NVDR (Registered)		2,069,223		402
				23,029
Turkey – 0.7%
Akbank T.A.S.		599,029		727
Anadolu Efes Biracilik Ve Malt Sanayii A.S.(4)		1		—
Aselsan Elektronik Sanayi Ve Ticaret A.S.		256,076		381
BIM Birlesik Magazalar A.S.		88,934		887
Eregli Demir ve Celik Fabrikalari T.A.S.*		267,616		435
Ford Otomotiv Sanayi A.S.		12,965		397
Haci Omer Sabanci Holding A.S.		205,413		444
Hektas Ticaret T.A.S.*		198,123		194
Is Gayrimenkul Yatirim Ortakligi A.S.*		1		—
KOC Holding A.S.		143,994		766
Koza Altin Isletmeleri A.S.		165,722		174
Pegasus Hava Tasimaciligi A.S.*		8,351		250
Sasa Polyester Sanayi A.S.*		204,202		367
Tofas Turk Otomobil Fabrikasi A.S.		22,948		246
Turk Hava Yollari A.O.*		106,022		933
Turkcell Iletisim Hizmetleri A.S.*		232,279		451
Turkiye Is Bankasi A.S., Class C		667,169		623
Turkiye Petrol Rafinerileri A.S.		183,977		1,060
Turkiye Sise ve Cam Fabrikalari A.S.		259,698		514
Yapi ve Kredi Bankasi A.S.		585,817		393
				9,242

See Notes to the Financial Statements.

EQUITY FUNDS  72 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 94.6% (1)     continued
United Arab Emirates – 1.4%
Abu Dhabi Commercial Bank PJSC		569,622		$1,342
Abu Dhabi Islamic Bank PJSC		274,102		840
Abu Dhabi National Oil Co. for Distribution PJSC		608,429		621
Aldar Properties PJSC		706,444		1,108
Americana Restaurants International PLC		502,748		561
Dubai Islamic Bank PJSC		581,099		925
Emaar Properties PJSC		1,273,386		2,788
Emirates NBD Bank PJSC		359,202		1,741
Emirates Telecommunications Group Co. PJSC		664,269		3,697
First Abu Dhabi Bank PJSC		841,843		3,118
Multiply Group PJSC*		740,723		807
				17,548
United Kingdom – 0.1%
Anglogold Ashanti PLC		80,822		1,301
Pepco Group N.V.*		33,446		155
				1,456
United States – 0.1%
JBS S/A		140,736		505
Legend Biotech Corp. ADR*		11,625		781
Parade Technologies Ltd.		15,000		461
				1,747
Total Common Stocks
(Cost $911,204)				1,212,130
PREFERRED STOCKS – 2.2% (1)
Brazil – 1.4%
Banco Bradesco S.A.*		1,019,994		2,891
Centrais Eletricas Brasileiras S.A.,
Class B, 3.70%(5)		53,041		426
Cia Energetica de Minas Gerais, 0.46%(5)		265,909		655
Gerdau S.A., 7.13%(5)		222,739		1,066
Itau Unibanco Holding S.A.*		921,998		4,984
Itausa S.A.*		995,343		1,790
Petroleo Brasileiro S.A., 6.64%(5)		910,861		6,248
				18,060
Chile – 0.1%
Sociedad Quimica y Minera de Chile S.A., Class B, 1.03%(5)		27,594		1,641
Colombia – 0.1%
Bancolombia S.A., 13.06%(5)		78,728		524

	NUMBER OF SHARES		VALUE         (000S)
PREFERRED STOCKS – 2.2% (1)     continued
Russia – 0.0%
Surgutneftegas PJSC, 1.38%(2) (5)		1,903,637		$—
South Korea – 0.6%
Hyundai Motor Co., 7.18%(5)		4,481		349
Hyundai Motor Co. (2nd Preferred), 7.18%(5)		7,327		575
LG Chem Ltd., 3.22%(5)		1,387		320
Samsung Electronics Co. Ltd., 2.65%(5)		158,521		6,400
				7,644
Total Preferred Stocks
(Cost $21,303)				27,869
RIGHTS – 0.0%
Brazil – 0.0%
Localiza Rent a Car S.A.*		1,257		4
Chile – 0.0%
Banco de Credito e Inversiones S.A.*		1,830		2
South Korea – 0.0%
CosmoAM&T Co. Ltd.*		242		5
Hanwha Ocean Co. Ltd.*		2,652		18
				23
Total Rights
(Cost $—)				29
INVESTMENT COMPANIES – 3.1%
iShares Core MSCI Emerging Markets ETF		115,000		5,473
iShares MSCI Emerging Markets ETF		275,000		10,436
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(6) (7)		24,547,190		24,547
Total Investment Companies
(Cost $40,959)				40,456
Total Investments – 99.9%
(Cost $973,466)				1,280,484
Other Assets less Liabilities – 0.1%				708
Net Assets – 100.0%				$1,281,192

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

⁽²⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽³⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of these restricted illiquid securities amounted to $0 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  73 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

EMERGING MARKETS EQUITY INDEX FUND    continued

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST         (000S)
Alrosa PJSC	5/30/14-8/20/20		$775
MMC Norilsk Nickel PJSC	2/26/10-6/17/21		3,018
Polyus PJSC	11/30/17-3/25/21		1,046
Sberbank of Russia PJSC	5/7/09-6/17/21		5,525
Sberbank of Russia PJSC (Moscow Exchange)	3/7/07-8/29/08		193
Severstal PAO	2/26/10-3/25/21		815
Severstal PAO GDR (Registered)	7/30/09		12
VTB Bank PJSC	4/21/16-8/20/20		818
VTB Bank PJSC GDR	5/11/07-10/28/09		80
VTB Bank PJSC GDR (Registered)	4/2/09-7/30/09		91

⁽⁴⁾  Value rounds to less than one thousand.

⁽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, 2023 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

NVDR – Non-Voting Depositary Receipt

Percentages shown are based on Net Assets.

At September 30, 2023, 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	Hong Kong Dollar		16,539	United States Dollar		2,117		12/20/23		$  1
Citibank	Indian Rupee		24,953	United States Dollar		300		12/20/23		1
Citibank	Korean Won		2,577,400	United States Dollar		1,951		12/20/23		38
JPMorgan Chase	Brazilian Real		6,964	United States Dollar		1,403		12/20/23		31

COUNTERPARTY	CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)		IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)		SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) (000S)
Morgan Stanley	Taiwan Dollar		41,449	United States Dollar		1,306		12/20/23		$  13
Subtotal Appreciation										84
BNP	South African Rand		1,583	United States Dollar		83		12/20/23		—	*
JPMorgan Chase	United States Dollar		434	Taiwan Dollar		13,900		12/20/23		(1	)
Morgan Stanley	United States Dollar		1,875	Korean Won		2,500,000		12/20/23		(18	)
Subtotal Depreciation										(19	)
Total										$  65

* Amount rounds to less than one thousand.

At September 30, 2023, 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)		658		$31,436		Long		12/23		$(956)

⁽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, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET ASSETS
Hong Kong Dollar		21.9	%
Indian Rupee		15.3
Taiwan Dollar		14.3
Korean Won		11.8
United States Dollar		5.8
Brazilian Real		5.2
All other currencies less than 5%		25.6
Total Investments		99.9
Other Assets less Liabilities		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

See Notes to the Financial Statements.

EQUITY FUNDS  74 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

September 30, 2023 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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Brazil	$	48,217		$	—			$—	$	48,217
Chile		4,700			—			—		4,700
China		29,345			340,746			—		370,091
Colombia		700			—			—		700
Egypt		102			1,099			—		1,201
India		1,587			193,649			—		195,236
Mexico		32,176			—			—		32,176
Peru		1,962			—			—		1,962
United Kingdom		1,301			155			—		1,456
United States		1,286			461			—		1,747
All Other Countries(1)		—			554,644			—		554,644
Total Common Stocks		121,376			1,090,754			—		1,212,130
Preferred Stocks:
South Korea		—			7,644			—		7,644
All Other Countries(1)		20,225			—			—		20,225
Total Preferred Stocks		20,225			7,644			—		27,869
Rights:
South Korea		—			23			—		23
All Other Countries(1)		6			—			—		6
Total Rights		6			23			—		29
Investment Companies		40,456			—			—		40,456
Total Investments	$	182,063		$	1,098,421			$—	$	1,280,484
OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	84			$—	$	84
Liabilities
Forward Foreign Currency Exchange Contracts		—			(19	)		—		(19	)
Futures Contracts		(956	)		—			—		(956	)
Total Other Financial Instruments	$	(956	)	$	65			$—	$	(891	)

⁽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 – 98.1% (1)
Australia – 4.5%
Abacus Group		244,463		$164
Arena REIT		205,797		446
BWP Trust		271,281		585
Centuria Industrial REIT		295,770		575
Centuria Office REIT		229,252		168
Charter Hall Long Wale REIT		357,000		741
Charter Hall Retail REIT		285,786		578
Charter Hall Social Infrastructure REIT		183,466		297
Dexus		601,429		2,828
Dexus Industria REIT		128,147		211
Goodman Group		948,908		13,145
GPT Group (The)		1,074,787		2,701
Growthpoint Properties Australia Ltd.		167,963		239
HomeCo Daily Needs REIT		856,504		630
Ingenia Communities Group		190,021		515
Lifestyle Communities Ltd.		48,152		500
Mirvac Group		2,209,933		3,037
National Storage REIT		682,732		959
Region RE Ltd.		652,210		846
Scentre Group		2,913,949		4,635
Stockland		1,337,781		3,386
Vicinity Ltd.		2,174,052		2,369
Waypoint REIT Ltd.		372,310		540
				40,095
Austria – 0.1%
CA Immobilien Anlagen A.G.		23,246		772
IMMOFINANZ A.G.*		19,853		385
				1,157
Belgium – 0.8%
Aedifica S.A.		25,888		1,471
Cofinimmo S.A.		19,168		1,315
Immobel S.A.		2,619		81
Intervest Offices & Warehouses N.V.		15,160		219
Montea N.V.		7,630		542
Retail Estates N.V.		5,741		343
Shurgard Self Storage Ltd.		14,993		594
Warehouses De Pauw - C.V.A.		93,268		2,299
Xior Student Housing N.V.		15,436		441
				7,305
Brazil – 0.3%
Aliansce Sonae Shopping Centers S.A.		238,759		1,074
Iguatemi S.A.		120,900		486
JHSF Participacoes S.A.		200,963		190

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 98.1% (1)     continued
Brazil – 0.3%   continued
LOG Commercial Properties e Participacoes S.A.		30,200		$123
Multiplan Empreendimentos Imobiliarios S.A.*		163,372		801
				2,674
Canada – 1.4%
Allied Properties Real Estate Investment Trust		35,057		463
Artis Real Estate Investment Trust		32,666		155
Boardwalk Real Estate Investment Trust		12,449		612
BSR Real Estate Investment Trust		19,288		231
Canadian Apartment Properties REIT		46,102		1,530
Choice Properties Real Estate Investment Trust		87,132		813
Crombie Real Estate Investment Trust		28,281		260
CT Real Estate Investment Trust		29,047		293
Dream Industrial Real Estate Investment Trust		70,347		665
Dream Office Real Estate Investment Trust		6,828		49
First Capital Real Estate Investment Trust		59,848		586
Granite Real Estate Investment Trust		17,899		950
H&R Real Estate Investment Trust		71,072		483
InterRent Real Estate Investment Trust		37,739		347
Killam Apartment Real Estate Investment Trust		30,874		396
Minto Apartment Real Estate Investment Trust		10,902		109
Morguard North American Residential Real Estate Investment Trust		13,056		143
Nexus Industrial REIT		17,801		94
NorthWest Healthcare Properties Real Estate Investment Trust		65,543		245
Primaris Real Estate Investment Trust		26,957		268
RioCan Real Estate Investment Trust		84,014		1,118
Slate Grocery REIT, Class U		17,305		142
SmartCentres Real Estate Investment Trust		42,447		711
StorageVault Canada, Inc.		135,058		449
Tricon Residential, Inc.		142,465		1,053
				12,165
Chile – 0.1%
Parque Arauco S.A.		348,898		502
Plaza S.A.		207,684		285
				787

See Notes to the Financial Statements.

EQUITY FUNDS  76 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 98.1% (1)     continued
China – 2.7%
Agile Group Holdings Ltd.*		1,031,226		$122
C&D International Investment Group Ltd.		406,162		986
China Jinmao Holdings Group Ltd.		3,156,000		403
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		263,100		445
China Overseas Grand Oceans Group Ltd.		1,007,500		418
China Overseas Land & Investment Ltd.		2,119,542		4,355
China Resources Land Ltd.		1,794,155		7,071
China South City Holdings Ltd.		3,132,000		182
China Vanke Co. Ltd., Class A		312,940		560
China Vanke Co. Ltd., Class H		1,262,141		1,379
Country Garden Holdings Co. Ltd.*		6,916,672		789
Gemdale Corp., Class A		163,300		152
Gemdale Properties & Investment Corp. Ltd.		3,134,000		129
Greentown China Holdings Ltd.		547,000		561
Guangzhou R&F Properties Co. Ltd., Class H*		927,802		149
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		102,100		135
Hopson Development Holdings Ltd.*		580,794		348
KWG Group Holdings Ltd.*		874,594		100
Longfor Group Holdings Ltd.		1,057,071		1,868
LVGEM China Real Estate Investment Co. Ltd.*		668,000		106
Midea Real Estate Holding Ltd.		149,000		116
Poly Developments and Holdings Group Co. Ltd., Class A		385,200		672
Poly Property Group Co. Ltd.		1,154,000		261
Powerlong Real Estate Holdings Ltd.*		681,000		81
Radiance Holdings Group Co. Ltd.*		365,000		141
Redco Properties Group Ltd.(2) *		468,000		76
Seazen Group Ltd.*		1,361,904		248
Seazen Holdings Co. Ltd., Class A*		77,900		141
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		142,216		127
Shanghai Lingang Holdings Corp. Ltd., Class A		76,200		118
Shenzhen Investment Ltd.		1,551,191		247
Shui On Land Ltd.		1,861,277		168
Sino-Ocean Group Holding Ltd.*		1,672,000		98
SOHO China Ltd.*		1,142,256		133

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 98.1% (1)     continued
China – 2.7%     continued
Yanlord Land Group Ltd.*		355,700		$171
Yuexiu Property Co. Ltd.		877,674		1,001
				24,057
Egypt – 0.0%
Heliopolis Housing		248,106		90
Talaat Moustafa Group		492,541		219
				309
Finland – 0.1%
Citycon OYJ*		45,854		257
Kojamo OYJ		67,925		599
				856
France – 1.4%
Altarea S.C.A.		2,345		215
Carmila S.A.*		35,448		530
Covivio S.A./France		27,247		1,209
Gecina S.A.		25,951		2,643
ICADE		19,026		627
Klepierre S.A.		120,704		2,955
Mercialys S.A.		53,164		479
Nexity S.A.		23,241		342
Unibail-Rodamco-Westfield*		66,050		3,251
				12,251
Germany – 1.8%
Aroundtown S.A.*		465,423		970
Deutsche EuroShop A.G.		7,650		148
DIC Asset A.G.		25,512		106
Grand City Properties S.A.*		43,553		412
Hamborner REIT A.G.		40,802		278
LEG Immobilien S.E.*		41,638		2,876
Sirius Real Estate Ltd.		633,291		664
TAG Immobilien A.G.*		91,765		963
VIB Vermoegen A.G.*		4,594		64
Vonovia S.E.		410,990		9,905
				16,386
Greece – 0.0%
LAMDA Development S.A.*		40,165		260
Guernsey – 0.0%
Balanced Commercial Property Trust Ltd.		397,624		329
Hong Kong – 4.2%
Champion REIT		1,317,846		432
Chinese Estates Holdings Ltd.*		260,000		52

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 – 98.1% (1)     continued
Hong Kong – 4.2% continued
CK Asset Holdings Ltd.		1,106,500		$5,820
Cosmopolitan International Holdings Ltd.*		702,000		99
Far East Consortium International Ltd.		736,506		152
Fortune Real Estate Investment Trust		832,000		499
Hang Lung Group Ltd.		465,000		652
Hang Lung Properties Ltd.		992,452		1,349
Henderson Land Development Co. Ltd.		816,555		2,139
Hongkong Land Holdings Ltd.		622,018		2,217
Hysan Development Co. Ltd.		340,045		655
K Wah International Holdings Ltd.		674,802		190
Kerry Properties Ltd.		320,099		544
Link REIT		1,416,326		6,904
Shun Tak Holdings Ltd.*		630,000		91
Sino Land Co. Ltd.		2,062,745		2,321
Sun Hung Kai Properties Ltd.		809,425		8,609
Sunlight Real Estate Investment Trust		559,000		175
Swire Properties Ltd.		643,800		1,343
Wharf Real Estate Investment Co. Ltd.		938,317		3,621
Yuexiu Real Estate Investment Trust		1,391,477		235
				38,099
India – 1.1%
Anant Raj Ltd.		45,792		121
Brigade Enterprises Ltd.		64,554		441
Brookfield India Real Estate Trust		107,237		311
DLF Ltd.		348,818		2,228
Embassy Office Parks REIT		287,450		1,040
Godrej Properties Ltd.*		69,602		1,301
Indiabulls Real Estate Ltd.*		264,551		265
Mahindra Lifespace Developers Ltd.		45,500		300
Mindspace Business Parks REIT		115,484		434
NESCO Ltd.		10,038		83
Nexus Select Trust*		254,338		380
Oberoi Realty Ltd.		69,921		975
Phoenix Mills (The) Ltd.		56,353		1,232
Prestige Estates Projects Ltd.		77,902		565
Sunteck Realty Ltd.		22,794		123
				9,799
Indonesia – 0.1%
Ciputra Development Tbk PT		5,531,536		365
Lippo Karawaci Tbk PT*		17,425,210		106
Pakuwon Jati Tbk PT		9,567,540		271

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 98.1% (1)     continued
Indonesia – 0.1% continued
Rimo International Lestari Tbk PT(2) *		42,545,100		$—
Summarecon Agung Tbk PT		5,574,496		207
				949
Ireland – 0.0%
Irish Residential Properties REIT PLC		264,105		258
Israel – 0.7%
Africa Israel Residences Ltd.		3,169		165
Amot Investments Ltd.		129,626		627
Aura Investments Ltd.		92,609		216
Azrieli Group Ltd.		23,376		1,197
Blue Square Real Estate Ltd.		2,832		162
Electra Real Estate Ltd.		13,026		125
Israel Canada T.R Ltd.		73,144		182
Isras Investment Co. Ltd.		1,223		228
Mega Or Holdings Ltd.*		12,566		225
Melisron Ltd.		14,407		899
Mivne Real Estate KD Ltd.		353,515		849
Prashkovsky Investments and
Construction Ltd.		4,581		101
Property & Building Corp. Ltd.*		1,473		65
REIT 1 Ltd.		107,944		440
Sella Capital Real Estate Ltd.		123,208		255
Summit Real Estate Holdings Ltd.		22,951		295
YH Dimri Construction & Development Ltd.		4,381		285
				6,316
Italy – 0.0%
Cromwell European Real Estate
Investment Trust		197,871		268
Japan – 10.3%
Activia Properties, Inc.		380		1,049
Advance Logistics Investment Corp.		343		289
Advance Residence Investment Corp.		740		1,678
Aeon Mall Co. Ltd.		51,466		606
AEON REIT Investment Corp.		972		953
Comforia Residential REIT, Inc.		368		816
CRE Logistics REIT, Inc.		347		381
Daiwa House Industry Co. Ltd.		332,200		8,921
Daiwa House REIT Investment Corp.		1,244		2,195
Daiwa Office Investment Corp.		158		706
Daiwa Securities Living Investments Corp.		1,049		778
Frontier Real Estate Investment Corp.		271		829
Fukuoka REIT Corp.		353		376

See Notes to the Financial Statements.

EQUITY FUNDS  78 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 98.1% (1)     continued
Japan – 10.3%     continued
Global One Real Estate Investment Corp.		562		$432
GLP J-REIT		2,614		2,339
Goldcrest Co. Ltd.		8,800		131
Hankyu Hanshin REIT, Inc.		357		337
Heiwa Real Estate Co. Ltd.		16,000		426
Heiwa Real Estate REIT, Inc.		557		545
Hoshino Resorts REIT, Inc.		138		605
Hulic Co. Ltd.		213,240		1,912
Hulic REIT, Inc.		717		766
Ichigo Office REIT Investment Corp.		620		363
Ichigo, Inc.		138,500		301
Industrial & Infrastructure Fund Investment Corp.		1,120		1,036
Invincible Investment Corp.		3,754		1,552
Japan Excellent, Inc.		650		575
Japan Hotel REIT Investment Corp.		2,472		1,294
Japan Logistics Fund, Inc.		488		946
Japan Metropolitan Fund Invest		3,926		2,548
Japan Prime Realty Investment Corp.		466		1,125
Japan Real Estate Investment Corp.		719		2,804
Katitas Co. Ltd.		28,800		419
Keihanshin Building Co. Ltd.		17,300		159
Kenedix Office Investment Corp.		466		1,079
Kenedix Residential Next Investment Corp.		600		916
Kenedix Retail REIT Corp.		330		638
LaSalle Logiport REIT		1,013		974
Leopalace21 Corp.*		93,300		204
Mirai Corp.		992		315
Mitsubishi Estate Co. Ltd.		630,380		8,241
Mitsubishi Estate Logistics REIT Investment Corp.		275		691
Mitsui Fudosan Co. Ltd.		497,762		10,963
Mitsui Fudosan Logistics Park, Inc.		304		958
Mori Hills REIT Investment Corp.		844		800
Mori Trust REIT, Inc.		1,376		670
Nippon Accommodations Fund, Inc.		281		1,186
Nippon Building Fund, Inc.		860		3,487
Nippon Prologis REIT, Inc.		1,270		2,382
NIPPON REIT Investment Corp.		247		590
Nomura Real Estate Holdings, Inc.		62,400		1,566
Nomura Real Estate Master Fund, Inc.		2,399		2,691
NTT UD REIT Investment Corp.		770		711
One REIT, Inc.		130		225

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 98.1% (1)     continued
Japan – 10.3%     continued
Orix JREIT, Inc.		1,462		$1,755
SAMTY Co. Ltd.		13,400		213
Samty Residential Investment Corp.		245		189
Sekisui House REIT, Inc.		2,361		1,318
SOSiLA Logistics REIT, Inc.		366		302
Star Asia Investment Corp.		1,272		492
Starts Proceed Investment Corp.		130		190
Sumitomo Realty & Development Co. Ltd.		159,225		4,136
Sun Frontier Fudousan Co. Ltd.		14,800		149
Takara Leben Real Estate Investment Corp.		375		244
TKP Corp.*		10,400		181
Tokyo Tatemono Co. Ltd.		107,200		1,482
Tokyu REIT, Inc.		484		591
Tosei Corp.		16,100		208
United Urban Investment Corp.		1,562		1,626
				92,555
Kuwait – 0.2%
Commercial Real Estate Co. K.S.C.		811,647		259
Mabanee Co. KPSC		372,888		995
National Real Estate Co. KPSC*		617,449		144
Salhia Real Estate Co. K.S.C.P.		233,404		315
				1,713
Malaysia – 0.2%
Axis Real Estate Investment Trust		758,300		297
Eco World Development Group Bhd.		486,700		112
IOI Properties Group Bhd.		778,800		275
Matrix Concepts Holdings Bhd.		556,100		177
Sime Darby Property Bhd.		1,306,100		193
SP Setia Bhd. Group		897,869		196
Sunway Real Estate Investment Trust		983,000		305
				1,555
Mexico – 0.8%
Concentradora Fibra Danhos S.A. de C.V.		177,553		199
Corp. Inmobiliaria Vesta S.A.B. de C.V.		460,500		1,516
FIBRA Macquarie Mexico		428,420		719
Fibra Uno Administracion S.A. de C.V.		1,614,433		2,701
Prologis Property Mexico S.A. de C.V.		390,814		1,347
TF Administradora Industrial S de RL de C.V.		437,400		774
				7,256

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 – 98.1% (1)     continued
Netherlands – 0.1%
Eurocommercial Properties N.V.		24,055		$533
NSI N.V.		10,980		208
Vastned Retail N.V.		6,166		126
Wereldhave N.V.		17,629		280
				1,147
New Zealand – 0.1%
Goodman Property Trust		610,943		774
Kiwi Property Group Ltd.		909,665		461
				1,235
Norway – 0.0%
Entra ASA		41,702		356
Philippines – 0.7%
AREIT, Inc.		441,100		256
Ayala Land, Inc.		3,746,281		1,949
Megaworld Corp.		5,864,001		209
MREIT, Inc.		560,500		121
Robinsons Land Corp.		1,194,896		321
SM Prime Holdings, Inc.		5,648,653		3,015
				5,871
Qatar – 0.1%
Barwa Real Estate Co.		1,173,054		832
United Development Co. QSC		944,423		279
				1,111
Romania – 0.2%
NEPI Rockcastle N.V.*		268,759		1,476
Russia – 0.0%
LSR Group PJSC(2)		30,351		—
Saudi Arabia – 0.4%
Alandalus Property Co.		26,751		157
Arriyadh Development Co.		45,456		257
Dar Al Arkan Real Estate Development Co.*		291,450		1,225
Emaar Economic City*		224,250		479
Jadwa REIT Saudi Fund		97,268		324
Retal Urban Development Co.		86,947		207
Riyad REIT Fund		77,756		175
Saudi Real Estate Co.*		83,604		304
				3,128
Singapore – 3.1%
AIMS APAC REIT		346,182		329
CapitaLand Ascendas REIT		2,082,034		4,185
CapitaLand Ascott Trust		1,234,714		866

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 98.1% (1)     continued
Singapore – 3.1%     continued
CapitaLand China Trust		670,027		$434
Capitaland India Trust		590,355		453
CapitaLand Integrated Commercial Trust		2,993,614		4,040
CDL Hospitality Trusts		504,752		383
City Developments Ltd.		284,200		1,369
Digital Core REIT Management Pte Ltd.		430,100		228
ESR-LOGOS REIT		4,034,174		825
Far East Hospitality Trust		562,203		261
Frasers Centrepoint Trust		562,009		899
Frasers Hospitality Trust		431,800		160
Frasers Logistics & Commercial Trust		1,634,546		1,278
Hong Fok Corp. Ltd.		164,700		109
Keppel DC REIT		764,234		1,164
Keppel REIT		1,137,320		711
Lendlease Global Commercial REIT		953,066		379
Mapletree Industrial Trust		1,180,632		1,950
Mapletree Logistics Trust		1,966,626		2,413
Mapletree Pan Asia Commercial Trust		1,340,261		1,402
Parkway Life Real Estate Investment Trust		228,200		616
Sasseur Real Estate Investment Trust		299,700		148
SPH REIT		651,900		398
Starhill Global REIT		871,690		309
Suntec Real Estate Investment Trust		1,162,691		985
UOL Group Ltd.		253,397		1,184
				27,478
South Africa – 0.4%
Burstone Group Limited		338,251		133
Equites Property Fund Ltd.		436,589		290
Fortress Real Estate Investments Ltd.*		640,694		435
Fortress Real Estate Investments Ltd., Class B*		453,630		146
Growthpoint Properties Ltd.		1,940,698		1,081
Hyprop Investments Ltd.		210,510		354
Redefine Properties Ltd.		3,729,870		698
Resilient REIT Ltd.		177,520		366
Vukile Property Fund Ltd.		458,011		316
				3,819
South Korea – 0.1%
ESR Kendall Square REIT Co. Ltd.		76,209		214
JR Global REIT		98,449		297
LOTTE REIT Co. Ltd.		62,016		150

See Notes to the Financial Statements.

EQUITY FUNDS  80 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 98.1% (1)    continued
South Korea – 0.1% continued
SK D&D Co. Ltd.		4,890		$103
SK REITs Co. Ltd.		66,981		208
				972
Spain – 0.3%
Aedas Homes S.A.		6,611		113
Inmobiliaria Colonial Socimi S.A.		150,086		850
Lar Espana Real Estate Socimi S.A.		26,044		152
Merlin Properties Socimi S.A.		186,311		1,564
				2,679
Sweden – 1.4%
Atrium Ljungberg AB, Class B		29,643		483
Castellum AB		217,423		2,216
Catena AB		17,629		613
Cibus Nordic Real Estate AB		26,662		264
Corem Property Group AB, Class B		257,171		142
Dios Fastigheter AB		54,262		310
Fabege AB		129,882		1,033
Fastighets AB Balder, Class B*		366,074		1,639
Hufvudstaden AB, Class A		64,572		713
NP3 Fastigheter AB		15,353		222
Nyfosa AB		82,431		442
Pandox AB		49,898		529
Platzer Fastigheter Holding AB, Class B		30,788		189
Sagax AB, Class B		110,431		2,101
Samhallsbyggnadsbolaget i Norden AB		451,875		165
Wallenstam AB, Class B		203,444		678
Wihlborgs Fastigheter AB		157,146		1,097
				12,836
Switzerland – 1.2%
Allreal Holding A.G. (Registered)		8,502		1,354
Intershop Holding A.G.		569		377
IWG PLC*		428,626		740
Mobimo Holding A.G. (Registered)		4,021		1,077
PSP Swiss Property A.G. (Registered)		25,558		3,015
Swiss Prime Site A.G. (Registered)		43,187		3,952
				10,515
Taiwan – 0.4%
Cathay Real Estate Development Co. Ltd.		278,000		130
Chong Hong Construction Co. Ltd.		98,000		225
Farglory Land Development Co. Ltd.		128,000		229
Highwealth Construction Corp.		714,194		873

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 98.1% (1)    continued
Taiwan – 0.4% continued
Huaku Development Co. Ltd.		128,000		$356
Kindom Development Co. Ltd.		207,900		213
Prince Housing & Development Corp.		502,000		166
Ruentex Development Co. Ltd.*		872,955		952
Sakura Development Co. Ltd.		115,918		150
				3,294
Thailand – 0.6%
Amata Corp. PCL NVDR		458,235		307
AP Thailand PCL (Registered)		441,405		143
AP Thailand PCL NVDR		861,304		279
Central Pattana PCL (Registered)		581,626		1,010
Central Pattana PCL NVDR		556,098		964
Land & Houses PCL NVDR		4,680,300		1,002
Origin Property PCL NVDR		475,400		130
Pruksa Holding PCL NVDR		239,100		84
Quality Houses PCL NVDR		4,349,400		267
Sansiri PCL NVDR		6,961,466		323
SC Asset Corp. PCL (Registered)		747,984		80
SC Asset Corp. PCL NVDR(3)		4,424		—
Supalai PCL (Registered)		280,445		155
Supalai PCL NVDR		471,800		260
WHA Corp. PCL NVDR		4,536,500		654
				5,658
Turkey – 0.0%
Is Gayrimenkul Yatirim Ortakligi A.S.*		181,528		156
Ziraat Gayrimenkul Yatirim Ortakligi A.S.		528,732		105
				261
United Arab Emirates – 0.4%
Aldar Properties PJSC		2,162,388		3,391
Deyaar Development PJSC*		598,845		110
				3,501
United Kingdom – 3.2%
Assura PLC		1,628,081		838
Big Yellow Group PLC		96,558		1,101
British Land (The) Co. PLC		495,083		1,902
CLS Holdings PLC		96,008		138
Custodian Property Income REIT PLC		223,786		224
Derwent London PLC		54,135		1,265
Empiric Student Property PLC		320,747		349
Grainger PLC		386,136		1,099
Great Portland Estates PLC		112,346		572
Hammerson PLC		2,192,409		670

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 – 98.1% (1)    continued
United Kingdom – 3.2%    continued
Home REIT PLC(2)		484,349		$206
Impact Healthcare REIT PLC		181,679		183
Land Securities Group PLC		394,774		2,823
LondonMetric Property PLC		609,891		1,276
LXI REIT PLC		890,499		981
Picton Property Income Ltd.		315,890		262
Primary Health Properties PLC		732,282		830
PRS REIT (The) PLC		287,116		239
Safestore Holdings PLC		119,748		1,074
Segro PLC		649,716		5,668
Shaftesbury Capital PLC		804,540		1,121
Supermarket Income REIT PLC		687,417		636
Target Healthcare REIT PLC		362,176		335
Tritax Big Box REIT PLC		1,052,347		1,794
UK Commercial Property REIT Ltd.		421,383		273
UNITE Group (The) PLC		191,656		2,088
Urban Logistics REIT PLC		276,612		369
Warehouse REIT PLC		233,910		233
Workspace Group PLC		78,625		468
				29,017
United States – 54.6%
Acadia Realty Trust		52,200		749
Agree Realty Corp.		51,796		2,861
Alexander & Baldwin, Inc.		40,044		670
Alexander’s, Inc.		1,333		243
Alexandria Real Estate Equities, Inc.		92,107		9,220
American Assets Trust, Inc.		28,403		552
American Homes 4 Rent, Class A		182,478		6,148
Americold Realty Trust, Inc.		150,643		4,581
Apartment Income REIT Corp.		83,945		2,577
Apartment Investment and Management Co., Class A*		74,286		505
Apple Hospitality REIT, Inc.		123,330		1,892
AvalonBay Communities, Inc.		79,332		13,624
Boston Properties, Inc.		83,491		4,966
Brandywine Realty Trust		94,616		430
Brixmor Property Group, Inc.		169,471		3,522
Broadstone Net Lease, Inc.		106,111		1,517
Camden Property Trust		59,934		5,669
CareTrust REIT, Inc.		55,021		1,128
CBL & Associates Properties, Inc.		6,148		129
Centerspace		8,351		503
Chatham Lodging Trust		25,684		246
Community Healthcare Trust, Inc.		13,997		416

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 98.1% (1)    continued
United States – 54.6%    continued
COPT Defense Properties		62,076		$1,479
Cousins Properties, Inc.		83,483		1,701
CubeSmart		125,419		4,782
DiamondRock Hospitality Co.		116,491		935
Digital Realty Trust, Inc.		163,185		19,749
DigitalBridge Group, Inc.		92,348		1,623
Diversified Healthcare Trust		93,414		181
Douglas Emmett, Inc.		96,833		1,236
Eagle Hospitality Trust(2) *		496,400		—
Easterly Government Properties, Inc.		50,793		581
EastGroup Properties, Inc.		24,685		4,111
Elme Communities		48,433		661
Empire State Realty Trust, Inc., Class A		79,676		641
Equinix, Inc.		52,294		37,979
Equity Commonwealth		61,301		1,126
Equity Commonwealth(2)		75,000		—
Equity LifeStyle Properties, Inc.		99,412		6,334
Equity Residential		201,821		11,849
Essex Property Trust, Inc.		35,845		7,602
Extra Space Storage, Inc.		118,418		14,397
Federal Realty Investment Trust		41,145		3,729
First Industrial Realty Trust, Inc.		73,878		3,516
Four Corners Property Trust, Inc.		47,431		1,053
FRP Holdings, Inc.*		4,284		231
Getty Realty Corp.		26,114		724
Gladstone Commercial Corp.		23,642		287
Global Medical REIT, Inc.		33,803		303
Global Net Lease, Inc.		105,767		1,016
Healthcare Realty Trust, Inc.		212,703		3,248
Healthpeak Properties, Inc.		305,591		5,611
Highwoods Properties, Inc.		60,324		1,243
Host Hotels & Resorts, Inc.		397,357		6,386
Howard Hughes Holdings, Inc.*		19,248		1,427
Hudson Pacific Properties, Inc.		70,705		470
Independence Realty Trust, Inc.		126,054		1,774
Innovative Industrial Properties, Inc.		15,387		1,164
InvenTrust Properties Corp.		39,034		929
Invitation Homes, Inc.		343,021		10,870
Iron Mountain, Inc.		163,473		9,718
JBG SMITH Properties		59,010		853
Kennedy-Wilson Holdings, Inc.		61,796		911
Kilroy Realty Corp.		61,388		1,940
Kimco Realty Corp.		346,929		6,102
Kite Realty Group Trust		123,135		2,638

See Notes to the Financial Statements.

EQUITY FUNDS  82 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 98.1% (1)     continued
United States – 54.6%    continued
LTC Properties, Inc.		22,889		$735
LXP Industrial Trust		161,345		1,436
Macerich (The) Co.		119,662		1,306
Medical Properties Trust, Inc.		335,311		1,827
Mid-America Apartment Communities, Inc.		65,502		8,427
National Health Investors, Inc.		23,913		1,228
National Storage Affiliates Trust		46,242		1,468
NETSTREIT Corp.		33,424		521
NexPoint Residential Trust, Inc.		12,949		417
NNN REIT, Inc.		102,101		3,608
Office Properties Income Trust		26,757		110
Omega Healthcare Investors, Inc.		130,775		4,337
One Liberty Properties, Inc.		10,362		196
Orion Office REIT, Inc.		29,337		153
Paramount Group, Inc.		88,073		407
Park Hotels & Resorts, Inc.		120,122		1,480
Peakstone Realty Trust		19,914		331
Pebblebrook Hotel Trust		68,761		934
Phillips Edison & Co., Inc.		66,017		2,214
Physicians Realty Trust		134,895		1,644
Piedmont Office Realty Trust, Inc., Class A		68,062		383
Plymouth Industrial REIT, Inc.		21,256		445
Prologis, Inc.		516,401		57,945
Public Storage		88,644		23,359
Realty Income Corp.		376,083		18,782
Regency Centers Corp.		92,558		5,502
Retail Opportunity Investments Corp.		68,779		851
Rexford Industrial Realty, Inc.		111,972		5,526
RLJ Lodging Trust		92,542		906
RPT Realty		47,483		501
Ryman Hospitality Properties, Inc.		31,614		2,633
Sabra Health Care REIT, Inc.		127,326		1,775
Saul Centers, Inc.		7,283		257
Seritage Growth Properties, Class A*		20,043		155
Service Properties Trust		91,338		702
Simon Property Group, Inc.		183,075		19,778
SITE Centers Corp.		108,079		1,333
SL Green Realty Corp.		35,580		1,327
Spirit Realty Capital, Inc.		79,668		2,671
St. Joe (The) Co.		19,251		1,046
STAG Industrial, Inc.		99,813		3,445
Summit Hotel Properties, Inc.		58,686		340

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 98.1% (1)    continued
United States – 54.6%     continued
Sun Communities, Inc.		69,755		$8,255
Sunstone Hotel Investors, Inc.		108,932		1,019
Tanger Factory Outlet Centers, Inc.		59,331		1,341
Terreno Realty Corp.		46,395		2,635
UDR, Inc.		175,558		6,262
UMH Properties, Inc.		31,755		445
Universal Health Realty Income Trust		7,322		296
Urban Edge Properties		64,864		990
Ventas, Inc.		224,130		9,443
Veris Residential, Inc.		41,887		691
Vornado Realty Trust		91,900		2,084
Welltower, Inc.		278,022		22,776
Whitestone REIT		25,455		245
WP Carey, Inc.		120,008		6,490
Xenia Hotels & Resorts, Inc.		63,475		748
				491,419
Total Common Stocks
(Cost $742,439)				883,172
INVESTMENT COMPANIES – 0.8%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(4) (5)		6,603,483		6,603
Total Investment Companies
(Cost $6,603)				6,603
Total Investments – 98.9%
(Cost $749,042)				889,775
Other Assets less Liabilities – 1.1%				10,317
Net Assets – 100.0%				$900,092

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

⁽²⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽³⁾  Value rounds to less than one thousand.

⁽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, 2023 is disclosed.

* Non-Income Producing Security

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

EAFE – Europe, Australasia and the Far East

MSCI – Morgan Stanley Capital International

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  83 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

GLOBAL REAL ESTATE INDEX FUND     continued

NVDR – Non-Voting Depositary Receipt

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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		Hong Kong Dollar		5,891		United States Dollar		754		12/20/23		$ —	*
Citibank		Canadian Dollar		240		United States Dollar		177		12/20/23		—	*
Citibank		Indian Rupee		25,000		United States Dollar		300		12/20/23		1
Citibank		Korean Won		730,170		United States Dollar		553		12/20/23		11
Citibank		United States Dollar		130		Swedish Krona		1,439		12/20/23		3
JPMorgan Chase		Brazilian Real		1,400		United States Dollar		282		12/20/23		6
Morgan Stanley		Taiwan Dollar		21,260		United States Dollar		670		12/20/23		7
Toronto-Dominion Bank		British Pound		644		United States Dollar		801		12/20/23		16
Toronto-Dominion Bank		Euro		1,951		United States Dollar		2,091		12/20/23		20
Toronto-Dominion Bank		Japanese Yen		55,130		United States Dollar		379		12/20/23		5
UBS		Swiss Franc		820		United States Dollar		927		12/20/23		22
Subtotal Appreciation												91
BNP		United States Dollar		191		Singapore Dollar		259		12/20/23		(1	)
BNP		United States Dollar		266		Taiwan Dollar		8,440		12/20/23		(3	)
Citibank		United States Dollar		237		Australian Dollar		366		12/20/23		(1	)
Goldman Sachs		Norwegian Krone		860		United States Dollar		80		12/20/23		—	*
JPMorgan Chase		United States Dollar		660		Korean Won		880,000		12/20/23		(6	)
Morgan Stanley		United States Dollar		174		Korean Won		230,000		12/20/23		(4	)
Subtotal Depreciation												(15	)
Total												$  76

* Amount rounds to less than one thousand.

At September 30, 2023, 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)	8		$1,730		Long		12/23		$(57)
E-Mini S&P MidCap 400 (United States Dollar)	28		7,057		Long		12/23		(208	)
MSCI EAFE Index (United States Dollar)	39		3,981		Long		12/23		(105	)
MSCI Emerging Markets Index (United States Dollar)	42		2,007		Long		12/23		(50	)
S&P/TSX 60 Index (Canadian Dollar)	14		2,425		Long		12/23		(64	)
Total								$	(484	)

⁽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, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET ASSETS
United States Dollar		55.6	%
Japanese Yen		10.3
Hong Kong Dollar		6.4
All other currencies less than 5%		26.6
Total Investments		98.9
Other Assets less Liabilities		1.1
Net Assets		100.0	%

See Notes to the Financial Statements.

EQUITY FUNDS  84 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (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).The Fund adjusted the price of certain foreign equity securities held in its portfolio on September 30, 2023 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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Brazil	$	2,674		$	—			$—	$	2,674
Canada		12,165			—			—		12,165
Chile		787			—			—		787
China		—			23,981			76		24,057
Egypt		309			—			—		309
Mexico		7,256			—			—		7,256
United Kingdom		—			28,811			206		29,017
United States		491,419			—			—		491,419
All Other Countries(1)		—			315,488			—		315,488
Total Common Stocks		514,610			368,280			282		883,172
Investment Companies		6,603			—			—		6,603
Total Investments	$	521,213		$	368,280			$282	$	889,775
OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	91		$	—	$	91
Liabilities
Forward Foreign Currency Exchange Contracts		—			(15	)		—		(15	)
Futures Contracts		(484	)		—			—		(484	)
Total Other Financial Instruments	$	(484	)	$	76			$—	$	(408	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  85 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

GLOBAL SUSTAINABILITY INDEX FUNDUITY FUND

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)
Australia – 1.6%
ANZ Group Holdings Ltd.		179,410		$2,952
APA Group		72,033		384
Aristocrat Leisure Ltd.		34,221		898
ASX Ltd.		12,097		442
Aurizon Holdings Ltd.		118,540		266
BlueScope Steel Ltd.		28,451		355
Brambles Ltd.		83,769		771
Cochlear Ltd.		3,933		645
Coles Group Ltd.		80,878		805
Computershare Ltd.		34,605		579
Dexus		51,687		243
EBOS Group Ltd.		9,354		190
Endeavour Group Ltd.		91,236		309
Fortescue Metals Group Ltd.		101,081		1,356
Goodman Group		101,369		1,404
GPT Group (The)		88,156		222
IDP Education Ltd.		15,396		211
IGO Ltd.		40,555		330
Lendlease Corp. Ltd.		45,558		211
Macquarie Group Ltd.		21,636		2,328
Mineral Resources Ltd.		10,503		455
Mirvac Group		242,682		333
Newcrest Mining Ltd.		53,732		851
Northern Star Resources Ltd.		68,389		458
Orica Ltd.		29,015		291
Pilbara Minerals Ltd.		157,369		433
QBE Insurance Group Ltd.		89,054		901
Ramsay Health Care Ltd.		9,610		320
REA Group Ltd.		3,088		306
Scentre Group		339,396		540
SEEK Ltd.		18,501		262
Sonic Healthcare Ltd.		26,281		503
Stockland		147,951		374
Suncorp Group Ltd.		73,526		663
Telstra Group Ltd.		253,550		627
Transurban Group		178,918		1,457
Vicinity Ltd.		259,070		282
Woodside Energy Group Ltd.		112,631		2,624
				26,581
Austria – 0.1%
Mondi PLC		25,151		420
OMV A.G.		9,067		433
Verbund A.G.		4,000		325
				1,178

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
Belgium – 0.1%
KBC Group N.V.		15,004		$936
Umicore S.A.		10,392		246
				1,182
Brazil – 0.3%
MercadoLibre, Inc.*		2,678		3,396
Wheaton Precious Metals Corp.		27,114		1,100
				4,496
Burkina Faso – 0.0%
Endeavour Mining PLC		8,503		164
Canada – 3.1%
Agnico Eagle Mines Ltd.		29,935		1,360
Algonquin Power & Utilities Corp.		38,820		230
Alimentation Couche-Tard, Inc.		45,814		2,327
Bank of Montreal		42,745		3,606
Bank of Nova Scotia (The)		71,318		3,197
Brookfield Corp.		84,346		2,637
CAE, Inc.*		19,007		444
Cameco Corp.		25,616		1,016
Canadian Apartment Properties REIT		5,947		197
Canadian National Railway Co.		33,558		3,634
Canadian Tire Corp. Ltd., Class A		3,245		349
Dollarama, Inc.		16,681		1,149
Enbridge, Inc.		126,215		4,186
FirstService Corp.		2,432		354
Fortis, Inc.		25,931		985
Gildan Activewear, Inc.		11,066		310
Hydro One Ltd.		19,039		485
Intact Financial Corp.		10,382		1,514
Ivanhoe Mines Ltd., Class A*		36,519		313
Keyera Corp.		14,028		329
Kinross Gold Corp.		66,926		305
Magna International, Inc.		16,270		872
Metro, Inc.		14,043		729
National Bank of Canada		20,059		1,333
Nutrien Ltd.		29,572		1,826
Open Text Corp.		16,437		577
Parkland Corp.		7,890		231
Pembina Pipeline Corp.		34,111		1,026
RB Global, Inc.		10,927		684
RioCan Real Estate Investment Trust		12,813		171
Rogers Communications, Inc., Class B		20,403		783
Shopify, Inc., Class A*		71,245		3,889
Sun Life Financial, Inc.		34,623		1,689

See Notes to the Financial Statements.

EQUITY FUNDS  86 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
Canada – 3.1%     continued
TELUS Corp. (Toronto Exchange)		31,420		$513
Thomson Reuters Corp.		9,760		1,194
Toromont Industries Ltd.		4,533		369
Toronto-Dominion Bank (The)		109,322		6,586
West Fraser Timber Co. Ltd.		3,406		247
				51,646
Chile – 0.0%
Antofagasta PLC		23,622		409
Lundin Mining Corp.		39,697		296
				705
China – 0.4%
BOC Hong Kong Holdings Ltd.		236,000		644
NXP Semiconductors N.V.		15,438		3,086
Prosus N.V.*		90,643		2,671
				6,401
Denmark – 1.6%
AP Moller - Maersk A/S, Class A		89		158
AP Moller - Maersk A/S, Class B		377		679
Chr Hansen Holding A/S		6,349		388
Coloplast A/S, Class B		8,104		855
DSV A/S		11,078		2,065
Genmab A/S*		3,912		1,384
Novo Nordisk A/S, Class B		193,402		17,593
Novozymes A/S, Class B		12,514		505
Orsted A/S(2)		11,366		619
Pandora A/S		5,053		521
ROCKWOOL A/S, Class B		579		140
Vestas Wind Systems A/S*		60,187		1,285
				26,192
Finland – 0.4%
Elisa OYJ		7,179		333
Kesko OYJ, Class B		16,640		298
Metso OYJ		39,504		414
Neste OYJ		25,415		863
Nokia OYJ		323,666		1,217
Nordea Bank Abp		189,624		2,084
Stora Enso OYJ (Registered)		31,649		396
UPM-Kymmene OYJ		32,653		1,117
Wartsila OYJ Abp		28,457		322
				7,044
France – 3.1%
Aeroports de Paris S.A.		1,731		204

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
France – 3.1%     continued
AXA S.A.		108,974		$3,228
BNP Paribas S.A.		62,135		3,956
Bouygues S.A.		9,983		349
Carrefour S.A.		36,097		621
Cie Generale des Etablissements Michelin S.C.A.		40,375		1,237
Credit Agricole S.A.		72,909		897
Danone S.A.		38,452		2,118
Dassault Systemes S.E.		40,033		1,488
Eiffage S.A.		4,721		448
Gecina S.A.		3,291		335
Getlink S.E.		22,412		357
Hermes International S.C.A.		1,876		3,410
Kering S.A.		4,462		2,029
Klepierre S.A.		13,604		333
L’Oreal S.A.		14,306		5,925
LVMH Moet Hennessy Louis Vuitton S.E.		16,408		12,379
Orange S.A.		103,489		1,188
SEB S.A.(3)		1		—
Societe Generale S.A.		42,322		1,024
Teleperformance S.E.		3,110		389
TotalEnergies S.E.		133,187		8,765
Valeo S.E.		10,677		183
Worldline S.A.(2) *		14,753		412
				51,275
Germany – 1.2%
adidas A.G.		9,677		1,704
Bayerische Motoren Werke A.G.		17,978		1,831
Beiersdorf A.G.		5,996		774
Brenntag S.E.		8,617		669
Commerzbank A.G.		63,502		725
Covestro A.G.*		11,437		617
Deutsche Boerse A.G.		11,052		1,910
Deutsche Lufthansa A.G. (Registered)*		35,204		280
Deutsche Post A.G.		59,367		2,420
Evonik Industries A.G.		10,443		191
GEA Group A.G.		9,865		365
Heidelberg Materials A.G.		8,734		679
HelloFresh S.E.*		8,136		243
Henkel A.G. & Co. KGaA		8,588		542
Knorr-Bremse A.G.		4,520		287
LEG Immobilien S.E.*		3,883		268
Merck KGaA		7,402		1,237

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 – 97.5% (1)     continued
Germany – 1.2%     continued
Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)		8,149		$3,179
Puma S.E.		6,443		401
Symrise A.G.		8,048		769
Telefonica Deutschland Holding A.G.		51,399		92
Vonovia S.E.		44,382		1,070
Zalando S.E.(2) *		13,529		302
				20,555
Hong Kong – 0.6%
AIA Group Ltd.		688,600		5,570
Hang Seng Bank Ltd.		39,678		493
HKT Trust & HKT Ltd.		220,000		229
Hong Kong & China Gas Co. Ltd.		570,463		397
MTR Corp. Ltd.		81,126		320
Prudential PLC		164,476		1,771
Sino Land Co. Ltd.		198,866		224
Swire Pacific Ltd., Class A		27,500		186
Swire Properties Ltd.		92,878		194
WH Group Ltd.(2)		553,000		289
				9,673
Ireland – 0.1%
Kerry Group PLC, Class A		9,689		809
Kingspan Group PLC		8,862		660
Smurfit Kappa Group PLC		16,018		530
				1,999
Israel – 0.0%
Bank Leumi Le-Israel B.M.		90,768		751
Italy – 0.5%
Assicurazioni Generali S.p.A.		60,324		1,233
Coca-Cola HBC A.G. - CDI*		12,973		355
Enel S.p.A.		485,863		2,981
FinecoBank Banca Fineco S.p.A.		35,790		435
Mediobanca Banca di Credito Finanziario S.p.A.		32,085		425
Moncler S.p.A.		12,126		704
Nexi S.p.A.*		38,500		235
Poste Italiane S.p.A.		30,447		320
Prysmian S.p.A.		15,646		628
Terna - Rete Elettrica Nazionale		81,680		614
				7,930
Japan – 6.4%
Advantest Corp.		45,600		1,268

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
Japan – 6.4%     continued
Aeon Co. Ltd.		36,600		$725
Ajinomoto Co., Inc.		26,700		1,029
ANA Holdings, Inc.*		10,400		218
Asahi Kasei Corp.		58,200		366
Astellas Pharma, Inc.		108,600		1,500
Azbil Corp.		6,100		187
Bridgestone Corp.		32,900		1,282
Brother Industries Ltd.		14,000		225
Dai Nippon Printing Co. Ltd.		13,200		343
Daifuku Co. Ltd.		19,100		361
Daiichi Sankyo Co. Ltd.		109,900		3,016
Daikin Industries Ltd.		15,800		2,479
Daiwa House Industry Co. Ltd.		34,100		916
Daiwa Securities Group, Inc.		82,600		477
Eisai Co. Ltd.		15,005		833
FANUC Corp.		57,300		1,496
Fast Retailing Co. Ltd.		10,500		2,287
Fuji Electric Co. Ltd.		7,700		347
FUJIFILM Holdings Corp.		21,800		1,262
Fujitsu Ltd.		10,600		1,247
Hankyu Hanshin Holdings, Inc.		13,600		464
Hirose Electric Co. Ltd.		2,100		243
Hitachi Construction Machinery Co. Ltd.		6,500		198
Hitachi Ltd.		55,900		3,466
Hoya Corp.		21,100		2,174
Hulic Co. Ltd.		27,300		245
Ibiden Co. Ltd.		6,500		345
Inpex Corp.		57,600		864
Isuzu Motors Ltd.		37,200		468
ITOCHU Corp.		70,800		2,558
JFE Holdings, Inc.		30,100		442
JSR Corp.		9,800		263
Kao Corp.		25,600		951
KDDI Corp.		89,900		2,752
Keio Corp.		6,200		213
Kikkoman Corp.		7,600		399
Komatsu Ltd.		53,400		1,443
Kubota Corp.		61,500		910
Kurita Water Industries Ltd.		6,600		230
Kyowa Kirin Co. Ltd.		17,200		300
Lixil Corp.		11,900		139
Marubeni Corp.		86,800		1,353
MatsukiyoCocokara & Co.		20,100		360

See Notes to the Financial Statements.

EQUITY FUNDS  88 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
Japan – 6.4%     continued
Mazda Motor Corp.		34,600		$392
McDonald’s Holdings Co. Japan Ltd.		5,600		214
MEIJI Holdings Co. Ltd.		14,200		353
Mitsubishi Chemical Group Corp.		82,700		521
Mitsubishi Estate Co. Ltd.		60,500		791
Mitsui Chemicals, Inc.		10,900		283
Mitsui Fudosan Co. Ltd.		53,600		1,181
Mizuho Financial Group, Inc.		143,400		2,429
MS&AD Insurance Group Holdings, Inc.		25,600		936
NEC Corp.		14,600		806
Nintendo Co. Ltd.		61,900		2,579
NIPPON EXPRESS HOLDINGS, Inc.		4,700		245
Nippon Paint Holdings Co. Ltd.		51,400		346
Nippon Prologis REIT, Inc.		119		223
Nissin Foods Holdings Co. Ltd.		3,600		299
Nitori Holdings Co. Ltd.		4,600		515
Nitto Denko Corp.		8,800		577
Nomura Holdings, Inc.		185,000		742
Nomura Real Estate Holdings, Inc.		6,900		173
Nomura Research Institute Ltd.		23,376		608
NTT Data Group Corp.		34,300		460
Omron Corp.		9,700		432
Ono Pharmaceutical Co. Ltd.		24,300		466
Open House Group Co. Ltd.		5,000		170
Oriental Land Co. Ltd.		63,400		2,081
ORIX Corp.		68,500		1,279
Osaka Gas Co. Ltd.		20,700		342
Pan Pacific International Holdings Corp.		22,400		470
Panasonic Corp.		127,600		1,435
Rakuten Group, Inc.		91,900		376
Recruit Holdings Co. Ltd.		86,000		2,648
Renesas Electronics Corp.*		75,700		1,161
Ricoh Co. Ltd.		32,600		281
SCSK Corp.		10,100		176
Secom Co. Ltd.		12,700		861
Seiko Epson Corp.		17,100		269
Sekisui Chemical Co. Ltd.		24,700		356
Sekisui House Ltd.		36,500		727
Seven & i Holdings Co. Ltd.		45,000		1,762
SG Holdings Co. Ltd.		16,600		213
Sharp Corp.*		10,800		67
Shimadzu Corp.		14,500		385
Shimizu Corp.		36,000		250

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
Japan – 6.4%     continued
Shin-Etsu Chemical Co. Ltd.		108,600		$3,152
Shionogi & Co. Ltd.		14,300		639
SoftBank Corp.		172,300		1,949
Sompo Holdings, Inc.		18,400		788
Sony Group Corp.		75,100		6,143
Sumitomo Chemical Co. Ltd.		58,800		160
Sumitomo Electric Industries Ltd.		44,200		532
Sumitomo Metal Mining Co. Ltd.		15,400		453
Sumitomo Mitsui Financial Group, Inc.		75,800		3,716
Sumitomo Mitsui Trust Holdings, Inc.		19,600		736
Suntory Beverage & Food Ltd.		8,800		268
Sysmex Corp.		9,042		431
T&D Holdings, Inc.		29,200		479
TDK Corp.		22,500		833
Terumo Corp.		40,800		1,081
TIS, Inc.		12,800		282
Tobu Railway Co. Ltd.		11,600		298
Tokio Marine Holdings, Inc.		104,900		2,418
Tokyo Electron Ltd.		28,000		3,810
Tokyo Gas Co. Ltd.		22,900		520
Tokyu Corp.		31,000		357
Toray Industries, Inc.		90,100		469
TOTO Ltd.		8,900		230
Unicharm Corp.		23,800		840
USS Co. Ltd.		13,400		222
West Japan Railway Co.		10,800		447
Yamaha Corp.		9,100		249
Yamaha Motor Co. Ltd.		17,500		460
Yamato Holdings Co. Ltd.		16,800		274
Yaskawa Electric Corp.		14,600		526
Yokogawa Electric Corp.		14,100		272
Z Holdings Corp.		134,400		375
ZOZO, Inc.		9,000		165
				107,098
Netherlands – 1.4%
Akzo Nobel N.V.		10,007		722
ASML Holding N.V.		23,920		14,047
ING Groep N.V.		215,293		2,844
JDE Peet’s N.V.		8,003		224
Koninklijke Ahold Delhaize N.V.		57,876		1,745
Koninklijke KPN N.V.		198,226		653
NN Group N.V.		14,564		467

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 – 97.5% (1)     continued
Netherlands – 1.4%     continued
Universal Music Group N.V.		48,986		$1,274
Wolters Kluwer N.V.		15,286		1,851
				23,827
New Zealand – 0.1%
Mercury NZ Ltd.		47,987		176
Meridian Energy Ltd.		74,704		230
Spark New Zealand Ltd.		106,990		309
Xero Ltd.*		8,338		604
				1,319
Norway – 0.3%
Aker BP ASA		19,321		534
DNB Bank ASA		55,892		1,126
Equinor ASA		54,496		1,787
Gjensidige Forsikring ASA		13,461		198
Mowi ASA		25,213		446
Norsk Hydro ASA		73,073		459
Orkla ASA		46,178		345
Salmar ASA		4,459		225
Telenor ASA		31,186		354
				5,474
Portugal – 0.0%
Banco Espirito Santo S.A. (Registered) (4)*		29,034		—
Galp Energia SGPS S.A.		28,758		426
Jeronimo Martins SGPS S.A.		17,323		389
				815
Singapore – 0.3%
CapitaLand Integrated Commercial Trust		302,173		408
CapitaLand Investment Ltd.		156,158		353
City Developments Ltd.		37,400		180
Keppel Corp. Ltd.		86,400		429
Singapore Exchange Ltd.		52,300		372
STMicroelectronics N.V.		40,555		1,747
United Overseas Bank Ltd.		74,400		1,549
				5,038
South Africa – 0.1%
Anglo American PLC		76,785		2,126
Spain – 0.5%
ACS Actividades de Construccion y Servicios S.A.		13,012		469
Amadeus IT Group S.A.		26,164		1,577
Iberdrola S.A.		361,882		4,040

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
Spain – 0.5%     continued
Naturgy Energy Group S.A.		7,460		$203
Redeia Corp. S.A.		27,334		429
Repsol S.A.		77,103		1,269
				7,987
Sweden – 0.8%
Alfa Laval AB		17,517		599
Assa Abloy AB, Class B		61,022		1,329
Atlas Copco AB, Class A		168,580		2,259
Atlas Copco AB, Class B		80,906		945
Beijer Ref AB		23,550		247
Boliden AB		14,175		404
Epiroc AB, Class A		38,624		731
Epiroc AB, Class B		24,623		394
EQT AB		21,677		428
Essity AB, Class B		35,488		765
Hennes & Mauritz AB, Class B		38,362		545
Holmen AB, Class B		6,428		250
Husqvarna AB, Class B		20,373		155
Nibe Industrier AB, Class B		88,137		574
Sandvik AB		64,660		1,186
SKF AB, Class B		21,154		351
Svenska Cellulosa AB S.C.A., Class B		36,194		495
Svenska Handelsbanken AB, Class A		89,412		795
Tele2 AB, Class B		31,395		240
Telia Co. AB		95,624		197
				12,889
Switzerland – 2.2%
ABB Ltd. (Registered)		94,923		3,392
Baloise Holding A.G. (Registered)		2,735		397
Banque Cantonale Vaudoise (Registered)		1,750		183
Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate)		58		645
Chocoladefabriken Lindt & Spruengli A.G. (Registered)		6		658
Clariant A.G. (Registered)*		12,593		199
DSM-Firmenich A.G.		11,154		942
Geberit A.G. (Registered)		1,817		907
Givaudan S.A. (Registered)		554		1,813
Julius Baer Group Ltd.		12,480		800
Kuehne + Nagel International A.G. (Registered)		3,272		928
Logitech International S.A. (Registered)		9,793		675
Lonza Group A.G. (Registered)		4,439		2,054

See Notes to the Financial Statements.

EQUITY FUNDS  90 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
Switzerland – 2.2%     continued
Novartis A.G. (Registered)		121,689		$12,418
SGS S.A. (Registered)		8,778		737
SIG Group A.G.*		18,609		458
Sika A.G. (Registered)		8,729		2,212
Sonova Holding A.G. (Registered)		3,138		744
Swiss Life Holding A.G. (Registered)		1,711		1,066
Swisscom A.G. (Registered)		1,598		949
Temenos A.G. (Registered)		3,648		256
VAT Group A.G.		1,594		568
Zurich Insurance Group A.G.		8,950		4,101
				37,102
United Kingdom – 3.5%
3i Group PLC		57,518		1,448
abrdn PLC		104,386		197
Admiral Group PLC		12,384		358
Ashtead Group PLC		26,088		1,586
Associated British Foods PLC		20,143		506
AstraZeneca PLC		92,010		12,382
Auto Trader Group PLC(2)		53,690		402
Barratt Developments PLC		63,491		341
Berkeley Group Holdings PLC		7,003		349
BT Group PLC		370,976		527
Burberry Group PLC		22,205		515
CNH Industrial N.V.		61,749		748
Coca-Cola Europacific Partners PLC		11,574		723
Croda International PLC		8,573		514
DCC PLC		4,753		267
HSBC Holdings PLC		1,173,762		9,195
Informa PLC		86,763		791
Intertek Group PLC		8,280		414
J Sainsbury PLC		95,797		295
Johnson Matthey PLC		12,111		240
Kingfisher PLC		95,669		259
Legal & General Group PLC		367,956		994
Liberty Global PLC, Class C*		16,383		304
Lloyds Banking Group PLC		3,836,841		2,066
National Grid PLC		221,973		2,650
Ocado Group PLC*		34,814		253
Phoenix Group Holdings PLC		55,033		322
Reckitt Benckiser Group PLC		42,846		3,028
RELX PLC		112,900		3,808
Sage Group (The) PLC		61,445		740
Schroders PLC		39,811		197
Segro PLC		59,430		518

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
United Kingdom – 3.5%     continued
Spirax-Sarco Engineering PLC		4,503		$521
St. James’s Place PLC		27,872		281
Taylor Wimpey PLC		170,682		243
Tesco PLC		426,062		1,370
Unilever PLC		149,599		7,382
Vodafone Group PLC		1,405,994		1,313
WPP PLC		58,048		517
				58,564
United States – 68.8%
3M Co.		33,024		3,092
Accenture PLC, Class A		37,441		11,498
Adobe, Inc.*		27,043		13,789
AECOM		7,775		646
Aflac, Inc.		33,709		2,587
Agilent Technologies, Inc.		17,596		1,968
Akamai Technologies, Inc.*		9,101		970
Align Technology, Inc.*		4,323		1,320
Allegion PLC		5,307		553
Allstate (The) Corp.		15,744		1,754
Ally Financial, Inc.		14,401		384
Alphabet, Inc., Class A*		352,493		46,127
Alphabet, Inc., Class C*		313,608		41,349
Amcor PLC		81,784		749
American Express Co.		37,518		5,597
American Tower Corp.		27,800		4,572
American Water Works Co., Inc.		11,746		1,454
Ameriprise Financial, Inc.		6,186		2,039
Amgen, Inc.		31,696		8,519
Annaly Capital Management, Inc.		26,761		503
ANSYS, Inc.*		5,163		1,536
Applied Materials, Inc.		49,801		6,895
Aptiv PLC*		16,865		1,663
Aramark		15,036		522
Arch Capital Group Ltd.*		21,631		1,724
Assurant, Inc.		3,189		458
Atmos Energy Corp.		8,471		897
Autodesk, Inc.*		12,751		2,638
Automatic Data Processing, Inc.		24,517		5,898
AutoZone, Inc.*		1,069		2,715
Avantor, Inc.*		40,607		856
Avery Dennison Corp.		4,931		901
Axon Enterprise, Inc.*		4,165		829
Baker Hughes Co.		59,953		2,118
Ball Corp.		17,554		874

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 – 97.5% (1)     continued
United States – 68.8%     continued
Bank of New York Mellon (The) Corp.		44,887		$1,914
Best Buy Co., Inc.		11,260		782
Biogen, Inc.*		8,593		2,208
Bio-Techne Corp.		9,430		642
BlackRock, Inc.		8,907		5,758
Booking Holdings, Inc.*		2,186		6,742
BorgWarner, Inc.		13,953		563
Boston Properties, Inc.		9,190		547
Bristol-Myers Squibb Co.		124,892		7,249
Broadridge Financial Solutions, Inc.		7,019		1,257
Brookfield Renewable Corp., Class A		7,590		182
Builders FirstSource, Inc.*		7,669		955
Bunge Ltd.		8,968		971
Burlington Stores, Inc.*		3,888		526
C.H. Robinson Worldwide, Inc.		6,780		584
Cadence Design Systems, Inc.*		16,174		3,790
Campbell Soup Co.		10,809		444
CarMax, Inc.*		9,507		672
Carrier Global Corp.		49,652		2,741
Caterpillar, Inc.		30,566		8,345
Cboe Global Markets, Inc.		6,247		976
CBRE Group, Inc., Class A*		18,566		1,371
Cencora, Inc.		10,222		1,840
Ceridian HCM Holding, Inc.*		8,893		603
Charles Schwab (The) Corp.		89,301		4,903
Cheniere Energy, Inc.		14,347		2,381
Church & Dwight Co., Inc.		14,249		1,306
Cigna Group (The)		17,583		5,030
Cintas Corp.		5,441		2,617
Citizens Financial Group, Inc.		26,637		714
Clarivate PLC*		20,791		139
Clorox (The) Co.		7,360		965
CMS Energy Corp.		17,855		948
Coca-Cola (The) Co.		243,841		13,650
Colgate-Palmolive Co.		46,877		3,333
Comcast Corp., Class A		246,954		10,950
Conagra Brands, Inc.		27,914		765
Consolidated Edison, Inc.		20,258		1,733
Cooper (The) Cos., Inc.		2,886		918
CRH PLC		43,192		2,382
Crown Castle, Inc.		26,060		2,398
CSX Corp.		122,112		3,755
Cummins, Inc.		8,295		1,895
Danaher Corp.		41,634		10,329

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
United States – 68.8%     continued
Darling Ingredients, Inc.*		9,341		$488
DaVita, Inc.*		3,262		308
Deckers Outdoor Corp.*		1,549		796
Delta Air Lines, Inc.		9,716		359
DENTSPLY SIRONA, Inc.		11,277		385
Dexcom, Inc.*		23,039		2,150
Digital Realty Trust, Inc.		17,361		2,101
Discover Financial Services		15,105		1,309
DocuSign, Inc.*		11,780		495
Dover Corp.		8,425		1,175
Eaton Corp. PLC		23,598		5,033
eBay, Inc.		32,016		1,412
Ecolab, Inc.		15,269		2,587
Edison International		22,968		1,454
Edwards Lifesciences Corp.*		36,104		2,501
Electronic Arts, Inc.		15,305		1,843
Elevance Health, Inc.		14,079		6,130
Eli Lilly & Co.		47,852		25,703
Emerson Electric Co.		33,903		3,274
Equinix, Inc.		5,566		4,042
Equitable Holdings, Inc.		21,649		615
Essential Utilities, Inc.		15,831		543
Eversource Energy		21,315		1,239
Exelon Corp.		59,459		2,247
Expeditors International of Washington, Inc.		9,064		1,039
FactSet Research Systems, Inc.		2,272		993
Fair Isaac Corp.*		1,460		1,268
Fastenal Co.		33,867		1,850
Ferguson PLC		12,155		1,999
Fidelity National Information Services, Inc.		35,485		1,961
Fiserv, Inc.*		36,642		4,139
Fortive Corp.		20,866		1,547
Fortune Brands Innovations, Inc.		7,358		457
Fox Corp., Class A		16,887		527
Fox Corp., Class B		8,911		257
Franklin Resources, Inc.		18,470		454
Gartner, Inc.*		4,591		1,578
Gen Digital, Inc.		33,773		597
Generac Holdings, Inc.*		3,727		406
General Mills, Inc.		34,773		2,225
Genuine Parts Co.		8,357		1,207
Gilead Sciences, Inc.		74,022		5,547

See Notes to the Financial Statements.

EQUITY FUNDS  92 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
United States – 68.8%     continued
Graco, Inc.		9,908		$722
Halliburton Co.		53,519		2,168
Hartford Financial Services Group (The), Inc.		18,249		1,294
Hasbro, Inc.		7,710		510
HCA Healthcare, Inc.		12,252		3,014
Healthpeak Properties, Inc.		27,194		499
Hewlett Packard Enterprise Co.		76,934		1,336
HF Sinclair Corp.		9,140		520
Hilton Worldwide Holdings, Inc.		15,805		2,374
Hologic, Inc.*		14,746		1,023
Home Depot (The), Inc.		59,693		18,037
Hormel Foods Corp.		16,845		641
HP, Inc.		51,628		1,327
HubSpot, Inc.*		2,808		1,383
Humana, Inc.		7,422		3,611
Huntington Bancshares, Inc.		79,897		831
IDEX Corp.		4,498		936
IDEXX Laboratories, Inc.*		4,935		2,158
Illinois Tool Works, Inc.		18,020		4,150
Illumina, Inc.*		9,438		1,296
Ingersoll Rand, Inc.		23,763		1,514
Insulet Corp.*		4,168		665
Intel Corp.		247,654		8,804
Intercontinental Exchange, Inc.		35,229		3,876
International Business Machines Corp.		53,919		7,565
International Flavors & Fragrances, Inc.		15,295		1,043
International Paper Co.		20,165		715
Interpublic Group of (The) Cos., Inc.		22,516		645
Intuit, Inc.		16,622		8,493
Invesco Ltd.		18,806		273
Iron Mountain, Inc.		17,500		1,040
J.M. Smucker (The) Co.		6,237		767
James Hardie Industries PLC - CDI*		26,259		685
Jazz Pharmaceuticals PLC*		3,536		458
JB Hunt Transport Services, Inc.		4,963		936
Johnson & Johnson		142,857		22,250
Johnson Controls International PLC		40,889		2,176
Kellogg Co.		16,467		980
Keurig Dr. Pepper, Inc.		54,460		1,719
Keysight Technologies, Inc.*		10,651		1,409
Kimberly-Clark Corp.		20,071		2,426
Kinder Morgan, Inc.		120,494		1,998

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
United States – 68.8%     continued
Knight-Swift Transportation Holdings, Inc.		9,752		$489
Kroger (The) Co.		40,524		1,813
L3Harris Technologies, Inc.		11,299		1,967
Laboratory Corp. of America Holdings		5,066		1,019
Lam Research Corp.		7,969		4,995
Lamb Weston Holdings, Inc.		8,663		801
Lear Corp.		3,589		482
Lennox International, Inc.		1,859		696
Linde PLC		29,036		10,812
LKQ Corp.		16,002		792
Lowe’s Cos., Inc.		34,643		7,200
LPL Financial Holdings, Inc.		4,527		1,076
Lululemon Athletica, Inc.*		6,883		2,654
LyondellBasell Industries N.V., Class A		15,585		1,476
Marathon Petroleum Corp.		25,233		3,819
MarketAxess Holdings, Inc.		2,255		482
Marsh & McLennan Cos., Inc.		29,224		5,561
Martin Marietta Materials, Inc.		3,575		1,467
Marvell Technology, Inc.		51,094		2,766
Masco Corp.		13,606		727
Mastercard, Inc., Class A		50,192		19,872
McCormick & Co., Inc. (Non Voting)		14,978		1,133
McDonald’s Corp.		43,333		11,416
Merck & Co., Inc.		150,509		15,495
Mettler-Toledo International, Inc.*		1,312		1,454
Microsoft Corp.		419,037		132,311
Molina Healthcare, Inc.*		3,477		1,140
Moody’s Corp.		9,591		3,032
Morgan Stanley		74,464		6,081
Nasdaq, Inc.		20,547		998
NetApp, Inc.		12,477		947
Newmont Corp.		47,620		1,760
NIKE, Inc., Class B		73,276		7,007
Norfolk Southern Corp.		13,282		2,616
Northern Trust Corp.(5)		11,678		812
Nucor Corp.		14,914		2,332
NVIDIA Corp.		146,524		63,736
NVR, Inc.*		190		1,133
Old Dominion Freight Line, Inc.		5,849		2,393
Omnicom Group, Inc.		11,975		892
ONEOK, Inc.		34,534		2,190
Otis Worldwide Corp.		24,598		1,975
Owens Corning		5,217		712

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 – 97.5% (1)     continued
United States – 68.8%     continued
Paychex, Inc.		19,311		$2,227
Paylocity Holding Corp.*		2,684		488
Pentair PLC		9,741		631
PepsiCo, Inc.		81,650		13,835
Phillips 66		27,194		3,267
PNC Financial Services Group (The), Inc.		23,847		2,928
Pool Corp.		2,333		831
PPG Industries, Inc.		13,714		1,780
Principal Financial Group, Inc.		14,538		1,048
Procter & Gamble (The) Co.		139,793		20,390
Progressive (The) Corp.		34,718		4,836
Prologis, Inc.		54,949		6,166
Prudential Financial, Inc.		21,910		2,079
PTC, Inc.*		6,528		925
PulteGroup, Inc.		13,059		967
Quanta Services, Inc.		8,433		1,578
Quest Diagnostics, Inc.		6,706		817
Raymond James Financial, Inc.		12,047		1,210
Regions Financial Corp.		56,629		974
Repligen Corp.*		3,174		505
Rivian Automotive, Inc., Class A*		38,899		944
Robert Half, Inc.		6,503		477
Rockwell Automation, Inc.		6,817		1,949
S&P Global, Inc.		19,475		7,116
Salesforce, Inc.*		57,711		11,703
SBA Communications Corp.		6,544		1,310
Schlumberger N.V.		84,448		4,923
Schneider Electric S.E.		32,275		5,321
Seagate Technology Holdings PLC		11,135		734
Sempra		37,705		2,565
ServiceNow, Inc.*		12,097		6,762
Sherwin-Williams (The) Co.		14,547		3,710
Sirius XM Holdings, Inc.		44,052		199
Snap, Inc., Class A*		60,792		542
Splunk, Inc.*		9,293		1,359
State Street Corp.		20,052		1,343
Steel Dynamics, Inc.		9,565		1,026
STERIS PLC		5,889		1,292
Swiss Re A.G.		18,042		1,852
Synchrony Financial		25,905		792
Synopsys, Inc.*		9,028		4,144
T. Rowe Price Group, Inc.		13,617		1,428
Take-Two Interactive Software, Inc.*		9,809		1,377

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
United States – 68.8%     continued
Targa Resources Corp.		12,713		$1,090
Target Corp.		27,463		3,037
Teleflex, Inc.		2,503		492
Tenaris S.A.		27,927		441
Tesla, Inc.*		169,237		42,346
Texas Instruments, Inc.		53,831		8,560
TJX (The) Cos., Inc.		68,221		6,063
Toro (The) Co.		6,160		512
Tractor Supply Co.		6,532		1,326
Trane Technologies PLC		13,561		2,752
TransUnion		11,609		833
Travelers (The) Cos., Inc.		13,764		2,248
Trimble, Inc.*		13,857		746
Truist Financial Corp.		79,822		2,284
Twilio, Inc., Class A*		10,379		607
U.S. Bancorp		91,435		3,023
Ulta Beauty, Inc.*		2,924		1,168
Union Pacific Corp.		36,215		7,374
United Parcel Service, Inc., Class B		43,103		6,718
United Rentals, Inc.		4,078		1,813
Vail Resorts, Inc.		2,499		554
Valero Energy Corp.		21,388		3,031
Verizon Communications, Inc.		250,435		8,117
VF Corp.		14,030		248
Visa, Inc., Class A		95,960		22,072
VMware, Inc., Class A*		14,044		2,338
W.W. Grainger, Inc.		2,671		1,848
Walt Disney (The) Co.*		108,687		8,809
Waste Management, Inc.		24,188		3,687
Waters Corp.*		3,543		972
Webster Financial Corp.		10,643		429
Welltower, Inc.		29,655		2,429
West Pharmaceutical Services, Inc.		4,411		1,655
Western Digital Corp.*		19,165		874
Westrock Co.		15,936		570
Weyerhaeuser Co.		42,276		1,296
Whirlpool Corp.		3,464		463
Williams (The) Cos., Inc.		72,192		2,432
Willis Towers Watson PLC		6,172		1,290
Workday, Inc., Class A*		12,242		2,630
Xylem, Inc.		14,259		1,298
Yum! Brands, Inc.		16,745		2,092
Zimmer Biomet Holdings, Inc.		12,489		1,402
Zoetis, Inc.		27,434		4,773

See Notes to the Financial Statements.

EQUITY FUNDS  94 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.5% (1)     continued
United States – 68.8%     continued
ZoomInfo Technologies, Inc.*		14,829		$243
Zscaler, Inc.*		5,233		814
				1,149,954
Total Common Stocks
(Cost $1,297,280)				1,629,965
PREFERRED STOCKS – 0.1% (1)
Germany – 0.1%
Bayerische Motoren Werke A.G., 9.70%(6)		3,365		314
Henkel A.G. & Co. KGaA, 2.75%(6)		7,936		567
				881
Total Preferred Stocks
(Cost $842)				881
RIGHTS – 0.0%
United States – 0.0%
Contra Abiomed, Inc. (Contingent Value Rights)(4) (7) *		2,380		—
Total Rights
(Cost $—)				—
INVESTMENT COMPANIES – 1.4%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(8) (9)		23,044,434		23,044
Total Investment Companies
(Cost $23,044)				23,044
Total Investments – 99.0%
(Cost $1,321,166)				1,653,890
Other Assets less Liabilities – 1.0%				17,007
Net Assets – 100.0%				$1,670,897

⁽¹⁾  Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽³⁾  Value rounds to less than one thousand.

⁽⁴⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁵⁾  Investment in affiliate.

⁽⁶⁾  Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁷⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of this restricted illiquid security amounted to $0 or 0.0% of net assets. Additional information on this restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE		COST         (000S)
Contra Abiomed, Inc. (Contingent Value Rights)		12/31/22		$—

⁽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, 2023 is disclosed.

* Non-Income Producing Security

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

CDI – CREST Depository Interest

FTSE – Financial Times Stock Exchange

REIT – Real Estate Investment Trust

S&P – Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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	Hong Kong Dollar		913	United States Dollar		117		12/20/23		$—	*
Citibank	Australian Dollar		391	United States Dollar		253		12/20/23		1
Citibank	United States Dollar		30	Swedish Krona		332		12/20/23		1
Goldman Sachs	British Pound		1,800	United States Dollar		2,200		12/20/23		2
JPMorgan Chase	Euro		1,800	United States Dollar		1,927		12/20/23		16
Toronto-Dominion Bank	British Pound		120	United States Dollar		150		12/20/23		3
UBS	Swiss Franc		13	United States Dollar		14		12/20/23		—	*
Subtotal Appreciation										23
Citibank	Japanese Yen		106,000	United States Dollar		719		12/20/23		(1	)
Citibank	United States Dollar		153	Canadian Dollar		207		12/20/23		—	*
JPMorgan Chase	United States Dollar		2,847	British Pound		2,300		12/20/23		(39	)
Toronto-Dominion Bank	United States Dollar		400	Euro		373		12/20/23		(4	)
Toronto-Dominion Bank	United States Dollar		1,386	Japanese Yen		201,591		12/20/23		(18	)

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  95 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS
GLOBAL SUSTAINABILITY INDEX FUND     continued	SEPTEMBER 30, 2023 (UNAUDITED)

COUNTERPARTY	CONTRACTS TO DELIVER CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)		IN EXCHANGE FOR CURRENCY	AMOUNT (LOCAL CURRENCY) (000S)		SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) (000S)
UBS	United States Dollar		52	Danish Krone		361		12/20/23		$—*
Subtotal Depreciation										(62	)
Total										$(39	)

* Amount rounds to less than one thousand.

At September 30, 2023, 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)		120		$	25,953		Long		12/23		$	(1,010	)
Euro Stoxx 50 (Euro)		102			4,534		Long		12/23			(87	)
FTSE 100 Index (British Pound)		14			1,310		Long		12/23			7
S&P/TSX 60 Index (Canadian Dollar)		1			173		Long		12/23			(2	)
SPI 200 Index (Australian Dollar)		8			911		Long		12/23			(25	)
Topix Index (Japanese Yen)		17			2,643		Long		12/23			(41	)
Total											$	(1,158	)

⁽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, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET ASSETS
United States Dollar		70.0	%
Euro		8.0
Japanese Yen		6.4
All other currencies less than 5%		14.6
Total Investments		99.0
Other Assets less Liabilities		1.0
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, 2023 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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Brazil	$	4,496		$	—			$—	$	4,496
Canada		51,646			—			—		51,646
Chile		296			409			—		705
China		3,086			3,315			—		6,401
United Kingdom		1,027			57,537			—		58,564
United States		1,139,273			10,681			—		1,149,954
All Other Countries(1)		—			358,199			—		358,199
Total Common Stocks		1,199,824			430,141			—		1,629,965
Preferred Stocks		—			881			—		881
Investment Companies		23,044			—			—		23,044
Total Investments	$	1,222,868		$	431,022			$—	$	1,653,890
OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	23			$—	$	23
Futures Contracts		7			—			—		7
Liabilities
Forward Foreign Currency Exchange Contracts		—			(62	)		—		(62	)
Futures Contracts		(1,165	)		—			—		(1,165	)
Total Other Financial Instruments	$	(1,158	)	$	(39	)		$—	$	(1,197	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

EQUITY FUNDS  96 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
GLOBAL TACTICAL ASSET ALLOCATION FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
INVESTMENT COMPANIES – 101. 7%
FlexShares® Credit-Scored U.S. Corporate Bond Index Fund(1)		47,084		$2,166
FlexShares® Credit-Scored U.S. Long Corporate Bond Index Fund(1)		2,478		99
FlexShares® Developed Markets ex-U.S. Quality Low Volatility Index Fund(1)		80,355		1,963
FlexShares® Disciplined Duration MBS Index Fund(1)		79,495		1,568
FlexShares® Global Quality Real Estate Index Fund(1)		40,513		1,982
FlexShares® High Yield Value-Scored Bond Index Fund(1)		272,788		10,846
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund(1)		299,625		6,873
FlexShares® International Quality Dividend Index Fund(1)		185,847		3,958
FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund(1)		62,974		3,939
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund(1)		40,575		1,946
FlexShares® Morningstar Global Upstream Natural Resources Index Fund(1)		170,610		6,900
FlexShares® Morningstar U.S. Market Factor Tilt Index Fund(1)		62,138		10,121
FlexShares® Quality Dividend Index Fund(1)		163,904		9,143
FlexShares® STOXX Global Broad Infrastructure Index Fund(1)		40,441		1,959
FlexShares® U.S. Quality Low Volatility Index Fund(1)		104,792		5,399
FlexShares® Ultra-Short Income Fund(1)		53,027		3,983
iShares 10+ Year Investment Grade Corporate Bond ETF		60,277		2,841
iShares 1-3 Year Treasury Bond ETF		28,232		2,286
iShares 1-5 Year Investment Grade Corporate Bond ETF		49,784		2,481
iShares 20+ Year Treasury Bond ETF		21,119		1,873
iShares 3-7 Year Treasury Bond ETF		46,309		5,240
iShares 5-10 Year Investment Grade Corporate Bond ETF		22,133		1,077
iShares 7-10 Year Treasury Bond ETF		22,328		2,045

	NUMBER OF SHARES		VALUE     (000S)
INVESTMENT COMPANIES - 101.7%     continued
iShares MBS ETF		87,713		$7,789
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(1) (2)		1,680,252		1,680
Total Investment Companies
(Cost $100,110)				100,157
Total Investments – 101.7%
(Cost $100,110)				100,157
Liabilities less Other Assets – (1.7%)				(1,644	)
NET ASSETS – 100.0%				$98,513

⁽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, 2023 is disclosed.

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

ETF - Exchange-Traded Fund

MBS - Mortgage Backed Securities

TIPS - Treasury Inflation Protected Securities

Percentages shown are based on Net Assets.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  97 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS
GLOBAL TACTICAL ASSET ALLOCATION FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

At September 30, 2023, the asset class weightings for the Fund were:

ASSET CLASS	WEIGHT		INVESTMENT VEHICLE
U.S. Equity		10.1%	FlexShares® Morningstar U.S. Market Factor Tilt Index Fund
U.S. Equity		9.1	FlexShares® Quality Dividend Index Fund
U.S. Equity		5.4	FlexShares® U.S. Quality Low Volatility Index Fund
Non U.S. Equity - Developed		3.9	FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund
Non U.S. Equity - Developed		3.9	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		1.9	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		10.8	FlexShares® High Yield Value-Scored Bond Index Fund
U.S. Bonds - Investment Grade		7.8	iShares MBS ETF
U.S. Bonds - Investment Grade		6.9	FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
U.S. Bonds - Investment Grade		5.2	iShares 3-7 Year Treasury Bond ETF
U.S. Bonds - Investment Grade		4.0	FlexShares® Ultra-Short Income Fund
U.S. Bonds - Investment Grade		2.8	iShares 10+ Year Investment Grade Corporate Bond ETF
U.S. Bonds - Investment Grade		2.5	iShares 1-5 Year Investment Grade Corporate Bond ETF
U.S. Bonds - Investment Grade		2.3	iShares 1-3 Year Treasury Bond ETF
U.S. Bonds - Investment Grade		2.2	FlexShares® Credit-Scored U.S. Corporate Bond Index Fund
U.S. Bonds - Investment Grade		2.0	iShares 7-10 Year Treasury Bond ETF
U.S. Bonds - Investment Grade		1.9	iShares 20+ Year Treasury Bond ETF
U.S. Bonds - Investment Grade		1.6	FlexShares® Disciplined Duration MBS Index Fund
U.S. Bonds - Investment Grade		1.1	iShares 5-10 Year Investment Grade Corporate Bond ETF
U.S. Bonds - Investment Grade		0.1	FlexShares® Credit-Scored U.S. Long Corporate Bond Index Fund
Global Infrastructure		1.9	FlexShares® STOXX Global Broad Infrastructure Index Fund
Commodities/Natural Resources		6.9	FlexShares® Morningstar Global Upstream Natural Resources Index Fund
Cash		1.7	Northern Institutional Funds - U.S. Government Portfolio (Shares)
Total		100.0%

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE	% OF NET ASSETS
Investment Companies		101.7	%

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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Investment Companies		$100,157		$—		$—		$100,157

See Notes to the Financial Statements.

EQUITY FUNDS  98 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
INCOME EQUITY FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 98.4%
Aerospace & Defense – 1.1%
Lockheed Martin Corp.		3,736		$1,528
Air Freight & Logistics – 1.2%
United Parcel Service, Inc., Class B		10,414		1,623
Automobiles – 0.9%
Tesla, Inc.(1) *		5,335		1,335
Banks – 1.3%
Citigroup, Inc.		33,825		1,391
Cullen/Frost Bankers, Inc.		3,013		275
JPMorgan Chase & Co.		1,349		196
				1,862
Beverages – 1.3%
Coca-Cola (The) Co.		28,492		1,595
PepsiCo, Inc.		1,678		284
				1,879
Biotechnology – 4.3%
AbbVie, Inc.		17,220		2,567
Amgen, Inc.		6,402		1,720
Gilead Sciences, Inc.		22,964		1,721
				6,008
Broadline Retail – 2.4%
Amazon.com, Inc.(1) *		24,003		3,051
eBay, Inc.		8,073		356
				3,407
Building Products – 0.5%
A.O. Smith Corp.		10,149		671
Capital Markets – 2.4%
Ameriprise Financial, Inc.		2,466		813
Bank of New York Mellon (The) Corp.		16,420		700
BlackRock, Inc.		86		56
Janus Henderson Group PLC		14,980		387
Jefferies Financial Group, Inc.		12,926		473
State Street Corp.		8,337		558
Virtu Financial, Inc., Class A		23,094		399
				3,386
Chemicals – 1.9%
CF Industries Holdings, Inc.		7,737		663
Dow, Inc.		14,465		746
LyondellBasell Industries N.V., Class A		8,313		787
Mosaic (The) Co.		14,912		531
				2,727
Communications Equipment – 1.7%
Cisco Systems, Inc.		43,638		2,346

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS - 98.4%     continued
Consumer Finance – 0.6%
Ally Financial, Inc.		14,954		$399
OneMain Holdings, Inc.		10,063		403
				802
Consumer Staples Distribution & Retail – 0.4%
Costco Wholesale Corp.		375		212
Walmart, Inc.		2,100		336
				548
Containers & Packaging – 0.1%
Packaging Corp. of America		1,237		190
Diversified Consumer Services – 0.1%
H&R Block, Inc.		4,113		177
Diversified Real Estate Investment Trusts – 0.1%
WP Carey, Inc.		2,698		146
Diversified Telecommunication Services – 0.8%
AT&T, Inc.		75,482		1,134
Electric Utilities – 1.4%
Constellation Energy Corp.		4,758		519
Evergy, Inc.		8,401		426
Exelon Corp.		18,185		687
OGE Energy Corp.		11,716		391
				2,023
Electrical Equipment – 0.5%
Rockwell Automation, Inc.		2,702		772
Financial Services – 2.3%
Berkshire Hathaway, Inc., Class B*		3,064		1,073
Corebridge Financial, Inc.		24,868		491
Equitable Holdings, Inc.		7,800		222
Fidelity National Information Services, Inc.		11,821		653
UWM Holdings Corp.		75,893		368
Western Union (The) Co.		35,922		474
				3,281
Food Products – 0.5%
General Mills, Inc.		11,401		730
Gas Utilities – 0.3%
UGI Corp.		15,316		352
Ground Transportation – 1.2%
Old Dominion Freight Line, Inc.		2,483		1,016
Union Pacific Corp.		3,538		720
				1,736
Health Care Equipment & Supplies – 0.9%
Abbott Laboratories		13,340		1,292

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  99 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

INCOME EQUITY FUND     continued

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS - 98.4%     continued
Health Care Providers & Services – 0.8%
Cardinal Health, Inc.		9,126		$792
Cencora, Inc.		430		78
UnitedHealth Group, Inc.		538		271
				1,141
Health Care Real Estate Investment Trusts – 0.4%
Healthpeak Properties, Inc.		26,899		494
Hotel & Resort Real Estate Investment Trusts – 0.2%
Host Hotels & Resorts, Inc.		17,466		281
Hotels, Restaurants & Leisure – 1.6%
McDonald’s Corp.		458		121
Starbucks Corp.		18,494		1,688
Yum! Brands, Inc.		3,315		414
				2,223
Household Durables – 0.2%
Leggett & Platt, Inc.		11,801		300
Household Products – 2.7%
Clorox (The) Co.		5,071		665
Kimberly-Clark Corp.		6,538		790
Procter & Gamble (The) Co.		15,853		2,312
				3,767
Independent Power & Renewable Electricity Producers – 0.2%
Brookfield Renewable Corp., Class A		12,825		307
Industrial Conglomerates – 0.7%
3M Co.		10,645		997
Insurance – 3.4%
Aflac, Inc.		11,592		890
Allstate (The) Corp.		4,396		490
Lincoln National Corp.		22,608		558
MetLife, Inc.		13,293		836
Principal Financial Group, Inc.		9,109		657
Prudential Financial, Inc.		9,689		919
Unum Group		9,378		461
				4,811
Interactive Media & Services – 3.9%
Alphabet, Inc., Class A(1) *		34,122		4,465
Meta Platforms, Inc., Class A(1) *		3,435		1,031
				5,496
IT Services – 1.5%
Accenture PLC, Class A		2,839		872

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS - 98.4%     continued
IT Services – 1.5%     continued
Cognizant Technology Solutions Corp., Class A		10,056		$681
International Business Machines Corp.		4,192		588
				2,141
Life Sciences Tools & Services – 0.0%
Danaher Corp.		215		53
Machinery – 1.0%
Illinois Tool Works, Inc.		5,368		1,236
Otis Worldwide Corp.		3,034		244
				1,480
Media – 2.5%
Comcast Corp., Class A		50,895		2,257
Interpublic Group of (The) Cos., Inc.		19,118		548
Nexstar Media Group, Inc.		910		130
Omnicom Group, Inc.		8,257		615
				3,550
Metals & Mining – 0.3%
Southern Copper Corp.		5,752		433
Mortgage Real Estate Investment Trusts – 0.6%
AGNC Investment Corp.		41,921		396
Rithm Capital Corp.		46,365		430
				826
Multi-Utilities – 0.5%
Public Service Enterprise Group, Inc.		13,347		760
Office Real Estate Investment Trusts – 0.3%
Highwoods Properties, Inc.		13,155		271
Kilroy Realty Corp.		4,967		157
				428
Oil, Gas & Consumable Fuels – 4.7%
Chesapeake Energy Corp.		4,343		374
Chevron Corp.		2,379		401
Coterra Energy, Inc.		23,989		649
Devon Energy Corp.		2,644		126
Exxon Mobil Corp.		28,435		3,343
ONEOK, Inc.		9,367		594
Pioneer Natural Resources Co.		4,594		1,055
Texas Pacific Land Corp.		65		119
				6,661
Pharmaceuticals – 6.2%
Bristol-Myers Squibb Co.		7,719		448
Eli Lilly & Co.		6,209		3,335
Johnson & Johnson		17,719		2,760

See Notes to the Financial Statements.

EQUITY FUNDS  100 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS - 98.4%     continued
Pharmaceuticals – 6.2%     continued
Merck & Co., Inc.		5,016		$516
Pfizer, Inc.		50,453		1,674
				8,733
Professional Services – 2.5%
Automatic Data Processing, Inc.		8,012		1,928
Paychex, Inc.		7,580		874
Robert Half, Inc.		9,129		669
				3,471
Residential Real Estate Investment Trusts – 0.7%
Equity Residential		7,131		419
Mid-America Apartment Communities, Inc. 3,921				504
				923
Retail Real Estate Investment Trusts – 0.9%
Brixmor Property Group, Inc.		19,677		409
Simon Property Group, Inc.		7,640		825
				1,234
Semiconductors & Semiconductor Equipment – 9.0%
Applied Materials, Inc.		2,318		321
Broadcom, Inc.		3,212		2,668
KLA Corp.		2,119		972
Lam Research Corp.		2,551		1,599
Microchip Technology, Inc.		10,593		827
NVIDIA Corp.(1)		6,370		2,771
QUALCOMM, Inc.		13,752		1,527
Skyworks Solutions, Inc.		4,356		429
Texas Instruments, Inc.		10,390		1,652
				12,766
Software – 8.0%
Bentley Systems, Inc., Class B		7,942		398
Dolby Laboratories, Inc., Class A		1,163		92
Intuit, Inc.		4,256		2,175
Microsoft Corp.		27,235		8,600
				11,265
Specialized Real Estate Investment Trusts – 1.6%
EPR Properties		9,281		386
Gaming and Leisure Properties, Inc.		8,463		385
Iron Mountain, Inc.		11,434		680
Public Storage		3,100		817
				2,268
Specialty Retail – 3.4%
Bath & Body Works, Inc.		6,761		228

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS - 98.4% continued
Specialty Retail – 3.4% continued
Best Buy Co., Inc.		9,987		$694
Dick’s Sporting Goods, Inc.		698		76
Home Depot (The), Inc.		7,992		2,415
Lowe’s Cos., Inc.		4,124		857
Williams-Sonoma, Inc.		3,377		525
				4,795
Technology Hardware, Storage & Peripherals – 8.7%
Apple, Inc.(1)		65,206		11,164
HP, Inc.		24,161		621
NetApp, Inc.		7,626		579
				12,364
Textiles, Apparel & Luxury Goods – 0.5%
Carter’s, Inc.		3,316		229
Tapestry, Inc.		17,108		492
				721
Tobacco – 2.3%
Altria Group, Inc.		34,527		1,452
Philip Morris International, Inc.		19,261		1,783
				3,235
Trading Companies & Distributors – 0.9%
Fastenal Co.		14,961		818
MSC Industrial Direct Co., Inc., Class A		4,396		431
				1,249
Total Common Stocks
(Cost $101,071)				139,128
INVESTMENT COMPANIES – 1.4%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(2) (3)		2,018,024		2,018
Total Investment Companies
(Cost $2,018)				2,018

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  101 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS
INCOME EQUITY FUND     continued	SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE      (000S)
SHORT-TERM INVESTMENTS – 0.1%
U.S. Treasury Bill, 5.04%, 10/26/23(4) (5)		$105		$105
Total Short-Term Investments
(Cost $104)				105
Total Investments – 99.9%
(Cost $103,193)				141,251
Other Assets less Liabilities – 0.1%				145
NET ASSETS – 100.0%				$141,396

⁽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, 2023 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:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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	10	$2,163	Long	12/23	$(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, 2023, the Fund had open written call options as follows:

TYPE	NUMBER OF CONTRACTS	NOTIONAL   AMOUNT (000S)	VALUE (000S)
Alphabet, Inc., Exp. Date 10/20/23, Strike Price $155.00	(341)	$(4,462)		$  (1)
Amazon.com, Inc., Exp. Date 10/20/23, Strike Price $160.00	(240)	(3,051)		(1)
Apple, Inc., Exp. Date 10/20/23, Strike Price $210.00	(326)	(5,581)		—*
Meta Platforms, Inc., Class A, Exp. Date 10/20/23, Strike Price $350.00	(34)	(1,021)		(1)

TYPE	NUMBER OF CONTRACTS			NOTIONAL   AMOUNT (000S)			VALUE (000S)
NVIDIA Corp., Exp. Date 10/20/23, Strike Price $600.00		(63	)		$(2,740	)		$  (1)
Tesla, Inc., Exp. Date 10/20/23, Strike Price $400.00		(53	)		(1,326	)		—*
Total Written Options Contracts								$  (4)
(Premiums Received (000s) $23)

* Amounts round to less than a thousand.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Common Stocks		98.4%
Investment Companies		1.4%
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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL     (000S)
Common Stocks(1)		$139,128		$  —		$—		$139,128
Investment Companies		2,018		—		—		2,018
Short-Term Investments		—		105		—		105
Total Investments		$141,146		$105		$—		$141,251
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts		$      (89)		$  —		$—		$      (89)
Written Options		(4)		—		—		(4)
Total Other Financial Instruments		$      (93)		$  —		$—		$      (93)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

EQUITY FUNDS  102 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
INTERNATIONAL EQUITY FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.7% (1)
Australia – 6.4%
ANZ Group Holdings Ltd.		90,455		$1,488
Aristocrat Leisure Ltd.		23,515		617
BHP Group Ltd.		20,281		575
Cochlear Ltd.		72		12
Coles Group Ltd.		1,882		19
Fortescue Metals Group Ltd.		70,838		950
Glencore PLC		195,525		1,118
National Australia Bank Ltd.		32,029		598
Origin Energy Ltd.		37,382		211
Rio Tinto PLC		7,755		487
Sonic Healthcare Ltd.		10,314		197
Stockland		206,060		522
Telstra Group Ltd.		299,828		741
Wesfarmers Ltd.		12,430		422
Woodside Energy Group Ltd.		4,571		107
				8,064
Austria – 0.5%
Erste Group Bank A.G.		7,094		245
voestalpine A.G.		13,183		358
				603
Belgium – 0.9%
Ageas S.A./N.V.		19,594		808
Sofina S.A.		846		171
Solvay S.A., Class A		808		89
				1,068
Brazil – 0.7%
Yara International ASA		22,422		849
Canada – 10.3%
AltaGas Ltd.		9,080		174
Brookfield Asset Management Ltd., Class A		20,639		688
Canadian National Railway Co.		7,077		766
Canadian Natural Resources Ltd.		27,420		1,773
Canadian Utilities Ltd., Class A		5,673		120
CGI, Inc.*		9,838		970
Element Fleet Management Corp.		21,138		303
Empire Co. Ltd., Class A		969		26
Fairfax Financial Holdings Ltd.		647		528
Fortis, Inc.		428		16
Hydro One Ltd.		6,765		172
iA Financial Corp., Inc.		17,372		1,090
IGM Financial, Inc.		37,451		950
Imperial Oil Ltd.		6,182		381

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.7% (1)     continued
Canada – 10.3% continued
Loblaw Cos. Ltd.		2,559		$217
Magna International, Inc.		2,352		126
Manulife Financial Corp.		69,729		1,274
Northland Power, Inc.		3,190		52
Nutrien Ltd.		6,005		371
Suncor Energy, Inc.		22,988		791
Teck Resources Ltd., Class B		4,411		190
TFI International, Inc.		8,873		1,140
West Fraser Timber Co. Ltd.		11,528		837
				12,955
Chile – 0.4%
Lundin Mining Corp.		61,688		460
China – 0.7%
BOC Hong Kong Holdings Ltd.		308,802		842
SITC International Holdings Co. Ltd.		10,065		17
				859
Denmark – 2.4%
AP Moller - Maersk A/S, Class B		213		384
Carlsberg A/S, Class B		1,756		221
Novo Nordisk A/S, Class B		14,312		1,302
Pandora A/S		11,038		1,138
				3,045
Finland – 0.3%
Fortum OYJ		14,096		163
Nordea Bank Abp		19,708		217
				380
France – 7.6%
BNP Paribas S.A.		26,067		1,660
Bureau Veritas S.A.		733		18
Capgemini S.E.		5,849		1,016
Carrefour S.A.		17,795		306
Cie de Saint-Gobain S.A.		18,919		1,133
Danone S.A.		7,321		403
Dassault Aviation S.A.		3,938		741
Eiffage S.A.		2,574		245
Engie S.A.		22,176		340
Ipsen S.A.		4,260		558
Klepierre S.A.		10,140		248
L’Oreal S.A.		3,244		1,344
LVMH Moet Hennessy Louis Vuitton S.E.		442		333

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  103 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY FUND     continued

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.7% (1)     continued
France – 7.6%     continued
Publicis Groupe S.A.		15,215		$1,149
Veolia Environnement S.A.		630		18
				9,512
Germany – 5.9%
Allianz S.E. (Registered)		152		36
Bayerische Motoren Werke A.G.		9,587		977
Deutsche Lufthansa A.G. (Registered)*		79,329		630
Deutsche Post A.G.		26,704		1,088
E.ON S.E.		27,716		328
Fresenius Medical Care A.G. & Co. KGaA		16,979		733
GEA Group A.G.		25,211		932
Mercedes-Benz Group A.G.		21,231		1,479
Merck KGaA		6,059		1,013
RWE A.G.		3,127		116
Wacker Chemie A.G.		589		85
				7,417
Hong Kong – 1.6%
CK Asset Holdings Ltd.		115,992		610
CK Infrastructure Holdings Ltd.		28,739		136
CLP Holdings Ltd.		19,789		146
Futu Holdings Ltd. ADR*		11,686		676
Sun Hung Kai Properties Ltd.		33,986		361
WH Group Ltd.(2)		262,115		137
				2,066
Israel – 1.4%
Bank Leumi Le-Israel B.M.		79,915		661
Check Point Software Technologies Ltd.*		8,508		1,134
				1,795
Italy – 3.2%
Coca-Cola HBC A.G. - CDI*		32,139		880
Enel S.p.A.		81,519		500
Eni S.p.A.		87,666		1,408
Poste Italiane S.p.A.		102,632		1,079
Recordati Industria Chimica e Farmaceutica S.p.A.		4,499		212
				4,079
Japan – 19.7%
Astellas Pharma, Inc.		9,400		130
Bridgestone Corp.		17,910		698
Canon, Inc.		13,500		326
Chubu Electric Power Co., Inc.		2,900		37

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.7% (1)     continued
Japan – 19.7%     continued
Daito Trust Construction Co. Ltd.		5,220		$550
Daiwa House Industry Co. Ltd.		20,000		537
Denso Corp.		32,400		520
Hirose Electric Co. Ltd.		6,200		718
Honda Motor Co. Ltd.		56,400		634
Hoya Corp.		9,900		1,020
Isuzu Motors Ltd.		47,300		594
ITOCHU Corp.		41,427		1,497
Japan Post Insurance Co. Ltd.		60,500		1,018
Japan Tobacco, Inc.		9,600		221
KDDI Corp.		46,319		1,418
Komatsu Ltd.		30,900		835
Marubeni Corp.		10,200		159
Mazda Motor Corp.		22,100		251
MEIJI Holdings Co. Ltd.		20,200		502
Mitsubishi Corp.		5,100		243
Mitsubishi UFJ Financial Group, Inc.		87,800		745
Mitsui & Co. Ltd.		15,300		555
NGK Insulators Ltd.		27,000		358
Nintendo Co. Ltd.		4,300		179
Nippon Telegraph & Telephone Corp.		386,250		456
Nippon Yusen K.K.		16,200		420
Nissin Foods Holdings Co. Ltd.		100		8
Nitto Denko Corp.		16,500		1,082
Ono Pharmaceutical Co. Ltd.		39,100		750
Oracle Corp. Japan		13,800		1,029
ORIX Corp.		8,000		149
Pan Pacific International Holdings Corp.		4,200		88
Persol Holdings Co. Ltd.		467,000		760
Renesas Electronics Corp.*		66,200		1,016
SCSK Corp.		12,700		222
Secom Co. Ltd.		100		7
Sekisui Chemical Co. Ltd.		42,400		610
Shin-Etsu Chemical Co. Ltd.		6,900		200
Subaru Corp.		3,400		66
Sumitomo Corp.		22,900		457
Sumitomo Mitsui Financial Group, Inc.		22,200		1,088
Suntory Beverage & Food Ltd.		23,776		725
Takeda Pharmaceutical Co. Ltd.		2,900		90
TIS, Inc.		5,500		121
Tokyo Electric Power Co. Holdings, Inc.*		7,800		35
Tokyo Gas Co. Ltd.		4,900		111
TOPPAN Holdings, Inc.		5,500		131

See Notes to the Financial Statements.

EQUITY FUNDS  104 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.7% (1)     continued
Japan – 19.7%     continued
Toyota Motor Corp.		12,600		$226
USS Co. Ltd.		17,300		286
Yakult Honsha Co. Ltd.		18,400		447
Yamaha Motor Co. Ltd.		19,600		515
				24,840
Jordan – 0.1%
Hikma Pharmaceuticals PLC		5,668		144
Netherlands – 4.6%
ASML Holding N.V.		2,265		1,330
BE Semiconductor Industries N.V.		299		29
Heineken N.V.		2,440		215
Koninklijke Ahold Delhaize N.V.		19,107		576
Randstad N.V.		16,179		892
Shell PLC		87,298		2,772
				5,814
New Zealand – 0.1%
Fisher & Paykel Healthcare Corp. Ltd.		5,069		66
Meridian Energy Ltd.		15,313		47
				113
Norway – 0.6%
Equinor ASA		5,468		179
Kongsberg Gruppen ASA		1,172		48
Norsk Hydro ASA		77,890		489
				716
Portugal – 0.8%
Jeronimo Martins SGPS S.A.		42,680		958
Singapore – 2.9%
Jardine Cycle & Carriage Ltd.		38,100		887
Oversea-Chinese Banking Corp. Ltd.		133,500		1,247
Singapore Airlines Ltd.		54,800		259
STMicroelectronics N.V.		29,735		1,281
				3,674
South Africa – 0.2%
Anglo American PLC		9,383		260
Spain – 3.2%
ACS Actividades de Construccion y Servicios S.A.		7,180		258
Aena S.M.E. S.A.		3,158		475
Banco Bilbao Vizcaya Argentaria S.A.		200,654		1,634
Iberdrola S.A.		33,465		374
Industria de Diseno Textil S.A.		22,323		831
Naturgy Energy Group S.A.		5,537		150

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.7% (1)     continued
Spain – 3.2%     continued
Redeia Corp. S.A.		11,538		$181
Repsol S.A.		8,808		145
				4,048
Sweden – 3.3%
Fastighets AB Balder, Class B*		38,090		170
Hennes & Mauritz AB, Class B		47,358		673
Investor AB, Class B		67,854		1,299
Skandinaviska Enskilda Banken AB, Class A		89,798		1,070
Swedbank AB, Class A		40,941		754
Swedish Orphan Biovitrum AB*		235		5
Volvo AB, Class B		10,947		225
				4,196
Switzerland – 5.8%
ABB Ltd. (Registered)		45,442		1,624
Cie Financiere Richemont S.A., Class A (Registered)		11,073		1,349
Kuehne + Nagel International A.G. (Registered)		1,050		298
Novartis A.G. (Registered)		19,963		2,037
Sonova Holding A.G. (Registered)		2,689		637
Swisscom A.G. (Registered)		1,773		1,053
Temenos A.G. (Registered)		4,311		303
				7,301
United Kingdom – 8.0%
3i Group PLC		49,126		1,237
Associated British Foods PLC		4,267		107
AstraZeneca PLC		2,879		388
BAE Systems PLC		14,953		182
Barclays PLC		570,662		1,105
Centrica PLC		78,009		147
Coca-Cola Europacific Partners PLC		6,259		391
DCC PLC		3,482		195
HSBC Holdings PLC		91,143		714
Imperial Brands PLC		55,612		1,129
InterContinental Hotels Group PLC		8,640		637
National Grid PLC		16,452		196
NatWest Group PLC		139,453		399
Next PLC		7,668		680
RELX PLC		29,157		983
Rolls-Royce Holdings PLC*		42,937		115
Sage Group (The) PLC		37,883		456
SSE PLC		8,608		169
Tesco PLC		226,799		729

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 – 97.7% (1)     continued
United Kingdom – 8.0%     continued
United Utilities Group PLC		3,414		$39
WPP PLC		9,522		85
				10,083
United States – 6.1%
CRH PLC		11,045		609
CSL Ltd.		1,244		200
GSK PLC		78,036		1,411
Holcim A.G.*		16,677		1,068
Nestle S.A. (Registered)		9,360		1,057
Roche Holding A.G. (Genusschein)		7,175		1,957
Sanofi		12,428		1,334
				7,636
Total Common Stocks
(Cost $116,080)				122,935
PREFERRED STOCKS – 0.3%
Germany – 0.3%
Henkel A.G. & Co. KGaA, 2.75%(3)		5,143		367
Total Preferred Stocks
(Cost $368)				367
INVESTMENT COMPANIES – 0.3%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(4) (5)		397,670		398
Total Investment Companies
(Cost $398)				398
Total Investments – 98.3%
(Cost $116,846)				123,700
Other Assets less Liabilities – 1.7%				2,095
Net Assets – 100.0%				$125,795

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

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽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, 2023 is disclosed.

* Non-Income Producing Security

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

ADR – American Depositary Receipt

CDI – CREST Depository Interest

EAFE – Europe, Australasia and the Far East

FTSE – Financial Times Stock Exchange

S&P – Standard & Poor’s

TSX – Toronto Stock Exchange

Percentages shown are based on Net Assets.

At September 30, 2023, 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)		28		$	1,245		Long		12/23		$	(20	)
FTSE 100 Index (British Pound)		3			281		Long		12/23			3
S&P/TSX 60 Index (Canadian Dollar)		1			173		Long		12/23			(5	)
SPI 200 Index (Australian Dollar)		1			114		Long		12/23			(3	)
Yen Denominated Nikkei 225 (Japanese Yen)		6			639		Long		12/23			(9	)
Total											$	(34	)

⁽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  106 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

At September 30, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET   ASSETS
Euro		26.2	%
Japanese Yen		19.7
British Pound		13.8
Canadian Dollar		10.7
Swiss Franc		9.1
Australian Dollar		5.3
All other currencies less than 5%		13.5
Total Investments		98.3
Other Assets less Liabilities		1.7
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, 2023 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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Canada		$12,955		$      —		$—		$  12,955
Chile		460		—		—		460
Hong Kong		676		1,390		—		2,066
Israel		1,134		661		—		1,795
Japan		90		24,750		—		24,840
United Kingdom		391		9,692		—		10,083
All Other Countries(1)		—		70,736		—		70,736
Total Common Stocks		15,706		107,229		—		122,935
Preferred Stocks		—		367		—		367
Investment Companies		398		—		—		398
Total Investments		$16,104		$107,596		$—		$123,700

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts		$        3			$    —		$—		$        3
Liabilities
Futures Contracts		(37	)		—		—		(37)
Total Other Financial Instruments		$    (34	)		$    —		$—		$    (34)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  107 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)
Australia – 7.6%
Ampol Ltd.		60,341		$1,312
ANZ Group Holdings Ltd.		815,008		13,409
APA Group		335,224		1,787
Aristocrat Leisure Ltd.		162,070		4,253
ASX Ltd.		52,932		1,932
Aurizon Holdings Ltd.		490,793		1,100
BHP Group Ltd.		1,386,320		39,310
BlueScope Steel Ltd.		128,657		1,607
Brambles Ltd.		381,578		3,512
Cochlear Ltd.		17,980		2,947
Coles Group Ltd.		353,880		3,524
Commonwealth Bank of Australia		459,747		29,294
Computershare Ltd.		157,186		2,629
Dexus		273,179		1,284
EBOS Group Ltd.		40,783		828
Endeavour Group Ltd.		390,715		1,322
Flutter Entertainment PLC - CDI*		47,896		7,818
Fortescue Metals Group Ltd.		467,705		6,272
Glencore PLC		2,886,773		16,509
Goodman Group		464,605		6,436
GPT Group (The)		505,388		1,270
IDP Education Ltd.		67,074		920
IGO Ltd.		197,203		1,607
Insurance Australia Group Ltd.		653,794		2,389
Lendlease Corp. Ltd.		170,849		791
Lottery (The) Corp. Ltd.		625,554		1,895
Macquarie Group Ltd.		98,901		10,642
Medibank Pvt Ltd.		784,945		1,735
Mineral Resources Ltd.		47,511		2,059
Mirvac Group		1,084,666		1,490
National Australia Bank Ltd.		852,224		15,909
Newcrest Mining Ltd.		250,986		3,976
Northern Star Resources Ltd.		313,470		2,098
Orica Ltd.		124,071		1,246
Origin Energy Ltd.		473,004		2,668
Pilbara Minerals Ltd.		724,592		1,995
Qantas Airways Ltd.*		258,118		859
QBE Insurance Group Ltd.		415,791		4,205
Ramsay Health Care Ltd.		50,296		1,677
REA Group Ltd.		14,975		1,483
Reece Ltd.		67,484		808
Rio Tinto Ltd.		102,452		7,528
Rio Tinto PLC		306,714		19,267
Santos Ltd.		907,279		4,594

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)    continued
Australia – 7.6%    continued
Scentre Group		1,467,086		$2,334
SEEK Ltd.		94,767		1,341
Sonic Healthcare Ltd.		117,824		2,254
South32 Ltd.		1,245,646		2,725
Stockland		663,160		1,679
Suncorp Group Ltd.		349,232		3,148
Telstra Group Ltd.		1,096,171		2,711
Transurban Group		847,339		6,900
Treasury Wine Estates Ltd.		203,695		1,614
Vicinity Ltd.		1,027,029		1,119
Washington H Soul Pattinson & Co. Ltd.		64,896		1,358
Wesfarmers Ltd.		304,879		10,358
Westpac Banking Corp.		953,569		12,955
WiseTech Global Ltd.		45,288		1,889
Woodside Energy Group Ltd.		515,288		12,006
Woolworths Group Ltd.		336,417		8,105
				312,692
Austria – 0.2%
Erste Group Bank A.G.		94,601		3,268
Mondi PLC		126,271		2,107
OMV A.G.		40,241		1,922
Verbund A.G.		18,052		1,468
voestalpine A.G.		32,794		889
				9,654
Belgium – 0.8%
Ageas S.A./N.V.		45,658		1,883
Anheuser-Busch InBev S.A./N.V.		234,370		12,906
D’ieteren Group		5,485		923
Elia Group S.A./N.V.		7,920		774
Groupe Bruxelles Lambert N.V.		26,485		1,969
KBC Group N.V.		69,177		4,313
Lotus Bakeries N.V.		113		918
Sofina S.A.		3,823		770
Solvay S.A., Class A		20,291		2,244
UCB S.A.		35,432		2,899
Umicore S.A.		58,205		1,380
Warehouses De Pauw - C.V.A.		40,021		987
				31,966
Brazil – 0.1%
Yara International ASA		45,606		1,727
Burkina Faso – 0.0%
Endeavour Mining PLC		50,037		967

See Notes to the Financial Statements.

EQUITY FUNDS  108 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)    continued
Chile – 0.1%
Antofagasta PLC		109,316		$1,894
China – 0.5%
BOC Hong Kong Holdings Ltd.		1,034,108		2,820
Budweiser Brewing Co. APAC Ltd.		500,600		982
ESR Group Ltd.		554,800		778
Prosus N.V.*		420,915		12,404
SITC International Holdings Co. Ltd.		360,000		604
Wilmar International Ltd.		524,700		1,427
Xinyi Glass Holdings Ltd.		436,316		567
				19,582
Denmark – 3.2%
AP Moller - Maersk A/S, Class A		880		1,561
AP Moller - Maersk A/S, Class B		1,310		2,361
Carlsberg A/S, Class B		27,074		3,411
Chr Hansen Holding A/S		28,933		1,770
Coloplast A/S, Class B		37,378		3,944
Danske Bank A/S		189,978		4,425
Demant A/S*		25,272		1,046
DSV A/S		50,324		9,382
Genmab A/S*		17,763		6,286
Novo Nordisk A/S, Class B		893,914		81,316
Novozymes A/S, Class B		54,102		2,181
Orsted A/S(2)		52,150		2,839
Pandora A/S		24,737		2,550
ROCKWOOL A/S, Class B		2,523		609
Tryg A/S		98,025		1,793
Vestas Wind Systems A/S*		273,177		5,831
				131,305
Finland – 1.1%
Elisa OYJ		39,269		1,822
Fortum OYJ		126,684		1,470
Kesko OYJ, Class B		78,296		1,401
Kone OYJ, Class B		93,836		3,956
Metso OYJ		180,411		1,890
Neste OYJ		113,666		3,860
Nokia OYJ		1,433,301		5,391
Nordea Bank Abp		872,465		9,587
Orion OYJ, Class B		29,837		1,172
Sampo OYJ, Class A		127,240		5,501
Stora Enso OYJ (Registered)		155,639		1,948
UPM-Kymmene OYJ		146,615		5,015
Wartsila OYJ Abp		126,018		1,428
				44,441

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)    continued
France – 10.0%
Accor S.A.		49,672		$1,672
Adevinta ASA*		83,749		826
Aeroports de Paris S.A.		7,995		942
Air Liquide S.A.		142,893		24,080
Airbus S.E.		160,900		21,526
Alstom S.A.		82,195		1,950
Amundi S.A.		17,965		1,007
Arkema S.A.		14,763		1,456
AXA S.A.		497,731		14,743
BioMerieux		10,547		1,020
BNP Paribas S.A.		288,089		18,341
Bollore S.E.		234,955		1,262
Bouygues S.A.		56,446		1,972
Bureau Veritas S.A.		80,006		1,982
Capgemini S.E.		44,540		7,734
Carrefour S.A.		158,773		2,730
Cie de Saint-Gobain S.A.		127,859		7,660
Cie Generale des Etablissements Michelin S.C.A.		185,605		5,689
Covivio S.A./France		14,320		635
Credit Agricole S.A.		335,101		4,124
Danone S.A.		174,443		9,611
Dassault Aviation S.A.		6,081		1,144
Dassault Systemes S.E.		180,654		6,716
Edenred S.E.		68,400		4,274
Eiffage S.A.		20,004		1,900
Engie S.A.		496,146		7,608
EssilorLuxottica S.A.		81,112		14,099
Eurazeo S.E.		11,571		689
Gecina S.A.		12,218		1,244
Getlink S.E.		97,801		1,558
Hermes International S.C.A.		8,618		15,667
Ipsen S.A.		10,383		1,360
Kering S.A.		20,202		9,185
Klepierre S.A.		61,320		1,501
La Francaise des Jeux S.A.E.M.		30,490		990
Legrand S.A.		72,392		6,644
L’Oreal S.A.		65,564		27,153
LVMH Moet Hennessy Louis Vuitton S.E.		75,658		57,078
Orange S.A.		515,074		5,911
Pernod Ricard S.A.		55,904		9,306
Publicis Groupe S.A.		62,962		4,755
Remy Cointreau S.A.		6,629		808
Renault S.A.		51,698		2,117

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  109 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND    continued

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)    continued
France – 10.0%    continued
Safran S.A.		94,057		$14,706
Sartorius Stedim Biotech		7,684		1,829
SEB S.A.		6,307		588
Societe Generale S.A.		201,038		4,863
Sodexo S.A.		24,373		2,510
Teleperformance S.E.		16,664		2,082
Thales S.A.		29,048		4,076
TotalEnergies S.E.		616,594		40,576
Unibail-Rodamco-Westfield*		32,891		1,619
Valeo S.E.		54,971		942
Veolia Environnement S.A.		187,129		5,414
Vinci S.A.		144,402		15,986
Vivendi S.E.		202,994		1,781
Wendel S.E.		7,692		608
Worldline S.A.(2) *		63,761		1,783
				412,032
Germany – 7.6%
adidas A.G.		43,924		7,733
Allianz S.E. (Registered)		110,341		26,312
BASF S.E.		242,659		11,015
Bayer A.G. (Registered)		267,269		12,837
Bayerische Motoren Werke A.G.		82,842		8,438
Bechtle A.G.		20,667		968
Beiersdorf A.G.		27,844		3,595
Brenntag S.E.		42,611		3,309
Carl Zeiss Meditec A.G. (Bearer)		10,976		960
Commerzbank A.G.		293,233		3,345
Continental A.G.		29,116		2,057
Covestro A.G.*		52,638		2,841
Daimler Truck Holding A.G.		136,167		4,722
Deutsche Bank A.G. (Registered)		535,676		5,915
Deutsche Boerse A.G.		51,773		8,949
Deutsche Lufthansa A.G. (Registered)*		162,487		1,291
Deutsche Post A.G.		273,402		11,143
Deutsche Telekom A.G. (Registered)		880,478		18,490
E.ON S.E.		606,382		7,183
Evonik Industries A.G.		56,036		1,026
Fresenius Medical Care A.G. & Co. KGaA		56,790		2,453
Fresenius S.E. & Co. KGaA		118,115		3,682
GEA Group A.G.		38,472		1,422
Hannover Rueck S.E.		16,871		3,707
Heidelberg Materials A.G.		39,833		3,094
HelloFresh S.E.*		47,772		1,428

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)    continued
Germany – 7.6%    continued
Henkel A.G. & Co. KGaA		27,224		$1,719
Infineon Technologies A.G.		354,097		11,744
Knorr-Bremse A.G.		19,782		1,258
LEG Immobilien S.E.*		20,293		1,402
Mercedes-Benz Group A.G.		220,536		15,361
Merck KGaA		35,013		5,852
MTU Aero Engines A.G.		14,700		2,671
Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered)		37,256		14,535
Nemetschek S.E.		15,821		967
Puma S.E.		29,826		1,856
Rational A.G.		1,462		926
Rheinmetall A.G.		12,038		3,104
RWE A.G.		171,145		6,360
SAP S.E.		286,297		37,163
Scout24 S.E.		19,880		1,381
Siemens A.G. (Registered)		206,952		29,669
Siemens Energy A.G.*		143,156		1,873
Siemens Healthineers A.G.(2)		78,013		3,963
Symrise A.G.		36,672		3,503
Talanx A.G.		17,775		1,127
Telefonica Deutschland Holding A.G.		239,128		428
Volkswagen A.G.		7,782		1,026
Vonovia S.E.		197,328		4,756
Wacker Chemie A.G.		5,401		775
Zalando S.E.(2) *		61,634		1,376
				312,710
Hong Kong – 2.1%
AIA Group Ltd.		3,157,286		25,539
CK Asset Holdings Ltd.		556,138		2,925
CK Infrastructure Holdings Ltd.		187,853		889
CLP Holdings Ltd.		440,514		3,249
Futu Holdings Ltd. ADR*		14,502		838
Hang Lung Properties Ltd.		551,501		750
Hang Seng Bank Ltd.		208,179		2,586
Henderson Land Development Co. Ltd.		379,929		995
HKT Trust & HKT Ltd.		1,102,220		1,150
Hong Kong & China Gas Co. Ltd.		3,080,005		2,146
Hong Kong Exchanges & Clearing Ltd.		327,396		12,206
Hongkong Land Holdings Ltd.		308,300		1,099
Jardine Matheson Holdings Ltd.		44,800		2,079
Link REIT		692,978		3,378
MTR Corp. Ltd.		445,136		1,754

See Notes to the Financial Statements.

EQUITY FUNDS  110 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)    continued
Hong Kong – 2.1%    continued
New World Development Co. Ltd.		410,111		$796
Power Assets Holdings Ltd.		378,817		1,827
Prudential PLC		745,661		8,029
Sino Land Co. Ltd.		989,217		1,113
Sun Hung Kai Properties Ltd.		397,258		4,225
Swire Pacific Ltd., Class A		119,051		804
Swire Properties Ltd.		340,587		711
Techtronic Industries Co. Ltd.		377,833		3,668
WH Group Ltd.(2)		2,284,213		1,192
Wharf Real Estate Investment Co. Ltd.		465,766		1,798
				85,746
Ireland – 0.4%
AerCap Holdings N.V.*		47,763		2,993
AIB Group PLC		355,458		1,601
Bank of Ireland Group PLC		287,376		2,822
Irish Bank Resolution Corp. Ltd.(3) *		99,788		—
Kerry Group PLC, Class A		43,947		3,669
Kingspan Group PLC		41,762		3,113
Smurfit Kappa Group PLC		72,024		2,383
				16,581
Israel – 0.6%
Azrieli Group Ltd.		10,107		518
Bank Hapoalim B.M.		348,624		3,100
Bank Leumi Le-Israel B.M.		421,627		3,486
Check Point Software Technologies Ltd.*		26,657		3,553
Elbit Systems Ltd.		7,084		1,408
Global-e Online Ltd.*		26,906		1,069
ICL Group Ltd.		225,393		1,248
Israel Discount Bank Ltd., Class A		355,469		1,919
Mizrahi Tefahot Bank Ltd.		42,271		1,530
Nice Ltd.*		17,119		2,910
Teva Pharmaceutical Industries Ltd. ADR*		299,345		3,053
Wix.com Ltd.*		14,651		1,345
				25,139
Italy – 2.2%
Amplifon S.p.A.		36,670		1,086
Assicurazioni Generali S.p.A.		278,431		5,690
Coca-Cola HBC A.G. - CDI*		64,134		1,755
Davide Campari-Milano N.V.		141,593		1,669
DiaSorin S.p.A.		7,183		654
Enel S.p.A.		2,208,006		13,549

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)    continued
Italy – 2.2%    continued
Eni S.p.A.		640,204		$10,283
Ferrari N.V.		18,769		5,532
Ferrari N.V. (New York Exchange)		15,441		4,563
FinecoBank Banca Fineco S.p.A.		171,590		2,083
Infrastrutture Wireless Italiane S.p.A.		96,117		1,141
Intesa Sanpaolo S.p.A.		4,234,431		10,882
Mediobanca Banca di Credito Finanziario S.p.A.		149,456		1,978
Moncler S.p.A.		56,229		3,264
Nexi S.p.A.*		165,879		1,012
Poste Italiane S.p.A.		138,949		1,461
Prysmian S.p.A.		69,339		2,782
Recordati Industria Chimica e Farmaceutica S.p.A.		27,580		1,300
Snam S.p.A.		553,450		2,598
Telecom Italia S.p.A.*		3,047,503		952
Terna - Rete Elettrica Nazionale		382,995		2,881
UniCredit S.p.A.		501,331		11,997
				89,112
Japan – 22.4%
Advantest Corp.		212,000		5,893
Aeon Co. Ltd.		178,700		3,541
AGC, Inc.		50,500		1,773
Aisin Corp.		40,200		1,518
Ajinomoto Co., Inc.		121,200		4,671
ANA Holdings, Inc.*		42,900		899
Asahi Group Holdings Ltd.		132,700		4,961
Asahi Intecc Co. Ltd.		59,600		1,071
Asahi Kasei Corp.		356,300		2,240
Astellas Pharma, Inc.		493,000		6,810
Azbil Corp.		32,700		1,001
Bandai Namco Holdings, Inc.		163,200		3,319
BayCurrent Consulting, Inc.		38,300		1,280
Bridgestone Corp.		157,000		6,119
Brother Industries Ltd.		63,000		1,014
Canon, Inc.		273,300		6,604
Capcom Co. Ltd.		47,000		1,689
Central Japan Railway Co.		198,500		4,827
Chiba Bank (The) Ltd.		154,000		1,117
Chubu Electric Power Co., Inc.		177,300		2,268
Chugai Pharmaceutical Co. Ltd.		185,565		5,750
Concordia Financial Group Ltd.		289,900		1,318
CyberAgent, Inc.		116,800		630
Dai Nippon Printing Co. Ltd.		57,900		1,506

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 – 97.2% (1)    continued
Japan – 22.4%    continued
Daifuku Co. Ltd.		82,100		$1,552
Dai-ichi Life Holdings, Inc.		259,500		5,399
Daiichi Sankyo Co. Ltd.		505,900		13,885
Daikin Industries Ltd.		72,000		11,296
Daito Trust Construction Co. Ltd.		17,100		1,801
Daiwa House Industry Co. Ltd.		165,400		4,441
Daiwa House REIT Investment Corp.		519		916
Daiwa Securities Group, Inc.		367,800		2,122
Denso Corp.		476,000		7,640
Dentsu Group, Inc.		54,918		1,616
Disco Corp.		25,400		4,664
East Japan Railway Co.		83,312		4,768
Eisai Co. Ltd.		69,700		3,869
ENEOS Holdings, Inc.		790,997		3,120
FANUC Corp.		260,100		6,789
Fast Retailing Co. Ltd.		47,900		10,433
Fuji Electric Co. Ltd.		35,700		1,610
FUJIFILM Holdings Corp.		103,400		5,987
Fujitsu Ltd.		48,600		5,718
GLP J-REIT		1,264		1,131
GMO Payment Gateway, Inc.		11,400		622
Hakuhodo DY Holdings, Inc.		58,600		482
Hamamatsu Photonics K.K.		37,870		1,592
Hankyu Hanshin Holdings, Inc.		62,800		2,142
Hikari Tsushin, Inc.		5,800		883
Hirose Electric Co. Ltd.		7,928		918
Hitachi Construction Machinery Co. Ltd.		29,900		910
Hitachi Ltd.		256,200		15,883
Honda Motor Co. Ltd.		1,257,300		14,137
Hoshizaki Corp.		29,200		1,014
Hoya Corp.		96,900		9,986
Hulic Co. Ltd.		108,100		970
Ibiden Co. Ltd.		32,200		1,707
Idemitsu Kosan Co. Ltd.		56,388		1,297
Iida Group Holdings Co. Ltd.		41,264		686
Inpex Corp.		266,600		4,001
Isuzu Motors Ltd.		155,300		1,952
ITOCHU Corp.		324,200		11,713
Japan Airlines Co. Ltd.		42,200		821
Japan Exchange Group, Inc.		137,000		2,541
Japan Metropolitan Fund Invest		1,909		1,239
Japan Post Bank Co. Ltd.		402,000		3,493
Japan Post Holdings Co. Ltd.		606,500		4,849

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 97.2% (1)    continued
Japan – 22.4%    continued
Japan Post Insurance Co. Ltd.		47,200		$794
Japan Real Estate Investment Corp.		359		1,400
Japan Tobacco, Inc.		327,000		7,525
JFE Holdings, Inc.		134,100		1,970
JSR Corp.		48,700		1,307
Kajima Corp.		115,900		1,886
Kansai Electric Power (The) Co., Inc.		188,400		2,621
Kao Corp.		127,300		4,727
Kawasaki Kisen Kaisha Ltd.		40,000		1,364
KDDI Corp.		406,800		12,453
Keio Corp.		27,500		946
Keisei Electric Railway Co. Ltd.		35,200		1,219
Keyence Corp.		53,356		19,831
Kikkoman Corp.		37,100		1,945
Kintetsu Group Holdings Co. Ltd.		48,800		1,383
Kirin Holdings Co. Ltd.		210,100		2,947
Kobayashi Pharmaceutical Co. Ltd.		14,300		639
Kobe Bussan Co. Ltd.		39,800		933
Koei Tecmo Holdings Co. Ltd.		31,440		447
Koito Manufacturing Co. Ltd.		56,328		850
Komatsu Ltd.		251,700		6,802
Konami Group Corp.		27,300		1,439
Kose Corp.		9,600		696
Kubota Corp.		277,900		4,111
Kurita Water Industries Ltd.		28,900		1,007
Kyocera Corp.		88,900		4,509
Kyowa Kirin Co. Ltd.		74,200		1,292
Lasertec Corp.		21,100		3,276
Lixil Corp.		81,600		950
M3, Inc.		117,500		2,133
Makita Corp.		59,800		1,481
Marubeni Corp.		390,000		6,078
MatsukiyoCocokara & Co.		93,900		1,683
Mazda Motor Corp.		154,800		1,755
McDonald’s Holdings Co. Japan Ltd.		23,600		903
MEIJI Holdings Co. Ltd.		61,052		1,518
MINEBEA MITSUMI, Inc.		99,700		1,626
MISUMI Group, Inc.		78,000		1,218
Mitsubishi Chemical Group Corp.		347,600		2,191
Mitsubishi Corp.		316,400		15,074
Mitsubishi Electric Corp.		522,900		6,465
Mitsubishi Estate Co. Ltd.		309,500		4,046
Mitsubishi HC Capital, Inc.		234,000		1,559
Mitsubishi Heavy Industries Ltd.		86,500		4,846

See Notes to the Financial Statements.

EQUITY FUNDS  112 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.2% (1)     continued
Japan – 22.4%     continued
Mitsubishi UFJ Financial Group, Inc.		3,120,095		$26,464
Mitsui & Co. Ltd.		358,900		13,008
Mitsui Chemicals, Inc.		45,400		1,177
Mitsui Fudosan Co. Ltd.		244,600		5,387
Mitsui OSK Lines Ltd.		94,900		2,604
Mizuho Financial Group, Inc.		656,418		11,119
MonotaRO Co. Ltd.		72,100		771
MS&AD Insurance Group Holdings, Inc.		118,743		4,343
Murata Manufacturing Co. Ltd.		476,073		8,701
NEC Corp.		67,800		3,745
Nexon Co. Ltd.		89,200		1,584
NGK Insulators Ltd.		66,100		876
Nidec Corp.		114,900		5,323
Nintendo Co. Ltd.		282,500		11,769
Nippon Building Fund, Inc.		410		1,662
NIPPON EXPRESS HOLDINGS, Inc.		18,400		960
Nippon Paint Holdings Co. Ltd.		259,700		1,746
Nippon Prologis REIT, Inc.		596		1,118
Nippon Sanso Holdings Corp.		43,800		1,038
Nippon Steel Corp.		230,461		5,401
Nippon Telegraph & Telephone Corp.		8,105,900		9,574
Nippon Yusen K.K.		134,700		3,491
Nissan Chemical Corp.		35,100		1,492
Nissan Motor Co. Ltd.		637,400		2,812
Nissin Foods Holdings Co. Ltd.		17,100		1,421
Nitori Holdings Co. Ltd.		22,300		2,497
Nitto Denko Corp.		37,700		2,471
Nomura Holdings, Inc.		820,900		3,291
Nomura Real Estate Holdings, Inc.		32,700		821
Nomura Real Estate Master Fund, Inc.		1,149		1,289
Nomura Research Institute Ltd.		102,722		2,673
NTT Data Group Corp.		175,500		2,351
Obayashi Corp.		177,300		1,561
Obic Co. Ltd.		18,900		2,875
Odakyu Electric Railway Co. Ltd.		84,900		1,269
Oji Holdings Corp.		235,200		997
Olympus Corp.		339,900		4,404
Omron Corp.		47,800		2,129
Ono Pharmaceutical Co. Ltd.		105,900		2,031
Open House Group Co. Ltd.		22,200		753
Oracle Corp. Japan		10,900		813
Oriental Land Co. Ltd.		296,400		9,730
ORIX Corp.		320,000		5,975

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.2% (1)     continued
Japan – 22.4%   continued
Osaka Gas Co. Ltd.		102,400		$1,689
Otsuka Corp.		31,000		1,313
Otsuka Holdings Co. Ltd.		107,815		3,836
Pan Pacific International Holdings Corp.		107,900		2,266
Panasonic Corp.		612,000		6,882
Persol Holdings Co. Ltd.		481,000		783
Rakuten Group, Inc.		428,200		1,754
Recruit Holdings Co. Ltd.		393,900		12,130
Renesas Electronics Corp.*		351,700		5,396
Resona Holdings, Inc.		576,310		3,185
Ricoh Co. Ltd.		149,800		1,292
Rohm Co. Ltd.		94,800		1,794
SBI Holdings, Inc.		66,960		1,409
SCSK Corp.		45,500		794
Secom Co. Ltd.		57,800		3,920
Seiko Epson Corp.		81,000		1,272
Sekisui Chemical Co. Ltd.		100,100		1,441
Sekisui House Ltd.		159,100		3,168
Seven & i Holdings Co. Ltd.		205,700		8,055
SG Holdings Co. Ltd.		87,200		1,117
Sharp Corp.*		84,800		528
Shimadzu Corp.		66,700		1,771
Shimano, Inc.		21,200		2,863
Shimizu Corp.		143,500		998
Shin-Etsu Chemical Co. Ltd.		497,500		14,440
Shionogi & Co. Ltd.		71,700		3,206
Shiseido Co. Ltd.		108,800		3,820
Shizuoka Financial Group, Inc.		123,300		1,003
SMC Corp.		15,500		6,938
SoftBank Corp.		781,500		8,838
SoftBank Group Corp.		281,200		11,901
Sompo Holdings, Inc.		82,745		3,542
Sony Group Corp.		346,000		28,303
Square Enix Holdings Co. Ltd.		23,500		805
Subaru Corp.		165,300		3,211
SUMCO Corp.		100,100		1,302
Sumitomo Chemical Co. Ltd.		368,000		1,002
Sumitomo Corp.		290,200		5,789
Sumitomo Electric Industries Ltd.		198,700		2,393
Sumitomo Metal Mining Co. Ltd.		69,100		2,032
Sumitomo Mitsui Financial Group, Inc.		345,842		16,954
Sumitomo Mitsui Trust Holdings, Inc.		91,519		3,437
Sumitomo Realty & Development Co. Ltd.		78,500		2,039

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 – 97.2% (1)     continued
Japan – 22.4%     continued
Suntory Beverage & Food Ltd.		37,700		$1,150
Suzuki Motor Corp.		99,300		3,993
Sysmex Corp.		46,098		2,198
T&D Holdings, Inc.		137,700		2,261
Taisei Corp.		46,700		1,643
Takeda Pharmaceutical Co. Ltd.		430,566		13,372
TDK Corp.		107,200		3,970
Terumo Corp.		185,700		4,920
TIS, Inc.		63,000		1,387
Tobu Railway Co. Ltd.		50,900		1,308
Toho Co. Ltd.		30,500		1,041
Tokio Marine Holdings, Inc.		490,200		11,300
Tokyo Electric Power Co. Holdings, Inc.*		426,000		1,905
Tokyo Electron Ltd.		128,500		17,487
Tokyo Gas Co. Ltd.		107,200		2,436
Tokyu Corp.		140,600		1,621
TOPPAN Holdings, Inc.		66,900		1,599
Toray Industries, Inc.		384,500		2,000
Tosoh Corp.		70,200		900
TOTO Ltd.		38,500		994
Toyota Industries Corp.		40,500		3,188
Toyota Motor Corp.		2,897,120		52,059
Toyota Tsusho Corp.		58,900		3,462
Trend Micro, Inc.		38,100		1,443
Unicharm Corp.		110,600		3,902
USS Co. Ltd.		56,800		939
Welcia Holdings Co. Ltd.		27,100		468
West Japan Railway Co.		61,000		2,524
Yakult Honsha Co. Ltd.		70,600		1,715
Yamaha Corp.		41,100		1,122
Yamaha Motor Co. Ltd.		83,000		2,181
Yamato Holdings Co. Ltd.		75,000		1,221
Yaskawa Electric Corp.		65,900		2,376
Yokogawa Electric Corp.		61,500		1,188
Z Holdings Corp.		751,200		2,097
Zensho Holdings Co. Ltd.		23,700		1,034
ZOZO, Inc.		42,700		783
				923,573
Jordan – 0.0%
Hikma Pharmaceuticals PLC		46,136		1,176

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.2% (1)     continued
Luxembourg – 0.1%
ArcelorMittal S.A.		136,958		$3,425
Eurofins Scientific S.E.		37,240		2,100
				5,525
Macau – 0.1%
Galaxy Entertainment Group Ltd.		596,148		3,566
Sands China Ltd.*		684,699		2,082
				5,648
Netherlands – 5.3%
ABN AMRO Bank N.V. - C.V.A.		114,741		1,625
Adyen N.V.*		5,883		4,361
Aegon N.V.		460,956		2,222
Akzo Nobel N.V.		46,755		3,374
Argenx S.E.*		15,347		7,461
ASM International N.V.		12,952		5,409
ASML Holding N.V.		110,436		64,852
ASR Nederland N.V.		42,673		1,602
BE Semiconductor Industries N.V.		21,017		2,055
Euronext N.V.		23,431		1,631
EXOR N.V.		29,902		2,651
Heineken Holding N.V.		34,445		2,592
Heineken N.V.		78,309		6,889
IMCD N.V.		15,570		1,968
ING Groep N.V.		981,079		12,960
JDE Peet’sN.V.		37,057		1,035
Koninklijke Ahold Delhaize N.V.		265,219		7,997
Koninklijke KPN N.V.		904,080		2,980
Koninklijke Philips N.V.*		251,912		5,020
NN Group N.V.		68,784		2,204
OCI N.V.*		31,429		874
Randstad N.V.		30,011		1,654
Shell PLC		1,831,922		58,164
Universal Music Group N.V.		225,439		5,862
Wolters Kluwer N.V.		70,248		8,507
				215,949
New Zealand – 0.2%
Auckland International Airport Ltd.		322,225		1,527
Fisher & Paykel Healthcare Corp. Ltd.		151,333		1,957
Mercury NZ Ltd.		177,324		649
Meridian Energy Ltd.		336,212		1,036
Spark New Zealand Ltd.		528,543		1,524
Xero Ltd.*		39,294		2,848
				9,541

See Notes to the Financial Statements.

EQUITY FUNDS  114 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.2% (1)     continued
Norway – 0.6%
Aker BP ASA		80,649		$2,229
DNB Bank ASA		253,278		5,101
Equinor ASA		246,882		8,094
Gjensidige Forsikring ASA		59,937		881
Kongsberg Gruppen ASA		24,750		1,019
Mowi ASA		119,383		2,114
Norsk Hydro ASA		379,550		2,382
Orkla ASA		200,960		1,501
Salmar ASA		19,696		997
Telenor ASA		178,879		2,029
				26,347
Portugal – 0.2%
Banco Espirito Santo S.A.(Registered)(3)*		882,815		—
EDP - Energias de Portugal S.A.		877,080		3,650
Galp Energia SGPS S.A.		141,287		2,093
Jeronimo Martins SGPS S.A.		81,111		1,820
				7,563
Singapore – 1.6%
CapitaLand Ascendas REIT		1,062,792		2,136
CapitaLand Integrated Commercial Trust		1,438,716		1,942
CapitaLand Investment Ltd.		717,062		1,621
City Developments Ltd.		127,800		615
DBS Group Holdings Ltd.		495,305		12,162
Genting Singapore Ltd.		1,705,280		1,054
Grab Holdings Ltd., Class A*		510,028		1,805
Jardine Cycle & Carriage Ltd.		27,300		636
Keppel Corp. Ltd.		404,250		2,006
Mapletree Logistics Trust		983,455		1,206
Mapletree Pan Asia Commercial Trust		683,900		716
Oversea-Chinese Banking Corp. Ltd.		920,351		8,596
Sea Ltd. ADR*		100,805		4,430
Seatrium Ltd.*		12,063,224		1,179
Sembcorp Industries Ltd.		265,700		988
Singapore Airlines Ltd.		391,235		1,848
Singapore Exchange Ltd.		235,500		1,676
Singapore Technologies Engineering Ltd.		440,300		1,258
Singapore Telecommunications Ltd.		2,248,125		3,966
STMicroelectronics N.V.		185,017		7,971
United Overseas Bank Ltd.		342,149		7,123
UOL Group Ltd.		122,280		571
				65,505

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.2% (1)     continued
South Africa – 0.2%
Anglo American PLC		340,971		$9,440
South Korea – 0.0%
Delivery Hero S.E.*		46,850		1,346
Spain – 2.5%
Acciona S.A.		7,195		915
ACS Actividades de Construccion y Servicios S.A.		59,671		2,149
Aena S.M.E. S.A.		20,934		3,149
Amadeus IT Group S.A.		121,673		7,332
Banco Bilbao Vizcaya Argentaria S.A.		1,633,503		13,301
Banco Santander S.A.		4,463,414		16,949
CaixaBank S.A.		1,138,964		4,556
Cellnex Telecom S.A.*		155,384		5,403
Corp. ACCIONA Energias Renovables S.A.		19,010		490
EDP Renovaveis S.A.		88,590		1,449
Enagas S.A.		72,079		1,193
Endesa S.A.		86,581		1,760
Grifols S.A.*		79,441		1,028
Iberdrola S.A.		1,673,146		18,681
Industria de Diseno Textil S.A.		295,578		11,001
Naturgy Energy Group S.A.		36,989		1,005
Redeia Corp. S.A.		101,201		1,589
Repsol S.A.		363,983		5,992
Telefonica S.A.		1,432,089		5,860
				103,802
Sweden – 2.8%
Alfa Laval AB		79,274		2,712
Assa Abloy AB, Class B		276,388		6,021
Atlas Copco AB, Class A		725,395		9,719
Atlas Copco AB, Class B		427,504		4,994
Beijer Ref AB		99,176		1,042
Boliden AB		78,163		2,225
Epiroc AB, Class A		176,925		3,349
Epiroc AB, Class B		111,843		1,788
EQT AB		96,757		1,911
Essity AB, Class B		167,095		3,601
Evolution AB		50,604		5,099
Fastighets AB Balder, Class B*		166,288		745
Getinge AB, Class B		65,425		1,149
Hennes & Mauritz AB, Class B		180,619		2,568
Hexagon AB, Class B		570,415		4,855
Holmen AB, Class B		24,700		959
Husqvarna AB, Class B		88,459		675

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 – 97.2% (1)     continued
Sweden – 2.8%     continued
Industrivarden AB, Class A		35,290		$930
Industrivarden AB, Class C		40,743		1,072
Indutrade AB		76,366		1,410
Investment AB Latour, Class B		43,691		767
Investor AB, Class B		473,237		9,058
L E Lundbergforetagen AB, Class B		22,433		935
Lifco AB, Class B		62,523		1,094
Nibe Industrier AB, Class B		417,572		2,721
Saab AB, Class B		23,163		1,178
Sagax AB, Class B		51,523		980
Sandvik AB		292,424		5,361
Securitas AB, Class B		141,031		1,113
Skandinaviska Enskilda Banken AB, Class A		446,730		5,321
Skanska AB, Class B		97,142		1,593
SKF AB, Class B		92,471		1,533
Svenska Cellulosa AB S.C.A., Class B		168,216		2,301
Svenska Handelsbanken AB, Class A		386,955		3,440
Swedbank AB, Class A		234,368		4,315
Swedish Orphan Biovitrum AB*		57,905		1,184
Tele2 AB, Class B		155,872		1,191
Telefonaktiebolaget LM Ericsson, Class B		806,109		3,915
Telia Co. AB		660,738		1,364
Volvo AB, Class A		55,885		1,162
Volvo AB, Class B		408,925		8,418
Volvo Car AB, Class B*		176,529		713
				116,481
Switzerland – 6.1%
ABB Ltd. (Registered)		439,972		15,723
Adecco Group A.G. (Registered)		42,621		1,748
Alcon, Inc.		135,105		10,440
Bachem Holding A.G.		9,370		691
Baloise Holding A.G. (Registered)		12,252		1,777
Banque Cantonale Vaudoise (Registered)		8,446		886
Barry Callebaut A.G. (Registered)		997		1,585
BKW A.G.		5,956		1,050
Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate)		275		3,059
Chocoladefabriken Lindt & Spruengli A.G. (Registered)		30		3,289
Cie Financiere Richemont S.A., Class A (Registered)		141,756		17,272
Clariant A.G. (Registered)*		61,024		964

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 97.2% (1)     continued
Switzerland – 6.1%   continued
DSM-Firmenich A.G.		51,009		$4,309
Dufry A.G. (Registered)*		28,300		1,077
EMS-Chemie Holding A.G. (Registered)		1,925		1,306
Geberit A.G. (Registered)		9,396		4,691
Givaudan S.A. (Registered)		2,508		8,210
Helvetia Holding A.G. (Registered)		9,233		1,294
Julius Baer Group Ltd.		58,801		3,768
Kuehne + Nagel International A.G. (Registered)		15,023		4,260
Logitech International S.A. (Registered)		45,350		3,125
Lonza Group A.G. (Registered)		20,166		9,330
Novartis A.G. (Registered)		561,709		57,319
Partners Group Holding A.G.		6,143		6,912
Schindler Holding A.G. (Participation Certificate)		11,243		2,241
Schindler Holding A.G. (Registered)		6,375		1,226
SGS S.A. (Registered)		41,293		3,467
SIG Group A.G.*		81,864		2,016
Sika A.G. (Registered)		39,584		10,033
Sonova Holding A.G. (Registered)		14,311		3,391
Straumann Holding A.G. (Registered)		30,612		3,888
Swatch Group (The) A.G. (Bearer)		8,382		2,149
Swatch Group (The) A.G. (Registered)		12,980		634
Swiss Life Holding A.G. (Registered)		8,212		5,116
Swiss Prime Site A.G. (Registered)		20,924		1,915
Swisscom A.G. (Registered)		7,162		4,255
Temenos A.G. (Registered)		17,485		1,226
UBS Group A.G. (Registered)		892,059		22,050
VAT Group A.G.		7,451		2,653
Zurich Insurance Group A.G.		40,789		18,691
				249,036
United Kingdom – 11.2%
3i Group PLC		269,725		6,789
abrdn PLC		540,002		1,021
Admiral Group PLC		61,193		1,770
Ashtead Group PLC		118,997		7,233
Associated British Foods PLC		95,876		2,410
AstraZeneca PLC		424,729		57,159
Auto Trader Group PLC(2)		250,806		1,880
Aviva PLC		766,040		3,622
BAE Systems PLC		830,400		10,080
Barclays PLC		4,214,401		8,162
Barratt Developments PLC		266,036		1,427
Berkeley Group Holdings PLC		28,723		1,433

See Notes to the Financial Statements.

EQUITY FUNDS  116 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.2% (1)     continued
United Kingdom – 11.2%    continued
BP PLC		4,734,804		$30,572
British American Tobacco PLC		577,168		18,118
BT Group PLC		1,759,148		2,499
Bunzl PLC		93,526		3,319
Burberry Group PLC		103,717		2,405
Centrica PLC		1,530,383		2,873
CK Hutchison Holdings Ltd.		732,638		3,905
CNH Industrial N.V.		274,642		3,327
Coca-Cola Europacific Partners PLC		56,718		3,544
Compass Group PLC		475,226		11,577
Croda International PLC		37,662		2,258
DCC PLC		27,447		1,539
Diageo PLC		613,240		22,616
Entain PLC		166,013		1,890
Halma PLC		101,354		2,381
Hargreaves Lansdown PLC		93,117		874
HSBC Holdings PLC		5,404,395		42,338
Imperial Brands PLC		242,388		4,922
Informa PLC		379,521		3,458
InterContinental Hotels Group PLC		47,601		3,509
Intertek Group PLC		44,747		2,237
J Sainsbury PLC		452,361		1,392
JD Sports Fashion PLC		705,144		1,285
Johnson Matthey PLC		49,949		990
Kingfisher PLC		554,740		1,504
Land Securities Group PLC		194,068		1,388
Legal & General Group PLC		1,650,078		4,458
Lloyds Banking Group PLC		17,990,695		9,687
London Stock Exchange Group PLC		116,169		11,662
M&G PLC		605,565		1,450
Melrose Industries PLC		370,230		2,110
National Grid PLC		1,005,455		12,002
NatWest Group PLC		1,586,518		4,540
Next PLC		33,756		2,995
Ocado Group PLC*		159,465		1,160
Pearson PLC		176,835		1,871
Persimmon PLC		92,030		1,205
Phoenix Group Holdings PLC		215,294		1,261
Reckitt Benckiser Group PLC		195,076		13,786
RELX PLC		518,671		17,492
Rentokil Initial PLC		695,914		5,159
Rolls-Royce Holdings PLC*		2,311,730		6,197
Sage Group (The) PLC		286,851		3,452
Schroders PLC		218,976		1,082

	NUMBER OF SHARES		VALUE     (000S)
COMMON STOCKS – 97.2% (1)     continued
United Kingdom – 11.2%    continued
Segro PLC		330,357		$2,882
Severn Trent PLC		67,332		1,940
Smith & Nephew PLC		241,027		2,996
Smiths Group PLC		95,141		1,875
Spirax-Sarco Engineering PLC		19,811		2,291
SSE PLC		295,761		5,795
St. James’s Place PLC		151,450		1,528
Standard Chartered PLC		665,612		6,151
Taylor Wimpey PLC		941,616		1,339
Tesco PLC		2,022,891		6,504
Unilever PLC		688,784		33,990
United Utilities Group PLC		183,065		2,111
Vodafone Group PLC		6,335,475		5,916
Whitbread PLC		52,678		2,216
Wise PLC, Class A*		165,001		1,371
WPP PLC		284,344		2,534
				462,714
United States – 7.4%
CRH PLC		201,630		11,121
CSL Ltd.		130,818		21,077
CyberArk Software Ltd.*		11,069		1,813
Experian PLC		249,813		8,161
Ferrovial S.E.		134,936		4,114
GSK PLC		1,116,004		20,175
Haleon PLC		1,514,487		6,285
Holcim A.G.*		142,002		9,092
James Hardie Industries PLC - CDI*		124,119		3,239
Monday.com Ltd.*		5,654		900
Nestle S.A. (Registered)		731,342		82,584
QIAGEN N.V.*		63,064		2,552
Roche Holding A.G. (Bearer)		8,813		2,593
Roche Holding A.G. (Genusschein)		192,543		52,519
Sanofi		309,145		33,172
Schneider Electric S.E.		149,405		24,631
Stellantis N.V.		89,784		1,718
Stellantis N.V. (New York Exchange)		521,934		10,011
Swiss Re A.G.		81,599		8,376
Tenaris S.A.		130,622		2,064
				306,197
Total Common Stocks
(Cost $2,667,533)				4,005,391

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)
PREFERRED STOCKS – 0.4% (1)
Germany – 0.4%
Bayerische Motoren Werke A.G., 9.70%(4)		15,732		$1,469
Dr. Ing hc F Porsche A.G., 1.13%(4)		31,153		2,930
Henkel A.G. & Co. KGaA, 2.75%(4)		45,816		3,270
Porsche Automobil Holding S.E., 5.50%(4)		41,009		2,022
Sartorius A.G., 0.45%(4)		7,210		2,447
Volkswagen A.G., 8.05%(4)		56,379		6,491
				18,629
Total Preferred Stocks
(Cost $16,000)				18,629
INVESTMENT COMPANIES – 1.2%
iShares Core MSCI EAFE ETF		353,000		22,715
iShares MSCI EAFE ETF		190,000		13,095
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(5) (6)		11,698,671		11,699
Total Investment Companies
(Cost $46,937)				47,509
Total Investments – 98.8%
(Cost $2,730,470)				4,071,529
Other Assets less Liabilities – 1.2%				47,484
Net Assets – 100.0%				$4,119,013

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

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽³⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾  Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

⁽⁵⁾  Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾  7-day current yield as of September 30, 2023 is disclosed.

* Non-Income Producing Security

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

ADR – American Depositary Receipt

CDI – CREST Depository Interest

EAFE – Europe, Australasia and the Far East

ETF – Exchange-Traded Fund

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

REIT – Real Estate Investment Trust

Percentages shown are based on Net Assets.

At September 30, 2023, 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)
UBS		Swiss Franc		2,000		United States Dollar		2,260		12/20/23		$  55
Subtotal Appreciation												55
BNY Mellon		United States Dollar		1,860		British Pound		1,500		12/20/23		(28)
Citibank		Japanese Yen		760,000		United States Dollar		5,152		12/20/23		(5	)
Toronto-Dominion Bank		United States Dollar		2,080		British Pound		1,670		12/20/23		(41	)
Toronto-Dominion Bank		United States Dollar		6,430		Euro		6,000		12/20/23		(61	)
Toronto-Dominion Bank		United States Dollar		8,629		Japanese Yen		1,254,610		12/20/23		(117	)
Subtotal Depreciation												(252	)
Total												$(197	)

At September 30, 2023, 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)		510		$22,668		Long		12/23		$(382	)
FTSE 100 Index (British Pound)		124		11,606		Long		12/23		88
Hang Seng Index (Hong Kong Dollar)		8		914		Long		10/23		3
SPI 200 Index (Australian Dollar)		53		6,037		Long		12/23		(138	)
Topix Index (Japanese Yen)		87		13,527		Long		12/23		(148	)
Total										$(577	)

⁽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  118 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

At September 30, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET ASSETS
Euro		31.6	%
Japanese Yen		22.4
British Pound		15.0
Swiss Franc		9.7
Australian Dollar		7.2
All other currencies less than 5%		12.9
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, 2023 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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Hong Kong	$	838	$	84,908		$—	$	85,746
Ireland		2,993		13,588		—		16,581
Israel		9,020		16,119		—		25,139
Italy		4,563		84,549		—		89,112
Japan		13,372		910,201		—		923,573
Singapore		6,235		59,270		—		65,505
United Kingdom		3,544		459,170		—		462,714
United States		4,431		301,766		—		306,197
All Other Countries(1)		—		2,030,824		—		2,030,824
Total Common Stocks		44,996		3,960,395		—		4,005,391
Preferred Stocks		—		18,629		—		18,629
Investment Companies		47,509		—		—		47,509
Total Investments	$	92,505	$	3,979,024		$—	$	4,071,529

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	55			$—	$	55
Futures Contracts		91			—			—		91
Liabilities
Forward Foreign Currency Exchange Contracts		—			(252	)		—		(252	)
Futures Contracts		(668	)		—			—		(668	)
Total Other Financial Instruments	$	(577	)	$	(197	)		$—	$	(774	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  119 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

LARGE CAP CORE FUND

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 99.3%
Aerospace & Defense – 0.8%
General Dynamics Corp.		2,915		$644
Lockheed Martin Corp.		3,280		1,342
				1,986
Air Freight & Logistics – 1.0%
Expeditors International of Washington, Inc.		14,040		1,609
United Parcel Service, Inc., Class B		4,623		721
				2,330
Automobiles – 1.3%
Tesla, Inc.*		12,517		3,132
Thor Industries, Inc.		120		11
				3,143
Banks – 2.9%
Bank of America Corp.		41,467		1,135
Bank OZK		12,375		459
Citigroup, Inc.		36,434		1,499
JPMorgan Chase & Co.		25,764		3,736
Wells Fargo & Co.		1,247		51
				6,880
Beverages – 0.9%
Coca-Cola (The) Co.		25,434		1,424
PepsiCo, Inc.		3,964		672
				2,096
Biotechnology – 2.2%
AbbVie, Inc.		3,085		460
Amgen, Inc.		9,548		2,566
Gilead Sciences, Inc.		23,555		1,765
Vertex Pharmaceuticals, Inc.*		1,303		453
				5,244
Broadline Retail – 3.4%
Amazon.com, Inc.*		53,170		6,759
eBay, Inc.		31,137		1,373
				8,132
Capital Markets – 2.6%
Bank of New York Mellon (The) Corp.		40,443		1,725
Goldman Sachs Group (The), Inc.		6,536		2,115
Janus Henderson Group PLC		20,528		530
Jefferies Financial Group, Inc.		36,003		1,319
Robinhood Markets, Inc., Class A*		10,262		101
State Street Corp.		6,802		455
				6,245

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 99.3%    continued
Chemicals – 1.2%
CF Industries Holdings, Inc.		8,843		$758
LyondellBasell Industries N.V., Class A		17,740		1,680
Mosaic (The) Co.		865		31
Olin Corp.		9,310		465
				2,934
Communications Equipment – 1.2%
Cisco Systems, Inc.		54,651		2,938
Construction Materials – 0.1%
Eagle Materials, Inc.		1,122		187
Consumer Finance – 0.3%
Capital One Financial Corp.		3,125		303
SLM Corp.		25,564		348
Synchrony Financial		5,854		179
				830
Consumer Staples Distribution & Retail – 1.5%
Albertsons Cos., Inc., Class A		1,933		44
Costco Wholesale Corp.		33		19
Kroger (The) Co.		37,428		1,675
Walmart, Inc.		11,606		1,856
				3,594
Diversified Consumer Services – 0.5%
H&R Block, Inc.		26,697		1,150
Electric Utilities – 1.8%
Constellation Energy Corp.		11,822		1,289
Edison International		848		54
Entergy Corp.		196		18
Exelon Corp.		35,468		1,340
FirstEnergy Corp.		19,155		655
IDACORP, Inc.		4,011		376
NRG Energy, Inc.		10,015		386
OGE Energy Corp.		1,861		62
				4,180
Electrical Equipment – 0.2%
Acuity Brands, Inc.		3,175		541
Electronic Equipment, Instruments & Components – 0.6%
CDW Corp.		1,687		340
Jabil, Inc.		4,635		588
Vontier Corp.		14,120		437
				1,365
Entertainment – 0.7%
Activision Blizzard, Inc.		1,397		131
Electronic Arts, Inc.		375		45

See Notes to the Financial Statements.

EQUITY FUNDS  120  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 99.3%     continued
Entertainment – 0.7%     continued
Netflix, Inc.*		1,210		$457
Playtika Holding Corp.*		116,672		1,123
				1,756
Financial Services – 4.2%
Berkshire Hathaway, Inc., Class B*		12,607		4,416
Fidelity National Information Services, Inc.		23,409		1,294
Fiserv, Inc.*		3,542		400
Mastercard, Inc., Class A		1,610		637
MGIC Investment Corp.		91,552		1,528
PayPal Holdings, Inc.*		5,064		296
Visa, Inc., Class A		6,363		1,464
				10,035
Food Products – 1.4%
Archer-Daniels-Midland Co.		17,646		1,331
General Mills, Inc.		20,549		1,315
Kellogg Co.		9,695		577
				3,223
Ground Transportation – 0.6%
Landstar System, Inc.		8,125		1,438
Health Care Equipment & Supplies – 2.8%
Abbott Laboratories		25,549		2,474
GE HealthCare Technologies, Inc.		25,112		1,709
Hologic, Inc.*		2,105		146
IDEXX Laboratories, Inc.*		1,460		638
Intuitive Surgical, Inc.*		844		247
Stryker Corp.		5,526		1,510
				6,724
Health Care Providers & Services – 3.7%
Cardinal Health, Inc.		3,023		262
Cencora, Inc.		4,811		866
Cigna Group (The)		4,684		1,340
DaVita, Inc.*		4,009		379
Elevance Health, Inc.		258		112
HCA Healthcare, Inc.		2,337		575
Humana, Inc.		2,547		1,239
McKesson Corp.		4,581		1,992
UnitedHealth Group, Inc.		4,234		2,135
				8,900
Hotel & Resort Real Estate Investment Trusts – 0.5%
Host Hotels & Resorts, Inc.		81,495		1,310

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 99.3%     continued
Hotels, Restaurants & Leisure – 1.3%
Booking Holdings, Inc.*		661		$2,039
Expedia Group, Inc.*		7,503		773
McDonald’s Corp.		1,003		264
				3,076
Household Durables – 1.1%
NVR, Inc.*		274		1,634
PulteGroup, Inc.		4,717		349
Toll Brothers, Inc.		8,309		615
				2,598
Household Products – 1.6%
Kimberly-Clark Corp.		14,086		1,703
Procter & Gamble (The) Co.		14,762		2,153
				3,856
Industrial Conglomerates – 1.2%
3M Co.		6,198		580
General Electric Co.		20,851		2,305
				2,885
Insurance – 2.1%
Aflac, Inc.		24,865		1,908
American International Group, Inc.		1,871		113
Assured Guaranty Ltd.		18,013		1,090
Brighthouse Financial, Inc.*		28,474		1,394
Old Republic International Corp.		436		12
Unum Group		10,318		508
				5,025
Interactive Media & Services – 6.6%
Alphabet, Inc., Class A*		84,449		11,051
Meta Platforms, Inc., Class A*		15,359		4,611
				15,662
IT Services – 1.6%
Accenture PLC, Class A		7,159		2,199
Amdocs Ltd.		14,132		1,194
Cognizant Technology Solutions Corp., Class A		5,756		390
Kyndryl Holdings, Inc.*		8,499		128
				3,911
Leisure Products – 0.1%
Polaris, Inc.		1,369		143
Life Sciences Tools & Services – 0.8%
Medpace Holdings, Inc.*		4,476		1,084

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  121 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

LARGE CAP CORE FUND     continued

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 99.3%    continued
Life Sciences Tools & Services – 0.8%    continued
Mettler-Toledo International, Inc.*		778		$862
West Pharmaceutical Services, Inc.		176		66
				2,012
Machinery – 2.4%
Allison Transmission Holdings, Inc.		26,249		1,550
Caterpillar, Inc.		9,078		2,478
Snap-on, Inc.		6,182		1,577
				5,605
Media – 1.5%
Comcast Corp., Class A		44,039		1,953
Fox Corp., Class A		25,726		802
Omnicom Group, Inc.		11,089		826
				3,581
Metals & Mining – 1.1%
Nucor Corp.		10,082		1,576
Reliance Steel & Aluminum Co.		626		164
Steel Dynamics, Inc.		8,981		963
				2,703
Mortgage Real Estate Investment Trusts – 0.4%
Rithm Capital Corp.		99,585		925
Multi-Utilities – 0.7%
Ameren Corp.		2,030		152
Consolidated Edison, Inc.		8,226		704
Public Service Enterprise Group, Inc.		13,733		781
				1,637
Oil, Gas & Consumable Fuels – 4.8%
Chevron Corp.		3,678		620
Coterra Energy, Inc.		3,234		88
EQT Corp.		21,069		855
Exxon Mobil Corp.		36,283		4,266
HF Sinclair Corp.		4,150		236
Marathon Petroleum Corp.		13,641		2,064
Occidental Petroleum Corp.		6,093		395
Phillips 66		6,507		782
Valero Energy Corp.		14,394		2,040
				11,346
Pharmaceuticals – 3.8%
Bristol-Myers Squibb Co.		32,673		1,896
Eli Lilly & Co.		2,357		1,266
Johnson & Johnson		26,499		4,127
Merck & Co., Inc.		16,258		1,674
				8,963

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS – 99.3%    continued
Professional Services – 1.1%
Automatic Data Processing, Inc.		5,406		$1,300
Genpact Ltd.		3,564		129
Robert Half, Inc.		11,078		812
Science Applications International Corp.		4,548		480
				2,721
Real Estate Management & Development – 0.3%
CBRE Group, Inc., Class A*		8,652		639
Retail Real Estate Investment Trusts – 0.7%
Simon Property Group, Inc.		15,323		1,655
Semiconductors & Semiconductor Equipment – 7.4%
Analog Devices, Inc.		2,718		476
Applied Materials, Inc.		16,054		2,223
Broadcom, Inc.		4,509		3,745
KLA Corp.		4,046		1,856
Lam Research Corp.		3,175		1,990
Microchip Technology, Inc.		21,621		1,687
NVIDIA Corp.		12,920		5,620
				17,597
Software – 9.2%
Adobe, Inc.*		5,462		2,785
AppLovin Corp., Class A*		4,608		184
Fair Isaac Corp.*		452		392
Fortinet, Inc.*		4,158		244
Intuit, Inc.		945		483
Microsoft Corp.		53,526		16,901
Oracle Corp.		8,929		946
				21,935
Specialized Real Estate Investment Trusts – 0.9%
Public Storage		1,942		512
Weyerhaeuser Co.		51,486		1,578
				2,090
Specialty Retail – 2.2%
AutoZone, Inc.*		489		1,242
Home Depot (The), Inc.		6,757		2,041
Lowe’s Cos., Inc.		2,887		600
Murphy U.S.A., Inc.		1,334		456
O’Reilly Automotive, Inc.*		88		80
Williams-Sonoma, Inc.		5,378		836
				5,255
Technology Hardware, Storage & Peripherals – 7.6%
Apple, Inc.		105,561		18,073

See Notes to the Financial Statements.

EQUITY FUNDS  122  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE      (000S)
COMMON STOCKS - 99.3%    continued
Textiles, Apparel & Luxury Goods – 0.6%
Tapestry, Inc.		48,064		$1,382
Tobacco – 0.8%
Altria Group, Inc.		43,946		1,848
Trading Companies & Distributors – 1.0%
Core & Main, Inc., Class A*		5,214		151
MSC Industrial Direct Co., Inc., Class A		13,501		1,325
W.W. Grainger, Inc.		1,308		905
				2,381
Total Common Stocks
(Cost $161,490)				236,665
INVESTMENT COMPANIES – 0.7%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(1) (2)		1,592,538		1,593
Total Investment Companies
(Cost $1,593)				1,593

	PRINCIPAL AMOUNT (000S)		VALUE      (000S)
SHORT - TERM INVESTMENTS – 0.0%
U.S. Treasury Bill, 5.11%, 10/26/23(3) (4)		$80		$80
Total Short-Term Investments
(Cost $80)				80
Total Investments – 100.0%
(Cost $163,163)				238,338
Liabilities less Other Assets – (0.0%)				(19	)
NET ASSETS – 100.0%				$238,319

⁽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, 2023 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:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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)
E-Mini S&P
500	7	$1,514	Long	12/23	$(64)

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE (1)	% OF NET ASSETS
Common Stocks		99.3	%
Investment Companies		0.7	%
Short-Term Investments		0.0	%

⁽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).

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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks(1)	$	236,665			$—		$—	$	236,665
Investment Companies		1,593			—		—		1,593
Short-Term Investments		—			80		—		80
Total Investments	$	238,258			$80		$—	$	238,338
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(64	)		$—		$—	$	(64	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  123 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

LARGE CAP VALUE FUND    

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS – 98.4%
Aerospace & Defense – 1.0%
Curtiss-Wright Corp.		886		$173
General Dynamics Corp.		1,813		401
				574
Banks – 4.6%
Bank of America Corp.		10,648		292
Citigroup, Inc.		14,704		605
Comerica, Inc.(1)		12		—
East West Bancorp, Inc.		927		49
First Hawaiian, Inc.		10,426		188
JPMorgan Chase & Co.		6,694		971
Prosperity Bancshares, Inc.		5,334		291
Truist Financial Corp.		2,144		61
Wells Fargo & Co.		4,899		200
				2,657
Beverages – 1.0%
Boston Beer (The) Co., Inc., Class A*		957		373
Molson Coors Beverage Co., Class B		2,764		176
				549
Biotechnology – 2.9%
Biogen, Inc.*		2,133		548
Gilead Sciences, Inc.		10,376		778
Vertex Pharmaceuticals, Inc.*		913		317
				1,643
Broadline Retail – 0.6%
eBay, Inc.		7,658		338
Building Products – 1.0%
Carlisle Cos., Inc.		1,254		325
Fortune Brands Innovations, Inc.		4,411		274
				599
Capital Markets – 3.4%
Affiliated Managers Group, Inc.		1,049		137
Bank of New York Mellon (The) Corp.		11,693		499
Goldman Sachs Group (The), Inc.		621		201
Invesco Ltd.		9,761		142
Jefferies Financial Group, Inc.		9,211		337
Morgan Stanley		155		13
State Street Corp.		4,938		330
Virtu Financial, Inc., Class A		17,040		294
				1,953
Chemicals – 2.9%
CF Industries Holdings, Inc.		997		86
Dow, Inc.		10,474		540

	NUMBER OF SHARES		VALUE         (000S)
COMMON STOCKS - 98.4%     continued
Chemicals – 2.9%   continued
Huntsman Corp.		10,241		$250
LyondellBasell Industries N.V., Class A		3,921		371
Mosaic (The) Co.		4,429		158
Olin Corp.		5,471		273
				1,678
Communications Equipment – 2.7%
Cisco Systems, Inc.		23,252		1,250
F5, Inc.*		1,753		282
				1,532
Construction & Engineering – 0.3%
EMCOR Group, Inc.		733		154
Consumer Finance – 0.3%
Ally Financial, Inc.		509		14
Capital One Financial Corp.		576		56
Synchrony Financial		4,256		130
				200
Consumer Staples Distribution & Retail – 1.5%
Casey’s General Stores, Inc.		687		187
Kroger (The) Co.		9,658		432
Walmart, Inc.		1,418		227
				846
Containers & Packaging – 0.7%
Packaging Corp. of America		2,448		376
Distributors – 0.0%
Genuine Parts Co.		73		11
Diversified Telecommunication Services – 0.5%
AT&T, Inc.		17,397		261
Electric Utilities – 3.6%
Duke Energy Corp.		4,902		433
Edison International		2,532		160
Entergy Corp.		2,110		195
Evergy, Inc.		5,159		261
Exelon Corp.		9,403		355
OGE Energy Corp.		8,690		290
Pinnacle West Capital Corp.		2,600		192
PPL Corp.		7,251		171
				2,057
Electrical Equipment – 0.5%
Acuity Brands, Inc.		1,836		313

See Notes to the Financial Statements.

EQUITY FUNDS  124  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.4%   continued
Electronic Equipment, Instruments & Components – 0.6%
Amphenol Corp., Class A		4,289		$360
Keysight Technologies, Inc.*		50		7
				367
Entertainment – 0.3%
Liberty Media Corp.-Liberty Live, Class A*		52		2
Walt Disney (The) Co.*		2,179		176
				178
Financial Services – 4.7%
Berkshire Hathaway, Inc., Class B*		4,580		1,604
Corebridge Financial, Inc.		15,922		315
Fidelity National Information Services, Inc.		8,762		484
MGIC Investment Corp.		19,109		319
				2,722
Food Products – 2.5%
Archer-Daniels-Midland Co.		4,620		349
Campbell Soup Co.		5,618		231
General Mills, Inc.		8,695		556
J.M. Smucker (The) Co.		2,265		278
				1,414
Gas Utilities – 0.5%
UGI Corp.		11,599		267
Ground Transportation – 1.0%
Norfolk Southern Corp.		3,001		591
Health Care Equipment & Supplies – 2.3%
Abbott Laboratories		10,190		987
GE HealthCare Technologies, Inc.		4,077		277
Medtronic PLC		615		48
				1,312
Health Care Providers & Services – 2.9%
Centene Corp.*		769		53
Cigna Group (The)		2,474		708
CVS Health Corp.		3,466		242
Elevance Health, Inc.		1,531		666
				1,669
Health Care Real Estate Investment Trusts – 0.5%
Healthpeak Properties, Inc.		15,342		282
Hotel & Resort Real Estate Investment Trusts – 0.5%
Host Hotels & Resorts, Inc.		18,340		295
Hotels, Restaurants & Leisure – 3.6%
Airbnb, Inc., Class A*		1,536		211

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.4%   continued
Hotels, Restaurants & Leisure – 3.6%   continued
Booking Holdings, Inc.*		104		$321
Choice Hotels International, Inc.		87		11
Domino’s Pizza, Inc.		676		256
Expedia Group, Inc.*		1,342		138
McDonald’s Corp.		2,207		581
Starbucks Corp.		2,848		260
Wyndham Hotels & Resorts, Inc.		467		33
Yum! Brands, Inc.		2,260		282
				2,093
Household Durables – 0.5%
NVR, Inc.*		51		304
Household Products – 0.7%
Procter & Gamble (The) Co.		2,727		398
Independent Power & Renewable Electricity Producers – 0.7%
Vistra Corp.		11,706		388
Industrial Conglomerates – 2.7%
3M Co.		6,894		645
General Electric Co.		8,418		931
				1,576
Insurance – 6.3%
Allstate (The) Corp.		3,882		433
American International Group, Inc.		10,858		658
Assurant, Inc.		1,087		156
Assured Guaranty Ltd.		4,773		289
Brighthouse Financial, Inc.*		5,128		251
Chubb Ltd.		1,035		216
Cincinnati Financial Corp.		1,704		174
First American Financial Corp.		5,441		307
Loews Corp.		5,344		338
MetLife, Inc.		6,753		425
Prudential Financial, Inc.		3,661		347
				3,594
Interactive Media & Services – 0.5%
TripAdvisor, Inc.*		16,998		282
IT Services – 1.8%
Accenture PLC, Class A		935		287
Amdocs Ltd.		3,333		282
Cognizant Technology Solutions Corp., Class A		5,771		391
International Business Machines Corp.		536		75
				1,035

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  125 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

LARGE CAP VALUE FUND    continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.4%   continued
Life Sciences Tools & Services – 1.8%
Danaher Corp.		3,798		$942
Thermo Fisher Scientific, Inc.		214		109
				1,051
Machinery – 2.8%
Allison Transmission Holdings, Inc.		5,263		311
Crane Co.		3,318		295
Dover Corp.		2,350		328
PACCAR, Inc.		4,741		403
Snap-on, Inc.		1,149		293
				1,630
Media – 3.5%
Comcast Corp., Class A		26,028		1,154
Fox Corp., Class A		9,825		307
Interpublic Group of (The) Cos., Inc.		8,595		246
Liberty Media Corp.-Liberty SiriusXM, Class A*		211		5
New York Times (The) Co., Class A		1,342		55
Nexstar Media Group, Inc.		1,720		247
				2,014
Metals & Mining – 2.1%
Nucor Corp.		3,726		583
Reliance Steel & Aluminum Co.		1,199		314
Steel Dynamics, Inc.		3,091		331
				1,228
Mortgage Real Estate Investment Trusts – 0.4%
Rithm Capital Corp.		26,644		248
Multi-Utilities – 1.1%
Consolidated Edison, Inc.		4,156		356
Dominion Energy, Inc.		6,366		284
				640
Office Real Estate Investment Trusts – 0.3%
Boston Properties, Inc.		2,839		169
Oil, Gas & Consumable Fuels – 9.2%
Chevron Corp.		7,434		1,253
Coterra Energy, Inc.		47		1
Exxon Mobil Corp.		17,494		2,057
Marathon Petroleum Corp.		5,092		771
Occidental Petroleum Corp.		4,949		321
Pioneer Natural Resources Co.		418		96
Range Resources Corp.		10,449		339
Valero Energy Corp.		3,043		431
				5,269

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.4%    continued
Pharmaceuticals – 6.1%
Bristol-Myers Squibb Co.		13,856		$804
Jazz Pharmaceuticals PLC*		2,079		269
Johnson & Johnson		7,702		1,200
Merck & Co., Inc.		2,143		221
Pfizer, Inc.		28,408		942
Royalty Pharma PLC, Class A		1,658		45
				3,481
Professional Services – 1.9%
Genpact Ltd.		7,971		289
Leidos Holdings, Inc.		2,022		186
ManpowerGroup, Inc.		1,025		75
Science Applications International Corp.		2,670		282
SS&C Technologies Holdings, Inc.		5,429		285
				1,117
Residential Real Estate Investment Trusts – 0.8%
Camden Property Trust		1,704		161
Equity Residential		5,520		324
				485
Retail Real Estate Investment Trusts – 0.9%
Brixmor Property Group, Inc.		13,812		287
NNN REIT, Inc.		1,559		55
Regency Centers Corp.		2,810		167
				509
Semiconductors & Semiconductor Equipment – 2.9%
Analog Devices, Inc.		1,193		209
Applied Materials, Inc.		2,188		303
Cirrus Logic, Inc.*		622		46
Microchip Technology, Inc.		3,733		291
Qorvo, Inc.*		2,477		236
Skyworks Solutions, Inc.		3,075		303
Teradyne, Inc.		2,723		274
				1,662
Software – 1.9%
ANSYS, Inc.*		913		271
AppLovin Corp., Class A*		5,582		223
Dolby Laboratories, Inc., Class A		2,711		215
Intuit, Inc.		624		319
Roper Technologies, Inc.		188		91
				1,119
Specialized Real Estate Investment Trusts – 0.6%
Weyerhaeuser Co.		10,837		332

See Notes to the Financial Statements.

EQUITY FUNDS  126  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.4%   continued
Specialty Retail – 0.9%
Best Buy Co., Inc.		3,601		$250
Williams-Sonoma, Inc.		1,588		247
				497
Textiles, Apparel & Luxury Goods – 0.4%
Tapestry, Inc.		7,177		206
Trading Companies & Distributors – 0.7%
Core & Main, Inc., Class A*		3,295		95
MSC Industrial Direct Co., Inc., Class A		3,086		303
				398
Total Common Stocks
(Cost $55,108)				56,563
INVESTMENT COMPANIES – 1.5%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(2) (3)		847,377		847
Total Investment Companies
(Cost $847)				847
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT - TERM INVESTMENTS – 0.1%
U.S. Treasury Bill, 5.19%, 10/26/23(4) (5)		$45		$45
Total Short-Term Investments
(Cost $45)				45
Total Investments – 100.0%
(Cost $56,000)				57,455
Other Assets less Liabilities – 0.0%				10
NET ASSETS – 100.0%				$57,465

⁽¹⁾  Value rounds to less than one thousand.

⁽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, 2023 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:

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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)
Micro E-Mini S&P 500 Index	39	$843	Long	12/23	$(5)

⁽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, 2023, the security types for the Fund were:

SECURITY TYPE (1)	% OF NET ASSETS
Common Stocks		98.4	%
Investment Companies		1.5	%
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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL   (000S)
Common Stocks(1)	$	56,563			$—		$—	$	56,563
Investment Companies		847			—		—		847
Short-Term Investments		—			45		—		45
Total Investments	$	57,410			$45		$—	$	57,455
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(5	)		$—		$—	$	(5	)

⁽¹⁾  Classifications as defined in the Statement of Investments

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  127 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

MID CAP INDEX FUND

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%
Aerospace & Defense – 1.2%
BWX Technologies, Inc.		71,736		$5,379
Curtiss-Wright Corp.		30,178		5,904
Hexcel Corp.		66,592		4,338
Woodward, Inc.		47,598		5,914
				21,535
Air Freight & Logistics – 0.3%
GXO Logistics, Inc.*		93,715		5,496
Automobile Components – 1.7%
Adient PLC*		73,300		2,690
Autoliv, Inc.		59,869		5,776
Fox Factory Holding Corp.*		33,434		3,312
Gentex Corp.		183,921		5,985
Goodyear Tire & Rubber (The) Co.*		221,866		2,758
Lear Corp.		46,093		6,186
Visteon Corp.*		22,077		3,048
				29,755
Automobiles – 0.4%
Harley-Davidson, Inc.		101,744		3,364
Thor Industries, Inc.		42,040		3,999
				7,363
Banks – 5.1%
Associated Banc-Corp		117,918		2,018
Bank OZK		82,392		3,054
Cadence Bank		142,976		3,034
Columbia Banking System, Inc.		163,348		3,316
Commerce Bancshares, Inc.		89,484		4,293
Cullen/Frost Bankers, Inc.		50,279		4,586
East West Bancorp, Inc.		111,468		5,875
First Financial Bankshares, Inc.		100,532		2,525
First Horizon Corp.		438,268		4,830
FNB Corp.		280,966		3,032
Glacier Bancorp, Inc.		86,722		2,472
Hancock Whitney Corp.		68,050		2,517
Home BancShares, Inc.		147,533		3,089
International Bancshares Corp.		42,243		1,831
New York Community Bancorp, Inc.		566,909		6,429
Old National Bancorp		229,188		3,332
Pinnacle Financial Partners, Inc.		60,158		4,033
Prosperity Bancshares, Inc.		73,453		4,009
SouthState Corp.		59,571		4,013
Synovus Financial Corp.		114,487		3,183
Texas Capital Bancshares, Inc.*		37,531		2,211
UMB Financial Corp.		34,131		2,118

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%    continued
Banks – 5.1%    continued
United Bankshares, Inc.		105,625		$2,914
Valley National Bancorp		333,814		2,857
Webster Financial Corp.		135,907		5,478
Wintrust Financial Corp.		47,959		3,621
				90,670
Beverages – 0.7%
Boston Beer (The) Co., Inc., Class A*		7,465		2,908
Celsius Holdings, Inc.*		38,625		6,628
Coca-Cola Consolidated, Inc.		3,704		2,357
				11,893
Biotechnology – 1.6%
Arrowhead Pharmaceuticals, Inc.*		83,840		2,253
Exelixis, Inc.*		249,732		5,457
Halozyme Therapeutics, Inc.*		103,404		3,950
Neurocrine Biosciences, Inc.*		76,661		8,624
United Therapeutics Corp.*		36,955		8,347
				28,631
Broadline Retail – 0.5%
Kohl’s Corp.		86,379		1,811
Macy’s, Inc.		213,123		2,474
Nordstrom, Inc.		75,302		1,125
Ollie’s Bargain Outlet Holdings, Inc.*		48,423		3,737
				9,147
Building Products – 3.9%
Advanced Drainage Systems, Inc.		54,336		6,185
Builders FirstSource, Inc.*		98,398		12,250
Carlisle Cos., Inc.		39,291		10,187
Fortune Brands Innovations, Inc.		99,958		6,213
Lennox International, Inc.		25,162		9,422
Owens Corning		70,719		9,647
Simpson Manufacturing Co., Inc.		33,632		5,038
Trex Co., Inc.*		85,544		5,272
UFP Industries, Inc.		48,763		4,993
				69,207
Capital Markets – 2.2%
Affiliated Managers Group, Inc.		27,648		3,603
Evercore, Inc., Class A		27,496		3,791
Federated Hermes, Inc.		69,640		2,359
Interactive Brokers Group, Inc., Class A		84,012		7,272
Janus Henderson Group PLC		103,722		2,678
Jefferies Financial Group, Inc.		139,287		5,102
Morningstar, Inc.		20,405		4,780

See Notes to the Financial Statements.

EQUITY FUNDS  128  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%    continued
Capital Markets – 2.2%    continued
SEI Investments Co.		79,293		$4,776
Stifel Financial Corp.		82,312		5,057
				39,418
Chemicals – 2.2%
Ashland, Inc.		40,128		3,278
Avient Corp.		71,261		2,517
Axalta Coating Systems Ltd.*		173,824		4,676
Cabot Corp.		44,162		3,059
Chemours (The) Co.		116,818		3,277
NewMarket Corp.		5,437		2,474
Olin Corp.		98,669		4,931
RPM International, Inc.		101,590		9,632
Scotts Miracle-Gro (The) Co.		32,433		1,676
Westlake Corp.		25,199		3,141
				38,661
Commercial Services & Supplies – 1.3%
Brink’s (The) Co.		36,332		2,639
Clean Harbors, Inc.*		39,669		6,639
MSA Safety, Inc.		29,117		4,590
Stericycle, Inc.*		72,464		3,240
Tetra Tech, Inc.		41,944		6,377
				23,485
Communications Equipment – 0.6%
Calix, Inc.*		46,130		2,115
Ciena Corp.*		117,795		5,567
Lumentum Holdings, Inc.*		53,740		2,428
				10,110
Construction & Engineering – 1.8%
AECOM		109,219		9,070
EMCOR Group, Inc.		37,116		7,809
Fluor Corp.*		113,085		4,150
MasTec, Inc.*		47,672		3,431
MDU Resources Group, Inc.		160,749		3,147
Valmont Industries, Inc.		16,573		3,981
				31,588
Construction Materials – 0.4%
Eagle Materials, Inc.		27,928		4,651
Knife River Corp.*		40,270		1,966
				6,617
Consumer Finance – 0.6%
Ally Financial, Inc.		212,967		5,682

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%    continued
Consumer Finance – 0.6%    continued
FirstCash Holdings, Inc.		28,947		$2,906
SLM Corp.		178,650		2,433
				11,021
Consumer Staples Distribution & Retail – 2.0%
BJ’s Wholesale Club Holdings, Inc.*		105,827		7,553
Casey’s General Stores, Inc.		29,441		7,994
Grocery Outlet Holding Corp.*		77,232		2,228
Performance Food Group Co.*		122,973		7,238
Sprouts Farmers Market, Inc.*		80,515		3,446
US Foods Holding Corp.*		178,911		7,103
				35,562
Containers & Packaging – 1.9%
AptarGroup, Inc.		51,704		6,465
Berry Global Group, Inc.		92,648		5,736
Crown Holdings, Inc.		94,711		8,380
Graphic Packaging Holding Co.		240,955		5,368
Greif, Inc., Class A		20,215		1,351
Silgan Holdings, Inc.		65,987		2,845
Sonoco Products Co.		77,245		4,198
				34,343
Diversified Consumer Services – 0.9%
Graham Holdings Co., Class B		2,919		1,702
Grand Canyon Education, Inc.*		23,529		2,750
H&R Block, Inc.		120,048		5,169
Service Corp. International		118,811		6,789
				16,410
Diversified Real Estate Investment Trusts – 0.0%
Rayonier, Inc. - (Fractional Shares)(1)		50,000		—
Diversified Telecommunication Services – 0.4%
Frontier Communications Parent, Inc.*		173,011		2,708
Iridium Communications, Inc.		98,048		4,460
				7,168
Electric Utilities – 1.0%
ALLETE, Inc.		44,897		2,371
IDACORP, Inc.		39,924		3,739
OGE Energy Corp.		157,455		5,248
PNM Resources, Inc.		67,771		3,023
Portland General Electric Co.		79,188		3,205
				17,586
Electrical Equipment – 2.4%
Acuity Brands, Inc.		24,603		4,190
EnerSys		32,399		3,067

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  129 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

MID CAP INDEX FUND    continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%     continued
Electrical Equipment – 2.4%     continued
Hubbell, Inc.		42,204		$13,227
nVent Electric PLC		130,556		6,918
Regal Rexnord Corp.		52,047		7,437
Sensata Technologies Holding PLC		119,490		4,519
Sunrun, Inc.*		169,848		2,134
Vicor Corp.*		17,426		1,026
				42,518
Electronic Equipment, Instruments & Components – 3.6%
Arrow Electronics, Inc.*		43,863		5,493
Avnet, Inc.		72,124		3,476
Belden, Inc.		33,386		3,223
Cognex Corp.		135,748		5,761
Coherent Corp.*		101,920		3,327
Crane NXT Co.		38,177		2,122
IPG Photonics Corp.*		23,333		2,369
Jabil, Inc.		103,015		13,072
Littelfuse, Inc.		19,621		4,853
National Instruments Corp.		103,595		6,176
Novanta, Inc.*		28,070		4,026
TD SYNNEX Corp.		37,464		3,741
Vishay Intertechnology, Inc.		100,313		2,480
Vontier Corp.		121,225		3,748
				63,867
Energy Equipment & Services – 1.2%
ChampionX Corp.		154,891		5,517
NOV, Inc.		310,204		6,483
Valaris Ltd.*		49,853		3,738
Weatherford International PLC*		56,532		5,107
				20,845
Entertainment – 0.2%
TKO Group Holdings, Inc.		41,064		3,452
Financial Services – 1.5%
Essent Group Ltd.		84,372		3,990
Euronet Worldwide, Inc.*		36,935		2,932
MGIC Investment Corp.		222,698		3,717
Voya Financial, Inc.		82,977		5,514
Western Union (The) Co.		293,432		3,867
WEX, Inc.*		33,833		6,364
				26,384
Food Products – 1.2%
Darling Ingredients, Inc.*		125,604		6,556
Flowers Foods, Inc.		151,739		3,366
Ingredion, Inc.		52,127		5,129

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%     continued
Food Products – 1.2%     continued
Lancaster Colony Corp.		16,066		$2,651
Pilgrim’s Pride Corp.*		31,138		711
Post Holdings, Inc.*		40,094		3,438
				21,851
Gas Utilities – 1.0%
National Fuel Gas Co.		71,946		3,735
New Jersey Resources Corp.		76,998		3,129
ONE Gas, Inc.		43,765		2,988
Southwest Gas Holdings, Inc.		47,001		2,839
Spire, Inc.		41,145		2,328
UGI Corp.		164,143		3,775
				18,794
Ground Transportation – 2.0%
Avis Budget Group, Inc.*		15,598		2,803
Hertz Global Holdings, Inc.*		104,409		1,279
Knight-Swift Transportation Holdings, Inc.		126,567		6,347
Landstar System, Inc.		28,329		5,012
Ryder System, Inc.		35,919		3,842
Saia, Inc.*		20,892		8,329
Werner Enterprises, Inc.		49,519		1,929
XPO, Inc.*		91,350		6,820
				36,361
Health Care Equipment & Supplies – 2.7%
Enovis Corp.*		38,817		2,047
Envista Holdings Corp.*		128,364		3,579
Globus Medical, Inc., Class A*		92,013		4,569
Haemonetics Corp.*		39,727		3,559
ICU Medical, Inc.*		15,838		1,885
Inari Medical, Inc.*		39,944		2,612
Integra LifeSciences Holdings Corp.*		55,354		2,114
Lantheus Holdings, Inc.*		53,596		3,724
LivaNova PLC*		42,139		2,228
Masimo Corp.*		34,755		3,047
Neogen Corp.*		154,115		2,857
Penumbra, Inc.*		30,264		7,321
QuidelOrtho Corp.*		38,691		2,826
Shockwave Medical, Inc.*		28,950		5,764
				48,132
Health Care Providers & Services – 2.2%
Acadia Healthcare Co., Inc.*		72,642		5,107
Amedisys, Inc.*		25,520		2,384
Chemed Corp.		11,879		6,174

See Notes to the Financial Statements.

EQUITY FUNDS  130  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%     continued
Health Care Providers & Services – 2.2%    continued
Encompass Health Corp.		78,985		$5,305
HealthEquity, Inc.*		67,015		4,895
Option Care Health, Inc.*		141,049		4,563
Patterson Cos., Inc.		67,354		1,996
Progyny, Inc.*		64,896		2,208
R1 RCM, Inc.*		154,031		2,321
Tenet Healthcare Corp.*		80,004		5,271
				40,224
Health Care Real Estate Investment Trusts – 1.0%
Healthcare Realty Trust, Inc.		298,643		4,560
Medical Properties Trust, Inc.		468,472		2,553
Omega Healthcare Investors, Inc.		192,124		6,371
Physicians Realty Trust		186,508		2,273
Sabra Health Care REIT, Inc.		180,816		2,521
				18,278
Health Care Technology – 0.1%
Doximity, Inc., Class A*		98,087		2,081
Hotel & Resort Real Estate Investment Trusts – 0.1%
Park Hotels & Resorts, Inc.		168,610		2,077
Hotels, Restaurants & Leisure – 3.4%
Aramark		205,582		7,134
Boyd Gaming Corp.		56,026		3,408
Choice Hotels International, Inc.		19,906		2,439
Churchill Downs, Inc.		53,629		6,223
Hilton Grand Vacations, Inc.*		56,793		2,311
Light & Wonder, Inc.*		71,470		5,098
Marriott Vacations Worldwide Corp.		26,538		2,671
Penn Entertainment, Inc.*		118,150		2,712
Planet Fitness, Inc., Class A*		66,265		3,259
Texas Roadhouse, Inc.		52,603		5,055
Travel + Leisure Co.		57,780		2,122
Vail Resorts, Inc.		30,259		6,714
Wendy’s (The) Co.		133,914		2,733
Wingstop, Inc.		23,644		4,252
Wyndham Hotels & Resorts, Inc.		66,413		4,618
				60,749
Household Durables – 1.7%
Helen of Troy Ltd.*		18,839		2,196
KB Home		61,354		2,840
Leggett & Platt, Inc.		104,223		2,648
Taylor Morrison Home Corp.*		86,325		3,678
Tempur Sealy International, Inc.		135,631		5,878

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%     continued
Household Durables – 1.7%     continued
Toll Brothers, Inc.		85,802		$6,346
TopBuild Corp.*		25,014		6,294
				29,880
Independent Power & Renewable Electricity Producers – 0.7%
Ormat Technologies, Inc.		41,994		2,936
Vistra Corp.		271,255		9,000
				11,936
Industrial Real Estate Investment Trusts – 1.3%
EastGroup Properties, Inc.		35,764		5,956
First Industrial Realty Trust, Inc.		104,229		4,960
Rexford Industrial Realty, Inc.		162,057		7,998
STAG Industrial, Inc.		140,896		4,862
				23,776
Insurance – 4.7%
American Financial Group, Inc.		52,155		5,824
Brighthouse Financial, Inc.*		51,749		2,533
CNO Financial Group, Inc.		89,380		2,121
Erie Indemnity Co., Class A		19,565		5,748
Fidelity National Financial, Inc.		202,978		8,383
First American Financial Corp.		81,257		4,590
Hanover Insurance Group (The), Inc.		28,226		3,133
Kemper Corp.		47,592		2,000
Kinsale Capital Group, Inc.		17,330		7,177
Old Republic International Corp.		208,578		5,619
Primerica, Inc.		28,182		5,468
Reinsurance Group of America, Inc.		52,144		7,571
RenaissanceRe Holdings Ltd.		40,174		7,951
RLI Corp.		31,639		4,299
Selective Insurance Group, Inc.		47,743		4,926
Unum Group		144,833		7,124
				84,467
Interactive Media & Services – 0.3%
Ziff Davis, Inc.*		36,351		2,315
ZoomInfo Technologies, Inc.*		239,137		3,922
				6,237
IT Services – 0.6%
GoDaddy, Inc., Class A*		115,252		8,584
Kyndryl Holdings, Inc.*		179,154		2,705
				11,289
Leisure Products – 1.1%
Brunswick Corp.		55,068		4,351
Mattel, Inc.*		279,007		6,147

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  131 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

MID CAP INDEX FUND    continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%     continued
Leisure Products – 1.1%     continued
Polaris, Inc.		42,014		$4,375
Topgolf Callaway Brands Corp.*		111,584		1,544
YETI Holdings, Inc.*		67,919		3,275
				19,692
Life Sciences Tools & Services – 1.1%
Azenta, Inc.*		47,042		2,361
Bruker Corp.		77,157		4,807
Medpace Holdings, Inc.*		18,306		4,432
Repligen Corp.*		40,846		6,495
Sotera Health Co.*		76,914		1,152
				19,247
Machinery – 4.7%
AGCO Corp.		48,968		5,792
Chart Industries, Inc.*		32,925		5,568
Crane Co.		38,533		3,423
Donaldson Co., Inc.		95,525		5,697
Esab Corp.		44,346		3,114
Flowserve Corp.		102,822		4,089
Graco, Inc.		133,029		9,695
ITT, Inc.		64,673		6,332
Lincoln Electric Holdings, Inc.		45,208		8,219
Middleby (The) Corp.*		42,235		5,406
Oshkosh Corp.		51,466		4,912
RBC Bearings, Inc.*		22,790		5,336
Terex Corp.		53,210		3,066
Timken (The) Co.		51,561		3,789
Toro (The) Co.		81,843		6,801
Watts Water Technologies, Inc., Class A		21,455		3,708
				84,947
Marine Transportation – 0.2%
Kirby Corp.*		46,926		3,885
Media – 0.8%
Cable One, Inc.		3,601		2,217
New York Times (The) Co., Class A		128,880		5,310
Nexstar Media Group, Inc.		26,118		3,744
TEGNA, Inc.		157,628		2,297
				13,568
Metals & Mining – 2.3%
Alcoa Corp.		139,851		4,064
Cleveland-Cliffs, Inc.*		399,016		6,237
Commercial Metals Co.		92,060		4,549
MP Materials Corp.*		112,543		2,149
Reliance Steel & Aluminum Co.		46,085		12,085

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%     continued
Metals & Mining – 2.3%    continued
Royal Gold, Inc.		51,759		$5,503
United States Steel Corp.		175,710		5,707
Worthington Industries, Inc.		24,134		1,492
				41,786
Mortgage Real Estate Investment Trusts – 0.7%
Annaly Capital Management, Inc.		387,677		7,292
Starwood Property Trust, Inc.		234,223		4,532
				11,824
Multi-Utilities – 0.3%
Black Hills Corp.		52,532		2,658
Northwestern Energy Group, Inc.		46,952		2,256
				4,914
Office Real Estate Investment Trusts – 0.6%
COPT Defense Properties		87,955		2,096
Cousins Properties, Inc.		118,742		2,419
Kilroy Realty Corp.		83,472		2,638
Vornado Realty Trust		126,352		2,866
				10,019
Oil, Gas & Consumable Fuels – 4.6%
Antero Midstream Corp.		268,823		3,220
Antero Resources Corp.*		221,518		5,622
Chesapeake Energy Corp.		88,302		7,614
Chevron Corp.		—		—
Chord Energy Corp.		32,731		5,305
Civitas Resources, Inc.		67,081		5,425
CNX Resources Corp.*		127,505		2,879
DT Midstream, Inc.		76,423		4,044
Equitrans Midstream Corp.		339,290		3,179
HF Sinclair Corp.		114,141		6,498
Matador Resources Co.		86,912		5,170
Murphy Oil Corp.		116,905		5,302
Ovintiv, Inc.		199,456		9,488
PBF Energy, Inc., Class A		86,715		4,642
Permian Resources Corp.		218,261		3,047
Range Resources Corp.		190,135		6,162
Southwestern Energy Co.*		864,043		5,573
				83,170
Paper & Forest Products – 0.1%
Louisiana-Pacific Corp.		50,673		2,801

See Notes to the Financial Statements.

EQUITY FUNDS  132  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%     continued
Personal Care Products – 0.4%
BellRing Brands, Inc.*		103,650		$4,274
Coty, Inc., Class A*		282,719		3,101
				7,375
Pharmaceuticals – 0.5%
Jazz Pharmaceuticals PLC*		49,541		6,413
Perrigo Co. PLC		106,071		3,389
				9,802
Professional Services – 3.0%
ASGN, Inc.*		38,214		3,121
CACI International, Inc., Class A*		17,964		5,639
Concentrix Corp.		34,143		2,735
ExlService Holdings, Inc.*		129,847		3,641
Exponent, Inc.		39,836		3,410
FTI Consulting, Inc.*		26,824		4,786
Genpact Ltd.		130,797		4,735
Insperity, Inc.		28,355		2,768
KBR, Inc.		106,282		6,264
ManpowerGroup, Inc.		39,152		2,871
Maximus, Inc.		47,946		3,581
Paylocity Holding Corp.*		33,786		6,139
Science Applications International Corp.		42,319		4,466
				54,156
Real Estate Management & Development – 0.3%
Jones Lang LaSalle, Inc.*		37,568		5,304
Residential Real Estate Investment Trusts – 0.9%
Apartment Income REIT Corp.		116,924		3,589
Equity LifeStyle Properties, Inc.		146,253		9,318
Independence Realty Trust, Inc.		175,614		2,471
				15,378
Retail Real Estate Investment Trusts – 1.2%
Agree Realty Corp.		75,684		4,181
Brixmor Property Group, Inc.		236,890		4,923
Kite Realty Group Trust		171,902		3,682
NNN REIT, Inc.		143,074		5,056
Spirit Realty Capital, Inc.		110,764		3,714
				21,556
Semiconductors & Semiconductor Equipment – 2.3%
Allegro MicroSystems, Inc.*		55,585		1,775
Amkor Technology, Inc.		80,580		1,821
Cirrus Logic, Inc.*		43,188		3,194
Lattice Semiconductor Corp.*		108,507		9,324

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.2%     continued
Semiconductors & Semiconductor Equipment – 2.3%    continued
MACOM Technology Solutions Holdings, Inc.*		42,310		$3,452
MKS Instruments, Inc.		49,272		4,264
Power Integrations, Inc.		44,958		3,431
Silicon Laboratories, Inc.*		25,155		2,915
Synaptics, Inc.*		30,920		2,766
Universal Display Corp.		34,323		5,388
Wolfspeed, Inc.*		98,147		3,740
				42,070
Software – 2.9%
ACI Worldwide, Inc.*		85,917		1,938
Aspen Technology, Inc.*		22,236		4,542
Blackbaud, Inc.*		33,697		2,370
CommVault Systems, Inc.*		34,679		2,345
Dolby Laboratories, Inc., Class A		46,665		3,699
Dropbox, Inc., Class A*		202,277		5,508
Dynatrace, Inc.*		186,503		8,715
Envestnet, Inc.*		38,764		1,707
Manhattan Associates, Inc.*		48,547		9,596
NCR Corp.*		104,767		2,825
Qualys, Inc.*		28,779		4,390
Teradata Corp.*		78,827		3,549
				51,184
Specialized Real Estate Investment Trusts – 1.8%
CubeSmart		176,424		6,727
EPR Properties		58,920		2,448
Gaming and Leisure Properties, Inc.		206,218		9,393
Lamar Advertising Co., Class A		68,971		5,757
National Storage Affiliates Trust		64,872		2,059
PotlatchDeltic Corp.		62,547		2,839
Rayonier, Inc.		106,813		3,040
				32,263
Specialty Retail – 2.8%
AutoNation, Inc.*		21,208		3,211
Dick’s Sporting Goods, Inc.		49,147		5,336
Five Below, Inc.*		43,840		7,054
GameStop Corp., Class A*		210,125		3,459
Gap (The), Inc.		166,662		1,772
Lithia Motors, Inc.		21,712		6,412
Murphy U.S.A., Inc.		15,386		5,258
Penske Automotive Group, Inc.		15,265		2,550
RH*		12,188		3,222

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 – 99.2%     continued
Specialty Retail – 2.8%     continued
Valvoline, Inc.		109,410		$3,527
Williams-Sonoma, Inc.		50,579		7,860
				49,661
Technology Hardware, Storage & Peripherals – 0.5%
Super Micro Computer, Inc.*		35,948		9,858
Textiles, Apparel & Luxury Goods – 1.9%
Capri Holdings Ltd.*		91,492		4,813
Carter’s, Inc.		29,478		2,039
Columbia Sportswear Co.		27,305		2,023
Crocs, Inc.*		48,321		4,263
Deckers Outdoor Corp.*		20,570		10,575
PVH Corp.		49,468		3,785
Skechers U.S.A., Inc., Class A*		105,907		5,184
Under Armour, Inc., Class A*		146,606		1,004
Under Armour, Inc., Class C*		155,290		991
				34,677
Trading Companies & Distributors – 1.2%
GATX Corp.		27,943		3,041
MSC Industrial Direct Co., Inc., Class A		37,397		3,671
Watsco, Inc.		26,404		9,973
WESCO International, Inc.		34,666		4,986
				21,671
Water Utilities – 0.4%
Essential Utilities, Inc.		190,979		6,556
Total Common Stocks
(Cost $1,275,533)				1,776,228
INVESTMENT COMPANIES – 1.0%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(2) (3)		16,862,018		16,862
Total Investment Companies
(Cost $16,862)				16,862

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.0%
U.S. Treasury Bill, 4.94%, 10/26/23(4) (5)		$820		$817
Total Short-Term Investments
(Cost $817)				817
Total Investments – 100.2%
(Cost $1,293,212)				1,793,907
Liabilities less Other Assets – (0.2%)				(4,021	)
NET ASSETS – 100.0%				$1,789,886

⁽¹⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽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, 2023 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:

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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		51		$12,854		Long		12/23		$(385)

⁽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, 2023, the security types for the Fund were:

SECURITY TYPE (1)	% OF NET ASSETS
Common Stocks		99.2	%
Investment Companies		1.0	%
Short-Term Investments		0.0	%

⁽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.

EQUITY FUNDS  134  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks(1)	$	1,776,228			$  —		$—	$	1,776,228
Investment Companies		16,862			—		—		16,862
Short-Term Investments		—			817		—		817
Total Investments	$	1,793,090			$817		$—	$	1,793,907
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(385	)		$  —		$—	$	(385	)

⁽¹⁾  Classifications as defined in the Statement of Investments

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  135 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 94.9% (1)
Australia – 5.1%
Atlas Arteria Ltd.		5,666,152		$20,137
Transurban Group		3,539,614		28,824
				48,961
Austria – 0.3%
ANDRITZ A.G.		63,519		3,197
Brazil – 1.1%
CCR S.A.		3,600,600		9,276
Cia de Saneamento de Minas Gerais Copasa MG*		367,769		1,269
				10,545
Canada – 4.5%
Ag Growth International, Inc.		76,691		3,006
Algonquin Power & Utilities Corp.		199,500		1,181
AltaGas Ltd.		317,800		6,095
Canadian National Railway Co.		51,228		5,548
Emera, Inc.		255,708		8,927
Hydro One Ltd.		358,047		9,116
Northland Power, Inc.		554,442		9,029
				42,902
China – 3.3%
Beijing Capital International Airport Co. Ltd., Class H*		5,414,000		2,509
Beijing Enterprises Water Group Ltd.		4,676,000		1,018
China Everbright Environment Group Ltd.		6,272,000		2,151
China Water Affairs Group Ltd.		4,522,282		2,926
ENN Energy Holdings Ltd.		986,300		8,152
Guangdong Investment Ltd.		12,306,000		9,388
Jiangsu Expressway Co. Ltd., Class H		5,896,000		5,312
				31,456
Denmark – 0.6%
Orsted A/S(2)		108,252		5,894
France – 5.9%
Eutelsat Communications S.A.		519,950		3,066
Getlink S.E.		481,842		7,677
Rubis S.C.A.		206,045		4,616
Veolia Environnement S.A.		300,937		8,706
Vinci S.A.		290,207		32,128
				56,193

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 94.9% (1)     continued
Germany – 2.2%
E.ON S.E.		692,376		$8,202
RWE A.G.		333,892		12,408
				20,610
Hong Kong – 1.3%
Cadeler A/S*		675,601		2,298
CK Infrastructure Holdings Ltd.		883,500		4,180
Power Assets Holdings Ltd.		1,322,820		6,381
				12,859
Ireland – 0.7%
Greencoat Renewables PLC		6,415,894		6,515
Italy – 5.6%
Enel S.p.A.		1,211,874		7,436
Hera S.p.A.		4,093,487		11,180
Infrastrutture Wireless Italiane S.p.A.		331,821		3,940
Italgas S.p.A.		1,559,983		7,979
Snam S.p.A.		3,252,117		15,268
Terna - Rete Elettrica Nazionale		1,082,755		8,145
				53,948
Japan – 1.0%
Kurita Water Industries Ltd.		111,600		3,890
West Japan Railway Co.		145,800		6,033
				9,923
Luxembourg – 0.6%
SES S.A.		861,223		5,640
Mexico – 1.8%
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B		452,108		11,079
Promotora y Operadora de Infraestructura S.A.B. de C.V.		650,906		5,799
				16,878
Netherlands – 0.3%
Arcadis N.V.		62,864		2,823
Portugal – 0.3%
REN - Redes Energeticas Nacionais SGPS S.A.		1,068,408		2,731
Spain – 2.7%
Aena S.M.E. S.A.		85,064		12,795
Atlantica Sustainable Infrastructure PLC		202,376		3,865
Iberdrola S.A.		676,346		7,552
Redeia Corp. S.A.		89,993		1,413
				25,625

See Notes to the Financial Statements.

EQUITY FUNDS  136  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 94.9% (1)     continued
Switzerland – 2.2%
Flughafen Zurich A.G. (Registered)		80,575		$15,364
Landis+Gyr Group A.G.*		44,605		3,224
Meyer Burger Technology A.G.*		5,535,833		2,219
				20,807
United Kingdom – 9.7%
Costain Group PLC		1,279,344		888
National Grid PLC		2,794,110		33,352
Pennon Group PLC		1,044,566		7,435
Severn Trent PLC		499,764		14,400
SSE PLC		727,876		14,263
United Utilities Group PLC		1,672,105		19,281
VH Global Sustainable Energy Opportunities PLC		3,469,061		3,264
				92,883
United States – 45.7%
AECOM		40,476		3,361
Alexandria Real Estate Equities, Inc.		51,819		5,187
Alliant Energy Corp.		269,121		13,039
American Electric Power Co., Inc.		83,419		6,275
American Tower Corp.		108,750		17,884
American Water Works Co., Inc.		52,065		6,447
Bunge Ltd.		63,960		6,924
CenterPoint Energy, Inc.		265,360		7,125
ChargePoint Holdings, Inc.*		215,410		1,071
Cheniere Energy, Inc.		83,700		13,891
Crown Castle, Inc.		120,802		11,117
CSX Corp.		1,130,551		34,765
Dominion Energy, Inc.		232,827		10,400
DT Midstream, Inc.		145,548		7,702
Duke Energy Corp.		209,132		18,458
Edison International		82,919		5,248
Enphase Energy, Inc.*		18,345		2,204
Entergy Corp.		140,802		13,024
Equinix, Inc.		13,589		9,869
Essential Utilities, Inc.		264,159		9,069
Evergy, Inc.		112,083		5,683
Exelon Corp.		292,600		11,057
Ferrovial S.E.		729,587		22,246
FirstEnergy Corp.		281,716		9,629
Gladstone Land Corp.		109,364		1,556
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		252,927		5,362
Itron, Inc.*		46,828		2,837
NextEra Energy, Inc.		479,924		27,495

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 94.9% (1)     continued
United States – 45.7%    continued
Norfolk Southern Corp.		122,947		$24,212
Ormat Technologies, Inc.		110,808		7,748
Pinnacle West Capital Corp.		126,764		9,340
PPL Corp.		681,096		16,047
Republic Services, Inc.		19,047		2,714
SBA Communications Corp.		73,977		14,808
SJW Group		27,533		1,655
Southern (The) Co.		229,884		14,878
Targa Resources Corp.		119,017		10,202
Trimble, Inc.*		97,254		5,238
UGI Corp.		160,294		3,687
Union Pacific Corp.		92,793		18,895
Waste Management, Inc.		49,801		7,592
Willdan Group, Inc.*		122,194		2,496
Xcel Energy, Inc.		169,559		9,702
				438,139
Total Common Stocks
(Cost $985,953)				908,529
INVESTMENT COMPANIES – 5.1%
International Public Partnerships Ltd.		4,642,425		7,006
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(3) (4)		32,420,022		32,420
Renewables Infrastructure Group (The) Ltd.		7,653,757		9,943
Total Investment Companies
(Cost $53,781)				49,369
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.1%
U.S. Treasury Bill, 5.14%, 10/26/23(5) (6)		$735		$732
Total Short-Term Investments
(Cost $732)				732
Total Investments – 100.1%
(Cost $1,040,466)				958,630
Liabilities less Other Assets – (0.1%)				(962	)
Net Assets – 100.0%				$957,668

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

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  137 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS
MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽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, 2023 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:

EAFE - Europe, Australasia and the Far East

MSCI - Morgan Stanley Capital International

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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)		35		$7,570		Long		12/23		$10
MSCI EAFE Index (United States Dollar)		58		5,920		Long		12/23		20
Total										$30

⁽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, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET  ASSETS
United States Dollar		47.3	%
Euro		20.4
British Pound		11.5
Australian Dollar		5.1
All other currencies less than 5%		15.8
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, 2023 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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Brazil		$	10,545		$	—		$—		$	10,545
Canada			42,902			—		—			42,902
Mexico			16,878			—		—			16,878
Spain			3,865			21,760		—			25,625
United States			415,893			22,246		—			438,139
All Other Countries(1)			—			374,440		—			374,440
Total Common Stocks			490,083			418,446		—			908,529
Investment Companies			32,420			16,949		—			49,369
Short-Term Investments			—			732		—			732
Total Investments		$	522,503		$	436,127		$—		$	958,630
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts		$	30		$	—		$—		$	30

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

EQUITY FUNDS  138  NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
MULTI-MANAGER GLOBAL REAL ESTATE  FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 95.5% (1)
Australia – 4.9%
Goodman Group		219,632		$3,043
Mirvac Group		457,753		629
National Storage REIT		768,108		1,079
Region RE Ltd.		13,218		17
Rural Funds Group		136,073		154
Scentre Group		318,708		507
				5,429
Belgium – 1.5%
Aedifica S.A.		4,200		239
Shurgard Self Storage Ltd.		26,919		1,066
VGP N.V.		4,600		427
				1,732
Canada – 4.1%
Brookfield Asset Management Ltd., Class A		14,706		490
Canadian Apartment Properties REIT		24,842		824
Chartwell Retirement Residences		126,266		956
Granite Real Estate Investment Trust		25,684		1,363
Tricon Residential, Inc.		131,445		972
				4,605
Germany – 2.1%
LEG Immobilien S.E.*		9,674		668
Vonovia S.E.		67,745		1,633
				2,301
Hong Kong – 2.5%
Link REIT		88,680		432
Sino Land Co. Ltd.		573,683		646
Sun Hung Kai Properties Ltd.		69,500		739
Swire Properties Ltd.		442,200		923
				2,740
India – 0.0%
Embassy Office Parks REIT		3,200		11
Japan – 9.3%
Heiwa Real Estate Co. Ltd.		16,700		444
Industrial & Infrastructure Fund Investment Corp.		426		394
Japan Hotel REIT Investment Corp.		1,111		582
Japan Logistics Fund, Inc.		433		840
Japan Metropolitan Fund Invest		1,475		957
Katitas Co. Ltd.		73,600		1,071
Kenedix Office Investment Corp.		261		604
Mitsui Fudosan Co. Ltd.		163,800		3,608
Nomura Real Estate Holdings, Inc.		20,400		512

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 95.5% (1)    continued
Japan – 9.3%     continued
Orix JREIT, Inc.		445		$534
Star Asia Investment Corp.		1,240		480
United Urban Investment Corp.		338		352
				10,378
Mexico – 1.1%
Corp. Inmobiliaria Vesta S.A.B. de C.V.		369,705		1,217
Netherlands – 0.3%
CTP N.V.		25,000		358
Singapore – 3.6%
CapitaLand Ascendas REIT		339,300		682
Capitaland India Trust		658,794		506
CapitaLand Investment Ltd.		913,600		2,065
Frasers Logistics & Commercial Trust		438,000		342
Parkway Life Real Estate Investment Trust		179,500		484
				4,079
Spain – 1.7%
Cellnex Telecom S.A.*		41,341		1,438
Merlin Properties Socimi S.A.		56,500		474
				1,912
Sweden – 0.3%
Fastighets AB Balder, Class B*		67,967		304
Tanzania, United Republic of – 0.7%
Helios Towers PLC*		857,261		763
United Kingdom – 7.2%
Big Yellow Group PLC		89,972		1,026
British Land (The) Co. PLC		63,000		242
Grainger PLC		536,626		1,527
Helical PLC		66,480		171
Safestore Holdings PLC		34,847		313
Segro PLC		211,713		1,847
Shaftesbury Capital PLC		992,696		1,383
UNITE Group (The) PLC		116,164		1,266
Workspace Group PLC		48,000		285
				8,060
United States – 56.2%
Agree Realty Corp.		24,774		1,369
Alexandria Real Estate Equities, Inc.		12,058		1,207
American Homes 4 Rent, Class A		38,230		1,288
Americold Realty Trust, Inc.		42,647		1,297
AvalonBay Communities, Inc.		8,856		1,521
Boston Properties, Inc.		10,254		610

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  139 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

MULTI-MANAGER GLOBAL REAL ESTATE FUND    continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 95.5% (1)    continued
United States – 56.2%     continued
Brixmor Property Group, Inc.		123,870		$2,574
Camden Property Trust		15,909		1,505
CBRE Group, Inc., Class A*		15,571		1,150
CubeSmart		25,833		985
Douglas Emmett, Inc.		25,169		321
Encompass Health Corp.		17,761		1,193
Equinix, Inc.		8,872		6,443
Equity LifeStyle Properties, Inc.		31,965		2,037
Essex Property Trust, Inc.		7,466		1,584
Extra Space Storage, Inc.		15,206		1,849
Farmland Partners, Inc.		28,920		297
Federal Realty Investment Trust		12,339		1,118
Healthpeak Properties, Inc.		66,464		1,220
Lamar Advertising Co., Class A		5,849		488
NNN REIT, Inc.		72,548		2,564
NVR, Inc.*		106		632
Phillips Edison & Co., Inc.		37,996		1,274
Prologis, Inc.		90,156		10,116
Rayonier, Inc.		52,166		1,485
Rexford Industrial Realty, Inc.		22,050		1,088
Sabra Health Care REIT, Inc.		73,160		1,020
SBA Communications Corp.		5,467		1,094
Simon Property Group, Inc.		3,013		326
SITE Centers Corp.		101,191		1,248
Spirit Realty Capital, Inc.		36,656		1,229
STAG Industrial, Inc.		30,596		1,056
Sun Communities, Inc.		13,777		1,630
UDR, Inc.		37,853		1,350
Universal Health Services, Inc., Class B		9,682		1,217
Urban Edge Properties		12,656		193
VICI Properties, Inc.		77,205		2,247
Welltower, Inc.		21,440		1,756
Weyerhaeuser Co.		42,304		1,297
				62,878
Total Common Stocks
(Cost $110,426)			106,767

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 4.1%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(2) (3)		4,615,522		$4,616
Total Investment Companies
(Cost $4,616)			4,616
Total Investments – 99.6%
(Cost $115,042)			111,383
Other Assets less Liabilities – 0.4%				461
Net Assets – 100.0%			$111,844

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

⁽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, 2023 is disclosed.

* Non-Income Producing Security

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

REIT – Real Estate Investment Trust

Percentages shown are based on Net Assets.

At September 30, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET   ASSETS
United States Dollar		60.3	%
Japanese Yen		9.3
British Pound		7.9
Euro		5.6
All other currencies less than 5%		16.5
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, 2023 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

See Notes to the Financial Statements.

EQUITY FUNDS  140  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL     (000S)
Common Stocks:
Canada	$	4,605	$	—		$—	$	4,605
Mexico		1,217		—		—		1,217
United States		62,878		—		—		62,878
All Other Countries(1)		—		38,067		—		38,067
Total Common Stocks		68,700		38,067		—		106,767
Investment Companies		4,616		—		—		4,616
Total Investments	$	73,316	$	38,067		$—		$111,383

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  141 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS
NORTHERN ENGAGE360TM FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER         OF SHARES		VALUE (000S)
COMMON STOCKS – 0.0%
Russia – 0.0%
Moscow Exchange MICEX-RTS PJSC(1)		51,540		$—
Total Common Stocks
(Cost $66)			—
INVESTMENT COMPANIES – 90.7%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(2) (3)		4,244,901		4,245
Total Investment Companies
(Cost $4,245)			4,245
Total Investments – 90.7%
(Cost $4,311)			4,245
Other Assets less Liabilities – 9.3%				436
Net Assets – 100.0%			$4,681

⁽¹⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽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, 2023 is disclosed.

Percentages shown are based on Net Assets.

At September 30, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET ASSETS
United States Dollar		90.7	%
All other currencies less than 5%		—
Total Investments		90.7
Other Assets less Liabilities		9.3
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, 2023 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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Investment Companies		$4,245		$—		$—		$4,245

See Notes to the Financial Statements.

EQUITY FUNDS  142  NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
SMALL CAP CORE FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 96.5%
Aerospace & Defense – 0.5%
AAR Corp.*		7,112		$423
Astronics Corp.*		2,474		39
Astronics Corp., Class B*		3,555		56
Ducommun, Inc.*		4,079		177
Kaman Corp.		5,054		99
Moog, Inc., Class A		5,024		568
National Presto Industries, Inc.		1,257		91
Park Aerospace Corp.		4,710		73
Parsons Corp.*		2,239		122
V2X, Inc.*		4,333		224
				1,872
Air Freight & Logistics – 0.2%
Air Transport Services Group, Inc.*		9,995		209
Forward Air Corp.		6,723		462
				671
Automobile Components – 1.5%
Adient PLC*		18,079		664
American Axle & Manufacturing
Holdings, Inc.*		12,826		93
Cooper-Standard Holdings, Inc.*		2,163		29
Dana, Inc.		25,253		370
Dorman Products, Inc.*		6,931		525
Fox Factory Holding Corp.*		6,360		630
Gentherm, Inc.*		8,131		441
Goodyear Tire & Rubber (The) Co.*		55,404		689
LCI Industries		7,177		843
Modine Manufacturing Co.*		5,155		236
Motorcar Parts of America, Inc.*		5,169		42
Patrick Industries, Inc.		4,422		332
Standard Motor Products, Inc.		4,303		145
Stoneridge, Inc.*		4,436		89
Strattec Security Corp.*		1,566		36
Superior Industries International, Inc.*		7,712		23
Visteon Corp.*		4,910		678
XPEL, Inc.*		3,039		234
				6,099
Automobiles – 0.1%
Winnebago Industries, Inc.		8,609		512
Workhorse Group, Inc.*		20,206		8
				520
Banks – 6.6%
1st Source Corp.		6,084		256
Amalgamated Financial Corp.		5,817		100

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Banks – 6.6%    continued
American National Bankshares, Inc.		4,140		$157
AmeriServ Financial, Inc.		2,916		8
Ames National Corp.		1,620		27
Arrow Financial Corp.		5,336		91
Associated Banc-Corp		22,067		378
Atlantic Union Bankshares Corp.		15,763		454
Axos Financial, Inc.*		13,018		493
BancFirst Corp.		4,254		369
Bancorp (The), Inc.*		6,729		232
Bank First Corp.		3,158		244
Bank of Hawaii Corp.		6,474		322
Bank of Marin Bancorp		3,581		65
Bank of South Carolina Corp.		5,601		59
Bank7 Corp.		8,523		192
BankFinancial Corp.		3,374		29
Bankwell Financial Group, Inc.		7,252		176
Banner Corp.		8,182		347
Bar Harbor Bankshares		1,914		45
BCB Bancorp, Inc.		2,039		23
Brookline Bancorp, Inc.		21,716		198
Business First Bancshares, Inc.		3,069		58
C&F Financial Corp.		1,568		84
Cadence Bank		33,833		718
Cambridge Bancorp		1,439		90
Camden National Corp.		3,768		106
Capital City Bank Group, Inc.		2,064		62
Capitol Federal Financial, Inc.		23,394		112
Cathay General Bancorp		15,170		527
CB Financial Services, Inc.		346		7
Central Pacific Financial Corp.		667		11
Citizens & Northern Corp.		1,065		19
Citizens Community Bancorp, Inc.		1,470		14
Citizens Financial Services, Inc.		262		13
City Holding Co.		3,670		332
Civista Bancshares, Inc.		670		10
Colony Bankcorp, Inc.		1,264		13
Commercial National Financial Corp.		121		1
Community Bank System, Inc.		8,996		380
Community Trust Bancorp, Inc.		2,765		95
ConnectOne Bancorp, Inc.		2,328		41
CVB Financial Corp.		20,802		345
Dime Community Bancshares, Inc.		3,129		62
Eagle Bancorp, Inc.		6,458		138
Eagle Financial Services, Inc.		100		3

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  143 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP CORE FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Banks – 6.6%    continued
Eastern Bankshares, Inc.		25,103		$315
Enterprise Bancorp, Inc.		3,196		87
Enterprise Financial Services Corp.		5,191		195
Equity Bancshares, Inc., Class A		3,378		81
ESSA Bancorp, Inc.		913		14
FB Financial Corp.		2,416		68
Financial Institutions, Inc.		4,376		74
First Bancorp		7,800		219
First BanCorp (New York Exchange)		29,678		399
First Bancorp (The), Inc.		815		19
First Bancshares (The), Inc.		4,861		131
First Bank(1)		6		—
First Busey Corp.		10,829		208
First Business Financial Services, Inc.		1,190		36
First Commonwealth Financial Corp.		27,853		340
First Community Bankshares, Inc.		1,756		52
First Financial Bankshares, Inc.		27,825		699
First Financial Corp.		2,604		88
First Financial Northwest, Inc.		1,914		24
First Foundation, Inc.		5,703		35
First Guaranty Bancshares, Inc.		631		7
First Hawaiian, Inc.		19,157		346
First Internet Bancorp		1,643		27
First Merchants Corp.		10,063		280
First Mid Bancshares, Inc.		207		5
First of Long Island (The) Corp.		3,593		41
First Savings Financial Group, Inc.		10,473		157
First United Corp.		7,500		122
Flushing Financial Corp.		6,616		87
FS Bancorp, Inc.		2,366		70
German American Bancorp, Inc.		5,142		139
Glacier Bancorp, Inc.		18,128		517
Great Southern Bancorp, Inc.		1,695		81
Hancock Whitney Corp.		15,976		591
Hanmi Financial Corp.		4,890		79
Harleysville Financial Corp.		239		5
Hawthorn Bancshares, Inc.		1,002		16
Heartland Financial U.S.A., Inc.		6,042		178
Heritage Financial Corp.		7,826		128
Hilltop Holdings, Inc.		14,638		415
Home Bancorp, Inc.		3,034		97
Home BancShares, Inc.		26,858		562
HomeStreet, Inc.		4,633		36
HomeTrust Bancshares, Inc.		3,760		81

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Banks – 6.6%    continued
Hope Bancorp, Inc.		19,889		$176
Horizon Bancorp, Inc.		2,787		30
Independent Bank Corp.		9,332		458
Independent Bank Group, Inc.		9,989		395
International Bancshares Corp.		11,836		513
Investar Holding Corp.		10,694		113
Jeffersonville Bancorp		620		11
Kentucky First Federal Bancorp		942		5
Lake Shore Bancorp, Inc.		737		8
Lakeland Bancorp, Inc.		4,932		62
Lakeland Financial Corp.		4,632		220
Landmark Bancorp, Inc.		1,445		26
Magyar Bancorp, Inc.		1,337		13
Mercantile Bank Corp.		5,612		173
Mid Penn Bancorp, Inc.		979		20
MidWestOne Financial Group, Inc.		1,413		29
NASB Financial, Inc.		896		27
National Bank Holdings Corp., Class A		6,406		191
National Bankshares, Inc.		842		21
NBT Bancorp, Inc.		10,119		321
Nicolet Bankshares, Inc.		2,918		204
Northeast Bank		2,191		97
Northeast Community Bancorp, Inc.		2,633		39
Northfield Bancorp, Inc.		15,316		145
Northrim BanCorp, Inc.		1,630		65
Norwood Financial Corp.		1,071		28
OceanFirst Financial Corp.		8,982		130
OFG Bancorp		10,244		306
Ohio Valley Banc Corp.		1,602		39
Old Point Financial Corp.		1,094		20
Old Second Bancorp, Inc.		2,583		35
Pacific Premier Bancorp, Inc.		19,735		429
Park National Corp.		2,869		271
Penns Woods Bancorp, Inc.		2,026		43
Peoples Bancorp of North Carolina, Inc.		1,527		34
Peoples Bancorp, Inc.		6,266		159
Peoples Financial Corp.		236		3
Peoples Financial Services Corp.		1,025		41
Preferred Bank		3,685		229
Premier Financial Corp.		9,636		164
Primis Financial Corp.		669		5
Provident Bancorp, Inc.(1)		18		—
Provident Financial Holdings, Inc.		1,656		22

See Notes to the Financial Statements.

EQUITY FUNDS  144 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Banks – 6.6%    continued
Renasant Corp.		11,587		$303
Republic Bancorp, Inc., Class A		3,114		137
Republic First Bancorp, Inc.*		3,187		1
Sandy Spring Bancorp, Inc.		4,976		107
Seacoast Banking Corp. of Florida		10,198		224
ServisFirst Bancshares, Inc.		12,343		644
Shore Bancshares, Inc.		8,587		90
Sierra Bancorp		933		18
Simmons First National Corp., Class A		18,287		310
Southern First Bancshares, Inc.*		4,326		117
Southern Missouri Bancorp, Inc.		670		26
Southside Bancshares, Inc.		4,768		137
SouthState Corp.		10,200		687
Stellar Bancorp, Inc.		6,754		144
Stock Yards Bancorp, Inc.		6,007		236
Texas Capital Bancshares, Inc.*		7,121		419
Timberland Bancorp, Inc.		1,794		49
Towne Bank		12,404		284
TriCo Bancshares		4,784		153
TrustCo Bank Corp. NY		2,496		68
Trustmark Corp.		12,189		265
UMB Financial Corp.		8,361		519
Union Bankshares, Inc.		6,092		136
United Bancorp, Inc.		1,456		17
United Bankshares, Inc.		17,796		491
United Community Banks, Inc.		14,443		367
Unity Bancorp, Inc.		2,327		54
Univest Financial Corp.		5,267		91
Virginia National Bankshares Corp.		105		3
Washington Trust Bancorp, Inc.		4,127		109
WesBanco, Inc.		14,383		351
West BanCorp, Inc.		1,135		18
Westamerica BanCorp		5,843		253
Western New England Bancorp, Inc.		8,551		55
WSFS Financial Corp.		16,443		600
				27,460
Beverages – 0.4%
Coca-Cola Consolidated, Inc.		1,561		993
MGP Ingredients, Inc.		3,257		344
National Beverage Corp.*		6,555		308
				1,645
Biotechnology – 4.6%
2seventy bio, Inc.*		3,712		15

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Biotechnology – 4.6%    continued
4D Molecular Therapeutics, Inc.*		9,288		$118
89bio, Inc.*		7,009		108
Abeona Therapeutics, Inc.*		23,500		99
ACADIA Pharmaceuticals, Inc.*		20,000		417
Achieve Life Sciences, Inc.*		14,700		63
Acumen Pharmaceuticals, Inc.*		1,062		4
Adaptimmune Therapeutics PLC ADR*		20,820		16
ADMA Biologics, Inc.*		42,064		151
Agios Pharmaceuticals, Inc.*		5,038		125
Akero Therapeutics, Inc.*		3,916		198
Alector, Inc.*		15,947		103
Alkermes PLC*		27,612		773
Allogene Therapeutics, Inc.*		28,137		89
Allovir, Inc.*		2,033		4
Altimmune, Inc.*		12,327		32
ALX Oncology Holdings, Inc.*		7,964		38
Amicus Therapeutics, Inc.*		68,028		827
AnaptysBio, Inc.*		11,172		201
Anavex Life Sciences Corp.*		23,171		152
Anika Therapeutics, Inc.*		5,077		95
Annexon, Inc.*		6,085		14
Aravive, Inc.*		8,839		1
Arbutus Biopharma Corp.*		7,627		15
Arcellx, Inc.*		10,010		359
Arcutis Biotherapeutics, Inc.*		4,849		26
Ardelyx, Inc.*		6,416		26
Assembly Biosciences, Inc.*		10,265		9
Astria Therapeutics, Inc.*		10,865		81
Atara Biotherapeutics, Inc.*		13,007		19
Avid Bioservices, Inc.*		9,647		91
Avidity Biosciences, Inc.*		13,160		84
Beyondspring, Inc.*		6,729		5
Biohaven Ltd.*		9,500		247
Bioxcel Therapeutics, Inc.*		16,214		41
Bluebird Bio, Inc.*		11,008		33
C4 Therapeutics, Inc.*		6,094		11
Capricor Therapeutics, Inc.*		22,220		76
Caribou Biosciences, Inc.*		15,829		76
Catalyst Pharmaceuticals, Inc.*		36,098		422
Celcuity, Inc.*		17,458		160
Chimerix, Inc.*		1,335		1
Cibus, Inc.*		118		2
Coherus Biosciences, Inc.*		23,083		86
Crinetics Pharmaceuticals, Inc.*		13,503		402

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  145 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP CORE FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Biotechnology – 4.6%    continued
Cue Biopharma, Inc.*		4,064		$9
Cullinan Oncology, Inc.*		11,367		103
Day One Biopharmaceuticals, Inc.*		6,800		83
Deciphera Pharmaceuticals, Inc.*		12,940		165
DermTech, Inc.*		7,034		10
Design Therapeutics, Inc.*		24,879		59
DiaMedica Therapeutics, Inc.*		20,810		54
Disc Medicine, Inc.*		2,300		108
Dyadic International, Inc.*		16,268		31
Dynavax Technologies Corp.*		29,723		439
Dyne Therapeutics, Inc.*		6,800		61
Eagle Pharmaceuticals, Inc.*		5,071		80
Editas Medicine, Inc.*		8,247		64
Emergent BioSolutions, Inc.*		10,401		35
Enanta Pharmaceuticals, Inc.*		5,241		59
Entrada Therapeutics, Inc.*		7,200		114
Foghorn Therapeutics, Inc.*		10,665		53
G1 Therapeutics, Inc.*		11,629		17
Galectin Therapeutics, Inc.*		7,609		15
Genelux Corp.*		3,371		83
Geron Corp.*		26,760		57
GlycoMimetics, Inc.*		11,161		17
Gossamer Bio, Inc.*		11,915		10
Graphite Bio, Inc.*		8,931		22
Gritstone bio, Inc.*		6,339		11
Halozyme Therapeutics, Inc.*		24,153		923
Heron Therapeutics, Inc.*		11,870		12
Ideaya Biosciences, Inc.*		5,303		143
IGM Biosciences, Inc.*		9,071		76
Immatics N.V.*		10,113		117
ImmuCell Corp.*		2,485		13
Immuneering Corp., Class A*		1,340		10
Immunic, Inc.*		20,019		29
ImmunoGen, Inc.*		31,032		492
Inhibrx, Inc.*		9,691		178
Inozyme Pharma, Inc.*		15,000		63
Insmed, Inc.*		23,561		595
Intercept Pharmaceuticals, Inc.*		4,407		82
Ironwood Pharmaceuticals, Inc.*		43,111		415
iTeos Therapeutics, Inc.*		7,612		83
Janux Therapeutics, Inc.*		6,800		69
KalVista Pharmaceuticals, Inc.*		18,438		178
Karyopharm Therapeutics, Inc.*		11,896		16
Keros Therapeutics, Inc.*		2,621		84

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Biotechnology – 4.6%    continued
Kezar Life Sciences, Inc.*		9,673		$12
Kronos Bio, Inc.*		6,053		8
Krystal Biotech, Inc.*		2,913		338
Kura Oncology, Inc.*		17,673		161
Larimar Therapeutics, Inc.*		441		2
Lexicon Pharmaceuticals, Inc.*		11,207		12
MacroGenics, Inc.*		8,808		41
MannKind Corp.*		39,452		163
MediciNova, Inc.*		25,731		54
MeiraGTx Holdings PLC*		13,641		67
Mereo Biopharma Group PLC ADR*		1,007		1
Merrimack Pharmaceuticals, Inc.*		7,861		97
Mersana Therapeutics, Inc.*		9,921		13
Merus N.V.*		11,886		280
MiMedx Group, Inc.*		14,336		105
Mirum Pharmaceuticals, Inc.*		13,491		426
Monte Rosa Therapeutics, Inc.*		12,800		61
Myriad Genetics, Inc.*		20,011		321
Natera, Inc.*		13,781		610
Nkarta, Inc.*		25,420		35
Olema Pharmaceuticals, Inc.*		20,842		257
Omega Therapeutics, Inc.*		2,488		5
Omniab, Inc.(2) *		1,740		1
Omniab, Inc. (NASDAQ Exchange)(2) *		1,740		1
Organogenesis Holdings, Inc.*		8,779		28
ORIC Pharmaceuticals, Inc.*		6,813		41
PDL BioPharma, Inc.(2) *		24,608		6
PMV Pharmaceuticals, Inc.*		7,964		49
Point Biopharma Global, Inc.*		10,400		69
Praxis Precision Medicines, Inc.*		17,051		29
ProKidney Corp.*		7,800		36
ProQR Therapeutics N.V.*		6,172		8
Protagonist Therapeutics, Inc.*		5,762		96
Protalix BioTherapeutics, Inc.*		503		1
Prothena Corp. PLC*		8,214		396
Quince Therapeutics, Inc.*		3,436		4
RAPT Therapeutics, Inc.*		11,711		195
Recursion Pharmaceuticals, Inc., Class A*		26,800		205
REGENXBIO, Inc.*		6,344		104
Replimune Group, Inc.*		17,297		296
Rezolute, Inc.*		11,436		15
Rhythm Pharmaceuticals, Inc.*		8,730		200
Rigel Pharmaceuticals, Inc.*		25,142		27

See Notes to the Financial Statements.

EQUITY FUNDS  146 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Biotechnology – 4.6%    continued
Rocket Pharmaceuticals, Inc.*		9,719		$199
Sage Therapeutics, Inc.*		11,929		246
Sangamo Therapeutics, Inc.*		21,642		13
Savara, Inc.*		7,188		27
Scholar Rock Holding Corp.*		15,000		107
Shattuck Labs, Inc.*		4,666		7
Sinovac Biotech Ltd.(2) *		1,587		—
Solid Biosciences, Inc.*		372		1
Spero Therapeutics, Inc.*		9,073		11
Stoke Therapeutics, Inc.*		13,577		53
Sutro Biopharma, Inc.*		3,101		11
Tenaya Therapeutics, Inc.*		6,573		17
Travere Therapeutics, Inc.*		10,384		93
UroGen Pharma Ltd.*		17,713		248
Vanda Pharmaceuticals, Inc.*		10,580		46
Vaxcyte, Inc.*		11,631		593
Veracyte, Inc.*		12,475		279
Vericel Corp.*		8,383		281
Viking Therapeutics, Inc.*		11,294		125
Vir Biotechnology, Inc.*		18,696		175
Viridian Therapeutics, Inc.*		8,323		128
Vor BioPharma, Inc.*		19,000		40
Voyager Therapeutics, Inc.*		11,281		87
X4 Pharmaceuticals, Inc.*		11,172		12
XBiotech, Inc.*		6,888		28
Xenon Pharmaceuticals, Inc.*		7,965		272
XOMA Corp.*		9,637		136
Y-mAbs Therapeutics, Inc.*		11,500		63
Zymeworks, Inc.*		7,177		46
				19,472
Broadline Retail – 0.1%
Big Lots, Inc.		9,268		47
Dillard’s, Inc., Class A		1,535		508
				555
Building Products – 2.0%
AAON, Inc.		12,031		684
American Woodmark Corp.*		2,909		220
Apogee Enterprises, Inc.		6,294		296
AZEK (The) Co., Inc.*		19,387		577
AZZ, Inc.		4,316		197
CSW Industrials, Inc.		2,682		470
Gibraltar Industries, Inc.*		7,066		477
Griffon Corp.		10,210		405

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Building Products – 2.0%    continued
Insteel Industries, Inc.		7,591		$246
JELD-WEN Holding, Inc.*		12,711		170
Masonite International Corp.*		5,250		489
PGT Innovations, Inc.*		13,096		364
Quanex Building Products Corp.		6,012		169
Resideo Technologies, Inc.*		24,838		393
Simpson Manufacturing Co., Inc.		8,697		1,303
UFP Industries, Inc.		12,660		1,296
Zurn Elkay Water Solutions Corp.		26,300		737
				8,493
Capital Markets – 2.4%
ArrowMark Financial Corp.		3,007		53
Artisan Partners Asset Management, Inc., Class A		8,678		325
Associated Capital Group, Inc., Class A		2,664		97
Avantax, Inc.*		6,863		176
B. Riley Financial, Inc.		2,436		100
BGC Group, Inc., Class A		49,897		264
Cohen & Steers, Inc.		5,110		320
Diamond Hill Investment Group, Inc.		1,298		219
Donnelley Financial Solutions, Inc.*		602		34
Evercore, Inc., Class A		6,848		944
Federated Hermes, Inc.		16,681		565
Freedom Holding Corp.*		5,033		426
GAMCO Investors, Inc., Class A		7,410		148
Golub Capital BDC, Inc.		22,900		336
Hamilton Lane, Inc., Class A		5,121		463
Hercules Capital, Inc.		21,754		357
Houlihan Lokey, Inc.		7,598		814
Lazard Ltd., Class A		14,539		451
Main Street Capital Corp.		10,834		440
Moelis & Co., Class A		11,052		499
Patria Investments Ltd., Class A		19,800		289
Piper Sandler Cos.		3,786		550
PJT Partners, Inc., Class A		4,132		328
Prospect Capital Corp.		51,023		309
Safeguard Scientifics, Inc.*		826		1
Siebert Financial Corp.*		7,123		14
Sixth Street Specialty Lending, Inc.		9,992		204
StoneX Group, Inc.*		4,015		389
Victory Capital Holdings, Inc., Class A		12,099		403
Virtu Financial, Inc., Class A		15,295		264
Virtus Investment Partners, Inc.		1,173		237

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  147 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP CORE FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Capital Markets – 2.4%    continued
Westwood Holdings Group, Inc.		2,368		$24
WisdomTree, Inc.		16,510		116
				10,159
Chemicals – 2.3%
Advanced Emissions Solutions, Inc.*		838		2
AdvanSix, Inc.		4,745		147
Alto Ingredients, Inc.*		9,824		43
American Vanguard Corp.		4,085		45
Aspen Aerogels, Inc.*		4,942		43
Avient Corp.		15,986		565
Balchem Corp.		6,201		769
Cabot Corp.		10,961		759
Chase Corp.		2,426		309
Element Solutions, Inc.		34,139		669
FutureFuel Corp.		6,971		50
H.B. Fuller Co.		12,418		852
Hawkins, Inc.		7,939		467
Ingevity Corp.*		7,988		380
Innospec, Inc.		4,649		475
Intrepid Potash, Inc.*		880		22
Koppers Holdings, Inc.		8,218		325
Kronos Worldwide, Inc.		5,149		40
Livent Corp.*		27,523		507
LSB Industries, Inc.*		6,515		67
Mativ Holdings, Inc.		14,773		211
Minerals Technologies, Inc.		7,390		405
NewMarket Corp.		1,060		482
Orion S.A.		8,234		175
Quaker Chemical Corp.		3,947		632
Sensient Technologies Corp.		8,631		505
Stepan Co.		4,700		352
Trinseo PLC		9,824		80
Tronox Holdings PLC		20,393		274
				9,652
Commercial Services & Supplies – 1.6%
ABM Industries, Inc.		12,846		514
ACCO Brands Corp.		20,519		118
ARC Document Solutions, Inc.		7,087		23
Brady Corp., Class A		9,873		542
Brink’s (The) Co.		9,348		679
Casella Waste Systems, Inc., Class A*		8,429		643
CECO Environmental Corp.*		2,043		33
Cimpress PLC*		5,146		360

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Commercial Services & Supplies – 1.6%    continued
Civeo Corp.		306		$6
CompX International, Inc.		2,952		55
CoreCivic, Inc.*		21,210		239
Deluxe Corp.		8,605		163
Ennis, Inc.		6,193		131
Healthcare Services Group, Inc.		15,428		161
Heritage-Crystal Clean, Inc.*		1,005		46
HNI Corp.		9,134		316
Interface, Inc.		9,001		88
Liquidity Services, Inc.*		4,841		85
Matthews International Corp., Class A		7,118		277
MillerKnoll, Inc.		16,349		400
NL Industries, Inc.		8,463		40
Odyssey Marine Exploration, Inc.*		377		1
OPENLANE, Inc.*		25,152		375
Perma-Fix Environmental Services, Inc.*		1,434		15
Pitney Bowes, Inc.		28,768		87
Quad/Graphics, Inc.*		2,395		12
SP Plus Corp.*		5,046		182
Steelcase, Inc., Class A		18,977		212
UniFirst Corp.		2,950		481
Viad Corp.*		4,178		109
Virco Mfg. Corp.*		4,606		37
VSE Corp.		4,661		235
				6,665
Communications Equipment – 0.8%
ADTRAN Holdings, Inc.		9,255		76
Applied Optoelectronics, Inc.*		8,255		91
Aviat Networks, Inc.*		2,961		92
BK Technologies Corp.		367		5
Calix, Inc.*		8,933		409
Clearfield, Inc.*		4,804		138
CommScope Holding Co., Inc.*		35,482		119
Comtech Telecommunications Corp.		7,611		67
Digi International, Inc.*		10,554		285
DZS, Inc.*		670		1
Extreme Networks, Inc.*		20,110		487
Harmonic, Inc.*		18,567		179
Ituran Location and Control Ltd.		4,023		120
KVH Industries, Inc.*		8,079		41
Lumentum Holdings, Inc.*		11,700		529
NETGEAR, Inc.*		5,911		74
NetScout Systems, Inc.*		14,342		402
PCTEL, Inc.		12,950		54

See Notes to the Financial Statements.

EQUITY FUNDS  148 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Communications Equipment – 0.8%    continued
Ribbon Communications, Inc.*		4,866		$13
Viavi Solutions, Inc.*		37,937		347
				3,529
Construction & Engineering – 1.7%
Ameresco, Inc., Class A*		5,435		210
API Group Corp.(3) *		31,044		805
Arcosa, Inc.		10,720		771
Argan, Inc.		3,568		162
Comfort Systems U.S.A., Inc.		9,510		1,621
Dycom Industries, Inc.*		5,741		511
Fluor Corp.*		27,256		1,000
Granite Construction, Inc.		10,722		408
Great Lakes Dredge & Dock Corp.*		8,219		66
IES Holdings, Inc.*		1,656		109
INNOVATE Corp.*		1,551		3
Matrix Service Co.*		10,608		125
MYR Group, Inc.*		3,129		422
Northwest Pipe Co.*		5,173		156
Orion Group Holdings, Inc.*		2,825		15
Primoris Services Corp.		5,846		191
Sterling Infrastructure, Inc.*		7,736		568
Tutor Perini Corp.*		5,422		42
				7,185
Construction Materials – 0.3%
Summit Materials, Inc., Class A*		25,849		805
United States Lime & Minerals, Inc.		1,317		265
				1,070
Consumer Finance – 1.0%
Atlanticus Holdings Corp.*		1,345		41
Curo Group Holdings Corp.(1) *		193		—
Encore Capital Group, Inc.*		6,669		319
Enova International, Inc.*		4,784		243
EZCORP, Inc., Class A*		7,224		60
FirstCash Holdings, Inc.		8,083		811
Green Dot Corp., Class A*		10,950		153
LendingClub Corp.*		8,598		52
Medallion Financial Corp.		1,166		8
Navient Corp.		32,833		565
Nelnet, Inc., Class A		6,632		592
PRA Group, Inc.*		9,935		191
PROG Holdings, Inc.*		14,061		467

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Consumer Finance – 1.0%    continued
Upstart Holdings, Inc.*		11,100		$317
World Acceptance Corp.*		1,712		218
				4,037
Consumer Staples Distribution & Retail – 0.7%
Andersons (The), Inc.		3,897		201
Chefs’ Warehouse (The), Inc.*		3,129		66
Grocery Outlet Holding Corp.*		14,534		419
Ingles Markets, Inc., Class A		5,441		410
Natural Grocers by Vitamin Cottage, Inc.		1,755		23
PriceSmart, Inc.		4,074		303
Rite Aid Corp.*		9,010		4
SpartanNash Co.		6,838		150
Sprouts Farmers Market, Inc.*		23,893		1,023
United Natural Foods, Inc.*		8,380		118
Village Super Market, Inc., Class A		1,860		42
Weis Markets, Inc.		4,597		290
				3,049
Containers & Packaging – 0.4%
Greif, Inc., Class A		4,786		320
Myers Industries, Inc.		6,822		122
O-I Glass, Inc.*		22,880		383
Silgan Holdings, Inc.		10,976		473
TriMas Corp.		9,336		231
				1,529
Distributors – 0.0%
Weyco Group, Inc.		4,106		104
Diversified Consumer Services – 1.0%
2U, Inc.*		11,890		29
Adtalem Global Education, Inc.*		12,470		534
American Public Education, Inc.*		5,687		28
Chegg, Inc.*		18,780		168
Duolingo, Inc.*		5,100		846
Graham Holdings Co., Class B		904		527
Grand Canyon Education, Inc.*		7,665		896
Laureate Education, Inc.		20,511		289
Perdoceo Education Corp.		9,865		169
Strategic Education, Inc.		4,284		322
Stride, Inc.*		6,530		294
Universal Technical Institute, Inc.*		3,322		28
WW International, Inc.*		7,900		88
				4,218

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  149 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP CORE FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Diversified Real Estate Investment Trusts – 0.5%
Alexander & Baldwin, Inc.		12,659		$212
American Assets Trust, Inc.		8,499		165
Armada Hoffler Properties, Inc.		5,916		61
Broadstone Net Lease, Inc.		23,782		340
CTO Realty Growth, Inc.		11,410		185
Empire State Realty Trust, Inc., Class A		25,074		202
Essential Properties Realty Trust, Inc.		15,628		338
Gladstone Commercial Corp.		5,550		67
Global Net Lease, Inc.		29,233		281
One Liberty Properties, Inc.		8,239		155
Star Holdings*		2,793		35
				2,041
Diversified Telecommunication Services – 0.5%
Anterix, Inc.*		5,005		157
ATN International, Inc.		2,337		74
Bandwidth, Inc., Class A*		2,992		34
Cogent Communications Holdings, Inc.		7,494		464
Consolidated Communications
Holdings, Inc.*		14,553		50
IDT Corp., Class B*		5,188		114
Iridium Communications, Inc.		20,618		938
Liberty Latin America Ltd., Class C*		16,237		132
LICT Corp.*		7		116
				2,079
Electric Utilities – 0.8%
ALLETE, Inc.		11,912		629
MGE Energy, Inc.		8,326		570
Otter Tail Corp.		10,120		768
PNM Resources, Inc.		14,784		660
Portland General Electric Co.		19,517		790
				3,417
Electrical Equipment – 1.0%
Allient, Inc.		4,129		128
American Superconductor Corp.*		696		5
Atkore, Inc.*		8,730		1,302
Babcock & Wilcox Enterprises, Inc.*		6,843		29
Encore Wire Corp.		3,861		705
EnerSys		8,117		768
GrafTech International Ltd.		29,328		112
LSI Industries, Inc.		4,822		77
Orion Energy Systems, Inc.*		2,963		4
Powell Industries, Inc.		4,145		344
Preformed Line Products Co.		1,859		302

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Electrical Equipment – 1.0%    continued
Thermon Group Holdings, Inc.*		3,280		$90
TPI Composites, Inc.*		6,081		16
Ultralife Corp.*		2,573		25
Vicor Corp.*		5,780		340
				4,247
Electronic Equipment, Instruments & Components – 3.4%
Advanced Energy Industries, Inc.		6,791		700
Arlo Technologies, Inc.*		11,556		119
Avnet, Inc.		15,724		758
Badger Meter, Inc.		5,378		774
Bel Fuse, Inc., Class A		1,647		78
Bel Fuse, Inc., Class B		5,159		246
Belden, Inc.		7,014		677
Benchmark Electronics, Inc.		9,135		222
Climb Global Solutions, Inc.		5,443		234
Crane NXT Co.		8,200		456
CTS Corp.		5,126		214
Daktronics, Inc.*		7,972		71
ePlus, Inc.*		10,255		651
Fabrinet*		7,944		1,324
FARO Technologies, Inc.*		3,709		56
Frequency Electronics, Inc.		6,679		46
Hollysys Automation Technologies Ltd.*		8,712		173
Identiv, Inc.*		260		2
Insight Enterprises, Inc.*		9,079		1,321
Itron, Inc.*		8,348		506
Kimball Electronics, Inc.*		5,059		138
Knowles Corp.*		14,106		209
Methode Electronics, Inc.		8,105		185
nLight, Inc.*		12,099		126
Novanta, Inc.*		6,962		999
OSI Systems, Inc.*		5,129		605
PAR Technology Corp.*		4,690		181
PC Connection, Inc.		6,492		346
Plexus Corp.*		5,889		548
Powerfleet, Inc.*		2,030		4
Rogers Corp.*		3,422		450
Sanmina Corp.*		12,693		689
ScanSource, Inc.*		4,523		137
TTM Technologies, Inc.*		16,103		207
Vishay Intertechnology, Inc.		20,416		505
Vishay Precision Group, Inc.*		5,648		190
				14,147

See Notes to the Financial Statements.

EQUITY FUNDS  150 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Energy Equipment & Services – 2.6%
Bristow Group, Inc.*		6,681		$188
Cactus, Inc., Class A		10,603		532
ChampionX Corp.		36,508		1,300
DMC Global, Inc.*		5,519		135
Dril-Quip, Inc.*		6,216		175
ENGlobal Corp.*		6,201		2
Expro Group Holdings N.V.*		17,463		406
Forum Energy Technologies, Inc.*		555		13
Geospace Technologies Corp.*		6,342		82
Gulf Island Fabrication, Inc.*		5,271		17
Helix Energy Solutions Group, Inc.*		35,950		402
Helmerich & Payne, Inc.		17,048		719
KLX Energy Services Holdings, Inc.*		590		7
Liberty Energy, Inc.		24,989		463
Mammoth Energy Services, Inc.*		2,233		10
MIND Technology, Inc.*		3,700		2
Nabors Industries Ltd.*		1,755		216
Natural Gas Services Group, Inc.*		3,731		54
Newpark Resources, Inc.*		14,371		99
Next Bridge Hydrocarbons, Inc.(1) (2) (4) *		2,700		—
Nine Energy Service, Inc.*		2,833		12
Noble Corp. PLC		20,075		1,017
Oceaneering International, Inc.*		17,547		451
Oil States International, Inc.*		6,147		52
Patterson-UTI Energy, Inc.		61,311		849
ProPetro Holding Corp.*		10,571		112
SEACOR Marine Holdings, Inc.*		10,551		147
Solaris Oilfield Infrastructure, Inc., Class A		5,362		57
TETRA Technologies, Inc.*		11,964		76
Tidewater, Inc.*		9,210		655
Transocean Ltd.*		94,479		776
U.S. Silica Holdings, Inc.*		8,927		125
Valaris Ltd.*		10,602		795
Weatherford International PLC*		11,600		1,048
				10,994
Entertainment – 0.4%
Atlanta Braves Holdings, Inc., ClassC*		20,273		724
IMAX Corp.*		6,562		127
Madison Square Garden Entertainment Corp.*		4,215		139
Marcus (The) Corp.		5,193		80
Reading International, Inc., Class A*		4,201		9

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
Entertainment – 0.4%    continued
Sciplay Corp., Class A*		22,220		$506
Sphere Entertainment Co.*		4,215		157
				1,742
Financial Services – 2.0%
Acacia Research Corp.*		7,413		27
A-Mark Precious Metals, Inc.		9,618		282
Banco Latinoamericano de Comercio
Exterior S.A., Class E		8,816		187
BM Technologies, Inc.*		1,134		2
California First Leasing Corp.*		1,510		25
Cannae Holdings, Inc.*		13,633		254
Cass Information Systems, Inc.		2,156		80
Enact Holdings, Inc.		21,900		596
Essent Group Ltd.		19,248		910
EVERTEC, Inc.		11,024		410
Federal Agricultural Mortgage Corp., Class C		1,249		193
Flywire Corp.*		14,900		475
I3 Verticals, Inc., Class A*		3,838		81
Jackson Financial, Inc., Class A		11,512		440
Lesaka Technologies, Inc.*		5,996		24
Marqeta, Inc., Class A*		66,765		399
Mr Cooper Group, Inc.*		10,820		580
NMI Holdings, Inc., Class A*		12,143		329
Ocwen Financial Corp.*		25		1
Pagseguro Digital Ltd., Class A*		43,700		376
PennyMac Financial Services, Inc.		6,490		432
Radian Group, Inc.		33,612		844
Security National Financial Corp., Class A*		8,012		63
StoneCo Ltd., Class A*		42,100		449
TFS Financial Corp.		37,800		447
Walker & Dunlop, Inc.		7,748		575
Waterstone Financial, Inc.		4,897		54
				8,535
Food Products – 1.3%
Alico, Inc.		6,072		151
B&G Foods, Inc.		13,065		129
Bridgford Foods Corp.*		5,585		62
Calavo Growers, Inc.		2,955		74
Cal-Maine Foods, Inc.		7,286		353
Farmer Bros. Co.*		4,093		11
Fresh Del Monte Produce, Inc.		5,851		151
Hain Celestial Group (The), Inc.*		14,002		145

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  151 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP CORE FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Food Products – 1.3%    continued
Hostess Brands, Inc.*		23,574		$785
J&J Snack Foods Corp.		3,493		572
John B. Sanfilippo & Son, Inc.		1,342		133
Lancaster Colony Corp.		3,846		635
Lifecore Biomedical, Inc.*		4,362		33
Lifeway Foods, Inc.*		2,244		23
Limoneira Co.		2,794		43
Nomad Foods Ltd.*		29,834		454
Seneca Foods Corp., Class A*		5,077		273
Simply Good Foods (The) Co.*		16,085		555
Tootsie Roll Industries, Inc.		10,906		326
TreeHouse Foods, Inc.*		8,618		376
				5,284
Gas Utilities – 0.9%
Chesapeake Utilities Corp.		4,365		427
New Jersey Resources Corp.		19,684		800
Northwest Natural Holding Co.		7,551		288
ONE Gas, Inc.		15,178		1,036
RGC Resources, Inc.		1,688		29
Southwest Gas Holdings, Inc.		11,425		690
Spire, Inc.		11,153		631
				3,901
Ground Transportation – 0.4%
ArcBest Corp.		5,074		516
Covenant Logistics Group, Inc.		4,573		200
Heartland Express, Inc.		15,041		221
Marten Transport Ltd.		10,532		208
P.A.M. Transportation Services, Inc.*		7,575		163
Patriot Transportation Holding, Inc.*		465		4
Universal Logistics Holdings, Inc.		5,328		134
Werner Enterprises, Inc.		9,055		353
				1,799
Health Care Equipment & Supplies – 3.7%
Accuray, Inc.*		11,551		31
Alphatec Holdings, Inc.*		17,593		228
AngioDynamics, Inc.*		10,315		75
Apyx Medical Corp.*		4,122		13
Artivion, Inc.*		9,927		151
AtriCure, Inc.*		10,472		459
Atrion Corp.		247		102
Avanos Medical, Inc.*		11,909		241
Axogen, Inc.*		9,884		49
Axonics, Inc.*		7,660		430

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Health Care Equipment & Supplies – 3.7%    continued
Beyond Air, Inc.*		13,973		$32
BioSig Technologies, Inc.*		9,286		5
Bioventus, Inc., Class A*		6,777		22
Cerus Corp.*		47,049		76
CONMED Corp.		5,697		575
Cutera, Inc.*		7,790		47
Daxor Corp.(1) *		37		—
Electromed, Inc.*		6,224		65
Embecta Corp.		9,610		145
Enovis Corp.*		8,026		423
Establishment Labs Holdings, Inc.*		5,206		256
FONAR Corp.*		9,083		140
Glaukos Corp.*		7,153		538
Globus Medical, Inc., Class A*		6,674		331
Haemonetics Corp.*		8,079		724
Inari Medical, Inc.*		8,600		562
Inmode Ltd.*		12,579		383
Inogen, Inc.*		2,703		14
Inspire Medical Systems, Inc.*		4,711		935
Integer Holdings Corp.*		7,708		605
iRadimed Corp.		6,572		292
Kewaunee Scientific Corp.*		2,472		44
Lantheus Holdings, Inc.*		13,142		913
LeMaitre Vascular, Inc.		10,101		550
LENSAR, Inc.*		1,867		6
LivaNova PLC*		10,063		532
Merit Medical Systems, Inc.*		12,459		860
Neogen Corp.*		36,017		668
Nevro Corp.*		5,581		107
Omnicell, Inc.*		9,341		421
OraSure Technologies, Inc.*		18,886		112
Orthofix Medical, Inc.*		14,025		180
OrthoPediatrics Corp.*		2,983		96
Pro-Dex, Inc.*		5,477		86
Pulse Biosciences, Inc.*		18,445		74
Retractable Technologies, Inc.*		16,526		20
Semler Scientific, Inc.*		4,393		111
SI-BONE, Inc.*		5,669		120
Sientra, Inc.(1) *		11		—
STAAR Surgical Co.*		8,647		347
Stereotaxis, Inc.*		818		1
Surmodics, Inc.*		4,874		156
Tactile Systems Technology, Inc.*		2,763		39
Tandem Diabetes Care, Inc.*		10,621		221

See Notes to the Financial Statements.

EQUITY FUNDS  152 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
Health Care Equipment & Supplies – 3.7%    continued
TransMedics Group, Inc.*		11,145		$610
UFP Technologies, Inc.*		3,672		593
Utah Medical Products, Inc.		2,974		256
Varex Imaging Corp.*		11,327		213
Zynex, Inc.*		9,748		78
				15,363
Health Care Providers & Services – 2.9%
AdaptHealth Corp.*		11,465		104
Addus HomeCare Corp.*		4,007		341
Agiliti, Inc.*		18,800		122
Amedisys, Inc.*		5,150		481
AMN Healthcare Services, Inc.*		10,081		859
Apollo Medical Holdings, Inc.*		9,723		300
Brookdale Senior Living, Inc.*		39,872		165
CareMax, Inc.*		12,873		27
Castle Biosciences, Inc.*		2,638		45
Community Health Systems, Inc.*		20,665		60
CorVel Corp.*		4,986		981
Cross Country Healthcare, Inc.*		13,265		329
Cryo-Cell International, Inc.		750		4
DocGo, Inc.*		12,475		67
Ensign Group (The), Inc.		12,665		1,177
Enzo Biochem, Inc.*		15,550		22
Fulgent Genetics, Inc.*		5,871		157
Great Elm Group, Inc.*		1,997		4
HealthEquity, Inc.*		12,771		933
Joint (The) Corp.*		3,792		34
LifeStance Health Group, Inc.*		52,600		361
ModivCare, Inc.*		3,422		108
National HealthCare Corp.		4,097		262
National Research Corp.		3,334		148
NeoGenomics, Inc.*		20,065		247
OPKO Health, Inc.*		88,752		142
Option Care Health, Inc.*		27,835		900
Owens & Minor, Inc.*		10,036		162
Patterson Cos., Inc.		21,909		649
Pennant Group (The), Inc.*		5,304		59
PetIQ, Inc.*		7,064		139
Privia Health Group, Inc.*		16,100		370
Progyny, Inc.*		10,437		355
R1 RCM, Inc.*		19,766		298
RadNet, Inc.*		10,255		289
Select Medical Holdings Corp.		24,275		613
Sonida Senior Living, Inc.*		345		3

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
Health Care Providers & Services – 2.9%    continued
Surgery Partners, Inc.*		12,052		$353
U.S. Physical Therapy, Inc.		3,344		307
				11,977
Health Care Real Estate Investment Trusts – 0.5%
CareTrust REIT, Inc.		17,521		359
Community Healthcare Trust, Inc.		3,869		115
Diversified Healthcare Trust		36,640		71
Global Medical REIT, Inc.		9,651		86
LTC Properties, Inc.		7,185		231
National Health Investors, Inc.		8,330		428
Physicians Realty Trust		36,811		449
Sabra Health Care REIT, Inc.		37,934		529
				2,268
Health Care Technology – 0.6%
American Well Corp., Class A*		32,363		38
CareCloud, Inc.*		13,336		15
Certara, Inc.*		18,709		272
Computer Programs and Systems, Inc.*		8,689		139
Evolent Health, Inc., Class A*		21,670		590
HealthStream, Inc.		5,846		126
Multiplan Corp.*		63,759		107
NextGen Healthcare, Inc.*		12,376		294
OptimizeRx Corp.*		5,159		40
Schrodinger, Inc.*		10,000		283
Simulations Plus, Inc.		4,611		192
Tabula Rasa HealthCare, Inc.*		4,066		42
Veradigm, Inc.*		35,303		464
				2,602
Hotel & Resort Real Estate Investment Trusts – 1.0%
Apple Hospitality REIT, Inc.		38,973		598
Braemar Hotels & Resorts, Inc.		13,844		38
Chatham Lodging Trust		6,865		66
DiamondRock Hospitality Co.		42,698		343
Hersha Hospitality Trust, Class A		8,490		84
Park Hotels & Resorts, Inc.		39,372		485
Pebblebrook Hotel Trust		23,864		324
RLJ Lodging Trust		34,101		334
Ryman Hospitality Properties, Inc.		9,086		757
Service Properties Trust		30,317		233
Sotherly Hotels, Inc.*		2,334		4
Summit Hotel Properties, Inc.		13,325		77

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  153 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP CORE FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
Hotel & Resort Real Estate Investment Trusts – 1.0%    continued
Sunstone Hotel Investors, Inc.		41,741		$390
Xenia Hotels & Resorts, Inc.		20,751		244
				3,977
Hotels, Restaurants & Leisure – 1.9%
Arcos Dorados Holdings, Inc., Class A		36,820		348
Biglari Holdings, Inc., Class B*		810		134
BJ’s Restaurants, Inc.*		5,529		130
Brinker International, Inc.*		5,700		180
Canterbury Park Holding Corp.		1,418		29
Carrols Restaurant Group, Inc.*		6,821		45
Chuy’s Holdings, Inc.*		4,380		156
Cracker Barrel Old Country Store, Inc.		4,801		323
Dave & Buster’s Entertainment, Inc.*		10,759		399
Denny’s Corp.*		14,497		123
Dine Brands Global, Inc.		3,158		156
El Pollo Loco Holdings, Inc.(1)		15		—
Everi Holdings, Inc.*		14,612		193
Fiesta Restaurant Group, Inc.*		4,407		37
Golden Entertainment, Inc.		717		24
Hilton Grand Vacations, Inc.*		13,783		561
International Game Technology PLC		15,464		469
Jack in the Box, Inc.		4,152		287
Light & Wonder, Inc.*		16,082		1,147
Monarch Casino & Resort, Inc.		1,545		96
Nathan’s Famous, Inc.		1,574		111
Papa John’s International, Inc.		4,999		341
Red Robin Gourmet Burgers, Inc.*		4,349		35
Red Rock Resorts, Inc., Class A		12,252		502
Shake Shack, Inc., Class A*		4,941		287
Texas Roadhouse, Inc.		12,826		1,233
Town Sports International Holdings, Inc.(2) *		1,105		—
Travel + Leisure Co.		15,020		552
				7,898
Household Durables – 1.7%
Beazer Homes U.S.A., Inc.*		5,126		128
Cavco Industries, Inc.*		1,903		506
Century Communities, Inc.		3,677		246
Ethan Allen Interiors, Inc.		5,251		157
Flexsteel Industries, Inc.		4,401		91
GoPro, Inc., Class A*		15,437		48
Hamilton Beach Brands Holding Co., Class A		2,865		36
Hooker Furnishings Corp.		1,641		32

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
Household Durables – 1.7%    continued
Hovnanian Enterprises, Inc., Class A*		350		$36
Installed Building Products, Inc.		4,667		583
iRobot Corp.*		5,549		210
KB Home		15,811		732
La-Z-Boy, Inc.		9,318		288
Lifetime Brands, Inc.		587		3
M/I Homes, Inc.*		4,222		355
MDC Holdings, Inc.		11,304		466
Meritage Homes Corp.		6,684		818
Nobility Homes, Inc.		849		25
Skyline Champion Corp.*		9,974		635
Sonos, Inc.*		16,531		213
Taylor Morrison Home Corp.*		23,275		992
Tri Pointe Homes, Inc.*		22,494		615
Universal Electronics, Inc.*		3,848		35
VOXX International Corp.*		3,638		29
				7,279
Household Products – 0.5%
Central Garden & Pet Co., Class A*		7,507		301
Energizer Holdings, Inc.		11,229		360
Oil-Dri Corp. of America		4,005		247
Spectrum Brands Holdings, Inc.		6,900		541
WD-40 Co.		2,600		528
				1,977
Independent Power & Renewable Electricity Producers – 0.2%
Clearway Energy, Inc., Class A		1,719		34
Clearway Energy, Inc., Class C		16,720		354
Ormat Technologies, Inc.		8,328		582
				970
Industrial Real Estate Investment Trusts – 0.5%
Industrial Logistics Properties Trust		10,873		32
LXP Industrial Trust		41,933		373
Plymouth Industrial REIT, Inc.		5,058		106
STAG Industrial, Inc.		27,757		958
Terreno Realty Corp.		12,782		726
				2,195
Insurance – 3.0%
Ambac Financial Group, Inc.*		6,406		77
American Coastal Insurance Corp.*		4,767		35
American Equity Investment Life Holding Co.		20,702		1,110
AMERISAFE, Inc.		3,696		185
Argo Group International Holdings Ltd.		9,638		288

See Notes to the Financial Statements.

EQUITY FUNDS  154 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
Insurance – 3.0%    continued
Assured Guaranty Ltd.		10,702		$648
Atlantic American Corp.		6,583		13
Brighthouse Financial, Inc.*		12,683		621
Citizens, Inc.*		6,123		17
CNO Financial Group, Inc.		40,668		965
Donegal Group, Inc., Class A		5,336		76
Employers Holdings, Inc.		9,062		362
Enstar Group Ltd.*		1,712		414
F&G Annuities & Life, Inc.		17,000		477
Genworth Financial, Inc., Class A*		69,798		409
Greenlight Capital Re Ltd., Class A*		13,849		149
Investors Title Co.		684		101
Kansas City Life Insurance Co.		1,810		46
Kemper Corp.		9,845		414
Kinsale Capital Group, Inc.		3,740		1,549
Maiden Holdings Ltd.*		5,035		9
MBIA, Inc.*		18,710		135
Mercury General Corp.		4,228		119
National Western Life Group, Inc., Class A		1,099		481
ProAssurance Corp.		13,230		250
RLI Corp.		8,024		1,090
Safety Insurance Group, Inc.		2,420		165
Selective Insurance Group, Inc.		10,722		1,106
SiriusPoint Ltd.*		13,161		134
Stewart Information Services Corp.		2,999		131
United Fire Group, Inc.		4,371		86
Universal Insurance Holdings, Inc.		4,645		65
White Mountains Insurance Group Ltd.		450		673
				12,400
Interactive Media & Services – 0.7%
Angi, Inc.*		83,590		166
Bumble, Inc., Class A*		14,235		213
Cargurus, Inc.*		15,111		265
Cars.com, Inc.*		10,506		177
EverQuote, Inc., Class A*		4,607		33
QuinStreet, Inc.*		16,414		147
Shutterstock, Inc.		3,768		143
Travelzoo*		5,295		31
TripAdvisor, Inc.*		16,964		281
Yelp, Inc.*		15,222		633
Ziff Davis, Inc.*		8,479		540
ZipRecruiter, Inc., Class A*		13,176		158
				2,787

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
IT Services – 0.6%
Alithya Group, Inc., Class A*		5,632		$9
Brightcove, Inc.*		9,154		30
Computer Task Group, Inc.*		6,604		68
CSP, Inc.		1,379		24
Fastly, Inc., Class A*		20,100		385
Hackett Group (The), Inc.		7,274		172
Information Services Group, Inc.		4,074		18
Kyndryl Holdings, Inc.*		35,100		530
Perficient, Inc.*		8,073		467
Tucows, Inc., Class A*		1,685		34
Unisys Corp.*		6,134		21
Wix.com Ltd.*		8,328		765
				2,523
Leisure Products – 0.3%
Acushnet Holdings Corp.		6,294		334
American Outdoor Brands, Inc.*		2,625		26
Clarus Corp.		5,350		40
Escalade, Inc.		5,150		79
JAKKS Pacific, Inc.*		577		11
Johnson Outdoors, Inc., Class A		3,310		181
Malibu Boats, Inc., Class A*		3,775		185
Marine Products Corp.		7,360		104
Sturm Ruger & Co., Inc.		2,744		143
Topgolf Callaway Brands Corp.*		15,867		220
				1,323
Life Sciences Tools & Services – 0.7%
Alpha Teknova, Inc.*		2,804		8
Azenta, Inc.*		12,306		618
BioLife Solutions, Inc.*		10,242		141
Champions Oncology, Inc.*		6,756		42
Codexis, Inc.*		9,887		19
CryoPort, Inc.*		5,879		81
Harvard Bioscience, Inc.*		25,069		108
Maravai LifeSciences Holdings, Inc., Class A*		17,419		174
Medpace Holdings, Inc.*		5,611		1,358
Mesa Laboratories, Inc.		771		81
Nautilus Biotechnology, Inc.*		19,833		63
OmniAb, Inc.*		22,228		115
Personalis, Inc.*		7,474		9
Standard BioTools, Inc.*		16,964		49
				2,866

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 - 96.5%     continued
Machinery – 4.1%
Alamo Group, Inc.		2,218		$383
Albany International Corp., Class A		6,090		526
Astec Industries, Inc.		5,443		256
Barnes Group, Inc.		11,111		377
Chart Industries, Inc.*		7,500		1,268
CIRCOR International, Inc.*		2,852		159
Columbus McKinnon Corp.		3,238		113
Conrad Industries, Inc.*		100		1
Douglas Dynamics, Inc.		4,284		129
Eastern (The) Co.		1,646		30
Enerpac Tool Group Corp.		12,059		319
EnPro Industries, Inc.		3,675		445
Esab Corp.		8,634		606
ESCO Technologies, Inc.		5,557		580
Federal Signal Corp.		15,155		905
Franklin Electric Co., Inc.		9,027		806
FreightCar America, Inc.*		1,784		5
Gorman-Rupp (The) Co.		6,209		204
Graham Corp.*		4,347		72
Greenbrier (The) Cos., Inc.		4,822		193
Helios Technologies, Inc.		3,771		209
Hillenbrand, Inc.		14,586		617
Hurco Cos., Inc.		1,724		39
Hyster-Yale Materials Handling, Inc.		3,571		159
John Bean Technologies Corp.		6,121		644
Kadant, Inc.		1,916		432
Kennametal, Inc.		16,861		420
L.B. Foster Co., Class A*		2,046		39
Lindsay Corp.		2,072		244
Miller Industries, Inc.		3,148		123
Mueller Industries, Inc.		11,192		841
Mueller Water Products, Inc., Class A		32,132		407
Omega Flex, Inc.		1,609		127
Proto Labs, Inc.*		5,111		135
RBC Bearings, Inc.*		4,960		1,161
Shyft Group (The), Inc.		3,464		52
SPX Technologies, Inc.*		10,224		832
Standex International Corp.		3,929		572
Taylor Devices, Inc.*		1,387		30
Tennant Co.		3,864		287
Terex Corp.		10,720		618
Titan International, Inc.*		11,865		159
Trinity Industries, Inc.		18,066		440
Twin Disc, Inc.*		3,295		45

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
Machinery – 4.1%    continued
Wabash National Corp.		6,370		$135
Watts Water Technologies, Inc., Class A		5,778		999
				17,143
Marine Transportation – 0.5%
Golden Ocean Group Ltd.		21,641		171
Kirby Corp.*		10,304		853
Matson, Inc.		9,901		879
Star Bulk Carriers Corp.		19,675		379
				2,282
Media – 0.5%
AMC Networks, Inc., Class A*		7,507		88
Boston Omaha Corp., Class A(1) *		1		—
Cumulus Media, Inc., Class A*		6,290		32
Daily Journal Corp.*		329		97
Emerald Holding, Inc.*		9,135		41
EW Scripps (The) Co., Class A*		9,608		53
Gannett Co., Inc.*		22,903		56
Gray Television, Inc.		22,400		155
Harte Hanks, Inc.*		929		6
iHeartMedia, Inc., Class A*		18,232		58
John Wiley & Sons, Inc., Class A		9,086		338
Magnite, Inc.*		11,459		86
Marchex, Inc., Class B*		8,009		12
Saga Communications, Inc., Class A		1,380		30
Scholastic Corp.		6,760		258
Sinclair, Inc.		10,802		121
TechTarget, Inc.*		4,137		125
TEGNA, Inc.		39,078		569
				2,125
Metals & Mining – 1.9%
Alpha Metallurgical Resources, Inc.		4,284		1,113
Ampco-Pittsburgh Corp.*		2,028		5
Arch Resources, Inc.		2,360		403
Ascent Industries Co.*		108		1
ATI, Inc.*		23,900		984
Carpenter Technology Corp.		10,816		727
Coeur Mining, Inc.*		45,552		101
Commercial Metals Co.		22,366		1,105
Constellium S.E.*		26,118		475
Contango ORE, Inc.*		272		5
Fortitude Gold Corp.		4,544		27
Haynes International, Inc.		2,238		104
Hecla Mining Co.		93,338		365

See Notes to the Financial Statements.

EQUITY FUNDS  156 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Metals & Mining – 1.9%    continued
Kaiser Aluminum Corp.		2,987		$225
Materion Corp.		6,677		680
Olympic Steel, Inc.		3,220		181
Piedmont Lithium, Inc.*		1,820		72
Schnitzer Steel Industries, Inc., Class A		2,904		81
SunCoke Energy, Inc.		2,592		26
Tredegar Corp.		6,616		36
Universal Stainless & Alloy Products, Inc.*		3,404		45
Warrior Met Coal, Inc.		11,506		588
Worthington Industries, Inc.		12,047		745
				8,094
Mortgage Real Estate Investment Trusts – 0.7%
ACRES Commercial Realty Corp.*		3,111		26
AG Mortgage Investment Trust, Inc.		1,672		9
Apollo Commercial Real Estate Finance, Inc.		32,327		328
Arbor Realty Trust, Inc.		24,485		372
Arlington Asset Investment Corp., Class A*		3,989		17
ARMOUR Residential REIT, Inc.		7,385		31
Blackstone Mortgage Trust, Inc., Class A		25,379		552
BrightSpire Capital, Inc.		11,779		74
Cherry Hill Mortgage Investment Corp.		4,069		15
Chimera Investment Corp.		32,971		180
Dynex Capital, Inc.		3,601		43
Ellington Residential Mortgage REIT		4,656		29
Franklin BSP Realty Trust, Inc.		8,320		110
Granite Point Mortgage Trust, Inc.		6,031		29
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.		12,300		261
Invesco Mortgage Capital, Inc.		2,291		23
Ladder Capital Corp.		27,287		280
New York Mortgage Trust, Inc.		10,850		92
Orchid Island Capital, Inc.		1,187		10
Ready Capital Corp.		4,882		49
Redwood Trust, Inc.		11,513		82
Two Harbors Investment Corp.		8,447		112
Western Asset Mortgage Capital Corp.		540		5
				2,729
Multi-Utilities – 0.4%
Avista Corp.		13,579		440
Black Hills Corp.		12,600		637

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Multi-Utilities – 0.4%    continued
Northwestern Energy Group, Inc.		11,190		$538
Unitil Corp.		3,611		154
				1,769
Office Real Estate Investment Trusts – 0.4%
Brandywine Realty Trust		32,018		145
City Office REIT, Inc.		13,469		57
COPT Defense Properties		18,894		450
Creative Media & Community Trust Corp.		934		4
Easterly Government Properties, Inc.		15,210		174
Equity Commonwealth		19,688		362
Franklin Street Properties Corp.		15,838		29
Hudson Pacific Properties, Inc.		24,706		164
Paramount Group, Inc.		33,701		156
Piedmont Office Realty Trust, Inc., Class A		22,914		129
				1,670
Oil, Gas & Consumable Fuels – 5.1%
Adams Resources & Energy, Inc.		4,178		141
Ardmore Shipping Corp.		22,169		288
Baytex Energy Corp.		38,895		172
California Resources Corp.		13,742		770
Callon Petroleum Co.*		4,297		168
Centrus Energy Corp., Class A*		836		47
Chord Energy Corp.		7,224		1,171
Civitas Resources, Inc.		12,833		1,038
Clean Energy Fuels Corp.*		14,201		54
CNX Resources Corp.*		25,724		581
Comstock Resources, Inc.		16,468		182
CONSOL Energy, Inc.		6,440		676
Crescent Energy Co., Class A		3,431		43
CVR Energy, Inc.		7,311		249
Delek U.S. Holdings, Inc.		11,537		328
Denbury, Inc.*		8,190		803
DHT Holdings, Inc.		28,591		294
Dorian LPG Ltd.		729		21
Earthstone Energy, Inc., Class A*		17,487		354
Equitrans Midstream Corp.		66,496		623
Evolution Petroleum Corp.		17,614		120
Frontline PLC		25,332		476
Golar LNG Ltd.		22,813		553
Green Plains, Inc.*		15,906		479
Gulfport Energy Corp.*		1,717		204
Hallador Energy Co.*		12,251		177

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 - 96.5%    continued
Oil, Gas & Consumable Fuels – 5.1%    continued
HighPeak Energy, Inc.		8,458		$143
International Seaways, Inc.		9,621		433
Kosmos Energy Ltd.*		65,395		535
Magnolia Oil & Gas Corp., Class A		29,811		683
Matador Resources Co.		20,081		1,194
Murphy Oil Corp.		26,328		1,194
NACCO Industries, Inc., Class A		3,869		136
Navigator Holdings Ltd.		12,607		186
Nordic American Tankers Ltd.		12,347		51
Northern Oil and Gas, Inc.		14,035		565
Par Pacific Holdings, Inc.*		4,770		171
PBF Energy, Inc., Class A		15,648		838
Peabody Energy Corp.		21,062		547
Permian Resources Corp.		36,804		514
PHX Minerals, Inc.		6,954		25
PrimeEnergy Resources Corp.*		1,540		179
REX American Resources Corp.*		11,686		476
Riviera Resources, Inc.(2) *		6,246		—
SandRidge Energy, Inc.		4,615		72
Scorpio Tankers, Inc.		12,090		654
SFL Corp. Ltd.		19,774		220
SilverBow Resources, Inc.*		3,101		111
Sitio Royalties Corp., Class A		15,000		363
SM Energy Co.		21,701		860
Talos Energy, Inc.*		20,800		342
Teekay Corp.*		14,628		90
Teekay Tankers Ltd., Class A		1,797		75
Uranium Energy Corp.*		7,183		37
VAALCO Energy, Inc.		17,007		75
Vital Energy, Inc.*		2,769		153
Voc Energy Trust		11,161		110
W&T Offshore, Inc.*		40,627		178
World Kinect Corp.		11,899		267
				21,489
Paper & Forest Products – 0.0%
Clearwater Paper Corp.*		3,487		126
Glatfelter Corp.*		7,861		16
				142
Passenger Airlines – 0.3%
Copa Holdings S.A., Class A		6,149		548
Hawaiian Holdings, Inc.*		10,006		63
SkyWest, Inc.*		11,275		473
				1,084

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Personal Care Products – 0.8%
BellRing Brands, Inc.*		22,415		$924
Edgewell Personal Care Co.		10,444		386
elf Beauty, Inc.*		8,500		934
Inter Parfums, Inc.		3,659		492
Medifast, Inc.		3,789		284
Natural Alternatives International, Inc.*		1,413		9
Nature’s Sunshine Products, Inc.*		3,580		59
Nu Skin Enterprises, Inc., Class A		12,987		275
United-Guardian, Inc.		502		4
USANA Health Sciences, Inc.*		2,223		130
				3,497
Pharmaceuticals – 1.3%
Aclaris Therapeutics, Inc.*		2,913		20
Amneal Pharmaceuticals, Inc.*		38,479		162
Amphastar Pharmaceuticals, Inc.*		10,685		491
ANI Pharmaceuticals, Inc.*		3,544		206
Assertio Holdings, Inc.*		2,602		7
Atea Pharmaceuticals, Inc.*		10,102		30
Axsome Therapeutics, Inc.*		4,497		314
Cara Therapeutics, Inc.*		10,309		17
Collegium Pharmaceutical, Inc.*		15,612		349
Corcept Therapeutics, Inc.*		28,170		768
Cumberland Pharmaceuticals, Inc.(1) *		232		—
Cymabay Therapeutics, Inc.*		11,800		176
Endo International PLC(1) *		2,100		—
Esperion Therapeutics, Inc.*		10,976		11
Fulcrum Therapeutics, Inc.*		5,276		23
Harmony Biosciences Holdings, Inc.*		3,546		116
Harrow, Inc.*		15,928		229
Innoviva, Inc.*		25,801		335
Ligand Pharmaceuticals, Inc.*		4,573		274
Ocular Therapeutix, Inc.*		395		1
Omeros Corp.*		15,541		45
Optinose, Inc.(1) *		249		—
Otonomy, Inc.(1) (2) *		400		—
Pacira BioSciences, Inc.*		10,849		333
Phibro Animal Health Corp., Class A		8,190		105
Prestige Consumer Healthcare, Inc.*		11,659		667
Relmada Therapeutics, Inc.*		2,076		6
scPharmaceuticals, Inc.*		11,831		84
SIGA Technologies, Inc.		6,742		35
Supernus Pharmaceuticals, Inc.*		10,507		290
Theravance Biopharma, Inc.*		9,440		82
Verrica Pharmaceuticals, Inc.*		7,914		31

See Notes to the Financial Statements.

EQUITY FUNDS  158 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Pharmaceuticals – 1.3%    continued
WaVe Life Sciences Ltd.*		7,253		$42
Zynerba Pharmaceuticals, Inc.*		16,116		21
				5,270
Professional Services – 2.5%
Alight, Inc., Class A*		57,835		410
ASGN, Inc.*		9,688		791
Asure Software, Inc.*		1,184		11
Barrett Business Services, Inc.		4,368		394
CBIZ, Inc.*		21,881		1,136
Conduent, Inc.*		27,840		97
CRA International, Inc.		3,683		371
CSG Systems International, Inc.		7,048		360
DLH Holdings Corp.*		1,207		14
ExlService Holdings, Inc.*		30,680		860
Exponent, Inc.		11,363		973
Forrester Research, Inc.*		6,084		176
Franklin Covey Co.*		4,635		199
Heidrick & Struggles International, Inc.		6,193		155
Huron Consulting Group, Inc.*		3,742		390
ICF International, Inc.		3,732		451
Insperity, Inc.		7,741		755
Kelly Services, Inc., Class A		4,627		84
Korn Ferry		10,828		514
Maximus, Inc.		15,433		1,153
NV5 Global, Inc.*		2,680		258
Resources Connection, Inc.		7,367		110
Steel Connect, Inc.*		1,157		12
TrueBlue, Inc.*		7,409		109
TTEC Holdings, Inc.		4,036		106
Verra Mobility Corp.*		24,453		457
Where Food Comes From, Inc.*		275		4
Willdan Group, Inc.*		2,886		59
				10,409
Real Estate Management & Development – 0.5%
Altisource Asset Management Corp.*		559		4
American Realty Investors, Inc.*		1,723		25
AMREP Corp.*		1,659		28
Anywhere Real Estate, Inc.*		17,547		113
Cushman & Wakefield PLC*		20,219		154
Douglas Elliman, Inc.		6,298		14
eXp World Holdings, Inc.		10,437		169
Forestar Group, Inc.*		10,093		272
FRP Holdings, Inc.*		1,047		57

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Real Estate Management & Development – 0.5%    continued
Kennedy-Wilson Holdings, Inc.		22,451		$331
Newmark Group, Inc., Class A		22,825		147
RE/MAX Holdings, Inc., Class A		5,990		78
RMR Group (The), Inc., Class A		81		2
St. Joe (The) Co.		6,211		337
Stratus Properties, Inc.*		1,457		40
Tejon Ranch Co.*		7,674		124
Transcontinental Realty Investors, Inc.*		400		12
				1,907
Residential Real Estate Investment Trusts – 0.3%
Bluerock Homes Trust, Inc.*		1,644		21
BRT Apartments Corp.		3,024		52
Centerspace		1,615		97
Elme Communities		14,573		199
Independence Realty Trust, Inc.		16,417		231
NexPoint Residential Trust, Inc.		3,672		118
UMH Properties, Inc.		7,967		112
Veris Residential, Inc.		16,778		277
				1,107
Retail Real Estate Investment Trusts – 1.2%
Acadia Realty Trust		16,725		240
Agree Realty Corp.		13,477		744
Alexander’s, Inc.		629		115
Getty Realty Corp.		7,230		200
InvenTrust Properties Corp.		12,267		292
Kite Realty Group Trust		39,835		853
Macerich (The) Co.		26,267		287
Phillips Edison & Co., Inc.		20,751		696
Regency Centers Corp.		2,938		175
Retail Opportunity Investments Corp.		24,474		303
RPT Realty		16,154		171
Saul Centers, Inc.		1,935		68
SITE Centers Corp.		22,363		276
Tanger Factory Outlet Centers, Inc.		14,827		335
Urban Edge Properties		21,000		320
Whitestone REIT		15,441		149
				5,224
Semiconductors & Semiconductor Equipment – 3.2%
ACM Research, Inc., Class A*		10,478		190
Alpha & Omega Semiconductor Ltd.*		5,201		155
Ambarella, Inc.*		5,807		308
Amkor Technology, Inc.		23,112		522
Amtech Systems, Inc.*		597		5

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 - 96.5%    continued
Semiconductors & Semiconductor Equipment – 3.2%    continued
Axcelis Technologies, Inc.*		10,859		$1,771
Canadian Solar, Inc.*		9,489		234
CEVA, Inc.*		4,196		81
Cohu, Inc.*		4,732		163
Diodes, Inc.*		8,596		678
FormFactor, Inc.*		13,579		474
Ichor Holdings Ltd.*		3,988		123
inTEST Corp.*		4,758		72
Kopin Corp.*		13,987		17
Kulicke & Soffa Industries, Inc.		11,971		582
MACOM Technology Solutions Holdings, Inc.*		9,543		779
MagnaChip Semiconductor Corp.*		3,723		31
MaxLinear, Inc.*		11,885		264
Meta Materials, Inc.(1) *		1,350		—
Nova Ltd.*		2,913		328
NVE Corp.		1,962		161
Onto Innovation, Inc.*		8,914		1,137
PDF Solutions, Inc.*		14,323		464
Photronics, Inc.*		6,856		139
Power Integrations, Inc.		9,738		743
Rambus, Inc.*		19,039		1,062
Semtech Corp.*		12,343		318
Silicon Laboratories, Inc.*		7,801		904
SMART Global Holdings, Inc.*		14,454		352
Synaptics, Inc.*		6,835		611
Ultra Clean Holdings, Inc.*		12,099		359
Veeco Instruments, Inc.*		13,241		372
				13,399
Software – 3.9%
ACI Worldwide, Inc.*		21,538		486
Adeia, Inc.		18,154		194
Agilysys, Inc.*		5,578		369
Alarm.com Holdings, Inc.*		6,684		409
Altair Engineering, Inc., Class A*		7,050		441
American Software, Inc., Class A		6,778		78
Appfolio, Inc., Class A*		3,625		662
Aware, Inc.*		683		1
Blackbaud, Inc.*		9,353		658
BlackLine, Inc.*		9,161		508
Box, Inc., Class A*		25,999		629
Cerence, Inc.*		5,949		121
Clearwater Analytics Holdings, Inc., Class A*		34,500		667

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Software – 3.9%    continued
CommVault Systems, Inc.*		7,159		$484
Consensus Cloud Solutions, Inc.*		2,870		72
Digimarc Corp.*		5,846		190
Digital Turbine, Inc.*		14,235		86
Domo, Inc., Class B*		6,129		60
Ebix, Inc.		7,147		71
eGain Corp.*		5,931		36
Envestnet, Inc.*		8,655		381
Everbridge, Inc.*		5,949		133
Freshworks, Inc., Class A*		27,500		548
InterDigital, Inc.		7,411		595
LiveRamp Holdings, Inc.*		10,304		297
Model N, Inc.*		6,936		169
NCR Corp.*		20,065		541
New Relic, Inc.*		8,722		747
OneSpan, Inc.*		11,730		126
Park City Group, Inc.(1)		33		—
Progress Software Corp.		8,141		428
Q2 Holdings, Inc.*		9,016		291
Qualys, Inc.*		6,201		946
Rapid7, Inc.*		8,725		399
Sapiens International Corp. N.V.		9,493		270
SecureWorks Corp., Class A*		7,508		47
Smith Micro Software, Inc.*		1,210		2
SoundThinking, Inc.*		4,745		85
SPS Commerce, Inc.*		8,261		1,409
Synchronoss Technologies, Inc.*		1,500		1
Tenable Holdings, Inc.*		17,318		776
Upland Software, Inc.*		2,573		12
Varonis Systems, Inc.*		16,100		492
Verint Systems, Inc.*		11,826		272
Vertex, Inc., Class A*		25,900		598
VirnetX Holding Corp.(1)		398		—
Workiva, Inc.*		6,440		653
Xperi, Inc.*		7,261		72
				16,512
Specialized Real Estate Investment Trusts – 0.6%
EPR Properties		12,420		516
Four Corners Property Trust, Inc.		14,571		323
Gladstone Land Corp.		14,667		209
National Storage Affiliates Trust		10,478		333
Outfront Media, Inc.		26,685		269

See Notes to the Financial Statements.

EQUITY FUNDS  160 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%     continued
Specialized Real Estate Investment Trusts – 0.6%    continued
PotlatchDeltic Corp.		15,293		$694
Safehold, Inc.		4,092		73
				2,417
Specialty Retail – 3.0%
1-800-Flowers.com, Inc., Class A*		8,232		58
Aaron’s (The) Co., Inc.		7,373		77
Abercrombie & Fitch Co., Class A*		10,826		610
Academy Sports & Outdoors, Inc.		12,418		587
American Eagle Outfitters, Inc.		30,525		507
America’s Car-Mart, Inc.*		1,991		181
Asbury Automotive Group, Inc.*		3,264		751
Barnes & Noble Education, Inc.*		1,400		1
Big 5 Sporting Goods Corp.		6,520		46
Boot Barn Holdings, Inc.*		5,058		411
Buckle (The), Inc.		5,627		188
Build-A-Bear Workshop, Inc.		5,147		151
Caleres, Inc.		9,106		262
Camping World Holdings, Inc., Class A		7,136		146
Cato (The) Corp., Class A		5,547		42
Chico’s FAS,Inc.*		20,551		154
Children’s Place (The), Inc.*		4,923		133
Citi Trends, Inc.*		5,970		133
Conn’s, Inc.*		3,783		15
Designer Brands, Inc., Class A		11,447		145
Express, Inc.*		215		2
Foot Locker, Inc.		12,571		218
Genesco, Inc.*		4,552		140
Group 1 Automotive, Inc.		3,692		992
GrowGeneration Corp.*		8,774		26
Guess?, Inc.		8,692		188
Haverty Furniture Cos., Inc.		4,303		124
Hibbett, Inc.		4,586		218
Leslie’s, Inc.*		24,077		136
LL Flooring Holdings, Inc.*		10,052		32
Monro, Inc.		6,624		184
Murphy U.S.A., Inc.		4,908		1,677
National Vision Holdings, Inc.*		12,150		197
ODP (The) Corp.*		7,409		342
Overstock.com, Inc.*		4,821		76
PetMed Express, Inc.		4,731		48
Revolve Group, Inc.*		12,155		165
Sally Beauty Holdings, Inc.*		27,072		227
Shoe Carnival, Inc.		10,626		255
Signet Jewelers Ltd.		8,772		630

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Specialty Retail – 3.0%    continued
Sleep Number Corp.*		4,009		$99
Sonic Automotive, Inc., Class A		9,387		448
Upbound Group, Inc.		8,792		259
Urban Outfitters, Inc.*		11,493		376
Victoria’s Secret & Co.*		12,571		210
Winmark Corp.		1,025		382
Zumiez, Inc.*		6,783		121
				12,370
Technology Hardware, Storage & Peripherals – 0.6%
AstroNova, Inc.*		14,370		180
Avid Technology, Inc.*		5,770		155
Immersion Corp.		9,021		60
Intevac, Inc.*		8,605		27
Quantum Corp.*		4,025		2
Stratasys Ltd.*		8,886		121
Super Micro Computer, Inc.*		7,346		2,014
TransAct Technologies, Inc.*		4,267		27
				2,586
Textiles, Apparel & Luxury Goods – 0.8%
Carter’s, Inc.		6,061		419
Crocs, Inc.*		13,301		1,174
Culp, Inc.*		4,085		23
Delta Apparel, Inc.*		5,445		36
Fossil Group, Inc.*		6,434		13
G-III Apparel Group Ltd.*		7,193		179
Kontoor Brands, Inc.		7,660		336
Movado Group, Inc.		3,799		104
Oxford Industries, Inc.		4,672		449
Rocky Brands, Inc.		4,222		62
Steven Madden Ltd.		15,648		497
Superior Group of Cos., Inc.		4,224		33
Unifi, Inc.*		692		5
Vera Bradley, Inc.*		3,778		25
				3,355
Tobacco – 0.1%
Turning Point Brands, Inc.		257		6
Universal Corp.		5,441		257
Vector Group Ltd.		12,291		131
				394
Trading Companies & Distributors – 2.1%
Applied Industrial Technologies, Inc.		9,047		1,399
Beacon Roofing Supply, Inc.*		13,300		1,026
BlueLinx Holdings, Inc.*		3,348		275

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 - 96.5%    continued
Trading Companies & Distributors – 2.1%    continued
Boise Cascade Co.		8,224		$848
Distribution Solutions Group, Inc.*		7,972		207
DXP Enterprises, Inc.*		1,812		63
EVI Industries, Inc.*		2,683		67
GATX Corp.		6,562		714
Global Industrial Co.		7,804		262
GMS, Inc.*		8,128		520
H&E Equipment Services, Inc.		4,635		200
Herc Holdings, Inc.		4,745		564
McGrath RentCorp		5,874		589
MRC Global, Inc.*		16,589		170
NOW, Inc.*		17,129		203
Rush Enterprises, Inc., Class A		23,397		955
Textainer Group Holdings Ltd.		3,189		119
Titan Machinery, Inc.*		2,039		54
Transcat, Inc.*		3,947		387
Veritiv Corp.		1,021		173
Willis Lease Finance Corp.*		2,420		102
				8,897
Water Utilities – 0.6%
American States Water Co.		8,177		643
Artesian Resources Corp., Class A		4,106		173
Cadiz, Inc.*		14,802		49
California Water Service Group		10,288		487
Consolidated Water Co. Ltd.		9,781		278
Middlesex Water Co.		6,147		407
SJW Group		5,528		332
York Water (The) Co.		4,310		162
				2,531
Wireless Telecommunication Services – 0.3%
Gogo, Inc.*		7,250		87
Machten, Inc.*		1,050		7
Shenandoah Telecommunications Co.		8,886		183
Spok Holdings, Inc.		13,807		197
Telephone and Data Systems, Inc.		17,713		324
United States Cellular Corp.*		13,100		563
				1,361
Total Common Stocks
(Cost $275,890)				404,338

	NUMBER OF SHARES		VALUE (000S)
MASTER LIMITED PARTNERSHIPS – 0.0%
Marine Transportation – 0.0%
Navios Maritime Partners L.P.		205		$5
Total Master Limited Partnerships
(Cost $7)				5
PREFERRED STOCKS – 0.0%
Industrial Conglomerates – 0.0%
Steel Partners Holdings L.P., 6.00%(5)		2,675		62
Real Estate Management & Development – 0.0%
Brookfield Property Preferred L.P., 6.25%(5)		1,033		15
Total Preferred Stocks
(Cost $93)				77
RIGHTS – 0.0%
Biotechnology – 0.0%
Achillion Pharmaceuticals, Inc. (Contingent Value Rights)(2) (4) *		23,500		33
Adamas Pharmaceuticals, Inc. (Contingent Value Rights)(2) (4) *		15,090		—
Albireo Pharma, Inc. (Contingent Value Rights)(2) *		7,485		—
Concert Pharmaceuticals, Inc. (Contingent Value Rights)(2) *		20,570		—
Flexion Therapeutics, Inc. (Contingent Value Rights)(2) (4) *		9,753		—
Radius Health, Inc. (Contingent Value Rights)(2) *		8,494		1
Sinovac Biotech Ltd.(2) *		1,587		—
Tobira Therapeutics, Inc. (Contingent Value Rights)(2) (4) *		16,926		138
				172
Financial Services – 0.0%
Gurnet Point Capital LLC (Contigent Value Rights)(2) *		13,493		—
Health Care Equipment & Supplies – 0.0%
American Medical Alert Corp.(2) *		13,109		—
Paper & Forest Products – 0.0%
Resolute Forest Products, Inc. (Contingent Value Rights)(2) (4) *		11,874		—

See Notes to the Financial Statements.

EQUITY FUNDS  162 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
RIGHTS - 0.0%    continued
Pharmaceuticals – 0.0%
Opiant Pharmaceuticals, Inc. (Contingent Value Rights)(2) (4) *		9,938		$—
Satsuma Pharmaceuticals, Inc. (Contingent Value Rights)(2) *		3,331		—
				—
Total Rights
(Cost $132)				172
	NUMBER OF WARRANTS		VALUE (000S)
WARRANTS – 0.0%
Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67*		743		$11
Total Warrants
(Cost $—)				11
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 3.0%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(6) (7)		12,357,073		$12,357
Total Investment Companies
(Cost $12,357)				12,357
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.2%
U.S. Treasury Bill, 4.81%, 10/26/23(8) (9)		$910		$907
Total Short-Term Investments
(Cost $907)				907
Total Investments – 99.7%
(Cost $289,386)				417,867
Other Assets less Liabilities –0.3%				1,308
NET ASSETS – 100.0%				$419,175

⁽¹⁾  Value rounds to less than one thousand.

⁽²⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽³⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽⁴⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of these restricted illiquid securities amounted to approximately $171,000 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST     (000S)
Achillion Pharmaceuticals, Inc. (Contingent Value Rights)	1/29/20		$—
Adamas Pharmaceuticals, Inc. (Contingent Value Rights)	11/26/21		—
Flexion Therapeutics, Inc. (Contingent Value Rights)	11/22/21		—
Next Bridge Hydrocarbons, Inc.	12/13/22		8
Opiant Pharmaceuticals, Inc. (Contingent Value Rights)	3/3/23		—
Resolute Forest Products, Inc. (Contingent Value Rights)	3/1/23		—
Tobira Therapeutics, Inc. (Contingent Value Rights)	11/2/16		131

⁽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, 2023 is disclosed.

⁽⁸⁾  Discount rate at the time of purchase.

⁽⁹⁾  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:

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

Percentages shown are based on Net Assets.

At September 30, 2023, 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		145		$13,040		Long		12/23		$(514)

⁽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  163 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS
SMALL CAP CORE FUND     continued	SEPTEMBER 30, 2023 (UNAUDITED)

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Common Stocks		96.5	%
Master Limited Partnerships		0.0	%
Preferred stocks		0.0	%
Rights		0.0	%
Warrants		0.0	%
Investment Companies		3.0	%
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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Aerospace & Defense	$	1,816			$     56		$  —	$	1,872
Banks		27,453			7		—		27,460
Biotechnology		19,464			—		8		19,472
Financial Services		8,510			25		—		8,535
Household Durables		7,254			25		—		7,279
Insurance		12,354			46		—		12,400
All Other Industries(1)		327,320			—		—		327,320
Total Common Stocks		404,171			159		8		404,338
Master Limited Partnerships		5			—		—		5
Preferred Stocks(1)		77			—		—		77
Rights(1)		—			—		172		172
Warrants		11			—		—		11
Investment Companies		12,357			—		—		12,357
Short-Term Investments		—			907		—		907
Total Investments	$	416,621			$1,066		$180	$	417,867
OTHER FINANCIAL
INSTRUMENTS
Liabilities
Futures Contracts	$	(514	)		$     —		$ —	$	(514	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

EQUITY FUNDS  164 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
SMALL CAP INDEX FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 99.4%
Aerospace & Defense – 0.9%
AAR Corp.*		15,466		$921
AeroVironment, Inc.*		11,712		1,306
AerSale Corp.*		11,424		171
Archer Aviation, Inc., Class A*		68,641		347
Astronics Corp.*		11,677		185
Cadre Holdings, Inc.		8,458		225
Ducommun, Inc.*		6,005		261
Eve Holding, Inc.*		7,953		66
Kaman Corp.		12,697		249
Kratos Defense & Security Solutions, Inc.*		55,695		837
Leonardo DRS, Inc.*		22,488		376
Moog, Inc., Class A		12,770		1,443
National Presto Industries, Inc.		2,298		167
Park Aerospace Corp.		7,862		122
Parsons Corp.*		18,575		1,010
Redwire Corp.*		3,962		11
Rocket Lab U.S.A., Inc.*		125,548		550
Terran Orbital Corp.*		36,122		30
Triumph Group, Inc.*		29,022		222
V2X, Inc.*		5,171		267
Virgin Galactic Holdings, Inc.*		113,283		204
				8,970
Air Freight & Logistics – 0.3%
Air Transport Services Group, Inc.*		25,350		529
Forward Air Corp.		11,637		800
Hub Group, Inc., Class A*		14,162		1,112
Radiant Logistics, Inc.*		17,071		97
				2,538
Automobile Components – 1.5%
Adient PLC*		42,650		1,565
American Axle & Manufacturing Holdings, Inc.*		51,291		372
Atmus Filtration Technologies, Inc.*		7,627		159
Cooper-Standard Holdings, Inc.*		7,739		104
Dana, Inc.		58,605		860
Dorman Products, Inc.*		11,719		888
Fox Factory Holding Corp.*		19,054		1,888
Gentherm, Inc.*		14,893		808
Goodyear Tire & Rubber (The) Co.*		125,649		1,562
Holley, Inc.*		23,620		118
LCI Industries		11,109		1,304
Luminar Technologies, Inc.*		120,804		550
Modine Manufacturing Co.*		23,146		1,059

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Automobile Components – 1.5%    continued
Patrick Industries, Inc.		9,586		$720
Solid Power, Inc.*		69,553		140
Standard Motor Products, Inc.		9,466		318
Stoneridge, Inc.*		11,591		233
Visteon Corp.*		12,555		1,733
XPEL, Inc.*		10,164		784
				15,165
Automobiles – 0.1%
Fisker, Inc.*		88,331		567
Livewire Group, Inc.*		5,192		36
Winnebago Industries, Inc.		13,162		783
Workhorse Group, Inc.*		74,892		31
				1,417
Banks – 8.4%
1st Source Corp.		7,466		314
ACNB Corp.		3,845		122
Amalgamated Financial Corp.		7,917		136
Amerant Bancorp, Inc.		11,616		203
American National Bankshares, Inc.		4,724		179
Ameris Bancorp		29,496		1,132
Ames National Corp.		3,789		63
Arrow Financial Corp.		6,578		112
Associated Banc-Corp		67,456		1,154
Atlantic Union Bankshares Corp.		33,441		962
Axos Financial, Inc.*		25,343		960
Banc of California, Inc.		23,679		293
BancFirst Corp.		9,914		860
Bancorp (The), Inc.*		23,746		819
Bank First Corp.		4,214		325
Bank of Hawaii Corp.		17,651		877
Bank of Marin Bancorp		7,044		129
Bank of NT Butterfield & Son (The) Ltd.		22,235		602
Bank7 Corp.		1,779		40
BankUnited, Inc.		33,478		760
Bankwell Financial Group, Inc.		2,593		63
Banner Corp.		15,373		652
Bar Harbor Bankshares		6,424		152
BayCom Corp.		5,441		105
BCB Bancorp, Inc.		6,217		69
Berkshire Hills Bancorp, Inc.		19,819		397
Blue Foundry Bancorp*		9,877		83
Blue Ridge Bankshares, Inc.		7,721		35
Bridgewater Bancshares, Inc.*		9,494		90

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  165 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Banks – 8.4%    continued
Brookline Bancorp, Inc.		39,229		$357
Burke & Herbert Financial Services Corp.		2,880		134
Business First Bancshares, Inc.		10,796		203
Byline Bancorp, Inc.		11,068		218
C&F Financial Corp.		1,467		79
Cadence Bank		81,368		1,727
Cambridge Bancorp		3,420		213
Camden National Corp.		6,427		181
Capital Bancorp, Inc.		4,302		82
Capital City Bank Group, Inc.		5,738		171
Capitol Federal Financial, Inc.		57,663		275
Capstar Financial Holdings, Inc.		8,824		125
Carter Bankshares, Inc.*		10,576		133
Cathay General Bancorp		31,228		1,086
Central Pacific Financial Corp.		11,948		199
Central Valley Community Bancorp		4,400		62
Chemung Financial Corp.		1,550		61
ChoiceOne Financial Services, Inc.		3,116		61
Citizens & Northern Corp.		6,774		119
Citizens Financial Services, Inc.		1,577		76
City Holding Co.		6,665		602
Civista Bancshares, Inc.		6,900		107
CNB Financial Corp.		9,311		169
Coastal Financial Corp.*		4,835		208
Codorus Valley Bancorp, Inc.		4,308		80
Colony Bankcorp, Inc.		7,292		73
Columbia Financial, Inc.*		12,920		203
Community Bank System, Inc.		23,722		1,001
Community Trust Bancorp, Inc.		6,940		238
ConnectOne Bancorp, Inc.		16,738		298
CrossFirst Bankshares, Inc.*		20,049		202
Customers Bancorp, Inc.*		12,765		440
CVB Financial Corp.		59,258		982
Dime Community Bancshares, Inc.		15,794		315
Eagle Bancorp, Inc.		12,935		278
Eastern Bankshares, Inc.		68,966		865
Enterprise Bancorp, Inc.		4,397		120
Enterprise Financial Services Corp.		16,291		611
Equity Bancshares, Inc., Class A		6,669		161
Esquire Financial Holdings, Inc.		3,026		138
ESSA Bancorp, Inc.		3,757		56
Evans Bancorp, Inc.		2,454		66
Farmers & Merchants Bancorp, Inc.		5,348		94

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Banks – 8.4%    continued
Farmers National Banc Corp.		16,586		$192
FB Financial Corp.		15,923		452
Fidelity D&D Bancorp, Inc.		2,082		95
Financial Institutions, Inc.		6,780		114
First Bancorp		17,884		503
First BanCorp (New York Exchange)		79,667		1,072
First Bancorp (The), Inc.		4,362		103
First Bancshares (The), Inc.		13,713		370
First Bank		9,645		104
First Busey Corp.		23,276		447
First Business Financial Services, Inc.		3,481		105
First Commonwealth Financial Corp.		45,892		560
First Community Bankshares, Inc.		7,862		232
First Community Corp.		3,169		55
First Financial Bancorp		42,303		829
First Financial Bankshares, Inc.		58,178		1,461
First Financial Corp.		5,119		173
First Foundation, Inc.		22,955		140
First Interstate BancSystem, Inc., Class A		36,768		917
First Merchants Corp.		26,556		739
First Mid Bancshares, Inc.		8,626		229
First of Long Island (The) Corp.		9,524		110
First Western Financial, Inc.*		3,534		64
Five Star Bancorp		5,709		115
Flushing Financial Corp.		12,671		166
FS Bancorp, Inc.		2,922		86
Fulton Financial Corp.		73,184		886
FVCBankcorp, Inc.*		7,213		92
German American Bancorp, Inc.		12,671		343
Glacier Bancorp, Inc.		49,763		1,418
Great Southern Bancorp, Inc.		3,939		189
Greene County Bancorp, Inc.		3,241		78
Guaranty Bancshares, Inc.		3,768		108
Hancock Whitney Corp.		38,724		1,432
Hanmi Financial Corp.		13,766		223
HarborOne Bancorp, Inc.		18,883		180
HBT Financial, Inc.		6,207		113
Heartland Financial U.S.A., Inc.		19,006		559
Heritage Commerce Corp.		26,676		226
Heritage Financial Corp.		15,598		254
Hilltop Holdings, Inc.		20,988		595
Hingham Institution For Savings (The)		671		125
Home Bancorp, Inc.		3,267		104
Home BancShares, Inc.		85,198		1,784

See Notes to the Financial Statements.

EQUITY FUNDS  166 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Banks – 8.4%    continued
HomeStreet, Inc.		8,014		$62
HomeTrust Bancshares, Inc.		7,081		154
Hope Bancorp, Inc.		51,798		458
Horizon Bancorp, Inc.		19,421		207
Independent Bank Corp.		19,684		966
Independent Bank Corp. (NASDAQ Exchange)		9,071		166
Independent Bank Group, Inc.		16,288		644
International Bancshares Corp.		24,136		1,046
John Marshall Bancorp, Inc.		5,546		99
Kearny Financial Corp.		25,783		179
Lakeland Bancorp, Inc.		28,189		356
Lakeland Financial Corp.		11,018		523
LCNB Corp.		4,648		66
Live Oak Bancshares, Inc.		14,870		431
Luther Burbank Corp.		4,167		35
Macatawa Bank Corp.		12,185		109
MainStreet Bancshares, Inc.		3,256		67
Mercantile Bank Corp.		7,190		222
Metrocity Bankshares, Inc.		8,120		160
Metropolitan Bank Holding Corp.*		4,713		171
Mid Penn Bancorp, Inc.		6,367		128
Middlefield Banc Corp.		3,561		91
Midland States Bancorp, Inc.		9,578		197
MidWestOne Financial Group, Inc.		6,369		130
MVB Financial Corp.		5,104		115
National Bank Holdings Corp., Class A		16,536		492
National Bankshares, Inc.		2,548		64
NBT Bancorp, Inc.		20,568		652
Nicolet Bankshares, Inc.		5,780		403
Northeast Bank		3,099		137
Northeast Community Bancorp, Inc.		6,010		89
Northfield Bancorp, Inc.		18,619		176
Northrim BanCorp, Inc.		2,426		96
Northwest Bancshares, Inc.		57,112		584
Norwood Financial Corp.		3,423		88
Oak Valley Bancorp		2,988		75
OceanFirst Financial Corp.		25,725		372
OFG Bancorp		20,831		622
Old National Bancorp		130,881		1,903
Old Second Bancorp, Inc.		19,420		264
Orange County Bancorp, Inc.		2,261		98
Origin Bancorp, Inc.		13,119		379
Orrstown Financial Services, Inc.		4,743		100

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Banks – 8.4%    continued
Pacific Premier Bancorp, Inc.		42,237		$919
PacWest Bancorp		53,506		423
Park National Corp.		6,438		609
Parke Bancorp, Inc.		4,630		75
Pathward Financial, Inc.		12,122		559
PCB Bancorp		4,815		74
Peapack-Gladstone Financial Corp.		7,406		190
Penns Woods Bancorp, Inc.		3,194		67
Peoples Bancorp, Inc.		15,131		384
Peoples Financial Services Corp.		2,981		120
Pioneer Bancorp, Inc.*		5,069		43
Plumas Bancorp		2,412		82
Ponce Financial Group, Inc.*		9,146		72
Preferred Bank		6,052		377
Premier Financial Corp.		15,891		271
Primis Financial Corp.		9,204		75
Princeton Bancorp, Inc.		2,383		69
Provident Financial Services, Inc.		32,965		504
QCR Holdings, Inc.		7,397		359
RBB Bancorp		7,464		95
Red River Bancshares, Inc.		2,144		99
Renasant Corp.		24,793		649
Republic Bancorp, Inc., Class A		3,959		174
S&T Bancorp, Inc.		17,430		472
Sandy Spring Bancorp, Inc.		19,738		423
Seacoast Banking Corp. of Florida		37,469		823
ServisFirst Bancshares, Inc.		22,709		1,185
Shore Bancshares, Inc.		13,338		140
Sierra Bancorp		6,207		118
Simmons First National Corp., Class A		56,793		963
SmartFinancial, Inc.		7,036		150
South Plains Financial, Inc.		5,545		147
Southern First Bancshares, Inc.*		3,410		92
Southern Missouri Bancorp, Inc.		3,833		148
Southern States Bancshares, Inc.		3,497		79
Southside Bancshares, Inc.		13,217		379
SouthState Corp.		34,027		2,292
Stellar Bancorp, Inc.		21,518		459
Sterling Bancorp, Inc.*		9,481		55
Stock Yards Bancorp, Inc.		12,013		472
Summit Financial Group, Inc.		4,985		112
Texas Capital Bancshares, Inc.*		21,359		1,258
Third Coast Bancshares, Inc.*		5,745		98
Timberland Bancorp, Inc.		3,502		95

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  167 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Banks – 8.4%    continued
Tompkins Financial Corp.		6,213		$304
Towne Bank		31,500		722
TriCo Bancshares		13,723		440
Triumph Financial, Inc.*		9,990		647
TrustCo Bank Corp. NY		8,379		229
Trustmark Corp.		27,348		594
UMB Financial Corp.		19,742		1,225
United Bankshares, Inc.		58,419		1,612
United Community Banks, Inc.		51,555		1,310
Unity Bancorp, Inc.		3,369		79
Univest Financial Corp.		13,064		227
USCB Financial Holdings, Inc.*		4,924		52
Valley National Bancorp		192,760		1,650
Veritex Holdings, Inc.		23,626		424
Virginia National Bankshares Corp.		2,053		62
Washington Federal, Inc.		29,412		754
Washington Trust Bancorp, Inc.		7,613		201
WesBanco, Inc.		25,941		634
West BanCorp, Inc.		7,247		118
Westamerica BanCorp		11,456		496
WSFS Financial Corp.		27,270		995
				85,099
Beverages – 0.4%
Coca-Cola Consolidated, Inc.		2,147		1,366
Duckhorn Portfolio (The), Inc.*		19,765		203
MGP Ingredients, Inc.		7,122		751
National Beverage Corp.*		10,607		499
Primo Water Corp.		69,696		962
Vita Coco (The) Co., Inc.*		12,746		332
Zevia PBC, Class A*		10,492		23
				4,136
Biotechnology – 6.6%
2seventy bio, Inc.*		22,428		88
4D Molecular Therapeutics, Inc.*		17,347		221
89bio, Inc.*		27,301		422
Aadi Bioscience, Inc.*		7,323		35
ACADIA Pharmaceuticals, Inc.*		54,482		1,135
ACELYRIN, Inc.*		15,066		153
Acrivon Therapeutics, Inc.*		3,881		37
Actinium Pharmaceuticals, Inc.*		11,479		68
Adicet Bio, Inc.*		13,593		19
ADMA Biologics, Inc.*		94,510		338
Aerovate Therapeutics, Inc.*		5,221		71

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Biotechnology – 6.6%    continued
Agenus, Inc.*		154,042		$174
Agios Pharmaceuticals, Inc.*		24,952		618
Akero Therapeutics, Inc.*		22,856		1,156
Aldeyra Therapeutics, Inc.*		21,441		143
Alector, Inc.*		28,528		185
Alkermes PLC*		74,083		2,075
Allakos, Inc.*		29,909		68
Allogene Therapeutics, Inc.*		36,806		117
Allovir, Inc.*		24,182		52
Alpine Immune Sciences, Inc.*		14,547		167
Altimmune, Inc.*		21,695		56
ALX Oncology Holdings, Inc.*		9,381		45
Amicus Therapeutics, Inc.*		125,087		1,521
AnaptysBio, Inc.*		8,509		153
Anavex Life Sciences Corp.*		31,649		207
Anika Therapeutics, Inc.*		6,581		123
Annexon, Inc.*		20,466		48
Apogee Therapeutics, Inc.*		8,870		189
Arbutus Biopharma Corp.*		55,589		113
Arcellx, Inc.*		17,057		612
Arcturus Therapeutics Holdings, Inc.*		10,511		269
Arcus Biosciences, Inc.*		23,719		426
Arcutis Biotherapeutics, Inc.*		23,112		123
Ardelyx, Inc.*		95,629		390
Arrowhead Pharmaceuticals, Inc.*		45,160		1,213
ARS Pharmaceuticals, Inc.*		10,611		40
Astria Therapeutics, Inc.*		11,454		85
Atara Biotherapeutics, Inc.*		42,199		62
Aura Biosciences, Inc.*		12,272		110
Aurinia Pharmaceuticals, Inc.*		59,986		466
Avid Bioservices, Inc.*		28,007		264
Avidity Biosciences, Inc.*		31,865		203
Avita Medical, Inc.*		10,862		159
Beam Therapeutics, Inc.*		31,472		757
BioAtla, Inc.*		19,609		33
BioCryst Pharmaceuticals, Inc.*		85,240		603
Biohaven Ltd.*		26,033		677
Biomea Fusion, Inc.*		8,900		122
BioVie, Inc.*		911		3
Bioxcel Therapeutics, Inc.*		8,413		21
Bluebird Bio, Inc.*		47,971		146
Blueprint Medicines Corp.*		27,112		1,362
Bridgebio Pharma, Inc.*		51,159		1,349
Cabaletta Bio, Inc.*		15,006		228

See Notes to the Financial Statements.

EQUITY FUNDS  168 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Biotechnology – 6.6%    continued
CareDx, Inc.*		23,412		$164
Caribou Biosciences, Inc.*		33,897		162
Carisma Therapeutics, Inc.		11,711		50
Catalyst Pharmaceuticals, Inc.*		45,127		528
Celcuity, Inc.*		7,742		71
Celldex Therapeutics, Inc.*		20,864		574
Century Therapeutics, Inc.*		9,920		20
Cerevel Therapeutics Holdings, Inc.*		27,446		599
Cogent Biosciences, Inc.*		36,633		357
Coherus Biosciences, Inc.*		45,751		171
Compass Therapeutics, Inc.*		40,887		81
Crinetics Pharmaceuticals, Inc.*		28,929		860
Cue Biopharma, Inc.*		14,961		34
Cullinan Oncology, Inc.*		10,596		96
Cytokinetics, Inc.*		41,522		1,223
Day One Biopharmaceuticals, Inc.*		28,297		347
Deciphera Pharmaceuticals, Inc.*		23,625		301
Denali Therapeutics, Inc.*		52,637		1,086
Design Therapeutics, Inc.*		14,578		34
Disc Medicine, Inc.*		3,840		180
Dynavax Technologies Corp.*		58,088		858
Dyne Therapeutics, Inc.*		19,091		171
Eagle Pharmaceuticals, Inc.*		4,584		72
Editas Medicine, Inc.*		37,519		293
Emergent BioSolutions, Inc.*		22,599		77
Enanta Pharmaceuticals, Inc.*		8,950		100
Entrada Therapeutics, Inc.*		9,645		152
EQRx, Inc.*		143,900		319
Erasca, Inc.*		35,801		71
Fate Therapeutics, Inc.*		37,834		80
Fennec Pharmaceuticals, Inc.*		8,063		61
FibroGen, Inc.*		39,668		34
Foghorn Therapeutics, Inc.*		8,996		45
Genelux Corp.*		8,098		198
Generation Bio Co.*		20,637		78
Geron Corp.*		223,828		475
Graphite Bio, Inc.*		12,535		31
Gritstone bio, Inc.*		39,784		68
Halozyme Therapeutics, Inc.*		58,314		2,228
Heron Therapeutics, Inc.*		45,789		47
HilleVax, Inc.*		9,488		128
Humacyte, Inc.*		27,732		81
Icosavax, Inc.*		12,335		96
Ideaya Biosciences, Inc.*		24,397		658

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Biotechnology – 6.6%    continued
IGM Biosciences, Inc.*		5,170		$43
Immuneering Corp., Class A*		10,308		79
ImmunityBio, Inc.*		49,568		84
ImmunoGen, Inc.*		107,726		1,710
Immunovant, Inc.*		23,880		917
Inhibrx, Inc.*		15,455		284
Inozyme Pharma, Inc.*		15,211		64
Insmed, Inc.*		58,910		1,487
Intellia Therapeutics, Inc.*		39,339		1,244
Intercept Pharmaceuticals, Inc.*		18,712		347
Iovance Biotherapeutics, Inc.*		103,450		471
Ironwood Pharmaceuticals, Inc.*		62,034		597
iTeos Therapeutics, Inc.*		11,071		121
Janux Therapeutics, Inc.*		7,679		77
KalVista Pharmaceuticals, Inc.*		10,976		106
Karyopharm Therapeutics, Inc.*		50,063		67
Keros Therapeutics, Inc.*		10,160		324
Kezar Life Sciences, Inc.*		31,803		38
Kiniksa Pharmaceuticals Ltd., Class A*		14,045		244
Kodiak Sciences, Inc.*		13,972		25
Krystal Biotech, Inc.*		9,712		1,127
Kura Oncology, Inc.*		32,224		294
Kymera Therapeutics, Inc.*		17,142		238
Larimar Therapeutics, Inc.*		10,254		41
Lexicon Pharmaceuticals, Inc.*		40,789		44
Lineage Cell Therapeutics, Inc.*		57,240		68
Lyell Immunopharma, Inc.*		77,877		114
MacroGenics, Inc.*		27,192		127
Madrigal Pharmaceuticals, Inc.*		6,064		886
MannKind Corp.*		115,402		477
MeiraGTx Holdings PLC*		14,423		71
Merrimack Pharmaceuticals, Inc.*		4,488		55
Mersana Therapeutics, Inc.*		51,297		65
MiMedx Group, Inc.*		51,121		373
Mineralys Therapeutics, Inc.*		6,170		59
Mirum Pharmaceuticals, Inc.*		11,287		357
Monte Rosa Therapeutics, Inc.*		13,524		65
Morphic Holding, Inc.*		15,324		351
Myriad Genetics, Inc.*		35,787		574
Nkarta, Inc.*		12,623		18
Novavax, Inc.*		39,162		284
Nurix Therapeutics, Inc.*		21,034		165
Nuvalent, Inc., Class A*		10,770		495
Nuvectis Pharma, Inc.*		2,913		38

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  169 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Biotechnology – 6.6%    continued
Ocean Biomedical, Inc.*		3,420		$13
Olema Pharmaceuticals, Inc.*		12,025		149
Omega Therapeutics, Inc.*		10,906		23
Omniab, Inc.(1) *		3,016		1
Omniab, Inc. (NASDAQ Exchange)(1) *		3,016		2
Organogenesis Holdings, Inc.*		31,245		99
ORIC Pharmaceuticals, Inc.*		17,923		108
Outlook Therapeutics, Inc.*		69,086		15
Ovid therapeutics, Inc.*		27,179		104
PDS Biotechnology Corp.*		12,372		62
PepGen, Inc.*		4,143		21
PMV Pharmaceuticals, Inc.*		17,257		106
Point Biopharma Global, Inc.*		39,713		265
Poseida Therapeutics, Inc.*		29,980		71
Precigen, Inc.*		59,569		85
Prelude Therapeutics, Inc.*		7,722		24
Prime Medicine, Inc.*		17,790		170
ProKidney Corp.*		19,395		89
Protagonist Therapeutics, Inc.*		25,254		421
Protalix BioTherapeutics, Inc.*		30,009		50
Prothena Corp. PLC*		18,447		890
PTC Therapeutics, Inc.*		31,562		707
Rallybio Corp.*		13,993		47
RAPT Therapeutics, Inc.*		13,320		221
Recursion Pharmaceuticals, Inc., Class A*		60,353		462
REGENXBIO, Inc.*		18,328		302
Relay Therapeutics, Inc.*		40,799		343
Reneo Pharmaceuticals, Inc.*		6,162		47
Replimune Group, Inc.*		18,381		314
REVOLUTION Medicines, Inc.*		45,218		1,252
Rhythm Pharmaceuticals, Inc.*		23,108		530
Rigel Pharmaceuticals, Inc.*		75,696		82
Rocket Pharmaceuticals, Inc.*		25,347		519
Sage Therapeutics, Inc.*		23,381		481
Sagimet Biosciences, Inc., Class A*		2,617		23
Sana Biotechnology, Inc.*		41,581		161
Sangamo Therapeutics, Inc.*		65,985		40
Savara, Inc.*		38,797		147
Scholar Rock Holding Corp.*		20,186		143
Selecta Biosciences, Inc.*		50,322		53
Seres Therapeutics, Inc.*		43,623		104
SpringWorks Therapeutics, Inc.*		25,860		598
Stoke Therapeutics, Inc.*		12,381		49

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Biotechnology – 6.6%    continued
Summit Therapeutics, Inc.*		51,479		$96
Sutro Biopharma, Inc.*		26,788		93
Syndax Pharmaceuticals, Inc.*		29,534		429
Tango Therapeutics, Inc.*		20,064		226
Tenaya Therapeutics, Inc.*		20,511		52
TG Therapeutics, Inc.*		60,848		509
Travere Therapeutics, Inc.*		32,746		293
Turnstone Biologics Corp.*		3,247		13
Twist Bioscience Corp.*		25,594		519
Tyra Biosciences, Inc.*		6,510		90
UroGen Pharma Ltd.*		8,916		125
Vanda Pharmaceuticals, Inc.*		25,285		109
Vaxcyte, Inc.*		41,990		2,141
Vaxxinity, Inc., Class A*		17,245		24
Vera Therapeutics, Inc.*		15,234		209
Veracyte, Inc.*		32,710		730
Vericel Corp.*		21,367		716
Verve Therapeutics, Inc.*		22,756		302
Vigil Neuroscience, Inc.*		6,921		37
Viking Therapeutics, Inc.*		43,198		478
Vir Biotechnology, Inc.*		37,578		352
Viridian Therapeutics, Inc.*		19,048		292
Vor BioPharma, Inc.*		16,263		34
Voyager Therapeutics, Inc.*		14,178		110
X4 Pharmaceuticals, Inc.*		56,522		62
Xencor, Inc.*		26,014		524
XOMA Corp.*		3,156		44
Y-mAbs Therapeutics, Inc.*		16,328		89
Zentalis Pharmaceuticals, Inc.*		26,165		525
Zura Bio Ltd.*		6,245		41
Zymeworks, Inc.*		23,000		146
				66,397
Broadline Retail – 0.1%
Big Lots, Inc.		12,681		65
ContextLogic, Inc., Class A*		9,652		42
Dillard’s, Inc., Class A		1,578		522
Savers Value Village, Inc.*		11,889		222
				851
Building Products – 1.9%
AAON, Inc.		30,331		1,725
American Woodmark Corp.*		7,359		556
Apogee Enterprises, Inc.		9,913		467
AZZ, Inc.		11,173		509

See Notes to the Financial Statements.

EQUITY FUNDS  170 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Building Products – 1.9%    continued
CSW Industrials, Inc.		6,930		$1,214
Gibraltar Industries, Inc.*		13,783		930
Griffon Corp.		19,743		783
Insteel Industries, Inc.		8,414		273
Janus International Group, Inc.*		38,204		409
JELD-WEN Holding, Inc.*		38,304		512
Masonite International Corp.*		9,995		932
Masterbrand, Inc.*		58,364		709
PGT Innovations, Inc.*		25,646		712
Quanex Building Products Corp.		14,828		418
Resideo Technologies, Inc.*		65,232		1,031
Simpson Manufacturing Co., Inc.		19,253		2,884
UFP Industries, Inc.		26,934		2,758
Zurn Elkay Water Solutions Corp.		66,298		1,858
				18,680
Capital Markets – 1.4%
AlTi Global, Inc.*		9,298		65
Artisan Partners Asset Management, Inc., Class A		27,598		1,033
Assetmark Financial Holdings, Inc.*		9,849		247
Avantax, Inc.*		17,447		446
B. Riley Financial, Inc.		8,323		341
Bakkt Holdings, Inc.*		28,600		33
BGC Group, Inc., Class A		141,422		747
Brightsphere Investment Group, Inc.		14,687		285
Cohen & Steers, Inc.		11,595		727
Diamond Hill Investment Group, Inc.		1,286		217
Donnelley Financial Solutions, Inc.*		11,108		625
Forge Global Holdings, Inc.*		49,597		101
GCM Grosvenor, Inc., Class A		18,564		144
Hamilton Lane, Inc., Class A		16,441		1,487
MarketWise, Inc.		13,195		21
Moelis & Co., Class A		29,799		1,345
Open Lending Corp.*		44,934		329
P10, Inc., Class A		19,316		225
Patria Investments Ltd., Class A		24,375		355
Perella Weinberg Partners		18,616		190
Piper Sandler Cos.		7,731		1,123
PJT Partners, Inc., Class A		10,713		851
Sculptor Capital Management, Inc.		8,895		103
Silvercrest Asset Management Group, Inc., Class A		4,445		71
StepStone Group, Inc., Class A		23,968		757
StoneX Group, Inc.*		8,029		778

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Capital Markets – 1.4%    continued
Value Line, Inc.		378		$17
Victory Capital Holdings, Inc., Class A		12,392		413
Virtus Investment Partners, Inc.		3,115		629
WisdomTree, Inc.		61,917		433
				14,138
Chemicals – 1.9%
AdvanSix, Inc.		11,862		369
American Vanguard Corp.		12,147		133
Aspen Aerogels, Inc.*		22,886		197
Avient Corp.		40,356		1,425
Balchem Corp.		14,286		1,772
Cabot Corp.		24,730		1,713
Chase Corp.		3,391		431
Core Molding Technologies, Inc.*		3,386		96
Danimer Scientific, Inc.*		38,900		81
Ecovyst, Inc.*		42,032		414
FutureFuel Corp.		11,647		83
H.B. Fuller Co.		24,155		1,657
Hawkins, Inc.		8,661		510
Ingevity Corp.*		16,481		785
Innospec, Inc.		11,192		1,144
Intrepid Potash, Inc.*		4,747		119
Koppers Holdings, Inc.		8,986		355
Kronos Worldwide, Inc.		9,786		76
Livent Corp.*		80,576		1,483
LSB Industries, Inc.*		24,770		253
Mativ Holdings, Inc.		24,522		350
Minerals Technologies, Inc.		14,631		801
Origin Materials, Inc.*		56,424		72
Orion S.A.		25,204		536
Perimeter Solutions S.A.*		68,348		310
PureCycle Technologies, Inc.*		51,291		288
Quaker Chemical Corp.		6,185		990
Rayonier Advanced Materials, Inc.*		28,285		100
Sensient Technologies Corp.		18,762		1,097
Stepan Co.		9,571		718
Trinseo PLC		15,741		129
Tronox Holdings PLC		51,991		699
Valhi, Inc.		1,195		16
				19,202
Commercial Services & Supplies – 1.6%
ABM Industries, Inc.		29,518		1,181
ACCO Brands Corp.		41,581		239

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  171 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Commercial Services & Supplies – 1.6%    continued
ACV Auctions, Inc., Class A*		56,541		$858
Aris Water Solutions, Inc., Class A		13,385		134
BrightView Holdings, Inc.*		18,521		144
Brink’s (The) Co.		20,643		1,499
Casella Waste Systems, Inc., Class A*		25,379		1,936
CECO Environmental Corp.*		13,341		213
Cimpress PLC*		7,889		552
CompX International, Inc.		741		14
CoreCivic, Inc.*		50,325		566
Deluxe Corp.		19,581		370
Ennis, Inc.		11,266		239
Enviri Corp.*		35,531		256
GEO Group (The), Inc.*		53,804		440
Healthcare Services Group, Inc.		33,642		351
Heritage-Crystal Clean, Inc.*		8,041		365
HNI Corp.		20,765		719
Interface, Inc.		25,834		253
LanzaTech Global, Inc.*		9,943		46
Li-Cycle Holdings Corp.*		62,267		221
Liquidity Services, Inc.*		10,632		187
Matthews International Corp., Class A		13,332		519
MillerKnoll, Inc.		33,651		823
Montrose Environmental Group, Inc.*		12,563		368
NL Industries, Inc.		4,134		20
OPENLANE, Inc.*		48,565		725
Performant Financial Corp.*		29,720		67
Pitney Bowes, Inc.		79,096		239
Quad/Graphics, Inc.*		14,482		73
SP Plus Corp.*		8,759		316
Steelcase, Inc., Class A		42,243		472
UniFirst Corp.		6,686		1,090
Viad Corp.*		9,171		240
VSE Corp.		5,844		295
				16,030
Communications Equipment – 0.7%
ADTRAN Holdings, Inc.		35,154		289
Aviat Networks, Inc.*		4,957		155
Calix, Inc.*		26,286		1,205
Cambium Networks Corp.*		5,646		41
Clearfield, Inc.*		5,889		169
CommScope Holding Co., Inc.*		93,506		314
Comtech Telecommunications Corp.		12,153		106
Digi International, Inc.*		15,801		427
DZS, Inc.*		9,954		21

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Communications Equipment – 0.7%    continued
Extreme Networks, Inc.*		56,774		$1,375
Harmonic, Inc.*		48,709		469
Infinera Corp.*		90,017		376
KVH Industries, Inc.*		8,149		42
NETGEAR, Inc.*		12,806		161
NetScout Systems, Inc.*		30,333		850
Ribbon Communications, Inc.*		39,603		106
Viavi Solutions, Inc.*		98,667		902
				7,008
Construction & Engineering – 1.6%
Ameresco, Inc., Class A*		14,260		550
API Group Corp.(2) *		93,733		2,431
Arcosa, Inc.		21,707		1,561
Argan, Inc.		5,812		265
Bowman Consulting Group Ltd.*		4,635		130
Comfort Systems U.S.A., Inc.		15,875		2,705
Concrete Pumping Holdings, Inc.*		11,669		100
Construction Partners, Inc., Class A*		18,089		661
Dycom Industries, Inc.*		12,798		1,139
Eneti, Inc.		11,395		115
Fluor Corp.*		63,729		2,339
Granite Construction, Inc.		19,806		753
Great Lakes Dredge & Dock Corp.*		29,528		235
IES Holdings, Inc.*		3,666		241
INNOVATE Corp.*		22,172		36
Limbach Holdings, Inc.*		4,261		135
MYR Group, Inc.*		7,390		996
Northwest Pipe Co.*		4,539		137
Primoris Services Corp.		23,857		781
Southland Holdings, Inc.*		1,678		10
Sterling Infrastructure, Inc.*		13,472		990
Tutor Perini Corp.*		19,034		149
				16,459
Construction Materials – 0.3%
Knife River Corp.*		25,473		1,244
Summit Materials, Inc., Class A*		53,421		1,663
United States Lime & Minerals, Inc.		945		190
				3,097
Consumer Finance – 0.8%
Atlanticus Holdings Corp.*		2,056		62
Bread Financial Holdings, Inc.		22,714		777
Consumer Portfolio Services, Inc.*		3,008		27
Encore Capital Group, Inc.*		10,447		499

See Notes to the Financial Statements.

EQUITY FUNDS  172 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Consumer Finance – 0.8%    continued
Enova International, Inc.*		13,647		$694
FirstCash Holdings, Inc.		16,812		1,688
Green Dot Corp., Class A*		20,966		292
LendingClub Corp.*		48,058		293
LendingTree, Inc.*		4,667		72
Navient Corp.		40,232		693
Nelnet, Inc., Class A		6,511		582
NerdWallet, Inc., Class A*		15,313		136
OppFi, Inc.*		4,220		11
PRA Group, Inc.*		17,395		334
PROG Holdings, Inc.*		20,815		691
Regional Management Corp.		3,501		97
Upstart Holdings, Inc.*		32,439		926
World Acceptance Corp.*		1,869		237
				8,111
Consumer Staples Distribution & Retail – 0.6%
Andersons (The), Inc.		14,459		745
Chefs’ Warehouse (The), Inc.*		15,836		336
HF Foods Group, Inc.*		18,262		73
Ingles Markets, Inc., Class A		6,292		474
Natural Grocers by Vitamin Cottage, Inc.		4,135		53
PriceSmart, Inc.		11,628		866
SpartanNash Co.		15,190		334
Sprouts Farmers Market, Inc.*		46,362		1,984
United Natural Foods, Inc.*		25,841		365
Village Super Market, Inc., Class A		4,231		96
Weis Markets, Inc.		7,403		466
				5,792
Containers & Packaging – 0.3%
Greif, Inc., Class A		10,990		734
Greif, Inc., Class B		2,374		158
Myers Industries, Inc.		16,345		293
O-I Glass, Inc.*		69,272		1,159
Pactiv Evergreen, Inc.		17,927		146
Ranpak Holdings Corp.*		19,276		105
TriMas Corp.		18,512		458
				3,053
Distributors – 0.0%
Weyco Group, Inc.		2,609		66
Diversified Consumer Services – 1.2%
2U, Inc.*		35,240		87
Adtalem Global Education, Inc.*		19,643		842

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Diversified Consumer Services – 1.2%    continued
Carriage Services, Inc.		6,054		$171
Chegg, Inc.*		53,186		474
Coursera, Inc.*		57,983		1,084
Duolingo, Inc.*		12,854		2,132
European Wax Center, Inc., Class A*		15,393		249
Frontdoor, Inc.*		37,018		1,132
Graham Holdings Co., Class B		1,593		929
Laureate Education, Inc.		58,238		821
Lincoln Educational Services Corp.*		11,005		93
Nerdy, Inc.*		26,877		100
OneSpaWorld Holdings Ltd.*		37,775		424
Perdoceo Education Corp.		30,165		516
Rover Group, Inc.*		41,762		261
Strategic Education, Inc.		10,167		765
Stride, Inc.*		19,078		859
Udemy, Inc.*		38,766		368
Universal Technical Institute, Inc.*		14,685		123
WW International, Inc.*		24,536		272
				11,702
Diversified Real Estate Investment Trusts – 0.6%
Alexander & Baldwin, Inc.		32,125		538
Alpine Income Property Trust, Inc.		5,893		96
American Assets Trust, Inc.		21,561		419
Armada Hoffler Properties, Inc.		30,427		312
Broadstone Net Lease, Inc.		83,856		1,199
CTO Realty Growth, Inc.		9,856		160
Empire State Realty Trust, Inc., Class A		58,469		470
Essential Properties Realty Trust, Inc.		70,154		1,518
Gladstone Commercial Corp.		18,115		220
Global Net Lease, Inc.		86,651		833
NexPoint Diversified Real Estate Trust		13,825		120
One Liberty Properties, Inc.		6,965		131
Star Holdings*		5,722		72
				6,088
Diversified Telecommunication Services – 0.4%
Anterix, Inc.*		5,572		175
AST SpaceMobile, Inc.*		37,612		143
ATN International, Inc.		4,941		156
Bandwidth, Inc., Class A*		10,482		118
Charge Enterprises, Inc.*		63,747		32
Cogent Communications Holdings, Inc.		19,305		1,195
Consolidated Communications
Holdings, Inc.*		33,152		113
EchoStar Corp., Class A*		15,194		254

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  173 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Diversified Telecommunication Services – 0.4%    continued
Globalstar, Inc.*		304,963		$399
IDT Corp., Class B*		6,981		154
Liberty Latin America Ltd., Class A*		16,243		132
Liberty Latin America Ltd., Class C*		63,694		520
Lumen Technologies, Inc.*		454,032		645
Ooma, Inc.*		10,804		141
				4,177
Electric Utilities – 0.7%
ALLETE, Inc.		25,786		1,361
Genie Energy Ltd., Class B		9,137		135
MGE Energy, Inc.		16,263		1,114
Otter Tail Corp.		18,582		1,411
PNM Resources, Inc.		38,277		1,708
Portland General Electric Co.		43,384		1,756
				7,485
Electrical Equipment – 1.5%
Allient, Inc.		5,901		182
Amprius Technologies, Inc.*		1,760		8
Array Technologies, Inc.*		67,783		1,504
Atkore, Inc.*		17,361		2,590
Babcock & Wilcox Enterprises, Inc.*		26,298		111
Blink Charging Co.*		26,073		80
Bloom Energy Corp., Class A*		85,893		1,139
Dragonfly Energy Holdings Corp.*		14,878		23
Encore Wire Corp.		7,215		1,316
Energy Vault Holdings, Inc.*		43,834		112
EnerSys		18,424		1,744
Enovix Corp.*		61,623		773
Eos Energy Enterprises, Inc.*		47,920		103
ESS Tech, Inc.*		39,114		74
Fluence Energy, Inc.*		17,715		407
FTC Solar, Inc.*		27,969		36
FuelCell Energy, Inc.*		184,872		237
GrafTech International Ltd.		87,554		335
LSI Industries, Inc.		12,060		192
NEXTracker, Inc., Class A*		22,378		899
NuScale Power Corp.*		24,017		118
Powell Industries, Inc.		4,073		338
Preformed Line Products Co.		1,141		185
SES AI Corp.*		56,307		128
Shoals Technologies Group, Inc., Class A*		76,533		1,397
SKYX Platforms Corp.*		30,835		44
Stem, Inc.*		64,352		273

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Electrical Equipment – 1.5%    continued
SunPower Corp.*		39,127		$241
Thermon Group Holdings, Inc.*		15,008		412
TPI Composites, Inc.*		18,677		49
Vicor Corp.*		9,946		586
				15,636
Electronic Equipment, Instruments & Components – 2.7%
908 Devices, Inc.*		9,659		64
Advanced Energy Industries, Inc.		16,828		1,735
Aeva Technologies, Inc.*		32,516		25
Akoustis Technologies, Inc.*		31,800		24
Arlo Technologies, Inc.*		39,467		407
Badger Meter, Inc.		13,175		1,895
Bel Fuse, Inc., Class B		4,670		223
Belden, Inc.		19,022		1,837
Benchmark Electronics, Inc.		15,866		385
Climb Global Solutions, Inc.		1,879		81
CTS Corp.		14,095		588
Daktronics, Inc.*		16,958		151
ePlus, Inc.*		11,950		759
Evolv Technologies Holdings, Inc.*		50,670		246
Fabrinet*		16,506		2,750
FARO Technologies, Inc.*		8,075		123
Insight Enterprises, Inc.*		12,847		1,869
Iteris, Inc.*		19,119		79
Itron, Inc.*		20,312		1,230
Kimball Electronics, Inc.*		10,740		294
Knowles Corp.*		40,452		599
Lightwave Logic, Inc.*		51,669		231
Luna Innovations, Inc.*		14,449		85
Methode Electronics, Inc.		15,910		364
MicroVision, Inc.*		79,590		174
Mirion Technologies, Inc.*		90,230		674
Napco Security Technologies, Inc.		13,878		309
nLight, Inc.*		19,826		206
Novanta, Inc.*		16,004		2,296
OSI Systems, Inc.*		7,130		842
PAR Technology Corp.*		11,790		454
PC Connection, Inc.		5,126		274
Plexus Corp.*		12,231		1,137
Presto Automation, Inc.*		3,175		5
Richardson Electronics Ltd.		5,260		57
Rogers Corp.*		7,716		1,014
Sanmina Corp.*		25,714		1,396
ScanSource, Inc.*		10,972		333

See Notes to the Financial Statements.

EQUITY FUNDS  174 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Electronic Equipment, Instruments & Components –2.7%    continued
SmartRent, Inc.*		83,036		$217
TTM Technologies, Inc.*		46,062		593
Vishay Intertechnology, Inc.		57,644		1,425
Vishay Precision Group, Inc.*		5,551		186
Vuzix Corp.*		26,318		96
				27,732
Energy Equipment & Services – 3.0%
Archrock, Inc.		62,530		788
Atlas Energy Solutions, Inc., Class A		7,502		167
Borr Drilling Ltd.*		99,384		706
Bristow Group, Inc.*		10,659		300
Cactus, Inc., Class A		28,882		1,450
ChampionX Corp.		89,297		3,181
Core Laboratories, Inc.		21,003		504
Diamond Offshore Drilling, Inc.*		45,682		671
DMC Global, Inc.*		8,769		215
Dril-Quip, Inc.*		15,029		423
Expro Group Holdings N.V.*		39,235		911
Forum Energy Technologies, Inc.*		4,501		108
Helix Energy Solutions Group, Inc.*		64,667		722
Helmerich & Payne, Inc.		43,774		1,846
KLX Energy Services Holdings, Inc.*		5,687		67
Kodiak Gas Services, Inc.*		7,244		130
Liberty Energy, Inc.		74,752		1,384
Mammoth Energy Services, Inc.*		9,688		45
Nabors Industries Ltd.*		4,054		499
Newpark Resources, Inc.*		34,075		235
Noble Corp. PLC		49,716		2,518
Oceaneering International, Inc.*		45,195		1,162
Oil States International, Inc.*		28,368		237
Patterson-UTI Energy, Inc.		158,022		2,187
ProFrac Holding Corp., Class A*		12,202		133
ProPetro Holding Corp.*		43,556		463
Ranger Energy Services, Inc.		6,432		91
RPC, Inc.		38,073		340
SEACOR Marine Holdings, Inc.*		11,071		154
Seadrill Ltd.*		22,752		1,019
Select Water Solutions, Inc.		35,604		283
Solaris Oilfield Infrastructure, Inc., Class A		13,202		141
TETRA Technologies, Inc.*		55,730		356
Tidewater, Inc.*		21,372		1,519
U.S. Silica Holdings, Inc.*		33,298		468

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Energy Equipment & Services – 3.0%    continued
Valaris Ltd.*		27,487		$2,061
Weatherford International PLC*		31,947		2,886
				30,370
Entertainment – 0.4%
Atlanta Braves Holdings, Inc., Class A*		4,609		180
Atlanta Braves Holdings, Inc., ClassC*		20,576		735
Cinemark Holdings, Inc.*		49,482		908
IMAX Corp.*		20,293		392
Lions Gate Entertainment Corp., Class A*		26,179		222
Lions Gate Entertainment Corp., Class B*		53,592		422
Loop Media, Inc.*		15,280		8
Madison Square Garden Entertainment Corp.*		19,454		640
Marcus (The) Corp.		10,877		169
Playstudios, Inc.*		38,296		122
Reservoir Media, Inc.*		8,597		52
Sphere Entertainment Co. (European Stock Exchange)*		11,721		436
Vivid Seats, Inc., Class A*		10,023		64
				4,350
Financial Services – 2.3%
Acacia Research Corp.*		16,675		61
Alerus Financial Corp.		7,811		142
A-Mark Precious Metals, Inc.		8,249		242
AvidXchange Holdings, Inc.*		67,254		638
Banco Latinoamericano de Comercio Exterior S.A., Class E		12,248		260
Cannae Holdings, Inc.*		31,747		592
Cantaloupe, Inc.*		25,790		161
Cass Information Systems, Inc.		6,275		234
Compass Diversified Holdings		28,286		531
Enact Holdings, Inc.		13,351		364
Essent Group Ltd.		47,441		2,243
EVERTEC, Inc.		29,376		1,092
Federal Agricultural Mortgage Corp., Class C		4,089		631
Finance of America Cos., Inc., Class A*		22,990		29
Flywire Corp.*		42,842		1,366
I3 Verticals, Inc., Class A*		10,137		214
International Money Express, Inc.*		15,116		256
Jackson Financial, Inc., Class A		37,283		1,425
Marqeta, Inc., Class A*		218,602		1,307

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  175 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND     continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Financial Services – 2.3%    continued
Merchants Bancorp		7,075		$196
Mr Cooper Group, Inc.*		29,452		1,577
NewtekOne, Inc.		10,476		154
NMI Holdings, Inc., Class A*		36,900		1,000
Ocwen Financial Corp.*		2,890		75
Pagseguro Digital Ltd., Class A*		88,261		760
Payoneer Global, Inc.*		119,328		730
Paysafe Ltd.*		14,547		174
Paysign, Inc.*		13,714		27
PennyMac Financial Services, Inc.		11,474		764
Priority Technology Holdings, Inc.*		7,466		24
Radian Group, Inc.		70,443		1,769
Remitly Global, Inc.*		58,446		1,474
Repay Holdings Corp.*		36,634		278
Security National Financial Corp., Class A*		6,391		50
StoneCo Ltd., Class A*		129,875		1,386
SWK Holdings Corp.*		1,828		29
Velocity Financial, Inc.*		3,952		45
Walker & Dunlop, Inc.		14,178		1,053
Waterstone Financial, Inc.		8,542		93
				23,446
Food Products – 1.2%
Alico, Inc.		3,145		78
B&G Foods, Inc.		31,976		316
Benson Hill, Inc.*		76,445		25
Beyond Meat, Inc.*		26,755		257
BRC, Inc., Class A*		16,382		59
Calavo Growers, Inc.		7,518		190
Cal-Maine Foods, Inc.		17,034		825
Dole PLC		32,023		371
Forafric Global PLC*		2,909		33
Fresh Del Monte Produce, Inc.		15,236		394
Hain Celestial Group (The), Inc.*		39,429		409
Hostess Brands, Inc.*		59,490		1,982
J&J Snack Foods Corp.		6,770		1,108
John B. Sanfilippo & Son, Inc.		3,998		395
Lancaster Colony Corp.		8,714		1,438
Limoneira Co.		7,805		120
Mission Produce, Inc.*		21,818		211
Seneca Foods Corp., Class A*		2,329		125
Simply Good Foods (The) Co.*		40,486		1,398
Sovos Brands, Inc.*		23,112		521
SunOpta, Inc.*		40,876		138

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Food Products – 1.2%    continued
TreeHouse Foods, Inc.*		22,944		$1,000
Utz Brands, Inc.		32,329		434
Vital Farms, Inc.*		13,680		158
Westrock Coffee Co.*		12,791		113
				12,098
Gas Utilities – 1.0%
Brookfield Infrastructure Corp., Class A		53,692		1,897
Chesapeake Utilities Corp.		7,860		768
New Jersey Resources Corp.		43,408		1,764
Northwest Natural Holding Co.		16,100		614
ONE Gas, Inc.		24,651		1,683
RGC Resources, Inc.		3,555		62
Southwest Gas Holdings, Inc.		27,581		1,666
Spire, Inc.		22,990		1,301
				9,755
Ground Transportation – 0.5%
ArcBest Corp.		10,841		1,102
Covenant Logistics Group, Inc.		3,673		161
Daseke, Inc.*		17,994		92
FTAI Infrastructure, Inc.		44,858		144
Heartland Express, Inc.		20,865		307
Marten Transport Ltd.		25,972		512
P.A.M. Transportation Services, Inc.*		2,736		59
RXO, Inc.*		52,251		1,031
TuSimple Holdings, Inc., Class A*		73,807		115
Universal Logistics Holdings, Inc.		3,046		77
Werner Enterprises, Inc.		28,372		1,105
				4,705
Health Care Equipment & Supplies – 3.0%
Accuray, Inc.*		42,972		117
Alphatec Holdings, Inc.*		35,517		461
AngioDynamics, Inc.*		16,867		123
Artivion, Inc.*		17,736		269
AtriCure, Inc.*		20,714		907
Atrion Corp.		621		257
Avanos Medical, Inc.*		20,412		413
Axogen, Inc.*		18,134		91
Axonics, Inc.*		21,867		1,227
Beyond Air, Inc.*		11,277		26
Butterfly Network, Inc.*		62,225		73
Cerus Corp.*		79,446		129
ClearPoint Neuro, Inc.*		10,766		54
CONMED Corp.		13,675		1,379

See Notes to the Financial Statements.

EQUITY FUNDS  176 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Health Care Equipment & Supplies – 3.0%    continued
Cutera, Inc.*		8,845		$53
CVRx, Inc.*		4,919		75
Embecta Corp.		26,000		391
Glaukos Corp.*		20,960		1,577
Haemonetics Corp.*		22,454		2,011
Inari Medical, Inc.*		24,053		1,573
Inmode Ltd.*		34,838		1,061
Inogen, Inc.*		10,227		53
Integer Holdings Corp.*		14,934		1,171
iRadimed Corp.		3,367		149
iRhythm Technologies, Inc.*		13,700		1,291
KORU Medical Systems, Inc.*		15,078		41
Lantheus Holdings, Inc.*		30,466		2,117
LeMaitre Vascular, Inc.		8,859		483
LivaNova PLC*		24,182		1,279
Merit Medical Systems, Inc.*		25,374		1,751
Nano-X Imaging Ltd.*		22,058		145
Neogen Corp.*		97,286		1,804
Nevro Corp.*		16,019		308
Omnicell, Inc.*		20,017		902
OraSure Technologies, Inc.*		31,190		185
Orchestra BioMed Holdings, Inc.*		7,626		66
Orthofix Medical, Inc.*		15,862		204
OrthoPediatrics Corp.*		7,152		229
Outset Medical, Inc.*		22,159		241
Paragon 28, Inc.*		19,778		248
PROCEPT BioRobotics Corp.*		16,246		533
Pulmonx Corp.*		16,460		170
Pulse Biosciences, Inc.*		6,593		27
RxSight, Inc.*		12,164		339
Sanara Medtech, Inc.*		1,774		55
Semler Scientific, Inc.*		2,246		57
SI-BONE, Inc.*		15,682		333
Sight Sciences, Inc.*		9,533		32
Silk Road Medical, Inc.*		17,341		260
STAAR Surgical Co.*		21,630		869
Surmodics, Inc.*		6,197		199
Tactile Systems Technology, Inc.*		10,445		147
Tela Bio, Inc.*		7,055		56
TransMedics Group, Inc.*		14,268		781
Treace Medical Concepts, Inc.*		20,406		268
UFP Technologies, Inc.*		3,177		513
Utah Medical Products, Inc.		1,509		130
Varex Imaging Corp.*		17,523		329

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Health Care Equipment & Supplies – 3.0%    continued
Vicarious Surgical, Inc.*		31,895		$19
Zimvie, Inc.*		11,550		109
Zynex, Inc.*		9,210		74
				30,234
Health Care Providers & Services – 2.7%
23andMe Holding Co., Class A*		116,552		114
Accolade, Inc.*		30,584		324
AdaptHealth Corp.*		43,448		395
Addus HomeCare Corp.*		7,029		599
Agiliti, Inc.*		13,282		86
AirSculpt Technologies, Inc.*		5,251		36
Alignment Healthcare, Inc.*		38,314		266
AMN Healthcare Services, Inc.*		17,867		1,522
Apollo Medical Holdings, Inc.*		18,996		586
Aveanna Healthcare Holdings, Inc.*		21,313		25
Brookdale Senior Living, Inc.*		85,095		352
Cano Health, Inc.*		107,045		27
CareMax, Inc.*		33,297		71
Castle Biosciences, Inc.*		11,157		188
Community Health Systems, Inc.*		56,511		164
CorVel Corp.*		3,921		771
Cross Country Healthcare, Inc.*		15,451		383
DocGo, Inc.*		33,863		181
Enhabit, Inc.*		22,663		255
Ensign Group (The), Inc.		24,410		2,268
Fulgent Genetics, Inc.*		9,230		247
Guardant Health, Inc.*		50,769		1,505
HealthEquity, Inc.*		37,679		2,752
Hims & Hers Health, Inc.*		54,981		346
InfuSystem Holdings, Inc.*		8,126		78
Innovage Holding Corp.*		8,246		49
Invitae Corp.*		117,349		71
Joint (The) Corp.*		6,291		57
LifeStance Health Group, Inc.*		47,678		328
ModivCare, Inc.*		5,728		180
National HealthCare Corp.		5,601		358
National Research Corp.		6,490		288
NeoGenomics, Inc.*		56,605		696
OPKO Health, Inc.*		181,917		291
Option Care Health, Inc.*		76,249		2,467
Owens & Minor, Inc.*		33,424		540
P3 Health Partners, Inc.*		17,638		26
Patterson Cos., Inc.		38,651		1,146
Pediatrix Medical Group, Inc.*		37,860		481

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 - 99.4%    continued
Health Care Providers & Services – 2.7%    continued
Pennant Group (The), Inc.*		12,951		$144
PetIQ, Inc.*		12,295		242
Privia Health Group, Inc.*		49,546		1,140
Progyny, Inc.*		35,013		1,191
Quipt Home Medical Corp.*		18,341		93
RadNet, Inc.*		26,876		758
Select Medical Holdings Corp.		46,327		1,171
Surgery Partners, Inc.*		30,048		879
U.S. Physical Therapy, Inc.		6,619		607
Viemed Healthcare, Inc.*		15,237		103
				26,847
Health Care Real Estate Investment Trusts – 0.6%
CareTrust REIT, Inc.		44,966		922
Community Healthcare Trust, Inc.		11,535		343
Diversified Healthcare Trust		107,841		209
Global Medical REIT, Inc.		27,486		247
LTC Properties, Inc.		18,403		591
National Health Investors, Inc.		18,776		964
Physicians Realty Trust		106,177		1,294
Sabra Health Care REIT, Inc.		103,248		1,439
Universal Health Realty Income Trust		5,759		233
				6,242
Health Care Technology – 0.5%
American Well Corp., Class A*		110,107		129
Computer Programs and Systems, Inc.*		6,404		102
Definitive Healthcare Corp.*		19,516		156
Evolent Health, Inc., Class A*		49,087		1,337
Health Catalyst, Inc.*		25,172		255
HealthStream, Inc.		10,809		233
Multiplan Corp.*		179,032		301
NextGen Healthcare, Inc.*		24,881		590
OptimizeRx Corp.*		7,383		57
Phreesia, Inc.*		23,119		432
Schrodinger, Inc.*		24,217		684
Sharecare, Inc.*		138,181		130
Simulations Plus, Inc.		7,123		297
Veradigm, Inc.*		48,527		638
				5,341
Hotel & Resort Real Estate Investment Trusts – 0.8%
Apple Hospitality REIT, Inc.		96,230		1,476
Braemar Hotels & Resorts, Inc.		29,611		82
Chatham Lodging Trust		21,670		207
DiamondRock Hospitality Co.		94,615		760

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Hotel & Resort Real Estate Investment Trusts – 0.8%    continued
Hersha Hospitality Trust, Class A		13,869		$137
Pebblebrook Hotel Trust		54,009		734
RLJ Lodging Trust		69,538		681
Ryman Hospitality Properties, Inc.		25,815		2,150
Service Properties Trust		74,243		571
Summit Hotel Properties, Inc.		47,248		274
Sunstone Hotel Investors, Inc.		92,673		866
Xenia Hotels & Resorts, Inc.		48,707		574
				8,512
Hotels, Restaurants & Leisure – 2.2%
Accel Entertainment, Inc.*		24,689		270
Bally’s Corp.*		13,252		174
Biglari Holdings, Inc., Class B*		347		58
BJ’s Restaurants, Inc.*		10,211		240
Bloomin’ Brands, Inc.		39,421		969
Bluegreen Vacations Holding Corp.		4,959		182
Bowlero Corp., Class A*		14,114		136
Brinker International, Inc.*		19,720		623
Carrols Restaurant Group, Inc.*		17,047		112
Century Casinos, Inc.*		12,792		66
Cheesecake Factory (The), Inc.		21,791		660
Chuy’s Holdings, Inc.*		8,058		287
Cracker Barrel Old Country Store, Inc.		9,925		667
Dave & Buster’s Entertainment, Inc.*		16,014		594
Denny’s Corp.*		24,590		208
Dine Brands Global, Inc.		7,069		350
El Pollo Loco Holdings, Inc.		11,988		107
Everi Holdings, Inc.*		38,034		503
Fiesta Restaurant Group, Inc.*		7,758		66
First Watch Restaurant Group, Inc.*		10,282		178
Full House Resorts, Inc.*		14,485		62
Global Business Travel Group I*		14,783		81
Golden Entertainment, Inc.		9,116		312
Hilton Grand Vacations, Inc.*		36,310		1,478
Inspired Entertainment, Inc.*		9,726		116
International Game Technology PLC		48,553		1,472
Jack in the Box, Inc.		9,209		636
Krispy Kreme, Inc.		39,392		491
Kura Sushi U.S.A., Inc., Class A*		2,533		167
Life Time Group Holdings, Inc.*		20,076		305
Light & Wonder, Inc.*		40,982		2,923
Lindblad Expeditions Holdings, Inc.*		15,666		113
Monarch Casino & Resort, Inc.		6,057		376
Mondee Holdings, Inc.*		20,317		73

See Notes to the Financial Statements.

EQUITY FUNDS  178 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Hotels, Restaurants & Leisure – 2.2%    continued
Nathan’s Famous, Inc.		1,284		$91
Noodles & Co.*		17,562		43
ONE Group Hospitality (The), Inc.*		9,650		53
Papa John’s International, Inc.		14,648		999
PlayAGS, Inc.*		16,689		109
Portillo’s, Inc., Class A*		20,673		318
Potbelly Corp.*		11,581		90
RCI Hospitality Holdings, Inc.		4,018		244
Red Robin Gourmet Burgers, Inc.*		7,148		57
Red Rock Resorts, Inc., Class A		21,186		869
Rush Street Interactive, Inc.*		28,051		130
Sabre Corp.*		149,699		672
SeaWorld Entertainment, Inc.*		16,426		760
Shake Shack, Inc., Class A*		17,003		987
Six Flags Entertainment Corp.*		32,499		764
Super Group SGHC Ltd.*		61,262		226
Sweetgreen, Inc., Class A*		43,508		511
Target Hospitality Corp.*		14,354		228
Xponential Fitness, Inc., Class A*		11,118		172
				22,378
Household Durables – 2.0%
Beazer Homes U.S.A., Inc.*		13,098		326
Cavco Industries, Inc.*		3,939		1,046
Century Communities, Inc.		12,781		854
Cricut, Inc., Class A		21,516		200
Dream Finders Homes, Inc., Class A*		10,891		242
Ethan Allen Interiors, Inc.		10,114		302
GoPro, Inc., Class A*		58,193		183
Green Brick Partners, Inc.*		11,643		483
Helen of Troy Ltd.*		10,841		1,264
Hooker Furnishings Corp.		4,954		96
Hovnanian Enterprises, Inc., Class A*		2,162		220
Installed Building Products, Inc.		10,594		1,323
iRobot Corp.*		12,108		459
KB Home		32,576		1,508
Landsea Homes Corp.*		5,921		53
La-Z-Boy, Inc.		19,478		602
Legacy Housing Corp.*		4,604		89
LGI Homes, Inc.*		9,275		923
Lovesac (The) Co.*		6,288		125
M/I Homes, Inc.*		12,084		1,016
MDC Holdings, Inc.		26,439		1,090
Meritage Homes Corp.		16,304		1,995
Purple Innovation, Inc.		21,689		37

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Household Durables – 2.0%    continued
Skyline Champion Corp.*		23,986		$1,528
Snap One Holdings Corp.*		8,106		75
Sonos, Inc.*		57,179		738
Taylor Morrison Home Corp.*		47,146		2,009
Traeger, Inc.*		16,184		44
Tri Pointe Homes, Inc.*		44,332		1,213
United Homes Group, Inc.*		2,247		13
Vizio Holding Corp., Class A*		34,102		185
VOXX International Corp.*		4,539		36
				20,277
Household Products – 0.3%
Central Garden & Pet Co.*		4,253		188
Central Garden & Pet Co., Class A*		17,586		705
Energizer Holdings, Inc.		32,206		1,032
Oil-Dri Corp. of America		2,271		140
WD-40 Co.		6,109		1,241
				3,306
Independent Power & Renewable Electricity Producers – 0.3%
Altus Power, Inc.*		28,787		151
Montauk Renewables, Inc.*		30,018		273
Ormat Technologies, Inc.		23,880		1,670
Sunnova Energy International, Inc.*		45,479		476
				2,570
Industrial Conglomerates – 0.0%
Brookfield Business Corp., Class A		11,698		212
Industrial Real Estate Investment Trusts – 0.5%
Innovative Industrial Properties, Inc.		12,442		941
LXP Industrial Trust		129,185		1,150
Plymouth Industrial REIT, Inc.		18,970		398
Terreno Realty Corp.		36,538		2,075
				4,564
Insurance – 1.9%
Ambac Financial Group, Inc.*		19,946		241
American Coastal Insurance Corp.*		9,171		67
American Equity Investment Life Holding Co.		34,814		1,867
AMERISAFE, Inc.		8,509		426
Argo Group International Holdings Ltd.		14,270		426
BRP Group, Inc., Class A*		27,221		632
CNO Financial Group, Inc.		51,112		1,213
Crawford & Co., Class A		6,348		59
Donegal Group, Inc., Class A		7,132		102
eHealth, Inc.*		12,794		95

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 - 99.4%    continued
Insurance – 1.9%    continued
Employers Holdings, Inc.		12,021		$480
Enstar Group Ltd.*		5,333		1,291
F&G Annuities & Life, Inc.		8,424		236
Fidelis Insurance Holdings Ltd.*		7,214		106
Genworth Financial, Inc., Class A*		214,849		1,259
GoHealth, Inc., Class A*		1,522		22
Goosehead Insurance, Inc., Class A*		9,568		713
Greenlight Capital Re Ltd., Class A*		11,932		128
HCI Group, Inc.		2,893		157
Hippo Holdings, Inc.*		4,614		37
Horace Mann Educators Corp.		18,485		543
Investors Title Co.		540		80
James River Group Holdings Ltd.		16,679		256
Kingsway Financial Services, Inc.*		4,719		36
Lemonade, Inc.*		22,892		266
Maiden Holdings Ltd.*		40,902		72
MBIA, Inc.*		21,853		158
Mercury General Corp.		12,109		339
National Western Life Group, Inc., Class A		1,016		444
NI Holdings, Inc.*		3,582		46
Oscar Health, Inc., Class A*		69,631		388
Palomar Holdings, Inc.*		10,977		557
ProAssurance Corp.		23,847		450
Safety Insurance Group, Inc.		6,448		440
Selective Insurance Group, Inc.		26,999		2,785
Selectquote, Inc.*		60,594		71
SiriusPoint Ltd.*		41,090		418
Skyward Specialty Insurance Group, Inc.*		10,959		300
Stewart Information Services Corp.		12,034		527
Tiptree, Inc.		11,009		185
Trupanion, Inc.*		17,824		503
United Fire Group, Inc.		9,443		186
Universal Insurance Holdings, Inc.		11,605		163
				18,770
Interactive Media & Services – 0.7%
Bumble, Inc., Class A*		45,568		680
Cargurus, Inc.*		43,986		771
Cars.com, Inc.*		29,459		497
DHI Group, Inc.*		19,244		59
Eventbrite, Inc., Class A*		34,932		344
EverQuote, Inc., Class A*		9,814		71
fuboTV, Inc.*		127,940		342

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Interactive Media & Services – 0.7%    continued
Grindr, Inc.*		18,196		$105
Liberty TripAdvisor Holdings, Inc., Class B*		176		5
MediaAlpha, Inc., Class A*		9,573		79
Nextdoor Holdings, Inc.*		65,201		119
Outbrain, Inc.*		18,253		89
QuinStreet, Inc.*		23,343		209
Shutterstock, Inc.		10,892		414
System1, Inc.*		20,123		24
TrueCar, Inc.*		39,071		81
Vimeo, Inc.*		68,626		243
Yelp, Inc.*		30,283		1,259
Ziff Davis, Inc.*		20,993		1,337
ZipRecruiter, Inc., Class A*		30,287		363
				7,091
IT Services – 0.5%
BigBear.ai Holdings, Inc.*		15,820		24
BigCommerce Holdings, Inc., Class 1*		30,326		299
Brightcove, Inc.*		19,038		63
DigitalOcean Holdings, Inc.*		28,540		686
Fastly, Inc., Class A*		53,382		1,023
Grid Dynamics Holdings, Inc.*		24,990		304
Hackett Group (The), Inc.		11,452		270
Information Services Group, Inc.		15,519		68
Perficient, Inc.*		15,272		884
Rackspace Technology, Inc.*		24,672		58
Squarespace, Inc., Class A*		20,111		583
Thoughtworks Holding, Inc.*		41,571		170
Tucows, Inc., Class A*		4,401		90
Unisys Corp.*		29,663		102
				4,624
Leisure Products – 0.4%
Acushnet Holdings Corp.		14,049		745
AMMO, Inc.*		39,878		81
Clarus Corp.		13,040		99
Escalade, Inc.		4,288		66
Funko, Inc., Class A*		15,451		118
JAKKS Pacific, Inc.*		3,183		59
Johnson Outdoors, Inc., Class A		2,421		132
Latham Group, Inc.*		17,132		48
Malibu Boats, Inc., Class A*		9,132		448
Marine Products Corp.		3,888		55
MasterCraft Boat Holdings, Inc.*		7,861		175
Smith & Wesson Brands, Inc.		20,557		265

See Notes to the Financial Statements.

EQUITY FUNDS  180 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Leisure Products – 0.4%    continued
Solo Brands, Inc., Class A*		9,589		$49
Sturm Ruger & Co., Inc.		7,819		407
Topgolf Callaway Brands Corp.*		64,099		887
Vista Outdoor, Inc.*		26,111		865
				4,499
Life Sciences Tools & Services – 0.4%
Adaptive Biotechnologies Corp.*		51,242		279
Akoya Biosciences, Inc.*		11,404		53
BioLife Solutions, Inc.*		15,634		216
Codexis, Inc.*		30,235		57
CryoPort, Inc.*		17,555		241
Cytek Biosciences, Inc.*		54,529		301
Harvard Bioscience, Inc.*		17,847		77
MaxCyte, Inc.*		39,178		122
Mesa Laboratories, Inc.		2,326		244
NanoString Technologies, Inc.*		20,784		36
Nautilus Biotechnology, Inc.*		22,549		71
OmniAb, Inc.*		41,960		218
Pacific Biosciences of California, Inc.*		112,263		938
Quanterix Corp.*		15,914		432
Quantum-Si, Inc.*		44,795		74
Seer, Inc.*		25,908		57
SomaLogic, Inc.*		67,559		162
				3,578
Machinery – 3.7%
374Water, Inc.*		26,496		33
3D Systems Corp.*		57,314		281
Alamo Group, Inc.		4,533		784
Albany International Corp., Class A		13,946		1,203
Astec Industries, Inc.		10,223		482
Barnes Group, Inc.		22,042		749
Blue Bird Corp.*		7,902		169
Chart Industries, Inc.*		19,290		3,262
CIRCOR International, Inc.*		8,990		501
Columbus McKinnon Corp.		12,460		435
Commercial Vehicle Group, Inc.*		14,399		112
Desktop Metal, Inc., Class A*		126,049		184
Douglas Dynamics, Inc.		10,178		307
Energy Recovery, Inc.*		25,035		531
Enerpac Tool Group Corp.		25,465		673
EnPro Industries, Inc.		9,428		1,143
ESCO Technologies, Inc.		11,520		1,203
Federal Signal Corp.		26,790		1,600

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Machinery – 3.7%    continued
Franklin Electric Co., Inc.		20,692		$1,846
Gencor Industries, Inc.*		4,932		70
Gorman-Rupp (The) Co.		10,334		340
Greenbrier (The) Cos., Inc.		13,838		554
Helios Technologies, Inc.		14,573		809
Hillenbrand, Inc.		30,801		1,303
Hillman Solutions Corp.*		88,213		728
Hyliion Holdings Corp.*		65,572		77
Hyster-Yale Materials Handling, Inc.		4,883		218
John Bean Technologies Corp.		14,212		1,494
Kadant, Inc.		5,259		1,186
Kennametal, Inc.		36,252		902
Lindsay Corp.		4,975		585
Luxfer Holdings PLC		12,286		160
Manitowoc (The) Co., Inc.*		15,698		236
Mayville Engineering Co., Inc.*		4,889		54
Microvast Holdings, Inc.*		46,670		88
Miller Industries, Inc.		5,105		200
Mueller Industries, Inc.		25,075		1,885
Mueller Water Products, Inc., Class A		69,797		885
Nikola Corp.*		282,640		444
Omega Flex, Inc.		1,470		116
Park-Ohio Holdings Corp.		3,674		73
Proto Labs, Inc.*		11,902		314
REV Group, Inc.		14,218		227
Shyft Group (The), Inc.		15,498		232
SPX Technologies, Inc.*		19,702		1,604
Standex International Corp.		5,295		771
Tennant Co.		8,319		617
Terex Corp.		30,078		1,733
Titan International, Inc.*		23,140		311
Trinity Industries, Inc.		36,117		879
Velo3D, Inc.*		39,210		61
Wabash National Corp.		21,318		450
Watts Water Technologies, Inc., Class A		12,248		2,117
				37,221
Marine Transportation – 0.3%
Costamare, Inc.		22,201		214
Eagle Bulk Shipping, Inc.		3,997		168
Genco Shipping & Trading Ltd.		18,968		265
Golden Ocean Group Ltd.		55,640		438
Himalaya Shipping Ltd.*		2,684		13
Matson, Inc.		16,022		1,422

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 - 99.4%    continued
Marine Transportation – 0.3%    continued
Pangaea Logistics Solutions Ltd.		16,861		$99
Safe Bulkers, Inc.		28,085		91
				2,710
Media – 0.7%
Advantage Solutions, Inc.*		39,223		111
AMC Networks, Inc., Class A*		13,863		163
Boston Omaha Corp., Class A*		10,367		170
Cardlytics, Inc.*		15,173		250
Clear Channel Outdoor Holdings, Inc.*		167,009		264
Daily Journal Corp.*		618		182
Emerald Holding, Inc.*		8,588		39
Entravision Communications Corp., Class A		27,058		99
EW Scripps (The) Co., Class A*		26,803		147
Gambling.com Group Ltd.*		4,504		59
Gannett Co., Inc.*		64,833		159
Gray Television, Inc.		37,368		259
iHeartMedia, Inc., Class A*		46,019		145
Integral Ad Science Holding Corp.*		21,342		254
John Wiley & Sons, Inc., Class A		19,219		714
Magnite, Inc.*		60,268		454
PubMatic, Inc., Class A*		18,674		226
Scholastic Corp.		12,078		461
Sinclair, Inc.		14,136		159
Stagwell, Inc.*		34,179		160
TechTarget, Inc.*		11,763		357
TEGNA, Inc.		90,883		1,324
Thryv Holdings, Inc.*		13,989		263
Townsquare Media, Inc., Class A		5,053		44
Urban One, Inc.*		3,977		20
Urban One, Inc. (NASDAQ Exchange)*		5,627		28
WideOpenWest, Inc.*		23,071		177
				6,688
Metals & Mining – 1.9%
5E Advanced Materials, Inc.*		17,153		39
Alpha Metallurgical Resources, Inc.		5,621		1,460
Arch Resources, Inc.		8,155		1,392
ATI, Inc.*		57,827		2,380
Caledonia Mining Corp. PLC		7,256		71
Carpenter Technology Corp.		21,683		1,457
Century Aluminum Co.*		22,807		164
Coeur Mining, Inc.*		151,067		335
Commercial Metals Co.		52,378		2,588

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Metals & Mining – 1.9%    continued
Compass Minerals International, Inc.		15,129		$423
Constellium S.E.*		56,370		1,026
Contango ORE, Inc.*		1,571		28
Dakota Gold Corp.*		23,681		61
Haynes International, Inc.		5,609		261
Hecla Mining Co.		275,343		1,077
i-80 Gold Corp.*		86,631		132
Ivanhoe Electric, Inc.*		24,838		296
Kaiser Aluminum Corp.		7,064		532
Materion Corp.		9,249		943
Novagold Resources, Inc.*		106,729		410
Olympic Steel, Inc.		4,523		254
Perpetua Resources Corp.*		16,417		53
Piedmont Lithium, Inc.*		7,950		316
PolyMet Mining Corp.*		18,306		38
Ramaco Resources, Inc., Class A		9,972		110
Ramaco Resources, Inc., Class B		2,028		24
Ryerson Holding Corp.		10,874		316
Schnitzer Steel Industries, Inc., Class A		11,625		324
SunCoke Energy, Inc.		37,629		382
TimkenSteel Corp.*		19,533		424
Tredegar Corp.		11,550		62
Warrior Met Coal, Inc.		23,276		1,189
Worthington Industries, Inc.		13,862		857
				19,424
Mortgage Real Estate Investment Trusts – 1.2%
AFC Gamma, Inc.		7,273		85
Angel Oak Mortgage REIT, Inc.		5,134		44
Apollo Commercial Real Estate Finance, Inc.		63,701		645
Arbor Realty Trust, Inc.		82,001		1,245
Ares Commercial Real Estate Corp.		23,402		223
ARMOUR Residential REIT, Inc.		103,918		442
Blackstone Mortgage Trust, Inc., Class A		76,944		1,674
BrightSpire Capital, Inc.		58,215		364
Chicago Atlantic Real Estate Finance, Inc.		7,292		107
Chimera Investment Corp.		104,876		573
Claros Mortgage Trust, Inc.		40,801		452
Dynex Capital, Inc.		24,017		287
Ellington Financial, Inc.		29,273		365
Franklin BSP Realty Trust, Inc.		36,800		487
Granite Point Mortgage Trust, Inc.		22,815		111

See Notes to the Financial Statements.

EQUITY FUNDS  182 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Mortgage Real Estate Investment Trusts – 1.2%    continued
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		46,098		$977
Invesco Mortgage Capital, Inc.		18,866		189
KKR Real Estate Finance Trust, Inc.		26,582		315
Ladder Capital Corp.		50,170		515
MFA Financial, Inc.		45,988		442
New York Mortgage Trust, Inc.		40,894		347
Nexpoint Real Estate Finance, Inc.		3,536		58
Orchid Island Capital, Inc.		20,450		174
PennyMac Mortgage Investment Trust		39,103		485
Ready Capital Corp.		71,917		727
Redwood Trust, Inc.		51,472		367
TPG RE Finance Trust, Inc.		31,073		209
Two Harbors Investment Corp.		43,108		571
				12,480
Multi-Utilities – 0.4%
Avista Corp.		33,623		1,089
Black Hills Corp.		29,748		1,505
Northwestern Energy Group, Inc.		26,846		1,290
PNM Resources, Inc. - (Fractional Shares)(1)		50,000		—
Unitil Corp.		7,144		305
				4,189
Office Real Estate Investment Trusts – 0.7%
Brandywine Realty Trust		76,865		349
City Office REIT, Inc.		17,292		74
COPT Defense Properties		50,279		1,198
Douglas Emmett, Inc.		74,056		945
Easterly Government Properties, Inc.		42,622		487
Equity Commonwealth		46,691		858
Hudson Pacific Properties, Inc.		62,259		414
JBG SMITH Properties		49,377		714
Office Properties Income Trust		21,577		88
Orion Office REIT, Inc.		25,607		133
Paramount Group, Inc.		83,606		386
Peakstone Realty Trust		16,555		275
Piedmont Office Realty Trust, Inc., Class A		55,793		314
Postal Realty Trust, Inc., Class A		8,363		113
SL Green Realty Corp.		29,189		1,089
				7,437
Oil, Gas & Consumable Fuels – 5.4%
Amplify Energy Corp.*		16,267		119
Ardmore Shipping Corp.		18,495		241

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Oil, Gas & Consumable Fuels – 5.4%    continued
Berry Corp.		34,393		$282
California Resources Corp.		32,131		1,800
Callon Petroleum Co.*		27,284		1,067
Centrus Energy Corp., Class A*		5,522		313
Chord Energy Corp.		18,713		3,033
Civitas Resources, Inc.		31,019		2,508
Clean Energy Fuels Corp.*		76,566		293
CNX Resources Corp.*		71,626		1,617
Comstock Resources, Inc.		41,398		457
CONSOL Energy, Inc.		15,043		1,578
Crescent Energy Co., Class A		17,197		217
CVR Energy, Inc.		13,111		446
Delek U.S. Holdings, Inc.		29,442		836
Denbury, Inc.*		22,890		2,243
DHT Holdings, Inc.		61,654		635
Dorian LPG Ltd.		14,352		412
Earthstone Energy, Inc., Class A*		25,698		520
Empire Petroleum Corp.*		6,426		62
Encore Energy Corp.*		63,628		207
Energy Fuels, Inc.*		70,735		581
Enviva, Inc.		14,404		108
Equitrans Midstream Corp.		195,591		1,833
Evolution Petroleum Corp.		14,467		99
Excelerate Energy, Inc., Class A		8,259		141
FLEX LNG Ltd.		13,337		402
Gevo, Inc.*		104,851		125
Golar LNG Ltd.		45,124		1,095
Granite Ridge Resources, Inc.		12,105		74
Green Plains, Inc.*		25,869		779
Gulfport Energy Corp.*		4,957		588
Hallador Energy Co.*		10,589		153
HighPeak Energy, Inc.		5,747		97
International Seaways, Inc.		18,243		821
Kinetik Holdings, Inc.		7,710		260
Kosmos Energy Ltd.*		203,665		1,666
Magnolia Oil & Gas Corp., Class A		81,882		1,876
Matador Resources Co.		50,671		3,014
Murphy Oil Corp.		66,457		3,014
NACCO Industries, Inc., Class A		1,843		65
NextDecade Corp.*		13,819		71
Nordic American Tankers Ltd.		92,183		380
Northern Oil and Gas, Inc.		36,837		1,482
Overseas Shipholding Group, Inc., Class A*		29,840		131

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 - 99.4%    continued
Oil, Gas & Consumable Fuels – 5.4%    continued
Par Pacific Holdings, Inc.*		24,813		$892
PBF Energy, Inc., Class A		51,130		2,737
Peabody Energy Corp.		55,548		1,444
Permian Resources Corp.		123,593		1,725
PrimeEnergy Resources Corp.*		325		38
REX American Resources Corp.*		6,960		283
Riley Exploration Permian, Inc.		3,765		120
Ring Energy, Inc.*		55,145		107
SandRidge Energy, Inc.		14,278		224
Scorpio Tankers, Inc.		22,250		1,204
SFL Corp. Ltd.		51,016		569
SilverBow Resources, Inc.*		7,942		284
Sitio Royalties Corp., Class A		35,922		870
SM Energy Co.		53,639		2,127
Talos Energy, Inc.*		48,974		805
Teekay Corp.*		30,613		189
Teekay Tankers Ltd., Class A		10,659		444
Tellurian, Inc.*		240,762		279
Uranium Energy Corp.*		164,477		847
VAALCO Energy, Inc.		48,448		213
Verde Clean Fuels, Inc.*		1,529		6
Vertex Energy, Inc.*		28,023		125
Vital Energy, Inc.*		7,461		413
Vitesse Energy, Inc.		11,479		263
W&T Offshore, Inc.*		44,290		194
World Kinect Corp.		27,746		622
				54,765
Paper & Forest Products – 0.1%
Clearwater Paper Corp.*		7,348		267
Glatfelter Corp.*		19,045		38
Sylvamo Corp.		16,366		719
				1,024
Passenger Airlines – 0.4%
Allegiant Travel Co.		7,009		539
Blade Air Mobility, Inc.*		25,993		67
Frontier Group Holdings, Inc.*		17,011		83
Hawaiian Holdings, Inc.*		22,938		145
JetBlue Airways Corp.*		148,681		684
Joby Aviation, Inc.*		125,477		809
SkyWest, Inc.*		19,839		832
Spirit Airlines, Inc.		48,796		805
Sun Country Airlines Holdings, Inc.*		16,987		252
				4,216

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Personal Care Products – 0.9%
Beauty Health (The) Co.*		36,845		$222
BellRing Brands, Inc.*		60,069		2,477
Edgewell Personal Care Co.		22,989		850
elf Beauty, Inc.*		23,862		2,621
Herbalife Ltd.*		43,838		613
Inter Parfums, Inc.		8,251		1,108
Medifast, Inc.		4,816		360
Nature’s Sunshine Products, Inc.*		5,832		96
Nu Skin Enterprises, Inc., Class A		22,060		468
Thorne HealthTech, Inc.*		6,268		64
USANA Health Sciences, Inc.*		5,130		301
Waldencast PLC, Class A*		16,996		160
				9,340
Pharmaceuticals – 1.7%
Aclaris Therapeutics, Inc.*		31,277		214
Amneal Pharmaceuticals, Inc.*		54,832		231
Amphastar Pharmaceuticals, Inc.*		17,058		785
Amylyx Pharmaceuticals, Inc.*		22,832		418
ANI Pharmaceuticals, Inc.*		6,455		375
Arvinas, Inc.*		22,083		434
Assertio Holdings, Inc.*		39,620		101
Atea Pharmaceuticals, Inc.*		34,185		103
Axsome Therapeutics, Inc.*		15,752		1,101
Biote Corp., Class A*		6,183		32
Bright Green Corp.*		23,899		9
Cara Therapeutics, Inc.*		21,001		35
Cassava Sciences, Inc.*		17,942		299
Citius Pharmaceuticals, Inc.*		53,856		37
Collegium Pharmaceutical, Inc.*		15,491		346
Corcept Therapeutics, Inc.*		36,069		983
CorMedix, Inc.*		22,560		83
Cymabay Therapeutics, Inc.*		44,067		657
Edgewise Therapeutics, Inc.*		19,088		109
Enliven Therapeutics, Inc.*		10,476		143
Evolus, Inc.*		18,564		170
Eyenovia, Inc.*		10,373		17
EyePoint Pharmaceuticals, Inc.*		11,761		94
Harmony Biosciences Holdings, Inc.*		14,647		480
Harrow, Inc.*		12,766		183
Ikena Oncology, Inc.*		11,588		50
Innoviva, Inc.*		26,203		340
Intra-Cellular Therapies, Inc.*		41,849		2,180
Ligand Pharmaceuticals, Inc.*		7,477		448
Liquidia Corp.*		21,842		139

See Notes to the Financial Statements.

EQUITY FUNDS  184 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Pharmaceuticals – 1.7%    continued
Longboard Pharmaceuticals, Inc.*		6,718		$37
Marinus Pharmaceuticals, Inc.*		22,371		180
NGM Biopharmaceuticals, Inc.*		20,033		21
Nuvation Bio, Inc.*		65,098		87
Ocular Therapeutix, Inc.*		34,872		110
Omeros Corp.*		27,133		79
Optinose, Inc.*		37,762		46
Pacira BioSciences, Inc.*		20,456		628
Phathom Pharmaceuticals, Inc.*		13,582		141
Phibro Animal Health Corp., Class A		9,143		117
Pliant Therapeutics, Inc.*		25,410		441
Prestige Consumer Healthcare, Inc.*		22,353		1,278
Rain Oncology, Inc.*		5,886		5
Revance Therapeutics, Inc.*		36,945		424
Scilex Holding Co.*		32,903		46
scPharmaceuticals, Inc.*		12,832		91
SIGA Technologies, Inc.		20,515		108
Supernus Pharmaceuticals, Inc.*		21,942		605
Taro Pharmaceutical Industries Ltd.*		3,651		138
Tarsus Pharmaceuticals, Inc.*		10,579		188
Terns Pharmaceuticals, Inc.*		19,093		96
Theravance Biopharma, Inc.*		24,622		213
Theseus Pharmaceuticals, Inc.*		9,038		24
Third Harmonic Bio, Inc.*		8,728		56
Trevi Therapeutics, Inc.*		17,441		38
Ventyx Biosciences, Inc.*		21,035		731
Verrica Pharmaceuticals, Inc.*		8,899		35
WaVe Life Sciences Ltd.*		26,517		152
Xeris Biopharma Holdings, Inc.*		59,679		111
Zevra Therapeutics, Inc.*		15,732		76
				16,898
Professional Services – 2.4%
Alight, Inc., Class A*		177,521		1,259
ASGN, Inc.*		21,522		1,758
Asure Software, Inc.*		8,455		80
Barrett Business Services, Inc.		2,958		267
BlackSky Technology, Inc.*		52,374		61
CBIZ, Inc.*		21,519		1,117
Conduent, Inc.*		77,501		270
CRA International, Inc.		3,045		307
CSG Systems International, Inc.		14,283		730
ExlService Holdings, Inc.*		72,235		2,025
Exponent, Inc.		22,622		1,936
First Advantage Corp.		24,700		341

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Professional Services – 2.4%    continued
FiscalNote Holdings, Inc.*		28,212		$59
Forrester Research, Inc.*		5,268		152
Franklin Covey Co.*		5,237		225
Heidrick & Struggles International, Inc.		8,884		222
HireQuest, Inc.		2,370		37
HireRight Holdings Corp.*		6,598		63
Huron Consulting Group, Inc.*		8,558		891
IBEX Holdings Ltd.*		4,855		75
ICF International, Inc.		8,421		1,017
Innodata, Inc.*		11,247		96
Insperity, Inc.		16,268		1,588
Kelly Services, Inc., Class A		14,264		259
Kforce, Inc.		8,690		518
Korn Ferry		23,245		1,103
Legalzoom.com, Inc.*		46,862		513
Maximus, Inc.		27,246		2,035
Mistras Group, Inc.*		9,180		50
NV5 Global, Inc.*		6,223		599
Planet Labs PBC*		73,098		190
Resources Connection, Inc.		14,102		210
Skillsoft Corp.*		44,210		39
Sterling Check Corp.*		14,545		184
TriNet Group, Inc.*		16,859		1,964
TrueBlue, Inc.*		13,172		193
TTEC Holdings, Inc.		8,755		229
Upwork, Inc.*		54,995		625
Verra Mobility Corp.*		62,849		1,175
Willdan Group, Inc.*		5,443		111
				24,573
Real Estate Management & Development – 0.7%
American Realty Investors, Inc.*		789		12
Anywhere Real Estate, Inc.*		48,545		312
Compass, Inc., Class A*		131,863		383
Cushman & Wakefield PLC*		74,811		570
DigitalBridge Group, Inc.		72,131		1,268
Douglas Elliman, Inc.		35,776		81
eXp World Holdings, Inc.		32,268		524
Forestar Group, Inc.*		8,215		221
FRP Holdings, Inc.*		2,966		160
Kennedy-Wilson Holdings, Inc.		53,236		785
Marcus & Millichap, Inc.		10,434		306
Maui Land & Pineapple Co., Inc.*		3,124		41
Newmark Group, Inc., Class A		62,390		401
Opendoor Technologies, Inc.*		245,711		649

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 - 99.4%    continued
Real Estate Management & Development – 0.7%    continued
RE/MAX Holdings, Inc., Class A		7,823		$101
Redfin Corp.*		47,860		337
RMR Group (The), Inc., Class A		6,896		169
St. Joe (The) Co.		15,495		842
Stratus Properties, Inc.*		2,481		68
Tejon Ranch Co.*		9,389		152
Transcontinental Realty Investors, Inc.*		794		24
				7,406
Residential Real Estate Investment Trusts – 0.4%
Apartment Investment and Management Co., Class A*		66,778		454
BRT Apartments Corp.		5,344		92
Centerspace		6,669		402
Clipper Realty, Inc.		4,054		21
Elme Communities		38,955		532
Independence Realty Trust, Inc.		100,718		1,417
NexPoint Residential Trust, Inc.		10,168		327
UMH Properties, Inc.		24,725		347
Veris Residential, Inc.		35,099		579
				4,171
Retail Real Estate Investment Trusts – 1.2%
Acadia Realty Trust		41,457		595
Alexander’s, Inc.		965		176
CBL & Associates Properties, Inc.		12,123		254
Getty Realty Corp.		20,079		557
InvenTrust Properties Corp.		30,505		726
Kite Realty Group Trust		97,566		2,090
Macerich (The) Co.		96,310		1,051
NETSTREIT Corp.		30,591		477
Phillips Edison & Co., Inc.		52,822		1,772
Retail Opportunity Investments Corp.		55,296		684
RPT Realty		38,598		407
Saul Centers, Inc.		5,237		185
SITE Centers Corp.		84,943		1,047
Tanger Factory Outlet Centers, Inc.		45,931		1,038
Urban Edge Properties		51,612		788
Whitestone REIT		21,893		211
				12,058
Semiconductors & Semiconductor Equipment – 3.1%
ACM Research, Inc., Class A*		21,688		393
Aehr Test Systems*		11,628		531
Alpha & Omega Semiconductor Ltd.*		10,443		312
Ambarella, Inc.*		17,094		906

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Semiconductors & Semiconductor Equipment – 3.1%    continued
Amkor Technology, Inc.		45,621		$1,031
Atomera, Inc.*		9,318		58
Axcelis Technologies, Inc.*		14,609		2,382
CEVA, Inc.*		10,459		203
Cohu, Inc.*		20,963		722
Credo Technology Group Holding Ltd.*		43,918		670
Diodes, Inc.*		20,157		1,589
FormFactor, Inc.*		34,732		1,214
Ichor Holdings Ltd.*		12,828		397
Impinj, Inc.*		10,198		561
indie Semiconductor, Inc., Class A*		60,774		383
inTEST Corp.*		4,953		75
Kulicke & Soffa Industries, Inc.		24,739		1,203
MACOM Technology Solutions
Holdings, Inc.*		24,349		1,986
Maxeon Solar Technologies Ltd.*		13,515		157
MaxLinear, Inc.*		33,137		737
Navitas Semiconductor Corp.*		48,946		340
NVE Corp.		2,139		176
Onto Innovation, Inc.*		21,966		2,801
PDF Solutions, Inc.*		13,769		446
Photronics, Inc.*		27,456		555
Power Integrations, Inc.		25,375		1,936
Rambus, Inc.*		48,749		2,720
Semtech Corp.*		28,806		742
Silicon Laboratories, Inc.*		14,178		1,643
SiTime Corp.*		7,639		873
SkyWater Technology, Inc.*		7,744		47
SMART Global Holdings, Inc.*		21,728		529
Synaptics, Inc.*		17,609		1,575
Transphorm, Inc.*		11,400		25
Ultra Clean Holdings, Inc.*		20,010		594
Veeco Instruments, Inc.*		22,856		642
				31,154
Software – 5.4%
8x8, Inc.*		50,750		128
A10 Networks, Inc.		31,619		475
ACI Worldwide, Inc.*		48,333		1,090
Adeia, Inc.		48,139		514
Agilysys, Inc.*		9,007		596
Alarm.com Holdings, Inc.*		21,571		1,319
Alkami Technology, Inc.*		17,803		324
Altair Engineering, Inc., Class A*		23,976		1,500
American Software, Inc., Class A		14,302		164

See Notes to the Financial Statements.

EQUITY FUNDS  186 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Software – 5.4%    continued
Amplitude, Inc., Class A*		30,393		$352
Appfolio, Inc., Class A*		8,589		1,569
Appian Corp., Class A*		18,256		833
Applied Digital Corp.*		31,286		195
Asana, Inc., Class A*		35,782		655
Aurora Innovation, Inc.*		149,936		352
AvePoint, Inc.*		68,975		464
Bit Digital, Inc.*		32,232		69
Blackbaud, Inc.*		19,600		1,378
BlackLine, Inc.*		25,145		1,395
Box, Inc., Class A*		62,920		1,523
Braze, Inc., Class A*		23,601		1,103
C3.ai, Inc., Class A*		27,231		695
Cerence, Inc.*		18,145		370
Cipher Mining, Inc.*		19,005		44
Cleanspark, Inc.*		49,303		188
Clear Secure, Inc., Class A		37,047		705
CommVault Systems, Inc.*		19,836		1,341
Consensus Cloud Solutions, Inc.*		8,538		215
CoreCard Corp.*		3,245		65
Couchbase, Inc.*		15,297		262
CS Disco, Inc.*		10,003		66
CXApp, Inc.*		599		1
Digimarc Corp.*		6,395		208
Digital Turbine, Inc.*		42,772		259
Domo, Inc., Class B*		13,776		135
E2open Parent Holdings, Inc.*		74,830		340
Ebix, Inc.		11,868		117
eGain Corp.*		9,400		58
Enfusion, Inc., Class A*		17,614		158
EngageSmart, Inc.*		21,945		395
Envestnet, Inc.*		22,322		983
Everbridge, Inc.*		17,964		403
EverCommerce, Inc.*		10,401		104
Expensify, Inc., Class A*		24,559		80
Freshworks, Inc., Class A*		72,495		1,444
Instructure Holdings, Inc.*		8,545		217
Intapp, Inc.*		9,703		325
InterDigital, Inc.		12,064		968
Jamf Holding Corp.*		31,467		556
Kaltura, Inc.*		36,669		63
LivePerson, Inc.*		33,750		131
LiveRamp Holdings, Inc.*		29,684		856
LiveVox Holdings, Inc.*		9,796		33

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Software – 5.4%    continued
Marathon Digital Holdings, Inc.*		76,795		$653
Matterport, Inc.*		112,375		244
MeridianLink, Inc.*		11,808		201
MicroStrategy, Inc., Class A*		4,934		1,620
Mitek Systems, Inc.*		19,577		210
Model N, Inc.*		16,783		410
N-able, Inc.*		31,417		405
NextNav, Inc.*		24,420		126
Olo, Inc., Class A*		46,354		281
ON24, Inc.		14,729		93
OneSpan, Inc.*		18,037		194
PagerDuty, Inc.*		40,017		900
PowerSchool Holdings, Inc., Class A*		24,832		563
Progress Software Corp.		19,553		1,028
PROS Holdings, Inc.*		20,107		696
Q2 Holdings, Inc.*		25,318		817
Qualys, Inc.*		16,677		2,544
Rapid7, Inc.*		26,753		1,225
Red Violet, Inc.*		5,171		103
Rimini Street, Inc.*		26,135		57
Riot Platforms, Inc.*		76,014		709
Sapiens International Corp. N.V.		13,702		390
SEMrush Holdings, Inc., Class A*		14,106		120
SolarWinds Corp.*		22,205		210
SoundHound AI, Inc., Class A*		62,503		126
SoundThinking, Inc.*		4,554		82
Sprinklr, Inc., Class A*		46,586		645
Sprout Social, Inc., Class A*		21,279		1,061
SPS Commerce, Inc.*		16,410		2,800
Tenable Holdings, Inc.*		51,021		2,286
Terawulf, Inc.*		59,069		74
Varonis Systems, Inc.*		48,633		1,485
Verint Systems, Inc.*		27,723		637
Veritone, Inc.*		11,132		29
Viant Technology, Inc., Class A*		6,500		36
Weave Communications, Inc.*		14,981		122
Workiva, Inc.*		21,927		2,222
Xperi, Inc.*		18,996		187
Yext, Inc.*		48,141		305
Zeta Global Holdings Corp., Class A*		61,952		517
Zuora, Inc., Class A*		58,757		484
				54,680
Specialized Real Estate Investment Trusts – 0.4%
Farmland Partners, Inc.		20,953		215

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 - 99.4%    continued
Specialized Real Estate Investment Trusts – 0.4%    continued
Four Corners Property Trust, Inc.		38,905		$863
Gladstone Land Corp.		15,094		215
Outfront Media, Inc.		66,421		671
PotlatchDeltic Corp.		35,318		1,603
Safehold, Inc.		19,943		355
Uniti Group, Inc.		107,271		506
				4,428
Specialty Retail – 2.5%
1-800-Flowers.com, Inc., Class A*		11,674		82
Aaron’s (The) Co., Inc.		13,334		140
Abercrombie & Fitch Co., Class A*		21,972		1,239
Academy Sports & Outdoors, Inc.		33,331		1,576
American Eagle Outfitters, Inc.		81,587		1,355
America’s Car-Mart, Inc.*		2,767		252
Arko Corp.		36,893		264
Asbury Automotive Group, Inc.*		9,307		2,141
BARK, Inc.*		61,282		73
Big 5 Sporting Goods Corp.		9,502		67
Boot Barn Holdings, Inc.*		13,384		1,087
Buckle (The), Inc.		13,625		455
Build-A-Bear Workshop, Inc.		5,767		170
Caleres, Inc.		15,603		449
Camping World Holdings, Inc., Class A		18,445		376
CarParts.com, Inc.*		23,605		97
Carvana Co.*		43,003		1,805
Cato (The) Corp., Class A		7,629		58
Chico’s FAS,Inc.*		52,518		393
Children’s Place (The), Inc.*		5,376		145
Designer Brands, Inc., Class A		22,201		281
Destination XL Group, Inc.*		24,750		111
Duluth Holdings, Inc., Class B*		6,382		38
Envela Corp.*		2,668		13
EVgo, Inc.*		47,433		160
Foot Locker, Inc.		36,961		641
Genesco, Inc.*		5,438		168
Group 1 Automotive, Inc.		6,227		1,673
GrowGeneration Corp.*		25,933		76
Guess?, Inc.		12,943		280
Haverty Furniture Cos., Inc.		6,541		188
Hibbett, Inc.		5,534		263
J Jill, Inc.*		2,165		64
Lands’ End, Inc.*		6,587		49
Lazydays Holdings, Inc.*		5,710		43
Leslie’s, Inc.*		79,994		453

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Specialty Retail – 2.5%    continued
MarineMax, Inc.*		9,612		$315
Monro, Inc.		13,753		382
National Vision Holdings, Inc.*		34,422		557
ODP (The) Corp.*		14,888		687
OneWater Marine, Inc., Class A*		5,160		132
Overstock.com, Inc.*		19,906		315
PetMed Express, Inc.		9,157		94
Rent the Runway, Inc., Class A*		23,207		16
Revolve Group, Inc.*		18,515		252
Sally Beauty Holdings, Inc.*		48,343		405
Shoe Carnival, Inc.		8,456		203
Signet Jewelers Ltd.		19,888		1,428
Sleep Number Corp.*		9,624		237
Sonic Automotive, Inc., Class A		7,063		337
Sportsman’s Warehouse Holdings, Inc.*		16,834		76
Stitch Fix, Inc., Class A*		37,786		130
ThredUp, Inc., Class A*		32,355		130
Tile Shop Holdings, Inc.*		12,937		71
Tilly’s, Inc., Class A*		9,924		81
Torrid Holdings, Inc.*		4,647		10
Upbound Group, Inc.		24,798		730
Urban Outfitters, Inc.*		28,708		938
Warby Parker, Inc., Class A*		38,197		503
Winmark Corp.		1,280		478
Zumiez, Inc.*		7,112		127
				25,359
Technology Hardware, Storage & Peripherals – 0.9%
Avid Technology, Inc.*		15,168		407
CompoSecure, Inc.*		6,918		45
Corsair Gaming, Inc.*		16,650		242
CPI Card Group, Inc.*		1,771		33
Eastman Kodak Co.*		25,428		107
Immersion Corp.		13,960		92
Intevac, Inc.*		11,604		36
IonQ, Inc.*		71,837		1,069
Super Micro Computer, Inc.*		20,805		5,705
Turtle Beach Corp.*		6,921		63
Xerox Holdings Corp.		51,675		811
				8,610
Textiles, Apparel & Luxury Goods – 0.5%
Allbirds, Inc., Class A*		41,841		46
Figs, Inc., Class A*		57,740		341
Fossil Group, Inc.*		20,709		43

See Notes to the Financial Statements.

EQUITY FUNDS  188 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Textiles, Apparel & Luxury Goods – 0.5%    continued
G-III Apparel Group Ltd.*		18,627		$464
Hanesbrands, Inc.		158,537		628
Kontoor Brands, Inc.		25,325		1,112
Movado Group, Inc.		6,853		187
Oxford Industries, Inc.		6,727		647
Rocky Brands, Inc.		3,058		45
Steven Madden Ltd.		33,544		1,066
Vera Bradley, Inc.*		11,595		76
Wolverine World Wide, Inc.		35,116		283
				4,938
Tobacco – 0.1%
Ispire Technology, Inc.*		1,199		11
Turning Point Brands, Inc.		7,693		178
Universal Corp.		10,792		509
Vector Group Ltd.		65,219		694
				1,392
Trading Companies & Distributors – 2.0%
Alta Equipment Group, Inc.		10,318		124
Applied Industrial Technologies, Inc.		17,297		2,674
Beacon Roofing Supply, Inc.*		24,094		1,859
BlueLinx Holdings, Inc.*		3,923		322
Boise Cascade Co.		17,762		1,830
Custom Truck One Source, Inc.*		25,436		158
Distribution Solutions Group, Inc.*		4,055		105
DXP Enterprises, Inc.*		6,347		222
EVI Industries, Inc.*		2,238		55
FTAI Aviation Ltd.		44,513		1,582
GATX Corp.		15,857		1,726
Global Industrial Co.		6,023		202
GMS, Inc.*		18,481		1,182
H&E Equipment Services, Inc.		14,439		624
Herc Holdings, Inc.		12,618		1,501
Hudson Technologies, Inc.*		20,125		268
Karat Packaging, Inc.		2,545		59
McGrath RentCorp		11,095		1,112
MRC Global, Inc.*		37,878		388
NOW, Inc.*		47,162		560
Rush Enterprises, Inc., Class A		27,920		1,140
Rush Enterprises, Inc., Class B		4,068		184
Textainer Group Holdings Ltd.		18,957		706
Titan Machinery, Inc.*		9,249		246
Transcat, Inc.*		3,314		325
Veritiv Corp.		5,891		995

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 99.4%    continued
Trading Companies & Distributors – 2.0%    continued
Willis Lease Finance Corp.*		1,562		$66
Xometry, Inc., Class A*		15,289		260
				20,475
Water Utilities – 0.5%
American States Water Co.		16,529		1,301
Artesian Resources Corp., Class A		4,234		178
Cadiz, Inc.*		17,948		60
California Water Service Group		26,026		1,231
Consolidated Water Co. Ltd.		6,720		191
Global Water Resources, Inc.		4,926		48
Middlesex Water Co.		7,883		522
Pure Cycle Corp.*		9,066		87
SJW Group		14,403		866
York Water (The) Co.		6,278		235
				4,719
Wireless Telecommunication Services – 0.2%
Gogo, Inc.*		29,948		357
Shenandoah Telecommunications Co.		21,882		451
Spok Holdings, Inc.		8,122		116
Telephone and Data Systems, Inc.		43,977		805
Tingo Group, Inc.*		54,007		56
				1,785
Total Common Stocks
(Cost $746,467)				1,004,938
RIGHTS – 0.0%
Biotechnology – 0.0%
Aduro Biotech, Inc. (Contingent Value Rights)(1) *		7,412		—
Chinook Therapeutics, Inc. (Contingent Value Rights)(1) *		26,398		—
Oncternal Therapeutics, Inc. (Contingent Value Rights)(1) (3) *		398		—
Tobira Therapeutics, Inc. (Contingent Value Rights)(1) (3) *		5,175		42
				42
Total Rights
(Cost $40)				42

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)
OTHER – 0.0%
Escrow DLB Oil & Gas, Inc.(1) *		1,200		$—
Escrow Petrocorp, Inc.(1) *		420		—
Total Other
(Cost $—)				—
INVESTMENT COMPANIES – 0.3%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(4) (5)		2,622,350		2,622
Total Investment Companies
(Cost $2,622)				2,622
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.1%
U.S. Treasury Bill, 5.27%, 10/26/23(6) (7)		$430		$428
Total Short-Term Investments
(Cost $428)				428
Total Investments – 99.8%
(Cost $749,557)				1,008,030
Other Assets less Liabilities – 0.2%				2,505
NET ASSETS – 100.0%				$1,010,535

⁽¹⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽³⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of this restricted illiquid security amounted to approximately $42,000 or 0.0% of net assets. Additional information on this restricted illiquid security 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

⁽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, 2023 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:

REIT - Real Estate Investment Trust

Percentages shown are based on Net Assets.

At September 30, 2023, 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		57		$5,126		Long		12/23		$(33)

⁽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, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Common Stocks		99.4	%
Rights		0.0	%
Other		0.0	%
Investment Companies		0.3	%
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.

See Notes to the Financial Statements.

EQUITY FUNDS  190 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Biotechnology	$	66,394			$  —		$  3	$	66,397
All Other Industries(1)		938,541			—		—		938,541
Total Common Stocks		1,004,935			—		3		1,004,938
Rights		—			—		42		42
Investment Companies		2,622			—		—		2,622
Short-Term Investments		—			428		—		428
Total Investments	$	1,007,557			$428		$45	$	1,008,030
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(33	)		$  —		$—	$	(33	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  191 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 96.5%
Aerospace & Defense – 0.8%
AAR Corp.*		59,866		$3,564
Moog, Inc., Class A		67,459		7,620
Triumph Group, Inc.*		33,951		260
				11,444
Automobile Components – 1.1%
Adient PLC*		131,290		4,818
American Axle & Manufacturing Holdings, Inc.*		16,182		118
Dana, Inc.		41,622		611
Goodyear Tire & Rubber (The) Co.*		360,826		4,485
Modine Manufacturing Co.*		51,593		2,360
Patrick Industries, Inc.		3,202		240
Standard Motor Products, Inc.		129,572		4,356
				16,988
Automobiles – 0.0%
Winnebago Industries, Inc.		4,314		257
Banks – 14.7%
1st Source Corp.		18,985		799
Amalgamated Financial Corp.		49,818		858
Atlantic Union Bankshares Corp.		143,403		4,127
Axos Financial, Inc.*		160,171		6,064
BancFirst Corp.		98,081		8,507
Bancorp (The), Inc.*		89,217		3,078
Banner Corp.		61,679		2,614
Berkshire Hills Bancorp, Inc.		68,789		1,379
Brookline Bancorp, Inc.		166,926		1,521
Cadence Bank		208,698		4,429
Cathay General Bancorp		194,645		6,766
Central Pacific Financial Corp.		75,054		1,252
City Holding Co.		104,356		9,429
Civista Bancshares, Inc.		25,193		390
CNB Financial Corp.		32,458		588
Community Trust Bancorp, Inc.		134,603		4,611
ConnectOne Bancorp, Inc.		56,228		1,003
Customers Bancorp, Inc.*		16,907		582
CVB Financial Corp.		206,439		3,421
Dime Community Bancshares, Inc.		27,972		558
Enterprise Financial Services Corp.		90,587		3,397
Financial Institutions, Inc.		61,256		1,031
First Bancorp		37,137		1,045
First BanCorp (New York Exchange)		791,203		10,650
First Business Financial Services, Inc.		29,258		878
First Commonwealth Financial Corp.		264,016		3,224

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Banks – 14.7%     continued
First Community Bankshares, Inc.		25,345		$746
First Financial Bancorp		208,591		4,088
First Financial Corp.		100,480		3,397
First Hawaiian, Inc.		17,992		325
First Merchants Corp.		97,483		2,712
First Mid Bancshares, Inc.		26,575		706
Fulton Financial Corp.		205,109		2,484
German American Bancorp, Inc.		4,178		113
Glacier Bancorp, Inc.		55,711		1,588
Great Southern Bancorp, Inc.		36,154		1,732
Hancock Whitney Corp.		138,338		5,117
Heritage Financial Corp.		68,156		1,112
Hilltop Holdings, Inc.		127,873		3,626
Home Bancorp, Inc.		14,064		448
Home BancShares, Inc.		376,102		7,876
Horizon Bancorp, Inc.		62,047		663
Independent Bank Corp.		149,558		7,342
Independent Bank Corp. (NASDAQ Exchange)		34,333		630
International Bancshares Corp.		134,622		5,834
Lakeland Bancorp, Inc.		270,565		3,414
Lakeland Financial Corp.		131,867		6,258
Luther Burbank Corp.		75,058		630
Mercantile Bank Corp.		25,231		780
Metropolitan Bank Holding Corp.*		11,758		427
NBT Bancorp, Inc.		209,996		6,655
OFG Bancorp		123,287		3,681
Old Second Bancorp, Inc.		42,503		578
Pacific Premier Bancorp, Inc.		130,084		2,831
Park National Corp.		33,525		3,169
Pathward Financial, Inc.		3,894		179
Peapack-Gladstone Financial Corp.		32,068		823
Preferred Bank		35,608		2,217
Premier Financial Corp.		29,786		508
QCR Holdings, Inc.		22,359		1,085
Renasant Corp.		90,950		2,382
Republic Bancorp, Inc., Class A		26,503		1,167
S&T Bancorp, Inc.		5,509		149
Sandy Spring Bancorp, Inc.		93,135		1,996
Sierra Bancorp		112,928		2,141
Southern Missouri Bancorp, Inc.		14,671		568
Southside Bancshares, Inc.		38,795		1,113
SouthState Corp.		102,967		6,936
Summit Financial Group, Inc.		20,648		465

See Notes to the Financial Statements.

EQUITY FUNDS  192 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Banks – 14.7%    continued
Texas Capital Bancshares, Inc.*		55,770		$3,285
TriCo Bancshares		125,870		4,032
TrustCo Bank Corp. NY		52,540		1,434
Trustmark Corp.		156,962		3,411
UMB Financial Corp.		60,994		3,785
United Community Banks, Inc.		303,772		7,719
Univest Financial Corp.		67,854		1,179
Veritex Holdings, Inc.		73,575		1,321
Washington Federal, Inc.		195,480		5,008
WesBanco, Inc.		156,687		3,826
Westamerica BanCorp		3,801		164
WSFS Financial Corp.		173,955		6,349
				224,405
Beverages – 0.0%
Duckhorn Portfolio (The), Inc.*		16,276		167
Primo Water Corp.		22,714		313
				480
Biotechnology – 2.3%
4D Molecular Therapeutics, Inc.*		17,369		221
ADMA Biologics, Inc.*		31,398		112
Agios Pharmaceuticals, Inc.*		48,054		1,189
Akero Therapeutics, Inc.*		38,916		1,968
Arcellx, Inc.*		6,779		243
Arcturus Therapeutics Holdings, Inc.*		17,624		450
Arcus Biosciences, Inc.*		9,586		172
Ardelyx, Inc.*		32,099		131
Bioxcel Therapeutics, Inc.*		3,739		9
Bluebird Bio, Inc.*		55,572		169
Bridgebio Pharma, Inc.*		83,819		2,210
Caribou Biosciences, Inc.*		32,046		153
Catalyst Pharmaceuticals, Inc.*		275,227		3,217
Celldex Therapeutics, Inc.*		50,215		1,382
Chimerix, Inc.*		517,852		497
Cogent Biosciences, Inc.*		11,966		117
Crinetics Pharmaceuticals, Inc.*		7,632		227
Cytokinetics, Inc.*		71,312		2,101
Dyne Therapeutics, Inc.*		8,891		80
Editas Medicine, Inc.*		47,810		373
Fate Therapeutics, Inc.*		398,203		844
Geron Corp.*		402,860		854
Icosavax, Inc.*		32,986		256
Ideaya Biosciences, Inc.*		46,249		1,248
Intellia Therapeutics, Inc.*		96,165		3,041

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Biotechnology – 2.3%    continued
iTeos Therapeutics, Inc.*		11,119		$122
Janux Therapeutics, Inc.*		21,847		220
KalVista Pharmaceuticals, Inc.*		22,671		218
Kiniksa Pharmaceuticals Ltd., Class A*		16,847		293
Kura Oncology, Inc.*		11,270		103
Kymera Therapeutics, Inc.*		7,813		109
Lexicon Pharmaceuticals, Inc.*		125,773		137
MacroGenics, Inc.*		206,955		964
Monte Rosa Therapeutics, Inc.*		117,718		564
Myriad Genetics, Inc.*		134,261		2,153
Nurix Therapeutics, Inc.*		24,777		195
Nuvalent, Inc., Class A*		26,835		1,234
Omniab, Inc.(1) *		6,939		2
Omniab, Inc. (NASDAQ Exchange)(1) *		6,939		4
PDL BioPharma, Inc.(1) *		1,029,654		230
Point Biopharma Global, Inc.*		14,930		100
Protagonist Therapeutics, Inc.*		29,898		499
PTC Therapeutics, Inc.*		10,480		235
REGENXBIO, Inc.*		13,531		223
Replimune Group, Inc.*		8,520		146
Rhythm Pharmaceuticals, Inc.*		9,551		219
Rocket Pharmaceuticals, Inc.*		11,620		238
Sage Therapeutics, Inc.*		86,260		1,775
Syndax Pharmaceuticals, Inc.*		10,298		149
Tenaya Therapeutics, Inc.*		44,369		113
Twist Bioscience Corp.*		29,844		605
Tyra Biosciences, Inc.*		22,227		306
Veracyte, Inc.*		10,230		228
Verve Therapeutics, Inc.*		32,342		429
Vir Biotechnology, Inc.*		97,286		912
Xencor, Inc.*		48,844		984
				34,973
Building Products – 0.9%
American Woodmark Corp.*		2,348		178
Apogee Enterprises, Inc.		37,639		1,772
AZZ, Inc.		39,426		1,797
Gibraltar Industries, Inc.*		10,765		727
JELD-WEN Holding, Inc.*		12,004		160
UFP Industries, Inc.		85,284		8,733
Zurn Elkay Water Solutions Corp.		34,898		978
				14,345
Capital Markets – 0.5%
Assetmark Financial Holdings, Inc.*		10,442		262

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  193 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND    continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Capital Markets – 0.5%    continued
BGC Group, Inc., Class A		47,815		$252
Brightsphere Investment Group, Inc.		5,853		114
Donnelley Financial Solutions, Inc.*		52,734		2,968
Hercules Capital, Inc.		20,251		333
Piper Sandler Cos.		1,936		281
StoneX Group, Inc.*		26,535		2,572
Victory Capital Holdings, Inc., Class A		9,449		315
Virtu Financial, Inc., Class A		13,480		233
Virtus Investment Partners, Inc.		1,022		206
				7,536
Chemicals – 1.8%
AdvanSix, Inc.		3,894		121
American Vanguard Corp.		150,045		1,640
Ecovyst, Inc.*		16,974		167
Hawkins, Inc.		30,134		1,773
Innospec, Inc.		104,224		10,652
Mativ Holdings, Inc.		14,748		210
Minerals Technologies, Inc.		129,116		7,071
Sensient Technologies Corp.		94,277		5,513
Tronox Holdings PLC		22,140		298
				27,445
Commercial Services & Supplies – 1.3%
ABM Industries, Inc.		127,581		5,105
Ennis, Inc.		228,943		4,858
GEO Group (The), Inc.*		17,538		143
Heritage-Crystal Clean, Inc.*		3,440		156
HNI Corp.		5,843		202
Matthews International Corp., Class A		26,256		1,022
NL Industries, Inc.		41,262		196
UniFirst Corp.		47,504		7,744
				19,426
Communications Equipment – 0.5%
Digi International, Inc.*		125,569		3,390
NETGEAR, Inc.*		26,895		339
NetScout Systems, Inc.*		115,772		3,244
				6,973
Construction & Engineering – 1.6%
Arcosa, Inc.		115,806		8,326
EMCOR Group, Inc.		48,163		10,133
Granite Construction, Inc.		6,177		235
Primoris Services Corp.		84,548		2,767
Sterling Infrastructure, Inc.*		44,008		3,234
				24,695

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Construction Materials – 0.7%
Summit Materials, Inc., Class A*		338,630		$10,545
Consumer Finance – 1.9%
Encore Capital Group, Inc.*		131,278		6,270
Enova International, Inc.*		110,739		5,633
FirstCash Holdings, Inc.		6,540		656
Green Dot Corp., Class A*		7,426		103
Navient Corp.		274,053		4,719
Nelnet, Inc., Class A		77,988		6,966
PROG Holdings, Inc.*		44,681		1,484
Regional Management Corp.		17,370		481
World Acceptance Corp.*		21,254		2,701
				29,013
Consumer Staples Distribution & Retail – 1.6%
Andersons (The), Inc.		284,120		14,635
Ingles Markets, Inc., Class A		49,491		3,728
PriceSmart, Inc.		11,690		870
SpartanNash Co.		71,927		1,582
United Natural Foods, Inc.*		8,452		120
Weis Markets, Inc.		62,754		3,954
				24,889
Containers & Packaging – 0.0%
O-I Glass, Inc.*		21,805		365
Pactiv Evergreen, Inc.		25,184		205
				570
Diversified Consumer Services – 0.2%
Adtalem Global Education, Inc.*		6,420		275
Laureate Education, Inc.		177,697		2,506
Perdoceo Education Corp.		9,488		162
Strategic Education, Inc.		3,454		260
				3,203
Diversified Real Estate Investment Trusts – 1.2%
Alpine Income Property Trust, Inc.		19,234		315
American Assets Trust, Inc.		139,334		2,710
Armada Hoffler Properties, Inc.		209,228		2,142
Broadstone Net Lease, Inc.		139,934		2,001
Empire State Realty Trust, Inc., Class A		374,944		3,014
Essential Properties Realty Trust, Inc.		231,893		5,016
One Liberty Properties, Inc.		139,523		2,633
				17,831
Diversified Telecommunication Services – 0.6%
Bandwidth, Inc., Class A*		12,324		139
IDT Corp., Class B*		3,383		74

See Notes to the Financial Statements.

EQUITY FUNDS  194 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Diversified Telecommunication Services – 0.6%    continued
Iridium Communications, Inc.		161,434		$7,344
Lumen Technologies, Inc.*		1,326,290		1,883
				9,440
Electric Utilities – 1.9%
MGE Energy, Inc.		61,088		4,185
Otter Tail Corp.		177,354		13,465
PNM Resources, Inc.		187,415		8,361
Portland General Electric Co.		74,309		3,008
				29,019
Electrical Equipment – 1.6%
Encore Wire Corp.		81,529		14,876
EnerSys		84,547		8,004
Preformed Line Products Co.		11,345		1,844
Thermon Group Holdings, Inc.*		4,733		130
				24,854
Electronic Equipment, Instruments & Components – 3.4%
Arlo Technologies, Inc.*		58,997		608
Belden, Inc.		19,590		1,891
ePlus, Inc.*		24,920		1,583
Insight Enterprises, Inc.*		79,913		11,627
Kimball Electronics, Inc.*		35,778		980
Methode Electronics, Inc.		52,578		1,201
PC Connection, Inc.		216,458		11,555
Plexus Corp.*		17,726		1,648
Sanmina Corp.*		162,857		8,840
ScanSource, Inc.*		35,815		1,086
TTM Technologies, Inc.*		159,030		2,048
Vishay Intertechnology, Inc.		344,715		8,521
Vishay Precision Group, Inc.*		17,962		603
				52,191
Energy Equipment & Services – 1.5%
Archrock, Inc.		215,334		2,713
DMC Global, Inc.*		8,024		196
Helmerich & Payne, Inc.		127,895		5,392
Liberty Energy, Inc.		96,681		1,790
Nabors Industries Ltd.*		3,969		489
Newpark Resources, Inc.*		405,635		2,803
Oil States International, Inc.*		59,626		499
Patterson-UTI Energy, Inc.		164,937		2,283
ProFrac Holding Corp., Class A*		65,323		711
ProPetro Holding Corp.*		363,833		3,867
RPC, Inc.		117,796		1,053

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Energy Equipment & Services – 1.5%    continued
Solaris Oilfield Infrastructure, Inc., Class A		13,198		$141
U.S. Silica Holdings, Inc.*		31,105		437
				22,374
Financial Services – 2.2%
Alerus Financial Corp.		24,496		445
Enact Holdings, Inc.		22,825		622
Essent Group Ltd.		95,952		4,538
Finance of America Cos., Inc., Class A*		72,532		93
Merchants Bancorp		6,108		169
Mr Cooper Group, Inc.*		130,369		6,983
NMI Holdings, Inc., Class A*		33,806		916
Pagseguro Digital Ltd., Class A*		29,545		254
PennyMac Financial Services, Inc.		112,312		7,480
Radian Group, Inc.		335,976		8,436
Walker & Dunlop, Inc.		54,020		4,010
				33,946
Food Products – 0.8%
Adecoagro S.A.		15,141		177
Alico, Inc.		10,718		267
B&G Foods, Inc.		17,835		176
Fresh Del Monte Produce, Inc.		71,971		1,860
Hostess Brands, Inc.*		218,271		7,271
Seneca Foods Corp., Class A*		10,767		580
TreeHouse Foods, Inc.*		58,495		2,549
				12,880
Gas Utilities – 0.8%
Chesapeake Utilities Corp.		28,838		2,819
New Jersey Resources Corp.		4,501		183
ONE Gas, Inc.		72,791		4,970
Southwest Gas Holdings, Inc.		30,870		1,865
Spire, Inc.		37,159		2,102
				11,939
Ground Transportation – 1.2%
ArcBest Corp.		137,318		13,958
Heartland Express, Inc.		11,158		164
Universal Logistics Holdings, Inc.		3,714		93
Werner Enterprises, Inc.		86,050		3,352
				17,567
Health Care Equipment & Supplies – 1.5%
Artivion, Inc.*		6,908		105
Avanos Medical, Inc.*		14,532		294
Embecta Corp.		8,081		122

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  195 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND    continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Health Care Equipment & Supplies – 1.5%    continued
Integer Holdings Corp.*		50,632		$3,971
Lantheus Holdings, Inc.*		92,337		6,415
LivaNova PLC*		16,729		885
Merit Medical Systems,Inc.*		17,789		1,228
Nano-X Imaging Ltd.*		36,592		240
Neogen Corp.*		377,552		7,000
UFP Technologies, Inc.*		1,298		209
Varex Imaging Corp.*		66,924		1,257
Zimvie, Inc.*		72,565		683
				22,409
Health Care Providers & Services – 2.0%
Accolade, Inc.*		82,278		870
AdaptHealth Corp.*		19,033		173
Addus HomeCare Corp.*		5,032		429
ATI Physical Therapy, Inc.(2) *		1		—
Brookdale Senior Living, Inc.*		124,879		517
Castle Biosciences, Inc.*		8,283		140
Community Health Systems, Inc.*		70,351		204
Cross Country Healthcare, Inc.*		10,659		264
Fulgent Genetics, Inc.*		9,243		247
Innovage Holding Corp.*		192,988		1,156
LifeStance Health Group, Inc.*		167,733		1,152
National HealthCare Corp.		64,629		4,135
NeoGenomics, Inc.*		197,694		2,432
OPKO Health, Inc.*		403,503		646
Option Care Health, Inc.*		188,069		6,084
Owens & Minor, Inc.*		109,625		1,771
Patterson Cos., Inc.		254,270		7,537
PetIQ, Inc.*		9,177		181
Premier, Inc., Class A		20,340		437
Select Medical Holdings Corp.		39,716		1,004
Surgery Partners, Inc.*		33,274		973
				30,352
Health Care Real Estate Investment Trusts – 1.1%
CareTrust REIT, Inc.		200,321		4,107
LTC Properties, Inc.		98,399		3,161
National Health Investors, Inc.		108,054		5,550
Physicians Realty Trust		361,431		4,406
				17,224
Health Care Technology – 0.9%
American Well Corp., Class A*		47,146		55
Computer Programs and Systems, Inc.*		25,060		399
Evolent Health, Inc., Class A*		102,451		2,790

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 96.5%    continued
Health Care Technology – 0.9%    continued
HealthStream, Inc.		9,556		$206
Multiplan Corp.*		109,470		184
NextGen Healthcare, Inc.*		159,607		3,787
Sharecare, Inc.*		186,657		176
Veradigm, Inc.*		410,495		5,394
				12,991
Hotel & Resort Real Estate Investment Trusts – 1.5%
Apple Hospitality REIT, Inc.		162,226		2,488
Chatham Lodging Trust		44,175		423
DiamondRock Hospitality Co.		458,143		3,679
RLJ Lodging Trust		144,039		1,410
Ryman Hospitality Properties, Inc.		66,002		5,497
Service Properties Trust		393,741		3,028
Summit Hotel Properties, Inc.		96,747		561
Sunstone Hotel Investors, Inc.		504,929		4,721
Xenia Hotels & Resorts, Inc.		119,120		1,403
				23,210
Hotels, Restaurants & Leisure – 0.7%
Bloomin’ Brands, Inc.		12,402		305
Brinker International, Inc.*		6,225		197
International Game Technology PLC		216,671		6,569
Jack in the Box, Inc.		2,909		201
Life Time Group Holdings, Inc.*		27,551		419
RCI Hospitality Holdings, Inc.		12,935		785
Red Rock Resorts, Inc., Class A		39,759		1,630
				10,106
Household Durables – 4.5%
Beazer Homes U.S.A., Inc.*		174,026		4,335
Century Communities, Inc.		80,262		5,360
Ethan Allen Interiors, Inc.		167,630		5,012
Green Brick Partners, Inc.*		6,504		270
Helen of Troy Ltd.*		32,111		3,743
Hooker Furnishings Corp.		91,647		1,783
KB Home		166,288		7,696
La-Z-Boy, Inc.		6,094		188
M/I Homes, Inc.*		43,768		3,678
MDC Holdings, Inc.		10,253		423
Meritage Homes Corp.		77,689		9,508
Taylor Morrison Home Corp.*		294,550		12,551
Tri Pointe Homes, Inc.*		534,385		14,615
				69,162
Household Products – 0.1%
Central Garden & Pet Co., Class A*		27,420		1,099

See Notes to the Financial Statements.

EQUITY FUNDS  196 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 96.5%     continued
Independent Power & Renewable Electricity Producers – 0.1%
Ormat Technologies, Inc.		17,014		$1,190
Industrial Real Estate Investment Trusts – 1.1%
Innovative Industrial Properties, Inc.		56,319		4,261
LXP Industrial Trust		570,357		5,076
Terreno Realty Corp.		129,908		7,379
				16,716
Insurance – 4.5%
American Equity Investment Life Holding Co.		413,874		22,200
Argo Group International Holdings Ltd.		36,020		1,075
CNO Financial Group, Inc.		595,482		14,131
Donegal Group, Inc., Class A		33,582		479
Employers Holdings, Inc.		262,661		10,493
Enstar Group Ltd.*		17,712		4,286
Genworth Financial, Inc., Class A*		639,408		3,747
James River Group Holdings Ltd.		5,291		81
Oscar Health, Inc., Class A*		95,691		533
Selective Insurance Group, Inc.		86,196		8,893
Skyward Specialty Insurance Group, Inc.*		5,320		145
Stewart Information Services Corp.		37,436		1,640
United Fire Group, Inc.		53,672		1,060
				68,763
Interactive Media & Services – 0.5%
Cars.com, Inc.*		9,409		158
DHI Group, Inc.*		76,030		233
Ziff Davis, Inc.*		110,491		7,037
				7,428
Leisure Products – 0.7%
Acushnet Holdings Corp.		89,701		4,758
Topgolf Callaway Brands Corp.*		183,175		2,535
Vista Outdoor, Inc.*		81,970		2,715
				10,008
Life Sciences Tools & Services – 0.3%
BioLife Solutions, Inc.*		7,315		101
CryoPort, Inc.*		6,434		88
Harvard Bioscience, Inc.*		56,842		245
Nautilus Biotechnology, Inc.*		65,209		206
Pacific Biosciences of California, Inc.*		427,218		3,567
Quanterix Corp.*		24,820		674
SomaLogic, Inc.*		124,700		298
				5,179

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 96.5%     continued
Machinery – 1.9%
Alamo Group, Inc.		26,762		$4,626
Barnes Group, Inc.		116,222		3,948
Chart Industries, Inc.*		24,049		4,067
Columbus McKinnon Corp.		66,153		2,309
EnPro Industries, Inc.		10,261		1,244
Kennametal, Inc.		11,375		283
Mueller Industries, Inc.		8,033		604
Standex International Corp.		77,464		11,286
Terex Corp.		9,535		549
Wabash National Corp.		6,735		142
				29,058
Marine Transportation – 0.4%
Costamare, Inc.		100,475		967
Golden Ocean Group Ltd.		28,321		223
Matson, Inc.		57,854		5,133
Star Bulk Carriers Corp.		14,533		280
				6,603
Media – 1.3%
Integral Ad Science Holding Corp.*		21,886		260
PubMatic, Inc., Class A*		6,030		73
Scholastic Corp.		125,070		4,770
Sinclair, Inc.		5,546		62
Stagwell, Inc.*		16,174		76
TEGNA, Inc.		1,015,764		14,800
Thryv Holdings, Inc.*		4,870		92
				20,133
Metals & Mining – 2.4%
Alpha Metallurgical Resources, Inc.		2,045		531
Arch Resources, Inc.		2,638		450
Carpenter Technology Corp.		6,852		461
Commercial Metals Co.		420,163		20,760
Ferroglobe PLC*		26,477		138
Materion Corp.		61,881		6,306
Ryerson Holding Corp.		59,083		1,719
Schnitzer Steel Industries, Inc., Class A		68,629		1,911
Warrior Met Coal, Inc.		81,023		4,139
Worthington Industries, Inc.		7,022		434
				36,849
Mortgage Real Estate Investment Trusts – 1.3%
Blackstone Mortgage Trust, Inc., Class A		224,816		4,890
Franklin BSP Realty Trust, Inc.		268,037		3,549

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  197 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND    continued

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 96.5%     continued
Mortgage Real Estate Investment Trusts – 1.3%     continued
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		158,604		$3,362
Ladder Capital Corp.		379,680		3,895
Ready Capital Corp.		357,239		3,612
				19,308
Multi-Utilities – 1.0%
Avista Corp.		99,426		3,219
Black Hills Corp.		140,606		7,113
Northwestern Energy Group, Inc.		84,694		4,070
Unitil Corp.		31,059		1,327
				15,729
Office Real Estate Investment Trusts – 0.5%
Brandywine Realty Trust		155,280		705
COPT Defense Properties		208,514		4,969
Paramount Group, Inc.		196,587		908
Piedmont Office Realty Trust, Inc., Class A		111,903		629
				7,211
Oil, Gas & Consumable Fuels – 8.6%
Amplify Energy Corp.*		36,363		267
Ardmore Shipping Corp.		23,853		310
Berry Corp.		299,031		2,452
California Resources Corp.		150,241		8,415
Callon Petroleum Co.*		57,486		2,249
Chord Energy Corp.		48,381		7,841
Civitas Resources, Inc.		166,309		13,449
Clean Energy Fuels Corp.*		284,817		1,091
CNX Resources Corp.*		304,551		6,877
Comstock Resources, Inc.		114,012		1,257
CONSOL Energy, Inc.		19,184		2,013
Delek U.S. Holdings, Inc.		131,206		3,728
DHT Holdings, Inc.		698,886		7,198
Dorian LPG Ltd.		5,700		164
Earthstone Energy, Inc., Class A*		101,380		2,052
Golar LNG Ltd.		15,147		367
Green Plains, Inc.*		190,191		5,725
Hallador Energy Co.*		18,295		264
International Seaways, Inc.		65,890		2,965
Kinetik Holdings, Inc.		20,155		680
Matador Resources Co.		167,973		9,991
Murphy Oil Corp.		194,800		8,834
Nordic American Tankers Ltd.		29,495		121
Northern Oil and Gas, Inc.		37,757		1,519

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 96.5%     continued
Oil, Gas & Consumable Fuels – 8.6%     continued
Overseas Shipholding Group, Inc., Class A*		32,153		$141
Par Pacific Holdings, Inc.*		33,302		1,197
PBF Energy, Inc., Class A		124,072		6,642
Peabody Energy Corp.		394,147		10,244
Permian Resources Corp.		337,651		4,714
REX American Resources Corp.*		40,589		1,653
Riley Exploration Permian, Inc.		11,143		354
Ring Energy, Inc.*		80,173		156
Scorpio Tankers, Inc.		85,455		4,625
SM Energy Co.		114,601		4,544
Talos Energy, Inc.*		33,923		558
Teekay Corp.*		53,017		327
Teekay Tankers Ltd., Class A		94,539		3,936
Uranium Energy Corp.*		154,227		794
Vital Energy, Inc.*		6,908		383
W&T Offshore, Inc.*		136,660		599
				130,696
Personal Care Products – 0.0%
Edgewell Personal Care Co.		7,263		269
Nu Skin Enterprises, Inc., Class A		6,981		148
				417
Pharmaceuticals – 1.3%
Amneal Pharmaceuticals, Inc.*		127,675		539
Amphastar Pharmaceuticals, Inc.*		8,326		383
ANI Pharmaceuticals, Inc.*		5,459		317
Enliven Therapeutics, Inc.*		5,808		79
Fulcrum Therapeutics, Inc.*		32,252		143
Innoviva, Inc.*		9,857		128
Intra-Cellular Therapies, Inc.*		58,489		3,047
Ligand Pharmaceuticals, Inc.*		22,907		1,372
Phibro Animal Health Corp., Class A		9,810		125
Prestige Consumer Healthcare, Inc.*		146,140		8,358
Supernus Pharmaceuticals, Inc.*		155,738		4,294
Taro Pharmaceutical Industries Ltd.*		5,309		200
Theravance Biopharma, Inc.*		19,703		170
				19,155
Professional Services – 1.0%
ASGN, Inc.*		7,049		576
Barrett Business Services, Inc.		26,426		2,385
ICF International, Inc.		64,639		7,809

See Notes to the Financial Statements.

EQUITY FUNDS  198 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 96.5%     continued
Professional Services – 1.0%     continued
Korn Ferry		75,396		$3,577
Resources Connection, Inc.		50,612		754
				15,101
Real Estate Management & Development – 0.1%
Marcus & Millichap, Inc.		33,627		986
Newmark Group, Inc., Class A		138,669		892
RMR Group (The), Inc., Class A		6,486		159
				2,037
Residential Real Estate Investment Trusts – 0.4%
BRT Apartments Corp.		35,026		605
Centerspace		29,508		1,778
Veris Residential, Inc.		201,989		3,333
				5,716
Retail Real Estate Investment Trusts – 1.4%
Agree Realty Corp.		56,263		3,108
Getty Realty Corp.		81,935		2,272
Kite Realty Group Trust		294,948		6,318
RPT Realty		191,450		2,022
SITE Centers Corp.		364,175		4,490
Urban Edge Properties		163,368		2,493
Whitestone REIT		64,049		617
				21,320
Semiconductors & Semiconductor Equipment – 3.2%
Amkor Technology, Inc.		460,636		10,411
AXT, Inc.*		58,487		140
Cohu, Inc.*		91,689		3,158
Diodes, Inc.*		73,136		5,766
Onto Innovation, Inc.*		56,416		7,194
Photronics, Inc.*		413,266		8,352
Rambus, Inc.*		216,692		12,089
Semtech Corp.*		84,825		2,184
				49,294
Software – 0.0%
Ebix, Inc.		49,682		491
Specialized Real Estate Investment Trusts – 1.0%
Farmland Partners, Inc.		42,765		439
Four Corners Property Trust, Inc.		159,127		3,531
PotlatchDeltic Corp.		232,410		10,549
				14,519
Specialty Retail – 2.9%
Aaron’s (The) Co., Inc.		72,531		759
Academy Sports & Outdoors, Inc.		11,039		522

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 96.5%     continued
Specialty Retail – 2.9%     continued
American Eagle Outfitters, Inc.		26,473		$440
Asbury Automotive Group, Inc.*		16,712		3,845
Buckle (The), Inc.		69,775		2,330
Destination XL Group, Inc.*		32,702		146
Foot Locker, Inc.		13,183		229
Genesco, Inc.*		7,547		233
Group 1 Automotive, Inc.		42,833		11,510
Guess?, Inc.		7,692		166
Haverty Furniture Cos., Inc.		161,043		4,635
Lands’ End, Inc.*		46,368		346
ODP (The) Corp.*		179,308		8,275
Shoe Carnival, Inc.		152,719		3,670
Signet Jewelers Ltd.		6,419		461
Sleep Number Corp.*		11,490		282
Sonic Automotive, Inc., Class A		110,698		5,287
Torrid Holdings, Inc.*		54,222		120
Urban Outfitters, Inc.*		13,021		426
				43,682
Textiles, Apparel & Luxury Goods – 0.4%
Figs, Inc., Class A*		134,318		792
Movado Group, Inc.		98,985		2,707
Oxford Industries, Inc.		26,376		2,536
Rocky Brands, Inc.		10,694		157
				6,192
Tobacco – 0.0%
Vector Group Ltd.		21,867		233
Trading Companies & Distributors – 2.6%
Beacon Roofing Supply, Inc.*		57,669		4,450
BlueLinx Holdings, Inc.*		1,284		105
Boise Cascade Co.		137,344		14,152
DXP Enterprises, Inc.*		91,197		3,186
GATX Corp.		59,515		6,477
GMS, Inc.*		65,654		4,200
NOW, Inc.*		15,601		185
Rush Enterprises, Inc., Class A		108,166		4,416
Rush Enterprises, Inc., Class B		2,598		118
Textainer Group Holdings Ltd.		51,958		1,936
Veritiv Corp.		1,905		322
				39,547
Water Utilities – 0.2%
Artesian Resources Corp., Class A		13,272		557
SJW Group		45,390		2,729
				3,286

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  199 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND    continued

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 96.5%     continued
Wireless Telecommunication Services – 0.0%
Gogo, Inc.*		17,979		$215
Total Common Stocks
(Cost $934,332)				1,471,857
RIGHTS – 0.0%
Biotechnology – 0.0%
Chinook Therapeutics, Inc. (Contingent Value Rights)(1) *		89,437		—
Total Rights
(Cost $—)				—
OTHER – 0.0%
Escrow DLB Oil & Gas, Inc.(1) *		2,100		—
Escrow Spirit MTA REIT(1) *		17,083		—
Total Other
(Cost $—)				—
	NUMBER OF WARRANTS		VALUE (000S)
WARRANTS – 0.0%
Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67*		6,861		$101
Total Warrants
(Cost $—)				101
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 2.1%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(3) (4)		32,205,496		$32,205
Total Investment Companies
(Cost $32,205)				32,205

	PRINCIPAL AMOUNT (000S)		VALUE  (000S)
SHORT-TERM INVESTMENTS – 0.2%
U.S. Treasury Bill, 4.98%, 10/26/23(5) (6)		$2,375		$2,367
Total Short-Term Investments
(Cost $2,367)				2,367
Total Investments – 98.8%
(Cost $968,904)				1,506,530
Other Assets less Liabilities – 1.2%				18,562
NET ASSETS – 100.0%				$1,525,092

⁽¹⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽²⁾  Value rounds to less than one thousand.

⁽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, 2023 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:

REIT - Real Estate Investment Trust

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, the Fund had open futures contracts as follows:

TYPE	NUMBER OFCONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)  (000S)
E-Mini Russell 2000 Index	306	$27,519	Long	12/23	$(1,155)
E-Mini S&P 500	30	6,488	Long	12/23	(276)
Total					$(1,431)

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Common Stocks	96.5	%
Rights	0.0	%
Other	0.0	%
Warrants	0.0	%
Investment Companies	2.1	%

See Notes to the Financial Statements.

EQUITY FUNDS  200 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

SECURITY TYPE(1)	% OF NET ASSETS
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, 2023:

INVESTMENTS		LEVEL 1(000S)		LEVEL 2 (000S)	LEVEL 3 (000S)		TOTAL (000S)
Common Stocks:
Biotechnology	$	34,737		$     —	$236	$	34,973
All Other Industries(1)		1,436,884		—	—		1,436,884
Total Common Stocks		1,471,621		—	236		1,471,857
Warrants		101		—	—		101
Investment Companies		32,205		—	—		32,205
Short-Term Investments		—		2,367	—		2,367
Total Investments	$	1,503,927		$2,367	$236	$	1,506,530
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(1,431	)	$     —	$  —	$	(1,431	)
(1)  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  201 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

STOCK INDEX FUND

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS – 97.9%
Aerospace & Defense – 1.5%
Axon Enterprise, Inc.*		20,120		$4,004
Boeing (The) Co.*		167,957		32,194
General Dynamics Corp.		66,690		14,736
Howmet Aerospace, Inc.		112,734		5,214
Huntington Ingalls Industries, Inc.		12,663		2,591
L3Harris Technologies, Inc.		55,995		9,750
Lockheed Martin Corp.		67,104		27,443
Northrop Grumman Corp.		42,634		18,767
RTX Corp.		434,911		31,300
Textron, Inc.		61,161		4,779
TransDigm Group, Inc.*		16,231		13,685
				164,463
Air Freight & Logistics – 0.5%
C.H. Robinson Worldwide, Inc.		33,497		2,885
Expeditors International of Washington, Inc.		45,431		5,207
FedEx Corp.		69,530		18,420
United Parcel Service, Inc., Class B		214,209		33,389
				59,901
Automobile Components – 0.1%
Aptiv PLC*		85,826		8,461
BorgWarner, Inc.		66,032		2,666
				11,127
Automobiles – 2.1%
Ford Motor Co.		1,156,870		14,368
General Motors Co.		404,544		13,338
Tesla, Inc.*		821,246		205,492
				233,198
Banks – 2.9%
Bank of America Corp.		2,051,819		56,179
Citigroup, Inc.		569,200		23,411
Citizens Financial Group, Inc.		134,480		3,604
Comerica, Inc.		43,062		1,789
Fifth Third Bancorp		208,782		5,288
Huntington Bancshares, Inc.		415,258		4,319
JPMorgan Chase & Co.		866,073		125,598
KeyCorp		293,171		3,155
M&T Bank Corp.		48,051		6,076
PNC Financial Services Group (The), Inc.		117,935		14,479
Regions Financial Corp.		272,221		4,682
Truist Financial Corp.		390,596		11,175
U.S. Bancorp		468,149		15,477

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Banks – 2.9%     continued
Wells Fargo & Co.		1,092,910		$44,656
Zions Bancorp N.A.		48,716		1,700
				321,588
Beverages – 1.6%
Brown-Forman Corp., Class B		51,846		2,991
Coca-Cola (The) Co.		1,155,460		64,683
Constellation Brands, Inc., Class A		48,584		12,211
Keurig Dr. Pepper, Inc.		294,771		9,306
Molson Coors Beverage Co., Class B		57,885		3,681
Monster Beverage Corp.*		224,313		11,877
PepsiCo, Inc.		408,779		69,263
				174,012
Biotechnology – 2.1%
AbbVie, Inc.		524,222		78,141
Amgen, Inc.		158,552		42,612
Biogen, Inc.*		43,154		11,091
Gilead Sciences, Inc.		368,666		27,628
Incyte Corp.*		58,004		3,351
Moderna, Inc.*		99,651		10,293
Regeneron Pharmaceuticals, Inc.*		31,971		26,311
Vertex Pharmaceuticals, Inc.*		77,279		26,873
				226,300
Broadline Retail – 3.2%
Amazon.com, Inc.*		2,701,195		343,376
eBay, Inc.		162,207		7,152
Etsy, Inc.*		34,025		2,197
				352,725
Building Products – 0.4%
A.O. Smith Corp.		38,427		2,541
Allegion PLC		24,543		2,557
Carrier Global Corp.		246,305		13,596
Johnson Controls International PLC		205,404		10,930
Masco Corp.		63,933		3,417
Trane Technologies PLC		68,783		13,957
				46,998
Capital Markets – 2.8%
Ameriprise Financial, Inc.		31,028		10,229
Bank of New York Mellon (The) Corp.		235,478		10,043
BlackRock, Inc.		42,010		27,159
Blackstone, Inc.		209,760		22,474
Cboe Global Markets, Inc.		32,507		5,078
Charles Schwab (The) Corp.		439,724		24,141

See Notes to the Financial Statements.

EQUITY FUNDS  202 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS – 97.9%     continued
Capital Markets – 2.8%     continued
CME Group, Inc.		107,494		$21,523
FactSet Research Systems, Inc.		10,964		4,794
Franklin Resources, Inc.		91,098		2,239
Goldman Sachs Group (The), Inc.		98,618		31,910
Intercontinental Exchange, Inc.		168,908		18,583
Invesco Ltd.		122,610		1,780
MarketAxess Holdings, Inc.		10,456		2,234
Moody’s Corp.		47,455		15,004
Morgan Stanley		381,648		31,169
MSCI, Inc.		23,547		12,082
Nasdaq, Inc.		97,615		4,743
Northern Trust Corp.(1)		59,287		4,119
Raymond James Financial, Inc.		54,368		5,460
S&P Global, Inc.		97,277		35,546
State Street Corp.		97,181		6,507
T. Rowe Price Group, Inc.		68,306		7,163
				303,980
Chemicals – 1.6%
Air Products and Chemicals, Inc.		65,567		18,582
Albemarle Corp.		34,019		5,784
Celanese Corp.		31,133		3,908
CF Industries Holdings, Inc.		59,492		5,101
Corteva, Inc.		210,920		10,791
Dow, Inc.		210,525		10,855
DuPont de Nemours, Inc.		138,881		10,359
Eastman Chemical Co.		34,081		2,615
Ecolab, Inc.		76,429		12,947
FMC Corp.		36,066		2,415
International Flavors & Fragrances, Inc.		73,497		5,010
Linde PLC		145,660		54,236
LyondellBasell Industries N.V., Class A		74,537		7,059
Mosaic (The) Co.		94,404		3,361
PPG Industries, Inc.		70,411		9,139
Sherwin-Williams (The) Co.		70,597		18,006
				180,168
Commercial Services & Supplies – 0.5%
Cintas Corp.		25,992		12,503
Copart, Inc.*		259,234		11,170
Republic Services, Inc.		62,304		8,879
Rollins, Inc.		83,562		3,119
Waste Management, Inc.		110,748		16,883
				52,554

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Communications Equipment – 0.9%
Arista Networks, Inc.*		74,524		$13,707
Cisco Systems, Inc.		1,215,819		65,363
F5, Inc.*		17,244		2,779
Juniper Networks, Inc.		89,975		2,500
Motorola Solutions, Inc.		50,308		13,696
				98,045
Construction & Engineering – 0.1%
Quanta Services, Inc.		43,776		8,189
Construction Materials – 0.1%
Martin Marietta Materials, Inc.		18,681		7,668
Vulcan Materials Co.		39,610		8,002
				15,670
Consumer Finance – 0.4%
American Express Co.		174,210		25,990
Capital One Financial Corp.		114,155		11,079
Discover Financial Services		76,276		6,608
Synchrony Financial		129,716		3,965
				47,642
Consumer Staples Distribution & Retail – 1.8%
Costco Wholesale Corp.		132,192		74,683
Dollar General Corp.		65,620		6,943
Dollar Tree, Inc.*		60,831		6,475
Kroger (The) Co.		192,828		8,629
Sysco Corp.		148,780		9,827
Target Corp.		136,014		15,039
Walgreens Boots Alliance, Inc.		205,624		4,573
Walmart, Inc.		423,760		67,772
				193,941
Containers & Packaging – 0.2%
Amcor PLC		419,804		3,845
Avery Dennison Corp.		24,362		4,450
Ball Corp.		90,487		4,505
International Paper Co.		107,920		3,828
Packaging Corp. of America		25,764		3,956
Sealed Air Corp.		38,111		1,252
Westrock Co.		80,946		2,898
				24,734
Distributors – 0.1%
Genuine Parts Co.		41,269		5,958
LKQ Corp.		76,462		3,786
Pool Corp.		12,102		4,310
				14,054

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  203 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

STOCK INDEX FUND    continued

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Diversified Telecommunication Services – 0.7%
AT&T, Inc.		2,116,315		$31,787
Verizon Communications, Inc.		1,246,306		40,393
				72,180
Electric Utilities – 1.5%
Alliant Energy Corp.		78,458		3,801
American Electric Power Co., Inc.		151,225		11,375
Constellation Energy Corp.		97,244		10,607
Duke Energy Corp.		227,605		20,088
Edison International		116,439		7,370
Entergy Corp.		61,215		5,662
Evergy, Inc.		65,256		3,309
Eversource Energy		101,261		5,888
Exelon Corp.		292,143		11,040
FirstEnergy Corp.		148,964		5,092
NextEra Energy, Inc.		599,872		34,367
NRG Energy, Inc.		63,881		2,461
PG&E Corp.*		620,774		10,013
Pinnacle West Capital Corp.		31,567		2,326
PPL Corp.		212,793		5,013
Southern (The) Co.		322,173		20,851
Xcel Energy, Inc.		161,252		9,227
				168,490
Electrical Equipment – 0.6%
AMETEK, Inc.		69,178		10,222
Eaton Corp. PLC		119,508		25,489
Emerson Electric Co.		168,991		16,319
Generac Holdings, Inc.*		20,022		2,182
Rockwell Automation, Inc.		34,376		9,827
				64,039
Electronic Equipment, Instruments & Components – 0.6%
Amphenol Corp., Class A		178,236		14,970
CDW Corp.		39,431		7,955
Corning, Inc.		223,140		6,799
Keysight Technologies, Inc.*		53,274		7,049
TE Connectivity Ltd.		93,319		11,528
Teledyne Technologies, Inc.*		14,048		5,740
Trimble, Inc.*		70,716		3,809
Zebra Technologies Corp., Class A*		14,612		3,456
				61,306
Energy Equipment & Services – 0.4%
Baker Hughes Co.		297,576		10,510

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Energy Equipment & Services – 0.4%    continued
Halliburton Co.		264,899		$10,729
Schlumberger N.V.		420,229		24,499
				45,738
Entertainment – 1.3%
Activision Blizzard, Inc.		214,735		20,106
Electronic Arts, Inc.		74,747		8,999
Live Nation Entertainment, Inc.*		40,172		3,336
Netflix, Inc.*		132,298		49,956
Take-Two Interactive Software, Inc.*		48,165		6,762
Walt Disney (The) Co.*		542,592		43,977
Warner Bros. Discovery, Inc.*		645,503		7,010
				140,146
Financial Services – 4.3%
Berkshire Hathaway, Inc., Class B*		542,324		189,976
Fidelity National Information Services, Inc.		173,310		9,579
Fiserv, Inc.*		182,816		20,651
FleetCor Technologies, Inc.*		21,460		5,480
Global Payments, Inc.		78,712		9,083
Jack Henry & Associates, Inc.		20,587		3,111
Mastercard, Inc., Class A		248,032		98,198
PayPal Holdings, Inc.*		329,465		19,260
Visa, Inc., Class A		478,899		110,152
				465,490
Food Products – 1.0%
Archer-Daniels-Midland Co.		160,196		12,082
Bunge Ltd.		43,269		4,684
Campbell Soup Co.		54,645		2,245
Conagra Brands, Inc.		136,379		3,739
General Mills, Inc.		173,703		11,115
Hershey (The) Co.		44,312		8,866
Hormel Foods Corp.		81,721		3,108
J.M. Smucker (The) Co.		31,399		3,859
Kellogg Co.		81,292		4,838
Kraft Heinz (The) Co.		232,590		7,824
Lamb Weston Holdings, Inc.		44,388		4,104
McCormick & Co., Inc. (Non Voting)		72,642		5,495
Mondelez International, Inc., Class A		407,242		28,263
Tyson Foods, Inc., Class A		84,441		4,263
				104,485
Gas Utilities – 0.0%
Atmos Energy Corp.		45,636		4,834

See Notes to the Financial Statements.

EQUITY FUNDS  204 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Ground Transportation – 0.8%
CSX Corp.		602,617		$18,531
JB Hunt Transport Services, Inc.		25,181		4,747
Norfolk Southern Corp.		66,734		13,142
Old Dominion Freight Line, Inc.		27,069		11,075
Union Pacific Corp.		182,179		37,097
				84,592
Health Care Equipment & Supplies – 2.5%
Abbott Laboratories		517,618		50,131
Align Technology, Inc.*		21,213		6,477
Baxter International, Inc.		146,449		5,527
Becton Dickinson & Co.		85,879		22,202
Boston Scientific Corp.*		432,653		22,844
Cooper (The) Cos., Inc.		14,737		4,687
DENTSPLY SIRONA, Inc.		58,345		1,993
Dexcom, Inc.*		116,845		10,902
Edwards Lifesciences Corp.*		179,852		12,460
GE HealthCare Technologies, Inc.		113,831		7,745
Hologic, Inc.*		74,614		5,178
IDEXX Laboratories, Inc.*		24,892		10,885
Insulet Corp.*		19,837		3,164
Intuitive Surgical, Inc.*		105,012		30,694
Medtronic PLC		396,602		31,078
ResMed, Inc.		43,501		6,432
STERIS PLC		29,436		6,459
Stryker Corp.		101,161		27,644
Teleflex, Inc.		13,203		2,593
Zimmer Biomet Holdings, Inc.		61,203		6,868
				275,963
Health Care Providers & Services – 2.9%
Cardinal Health, Inc.		77,514		6,730
Cencora, Inc.		48,956		8,811
Centene Corp.*		158,715		10,932
Cigna Group (The)		87,506		25,033
CVS Health Corp.		379,894		26,524
DaVita, Inc.*		17,636		1,667
Elevance Health, Inc.		70,512		30,702
HCA Healthcare, Inc.		60,542		14,892
Henry Schein, Inc.*		36,584		2,716
Humana, Inc.		36,925		17,965
Laboratory Corp. of America Holdings		27,187		5,466
McKesson Corp.		40,548		17,632
Molina Healthcare, Inc.*		16,843		5,523
Quest Diagnostics, Inc.		33,233		4,050

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Health Care Providers & Services – 2.9%     continued
UnitedHealth Group, Inc.		276,042		$139,178
Universal Health Services, Inc., Class B		19,708		2,478
				320,299
Health Care Real Estate Investment Trusts – 0.2%
Healthpeak Properties, Inc.		154,407		2,835
Ventas, Inc.		115,858		4,881
Welltower, Inc.		156,411		12,813
				20,529
Hotel & Resort Real Estate Investment Trusts – 0.0%
Host Hotels & Resorts, Inc.		201,359		3,236
Hotels, Restaurants & Leisure – 2.1%
Airbnb, Inc., Class A*		125,742		17,253
Booking Holdings, Inc.*		10,677		32,927
Caesars Entertainment, Inc.*		67,268		3,118
Carnival Corp.*		288,690		3,961
Chipotle Mexican Grill, Inc.*		8,297		15,199
Darden Restaurants, Inc.		37,098		5,313
Domino’s Pizza, Inc.		10,171		3,853
Expedia Group, Inc.*		39,461		4,067
Hilton Worldwide Holdings, Inc.		78,923		11,853
Las Vegas Sands Corp.		94,414		4,328
Marriott International, Inc., Class A		75,397		14,820
McDonald’s Corp.		217,493		57,296
MGM Resorts International		87,576		3,219
Norwegian Cruise Line Holdings Ltd.*		116,400		1,918
Royal Caribbean Cruises Ltd.*		69,132		6,370
Starbucks Corp.		339,179		30,957
Wynn Resorts Ltd.		28,021		2,589
Yum! Brands, Inc.		84,653		10,577
				229,618
Household Durables – 0.3%
D.R. Horton, Inc.		92,085		9,896
Garmin Ltd.		46,179		4,858
Lennar Corp., Class A		76,599		8,597
Mohawk Industries, Inc.*		17,544		1,506
NVR, Inc.*		944		5,629
PulteGroup, Inc.		67,484		4,997
Whirlpool Corp.		16,386		2,191
				37,674
Household Products – 1.3%
Church & Dwight Co., Inc.		74,341		6,812
Clorox (The) Co.		37,117		4,865
Colgate-Palmolive Co.		243,753		17,333

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  205 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

STOCK INDEX FUND    continued

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Household Products – 1.3%     continued
Kimberly-Clark Corp.		101,293		$12,241
Procter & Gamble (The) Co.		702,691		102,494
				143,745
Independent Power & Renewable Electricity Producers – 0.0%
AES (The) Corp.		196,115		2,981
Industrial Conglomerates – 0.8%
3M Co.		162,635		15,226
General Electric Co.		322,461		35,648
Honeywell International, Inc.		197,231		36,436
				87,310
Industrial Real Estate Investment Trusts – 0.3%
Prologis, Inc.		275,253		30,886
Insurance – 2.1%
Aflac, Inc.		163,083		12,517
Allstate (The) Corp.		78,612		8,758
American International Group, Inc.		214,652		13,008
Aon PLC, Class A		60,877		19,738
Arch Capital Group Ltd.*		113,090		9,014
Arthur J. Gallagher & Co.		64,551		14,713
Assurant, Inc.		16,984		2,439
Brown & Brown, Inc.		70,235		4,905
Chubb Ltd.		122,992		25,605
Cincinnati Financial Corp.		45,115		4,615
Everest Group Ltd.		12,473		4,636
Globe Life, Inc.		27,402		2,979
Hartford Financial Services Group (The), Inc.		93,334		6,618
Loews Corp.		54,531		3,452
Marsh & McLennan Cos., Inc.		147,863		28,138
MetLife, Inc.		190,630		11,993
Principal Financial Group, Inc.		68,396		4,929
Progressive (The) Corp.		175,207		24,406
Prudential Financial, Inc.		109,504		10,391
Travelers (The) Cos., Inc.		67,624		11,044
W.R. Berkley Corp.		60,126		3,817
Willis Towers Watson PLC		32,020		6,691
				234,406
Interactive Media & Services – 5.8%
Alphabet, Inc., Class A*		1,767,048		231,236
Alphabet, Inc., Class C*		1,503,304		198,211
Match Group, Inc.*		78,837		3,088
Meta Platforms, Inc., Class A*		660,955		198,425
				630,960

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
IT Services – 1.2%
Accenture PLC, Class A		188,274		$57,821
Akamai Technologies, Inc.*		46,834		4,990
Cognizant Technology Solutions Corp., Class A		152,677		10,342
DXC Technology Co.*		52,704		1,098
EPAM Systems, Inc.*		17,888		4,574
Gartner, Inc.*		23,173		7,962
International Business Machines Corp.		269,949		37,874
VeriSign, Inc.*		27,543		5,578
				130,239
Leisure Products – 0.0%
Hasbro, Inc.		41,230		2,727
Life Sciences Tools & Services – 1.5%
Agilent Technologies, Inc.		87,323		9,765
Bio-Rad Laboratories, Inc., Class A*		5,762		2,065
Bio-Techne Corp.		44,553		3,033
Charles River Laboratories International, Inc.*		16,080		3,151
Danaher Corp.		194,919		48,359
Illumina, Inc.*		46,006		6,316
IQVIA Holdings, Inc.*		55,273		10,875
Mettler-Toledo International, Inc.*		6,653		7,372
Revvity, Inc.		35,453		3,925
Thermo Fisher Scientific, Inc.		114,542		57,978
Waters Corp.*		16,966		4,652
West Pharmaceutical Services, Inc.		22,406		8,407
				165,898
Machinery – 1.8%
Caterpillar, Inc.		152,438		41,615
Cummins, Inc.		41,443		9,468
Deere & Co.		80,738		30,469
Dover Corp.		41,822		5,835
Fortive Corp.		105,388		7,816
IDEX Corp.		21,725		4,519
Illinois Tool Works, Inc.		82,602		19,024
Ingersoll Rand, Inc.		122,955		7,835
Nordson Corp.		15,815		3,529
Otis Worldwide Corp.		124,107		9,967
PACCAR, Inc.		157,607		13,400
Parker-Hannifin Corp.		38,613		15,040
Pentair PLC		49,872		3,229
Snap-on, Inc.		16,299		4,157
Stanley Black & Decker, Inc.		43,692		3,652

See Notes to the Financial Statements.

EQUITY FUNDS  206 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Machinery – 1.8%     continued
Westinghouse Air Brake Technologies Corp.		53,888		$5,727
Xylem, Inc.		69,919		6,365
				191,647
Media – 0.8%
Charter Communications, Inc., Class A*		30,672		13,490
Comcast Corp., Class A		1,228,640		54,478
Fox Corp., Class A		70,180		2,190
Fox Corp., Class B		33,494		967
Interpublic Group of (The) Cos., Inc.		110,821		3,176
News Corp., Class A		121,614		2,439
News Corp., Class B		40,064		836
Omnicom Group, Inc.		60,269		4,489
Paramount Global, Class B		130,979		1,690
				83,755
Metals & Mining – 0.4%
Freeport-McMoRan, Inc.		424,164		15,817
Newmont Corp.		232,279		8,583
Nucor Corp.		75,063		11,736
Steel Dynamics, Inc.		44,649		4,787
				40,923
Multi-Utilities – 0.7%
Ameren Corp.		76,116		5,696
CenterPoint Energy, Inc.		182,025		4,887
CMS Energy Corp.		83,884		4,455
Consolidated Edison, Inc.		101,071		8,644
Dominion Energy, Inc.		245,548		10,969
DTE Energy Co.		59,788		5,936
NiSource, Inc.		129,091		3,186
Public Service Enterprise Group, Inc.		149,018		8,481
Sempra		184,976		12,584
WEC Energy Group, Inc.		91,933		7,405
				72,243
Office Real Estate Investment Trusts – 0.1%
Alexandria Real Estate Equities, Inc.		44,840		4,488
Boston Properties, Inc.		45,571		2,711
				7,199
Oil, Gas & Consumable Fuels – 4.2%
APA Corp.		95,419		3,922
Chevron Corp.		528,229		89,070
ConocoPhillips		357,773		42,861
Coterra Energy, Inc.		231,340		6,258
Devon Energy Corp.		187,360		8,937

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Oil, Gas & Consumable Fuels – 4.2%     continued
Diamondback Energy, Inc.		52,936		$8,199
EOG Resources, Inc.		173,259		21,962
EQT Corp.		103,750		4,210
Exxon Mobil Corp.		1,192,896		140,261
Hess Corp.		83,290		12,743
Kinder Morgan, Inc.		567,217		9,404
Marathon Oil Corp.		183,090		4,898
Marathon Petroleum Corp.		120,079		18,173
Occidental Petroleum Corp.		199,998		12,976
ONEOK, Inc.		173,319		10,994
Phillips 66		133,886		16,086
Pioneer Natural Resources Co.		68,681		15,766
Targa Resources Corp.		68,554		5,876
Valero Energy Corp.		106,251		15,057
Williams (The) Cos., Inc.		361,347		12,174
				459,827
Passenger Airlines – 0.2%
Alaska Air Group, Inc.*		33,596		1,246
American Airlines Group, Inc.*		181,907		2,330
Delta Air Lines, Inc.		187,275		6,929
Southwest Airlines Co.		171,475		4,642
United Airlines Holdings, Inc.*		93,968		3,975
				19,122
Personal Care Products – 0.2%
Estee Lauder (The) Cos., Inc., Class A		68,114		9,846
Kenvue, Inc.		505,199		10,144
				19,990
Pharmaceuticals – 4.0%
Bristol-Myers Squibb Co.		618,975		35,925
Catalent, Inc.*		56,363		2,566
Eli Lilly & Co.		237,052		127,328
Johnson & Johnson		715,673		111,466
Merck & Co., Inc.		753,677		77,591
Organon & Co.		84,734		1,471
Pfizer, Inc.		1,675,493		55,576
Viatris, Inc.		374,148		3,689
Zoetis, Inc.		137,921		23,996
				439,608
Professional Services – 0.7%
Automatic Data Processing, Inc.		123,293		29,662
Broadridge Financial Solutions, Inc.		34,291		6,140
Ceridian HCM Holding, Inc.*		44,058		2,989
Equifax, Inc.		35,678		6,536

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  207 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

STOCK INDEX FUND    continued

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Professional Services – 0.7%     continued
Jacobs Solutions, Inc.		36,487		$4,980
Leidos Holdings, Inc.		39,115		3,605
Paychex, Inc.		94,484		10,897
Paycom Software, Inc.		15,258		3,956
Robert Half, Inc.		29,659		2,173
Verisk Analytics, Inc.		43,847		10,358
				81,296
Real Estate Management & Development – 0.2%
CBRE Group, Inc., Class A*		94,329		6,967
CoStar Group, Inc.*		122,102		9,389
				16,356
Residential Real Estate Investment Trusts – 0.3%
AvalonBay Communities, Inc.		41,552		7,136
Camden Property Trust		30,141		2,851
Equity Residential		99,985		5,870
Essex Property Trust, Inc.		19,329		4,100
Invitation Homes, Inc.		166,335		5,271
Mid-America Apartment Communities, Inc.		33,503		4,310
UDR, Inc.		85,846		3,062
				32,600
Retail Real Estate Investment Trusts – 0.3%
Federal Realty Investment Trust		23,550		2,134
Kimco Realty Corp.		175,498		3,087
Realty Income Corp.		213,989		10,687
Regency Centers Corp.		46,254		2,749
Simon Property Group, Inc.		95,926		10,363
				29,020
Semiconductors & Semiconductor Equipment – 7.3%
Advanced Micro Devices, Inc.*		481,924		49,551
Analog Devices, Inc.		150,184		26,296
Applied Materials, Inc.		251,088		34,763
Broadcom, Inc.		123,022		102,180
Enphase Energy, Inc.*		39,186		4,708
First Solar, Inc.*		31,137		5,031
Intel Corp.		1,242,150		44,158
KLA Corp.		41,037		18,822
Lam Research Corp.		39,927		25,025
Microchip Technology, Inc.		164,049		12,804
Micron Technology, Inc.		328,350		22,338
Monolithic Power Systems, Inc.		13,885		6,415
NVIDIA Corp.		735,508		319,939
NXP Semiconductors N.V.		75,895		15,173

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Semiconductors & Semiconductor Equipment – 7.3%     continued
ON Semiconductor Corp.*		130,160		$12,098
Qorvo, Inc.*		27,370		2,613
QUALCOMM, Inc.		330,670		36,724
Skyworks Solutions, Inc.		46,707		4,605
SolarEdge Technologies, Inc.*		15,681		2,031
Teradyne, Inc.		45,447		4,566
Texas Instruments, Inc.		269,767		42,896
				792,736
Software – 9.9%
Adobe, Inc.*		135,961		69,327
ANSYS, Inc.*		26,304		7,827
Autodesk, Inc.*		64,246		13,293
Cadence Design Systems, Inc.*		81,585		19,115
Fair Isaac Corp.*		7,584		6,587
Fortinet, Inc.*		196,440		11,527
Gen Digital, Inc.		158,694		2,806
Intuit, Inc.		83,662		42,746
Microsoft Corp.		2,211,802		698,377
Oracle Corp.		467,053		49,470
Palo Alto Networks, Inc.*		90,353		21,182
PTC, Inc.*		34,163		4,840
Roper Technologies, Inc.		32,097		15,544
Salesforce, Inc.*		290,653		58,939
ServiceNow, Inc.*		60,999		34,096
Synopsys, Inc.*		45,645		20,950
Tyler Technologies, Inc.*		12,082		4,665
				1,081,291
Specialized Real Estate Investment Trusts – 1.0%
American Tower Corp.		137,797		22,661
Crown Castle, Inc.		127,332		11,718
Digital Realty Trust, Inc.		91,410		11,062
Equinix, Inc.		27,630		20,067
Extra Space Storage, Inc.		61,535		7,481
Iron Mountain, Inc.		89,585		5,326
Public Storage		46,484		12,249
SBA Communications Corp.		32,317		6,469
VICI Properties, Inc.		306,965		8,933
Weyerhaeuser Co.		222,687		6,828
				112,794
Specialty Retail – 2.0%
AutoZone, Inc.*		5,470		13,894
Bath & Body Works, Inc.		63,475		2,146
Best Buy Co., Inc.		58,949		4,095

See Notes to the Financial Statements.

EQUITY FUNDS  208 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE  (000S)
COMMON STOCKS - 97.9%     continued
Specialty Retail – 2.0%     continued
CarMax, Inc.*		49,162		$3,477
Home Depot (The), Inc.		299,741		90,570
Lowe’s Cos., Inc.		175,134		36,400
O’Reilly Automotive, Inc.*		18,158		16,503
Ross Stores, Inc.		102,819		11,613
TJX (The) Cos., Inc.		343,843		30,561
Tractor Supply Co.		32,614		6,622
Ulta Beauty, Inc.*		15,192		6,068
				221,949
Technology Hardware, Storage & Peripherals – 7.1%
Apple, Inc.		4,374,951		749,035
Hewlett Packard Enterprise Co.		387,475		6,730
HP, Inc.		258,587		6,646
NetApp, Inc.		64,887		4,924
Seagate Technology Holdings PLC		54,770		3,612
Western Digital Corp.*		97,014		4,427
				775,374
Textiles, Apparel & Luxury Goods – 0.4%
NIKE, Inc., Class B		366,040		35,001
Ralph Lauren Corp.		10,854		1,260
Tapestry, Inc.		63,521		1,826
VF Corp.		107,805		1,905
				39,992
Tobacco – 0.6%
Altria Group, Inc.		525,615		22,102
Philip Morris International, Inc.		460,267		42,612
				64,714
Trading Companies & Distributors – 0.3%
Fastenal Co.		172,858		9,445
United Rentals, Inc.		20,696		9,201
W.W. Grainger, Inc.		13,489		9,332
				27,978
Water Utilities – 0.1%
American Water Works Co., Inc.		57,904		7,170
Wireless Telecommunication Services – 0.2%
T-Mobile U.S., Inc.*		155,245		21,742
Total Common Stocks
(Cost $3,316,814)				10,696,386

	NUMBER OF SHARES		VALUE  (000S)
INVESTMENT COMPANIES – 1.9%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(2) (3)		209,231,506		$209,232
Total Investment Companies
(Cost $209,232)				209,232
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.1%
U.S. Treasury Bill,
4.80%, 10/26/23(4) (5)		$11,655		$11,614
Total Short-Term Investments
(Cost $11,613)				11,614
Total Investments – 99.9%
(Cost $3,537,659)				10,917,232
Other Assets less Liabilities – 0.1%				7,164
NET ASSETS – 100.0%				$10,924,396

⁽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, 2023 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:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, the Fund had open futures contracts as follows:

TYPE	NUMBER OFCONTRACTS	NOTIONAL AMOUNT (000S)	CONTRACT POSITION	CONTRACT EXP.	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000S)(1)
E-Mini S&P 500	1,031	$222,980	Long	12/23	$(1,340)

⁽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, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Common Stocks	97.9	%

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  209 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS
STOCK INDEX FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

SECURITY T YPE(1)	% OF NET ASSETS
Investment Companies	1.9	%
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, 2023:

INVESTMENTS		LEVEL 1 (000S)			LEVEL 2 (000S)	LEVEL 3 (000S)		TOTAL (000S)
Common Stocks(1)	$	10,696,386		$	—	$—	$	10,696,386
Investment Companies		209,232			—	—		209,232
Short-Term Investments		—			11,614	—		11,614
Total Investments	$	10,905,618		$	11,614	$—	$	10,917,232
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(1,340	)	$	—	$—	$	(1,340	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

EQUITY FUNDS  210 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
U.S. QUALITY ESG FUND		SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 98.8%
Air Freight & Logistics – 1.2%
C.H. Robinson Worldwide, Inc.		22,282		$1,919
Expeditors International of Washington, Inc.		17,078		1,958
United Parcel Service, Inc., Class B		2,995		467
				4,344
Automobiles – 2.4%
Tesla, Inc.*		34,993		8,756
Banks – 2.5%
Citigroup, Inc.		70,023		2,880
Commerce Bancshares, Inc.		16,764		804
First Hawaiian, Inc.		63,841		1,152
JPMorgan Chase & Co.		30,021		4,354
				9,190
Beverages – 2.3%
Coca-Cola (The) Co.		98,591		5,519
PepsiCo, Inc.		17,388		2,946
				8,465
Biotechnology – 3.6%
AbbVie, Inc.		13,809		2,059
Amgen, Inc.		19,233		5,169
Biogen, Inc.*		6,826		1,754
Gilead Sciences, Inc.		45,000		3,372
Vertex Pharmaceuticals, Inc.*		2,517		875
				13,229
Broadline Retail – 2.1%
Amazon.com, Inc.*		55,462		7,051
eBay, Inc.		4,248		187
Etsy, Inc.*		6,720		434
				7,672
Building Products – 1.9%
Fortune Brands Innovations, Inc.		30,067		1,869
Masco Corp.		16,437		878
Owens Corning		14,374		1,961
Trane Technologies PLC		11,003		2,233
				6,941
Capital Markets – 2.6%
Bank of New York Mellon (The) Corp.		48,119		2,052
BlackRock, Inc.		3,045		1,969
Invesco Ltd.		124,596		1,809
Janus Henderson Group PLC		69,507		1,795
State Street Corp.		29,059		1,946
				9,571

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.8%    continued
Chemicals – 0.6%
Mosaic (The) Co.		4,993		$178
Sherwin-Williams (The) Co.		7,569		1,930
				2,108
Commercial Services & Supplies – 0.1%
Rollins, Inc.		6,434		240
Communications Equipment – 0.6%
Cisco Systems, Inc.		36,903		1,984
F5, Inc.*		1,395		225
				2,209
Construction & Engineering – 0.8%
AECOM		13,748		1,142
EMCOR Group, Inc.		1,001		210
WillScot Mobile Mini Holdings Corp.*		39,624		1,648
				3,000
Consumer Finance – 0.5%
Ally Financial, Inc.		18,020		481
SLM Corp.		93,859		1,278
				1,759
Consumer Staples Distribution & Retail – 0.0%
Sysco Corp.		2,656		176
Distributors – 0.6%
Pool Corp.		5,665		2,017
Diversified Telecommunication Services – 0.5%
Iridium Communications, Inc.		39,661		1,804
Electric Utilities – 0.3%
Exelon Corp.		28,476		1,076
Electrical Equipment – 0.9%
Acuity Brands, Inc.		11,962		2,037
Rockwell Automation, Inc.		3,894		1,113
				3,150
Entertainment – 0.6%
Electronic Arts, Inc.		17,721		2,134
Financial Services – 4.3%
Berkshire Hathaway, Inc., Class B*		6,388		2,238
Equitable Holdings, Inc.		58,198		1,652
Fidelity National Information Services, Inc.		38,928		2,152
Mastercard, Inc., Class A		4,876		1,930
MGIC Investment Corp.		111,030		1,853
Visa, Inc., Class A		10,081		2,319

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  211 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS

U.S. QUALITY ESG FUND    continued

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.8%    continued
Financial Services – 4.3%    continued
Voya Financial, Inc.		24,318		$1,616
Western Union (The) Co.		149,775		1,974
				15,734
Food Products – 1.0%
General Mills, Inc.		24,440		1,564
Kellogg Co.		33,846		2,014
				3,578
Ground Transportation – 0.5%
Landstar System, Inc.		10,316		1,825
Health Care Equipment & Supplies – 2.3%
Abbott Laboratories		12,749		1,235
Edwards Lifesciences Corp.*		24,990		1,731
Hologic, Inc.*		27,955		1,940
IDEXX Laboratories, Inc.*		4,792		2,096
Intuitive Surgical, Inc.*		4,126		1,206
				8,208
Health Care Providers & Services – 4.3%
Cardinal Health, Inc.		22,541		1,957
Cencora, Inc.		11,961		2,153
Cigna Group (The)		10,511		3,007
DaVita, Inc.*		18,843		1,781
Humana, Inc.		3,857		1,876
Laboratory Corp. of America Holdings		9,874		1,985
McKesson Corp.		5,137		2,234
UnitedHealth Group, Inc.		1,402		707
				15,700
Health Care Real Estate Investment Trusts – 0.3%
Healthpeak Properties, Inc.		55,343		1,016
Hotel & Resort Real Estate Investment Trusts – 0.3%
Host Hotels & Resorts, Inc.		65,135		1,047
Hotels, Restaurants & Leisure – 2.6%
Airbnb, Inc., Class A*		4,114		564
Booking Holdings, Inc.*		1,210		3,732
Domino’s Pizza, Inc.		1,343		509
Hilton Worldwide Holdings, Inc.		14,413		2,164
Starbucks Corp.		15,428		1,408
Travel + Leisure Co.		28,849		1,060
				9,437
Household Products – 2.8%
Clorox (The) Co.		11,437		1,499
Colgate-Palmolive Co.		30,037		2,136

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.8%    continued
Household Products – 2.8%    continued
Kimberly-Clark Corp.		14,966		$1,808
Procter & Gamble (The) Co.		31,502		4,595
				10,038
Independent Power & Renewable Electricity Producers – 0.4%
Clearway Energy, Inc., Class C		75,739		1,603
Insurance – 2.6%
Aflac, Inc.		28,252		2,168
Allstate (The) Corp.		1,706		190
American International Group, Inc.		7,589		460
Hartford Financial Services Group (The), Inc.		18,849		1,337
Lincoln National Corp.		26,352		651
MetLife, Inc.		28,265		1,778
Principal Financial Group, Inc.		8,401		606
Prudential Financial, Inc.		22,524		2,137
				9,327
Interactive Media & Services – 5.3%
Alphabet, Inc., Class A*		84,161		11,013
Alphabet, Inc., Class C*		43,134		5,687
Match Group, Inc.*		5,503		216
Meta Platforms, Inc., Class A*		7,738		2,323
				19,239
IT Services – 2.7%
Accenture PLC, Class A		15,774		4,844
Cognizant Technology Solutions Corp., Class A		2,802		190
International Business Machines Corp.		32,652		4,581
				9,615
Life Sciences Tools & Services – 1.4%
Agilent Technologies, Inc.		19,024		2,127
Mettler-Toledo International, Inc.*		1,843		2,042
Waters Corp.*		3,401		933
				5,102
Machinery – 1.1%
Donaldson Co., Inc.		20,166		1,203
Illinois Tool Works, Inc.		10,918		2,514
Otis Worldwide Corp.		4,479		360
				4,077
Media – 1.3%
Comcast Corp., Class A		73,802		3,272
Sirius XM Holdings, Inc.		280,316		1,267
				4,539

See Notes to the Financial Statements.

EQUITY FUNDS  212 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.8%    continued
Metals & Mining – 1.2%
Nucor Corp.		8,677		$1,357
Reliance Steel & Aluminum Co.		7,587		1,989
Steel Dynamics, Inc.		7,948		852
				4,198
Multi-Utilities – 0.2%
Public Service Enterprise Group, Inc.		13,539		771
Oil, Gas & Consumable Fuels – 3.0%
Cheniere Energy, Inc.		10,094		1,675
ConocoPhillips		20,422		2,446
Exxon Mobil Corp.		4,675		550
Marathon Petroleum Corp.		15,912		2,408
ONEOK, Inc.		25,265		1,603
Valero Energy Corp.		16,004		2,268
				10,950
Pharmaceuticals – 2.8%
Bristol-Myers Squibb Co.		69,897		4,057
Eli Lilly & Co.		1,417		761
Johnson & Johnson		11,791		1,836
Merck & Co., Inc.		6,213		640
Zoetis, Inc.		16,663		2,899
				10,193
Professional Services – 2.9%
Automatic Data Processing, Inc.		14,890		3,582
Broadridge Financial Solutions, Inc.		10,921		1,955
Paychex, Inc.		10,688		1,233
Paylocity Holding Corp.*		10,063		1,829
Robert Half, Inc.		26,444		1,938
				10,537
Real Estate Management & Development – 0.5%
CBRE Group, Inc., Class A*		26,104		1,928
Residential Real Estate Investment Trusts – 0.5%
AvalonBay Communities, Inc.		11,029		1,894
Semiconductors & Semiconductor Equipment – 5.8%
Applied Materials, Inc.		30,392		4,208
Enphase Energy, Inc.*		16,719		2,009
Lam Research Corp.		4,829		3,027
NVIDIA Corp.		23,780		10,344
Texas Instruments, Inc.		8,227		1,308
				20,896
Software – 11.5%
Adobe, Inc.*		10,832		5,523
Autodesk, Inc.*		10,680		2,210

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 98.8%    continued
Software – 11.5%    continued
Cadence Design Systems, Inc.*		10,132		$2,374
Intuit, Inc.		9,310		4,757
Manhattan Associates, Inc.*		1,438		284
Microsoft Corp.		78,037		24,640
Teradata Corp.*		39,538		1,780
				41,568
Specialized Real Estate Investment Trusts – 0.5%
Weyerhaeuser Co.		63,980		1,962
Specialty Retail – 4.0%
Best Buy Co., Inc.		15,471		1,075
Home Depot (The), Inc.		20,509		6,197
Lowe’s Cos., Inc.		21,485		4,466
Ulta Beauty, Inc.*		1,883		752
Williams-Sonoma, Inc.		13,618		2,116
				14,606
Technology Hardware, Storage & Peripherals – 7.0%
Apple, Inc.		144,189		24,686
HP, Inc.		31,935		821
				25,507
Textiles, Apparel & Luxury Goods – 0.4%
Deckers Outdoor Corp.*		722		371
NIKE, Inc., Class B		9,172		877
Tapestry, Inc.		7,653		220
				1,468
Trading Companies & Distributors – 1.2%
Fastenal Co.		37,013		2,022
W.W. Grainger, Inc.		3,112		2,153
				4,175
Total Common Stocks
(Cost $295,128)				358,579
INVESTMENT COMPANIES – 1.1%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(1) (2)		3,955,863		3,956
Total Investment Companies
(Cost $3,956)				3,956

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  213 
EQUITY FUNDS

SCHEDULE OF INVESTMENTS
U.S. QUALITY ESG FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.1%
U.S. Treasury Bill, 5.22%, 10/26/23(3) (4)		$214		$214
Total Short-Term Investments
(Cost $214)				214
Total Investments – 100.0%
(Cost $299,298)				362,749
Other Assets less Liabilities – 0.0%				89
NET ASSETS – 100.0%				$362,838

⁽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, 2023 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:

S&P - Standard & Poor’s

Percentages shown are based on Net Assets.

At September 30, 2023, 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	19		$4,109	Long	12/23	$(10)

⁽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, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Common Stocks		98.8	%
Investment Companies		1.1	%
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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Common Stocks(1)	$	358,579			$ —		$ —	$	358,579
Investment Companies		3,956			—		—		3,956
Short-Term Investments		—			214		—		214
Total Investments	$	362,535			$214		$ —	$	362,749
OTHER FINANCIAL INSTRUMENTS
Liabilities
Futures Contracts	$	(10	)		$ —		$ —	$	(10	)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

EQUITY FUNDS  214 
NORTHERN FUNDS SEMIANNUAL REPORT

	EQUITY FUNDS
NOTES TO THE FINANCIAL STATEMENTS	SEPTEMBER 30, 2023 (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, 2023, 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. 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 of each Fund 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 last quoted sale price, or the official 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. 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 closing NAV. Shares of closed-end funds and exchange-traded funds are valued at their closing market price. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established each day 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.

The Board of Trustees (“Board”) has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, any securities for which market

NORTHERN FUNDS SEMIANNUAL REPORT  215 
EQUITY FUNDS

EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by NTI. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. NTI, 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 on behalf of 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 NTI 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 NTI to price a Fund’s 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 or to seek exposure to certain countries or currencies (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 futures contract position and investment strategy utilized during the six months ended September 30, 2023, 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
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, 2023, 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, Small Cap Core, Small Cap Index, Small Cap Value, Stock Index and U.S. Quality ESG Funds was approximately $75,000, $219,000, $105,000, $80,000, $45,000, $817,000, $732,000, $907,000, $428,000, $2,367,000, $11,614,000 and $214,000, respectively. At September 30, 2023, 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 $900,000, $789,000, $1,882,000, $141,000 and $3,302,000, 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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SEPTEMBER 30, 2023 (UNAUDITED)

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.

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 year-end. A Fund records the character of distributions received from the REITs during the year based on estimates available. A

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EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

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, 2023, were as follows:

Amounts in thousands	REDEMPTION FEES
Active M International Equity		$–	*
Emerging Markets Equity Index		–	*
Global Real Estate Index		–	*
Global Sustainability Index		1
International Equity		–	*
International Equity Index		1
Multi-Manager Global Listed Infrastructure		1

* Amounts round to less than $1,000.

Redemption fees for the fiscal year ended March 31, 2023, were as follows:

Amounts in thousands	REDEMPTION FEES
Emerging Markets Equity Index		$  1
Global Real Estate Index		1
Global Sustainability Index		7
International Equity		–*
International Equity Index		–*
Multi-Manager Global Listed Infrastructure		27

* 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, 2023, for the Active M Emerging Markets Equity, Multi-Manager Global Real Estate, and Northern Engage360^TM Funds, and for the fiscal year ended March 31, 2023, for the Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Real Estate, and Northern Engage360^TM 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
Stock Index	Quarterly
U.S. Quality ESG	Quarterly

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	EQUITY FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

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, 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, 2023, 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		$(1,512)			$ 1,247		$	265
Active M International Equity		76			(76	)		–
Emerging Markets Equity Index		(2,835	)		2,559			275
Global Real Estate Index		2,960			(2,960	)		–
Global Sustainability Index		(663	)		663			–
International Equity		166			(166	)		–
International Equity Index		(5,933	)		2,216			3,717
Large Cap Value		(190	)		190			–
Multi-Manager Global Listed Infrastructure		(83	)		83			–
Multi-Manager Global Real Estate		328			(382	)		53
Northern Engage360TM		290			(290	)		–
Small Cap Core		(33	)		33			–
Small Cap Index		(101	)		(63	)		164
Stock Index		–			(1,064	)		1,064

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.

For the period from November 1, 2022, through the fiscal year ended March 31, 2023, 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
Global Sustainability Index	$	10,192
Small Cap Index		6,788

Capital losses incurred that will be carried forward indefinitely are as follows:

Amounts in thousands	SHORT-TERM CAPITAL LOSS CARRYFORWARD		LONG-TERM   CAPITAL LOSS     CARRYFORWARD
Active M Emerging Markets Equity		$23,140		$          –
Emerging Markets Equity Index		49,446		321,488
Global Tactical Asset Allocation		908		1,388
International Equity		18,992		27,065
International Equity Index		13,434		602,473
Northern Engage360TM		17,855		2,561
U.S. Quality ESG		11,696		9,242

At November 30, 2022, the Global Real Estate Index Fund and Multi-Manager Global Real Estate Fund’s most recent tax year end, the non-expiring short-term capital losses were approximately $3,503,000 and $643,000, respectively, and for the Global Real Estate Index Fund long-term capital losses were approximately $126,106,000. The Funds may offset future capital gains with these capital loss carryforwards.

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EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

At March 31, 2023, 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		$    206		$      –		$    5,467
Active M International Equity		7,715		4,600		75,589
Emerging Markets Equity Index		17,663		–		303,793
Global Sustainability Index		8,959		–		278,339
Global Tactical Asset Allocation		274		–		(412)
Income Equity		109		2,335		38,843
International Equity		3,767		–		5,850
International Equity Index		42,165		–		1,273,581
Large Cap Core		104		3,687		76,849
Large Cap Value		1,033		–		2,197
Mid Cap Index		8,508		41,739		546,681
Northern Engage360TM		3,326		–		16,122
Small Cap Core		4,846		10,980		139,033
Small Cap Index		4,897		–		243,178
Small Cap Value		6,406		22,411		620,135
Stock Index		5,763		124,237		7,105,472
U.S. Quality ESG		135		–		49,675

* 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, 2022, 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		$     –		$        –		$146,307
Multi-Manager Global Listed Infrastructure		3,794		12,532		18,115
Multi-Manager Global Real Estate		363		–		(148	)

* 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, 2023, was as follows:

	DISTRIBUTIONS FROM
Amounts in thousands	ORDINARY INCOME*		LONG-TERM   CAPITAL GAINS
Active M Emerging Markets Equity		$   1,445		$           –
Active M International Equity		6,821		–
Emerging Markets Equity Index		31,842		–
Global Sustainability Index		20,558		4,583
Global Tactical Asset Allocation		3,244		4,242
Income Equity		3,036		4,992
International Equity		3,200		–
International Equity Index		110,518		–
Large Cap Core		4,345		7,220
Large Cap Value		1,998		2,798
Mid Cap Index		29,760		160,351
Northern Engage360TM		–		38,548
Small Cap Core		1,349		1,295
Small Cap Index		13,925		57,546
Small Cap Value		14,152		79,925
Stock Index		172,621		300,253
U.S. Quality ESG		5,527		8,279

* 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, 2022, was as follows:

	DISTRIBUTIONS FROM
Amounts in thousands	ORDINARY INCOME*		LONG-TERM   CAPITAL GAINS
Active M Emerging Markets Equity		$ 26,918		$   61,241
Active M International Equity		12,650		54,777
Emerging Markets Equity Index		63,000		–
Global Sustainability Index		21,028		46,004
Global Tactical Asset Allocation		2,949		3,287
Income Equity		5,331		16,400
International Equity		4,000		–
International Equity Index		179,350		–
Large Cap Core		15,244		24,926
Large Cap Value		3,869		1,428
Mid Cap Index		72,709		173,392
Northern Engage360TM		8,986		23,820
Small Cap Core		5,041		70,514
Small Cap Index		29,796		144,322
Small Cap Value		31,556		340,449
Stock Index		177,611		241,617

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	EQUITY FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

	DISTRIBUTIONS FROM
Amounts in thousands	ORDINARY INCOME*	LONG-TERM   CAPITAL GAINS
U.S. Quality ESG	$ 11,897	$ 15,406

* 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, 2022 and November 30, 2021 was designated for the purpose of the dividends paid deductions as follows:

	NOVEMBER 30, 2022 AND NOVEMBER 30, 2021 DISTRIBUTIONS FROM
Amounts in thousands	ORDINARY INCOME*		LONG-TERM CAPITAL GAINS		RETURN OF   CAPITAL
Global Real Estate Index (2022)		$29,218		$        –		$11,867
Global Real Estate Index (2021)		29,859		–		–
Multi-Manager Global Listed Infrastructure (2022)		38,851		69,703		–
Multi-Manager Global Listed Infrastructure (2021)		18,097		9,732		–
Multi-Manager Global Real Estate (2022)		4,400		1,507		–
Multi-Manager Global Real Estate (2021)		3,548		–		–

* Ordinary income includes taxable market discount income and short-term capital gains, if any.

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, as such, the information in this section is as of each Fund’s tax year end. The tax character of distributions paid for the period December 1, 2022 through March 31, 2023 will be determined at the end of its tax year ending November 30, 2023.

Above figures may differ from those cited elsewhere in this report due to differences in the timing and amounts determined in accordance with federal income tax regulations versus financial statement amounts determined in accordance with U.S. GAAP. The final tax character of the Funds’ distributions is reported on IRS Form 1099-DIV.

As of March 31, 2023, 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.

On a daily basis a Fund may hold a cash surplus. Maintaining cash positions may also subject the Funds to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

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, 2023.

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EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the six months ended September 30, 2023.

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, 2022, 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 Adjusted Term Secured Overnight Financing Rate (SOFR) (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations, and on maturity or termination of the Credit Facility.

During the six months ended September 30, 2023, 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	$      341	6.30%
International Equity	1,100	6.18
International Equity Index	1,100	6.05
Large Cap Core	1,050	6.42
Large Cap Value	100	6.26
Mid Cap Index	33,600	6.15
Small Cap Index	700	6.41

No other Funds had any borrowings or incurred any interest expense during the six months ended September 30, 2023. There were no outstanding loan amounts at September 30, 2023.

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).

With respect to the Global Sustainability Index, Small Cap Core, and U.S. Quality ESG Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding

amount set forth below, excluding (i) acquired fund fees and expenses; (ii) service fees; (iii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iv) expenses of third party consultants engaged by the Board of Trustees; (v) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (vi) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vii) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

With respect to the Emerging Markets Equity Index, International Equity Index, Mid Cap Index, Small Cap Index, and Stock Index Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses, including any acquired fund fees and expenses, of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding extraordinary expenses. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

For all other Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

With respect to each Fund that invests in a money market mutual fund managed by NTI that complies with Rule 2a-7 under the 1940 Act (an “Affiliated Money Market Fund”), NTI has contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee (defined as the Affiliated Money Market Fund’s contractual management fee less any contractual and voluntary fee waivers provided by the

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SEPTEMBER 30, 2023 (UNAUDITED)

Affiliated Money Market Fund) NTI earned on the amount invested by the Fund in the Affiliated Money Market Fund. The reimbursement will not apply to those Funds that do not charge a management fee as a result of contractual or voluntary fee waivers.

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, if any, is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations. The contractual expense reimbursement receivable at September 30, 2023 was approximately $3,000 for the Northern Engage360^TM Fund and is shown as part of Receivable from investment adviser in the Statements of Assets and Liabilities.

At September 30, 2023, 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		0.1400	%		0.1549	%
Global Real Estate Index		0.4000	%		0.4700	%
Global Sustainability Index		0.1800	%		0.2400	%
Global Tactical Asset Allocation		0.2300	%		0.2500	%
Income Equity		0.4600	%		0.4800	%
International Equity		0.4700	%		0.4900	%
International Equity Index		0.0900	%		0.1049	%
Large Cap Core		0.4400	%		0.4500	%
Large Cap Value		0.5300	%		0.5500	%
Mid Cap Index		0.0900	%		0.1049	%
Small Cap Core		0.4700	%		0.4900	%
Small Cap Index		0.0900	%		0.1049	%
Small Cap Value		0.9500	%		1.0000	%
Stock Index		0.0400	%		0.0549	%
U.S. Quality ESG		0.3700	%		0.3900	%

	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%
Multi-Manager Global Listed Infrastructure	0.90%	0.873%	0.847%	0.96%
Multi-Manager Global Real Estate	0.89%	0.863%	0.837%	0.91%

	CONTRACTUAL ANNUAL MANAGEMENT FEES			CONTRACTUAL   EXPENSE   LIMITATIONS
	FIRST $1 BILLION	NEXT  $1 BILLION	OVER  $2 BILLION
Northern Engage360TM	0.68%	0.660%	0.640%	0.70%

The contractual reimbursement arrangements described above may not be terminated before July 31, 2024 without the approval of the Board of Trustees. 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.

During the six months ended September 30, 2023, NTI voluntarily reimbursed a portion of the management fee for the Northern Engage360^TM Fund. This amount voluntarily reimbursed by NTI is shown as Less expenses voluntarily reimbursed by investment adviser in the Statements of Operations. The voluntary expense reimbursement receivable at September 30, 2023 was appoximately $27,000 and is shown as part of Receivable from investment adviser in the Statements of Assets and Liabilities. Amounts waived or reimbursed by the Investment Adviser pursuant to voluntary or contractual agreements may not be recouped by the Investment Adviser at any time in the future for prior fiscal years.

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 and Multi-Manager Global Real Estate 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 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, 2023, Axiom 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, 2023, 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.

NORTHERN FUNDS SEMIANNUAL REPORT  223 
EQUITY FUNDS

EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

As of September 30, 2023, First Sentier Investors (Australia) IM Ltd., Lazard Asset Management LLC and KBI Global Investors (North America), Ltd. are the Sub-Advisers for the Multi-Manager Global Listed Infrastructure Fund.

As of September 30, 2023, Janus Henderson Investors US LLC and Massachusetts Financial Services Company are the Sub-Advisers for the Multi-Manager Global Real Estate Fund.

During the six months ended September 30, 2023, Northern Engage360^™ Fund was managed by Sub-Advisers. As of September 30, 2023, Northern Engage360^™ Fund is not managed by Sub-Advisers.

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.

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 Northern Institutional Funds U.S. Government Portfolio (the “Portfolio”) 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, 2023, the Funds held an investment in the Northern Institutional Funds U.S. Government 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. Prior to August 1, 2023, 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. Effective August 1, 2023, NTI reimbursed each Fund the management fees payable to the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in an Affiliated Money Market Fund, as described in Note 5. 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, 2023, there were no Funds engaged in purchases and/or sales of securities from an affiliated entity.

NTI or the Sub-Advisers may, from time to time, effect trades on behalf of and for the account of the Funds with brokers or dealers that are affiliated with NTI, in conformity with Rule 17e-1 under the 1940 Act and SEC rules and regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged by other brokers or dealers in comparable transactions. For the six months ended September 30, 2023, Northern Engage360TM Fund paid Northern Trust Securities, Inc., an affiliate of NTI approximately $17,000 in brokerage commissions.

EQUITY FUNDS  224 
NORTHERN FUNDS SEMIANNUAL REPORT

	EQUITY FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

During the fiscal year ended March 31, 2023, the Active M Emerging Markets Equity, Emerging Markets Equity Index and Global Real Estate Index Funds received reimbursements from Northern Trust of less than $1,000 and approximately $5,000 and $10,000, respectively, in connection with errors. The reimbursements are included in Capital share transactions on the Statements of Changes in Net Assets. The cash contribution represents less than $0.01 per share and had no effect on each Fund’s 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 months ended September 30, 2023, the International Equity and International Equity Index Funds paid Northern Trust approximately $1,000 and $6,000, respectively. The Active M Emerging Markets Equity, Active M International Equity, Emerging Markets Equity Index, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate and Northern Engage360TM Funds each paid amounts to Northern Trust of less than $1,000. The Active M International Equity, Emerging Markets Equity Index, Global Real Estate Index, Global Sustainability Index, International Equity, International Equity Index and Multi-Manager Global Listed Infrastructure Funds received amounts from Northern Trust of approximately $3,000, $11,000, $19,000, $21,000, $7,000, $75,000 and $25,000, respectively. The Active M Emerging Markets Equity, Multi-Manager Global Real Estate and Northern Engage360TM Funds each 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.

7. INVESTMENT TRANSACTIONS

For the six months ended September 30, 2023, 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

$

–

$

59,453

$

–

$

100,028

Active M International Equity

–

75,613

–

104,749

Emerging Markets Equity Index

–

170,318

–

313,793

Global Real Estate Index

–

32,249

–

66,574

Global Sustainability Index

–

276,688

–

173,560

Global Tactical Asset Allocation

–

20,901

–

21,672

Income Equity

–

20,551

–

21,766

International Equity

–

37,274

–

31,957

PURCHASES

SALES

Amounts in thousands

U.S. GOVERNMENT

OTHER

U.S. GOVERNMENT

OTHER

International Equity Index

$

–

$

341,773

$

–

$

548,465

Large Cap Core

–

71,643

–

87,047

Large Cap Value

–

10,922

–

13,318

Mid Cap Index

–

192,465

–

376,026

Multi-Manager Global Listed Infrastructure

–

204,207

–

118,903

Multi-Manager Global Real Estate

–

25,136

–

25,622

Northern Engage360TM

–

8,432

–

237,414

Small Cap Core

–

51,717

–

58,884

Small Cap Index

–

95,860

–

241,560

Small Cap Value

–

251,792

–

320,932

Stock Index

–

156,782

–

547,322

U.S. Quality ESG

–

87,721

–

137,399

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, 2023, 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		$   10,101		$   (6,526)		$   3,575		$   125,679
Active M International Equity		72,035		(19,322)		52,713		380,555
Emerging Markets Equity Index		378,612		(142,864)		235,748		1,043,845
Global Real Estate Index		168,776		(114,907)		53,869		835,498
Global Sustainability Index		371,957		(62,806)		309,151		1,343,542

NORTHERN FUNDS SEMIANNUAL REPORT  225 
EQUITY FUNDS

EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

Amounts in   thousands	UNREALIZED APPRECIATION		UNREALIZED DEPRECIATION		NET APPRECIATION (DEPRECIATION)			COST BASIS OF  INVESTMENTS
Global Tactical Asset Allocation		$    4,537		$  (6,071)		$   (1,534	)		$   101,691
Income Equity		42,965		(5,151)		37,814			103,344
International Equity		10,068		(5,616)		4,452			119,214
International Equity Index		1,337,733		(210,069)		1,127,664			2,943,091
Large Cap Core		79,292		(5,015)		74,277			163,997
Large Cap Value		4,901		(3,640)		1,261			56,189
Mid Cap Index		598,639		(115,112)		483,527			1,309,995
Multi-Manager Global Listed Infrastructure		45,385		(146,770)		(101,385)			1,060,045

Amounts in   thousands	UNREALIZED APPRECIATION		UNREALIZED DEPRECIATION			NET APPRECIATION (DEPRECIATION)			COST BASIS OF  INVESTMENTS
Multi-Manager Global Real Estate		$    6,993		$ (13,888)			$   (6,895	)		$  118,278
Northern Engage360TM		–		(66	)		(66	)		4,311
Small Cap Core		160,343		(33,059	)		127,284			290,069
Small Cap Index		379,294		(151,586	)		227,708			780,289
Small Cap Value		576,765		(44,545	)		532,220			972,879
Stock Index		7,412,331		(113,234	)		7,299,097			3,616,795
U.S. Quality ESG		70,270		(9,968	)		60,302			302,437

8. CAPITAL SHARE TRANSACTIONS

Transactions in Shares class for the six months ended September 30, 2023, 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		1,427			$  19,083		–		$     –		(4,580	)		$	(61,794	)		(3,153	)		$	(42,711	)
Active M International Equity		716			8,367		–		–		(4,177	)			(48,602	)		(3,461	)			(40,235	)
Emerging Markets Equity Index		6,782			72,207		–		–		(25,187	)			(269,882	)		(18,405	)			(197,675	)
Global Real Estate Index		8,309			74,494		350		3,043		(12,787	)			(114,294	)		(4,128	)			(36,757	)
Global Tactical Asset Allocation		787			9,365		110		1,299		(965	)			(11,552	)		(68	)			(888	)
Income Equity		372			5,208		106		1,451		(550	)			(7,569	)		(72	)			(910	)
International Equity		1,153			11,055		–		–		(992	)			(9,547	)		161				1,508
International Equity Index		13,034			173,889		–		–		(34,674	)			(465,183	)		(21,640	)			(291,294	)
Large Cap Core		320			7,492		63		1,517		(1,033	)			(24,767	)		(650	)			(15,758	)
Large Cap Value		43			807		–		–		(173	)			(3,265	)		(130	)			(2,458	)
Mid Cap Index		4,629			91,472		–		–		(15,908	)			(311,845	)		(11,279	)			(220,373	)
Multi-Manager Global Listed Infrastructure		13,025			153,871		724		8,340		(7,066	)			(82,200	)		6,683				80,011
Multi-Manager Global Real Estate		705			7,097		61		588		(863	)			(8,607	)		(97	)			(922	)
Northern Engage360TM		–			41		638		6,123		(24,711	)			(236,977	)		(24,073	)			(230,813	)
Small Cap Index		3,016			36,921		–		–		(15,575	)			(194,263	)		(12,559	)			(157,342	)
Small Cap Value		4,633			85,626		–		–		(10,447	)			(192,946	)		(5,814	)			(107,320	)
Stock Index		10,928			503,893		414		19,164		(17,332	)			(793,044	)		(5,990	)			(269,987	)
Transactions in Shares class for the fiscal year ended March 31, 2023, 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		4,307		$	59,233		28		$  355		(11,772	)		$	(154,552	)		(7,437	)		$	(94,964	)
Active M International Equity		2,264			23,798		57		584		(11,079	)			(113,778	)		(8,758	)			(89,396	)

EQUITY FUNDS  226 
NORTHERN FUNDS SEMIANNUAL REPORT

	EQUITY FUNDS
SEPTEMBER 30, 2023 (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
Emerging Markets Equity Index		63,649		$672,010		550		$  5,581		(82,198	)		$ (862,964	)		(17,999	)		$(185,373	)
Global Real Estate Index		17,771		167,103		617		5,579		(35,502	)		(326,991	)		(17,114	)		(154,309	)
Global Tactical Asset Allocation		456		5,513		565		6,678		(1,843	)		(22,277	)		(822	)		(10,086	)
Income Equity		358		4,934		582		7,621		(1,404	)		(18,778	)		(464	)		(6,223	)
International Equity		3,411		29,755		179		1,555		(3,256	)		(28,154	)		334			3,156
International Equity Index		53,934		653,559		1,760		21,314		(73,873	)		(881,350	)		(18,179	)		(206,477	)
Large Cap Core		642		14,613		489		10,671		(1,733	)		(39,308	)		(602	)		(14,024	)
Large Cap Value		242		4,756		249		4,624		(502	)		(9,790	)		(11	)		(410	)
Mid Cap Index		12,058		239,064		8,280		154,003		(25,229	)		(506,930	)		(4,891	)		(113,863	)
Multi-Manager Global Listed Infrastructure		27,838		335,875		1,856		21,590		(31,866	)		(373,461	)		(2,172	)		(15,996	)
Multi-Manager Global Real Estate		699		7,581		117		1,150		(4,819	)		(49,726	)		(4,003	)		(40,995	)
Northern Engage360TM		102		936		4,132		37,812		(6,823	)		(75,087	)		(2,589	)		(36,339	)
Small Cap Index		11,100		138,237		4,720		55,315		(25,207	)		(315,561	)		(9,387	)		(122,009	)
Small Cap Value		10,657		202,425		5,110		92,187		(37,116	)		(711,649	)		(21,349	)		(417,037	)
Stock Index		22,464		963,025		7,124		295,053		(35,095	)		(1,524,094	)		(5,507	)		(266,016	)

Transactions in Class K shares for the six months ended September 30, 2023, 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		3,812		$71,913		–		$ –		(3,137	)		$(58,943)		675			$12,970
Small Cap Core		53		1,416		–		–		(475	)		(12,210)		(422	)		(10,794	)
U.S. Quality ESG		391		6,427		35		565		(3,715	)		(59,605)		(3,289	)		(52,613	)
Transactions in Class K shares for the fiscal year ended March 31, 2023, 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		10,815		$182,966		349		$5,855		(7,920	)		$(141,574)		3,244			$47,247
Small Cap Core		897		22,179		43		1,054		(1,513	)		(38,649)		(573	)		(15,416	)
U.S. Quality ESG		4,928		74,346		627		9,247		(8,937	)		(133,929)		(3,382	)		(50,336	)
Transactions in Class I shares for the six months ended September 30, 2023, 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		10,566		$196,702		–		$   –		(6,418	)		$(120,135)		4,148			$76,567
Small Cap Core		487		12,616		–		–		(740	)		(19,325)		(253	)		(6,709	)
U.S. Quality ESG		318		5,025		9		141		(130	)		(2,121)		197			3,045

NORTHERN FUNDS SEMIANNUAL REPORT  227 
EQUITY FUNDS

EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

Transactions in Class I shares for the fiscal year ended March 31, 2023, 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		17,772		$306,546		667		$11,197		(11,583	)		$(196,197)		6,856			$121,546
Small Cap Core		1,013		25,628		41		1,014		(1,570	)		(39,640)		(516	)		(12,998	)
U.S. Quality ESG		1,143		17,036		13		184		(93	)		(1,388)		1,063			15,832

9. INVESTMENTS IN AFFILIATES

Transactions in affiliated investments for the six months ended September 30, 2023, 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)		$ 3,597		$80,321		$80,266		$     –		$   –		$    123		$    3,652		3,651,861
Active M International Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		19,399		102,971		104,522		–		–		475		17,848		17,848,135
Emerging Markets Equity Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		47,001		150,592		173,046		–		–		863		24,547		24,547,190
Global Real Estate Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		8,972		99,047		101,416		–		–		366		6,603		6,603,483
Global Sustainability Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		21,567		142,303		140,826		–		–		685		23,044		23,044,434
	Northern Trust Corp.		955		108		41		(184)		(26)		18		812		11,678
	Total		$22,522		$142,411		$140,867		$  (184)		$   (26)		$  703		$  23,856		23,056,112
Global Tactical Asset Allocation	FlexShares® Credit-Scored U.S. Corporate Bond Index Fund		$  1,928		$   438		$     133		$   (48)		$   (19)		$   42		$   2,166		47,084
	FlexShares® Credit-Scored U.S. Long Corporate Bond Index Fund		205		7		102		23		(34)		3		99		2,478
	FlexShares® Developed Markets ex-U.S. Quality Low Volatility Index Fund		2,522		119		602		(28)		(48)		49		1,963		80,355
	FlexShares® Disciplined Duration MBS Index Fund		4,127		194		2,681		75		(147)		33		1,568		79,495
	FlexShares® Global Quality Real Estate Index Fund		2,026		229		115		(118)		(40)		37		1,982		40,513

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	EQUITY FUNDS
SEPTEMBER 30, 2023 (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
	FlexShares® High Yield Value-Scored Bond Index Fund		$ 9,063		$   3,029		$     984		$    (36)			$  (226	)		$  478		$  10,846		272,788
	FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund		5,175		2,506		418		(323	)		(67	)		146		6,873		299,625
	FlexShares® International Quality Dividend Index Fund		5,541		282		1,739		62			(188	)		154		3,958		185,847
	FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund		5,589		264		1,819		45			(140	)		90		3,939		62,974
	FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund		4,060		155		2,272		281			(278	)		41		1,946		40,575
	FlexShares® Morningstar Global Upstream Natural Resources Index Fund		5,802		2,003		566		(391	)		52			146		6,900		170,610
	FlexShares® Morningstar U.S. Market Factor Tilt Index Fund		10,582		997		1,880		560			(138	)		77		10,121		62,138
	FlexShares® Quality Dividend Index Fund		9,492		901		1,499		304			(55	)		113		9,143		163,904
	FlexShares® STOXX Global Broad Infrastructure Index Fund		2,044		159		104		(134	)		(6	)		35		1,959		40,441
	FlexShares® U.S. Quality Low Volatility Index Fund		7,603		387		2,632		98			(57	)		46		5,399		104,792
	FlexShares® Ultra-Short Income Fund		4,103		315		451		15			1			91		3,983		53,027
	Northern Institutional Funds - U.S. Government Portfolio (Shares)		142		25,475		23,937		–			–			14		1,680		1,680,252
	Total		$ 80,004		$ 37,460		$  41,934		$  385			$ (1,390	)		$1,595		$  74,525		3,386,898
Income Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$   1,520		$   5,724		$   5,226		$     –			$         –			$    33		$   2,018		2,018,024
International Equity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		1,249		9,712		10,563		–			–			22		398		397,670
International Equity Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		6,457		143,191		137,949		–			–			187		11,699		11,698,671

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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
Large Cap Core	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$   1,908		$  26,301		$  26,616		$      –			$      –			$    40		$    1,593		1,592,538
Large Cap Value	Northern Institutional Funds - U.S. Government Portfolio (Shares)		314		3,598		3,065		–			–			13		847		847,377
Mid Cap Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		30,202		168,196		181,536		–			–			459		16,862		16,862,018
Multi-Manager Global Listed Infrastructure	Northern Institutional Funds - U.S. Government Portfolio (Shares)		27,995		236,790		232,365		–			–			1,177		32,420		32,420,022
Multi-Manager Global Real Estate	Northern Institutional Funds - U.S. Government Portfolio (Shares)		4,738		23,858		23,980		–			–			118		4,616		4,615,522
Northern Engage360TM	Northern Institutional Funds - U.S. Government Portfolio (Shares)		9,496		367,943		373,194		–			–			412		4,245		4,244,901
Small Cap Core	Northern Institutional Funds - U.S. Government Portfolio (Shares)		20,078		34,008		41,729		–			–			370		12,357		12,357,073
Small Cap Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		3,475		54,435		55,288		–			–			103		2,622		2,622,350
Small Cap Value	Northern Institutional Funds - U.S. Government Portfolio (Shares)		75,543		137,735		181,073		–			–			1,260		32,205		32,205,496
Stock Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		85,432		597,319		473,519		–			–			2,018		209,232		209,231,506
	Northern Trust Corp.		5,580		–		304		(1,123	)		(34	)		91		4,119		59,287
	Total		$  91,012		$597,319		$473,823		$(1,123	)		$      (34	)		$2,109		$213,351		209,290,793
U.S. Quality ESG	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$    8,063		$  27,644		$  31,751		$         –			$          –			$      77		$    3,956		3,955,863

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.

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	EQUITY FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of September 30, 2023:

		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	$	(61)	*
Active M International Equity	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(190)	*
Emerging Markets Equity Index	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(956)	*
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		84	Unrealized depreciation on forward foreign currency exchange contracts		(19)
Global Real Estate Index	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(484)	*
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		91	Unrealized depreciation on forward foreign currency exchange contracts		(15)
Global Sustainability Index	Equity contracts	Net Assets - Net unrealized appreciation		7*	Net Assets - Net unrealized depreciation		(1,165)	*
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		23	Unrealized depreciation on forward foreign currency exchange contracts		(62)
Income Equity	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(89)	*
	Equity contracts				Outstanding options written, at value		(4)
International Equity	Equity contracts	Net Assets - Net unrealized appreciation		3*	Net Assets - Net unrealized depreciation		(37)	*
International Equity Index	Equity contracts	Net Assets - Net unrealized appreciation		91*	Net Assets - Net unrealized depreciation		(668)	*
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		55	Unrealized depreciation on forward foreign currency exchange contracts		(252)
Large Cap Core	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(64)	*
Large Cap Value	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(5)	*
Mid Cap Index	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(385)	*
Multi-Manager Global Listed Infrastructure	Equity contracts	Net Assets - Net unrealized appreciation		30*	Net Assets - Net unrealized depreciation		–
Small Cap Core	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(514)	*
Small Cap Index	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(33)	*
Small Cap Value	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(1,431)	*
Stock Index	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(1,340)	*
U.S. Quality ESG	Equity contracts	Net Assets - Net unrealized appreciation		–	Net Assets - Net unrealized depreciation		(10)	*

* Includes cumulative appreciation/depreciation on futures contracts as reported in the Schedule of Investments’ footnotes. Only the current

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EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

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, 2023, 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 Fund	BNP		$  1			$    –	*		$ –		$  1
	Citibank		39			–			–		39
	JPMorgan Chase		31			(1)			–		30
	Morgan Stanley		13			(13)			–		–
	Total		$84			$(14)			$ –		$70
Global Real Estate Index Fund	BNP		–	*		–	*		–		–
	Citibank		15			(1)			–		14
	JPMorgan Chase		6			(6)			–		–
	Morgan Stanley		7			(4)			–		3
	Toronto-Dominion Bank		41			–			–		41
	UBS		22			–			–		22
	Total		$91			$(11)			$ –		$80
Global Sustainability Index Fund	BNP		–	*		–			–		—*
	Citibank		2			(1)			–		1
	Goldman Sachs		2			–			–		2
	JPMorgan Chase		16			(16)			–		–
	Toronto-Dominion Bank		3			(3)			–		–
	UBS		–	*		–	*		–		–
	Total		$23			$(20)			$ –		$3
International Equity Index Fund	UBS		55			–			–		55
	Total		$55			$    –			$ –		$55
					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
Emerging Markets Equity Index Fund	BNP		$     –	*		$  –	*		$–		$  –
	JPMorgan Chase		(1)			1			–		–
	Morgan Stanley		(18)			13			–		(5)

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	EQUITY FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

					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
		Total		$  (19)		$ 14		$  —		$    (5)
Global Real Estate Index Fund	BNP			(4)		—*		—		(4)
	Citibank			(1)		1		—		—
	Goldman Sachs			—*		—		—		—*
	JPMorgan Chase			(6)		6		—		—
	Morgan Stanley			(4)		4		—		—
		Total		$  (15)		$ 11		$  —		$    (4)
Global Sustainability Index Fund	Citibank			(1)		1		—		—
	JPMorgan Chase			(39)		16		—		(23)
	Toronto-Dominion Bank			(22)		3		—		(19)
	UBS			—*		—*		—		—
		Total		$  (62)		$ 20		$  —		$  (42)
International Equity Index Fund	BNY Mellon			(28)		—		—		(28)
	Citibank			(5)		—		—		(5)
	Toronto-Dominion Bank			(219)		—		—		(219)
		Total		$(252)		$ —		$  —		$(252)

* Amount rounds to less than one thousand.

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, 2023:

		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	$	162
Active M International Equity	Equity contracts	Net realized gains (losses) on futures contracts		222
Emerging Markets Equity Index	Equity contracts	Net realized gains (losses) on futures contracts		2,636
	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		30
Global Real Estate Index	Equity contracts	Net realized gains (losses) on futures contracts		974
	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		50
Global Sustainability Index	Equity contracts	Net realized gains (losses) on futures contracts		3,108
	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		(38	)
Income Equity	Equity contracts	Net realized gains (losses) on futures contracts		151
	Equity contracts	Net realized gains (losses) on options written		54
International Equity	Equity contracts	Net realized gains (losses) on futures contracts		164
International Equity Index	Equity contracts	Net realized gains (losses) on futures contracts		2,732
	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		(212	)
Large Cap Core	Equity contracts	Net realized gains (losses) on futures contracts		101
Large Cap Value	Equity contracts	Net realized gains (losses) on futures contracts		26

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EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued

		AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE
Mid Cap Index	Equity contracts	Net realized gains (losses) on futures contracts		$     291
Multi-Manager Global Listed Infrastructure	Equity contracts	Net realized gains (losses) on futures contracts		880
Northern Engage360TM	Equity contracts	Net realized gains (losses) on futures contracts		193
Small Cap Core	Equity contracts	Net realized gains (losses) on futures contracts		413
Small Cap Index	Equity contracts	Net realized gains (losses) on futures contracts		(41	)
Small Cap Value	Equity contracts	Net realized gains (losses) on futures contracts		1,247
Stock Index	Equity contracts	Net realized gains (losses) on futures contracts		11,931
U.S. Quality ESG	Equity contracts	Net realized gains (losses) on futures contracts		224
		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		$    (135	)
Active M International Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(510	)
Emerging Markets Equity Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(3,185	)
	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		133
Global Real Estate Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(1,310	)
	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		157
Global Sustainability Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(2,572	)
	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(132	)
Income Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(160	)
	Equity contracts	Net change in unrealized appreciation (depreciation) on options written		20
International Equity	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(123	)
International Equity Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(1,483	)
	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		(638	)
Large Cap Core	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(132	)
Large Cap Value	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(14	)
Mid Cap Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(1,491	)
Multi-Manager Global Listed Infrastructure	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(692	)
Northern Engage360TM	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(183	)
Small Cap Core	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(803	)

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	EQUITY FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERIVATIVE CONTRACTS
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE
Small Cap Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		$ (262)
Small Cap Value	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(3,547)
Stock Index	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(6,551)
U.S. Quality ESG	Equity contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(197)

Volume of derivative activity for the six months ended September 30, 2023*:

	FOREIGN EXCHANGE CONTRACTS				EQUITY CONTRACTS
	NUMBER OF TRADES		AVERAGE NOTIONAL AMOUNT**		NUMBER OF TRADES		AVERAGE NOTIONAL AMOUNT**
Active M Emerging Markets Equity		–		$   –		57		$   522
Active M International Equity		–		–		25		1,518
Emerging Markets Equity Index		34		1,027		25		6,047
Global Real Estate Index		69		482		153		922
Global Sustainability Index		71		605		316		612
Income Equity		–		–		59		395
International Equity		–		–		81		226
International Equity Index		26		3,820		112		1,937
Large Cap Core		–		–		20		1,193
Large Cap Value		–		–		8		428
Mid Cap Index		–		–		28		3,934
Multi-Manager Global Listed Infrastructure		–		–		131		807
Northern Engage360TM		–		–		29		349
Small Cap Core		–		–		22		1,876
Small Cap Index		–		–		29		2,064
Small Cap Value		–		–		44		3,726
Stock Index		–		–		13		54,003
U.S. Quality ESG		–		–		30		893

* Activity for the period is measured by number of trades during the period and average notional amount for foreign currency exchange, 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

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

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EQUITY FUNDS

NOTES TO THE FINANCIAL STATEMENTS     continued SEPTEMBER 30, 2023 (UNAUDITED)

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 March 2021, the UK Financial Conduct Authority ("FCA") announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848 to December 31, 2024. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

14. EUROPEAN INSTABILITY

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to Russia’s invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian or other Eastern European investments, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or adjoining geographic regions. Funds that track an index (an Index Fund) may experience challenges liquidating positions in Russian securities that have been removed from its underlying index and/or sampling the underlying index to continue to seek the Index Fund’s respective investment goal. Such circumstances may lead to increased tracking error between an Index Fund’s performance and the performance of its respective underlying index.

15. 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 other than noted below.

Effective October 27, 2023, the Northern Engage360^TM Fund has ceased operations and is no longer available for sale. Accordingly, the Fund is no longer making a public offering of its shares.

EQUITY FUNDS  236 
NORTHERN FUNDS SEMIANNUAL REPORT

EQUITY FUNDS

FUND EXPENSES SEPTEMBER 30, 2023 (UNAUDITED)

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, 2023 through September 30, 2023.

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 4/1/2023 - 9/30/2023 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 218), 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 224),

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 4/1/2023		ENDING ACCOUNT VALUE 9/30/2023		EXPENSES  PAID*  4/1/2023-  9/30/2023
Actual	1.11%		$1,000.00		$   984.30	$5.52
Hypothetical (5% return before expenses)	1.11%		$1,000.00		$1,019.50	$5.62
ACTIVE M INTERNATIONAL EQUITY
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023		ENDING ACCOUNT VALUE 9/30/2023		EXPENSES  PAID*  4/1/2023-  9/30/2023
Actual	0.85%		$1,000.00		$   991.20	$4.24
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 4/1/2023		ENDING ACCOUNT VALUE 9/30/2023		EXPENSES  PAID*  4/1/2023-  9/30/2023
Actual	0.14%		$1,000.00		$   970.90	$0.69
Hypothetical (5% return before expenses)	0.14%		$1,000.00		$1,024.37	$0.71
GLOBAL REAL ESTATE INDEX
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023		ENDING ACCOUNT VALUE 9/30/2023		EXPENSES  PAID*  4/1/2023-  9/30/2023
Actual	0.47%		$1,000.00		$   951.50	$2.30
Hypothetical (5% return before expenses)	0.47%		$1,000.00		$1,022.71	$2.38

* 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, 2023. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2023 through September 30, 2023, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

NORTHERN FUNDS SEMIANNUAL REPORT  237 
EQUITY FUNDS

EQUITY FUNDS

FUND EXPENSES    (continued)

GLOBAL SUSTAINABILITY INDEX
	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID   4/1/2023-   9/30/2023
Class K
Actual	0.24%	$1,000.00	$1,034.00	$1.22
Hypothetical (5% return before expenses)	0.24%	$1,000.00	$1,023.87	$1.22
Class I
Actual	0.29%	$1,000.00	$1,034.10	$1.48
Hypothetical (5% return before expenses)	0.29%	$1,000.00	$1,023.61	$1.47
GLOBAL TACTICAL ASSET ALLOCATION
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.26%	$1,000.00	$   991.90	$1.30
Hypothetical (5% return before expenses)	0.26%	$1,000.00	$1,023.76	$1.32
INCOME EQUITY
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.49%	$1,000.00	$1,039.20	$2.50
Hypothetical (5% return before expenses)	0.49%	$1,000.00	$1,022.61	$2.48
INTERNATIONAL EQUITY
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.50%	$1,000.00	$1,001.10	$2.51
Hypothetical (5% return before expenses)	0.50%	$1,000.00	$1,022.56	$2.54
INTERNATIONAL EQUITY INDEX
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.10%	$1,000.00	$  981.70	$0.50
Hypothetical (5% return before expenses)	0.10%	$1,000.00	$1,024.57	$0.51

LARGE CAP CORE
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.45%	$1,000.00	$1,053.20	$2.32
Hypothetical (5% return before expenses)	0.45%	$1,000.00	$1,022.81	$2.28
LARGE CAP VALUE
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.57%	$1,000.00	$1,015.10	$2.88
Hypothetical (5% return before expenses)	0.57%	$1,000.00	$1,022.21	$2.89
MID CAP INDEX
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.10%	$1,000.00	$1,004.20	$0.50
Hypothetical (5% return before expenses)	0.10%	$1,000.00	$1,024.57	$0.51
MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.96%	$1,000.00	$   911.70	$4.60
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 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.92%	$1,000.00	$   940.50	$4.48
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, 2023. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2023 through September 30, 2023, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

EQUITY FUNDS  238 
NORTHERN FUNDS SEMIANNUAL REPORT

	EQUITY FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

NORTHERN ENGAGE360TM
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.68%	$1,000.00	$1,041.40	$3.48
Hypothetical (5% return before expenses)	0.68%	$1,000.00	$1,021.66	$3.45
SMALL CAP CORE
	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID   4/1/2023-   9/30/2023
Class K
Actual	0.49%	$1,000.00	$1,004.70	$2.46
Hypothetical (5% return before expenses)	0.49%	$1,000.00	$1,022.61	$2.48
Class I
Actual	0.59%	$1,000.00	$1,004.30	$2.96
Hypothetical (5% return before expenses)	0.59%	$1,000.00	$1,022.11	$2.99
SMALL CAP INDEX
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.05%	$1,000.00	$    997.50	$0.25
Hypothetical (5% return before expenses)	0.05%	$1,000.00	$1,024.82	$0.25
SMALL CAP VALUE
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	1.00%	$1,000.00	$   1,007.70	$5.03
Hypothetical (5% return before expenses)	1.00%	$1,000.00	$1,020.05	$5.06
STOCK INDEX
SHARES	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual	0.05%	$1,000.00	$   1,051.60	$0.26
Hypothetical (5% return before expenses)	0.05%	$1,000.00	$1,024.82	$0.25

U.S. QUALITY ESG
	EXPENSE RATIO	BEGINNING ACCOUNT VALUE 4/1/2023	ENDING ACCOUNT VALUE 9/30/2023	EXPENSES   PAID   4/1/2023-   9/30/2023
Class K
Actual	0.39%	$1,000.00	$   1,053.30	$2.01
Hypothetical (5% return before expenses)	0.39%	$1,000.00	$1,023.11	$1.98
Class I
Actual	0.49%	$1,000.00	$   1,053.10	$2.52
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, 2023. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2023 through September 30, 2023, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

NORTHERN FUNDS SEMIANNUAL REPORT  239 
EQUITY FUNDS

EQUITY FUNDS

APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS     

All Northern Funds Equity Funds, except Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, and Northern Engage360^TM Funds

At an in-person meeting held on May 17-18, 2023 (the “Annual Contract Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of Northern Funds (the “Trust”), including all of the Trustees who are not “interested persons” (the “Independent Trustees”), as defined in the Investment Company Act of 1940 (the “1940 Act”), voting separately, reviewed and approved the continuance for an additional one-year period of the investment management agreements (collectively, the “Management Agreement”) between Northern Trust Investments, Inc. (“Northern”) and the Trust, on behalf of each of the Global Tactical Asset Allocation Fund, Income Equity Fund, International Equity Fund, Large Cap Core Fund, Large Cap Value Fund, Small Cap Value Fund, Small Cap Core Fund, and U.S. Quality ESG Fund (each, and “actively managed Fund”); and Emerging Markets Equity Index Fund, Global Real Estate Index Fund, International Equity Index Fund, Mid Cap Index Fund, Small Cap Index Fund, Stock Index Fund and Global Sustainability Index Fund (each, an “index Fund” and, together with the actively managed Funds, each a “Fund” and collectively, the “Funds”).

In advance of and at the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Management Agreement, Northern and Northern’s affiliates. This information included written materials and verbal presentations at an in-person Board meeting held on March 1-2, 2023 (the “March Meeting”) and an executive session of the Independent Trustees held via videoconference on April 13, 2023 (the “April Meeting”). 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 asked questions of and requested additional information from Northern. 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 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 discussed with independent legal counsel Northern’s reports, presentations and other information that had been provided to them at the March and April Meetings and at the Annual Contract 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 Trustees reviewed and assessed, among other things, information relating to: (i) the nature, extent and quality of the services provided by Northern; (ii) the Funds’ investment performance over different time periods, including in comparison to the investment performance of a universe of comparable peer funds (“Performance Universe”) selected by an independent third-party provider of mutual fund data (“Data Provider”), and against the Funds’ respective benchmark indexes; (iii) the contractual management fee rates (before fee waivers and expense reimbursements), actual advisory fee rates (after fee waivers and expense reimbursements), and total expense ratios (after fee waivers and expense reimbursements) of the Funds, including in comparison to those borne by a group of comparable peer funds (“Expense Group”) selected by the Data Provider; (iv) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Funds; (v) the existence and sharing of potential economies of scale; (vi) any fall-out benefits to Northern and its affiliates as a result of Northern’s relationship with the Funds; and (vii) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern’s and its affiliates’ risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Funds, including Northern’s staffing for the Funds and the experience of the portfolio managers, credit research and other personnel, as well as Northern’s and its affiliates’ financial resources and Northern’s ability to attract and retain portfolio management talent; (iv) Northern’s and its affiliates’ investments in technology to benefit the Funds; (v) information about purchases and redemptions of each Fund’s shares; (vi) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (vii) the nature of the Funds’ shareholders.

The Trustees were provided with a description of the methodology used by the Data Provider to determine the similarity of the Funds with the funds included in their respective Performance Universes and Expense Groups. In considering the Management Agreement, the Trustees also considered 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. The Trustees considered the information provided to the Board about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

EQUITY FUNDS  240 
NORTHERN FUNDS SEMIANNUAL REPORT

	EQUITY FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

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 and its affiliates to the Funds, including both the investment advisory services, and separately the administrative and other non-advisory services. 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.

The Trustees considered, in evaluating whether to approve the Management Agreement, that subject to the supervision of the Board of Trustees, Northern is responsible for the management of the investment operations of each Fund and the composition of each Fund’s assets, including the day-to-day portfolio management of each Fund. The Trustees discussed that, under the Management Agreement, Northern was responsible for, among other things: (i) furnishing a continuous investment program for each Fund; (ii) determining what investments or securities will be purchased, retained or sold by each Fund, what portion of each Fund’s assets will be invested or held uninvested as cash; (iii) trading the assets of each Fund with broker-dealers selected by Northern, including using Northern’s best judgment to obtain the best overall terms available in executing Fund transactions; (iv) reviewing and preparing Fund regulatory documents; and (v) monitoring for anticipated purchases and redemptions of Fund shares.

The Trustees considered the strength of Northern’s and its affiliates’ risk management processes, including Northern’s and its affiliates’ significant commitments to address regulatory compliance requirements applicable to the Funds. They considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern’s and the Funds’ compliance programs. The Trustees noted that on a regular basis they received and reviewed information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act. They considered the quality of Northern’s compliance oversight program with respect to all of the Funds’ service providers, as well as Northern’s responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Funds, and the quality of Northern’s communications with, and services to, shareholders of the Funds. The Trustees reviewed the administrative services provided to the Funds by Northern and its affiliates, including its oversight of the Funds’ day-to-day custodial, transfer agency and fund accounting operations. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result

of regulatory, market and other developments, and considered Northern’s initiatives on behalf of the Funds to address those 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 and initiatives.

The Trustees considered the qualifications, background and responsibilities of Northern’s senior management and investment personnel. They 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 its investment approach with respect to the Funds. The Trustees also considered the strong financial position and stability of Northern Trust, the corporate parent of Northern and its affiliates.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Funds and their shareholders.

Performance

The Trustees considered the investment performance of each of the Funds, including whether it had operated within its respective investment objective, as well as its compliance with investment restrictions. For Funds that had been in existence for the applicable periods, the Trustees reviewed information on the Funds’ investment performance for one-, two-, three-, four-, five-and ten-years ended January 31, 2023, as well as performance for the month, quarter and year-to-date ended January 31, 2023. The Trustees compared the investment performance of each Fund to its respective Performance Universe. The Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees also reviewed the Funds’ performance relative to their respective benchmark indexes.

The Trustees considered the performance of each of the Funds against its respective Performance Universe for the one-, three-, five-, and ten-year periods (as applicable) ended January 31, 2023. The Trustees noted that the actively managed Funds were all in the top three quintiles for the one- and three-year periods and/or the one- and five-year periods, except for:

• Income Equity Fund, which was in the fifth quintile for the one-year period, and second quintile for the three- and five- year periods;

• International Equity Fund, which was in the fourth quintile for the one-year period, and third quintile for the three- and five-year periods; and

• Small Cap Value Fund, which was in the third quintile for the one-year period, and fifth quintile for the three- and five-year periods.

NORTHERN FUNDS SEMIANNUAL REPORT  241 
EQUITY FUNDS

EQUITY FUNDS

APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS     (continued)

The Trustees also considered that the actively managed Funds generally outperformed their respective benchmark indexes for the one-year period, but generally underperformed their benchmark indexes for the three- and five-year periods ended January 31, 2023, except:

• International Equity Fund, which underperformed its benchmark index for the one- and five-year periods and outperformed its benchmark index for the three-year period;

• Large Cap Core Fund, which outperformed its benchmark index for the one- and three-year periods, and underperformed in the five-year period; and

• Large Cap Value Fund, Small Cap Core Fund and US Quality ESG Fund, which outperformed their respective benchmark indexes for the one-, three- and five-year periods.

The Trustees noted that the index Funds were all in the top three quintiles for the one- and three-year periods and/or the one- and five-year periods, except:

• Global Real Estate Index Fund was in the third quintile for the one-year period and the fifth quintile for the three- and five-year periods.

• Global Sustainability Index Fund was in the fourth quintile for the one-year period and the second quintile for the three- and five-year periods.

• Small Cap Index Fund was in the fourth quintile for the one-, three- and five-year periods.

The Trustees considered Northern’s explanations of the Funds’ performance and reviewed the differences in investment parameters of certain Funds and their peers. They considered the Funds’ investment performance relative to the investor base that the Funds are intended to serve, and noted the potential impact on performance of the relative risk parameters of the Funds. In addition, the Trustees reviewed the consistency of Northern’s investment strategy for each Fund and processes to address performance issues, including changes implemented by Northern to resolve performance issues. The Trustees considered Northern’s explanations for the reasons for tracking differences of the index Funds and concluded that each of them was appropriately tracking its respective underlying index. The Trustees noted that Northern’s quarterly performance reviews had assisted them in evaluating performance issues with respect to any Funds that were underperforming.

The Trustees in particular considered Northern’s explanation that the Performance Universe prepared by the Data Provider for Small Cap Index Fund included both actively managed and index funds, and that actively managed small cap funds had generally outperformed small cap index funds during the relevant period, resulting in Small Cap Index Fund’s relatively lower performance versus peers. The Board further considered Northern’s statement

that Small Cap Index Fund’s tracking difference with its underlying index was in line with Northern’s expectations, and that Northern was satisfied that the Fund’s underlying index, the Russell 2000 Index, was representative of the small cap market.

The Trustees concluded that, based on the information received, each Fund’s performance was generally satisfactory, noting the resources that Northern dedicated to improving the Funds’ performance and monitoring any underperformance, as applicable.

Fee Rates, Costs of Services and Profitability

The Trustees evaluated each Fund’s contractual management fee rate (before fee waivers and expense reimbursements) and actual advisory fee rate (after fee waivers and expense reimbursements); each Fund’s total operating expense ratio; and Northern’s contractual commitments to limit total annual fund operating expenses with respect to each Fund. The Trustees considered that all of the Funds were sweeping uninvested cash daily into a Northern-affiliated money market portfolio and that Northern was in each case reimbursing back to the investing Fund or waiving, as the case may be, a portion of the management fee attributable to any assets invested in the applicable money market portfolio. In addition, the Trustees considered actions taken in past years to reduce Fund expenses.

The Trustees reviewed information on the contractual management fee rate paid by each Fund under the Management Agreement and each Fund’s total operating expense ratio compared to its respective Expense Group. The Trustees noted that the Management Agreement encompassed the provision of both advisory and administrative services by Northern and its affiliates, which may result in Northern’s actual advisory fee rate appearing to be higher when compared to certain Expense Group peers whose actual advisory fee rates do not encompass the provision of administrative services. The Trustees also considered each Fund’s respective peer retail share class within each Fund’s respective investment classification (“Objective Median”), as measured by the Data Provider, noting that the majority of the Funds only offer a single share class, whereas many of the competitors offered multiple share classes.

The Trustees considered that Northern had reimbursed expenses and/or waived fees for many of the Funds. The Trustees noted that the Funds’ total expense ratios (after fee waivers and expense reimbursements) were in the first or second quintile of their respective Expense Group. The Trustees noted Northern’s proposal to renew Small Cap Value Fund’s current expense cap, which was in the second quintile of its Expense Group. The Trustees noted that the Funds’ contractual management fee rates and actual advisory fee rates were in the first or second quintile of their respective Expense Group, except for the Small Cap Value Fund, whose contractual management fee rate and actual advisory

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fee rate were fourth quintile of its Expense Group, and Global Real Estate Index Fund, whose contractual management fee rate was in the third quintile of its Expense Group.

The Trustees considered the fees charged by Northern to other similarly managed, comparable private institutional accounts compared to the Funds. The Trustees considered the difference in, and level of complexity of, services provided by Northern to the private institutional accounts compared to the Funds, including (i) regulatory, operational and compliance differences; (ii) differences in board and committee support; and (iii) differences in management. These comparisons assisted the Trustees in evaluating the reasonableness of the management fee rates paid by the Funds compared to those charged to the private institutional accounts.

Upon further consideration and discussion of the foregoing, the Trustees concluded that the compensation payable by each Fund under the Management Agreement was fair and reasonable in light of the services provided.

The Trustees received information describing the Funds’ management fee rate structure. In addition, the Trustees considered the amount of assets in each 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 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, and the overall methodology has remained consistent with that used in the Funds’ profitability report presentations from prior years.

The Trustees discussed information provided by the Data Provider 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 and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern’s expense reimbursements during the year. They considered the nature of the Funds and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Funds.

Based upon its consideration of all these factors, the Trustees concluded that Northern’s profitability was not excessive in view of the nature, extent and quality of services provided to each Fund.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Funds grow and whether fee rate levels reflected these economies of scale for the benefit of shareholders. They considered Northern’s discussion of the Funds’ management fee rate structure and considered Northern’s view that the Funds were sharing in economies of scale through the level at which the Funds’ management fee rates are set and through Northern’s contractual expense reimbursements to limit total annual fund operating expenses for each Fund. The Trustees noted that many of the actively managed Funds had a quantitative active strategy. They agreed that breakpoints were not necessary for the Funds at this time based on their current management fee rates and contractual expense reimbursements. Based on the foregoing, the Trustees determined that the Funds’ current management fee rate structures were reasonable.

Fall Out and Other Benefits to Northern

The Trustees 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 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 considered the extent to which Northern benefited from receipt of research products and services generated by the Funds.

Conclusion

After deliberation and based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the compensation payable under the Management Agreement is fair and reasonable in light of the services provided and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuance of the Management Agreement on behalf of each Fund.

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APPROVAL OF MANAGEMENT AGREEMENT AND
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Northern Funds Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, and Northern Engage360^TM Funds

At an in-person meeting held on May 17-18, 2023 (the “Annual Contract Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of Northern Funds (the “Trust”), including all of the Trustees who are not “interested persons” (the “Independent Trustees”), as defined in the Investment Company Act of 1940 (the “1940 Act”), voting separately, reviewed and approved the continuance for an additional one-year period of (i) the investment management agreement (the “Multi-Manager Management Agreement”) between Northern Trust Investments, Inc. (“Northern”) and the Trust, on behalf of each of Active M Emerging Markets Equity, Active M International Equity, Multi-Manager Global Listed Infrastructure, Multi-Manager Global Real Estate, and Northern Engage360^TM Funds (each a “Multi-Manager Equity Fund” and collectively, the “Multi-Manager Equity Funds”); and (ii) the sub-advisory agreements (“Sub-Advisory Agreements”) between Northern and each sub-adviser to the Multi-Manager Equity Funds.

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, Northern, and Northern’s affiliates, and information relating to the Sub-Advisory Agreements and each sub-adviser. This information included written materials and verbal presentations at an in-person Board meeting held on March 1-2, 2023 (the “March Meeting”), and an executive session of the Independent Trustees held via videoconference on April 13, 2023 (the “April Meeting”). 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 asked questions of and requested additional information from Northern. 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 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 independent legal counsel Northern’s reports, presentations and other information that had been provided to them at the March and April Meetings and at the Annual Contract 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 Multi-Manager Management Agreement was an on-going one throughout the year.

The Trustees reviewed and assessed, among other things, information relating to: (i) the nature, extent and quality of the services provided by Northern; (ii) the Multi-Manager Equity Funds’ investment performance over different time periods, including in comparison to the investment performance of a universe of comparable peer funds (“Performance Universe”) selected by an independent third-party provider of mutual fund data (“Data Provider”), and against the Funds’ respective benchmark indexes; (iii) the contractual management fee rates (before fee waivers and expense reimbursements), actual advisory fee rates (after fee waivers and expense reimbursements), and total expense ratios (after fee waivers and expense reimbursements) of the Multi-Manager Equity Funds, including in comparison to those borne by a group of comparable peer funds (“Expense Group”) selected by the Data Provider; (iv) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Multi-Manager Equity Funds; (v) the existence and sharing of potential economies of scale; (vi) any fall-out benefits to Northern and its affiliates as a result of Northern’s relationship with the Multi-Manager Equity Funds; and (vii) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern’s and its affiliates’ risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Multi-Manager Equity Funds, including Northern’s staffing for the Multi-Manager Equity Funds and the experience of the portfolio managers and other personnel, as well as Northern’s and its affiliates’ financial resources and Northern’s ability to attract and retain portfolio management talent; (iv) Northern’s and its affiliates’ investments in technology to benefit the Multi-Manager Equity Funds; (v) information about purchases and redemptions of each Multi-Manager Equity Fund’s shares; (vi) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (vii) the nature of the Multi-Manager Equity Funds’ shareholders.

The Trustees were provided with a description of the methodology used by the Data Provider to determine the similarity of the Multi-Manager Equity Funds with the funds included in their respective Performance Universes and Expense Groups. In considering the Multi-Manager Management Agreement, the Trustees also considered 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 Equity 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. The Trustees considered the information provided to them about the Multi-Manager Equity Funds together and with respect to each Multi-Manager Equity Fund separately as the Board deemed appropriate.

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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 and its affiliates to the Multi-Manager Equity Funds, including both the investment advisory services, and separately the administrative and other non-advisory services. These services include acting as the Multi-Manager Equity Funds’ administrator and sub-administrator, custodian and transfer agent and providing other services necessary for the operation of the Multi-Manager Equity 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 each manage a discrete portion of the Multi-Manager Equity Funds’ assets. They considered that Northern provided overall general investment management services to the Multi-Manager Equity Funds and had the ultimate responsibility to oversee the sub-advisers, including to recommend their hiring, termination and replacement, subject to the Trustees’ approval. The Trustees discussed that Northern was responsible for, among other things: (i) selecting each Multi-Manager Equity Fund’s investment strategies; (ii) allocating and reallocating assets among the sub-advisers consistent with each Multi-Manager Equity 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 Equity Fund’s investment objectives, policies and restrictions. The Trustees noted that Northern also managed the cash portion of each Multi-Manager Equity Fund, in addition to providing the foregoing services.

In addition, the Trustees considered that Northern selects the sub-advisers to manage the Multi-Manager Equity 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 Equity 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 strategy with the other sub-advisers managing assets of the same Multi-Manager Equity Fund. The Trustees considered that the prospectuses for the Multi-Manager Equity 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 Equity Fund. The Trustees considered that at the time of the Annual Contract Meeting, Northern supervised a significant number of sub-advisers. The Trustees considered Northern’s expertise in managing multi-manager strategies and its investments in the multi-manager business.

The Trustees considered the strength of Northern’s and its affiliates’ risk management processes, including significant commitments to address regulatory compliance requirements applicable to the Multi-Manager Equity Funds. 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 considered information regarding the effectiveness and resources of the compliance and operational due diligence teams, including maintaining and monitoring Northern’s and the Multi-Manager Equity Funds’ compliance programs. The Trustees noted that on a regular basis they received and reviewed information from the Trust’s Chief Compliance Officer (“CCO”) regarding the Multi-Manager Equity Funds’ compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act. They considered the quality of Northern’s compliance oversight program with respect to all of the Multi-Manager Equity Funds’ service providers as well as Northern’s responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Multi-Manager Equity Funds, and the quality of Northern’s communications with, and services to, shareholders of the Multi-Manager Equity Funds. The Trustees reviewed the administrative services provided to the Multi-Manager Equity Funds by Northern and its affiliates, including its oversight of the Multi-Manager Equity Funds’ day-to-day custodial, transfer agency and fund account operations. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result of regulatory, market and other developments, and considered Northern’s initiatives on behalf of the Multi-Manager Equity Funds to address those developments. In this regard, the Trustees also noted Northern’s initiatives undertaken in the past few years with respect to the Multi-Manager Equity Funds and their shareholders, including to address additional regulatory and reporting requirements and initiatives.

The Trustees considered the qualifications, background, and responsibilities of Northern’s senior management and investment personnel. They 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 its investment approach with respect to the Multi-Manager Equity Funds. The Trustees considered the strong financial position and stability of Northern Trust, the corporate parent of Northern and its affiliates.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Multi-Manager Equity Funds and their shareholders.

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APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS   (continued)

Performance

The Trustees considered the investment performance of each of the Multi-Manager Equity Funds, including whether it had operated within its respective investment objective. For Multi-Manager Equity Funds that had been in existence for the applicable periods, the Trustees received information on the Multi-Manager Equity Funds’ investment performance for the one, two, three, four, five and ten- year periods ended January 31, 2023, as well as performance for the month, quarter, and year-to-date ended January 31, 2023. The Trustees compared the investment performance of each Multi-Manager Equity Fund to its respective Performance Universe. The Multi-Manager Equity Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees also reviewed the Funds’ performance relative to their respective benchmark indexes.

The Trustees considered the performance of each of the Multi-Manager Equity Funds against their respective Performance Universe for the one-, three- and five- year periods ended January 31, 2023. The Trustees noted that:

• Active M Emerging Markets Equity Fund performed in the third quintile for the one- and three-year periods and fourth quintile for the five- year period;

• Active M International Equity Fund performed in the first quintile for the one-, three- and five-year periods;

• Multi-Manager Global Real Estate Fund performed in the third quintile for one-year period and second quintile for the three- and five-year periods;

• Multi-Manager Global Listed Infrastructure Fund performed in the second quintile for the one-year period, fourth quintile for the three-year period, and fifth quintile for the five-year period; and

• Northern Engage360^TM Fund performed in the third quintile for the one-year period and fourth quintile for the three- and five-year periods.

The Trustees considered the performance of the Multi-Manager Equity Funds against their respective benchmark indexes for the one-, three- and five-year periods ended January 31, 2023. The Trustees noted that:

• Active M Emerging Markets Equity Fund underperformed its benchmark index for the one-, three- and five-year periods;

• Active M International Equity Fund underperformed its benchmark index for the one-year period and outperformed its benchmark index for the three- and five-year periods;

• Multi-Manager Global Real Estate Fund outperformed its benchmark index for the one-, three-, and five-year periods;

• Multi-Manager Global Listed Infrastructure Fund underperformed its benchmark index for the one- and five-year periods and outperformed its benchmark index for the three-year period; and

• Northern Engage360^TM Fund outperformed its benchmark index for the one-year period and underperformed its benchmark index for the three- and five-year periods.

The Trustees considered Northern’s explanations of the Multi-Manager Equity Funds’ performance. They considered Northern’s continual monitoring of sub-advisers and their performance during the year, which included due diligence meetings. The Trustees considered material changes that have been taken to resolve performance issues. The Trustees noted that Northern’s quarterly performance reviews had assisted them in evaluating performance issues with respect to any Multi-Manager Equity Funds that were underperforming. In particular, for Active M Emerging Markets Equity Fund, the Board considered Northern’s explanation that the Fund had underperformed for the one-year period due to an underweight in China combined with weak stock selection, and Northern’s commitment to renew the Fund’s current annual expense limitation.

The Trustees concluded that, based on the information received, the Multi-Manager Equity Funds’ performance was satisfactory, noting the resources that Northern dedicated to improving the Multi-Manager Equity Funds’ performance.

Fee Rates, Costs of Services and Profitability

The Trustees evaluated each Multi-Manager Equity Funds’ contractual management fee rates (before fee waivers and expense reimbursements) and actual advisory fee rate (after fee waivers and expense reimbursements); each Multi-Manager Equity Funds’ total operating expense ratio; and Northern’s contractual commitments to limit total annual fund operating expenses with respect to each Multi-Manager Equity Fund. The Trustees considered that all of the Multi-Manager Equity Funds were sweeping uninvested cash daily into a Northern-affiliated money market portfolio and that Northern was in each case reimbursing back to the investing Multi-Manager Equity Fund or waiving, as the case may be, a portion of the management fee rate attributable to any assets invested in the applicable money market portfolio. In addition, the Trustees considered actions taken in past years to reduce Multi-Manager Equity Funds expenses.

The Trustees reviewed information on the contractual management fee rate paid by each Multi-Manager Equity Fund under the Multi-Manager Management Agreement and each Multi-Manager Equity Funds’ total operating expense ratio compared to each Multi-Manager Equity Funds’ respective Expense Group. The Trustees noted that the Management Agreement encompassed the provision of both advisory and administrative services by Northern and its affiliates, which may result in Northern’s actual advisory fee rate appearing to be higher

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when compared to certain Expense Group peers whose actual advisory fee rates do not encompass any administrative services. The Trustees also considered each Multi-Manager Fund’s respective peer retail share class within each Fund’s respective investment classification (“Objective Median”), as measured by the Data Provider, noting that the metric was useful because the majority of the Multi-Manager Funds’ only offer a single share class structure, whereas many of the competitors offer multiple share classes. The Trustees considered that Northern had reimbursed expenses and/or waived fees for many of the Funds.

The Multi-Manager Equity Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees noted that the total expense ratios (after fee waivers and expense reimbursements) for all of the Multi-Manager Equity Funds were in the first or second quintile of their respective Expense Group, except the Multi-Manager Global Listed Infrastructure Fund, which was in the third quintile of its Expense Group. The Trustees noted that the contractual management fee rate for Active M International Equity Fund was in the second quintile of its Expense Group; Northern Engage360TM Fund was in the third quintile of its Expense Group; and Active M Emerging Markets Equity Fund, Multi-Manager Global Listed Infrastructure Fund and Multi-Manager Global Real Estate Fund were in the fourth quintile of their respective Expense Group. The Trustees further noted that the actual advisory fee rate for Active M Emerging Markets Equity Fund and Northern Engage360TM Fund were in the third quintile of their respective Expense Group; Active M International Equity Fund and Multi-Manager Global Real Estate Fund were in the fourth quintile of their respective Expense Group; and Multi-Manager Global Listed Infrastructure Fund was in the fifth quintile of its Expense Group.

The Trustees considered the fees charged by Northern to other similarly managed, comparable private institutional accounts to the fees charged for the Multi-Manager Equity Funds. The Trustees considered the difference in, and level of complexity of, services provided by Northern to the private institutional accounts compared to the Multi-Manager Equity Funds, including (i) regulatory, operational and compliance differences; (ii) differences in board and committee support; and (iii) differences in management. These comparisons assisted the Trustees in evaluating the reasonableness of the management fee rates paid by the Funds compared to those charged to the private institutional accounts.

Upon further consideration and discussion of the foregoing, the Trustees concluded that the compensation payable by each Fund under the Management Agreement was fair and reasonable in light of the services provided.

The Trustees received information describing the Multi-Manager Equity Funds’ management fee rate 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 considered that each of the Multi-Manager Equity Funds utilized multiple sub-advisers. In addition, the Trustees considered the amount of assets in each Multi-Manager Equity 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 Trust basis, both before and after distribution and certain non-distribution costs. The Trustees 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 Equity Funds’ exemptive order. The Trustees considered Northern’s assumptions and methodology for allocating costs to each Multi-Manager Equity Fund, recognizing that cost allocation methodologies are inherently subjective and not audited, and the overall methodology has remained consistent with that used in the Multi-Manager Equity Funds’ profitability report presentations from prior years.

The Trustees discussed information provided by the Data Provider 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 and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern’s expense reimbursements during the year. They considered the nature of the Multi-Manager Equity Funds and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Multi-Manager Equity Funds.

Based upon its consideration of all these factors, the Trustees concluded that Northern’s profitability was not excessive in view of the nature, extent and quality of services provided to each Multi-Manager Equity Fund.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Multi-Manager Equity Funds grow and whether fee rate levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee rates for all of the Multi-Manager Equity Funds have breakpoints, thus ensuring that as a Multi-Manager Equity Fund’s assets grew it would be assessed a reduced management fee rate. They considered management’s discussion of the Multi-Manager Equity Funds’ management fee rate structures and considered Northern’s view that the Multi-Manager Equity Funds were sharing in economies of scale through the level at which the Funds’ management fee rates are set and through Northern’s contractual expense reimbursements that limit the expenses for the Funds to specific levels.

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APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS     (continued)

Based on the foregoing, the Trustees determined that each Multi-Manager Equity Funds’ current management fee rate structure was reasonable.

Fall Out and Other Benefits to Northern

The Trustees reviewed other benefits accruing to Northern and its affiliates as a result of their relationship with the Multi-Manger Equity Funds. Those benefits included fees received by the affiliates for transfer agency, custodial and sub-administrative functions. The Trustees considered that many of the Multi-Manager Equity Funds’ shareholders had other client relationships with Northern’s affiliates. In addition, the Trustees considered that the scale of some of the Multi-Manager Equity 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 considered the benefits from many of the sub-advisory fee structures where the fee is based on assets managed by the sub-adviser for the Multi-Manager Equity Funds and Northern’s other discretionary clients.

Conclusion

After deliberation and based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the compensation payable under the Multi-Manager Management Agreement is fair and reasonable in light of the services provided and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuance of the Multi-Manager Management Agreement on behalf of each Multi-Manager Equity Fund.

Sub-Advisory Agreements

The Trustees considered the Sub-Advisory Agreements for the Multi-Manager Equity 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 Equity Fund; (vi) information with respect to each sub-adviser’s risk management and cybersecurity programs, 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 Equity 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 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 Equity Fund. The Trustees 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 Equity Funds.

Fees, Expenses and Performance

The Trustees considered that the sub-advisers were each paid sub-advisory fees by Northern out of Northern’s management fees and not by the Multi-Manager Equity Funds. The Trustees 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 management fees and fees paid to the sub-adviser by its other accounts with similar strategies, if any. Finally, the Trustees 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 Equity Fund, they did not consider the sub-advisers’ projected profitability, which they did not consider particularly relevant given that Northern pays the sub-advisers out of its own management fees and thus 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

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respect to each Fund’s applicable performance benchmark index. It was noted that each sub-adviser had a different style, and that these styles would outperform or underperform in various markets.

In particular, the Trustees noted that for the Active M Emerging Markets Equity Fund, Axiom Investors, LLC (“Axiom”) valuations for growth stocks corrected sharply over the course of the year, which negatively impacted Axiom’s more growth-oriented portfolio. Further, the Trustees noted that Axiom underperformed the benchmark index for the one-year period and outperformed the benchmark index for the three-, five- and sub-adviser inception periods. The Trustees also noted for the Active M Emerging Markets Equity Fund that Ashmore Investment Management Limited’s (“Ashmore”) macro-orientation underperformed for the one-year and since sub-adviser inception period, primarily driven by exposure to stock selections in certain countries; however, Ashmore outperformed their benchmark index in the first quarter of 2023.

For the Active M International Equity Fund, the Trustees considered that WCM Investment Management, LLC’s (“WCM”) underperformance for the calendar year 2022 was due to a market conditions, as growth significantly underperformed value, and stock selection. The Trustees noted that WCM had strong performance in the first quarter of 2023 and outperformed the benchmark index for the three-, five-, and sub-adviser inception periods. The Trustees also noted for the Active M International Equity Fund that Polen Capital Management (“Polen”) underperformed the Fund’s benchmark index for the one-year and sub-adviser inception periods. The Trustees noted that Polen’s underperformance in 2022 was largely driven by interest rate movements, which negatively impacted valuations for growth stocks across the strategy; that inflation-sensitive and cyclically oriented sectors, where Polen was underexposed, were relative outperformers during the year; and that holdings in certain sectors also contributed to underperformance. The Trustees noted that Polen had strong performance in the first quarter of 2023.

For the Multi-Manager Global Listed Infrastructure Fund, the Trustees noted that First Sentier Investors (Australia) IM Ltd.’s (“First Sentier”) underperformed the benchmark index for the one-year period and outperformed the benchmark index for the sub-adviser inception period. The Trustees noted that First Sentier’s underperformance for the calendar year 2022 was largely driven in the first quarter due to exposure to the oil and gas pipelines sector and rail and towers. Additionally, the Trustees noted that for the Multi-Manager Global Listed Infrastructure Fund, KBI Global Investors (North America), Ltd. (“KBI”) underperformed the benchmark index for the one-year and sub-adviser inception periods. The Trustees noted that the KBI is focused on growth-oriented areas of infrastructure, such as clean energy, which tend to trade at higher multiples, and that the Federal Reserve’s more restrictive monetary policy negatively impacted that area of the market. The Trustees also considered the impact of Russia’s invasion of Ukraine on energy and commodity

prices, and on European stocks generally, which led to dramatic divergence between KBI and the Multi-Manager Global Listed Infrastructure Fund’s benchmark index. The Trustees considered that despite KBI’s allocation to energy infrastructure, which was the top performing segment of the infrastructure market in the first half of 2022, and KBI’s heavy investments in European utilities, which are more sustainably focused, KBI’s performance was within expectations given the Multi-Manager Global Listed Infrastructure Fund’s strategy’s profile and the market environment. The Trustees also noted that for the Multi-Manager Global Listed Infrastructure Fund, Lazard Asset Management LLC’s (“Lazard”) underperformed the one-year period but outperformed the three-, five-, and sub-adviser inceptions periods. The Trustees noted that Lazard’s underperformance for the year was primarily due to its sector allocations and that an underweight position in oil and gas pipelines and an overweight position to rail, toll roads and gas utilities detracted in the period. The Trustees considered that Northern noted that Lazard outperformed in the first quarter of 2023.

For the Northern Engage360^TM Fund, the Trustees noted that Boston Common Asset Management (“Boston Common”) underperformed the benchmark index for the one-year and sub-adviser inception periods. The Trustees considered that Boston Common’s international strategy is a quality, growth at a reasonable price approach, which returned less than the value stocks that were in favor for 2022. The Trustees noted that Boston Common increased its allocation to value stocks during the year, largely by allocating more assets to financials, and outperformed in the first quarter of 2023.

The Trustees concluded, based upon the information provided, that most of the sub-advisers’ performance records were generally satisfactory, and where there had been ongoing sub-adviser underperformance, 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 Equity 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 Equity Funds at the management fee rate level, including Northern’s contractual expense limitations for the Multi-Manager Equity Funds.

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 Equity Funds. These benefits included, in certain cases, research and other benefits in connection with brokerage

NORTHERN FUNDS SEMIANNUAL REPORT  249 
EQUITY FUNDS

EQUITY FUNDS

APPROVAL OF MANAGEMENT AGREEMENT AND
SUB-ADVISORY AGREEMENTS   (continued) SEPTEMBER 30, 2023 (UNAUDITED)

commissions paid by the Multi-Manager Equity 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 considered the other relationships that certain of the sub-advisers had with Northern, including sub-advisory and/or custodial relationships.

Conclusion

Based on the Trustees’ deliberations and the recommendations by Northern, the Trustees concluded that the fees paid to each sub-adviser on a Fund-by-Fund basis were fair and reasonable in light of the services provided by each of them and that the sub-advisory agreements with respect to each Multi-Manager Equity Fund should be reapproved for an additional one-year period.

EQUITY FUNDS  250 
NORTHERN FUNDS SEMIANNUAL REPORT

EQUITY FUNDS

THIS PAGE INTENTIONALLY LEFT BLANK

NORTHERN FUNDS SEMIANNUAL REPORT  251 
EQUITY FUNDS

EQUITY FUNDS

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.

EQUITY FUNDS  252 
NORTHERN FUNDS SEMIANNUAL REPORT

	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
38	SCHEDULES OF INVESTMENTS
38	ARIZONA TAX-EXEMPT FUND (Ticker Symbol: NOAZX)
42	BOND INDEX FUND (Ticker Symbol: NOBOX)
123	CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NCITX)
130	CALIFORNIA TAX-EXEMPT FUND (Ticker Symbol: NCATX)
137	CORE BOND FUND (Ticker Symbol: NOCBX)
151	FIXED INCOME FUND (Ticker Symbol: NOFIX)
166	HIGH YIELD FIXED INCOME FUND (Ticker Symbol: NHFIX)
181	HIGH YIELD MUNICIPAL FUND (Ticker Symbol: NHYMX)
196	INTERMEDIATE TAX-EXEMPT FUND (Ticker Symbol: NOITX)
214	LIMITED TERM TAX-EXEMPT FUND (Ticker Symbol: NSITX)
225	LIMITED TERM U.S. GOVERNMENT FUND (Ticker Symbol: NSIUX)
227	MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND (Ticker Symbol: NMEDX)
242	MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND (Ticker Symbol: NMHYX)
281	SHORT BOND FUND (Ticker Symbol: BSBAX)
290	TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND (Ticker Symbol: NTAUX)
308	TAX-EXEMPT FUND (Ticker Symbol: NOTEX)
323	ULTRA-SHORT FIXED INCOME FUND (Ticker Symbols: Shares: NUSFX, Siebert Williams Shank Shares: SWSFX)
332	U.S. GOVERNMENT FUND (Ticker Symbol: NOUGX)
334	U.S. GOVERNMENT MONEY MARKET FUND (Ticker Symbol: NOGXX)
337	U.S. GOVERNMENT SELECT MONEY MARKET FUND (Ticker Symbol: NOSXX)
340	U.S. TREASURY INDEX FUND (Ticker Symbol: BTIAX)
344	NOTES TO THE FINANCIAL STATEMENTS
364	FUND EXPENSES
367	APPROVAL OF MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENTS
380	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		$63,623			$2,207,418			$233,231			$139,116			$93,551
Investments in affiliates, at value		523			27,208			11,253			9,328			1,145
Cash		—			—			—			—			4
Foreign currencies, at value		—			—			—			—			—
Interest income receivable		719			16,238			2,744			1,623			606
Dividend income receivable		8			173			56			57			19
Receivable for foreign tax reclaims		—			—			—			—			14
Receivable for securities sold		1,236			21,297			3,890			—			—
Receivable for variation margin on futures contracts		—			—			—			—			4
Receivable for fund shares sold		1			3,026			30			—			8
Receivable from investment adviser		2			18			4			4			2
Prepaid and other assets		8			8			9			10			5
Total Assets		66,120			2,275,386			251,217			150,138			95,358
LIABILITIES:
Payable for securities purchased		—			12,984			—			—			93
Payable for when-issued securities		—			26,817			—			—			—
Payable for variation margin on futures contracts		—			—			—			—			13
Payable for fund shares redeemed		285			807			181			450			3
Distributions payable to shareholders		56			1,942			172			121			95
Payable to affiliates:
Management fees		5			22			18			11			6
Custody fees		1			6			3			1			1
Shareholder servicing fees		9			—			11			10			1
Transfer agent fees		2			73			8			5			3
Accrued Trustee fees		4			10			4			4			4
Accrued other liabilities		24			44			25			24			26
Total Liabilities		386			42,705			422			626			245
Net Assets		$65,734			$2,232,681			$250,795			$149,512			$95,113
ANALYSIS OF NET ASSETS:
Capital stock		$81,969			$2,663,869			$296,700			$170,464			$130,374
Distributable loss		(16,235	)		(431,188	)		(45,905	)		(20,952	)		(35,261	)
Net Assets		$65,734			$2,232,681			$250,795			$149,512			$95,113
Net Assets:
Shares		$65,734			$2,232,681			$250,795			$149,512			$95,113
Total Shares Outstanding ($.001 par value, unlimited authorization):
Shares		7,128			254,227			26,554			14,950			11,169
Net Asset Value, Redemption and Offering Price Per Share:
Shares		$9.22			$8.78			$9.44			$10.00			$8.52
Investments, at cost		$72,507			$2,532,782			$262,004			$154,789			$105,545
Investments in affiliates, at cost		523			27,208			11,253			9,328			1,145
Foreign currencies, at cost		—			—			—			—			—

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  2 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

FIXED INCOME FUND			HIGH YIELD   FIXED INCOME FUND			HIGH YIELD   MUNICIPAL   FUND			INTERMEDIATE   TAX-EXEMPT FUND			LIMITED TERM   TAX-EXEMPT   FUND			LIMITED TERM   U.S. GOVERNMENT   FUND
	$376,282			$2,349,652			$302,296			$1,293,134			$463,498			$41,349
	5,080			59,342			1,807			27,627			18,895			133
	20			243			30			4			—			—
	—			165			—			—			—			—
	2,868			43,491			4,875			16,363			5,813			271
	29			242			77			149			65			30
	8			—			—			—			—			—
	199			494			4,065			10,797			—			—
	5			—			—			—			—			—
	1,004			1,875			129			2,108			1			52
	6			24			6			16			6			1
	4			18			4			11			15			3
	385,505			2,455,546			313,289			1,350,209			488,293			41,839
	293			5,171			990			—			—			—
	—			19,409			—			—			—			—
	10			—			—			—			—			—
	186			511			168			1,458			2,385			—
	393			4,100			373			973			259			29
	27			230			29			96			35			3
	5			47			6			17			5			1
	10			44			6			34			11			1
	13			82			11			44			16			1
	14			19			4			13			4			8
	26			50			28			36			26			23
	977			29,663			1,615			2,671			2,741			66
	$384,528			$2,425,883			$311,674			$1,347,538			$485,552			$41,773
	$508,058			$3,538,417			$466,920			$1,588,104			$524,969			$50,730
	(123,530	)		(1,112,534	)		(155,246	)		(240,566	)		(39,417	)		(8,957	)
	$384,528			$2,425,883			$311,674			$1,347,538			$485,552			$41,773
	384,528			2,425,883			311,674			1,347,538			485,552			41,773
	45,237			425,340			44,910			143,251			50,253			4,603
	8.50			5.70			6.94			9.41			9.66			9.08
	$425,785			$2,663,960			$379,342			$1,428,020			$486,506			$43,062
	5,080			59,342			1,807			27,627			18,895			133
	—			170			—			—			—			—

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	MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND			MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND			SHORT BOND FUND			TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND			TAX-EXEMPT FUND
ASSETS:
Investments, at value		$113,625			$194,467			$299,528			$2,164,205			$709,180
Investments in affiliates, at value		7,175			8,723			975			220,783			17,805
Repurchase agreements, at cost, which approximates value		—			—			—			—			—
Cash		89			—			—			14			—
Cash held at broker		—			27	(1)		—			—			—
Foreign currencies, at value		646			32			—			—			—
Due from broker (Note 2)		120			42			—			—			—
Interest income receivable		2,027			3,623			2,370			17,492			9,495
Dividend income receivable		57			33			6			982			102
Receivable for capital gains tax		1			—			—			—			—
Receivable for foreign tax reclaims		55			—			—			—			—
Receivable for securities sold		1,159			534			11,057			—			—
Receivable for variation margin on futures contracts		—			3			26			—			—
Receivable for fund shares sold		—			1			6			3,524			3,861
Receivable from investment adviser		4			4			3			44			10
Unrealized appreciation on forward foreign currency exchange contracts		36			4			—			—			—
Prepaid and other assets		3			12			3			19			9
Total Assets		124,997			207,505			313,974			2,407,063			740,462
LIABILITIES:
Cash overdraft		—			63			—			—			—
Unrealized depreciation on forward foreign currency exchange contracts		4			—			—			—			—
Payable for securities purchased		1,786			1,345			11,525			8,641			—
Payable for when-issued securities		235			845			—			33,975			—
Payable for variation margin on futures contracts		—			5			29			—			—
Payable for fund shares redeemed		2,500			213			401			1,018			1,038
Distributions payable to shareholders		—			—			244			1,856			658
Unfunded loan commitments (Note 2)		—			4			—			—			—
Due to broker (Note 2)		—			5			—			—			—
Payable to affiliates:
Management fees		17			22			19			88			53
Custody fees		—			—			4			26			9
Shareholder servicing fees		—			1			2			9			20
Transfer agent fees		4			7			10			74			24
Accrued Trustee fees		2			2			4			8			7
Securities sold short, at value (proceeds $(91))		—			91			—			—			—
Accrued other liabilities		31			19			29			49			27
Total Liabilities		4,579			2,622			12,267			45,744			1,836
Net Assets		$120,418			$204,883			$301,707			$2,361,319			$738,626
ANALYSIS OF NET ASSETS:
Capital stock		$167,598			$283,010			$337,497			$2,426,856			$949,684
Distributable loss		(47,180	)		(78,127	)		(35,790	)		(65,537	)		(211,058	)
Net Assets		$120,418			$204,883			$301,707			$2,361,319			$738,626
Net Assets:
Shares		$120,418			$204,883			$301,707			$2,361,319			$738,626
Siebert Williams Shank Shares		—			—			—			—			—
Total Shares Outstanding ($.001 par value, unlimited authorization):
Shares		17,393			25,402			16,967			235,181			80,740
Siebert Williams Shank Shares		—			—			—			—			—
Net Asset Value, Redemption and Offering Price Per Share:
Shares		$6.92			$8.07			$17.78			$10.04			$9.15
Siebert Williams Shank Shares		—			—			—			—			—
Investments, at cost		$128,032			$208,496			$309,718			$2,196,992			$802,209
Investments in affiliates, at cost		7,175			8,723			975			220,783			17,805
Foreign currencies, at cost		683			32			—			—			—

⁽¹⁾  Includes restricted cash held at broker of $27.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  4 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (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
	$1,920,238			$43,882			$3,719,084			$771,689			$70,669
	52,174			121			—			—			81
	—			—			16,089,300			2,877,100			—
	28			—			47,631			35,160			—
	—			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—
	13,174			306			51,562			10,450			507
	313			1			—			—			—
	—			—			—			—			—
	—			—			—			—			—
	—			—			146,384			25,238			1,395
	—			—			—			—			—
	47			2			150			12			100
	23			1			29			7			1
	—			—			—			—			—
	24			5			80			27			3
	1,986,021			44,318			20,054,220			3,719,683			72,756
	—			—			—			—			—
	—			—			—			—			—
	—			—			130,000			25,000			1,480
	—			—			30,000			5,000			—
	—			—			—			—			—
	848			—			—			—			64
	2,232			30			83,318			15,767			44
	—			—			—			—			—
	—			—			—			—			—
	81			3			1,084			202			2
	26			1			68			1			—
	33			—			—			—			—
	72			1			317			60			2
	4			3			33			19			4
	—			—			—			—			—
	51			23			151			44			26
	3,347			61			244,971			46,093			1,622
	$1,982,674			$44,257			$19,809,249			$3,673,590			$71,134
	$2,037,077			$50,893			$19,809,321			$3,673,622			$85,018
	(54,403	)		(6,636	)		(72	)		(32	)		(13,884	)
	$1,982,674			$44,257			$19,809,249			$3,673,590			$71,134
	1,951,159			44,257			19,809,249			3,673,590			71,134
	31,515			—			—			—			—
	192,673			5,166			19,809,308			3,673,661			3,832
	3,112			—			—			—			—
	10.13			8.57			1.00			1.00			18.56
	10.13			—			—			—			—
	$1,948,484			$46,091			$3,719,084			$771,689			$81,672
	52,174			121			—			—			81
	—			—			—			—			—

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)		$1,355			$35,015	(1)		$3,861			$2,519
Dividend income from investments in affiliates		42			1,047			285			252
Total Investment Income		1,397			36,062			4,146			2,771
EXPENSES:
Management fees		160			668			573			340
Custody fees		4			100			11			7
Transfer agent fees		14			429			51			30
Blue sky fees		7			12			4			5
Printing fees		3			20			5			4
Audit fee		10			17			10			10
Legal fees		8			14			8			8
Shareholder servicing fees		29			21			28			25
Trustee fees		4			11			4			3
Other		5			18			5			5
Total Expenses		244			1,310			699			437
Less expenses reimbursed by investment adviser		(71	)		(520	)		(94	)		(76	)
Net Expenses		173			790			605			361
Net Investment Income		1,224			35,272			3,541			2,410
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments		(869	)		(16,160	)		(3,864	)		(1,035	)
Futures contracts		—			—			—			—
Net changes in unrealized appreciation (depreciation) on:
Investments		(3,014	)		(112,359	)		(8,014	)		(6,789	)
Futures contracts		—			—			—			—
Foreign currency translations		—			—			—			—
Net Gains (Losses)		(3,883	)		(128,519	)		(11,878	)		(7,824	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$(2,659	)		$(93,247	)		$(8,337	)		$(5,414	)

⁽¹⁾  Net of $2 in foreign witholding taxes.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  6 
NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (UNAUDITED)

CORE BOND FUND			FIXED     INCOME     FUND			HIGH YIELD     FIXED INCOME FUND			HIGH YIELD     MUNICIPAL FUND			INTERMEDIATE     TAX-EXEMPT FUND			LIMITED TERM     TAX-EXEMPT     FUND			LIMITED TERM     U.S. GOVERNMENT     FUND
	$2,057			$8,765			$96,159			$9,138			$23,538			$6,244			$777
	56			181			1,338			364			893			287			7
	2,113			8,946			97,497			9,502			24,431			6,531			784
	202			949			7,870			1,019			3,155			1,125			90
	9			23			122			16			56			20			4
	20			85			522			70			282			101			9
	9			10			13			10			13			12			9
	4			7			27			6			16			7			3
	10			10			21			10			14			10			10
	8			8			19			8			11			8			8
	2			21			115			14			82			32			2
	4			4			18			4			7			4			4
	5			6			19			5			12			5			4
	273			1,123			8,746			1,162			3,648			1,324			143
	(55	)		(125	)		(579	)		(101	)		(335	)		(141	)		(43	)
	218			998			8,167			1,061			3,313			1,183			100
	1,895			7,948			89,330			8,441			21,118			5,348			684
	(2,039	)		(10,550	)		(68,714	)		(16,905	)		(17,934	)		(1,644	)		(193	)
	71			(19	)		—			—			—			—			—
	(4,672	)		(14,353	)		53,880			(3,492	)		(47,084	)		(11,772	)		(879	)
	291			116			—			—			—			—			—
	—			—			(1	)		—			—			—			—
	(6,349	)		(24,806	)		(14,835	)		(20,397	)		(65,018	)		(13,416	)		(1,072	)
	$(4,454	)		$(16,858	)		$74,495			$(11,956	)		$(43,900	)		$(8,068	)		$(388	)

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	MULTI-MANAGER   EMERGING MARKETS   DEBT OPPORTUNITY FUND			MULTI-MANAGER HIGH YIELD   OPPORTUNITY FUND			SHORT   BOND FUND			TAX-ADVANTAGED   ULTRA-SHORT FIXED INCOME FUND
INVESTMENT INCOME:
Interest Income (Note 6)		$3,098	(2)		$7,815			$5,410			$30,138
Dividend income		—			1,220			—			—
Dividend income from investments in affiliates		165			189			111			2,943
Income from affiliates (Note 6)		—			—			—			—
Total Investment Income		3,263			9,224			5,521			33,081
EXPENSES:
Management fees		395			813			624			2,570
Custody fees		23			19			15			85
Transfer agent fees		18			41			63			435
Blue sky fees		12			8			10			14
Printing fees		3			5			6			23
Audit fee		10			29			10			19
Legal fees		8			8			8			16
Shareholder servicing fees		—			3			1			17
Trustee fees		3			3			4			14
Other		6			5			5			16
Total Expenses		478			934			746			3,209
Less expenses reimbursed by investment adviser		(64	)		(95	)		(84	)		(366	)
Net Expenses		414			839			662			2,843
Net Investment Income		2,849			8,385			4,859			30,238
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments		(2,076	)(3)		(2,704	)		(3,332	)		(659	)
Credit default swap agreements		—			16			—			—
Futures contracts		—			(222	)		(398	)		—
Foreign currency transactions		(89	)		—			—			—
Forward foreign currency exchange contracts		53			16			—			—
Net changes in unrealized appreciation (depreciation) on:
Investments		(1,693	)		(749	)		447			7,964
Credit default swap agreements		—			(13	)		—			—
Futures contracts		—			109			(135	)		—
Foreign currency translations		(33	)		—			—			—
Forward foreign currency exchange contracts		61			4			—			—
Net Gains (Losses)		(3,777	)		(3,543	)		(3,418	)		7,305
Net Increase (Decrease) in Net Assets Resulting from Operations		$(928	)		$4,842			$1,441			$37,543

⁽²⁾  Net of $25 and $2 in foreign withholding taxes, respectively.

⁽³⁾  Net of foreign capital gains tax paid of $1.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  8 
NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023 (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
	$14,567		$45,863	(2)		$740			$509,284			$101,451			$988
	—		—			—			—			—			—
	509		1,753			14			—			—			9
	—		—			—			777			826			—
	15,076		47,616			754			510,061			102,277			997
	1,642		2,640			90			32,417			6,500			51
	30		88			3			657			128			4
	147		447			9			1,867			374			15
	10		16			8			12			11			9
	9		22			3			87			18			4
	11		20			10			67			20			10
	9		17			8			64			17			8
	57		48			—			—			—			—
	4		14			4			73			14			4
	7		15			5			68			17			5
	1,926		3,327			140			35,312			7,099			110
	(202)		(405	)		(41	)		(821	)		(184	)		(45	)
	1,724		2,922			99			34,491			6,915			65
	13,352		44,694			655			475,570			95,362			932
	(20,961)		(2,731	)		(231	)		28			(15	)		(1,402	)
	—		—			—			—			—			—
	—		—			—			—			—			—
	—		—			—			—			—			—
	—		—			—			—			—			—
	(20,003)		26,167			(1,373	)		—			—			(3,080	)
	—		—			—			—			—			—
			—			—			—			—			—
	—		—			—			—			—			—
	—		—			—			—			—			—
	(40,964)		23,436			(1,604	)		28			(15	)		(4,482	)
	$(27,612)		$68,130			$(949	)		$475,598			$ 95,347			$(3,550	)

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 CALIFORNIA FUND
Amounts in thousands	SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
OPERATIONS:
Net investment income (Note 6)		$1,224			$2,913			$35,272			$57,956			$3,541			$8,395
Net realized gains (losses)		(869	)		(4,034	)		(16,160	)		(83,367	)		(3,864	)		(12,591	)
Net change in unrealized appreciation (depreciation)		(3,014	)		(1,754	)		(112,359	)		(108,548	)		(8,014	)		(4,330	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,659	)		(2,875	)		(93,247	)		(133,959	)		(8,337	)		(8,526	)
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Shares transactions		(8,060	)		(58,635	)		180,986			(302,187	)		(10,761	)		(193,041	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(8,060	)		(58,635	)		180,986			(302,187	)		(10,761	)		(193,041	)
DISTRIBUTIONS TO SHARES SHAREHOLDERS:
Distributable earnings		(1,225	)		(2,913	)		(36,255	)		(60,367	)		(3,544	)		(8,406	)
Total Distributions to Shares Shareholders		(1,225	)		(2,913	)		(36,255	)		(60,367	)		(3,544	)		(8,406	)
Total Increase (Decrease) in Net Assets		(11,944	)		(64,423	)		51,484			(496,513	)		(22,642	)		(209,973	)
NET ASSETS:
Beginning of period		77,678			142,101			2,181,197			2,677,710			273,437			483,410
End of period	$	65,734		$	77,678		$	2,232,681		$	2,181,197		$	250,795		$	273,437

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  10 
NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023, (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2023

CALIFORNIA TAX-EXEMPT FUND						CORE BOND FUND						FIXED INCOME FUND						HIGH YIELD FIXED INCOME FUND
SEP 30,            2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
	$2,410			$4,554			$1,895			$4,057			$7,948			$17,651			$89,330			$210,914
	(1,035	)		(3,634	)		(1,968	)		(15,757	)		(10,569	)		(52,062	)		(68,714	)		(171,251	)
	(6,789	)		(4,001	)		(4,381	)		2,106			(14,237	)		(2,000	)		53,879			(216,752	)
	(5,414	)		(3,081	)		(4,454	)		(9,594	)		(16,858	)		(36,411	)		74,495			(177,089	)
	(5,055	)		(29,878	)		(10,697	)		(63,093	)		(72,183	)		(160,041	)		(403,641	)		(638,313	)
	(5,055	)		(29,878	)		(10,697	)		(63,093	)		(72,183	)		(160,041	)		(403,641	)		(638,313	)
	(2,411	)		(4,558	)		(1,942	)		(4,219	)		(8,306	)		(18,414	)		(91,326	)		(217,378	)
	(2,411	)		(4,558	)		(1,942	)		(4,219	)		(8,306	)		(18,414	)		(91,326	)		(217,378	)
	(12,880	)		(37,517	)		(17,093	)		(76,906	)		(97,347	)		(214,866	)		(420,472	)		(1,032,780	)
	162,392			199,909			112,206			189,112			481,875			696,741			2,846,355			3,879,135
	$149,512			$162,392			$95,113			$112,206			$384,528			$481,875			$2,425,883			$2,846,355

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						LIMITED TERM TAX-EXEMPT FUND
Amounts in thousands	SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
OPERATIONS:
Net investment income (Note 6)		$8,441			$23,931			$21,118			$51,588			$5,348			$10,244
Net realized gains (losses)		(16,905	)		(56,331	)		(17,934	)		(77,495	)		(1,644	)		(11,425	)
Net change in unrealized appreciation (depreciation)		(3,492	)		(32,110	)		(47,084	)		(11,464	)		(11,772	)		10,191
Net Increase (Decrease) in Net Assets Resulting from Operations		(11,956	)		(64,510	)		(43,900	)		(37,371	)		(8,068	)		9,010
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Shares transactions		(53,367	)		(299,304	)		(123,187	)		(1,059,928	)		(57,258	)		(169,066	)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(53,367	)		(299,304	)		(123,187	)		(1,059,928	)		(57,258	)		(169,066	)
DISTRIBUTIONS TO SHARES SHAREHOLDERS:
Distributable earnings		(8,442	)		(23,932	)		(21,127	)		(52,067	)		(5,348	)		(10,258	)
Total Distributions to Shares Shareholders		(8,442	)		(23,932	)		(21,127	)		(52,067	)		(5,348	)		(10,258	)
Total Increase (Decrease) in Net Assets		(73,765	)		(387,746	)		(188,214	)		(1,149,366	)		(70,674	)		(170,314	)
NET ASSETS:
Beginning of period		385,439			773,185			1,535,752			2,685,118			556,226			726,540
End of period		$311,674			$385,439			$1,347,538			$1,535,752			$485,552			$556,226

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  12 
NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023, (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2023

LIMITED TERM U.S. GOVERNMENT FUND						MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND						MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND						SHORT BOND FUND
SEP 30,       2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
	$684			$1,144			$2,849			$4,558			$8,385			$11,295			$4,859			$7,185
	(193	)		(1,966	)		(2,112	)		(19,621	)		(2,894	)		(13,157	)		(3,730	)		(10,902	)
	(879	)		600			(1,665	)		8,602			(649	)		(3,558	)		312			3,038
	(388	)		(222	)		(928	)		(6,461	)		4,842			(5,420	)		1,441			(679	)
	(11,627	)		7,868			39,461			(2,181	)		(6,193	)		50,744			(34,442	)		(77,541	)
	(11,627	)		7,868			39,461			(2,181	)		(6,193	)		50,744			(34,442	)		(77,541	)
	(685	)		(1,148	)		(2,745	)		(1,582	)		(8,502	)		(11,421	)		(5,017	)		(7,470	)
	(685	)		(1,148	)		(2,745	)		(1,582	)		(8,502	)		(11,421	)		(5,017	)		(7,470	)
	(12,700	)		6,498			35,788			(10,224	)		(9,853	)		33,903			(38,018	)		(85,690	)
	54,473			47,975			84,630			94,854			214,736			180,833			339,725			425,415
	$41,773			$54,473			$120,418			$84,630			$204,883			$214,736			$301,707			$339,725

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, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
OPERATIONS:
Net investment income (Note 6)		$30,238			$45,531			$13,352			$35,863			$44,694			$63,134
Net realized gains (losses)		(659	)		(26,934	)		(20,961	)		(90,008	)		(2,731	)		(16,958	)
Net change in unrealized appreciation (depreciation)		7,964			16,613			(20,003	)		(3,751	)		26,167			(751	)
Net Increase (Decrease) in Net Assets Resulting from Operations		37,543			35,210			(27,612	)		(57,896	)		68,130			45,425
CAPITAL SHARE TRANSACTIONS:
Net increase (decrease) in net assets resulting from Shares transactions		(25,840	)		(1,603,675	)		(9,403	)		(778,369	)		(443,647	)		(788,218	)
Net increase in net assets resulting from Siebert Williams Shank Shares transactions		—			—			—			—			526			30,459
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		(25,840	)		(1,603,675	)		(9,403	)		(778,369	)		(443,121	)		(757,759	)
DISTRIBUTIONS TO SHARES SHAREHOLDERS:
Distributable earnings		(30,251	)		(45,535	)		(13,356	)		(35,875	)		(44,893	)		(63,582	)
Total Distributions to Shares Shareholders		(30,251	)		(45,535	)		(13,356	)		(35,875	)		(44,893	)		(63,582	)
DISTRIBUTIONS TO SIEBERT WILLIAMS SHANK SHARES SHAREHOLDERS:
Distributable earnings		—			—			—			—			(613	)		(494	)
Total Distributions to Siebert Williams Shank Shares Shareholders		—			—			—			—			(613	)		(494	)
Total Increase (Decrease) in Net Assets		(18,548	)		(1,614,000	)		(50,371	)		(872,140	)		(420,497	)		(776,410	)
NET ASSETS:
Beginning of period		2,379,867			3,993,867			788,997			1,661,137			2,403,171			3,179,581
End of period		$2,361,319			$2,379,867			$738,626			$788,997			$1,982,674			$2,403,171

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  14 
NORTHERN FUNDS SEMIANNUAL REPORT

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2023, (UNAUDITED)

OR THE FISCAL YEAR ENDED MARCH 31, 2023

U.S. GOVERNMENT FUND						U.S. GOVERNMENT MONEY MARKET FUND						U.S. GOVERNMENT SELECT MONEY MARKET FUND						U.S. TREASURY INDEX FUND
SEP 30,       2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023			SEP 30, 2023			MAR 31, 2023
	$655			$1,020			$475,570			$404,273			$95,362			$77,569			$932			$1,492
	(231	)		(2,426	)		28			3			(15	)		3			(1,402	)		(1,263	)
	(1,373	)		650			—			—			—			—			(3,080	)		(4,302	)
	(949	)		(756	)		475,598			404,276			95,347			77,572			(3,550	)		(4,073	)
	(2,890	)		6,236			1,224,646			(1,628,734	)		163,627			(217,291	)		(5,529	)		(408	)
	—			—			—			—			—			—			—			—
	(2,890	)		6,236			1,224,646			(1,628,734	)		163,627			(217,291	)		(5,529	)		(408	)
	(655	)		(1,021	)		(475,570	)		(404,410	)		(95,362	)		(77,642	)		(932	)		(1,491	)
	(655	)		(1,021	)		(475,570	)		(404,410	)		(95,362	)		(77,642	)		(932	)		(1,491	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(4,494	)		4,459			1,224,674			(1,628,868	)		163,612			(217,361	)		(10,011	)		(5,972	)
	48,751			44,292			18,584,575			20,213,443			3,509,978			3,727,339			81,145			87,117
	$44,257			$48,751			$19,809,249			$18,584,575			$3,673,590			$3,509,978			$71,134			$81,145

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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.74			$10.13			$10.86			$10.77			$10.65			$10.43
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.16			0.30			0.23			0.25			0.28			0.31
Net realized and unrealized gains (losses)		(0.52	)		(0.39	)		(0.73	)		0.09			0.12			0.22
Total from Investment Operations		(0.36	)		(0.09	)		(0.50	)		0.34			0.40			0.53
LESS DISTRIBUTIONS PAID:
From net investment income		(0.16	)		(0.30	)		(0.23	)		(0.25	)		(0.28	)		(0.31	)
Total Distributions Paid		(0.16	)		(0.30	)		(0.23	)		(0.25	)		(0.28	)		(0.31	)
Net Asset Value, End of Period		$9.22			$9.74			$10.13			$10.86			$10.77			$10.65
Total Return(1)		(3.75	)%		(0.82	)%		(4.74	)%		3.19	%		3.86	%		5.15	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$65,734			$77,678			$142,101			$168,504			$135,533			$118,657
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits(3)		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.47	%
Expenses, before reimbursements and credits		0.65	%		0.62	%		0.60	%		0.58	%		0.60	%		0.60	%
Net investment income, net of reimbursements and credits(3)		3.29	%		3.03	%		2.09	%		2.29	%		2.56	%		3.03	%
Net investment income, before reimbursements and credits		3.10	%		2.87	%		1.95	%		2.17	%		2.42	%		2.90	%
Portfolio Turnover Rate		1.95	%		16.84	%		32.67	%		17.20	%		63.33	%		52.94	%

⁽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, $5,000, $500, $5,000, $10,000 and $9,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.31			$10.04			$10.75			$11.05			$10.45			$10.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.14			0.24			0.19			0.22			0.28			0.28
Net realized and unrealized gains (losses)		(0.52	)		(0.72	)		(0.63	)		(0.17	)		0.65			0.15
Total from Investment Operations		(0.38	)		(0.48	)		(0.44	)		0.05			0.93			0.43
LESS DISTRIBUTIONS PAID:
From net investment income		(0.15	)		(0.25	)		(0.22	)		(0.25	)		(0.30	)		(0.29	)
From net realized gains		—			—			(0.05	)		(0.10	)		(0.03	)		—
Total Distributions Paid		(0.15	)		(0.25	)		(0.27	)		(0.35	)		(0.33	)		(0.29	)
Net Asset Value, End of Period		$8.78			$9.31			$10.04			$10.75			$11.05			$10.45
Total Return(1)		(4.13	)%		(4.77	)%		(4.22	)%		0.36	%		9.01	%		4.33	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$2,232,681			$2,181,197			$2,677,710			$3,252,218			$2,936,072			$3,020,198
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.07	%		0.11	%(3)		0.15	%(3)		0.15	%(3)		0.15	%(3)		0.15	%(3)
Expenses, before reimbursements and credits		0.12	%		0.15	%		0.19	%		0.19	%		0.18	%		0.17	%
Net investment income, net of reimbursements and credits		3.17	%		2.53	%(3)		1.77	%(3)		1.91	%(3)		2.63	%(3)		2.78	%(3)
Net investment income, before reimbursements and credits		3.12	%		2.49	%		1.73	%		1.87	%		2.60	%		2.76	%
Portfolio Turnover Rate		22.26	%		45.33	%		48.74	%		75.38	%		53.74	%		70.72	%

⁽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 $27,000, $1,000, $92,000, $83,000 and $109,000, which represent less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.89			$10.17			$10.94			$10.74			$10.68			$10.47
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.13			0.23			0.21			0.24			0.27			0.28
Net realized and unrealized gains (losses)		(0.45	)		(0.28	)		(0.77	)		0.22			0.06			0.21
Total from Investment Operations		(0.32	)		(0.05	)		(0.56	)		0.46			0.33			0.49
LESS DISTRIBUTIONS PAID:
From net investment income		(0.13	)		(0.23	)		(0.21	)		(0.24	)		(0.27	)		(0.28	)
From net realized gains		—			—			—			(0.02	)		—	(1)		—
Total Distributions Paid		(0.13	)		(0.23	)		(0.21	)		(0.26	)		(0.27	)		(0.28	)
Net Asset Value, End of Period		$9.44			$9.89			$10.17			$10.94			$10.74			$10.68
Total Return(2)		(3.26	)%		(0.39	)%		(5.20	)%		4.29	%		3.11	%		4.78	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$250,795			$273,437			$483,410			$533,617			$493,284			$498,887
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Expenses, before reimbursements and credits		0.52	%		0.51	%		0.51	%		0.50	%		0.50	%		0.49	%
Net investment income, net of reimbursements and credits(4)		2.66	%		2.37	%		1.95	%		2.18	%		2.48	%		2.69	%
Net investment income, before reimbursements and credits		2.59	%		2.31	%		1.89	%		2.13	%		2.43	%		2.65	%
Portfolio Turnover Rate		3.05	%		4.49	%		19.44	%		16.87	%		31.63	%		28.54	%

⁽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 $10,000, $17,000, less than $1,000 and approximately $19,000, $26,000 and $22,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$10.52			$10.91			$11.80			$11.65			$11.56			$11.40
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.16			0.27			0.24			0.29			0.33			0.40
Net realized and unrealized gains (losses)		(0.52	)		(0.39	)		(0.85	)		0.21			0.16			0.16
Total from Investment Operations		(0.36	)		(0.12	)		(0.61	)		0.50			0.49			0.56
LESS DISTRIBUTIONS PAID:
From net investment income		(0.16	)		(0.27	)		(0.24	)		(0.29	)		(0.33	)		(0.40	)
From net realized gains		—			—			(0.04	)		(0.06	)		(0.07	)		—
Total Distributions Paid		(0.16	)		(0.27	)		(0.28	)		(0.35	)		(0.40	)		(0.40	)
Net Asset Value, End of Period		$10.00			$10.52			$10.91			$11.80			$11.65			$11.56
Total Return(1)		(3.47	)%		(1.02	)%		(5.35	)%		4.32	%		4.27	%		5.01	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$149,512			$162,392			$199,909			$218,042			$193,318			$179,416
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits(3)		0.46	%		0.45	%		0.46	%		0.45	%		0.46	%		0.46	%
Expenses, before reimbursements and credits		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.56	%
Net investment income, net of reimbursements and credits(3)		3.05	%		2.60	%		2.00	%		2.46	%		2.78	%		3.50	%
Net investment income, before reimbursements and credits		2.96	%		2.50	%		1.91	%		2.36	%		2.69	%		3.40	%
Portfolio Turnover Rate		8.14	%		23.45	%		30.33	%		28.48	%		55.08	%		34.83	%

⁽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, $13,000, less than $1,000 and approximately $9,000, $16,000 and $11,000, which represent 0.01 percent of average net assets for the six months ended September 30, 2023 and less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.06			$9.82			$10.43			$10.47			$10.08			$10.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.16			0.25			0.13			0.15			0.23			0.28
Net realized and unrealized gains (losses)		(0.54	)		(0.74	)		(0.56	)		0.18			0.43			0.08
Total from Investment Operations		(0.38	)		(0.49	)		(0.43	)		0.33			0.66			0.36
LESS DISTRIBUTIONS PAID:
From net investment income		(0.16	)		(0.27	)		(0.18	)		(0.19	)		(0.27	)		(0.30	)
From net realized gains		—			—			—			(0.18	)		—			—
Total Distributions Paid		(0.16	)		(0.27	)		(0.18	)		(0.37	)		(0.27	)		(0.30	)
Net Asset Value, End of Period		$8.52			$9.06			$9.82			$10.43			$10.47			$10.08
Total Return(1)		(4.21	)%		(4.92	)%		(4.18	)%		3.08	%		6.57	%		3.75	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$95,113			$112,206			$189,112			$253,092			$194,834			$255,171
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits(3)		0.41	%		0.41	%		0.41	%		0.40	%		0.41	%		0.41	%
Expenses, before reimbursements and credits		0.51	%		0.49	%		0.47	%		0.47	%		0.47	%		0.46	%
Net investment income, net of reimbursements and credits(3)		3.56	%		2.84	%		1.32	%		1.26	%		2.33	%		2.91	%
Net investment income, before reimbursements and credits		3.46	%		2.76	%		1.26	%		1.19	%		2.27	%		2.86	%
Portfolio Turnover Rate		30.65	%		247.32	%		319.16	%		326.11	%		485.45	%		327.61	%

⁽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, $6,000, $1,000, $10,000, $15,000 and $11,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.02			$9.84			$10.45			$10.18			$9.97			$9.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.16			0.28			0.20	(1)		0.19			0.27			0.32
Net realized and unrealized gains (losses)		(0.51	)		(0.80	)		(0.56	)		0.38			0.24			0.06
Total from Investment Operations		(0.35	)		(0.52	)		(0.36	)		0.57			0.51			0.38
LESS DISTRIBUTIONS PAID:
From net investment income(2)		(0.17	)		(0.30	)		(0.25	)		(0.24	)		(0.30	)		(0.35	)
From net realized gains		—			—			—			(0.06	)		—			—
Total Distributions Paid		(0.17	)		(0.30	)		(0.25	)		(0.30	)		(0.30	)		(0.35	)
Net Asset Value, End of Period		$8.50			$9.02			$9.84			$10.45			$10.18			$9.97
Total Return(3)		(3.95	)%		(5.23	)%		(3.58	)%		5.63	%(4)		5.11	%		3.98	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$384,528			$481,875			$696,741			$822,261			$841,826			$848,130
Ratio to average net assets of:(5)
Expenses, net of reimbursements and credits(6)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Expenses, before reimbursements and credits		0.51	%		0.50	%		0.49	%		0.49	%		0.49	%		0.48	%
Net investment income, net of reimbursements and credits(6)		3.60	%		3.17	%		1.95	%		1.83	%		2.66	%		3.41	%
Net investment income, before reimbursements and credits		3.54	%		3.12	%		1.91	%		1.79	%		2.62	%		3.38	%
Portfolio Turnover Rate		29.86	%		188.84	%		248.30	%		261.29	%		439.40	%		283.15	%

⁽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 -3.59%.

⁽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 $6,000, $18,000, less than $1,000 and approximately $25,000, $55,000 and $32,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$5.75			$6.39			$6.78			$5.57			$6.60			$6.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.19			0.35			0.35	(1)		0.36			0.40			0.42
Net realized and unrealized gains (losses)		(0.05	)		(0.62	)		(0.38	)		1.21			(1.02	)		(0.12	)
Total from Investment Operations		0.14			(0.27	)		(0.03	)		1.57			(0.62	)		0.30
LESS DISTRIBUTIONS PAID:
From net investment income(2)		(0.19	)		(0.37	)		(0.36	)		(0.36	)		(0.41	)		(0.42	)
Total Distributions Paid		(0.19	)		(0.37	)		(0.36	)		(0.36	)		(0.41	)		(0.42	)
Net Asset Value, End of Period		$5.70			$5.75			$6.39			$6.78			$5.57			$6.60
Total Return(3)		2.53	%		(4.08	)%		(0.61	)%		28.40	%		(9.96	)%		4.64	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$2,425,883			$2,846,355			$3,879,135			$3,330,270			$3,153,247			$3,795,975
Ratio to average net assets of:(4)
Expenses, net of reimbursements and credits(5)		0.60	%		0.68	%		0.78	%		0.78	%		0.78	%		0.78	%
Expenses, before reimbursements and credits		0.64	%		0.72	%		0.83	%		0.83	%		0.82	%		0.81	%
Net investment income, net of reimbursements and credits(5)		6.58	%		6.15	%		5.17	%		5.62	%		6.10	%		6.34	%
Net investment income, before reimbursements and credits		6.54	%		6.11	%		5.12	%		5.57	%		6.06	%		6.31	%
Portfolio Turnover Rate		14.38	%		20.68	%		30.32	%		54.82	%		47.65	%		52.19	%

⁽¹⁾  The Northern Trust Company reimbursed the Fund approximately $8,000. The reimbursements represent less than $0.01 per share and had no effect on the Fund’s total return.

⁽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 $47,000, $186,000, $9,000, $70,000, $94,000 and $198,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$7.37			$8.31			$8.95			$8.31			$8.70			$8.69
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.17			0.31			0.28			0.32			0.34			0.37
Net realized and unrealized gains (losses)		(0.43	)		(0.94	)		(0.64	)		0.64			(0.39	)		0.01
Total from Investment Operations		(0.26	)		(0.63	)		(0.36	)		0.96			(0.05	)		0.38
LESS DISTRIBUTIONS PAID:
From net investment income		(0.17	)		(0.31	)		(0.28	)		(0.32	)		(0.34	)		(0.37	)
Total Distributions Paid		(0.17	)		(0.31	)		(0.28	)		(0.32	)		(0.34	)		(0.37	)
Net Asset Value, End of Period		$6.94			$7.37			$8.31			$8.95			$8.31			$8.70
Total Return(1)		(3.60	)%		(7.48	)%		(4.27	)%		11.75	%		(0.68	)%		4.47	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$311,674			$385,439			$773,185			$598,937			$509,834			$443,469
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits(3)		0.58	%		0.59	%		0.60	%		0.60	%		0.60	%		0.61	%
Expenses, before reimbursements and credits		0.64	%		0.71	%		0.83	%		0.84	%		0.84	%		0.83	%
Net investment income, net of reimbursements and credits(3)		4.64	%		4.14	%		3.05	%		3.71	%		3.87	%		4.27	%
Net investment income, before reimbursements and credits		4.58	%		4.02	%		2.82	%		3.47	%		3.63	%		4.05	%
Portfolio Turnover Rate		5.55	%		11.97	%		21.90	%		33.75	%		47.62	%		51.81	%

⁽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 $13,000, $19,000, $1,000, $18,000, $24,000 and $16,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.85			$10.14			$10.83			$10.68			$10.57			$10.37
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.14			0.25			0.19			0.21			0.24			0.25
Net realized and unrealized gains (losses)		(0.44	)		(0.29	)		(0.65	)		0.22			0.15			0.20
Total from Investment Operations		(0.30	)		(0.04	)		(0.46	)		0.43			0.39			0.45
LESS DISTRIBUTIONS PAID:
From net investment income		(0.14	)		(0.25	)		(0.19	)		(0.21	)		(0.24	)		(0.25	)
From net realized gains		—			—			(0.04	)		(0.07	)		(0.04	)		—
Total Distributions Paid		(0.14	)		(0.25	)		(0.23	)		(0.28	)		(0.28	)		(0.25	)
Net Asset Value, End of Period		$9.41			$9.85			$10.14			$10.83			$10.68			$10.57
Total Return(1)		(3.07	)%		(0.29	)%		(4.35	)%		4.01	%		3.72	%		4.47	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$1,347,538			$1,535,752			$2,685,118			$3,073,366			$3,017,951			$2,774,081
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.45	%(3)		0.45	%(3)		0.45	%		0.45	%(3)		0.45	%(3)		0.45	%(3)
Expenses, before reimbursements and credits		0.50	%		0.49	%		0.48	%		0.48	%		0.47	%		0.47	%
Net investment income, net of reimbursements and credits		2.88	%(3)		2.55	%(3)		1.73	%		1.90	%(3)		2.23	%(3)		2.46	%(3)
Net investment income, before reimbursements and credits		2.83	%		2.51	%		1.70	%		1.87	%		2.21	%		2.44	%
Portfolio Turnover Rate		3.54	%		16.89	%		79.63	%		82.72	%		127.62	%		115.01	%

⁽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 $31,000, $46,000, $104,000, $267,000 and $380,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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

LIMITED TERM     TAX-EXEMPT FUND	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.92			$9.93			$10.43			$10.35			$10.37			$10.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.10			0.16			0.09			0.12			0.18			0.16
Net realized and unrealized gains (losses)		(0.26	)		(0.01	)		(0.41	)		0.24			0.04			0.17
Total from Investment Operations		(0.16	)		0.15			(0.32	)		0.36			0.22			0.33
LESS DISTRIBUTIONS PAID:
From net investment income		(0.10	)		(0.16	)		(0.09	)		(0.12	)		(0.18	)		(0.16	)
From net realized gains		—			—			(0.09	)		(0.16	)		(0.06	)		—
Total Distributions Paid		(0.10	)		(0.16	)		(0.18	)		(0.28	)		(0.24	)		(0.16	)
Net Asset Value, End of Period		$9.66			$9.92			$9.93			$10.43			$10.35			$10.37
Total Return(1)		(1.62	)%		1.59	%		(3.08	)%		3.47	%		2.07	%		3.29	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$485,552			$556,226			$726,540			$917,624			$880,475			$962,980
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.45	%(3)		0.45	%(3)		0.45	%		0.45	%(3)		0.45	%(3)		0.45	%(3)
Expenses, before reimbursements and credits		0.51	%		0.50	%		0.50	%		0.50	%		0.49	%		0.48	%
Net investment income, net of reimbursements and credits		2.04	%(3)		1.66	%(3)		0.87	%		1.11	%(3)		1.71	%(3)		1.59	%(3)
Net investment income, before reimbursements and credits		1.98	%		1.61	%		0.82	%		1.06	%		1.67	%		1.56	%
Portfolio Turnover Rate		1.19	%		49.86	%		94.18	%		98.82	%		126.29	%		135.35	%

⁽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, $30,000, $46,000, $63,000 and $79,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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

LIMITED TERM    U.S. GOVERNMENT    FUND	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.29			$9.55			$10.02			$10.06			$9.60			$9.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.13			0.20			0.01			0.01			0.14			0.21
Net realized and unrealized gains (losses)		(0.21	)		(0.26	)		(0.46	)		(0.03	)		0.47			0.02
Total from Investment Operations		(0.08	)		(0.06	)		(0.45	)		(0.02	)		0.61			0.23
LESS DISTRIBUTIONS PAID:
From net investment income		(0.13	)		(0.20	)		(0.02	)		(0.02	)		(0.15	)		(0.24	)
Total Distributions Paid		(0.13	)		(0.20	)		(0.02	)		(0.02	)		(0.15	)		(0.24	)
Net Asset Value, End of Period		$9.08			$9.29			$9.55			$10.02			$10.06			$9.60
Total Return(1)		(0.83	)%		(0.58	)%		(4.43	)%		(0.26	)%		6.34	%		2.47	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$41,773			$54,473			$47,975			$63,809			$58,501			$60,828
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.42	%(3)		0.42	%(3)		0.42	%		0.41	%(3)		0.42	%(3)		0.42	%(3)
Expenses, before reimbursements and credits		0.60	%		0.58	%		0.58	%		0.54	%		0.62	%		0.57	%
Net investment income, net of reimbursements and credits		2.88	%(3)		2.20	%(3)		0.17	%		0.02	%(3)		1.41	%(3)		2.30	%(3)
Net investment income (loss), before reimbursements and credits		2.70	%		2.04	%		0.01	%		(0.11	)%		1.21	%		2.15	%
Portfolio Turnover Rate		26.56	%		335.99	%		411.02	%		445.85	%		838.97	%		739.25	%

⁽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 $4,000, $4,000, $8,000 and $8,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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  26 
NORTHERN FUNDS SEMIANNUAL REPORT

MULTI-MANAGER EMERGING     MARKETS DEBT OPPORTUNITY     FUND	SHARES
Selected per share data	SIX MONTHS   ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$7.10			$7.68			$8.91			$7.62			$9.05			$9.68
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.21			0.40			0.43	(1)		0.44	(2)		0.52			0.51
Net realized and unrealized gains (losses)		(0.20	)		(0.83	)		(1.29	)		0.93	(3)		(1.70	)		(0.85	)
Total from Investment Operations		0.01			(0.43	)		(0.86	)		1.37			(1.18	)		(0.34	)
LESS DISTRIBUTIONS PAID:
From net investment income(4)		(0.19	)		(0.15	)		(0.37	)		(0.08	)		(0.25	)		(0.29	)
Total Distributions Paid		(0.19	)		(0.15	)		(0.37	)		(0.08	)		(0.25	)		(0.29	)
Net Asset Value, End of Period		$6.92			$7.10			$7.68			$8.91			$7.62			$9.05
Total Return(5)		0.12	%		(5.53	)%		(10.10	)%		17.93	%		(13.20	)%		(3.39	)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$120,418			$84,630			$94,854			$145,064			$132,714			$174,193
Ratio to average net assets of:(6)
Expenses, net of reimbursements and credits(7)		0.89	%		0.91	%		0.94	%		0.94	%		0.94	%		0.95	%
Expenses, before reimbursements and credits		1.03	%		1.04	%		1.00	%		1.03	%		1.02	%		1.05	%
Net investment income, net of reimbursements and credits(7)		6.14	%		6.00	%		4.76	%		4.45	%		5.44	%		5.67	%
Net investment income, before reimbursements and credits		6.00	%		5.87	%		4.70	%		4.36	%		5.36	%		5.57	%
Portfolio Turnover Rate		31.28	%		120.02	%		40.50	%		71.26	%		73.25	%		82.84	%

⁽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.

⁽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.

⁽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.

⁽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 $6,000, $8,000, less than $1,000 and approximately $6,000, $9,000 and $11,000, which represent 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal year ended March 31, 2023 and less than 0.01 percent of average net assets for the fiscal years ended March 31, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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

MULTI-MANAGER HIGH YIELD    OPPORTUNITY FUND	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023   (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$8.21			$9.05			$9.41			$7.97			$9.56			$9.81
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.33			0.48			0.44	(1)		0.58			0.63			0.60
Net realized and unrealized gains (losses)		(0.14	)		(0.84	)		(0.33	)		1.46			(1.59	)		(0.25	)
Total from Investment Operations		0.19			(0.36	)		0.11			2.04			(0.96	)		0.35
LESS DISTRIBUTIONS PAID:
From net investment income(2)		(0.33	)		(0.48	)		(0.47	)		(0.60	)		(0.63	)		(0.60	)
Total Distributions Paid		(0.33	)		(0.48	)		(0.47	)		(0.60	)		(0.63	)		(0.60	)
Net Asset Value, End of Period		$8.07			$8.21			$9.05			$9.41			$7.97			$9.56
Total Return(3)		2.37	%		(3.80	)%		1.06	%		26.25	%		(10.79	)%		3.75	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$204,883			$214,736			$180,833			$174,617			$214,288			$365,996
Ratio to average net assets of:(4)
Expenses, net of reimbursements and credits(5)		0.79	%		0.85	%		0.86	%		0.85	%		0.86	%		0.86	%
Expenses, before reimbursements and credits		0.88	%		0.94	%		0.95	%		0.95	%		0.95	%		0.98	%
Net investment income, net of reimbursements and credits(5)		7.94	%		5.80	%		4.68	%		6.27	%		6.57	%		6.23	%
Net investment income, before reimbursements and credits		7.85	%		5.71	%		4.59	%		6.17	%		6.48	%		6.11	%
Portfolio Turnover Rate		18.07	%		67.37	%		64.94	%		91.41	%		63.55	%		80.62	%

⁽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.

⁽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 $6,000, $16,000, less than $1,000 and approximately $7,000, $18,000 and $31,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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 BOND FUND	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023   (UNAUDITED)			FISCAL YEAR   ENDED MAR 31, 2023			FISCAL YEAR   ENDED MAR 31, 2022			FISCAL YEAR   ENDED MAR 31, 2021			FISCAL YEAR   ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$17.98			$18.30			$19.06			$18.59			$18.67			$18.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.26			0.33			0.20			0.32			0.45			0.49
Net realized and unrealized gains (losses)		(0.19	)		(0.31	)		(0.74	)		0.49			(0.07	)		0.07
Total from Investment Operations		0.07			0.02			(0.54	)		0.81			0.38			0.56
LESS DISTRIBUTIONS PAID:
From net investment income		(0.27	)		(0.34	)		(0.22	)		(0.34	)		(0.46	)		(0.49	)
Total Distributions Paid		(0.27	)		(0.34	)		(0.22	)		(0.34	)		(0.46	)		(0.49	)
Net Asset Value, End of Period		$17.78			$17.98			$18.30			$19.06			$18.59			$18.67
Total Return(1)		0.42	%		0.20	%		(2.88	)%		4.34	%		2.04	%		3.07	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$301,707			$339,725			$425,415			$437,099			$371,803			$424,702
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	%		0.45	%		0.45	%		0.44	%		0.43	%
Net investment income, net of reimbursements and credits(3)		2.96	%		1.86	%		1.05	%		1.64	%		2.40	%		2.65	%
Net investment income, before reimbursements and credits		2.91	%		1.81	%		1.00	%		1.59	%		2.36	%		2.62	%
Portfolio Turnover Rate		36.70	%		76.98	%		45.52	%		57.85	%		95.09	%		125.76	%

⁽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 $4,000, $16,000, $10,000, $6,000, $10,000 and $11,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$10.01			$10.01			$10.21			$10.14			$10.14			$10.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.07			0.15			0.05			0.08			0.16			0.15
Net realized and unrealized gains (losses)		0.03			—			(0.19	)		0.08			0.01			0.05
Total from Investment Operations		0.10			0.15			(0.14	)		0.16			0.17			0.20
LESS DISTRIBUTIONS PAID:
From net investment income		(0.07	)		(0.15	)		(0.05	)		(0.08	)		(0.16	)		(0.15	)
From net realized gains		—			—			(0.01	)		(0.01	)		(0.01	)		—
Total Distributions Paid		(0.07	)		(0.15	)		(0.06	)		(0.09	)		(0.17	)		(0.15	)
Net Asset Value, End of Period		$10.04			$10.01			$10.01			$10.21			$10.14			$10.14
Total Return(1)		1.65	%		1.58	%		(1.41	)%		1.59	%		1.61	%		2.06	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$2,361,319			$2,379,867			$3,993,867			$4,861,104			$3,737,559			$4,008,207
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.25	%(3)		0.25	%(3)		0.25	%		0.25	%(3)		0.25	%(3)		0.25	%(3)
Expenses, before reimbursements and credits		0.28	%		0.28	%		0.27	%		0.27	%		0.27	%		0.26	%
Net investment income, net of reimbursements and credits		2.68	%(3)		1.48	%(3)		0.48	%		0.74	%(3)		1.52	%(3)		1.55	%(3)
Net investment income, before reimbursements and credits		2.65	%		1.45	%		0.46	%		0.72	%		1.50	%		1.54	%
Portfolio Turnover Rate		11.85	%		43.43	%		84.82	%		79.08	%		70.19	%		62.06	%

⁽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 $115,000, $66,000, $139,000, $175,000 and $81,000, which represent 0.01 percent of average net assets for the six months ended September 30, 2023 and less than 0.01 percent of average net assets for the fiscal years ended March 31, 2023, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$9.66			$10.19			$10.96			$10.76			$10.63			$10.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.17			0.31			0.21			0.24			0.30			0.35
Net realized and unrealized gains (losses)		(0.51	)		(0.53	)		(0.72	)		0.24			0.16			0.14
Total from Investment Operations		(0.34	)		(0.22	)		(0.51	)		0.48			0.46			0.49
LESS DISTRIBUTIONS PAID:
From net investment income		(0.17	)		(0.31	)		(0.21	)		(0.24	)		(0.30	)		(0.35	)
From net realized gains		—			—			(0.05	)		(0.04	)		(0.03	)		—
Total Distributions Paid		(0.17	)		(0.31	)		(0.26	)		(0.28	)		(0.33	)		(0.35	)
Net Asset Value, End of Period		$9.15			$9.66			$10.19			$10.96			$10.76			$10.63
Total Return(1)		(3.60	)%		(2.10	)%		(4.76	)%		4.46	%		4.33	%		4.78	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$738,626			$788,997			$1,661,137			$2,020,291			$1,639,701			$1,168,191
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.45	%(3)		0.45	%(3)		0.45	%		0.45	%(3)		0.45	%(3)		0.45	%(3)
Expenses, before reimbursements and credits		0.50	%		0.50	%		0.49	%		0.49	%		0.49	%		0.47	%
Net investment income, net of reimbursements and credits		3.50	%(3)		3.15	%(3)		1.93	%		2.13	%(3)		2.73	%(3)		3.35	%(3)
Net investment income, before reimbursements and credits		3.45	%		3.10	%		1.89	%		2.09	%		2.69	%		3.33	%
Portfolio Turnover Rate		13.21	%		19.52	%		86.00	%		91.58	%		122.55	%		116.37	%

⁽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 $17,000, $26,000, $118,000, $183,000 and $84,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal year ended March 31, 2023 and 0.02 percent of average net assets for the fiscal years ended 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$10.03			$10.08			$10.31			$10.10			$10.19			$10.15
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.19			0.21			0.06			0.11			0.24			0.23
Net realized and unrealized gains (losses)		0.11			(0.04	)		(0.21	)		0.23			(0.09	)		0.04
Total from Investment Operations		0.30			0.17			(0.15	)		0.34			0.15			0.27
LESS DISTRIBUTIONS PAID:
From net investment income		(0.20	)		(0.22	)		(0.06	)		(0.11	)		(0.24	)		(0.23	)
From net realized gains		—			—			(0.02	)		(0.02	)		—			—	(1)
Total Distributions Paid		(0.20	)		(0.22	)		(0.08	)		(0.13	)		(0.24	)		(0.23	)
Net Asset Value, End of Period		$10.13			$10.03			$10.08			$10.31			$10.10			$10.19
Total Return(2)		3.00	%		1.77	%		(1.44	)%		3.29	%		1.45	%		2.75	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$1,951,159			$2,372,561			$3,179,581			$3,690,747			$2,189,187			$2,424,799
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Expenses, before reimbursements and credits		0.29	%		0.28	%		0.28	%		0.28	%		0.28	%		0.27	%
Net investment income, net of reimbursements and credits(4)		3.85	%		2.14	%		0.55	%		0.94	%		2.33	%		2.30	%
Net investment income, before reimbursements and credits		3.81	%		2.11	%		0.52	%		0.91	%		2.30	%		2.28	%
Portfolio Turnover Rate		9.43	%		25.09	%		76.61	%		73.99	%		75.95	%		59.63	%

⁽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 $58,000, $118,000, $7,000, $142,000, $43,000 and $44,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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

ULTRA-SHORT FIXED INCOME FUND	SIEBERT WILLIAMS SHANK
Selected per share data	SIX MONTHS ENDED SEP 30, 2023     (UNAUDITED)			PERIOD         ENDED MAR 31, 2023(1)
Net Asset Value, Beginning of Period		$10.03			$9.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.19			0.15
Net realized and unrealized gains		0.11			0.06
Total from Investment Operations		0.30			0.21
LESS DISTRIBUTIONS PAID:
From net investment income		(0.20	)		(0.16	)
From net realized gains		—			—
Total Distributions Paid		(0.20	)		(0.16	)
Net Asset Value, End of Period		$10.13			$10.03
Total Return(2)		3.00	%		2.15	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$31,515			$30,610
Ratio to average net assets of:(3)
Expenses, net of reimbursements and credits(4)		0.25	%		0.25	%
Expenses, before reimbursements and credits		0.28	%		0.28	%
Net investment income, net of reimbursements and credits(4)		3.86	%		2.94	%(5)
Net investment income, before reimbursements and credits		3.83	%		2.91	%(5)
Portfolio Turnover Rate		9.43	%		25.09	%

⁽¹⁾  For the period from September 13, 2022 (commencement of class operations) through March 31, 2023.

⁽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 less than $1,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and the period from September 13, 2022 (commencement of operations) through March 31, 2023, respectively. Subject to the contractual expense limitation and 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 operations of Siebert Williams Shank shares on September 13, 2022, 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 
FIXED INCOME AND MONEY MARKET FUNDS

FIXED INCOME AND MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS    continued

U.S. GOVERNMENT   FUND	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$8.87			$9.23			$9.71			$10.17			$9.50			$9.43
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net investment income		0.12			0.19			0.04			0.01			0.14			0.21
Net realized and unrealized gains (losses)		(0.30	)		(0.35	)		(0.47	)		(0.16	)		0.68			0.09
Total from Investment Operations		(0.18	)		(0.16	)		(0.43	)		(0.15	)		0.82			0.30
LESS DISTRIBUTIONS PAID:
From net investment income		(0.12	)		(0.20	)		(0.04	)		(0.03	)		(0.15	)		(0.23	)
From net realized gains		—			—			(0.01	)		(0.28	)		—			—
Total Distributions Paid		(0.12	)		(0.20	)		(0.05	)		(0.31	)		(0.15	)		(0.23	)
Net Asset Value, End of Period		$8.57			$8.87			$9.23			$9.71			$10.17			$9.50
Total Return(1)		(2.02	)%		(1.72	)%		(4.48	)%		(1.58	)%		8.66	%		3.29	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$44,257			$48,751			$44,292			$53,343			$39,379			$36,008
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits		0.42	%(3)		0.42	%(3)		0.43	%		0.42	%(3)		0.43	%(3)		0.47	%(3)
Expenses, before reimbursements and credits		0.59	%		0.60	%		0.61	%		0.57	%		0.73	%		0.93	%
Net investment income, net of reimbursements and credits		2.77	%(3)		2.25	%(3)		0.36	%		0.11	%(3)		1.43	%(3)		2.33	%(3)
Net investment income (loss), before reimbursements and credits		2.60	%		2.07	%		0.18	%		(0.04	)%		1.13	%		1.87	%
Portfolio Turnover Rate		26.18	%		344.21	%		492.24	%		517.52	%		854.95	%		1,074.68	%

⁽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 $5,000, $2,000, $4,000 and $4,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2021, 2020, respectively and 0.01 percent of average net assets for the fiscal year ended March 31, 2019. Subject to the contractual expense limitation and 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  34 
NORTHERN FUNDS SEMIANNUAL REPORT

U.S. GOVERNMENT   MONEY MARKET FUND	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
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		0.02			0.02			—	(1)		—	(1)		0.02			0.02
Net realized and unrealized gains (losses)(2)		—			—			—			—			—			—
Total from Investment Operations		0.02			0.02			—			—			0.02			0.02
LESS DISTRIBUTIONS PAID:
From net investment income		(0.02	)		(0.02	)		—	(3)		—	(3)		(0.02	)		(0.02	)
Total Distributions Paid		(0.02	)		(0.02	)		—			—			(0.02	)		(0.02	)
Net Asset Value, End of Period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return(4)		2.45	%		2.26	%(5)		0.01	%(6)(7)		0.03	%(8)		1.70	%		1.79	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$19,809,249			$18,584,575			$20,213,443			$17,518,409			$16,586,659			$19,213,579
Ratio to average net assets of:(9)
Expenses, net of reimbursements and credits		0.35	%		0.34	%(10)		0.09	%(10)		0.22	%(10)		0.35	%(10)		0.35	%(10)
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		4.84	%		2.21	%(10)		0.01	%(10)		0.03	%(10)		1.70	%(10)		1.80	%(10)
Net investment income (loss), before reimbursements and credits		4.83	%		2.19	%		(0.26	)%		(0.11	)%		1.69	%		1.79	%

⁽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⁾  Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $1,833,000. Total return excluding the voluntary reimbursement would have been 2.25%.

⁽⁶⁾  Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $47,814,000. Total return excluding the voluntary reimbursement would have been -0.25%.

⁽⁷⁾  During the fiscal year ended March 31, 2022, 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 -0.27%, respectively.

⁽⁸⁾  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%.

⁽⁹⁾  Annualized for periods less than one year.

⁽¹⁰⁾  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. GOVERNMENT   SELECT MONEY MARKET   FUND	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023 (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
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		0.02			0.02			—	(1)		—	(1)		0.02			0.02
Net realized and unrealized gains (losses)(2)		—			—			—			—			—			—
Total from Investment Operations		0.02			0.02			—			—			0.02			0.02
LESS DISTRIBUTIONS PAID:
From net investment income		(0.02	)		(0.02	)		—	(3)		—	(3)		(0.02	)		(0.02	)
Total Distributions Paid		(0.02	)		(0.02	)		—			—			(0.02	)		(0.02	)
Net Asset Value, End of Period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return(4)		2.45	%		2.29	%(5)		0.25	%(6)(7)		0.03	%(8)		1.69	%		1.79	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$3,673,590			$3,509,978			$3,727,339			$3,911,252			$3,602,443			$3,791,180
Ratio to average net assets of:(9)
Expenses, net of reimbursements and credits		0.35	%		0.34	%(10)		0.09	%(10)		0.23	%(10)		0.35	%(10)		0.35	%(10)
Expenses, before reimbursements and credits		0.36	%		0.36	%		0.36	%		0.36	%		0.37	%		0.37	%
Net investment income, net of reimbursements and credits		4.84	%		2.24	%(10)		0.23	%(10)		0.02	%(10)		1.69	%(10)		1.78	%(10)
Net investment income (loss), before reimbursements and credits		4.83	%		2.22	%		(0.04	)%		(0.11	)%		1.67	%		1.76	%

⁽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⁾  Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $338,000. Total return excluding the voluntary reimbursement would have been 2.28%.

⁽⁶⁾  Northern Trust Investments, Inc. voluntarily reimbursed expenses of the Fund in the amount of approximately $9,653,000. Total return excluding the voluntary reimbursement would have been -0.01%.

⁽⁷⁾  During the fiscal year ended March 31, 2022, 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 -0.27%, respectively.

⁽⁸⁾  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%.

⁽⁹⁾  Annualized for periods less than one year.

⁽¹⁰⁾  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  36 
NORTHERN FUNDS SEMIANNUAL REPORT

U.S. TREASURY INDEX    FUND	SHARES
Selected per share data	SIX MONTHS ENDED SEP 30, 2023   (UNAUDITED)			FISCAL YEAR ENDED MAR 31, 2023			FISCAL YEAR ENDED MAR 31, 2022			FISCAL YEAR ENDED MAR 31, 2021			FISCAL YEAR ENDED MAR 31, 2020			FISCAL YEAR   ENDED MAR 31, 2019
Net Asset Value, Beginning of Period		$19.67			$21.02			$22.31			$23.79			$21.43			$21.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income		0.23			0.36			0.31			0.33			0.45			0.43
Net realized and unrealized gains (losses)		(1.11	)		(1.35	)		(1.10	)		(1.48	)		2.36			0.40
Total from Investment Operations		(0.88	)		(0.99	)		(0.79	)		(1.15	)		2.81			0.83
LESS DISTRIBUTIONS PAID:
From net investment income		(0.23	)		(0.36	)		(0.31	)		(0.33	)		(0.45	)		(0.43	)
From net realized gains		—			—			(0.19	)		—			—			—
Total Distributions Paid		(0.23	)		(0.36	)		(0.50	)		(0.33	)		(0.45	)		(0.43	)
Net Asset Value, End of Period		$18.56			$19.67			$21.02			$22.31			$23.79			$21.43
Total Return(1)		(4.51	)%		(4.65	)%		(3.65	)%		(4.89	)%		13.29	%		4.03	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period		$71,134			$81,145			$87,117			$100,374			$103,045			$84,809
Ratio to average net assets of:(2)
Expenses, net of reimbursements and credits(3)		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.18	%
Expenses, before reimbursements and credits		0.28	%		0.27	%		0.27	%		0.26	%		0.28	%		0.32	%
Net investment income, net of reimbursements and credits(3)		2.36	%		1.86	%		1.38	%		1.40	%		2.04	%		2.08	%
Net investment income, before reimbursements and credits		2.24	%		1.75	%		1.27	%		1.30	%		1.92	%		1.94	%
Portfolio Turnover Rate		11.59	%		28.48	%		32.19	%		59.23	%		50.28	%		37.64	%

⁽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, approximately $1,000, less than $1,000 and approximately $1,000, $1,000 and $1,000, which represent less than 0.01 percent of average net assets for the six months ended September 30, 2023 and for the fiscal years ended March 31, 2023, 2022, 2021, 2020 and 2019, respectively. Subject to the contractual expense limitation and 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  37 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

ARIZONA TAX-EXEMPT FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS – 96.2%
Arizona – 96.2%
Arizona Board of Regents Revenue Bonds, Series A, Green Bonds,
5.00%, 7/1/43		$850		$888
Arizona Board of Regents State University System Revenue Bonds, Series A,
5.00%, 7/1/34		750		753
5.00%, 7/1/35		750		753
Arizona Board of Regents State University System Revenue Refunding Bonds, Series A, Green Bonds,
5.00%, 7/1/35		1,000		1,015
5.00%, 7/1/41		1,000		1,008
Arizona Board of Regents State University System Revenue Refunding Bonds, Series B,
5.00%, 7/1/36		495		511
Arizona Board of Regents University System Revenue Refunding Bonds, Stimulus Plan For Economic,
3.13%, 8/1/39		430		334
Arizona IDA Hospital Revenue Bonds, Phoenix Children’s Hospital,
4.00%, 2/1/50		1,000		826
Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds,
4.00%, 11/1/33		1,175		1,131
Bullhead City Excise TRB,
4.00%, 7/1/52		1,000		832
Bullhead City Excise TRB, Second Series,
2.70%, 7/1/51		2,500		1,516
Chandler IDA IDR Bonds, Series 1 (AMT), Intel Corp. Project,
5.00%, 9/1/27(1) (2)		425		430
Gilbert Water Resource Municipal Property Corp. Utility System Revenue Bonds,
5.00%, 7/1/28		500		516
5.00%, 7/1/29		750		774
5.00%, 7/1/30		500		516
5.00%, 7/1/31		600		618

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 96.2%    continued
Arizona – 96.2%    continued
Gilbert Water Resource Municipal Property Corp. Utility System Senior Lien Revenue Bonds, Green Bonds,
5.00%, 7/15/36		$200		$218
Glendale IDA Revenue Refunding Bonds, Midwestern University,
5.00%, 5/15/32		500		531
Goodyear McDowell Road Commercial Corridor Improvement District Special Assessment Refunding Bonds (BAM Insured),
3.35%, 1/1/28		785		777
Maricopa County Arizona Unified School District No. 69 Paradise Valley G.O. Unlimited Bonds, School Improvement Project,
4.00%, 7/1/39		275		256
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		304
4.00%, 7/1/36		305		300
Maricopa County Elementary School District No. 1 Phoenix G.O. Unlimited Bonds, Series C, School Improvement Project of 2006 (BAM Insured),
5.00%, 7/1/34		1,100		1,135
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		291
5.00%, 7/1/32		250		264
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		1,021
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		653

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  38 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 96.2%    continued
Arizona – 96.2%    continued
Maricopa County Elementary School District No. 92 Pendergast Elementary G.O. Unlimited Bonds, Series B,
5.00%, 7/1/24		$250		$252
5.00%, 7/1/25		450		458
5.00%, 7/1/26		390		402
Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project,
5.00%, 7/1/39		1,285		1,305
5.00%, 7/1/47		1,000		988
Maricopa County IDA Hospital Revenue Refunding Bonds, Series A, Honorhealth,
5.00%, 9/1/42		4,000		4,000
Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group,
5.00%, 1/1/38		1,250		1,267
Maricopa County School District No. 31 Balsz G.O. Unlimited Bonds, Series A, School Improvement Project of 2018 (AGM Insured),
4.00%, 7/1/37		500		470
Maricopa County Special Health Care District G.O. Unlimited Bonds,
5.00%, 7/1/35		1,000		1,049
4.00%, 7/1/38		2,500		2,343
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		550
5.00%, 7/1/31		500		523
Maricopa County Unified School District No. 41 Gilbert G.O. Unlimited Bonds, Series C, Project of 2019,
5.00%, 7/1/24		775		781
Maricopa County Unified School District No. 69 Paradise Valley G.O. Unlimited Bonds, Series D, School Improvement Project of 2015,
5.00%, 7/1/27		1,000		1,050

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 96.2%     continued
Arizona – 96.2%    continued
Maricopa County Unified School District No. 95 Queen Creek G.O. Limited Refunding Bonds,
5.00%, 7/1/26		$400		$408
Maricopa County Unified School District No. 95 Queen Creek G.O. Unlimited Bonds, School Improvement,
5.00%, 7/1/37		650		665
Mesa Utility System Revenue Bonds,
3.00%, 7/1/44		500		362
Phoenix Civic Airport Improvement Corp. Revenue Refunding Bonds, Series B,
5.00%, 7/1/34		3,000		3,123
Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Bonds,
5.00%, 7/1/45		1,000		1,041
Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Refunding Bonds, Series A,
4.00%, 7/1/45		1,000		895
Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Refunding Bonds, Series B,
5.00%, 7/1/24		500		504
Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds,
5.00%, 7/1/44		1,545		1,572
3.00%, 7/1/49		1,150		766
Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT),
3.25%, 7/1/49		1,330		907
Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Bonds, Series A,
5.00%, 7/1/44		2,850		2,956
Phoenix Civic Improvement Corp. Water System Junior Lien Revenue Bonds, Series A, Prerefunded,
5.00%, 7/1/24(3)		575		579
Phoenix IDA Healthcare Facilities Revenue Bonds, Mayo Clinic,
4.00%, 11/15/57		1,000		846

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 - 96.2%    continued
Arizona – 96.2%    continued
Pima County IDA Revenue Refunding Bonds, Tucson Medical Center,
3.00%, 4/1/51		$1,000		$637
Pima County Sewer System Revenue Bonds,
5.00%, 7/1/25		1,000		1,001
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		1,006
Pima County Unified School District No. 20 G.O. Unlimited Bonds, Vail School Improvement (BAM Insured),
5.00%, 7/1/26		1,000		1,029
Pima County Unified School District No. 6 Marana G.O. Unlimited Bonds, Series A (AGM Insured),
5.00%, 7/1/24		500		504
Prescott Valley Pledged Revenue Refunding Bonds, Series A,
5.00%, 1/1/25		625		633
Queen Creek Excise Tax & State Shared Revenue Bonds,
4.00%, 8/1/45		1,250		1,090
Queen Creek Excise Tax & State Shared Revenue Bonds, Series B,
5.00%, 8/1/47		2,540		2,540
Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds,
5.00%, 1/1/31		1,000		1,055
Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A,
5.00%, 12/1/36		1,105		1,120
Scottsdale G.O. Unlimited Bonds, Series C, Projects of 2015,
5.00%, 7/1/24		100		101
Scottsdale Municipal Property Corp. Excise Tax Revenue Refunding Bonds,
5.00%, 7/1/30		1,675		1,784
Sedona Excise TRB (BAM Insured),
4.00%, 7/1/38		350		327

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 96.2%    continued
Arizona – 96.2% continued
Vistancia Community Facilities District G.O. Unlimited Refunding Bonds (BAM Insured),
4.00%, 7/15/26		$450		$452
Yavapai County IDA Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical,
3.13%, 8/1/43		2,450		1,711
				63,223
Total Municipal Bonds
(Cost $72,107)				63,223
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 0.8%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(4) (5)		523,427		$523
Total Investment Companies
(Cost $523)				523
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.6%
Arizona IDA Hospital Variable Revenue Refunding Bonds, Phoenix Childrens Hospital, JPMorgan Chase Bank N.A. LOC,
4.60%, 10/20/23(1) (6)		$400		$400
Total Short-Term Investments
(Cost $400)				400
Total Investments – 97.6%
(Cost $73,030)				64,146
Other Assets less Liabilities – 2.4%				1,588
NET ASSETS – 100.0%				$65,734

⁽¹⁾  Maturity date represents the puttable date.

⁽²⁾  Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of September 30, 2023 is disclosed.

⁽³⁾  Maturity date represents the prerefunded date.

⁽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, 2023 is disclosed.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  40 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

⁽⁶⁾  Variable or floating rate security. 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

G.O. - General Obligation

IDA - Industrial Development Authority

IDR - Industrial Development Revenue

LOC - Letter of Credit

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Municipal Bonds		96.2	%
Investment Companies		0.8	%
Short-Term Investments		0.6	%

⁽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 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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Municipal Bonds		$ —		$63,223		$—		$63,223
Investment Companies		523		—		—		523
Short-Term Investments		—		400		—		400
Total Investments		$523		$63,623		$—		$64,146

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    41 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

BOND INDEX FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES – 0.5%
Auto Floor Plan – 0.0%
Ford Credit Floorplan Master Owner Trust, Series 2018-4, Class A
4.06%, 11/15/30		$100		$93
Auto Loan – 0.0%
Carmax Auto Owner Trust, Series 2023-2, Class A3
5.05%, 1/18/28		100		99
GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class A3
4.47%, 2/16/28		200		196
Honda Auto Receivables Owner Trust, Series 2023-2, Class A3
4.93%, 11/15/27		100		99
Hyundai Auto Receivables Trust, Series 2023-A, Class A3
4.58%, 4/15/27		100		98
Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3
4.51%, 11/15/27		150		147
Nissan Auto Receivables Owner Trust, Series 2023-A, Class A3
4.91%, 11/15/27		100		99
Volkswagen Auto Loan Enhanced Trust, Series 2023-1, Class A3
5.02%, 6/20/28		100		99
World Omni Auto Receivables Trust, Series 2023-B, Class A3
4.66%, 5/15/28		75		73
				910
Automobile – 0.2%
Ally Auto Receivables Trust, Series 2023-1, Class A3
5.46%, 5/15/28		100		100
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class A3
5.81%, 5/18/28		100		100
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class B
5.84%, 7/18/29		50		50
AmeriCredit Automobile Receivables Trust, Series 2023-2, Class C
6.00%, 7/18/29		50		50

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 0.5%    continued
Automobile – 0.2%    continued
BMW Vehicle Owner Trust, Series 2023-A, Class A3
5.47%, 2/25/28		$50		$50
Capital One Prime Auto Receivables Trust, Series 2022-1, Class A3
3.17%, 4/15/27		100		97
Capital One Prime Auto Receivables Trust, Series 2022-2, Class A3
3.66%, 5/17/27		100		97
Capital One Prime Auto Receivables Trust, Series 2023-1, Class A3
4.87%, 2/15/28		100		98
CarMax Auto Owner Trust, Series 2023-1, Class A3
4.75%, 10/15/27		100		98
Ford Credit Auto Lease Trust, Series 2023-B, Class A3
5.91%, 10/15/26		100		100
Ford Credit Auto Owner Trust, Series 2020-C, Class A4
0.51%, 8/15/26		100		95
Ford Credit Auto Owner Trust, Series 2020-C, Class B
0.79%, 8/15/26		100		94
Ford Credit Auto Owner Trust, Series 2022-C, Class B
5.03%, 2/15/28		25		24
Ford Credit Auto Owner Trust, Series 2022-C, Class C
5.22%, 3/15/30		25		24
Ford Credit Auto Owner Trust, Series 2023-A, Class A3
4.65%, 2/15/28		100		98
Ford Credit Auto Owner Trust, Series 2023-B, Class A3
5.23%, 5/15/28		100		99
GM Financial Automobile Leasing Trust, Series 2023-1, Class A3
5.16%, 4/20/26		50		49
GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3
5.45%, 6/16/28		175		175
Harley-Davidson Motorcycle Trust, Series 2023-A, Class A3
5.05%, 12/15/27		50		49

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  42 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 0.5%     continued
Automobile – 0.2%    continued
Honda Auto Receivables Owner Trust, Series 2021-1, Class A4
0.42%, 1/21/28		$100		$96
Honda Auto Receivables Owner Trust, Series 2022-2, Class A4
3.76%, 12/18/28		100		96
Honda Auto Receivables Owner Trust, Series 2023-1, Class A3
5.04%, 4/21/27		100		99
Honda Auto Receivables Owner Trust, Series 2023-3, Class A3
5.41%, 2/18/28		100		100
Hyundai Auto Receivables Trust, Series 2021-B, Class A4
0.60%, 2/16/27		100		93
Hyundai Auto Receivables Trust, Series 2022-C, Class A3
5.39%, 6/15/27		100		100
Hyundai Auto Receivables Trust, Series 2023-B, Class A3
5.48%, 4/17/28		100		100
Nissan Auto Lease Trust, Series 2023-B, Class A3
5.69%, 7/15/26		100		100
Nissan Auto Receivables Owner Trust, Series 2022-B, Class A3
4.46%, 5/17/27		100		98
Santander Drive Auto Receivables Trust, Series 2022-3, Class B
4.13%, 8/16/27		50		49
Santander Drive Auto Receivables Trust, Series 2022-3, Class C
4.49%, 8/15/29		50		48
Santander Drive Auto Receivables Trust, Series 2023-1, Class B
4.98%, 2/15/28		150		147
Santander Drive Auto Receivables Trust, Series 2023-1, Class C
5.09%, 5/15/30		100		98
Santander Drive Auto Receivables Trust, Series 2023-4, Class B
5.77%, 12/15/28		50		50
Santander Drive Auto Receivables Trust, Series 2023-4, Class C
6.04%, 12/15/31		50		50

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 0.5%     continued
Automobile – 0.2%    continued
Santander Drive Auto Recievables Trust, Series 2023-4, Class A3
5.73%, 4/17/28		$100		$100
Toyota Auto Receivables Owner Trust, Series 2021-C, Class A4
0.72%, 1/15/27		100		92
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A3
3.76%, 4/15/27		100		97
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A4
3.77%, 2/15/28		100		95
Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3
4.71%, 2/15/28		100		98
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3
5.16%, 4/17/28		100		99
Volkswagen Auto Lease Trust, Series 2023-A, Class A3
5.81%, 10/20/26		150		150
World Omni Auto Receivables Trust, Series 2022-C, Class A3
3.66%, 10/15/27		100		97
World Omni Auto Receivables Trust, Series 2022-C, Class A4
3.68%, 9/15/28		100		95
World Omni Auto Receivables Trust, Series 2023-A, Class A3
4.83%, 5/15/28		50		49
World Omni Auto Receivables Trust, Series 2023-C, Class A3
5.15%, 11/15/28		100		99
				3,942
Credit Card – 0.2%
American Express Credit Account Master Trust, Series 2022-2, Class A
3.39%, 5/15/27		200		193
American Express Credit Account Master Trust, Series 2022-3, Class A
3.75%, 8/15/27		200		194
American Express Credit Account Master Trust, Series 2022-4, Class A
4.95%, 10/15/27		200		198

See Notes to the Financial Statements.

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 - 0.5%     continued
Credit Card – 0.2%     continued
American Express Credit Account Master Trust, Series 2023-1, Class A
4.87%, 5/15/28		$150		$148
American Express Credit Account Master Trust, Series 2023-3, Class A
5.23%, 9/15/28		125		125
American Express Credit Account Master Trust, Series 2023-4, Class A
5.15%, 9/16/30		100		99
BA Credit Card Trust, Series 2022-A1, Class A1
3.53%, 11/15/27		100		97
BA Credit Card Trust, Series 2022-A2, Class A2
5.00%, 4/15/28		150		148
BA Credit Card Trust, Series 2023-A1, Class A1
4.79%, 5/15/28		150		148
Barclays Dryrock Issuance Trust, Series 2023-1, Class A
4.72%, 2/15/29		100		98
Capital One Multi-Asset Execution Trust, Series 2019-A3, Class A3
2.06%, 8/15/28		150		137
Capital One Multi-Asset Execution Trust, Series 2021-A2, Class A2
1.39%, 7/15/30		150		125
Capital One Multi-Asset Execution Trust, Series 2022-A1, Class A1
2.80%, 3/15/27		200		192
Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A
3.49%, 5/15/27		300		290
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A
4.95%, 10/15/27		150		148
Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A
4.42%, 5/15/28		150		146
Chase Issuance Trust, Series 2022-A1, Class A
3.97%, 9/15/27		150		146
Chase Issuance Trust, Series 2023-A1, Class A
5.16%, 9/15/28		150		150

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 0.5%     continued
Credit Card – 0.2%     continued
Chase Issuance Trust, Series 2023-A2, Class A
5.08%, 9/16/30		$100		$99
Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3
6.15%, 6/15/39		50		51
Citibank Credit Card Issuance Trust, Series 2018-A7, Class A7
3.96%, 10/13/30		100		94
Discover Card Execution Note Trust, Series 2021-A2, Class A2
1.03%, 9/15/28		100		88
Discover Card Execution Note Trust, Series 2022-A1, Class A1
1.96%, 2/15/27		150		143
Discover Card Execution Note Trust, Series 2022-A2, Class A
3.32%, 5/15/27		150		144
Discover Card Execution Note Trust, Series 2022-A3, Class A3
3.56%, 7/15/27		200		193
Discover Card Execution Note Trust, Series 2022-A4, Class A
5.03%, 10/15/27		100		99
Discover Card Execution Note Trust, Series 2023-A1, Class A
4.31%, 3/15/28		85		83
Discover Card Execution Note Trust, Series 2023-A2, Class A
4.93%, 6/15/28		100		99
Synchrony Card Funding LLC, Series 2022-A1, Class A
3.37%, 4/15/28		100		96
Synchrony Card Funding LLC, Series 2022-A2, Class A
3.86%, 7/15/28		100		97
				4,068
Other – 0.1%
AEP Texas Central Transition Funding III LLC, Series 2012-1, Class A3
2.84%, 3/1/26		35		35
CNH Equipment Trust, Series 2022-B, Class A3
3.89%, 8/16/27		100		97

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  44 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 0.5%     continued
Other – 0.1%     continued
CNH Equipment Trust, Series 2022-C, Class A3
5.15%, 4/17/28		$75		$74
CNH Equipment Trust, Series 2023-A, Class A3
4.81%, 8/15/28		100		99
John Deere Owner Trust, Series 2021-B, Class A4
0.74%, 5/15/28		75		70
John Deere Owner Trust, Series 2023-A, Class A3
5.01%, 11/15/27		125		124
John Deere Owner Trust, Series 2023-B, Class A3
5.18%, 3/15/28		100		99
PSNH Funding LLC 3, Series 2018-1, Class A3
3.81%, 2/1/35		100		90
Verizon Master Trust, Series 2021-2, Class A
0.99%, 4/20/28		150		142
Verizon Master Trust, Series 2022-2, Class A
1.53%, 7/20/28		100		94
Verizon Master Trust, Series 2022-6, Class A
3.67%, 1/22/29		100		97
Verizon Master Trust, Series 2023-1, Class A
4.49%, 1/22/29		100		98
Verizon Master Trust, Series 2023-2, Class A
4.89%, 4/13/28		200		197
				1,316
Total Asset-Backed Securities
(Cost $10,596)				10,329
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.9%
Non Agency – 0.9%
Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2016-UB10, Class A4
3.17%, 7/15/49		300		277
BANK, Series 2017-BNK7, Class A5
3.44%, 9/15/60		250		227

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%     continued
Non Agency – 0.9%     continued
BANK, Series 2017-BNK9, Class A4
3.54%, 11/15/54		$250		$227
BANK, Series 2018-BN10, Class A5
3.69%, 2/15/61		100		91
BANK, Series 2018-BN11, Class A3
4.05%, 3/15/61		200		184
BANK, Series 2018-BN12, Class A4
4.26%, 5/15/61		300		278
BANK, Series 2018-BN13, Class A5
4.22%, 8/15/61		100		92
BANK, Series 2018-BN14, Class A4
4.23%, 9/15/60		200		185
BANK, Series 2018-BN15, Class A4
4.41%, 11/15/61		300		279
BANK, Series 2019-BN18, Class A3
3.33%, 5/15/62		200		175
BANK, Series 2019-BN19, Class A3
3.18%, 8/15/61		300		252
BANK, Series 2020-BN26, Class A4
2.40%, 3/15/63		400		322
BANK, Series 2020-BN28, Class A4
1.84%, 3/15/63		500		384
BANK, Series 2021-BN31, Class A4
2.04%, 2/15/54		200		154
BANK, Series 2021-BN37, Class A5
2.62%, 11/15/64		200		157
BANK, Series 2022-BNK42, Class A5
4.49%, 6/15/55		200		180
Barclays Commercial Mortgage Trust, Series 2019-C3, Class A4
3.58%, 5/15/52		200		178
BBCMS Mortgage Trust, Series 2018-C2, Class A5
4.31%, 12/15/51		150		139
BBCMS Mortgage Trust, Series 2020-C6, Class A4
2.64%, 2/15/53		200		165
Benchmark Mortgage Trust, Series 2018-B2, Class A5
3.88%, 2/15/51		150		136
Benchmark Mortgage Trust, Series 2018-B3, Class A5
4.03%, 4/10/51		100		92

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)
COMMERCIAL MORTGAGE-BACKED SECURITIES -0.9%    continued
Non Agency – 0.9%     continued
Benchmark Mortgage Trust, Series 2018-B5, Class A4
4.21%, 7/15/51		$200		$185
Benchmark Mortgage Trust, Series 2018-B8, Class A5
4.23%, 1/15/52		100		91
Benchmark Mortgage Trust, Series 2020-B16, Class A5
2.73%, 2/15/53		200		167
Benchmark Mortgage Trust, Series 2020-B18, Class A5
1.93%, 7/15/53		500		382
Benchmark Mortgage Trust, Series 2020-B19, Class A5
1.85%, 9/15/53		500		373
Benchmark Mortgage Trust, Series 2020-IG1, Class A3
2.69%, 9/15/43		100		77
Benchmark Mortgage Trust, Series 2021-B23, Class A5
2.07%, 2/15/54		200		149
CD Mortgage Trust, Series 2017-CD4, Class A4
3.51%, 5/10/50		250		227
CD Mortgage Trust, Series 2017-CD5, Class A4
3.43%, 8/15/50		250		226
CD Mortgage Trust, Series 2017-CD6, Class A5
3.46%, 11/13/50		200		180
CD Mortgage Trust, Series 2018-CD7, Class A4
4.28%, 8/15/51		200		182
CD Mortgage Trust, Series 2019-CD8, Class A4
2.91%, 8/15/57		150		125
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4
3.28%, 5/10/58		250		233
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4
3.46%, 8/15/50		250		226
Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5
3.72%, 9/15/48		200		191

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%    continued
Non Agency – 0.9%     continued
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class A4
3.21%, 5/10/49		$250		$232
Citigroup Commercial Mortgage Trust, Series 2016-C3, Class A4
3.15%, 11/15/49		150		137
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5
3.62%, 2/10/49		300		280
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A4
3.31%, 4/10/49		250		233
Citigroup Commercial Mortgage Trust, Series 2016-P3, Class A4
3.33%, 4/15/49		250		233
Citigroup Commercial Mortgage Trust, Series 2017-P8, Class A4
3.47%, 9/15/50		250		227
Citigroup Commercial Mortgage Trust, Series 2018-B2, Class A4
4.01%, 3/10/51		100		91
Citigroup Commercial Mortgage Trust, Series 2018-C5, Class A4
4.23%, 6/10/51		200		185
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A4
4.41%, 11/10/51		200		186
Commercial Mortgage Trust, Series 2015-CR24, Class A5
3.70%, 8/10/48		500		478
Commercial Mortgage Trust, Series 2018-COR3, Class A3
4.23%, 5/10/51		200		183
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4
3.72%, 8/15/48		500		473
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5
3.09%, 1/15/49		100		92
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5
3.50%, 11/15/49		200		184
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class A4
4.42%, 11/15/51		300		273

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  46 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%    continued
Non Agency – 0.9%    continued
CSAIL Commercial Mortgage Trust, Series 2018-CX11, Class A5
4.03%, 4/15/51		$100		$91
DBJPM Mortgage Trust, Series 2017-C6, Class A5
3.33%, 6/10/50		250		228
DBJPM Mortgage Trust, Series 2020-C9, Class A5
1.93%, 8/15/53		100		78
GS Mortgage Securities Trust, Series 2016-GS3, Class A4
2.85%, 10/10/49		200		181
GS Mortgage Securities Trust, Series 2017-GS7, Class A4
3.43%, 8/10/50		250		225
GS Mortgage Securities Trust, Series 2017-GS8, Class A4
3.47%, 11/10/50		200		181
GS Mortgage Securities Trust, Series 2018-GS9, Class A4
3.99%, 3/10/51		150		135
GS Mortgage Securities Trust, Series 2019-GC40, Class A4
3.16%, 7/10/52		150		129
GS Mortgage Securities Trust, Series 2020-GC45, Class A5
2.91%, 2/13/53		300		251
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-C4, Class A3
3.14%, 12/15/49		150		136
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class A5
2.87%, 8/15/49		200		180
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP3, Class AS
3.14%, 8/15/49		100		85
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-C5, Class A5
3.69%, 3/15/50		300		276

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.9%     continued
Non Agency – 0.9%    continued
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2017-JP7, Class A5
3.45%, 9/15/50		$100		$90
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-COR5, Class A4
3.39%, 6/13/52		200		174
JPMBB Commercial Mortgage Securities Trust, Series 2015-C30, Class A5
3.82%, 7/15/48		200		188
JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class A4
3.14%, 6/15/49		100		92
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5
3.41%, 10/15/50		200		180
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C26, Class A5
3.53%, 10/15/48		100		94
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4
3.33%, 5/15/49		250		232
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C30, Class A5
2.86%, 9/15/49		100		91
Morgan Stanley Capital I Trust, Series 2018-H3, Class A5
4.18%, 7/15/51		150		139
Morgan Stanley Capital I Trust, Series 2018-H4, Class A4
4.31%, 12/15/51		100		92
Morgan Stanley Capital I Trust, Series 2018-L1, Class A4
4.41%, 10/15/51		200		186
Morgan Stanley Capital I Trust, Series 2019-H7, Class A4
3.26%, 7/15/52		250		215
Morgan Stanley Capital I Trust, Series 2020-HR8, Class A4
2.04%, 7/15/53		500		390

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)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%    continued
Non Agency – 0.9%    continued
Morgan Stanley Capital I Trust, Series 2020-L4, Class A3
2.70%, 2/15/53		$200		$164
Morgan Stanley Capital I, Series 2017-HR2, Class A4
3.59%, 12/15/50		200		181
MSWF Commercial Mortgage Trust, Series 2023-1, Class A5
5.75%, 5/15/56		250		246
UBS Commercial Mortgage Trust, Series 2017-C2, Class A4
3.49%, 8/15/50		250		226
UBS Commercial Mortgage Trust, Series 2017-C3, Class A4
3.43%, 8/15/50		175		158
UBS Commercial Mortgage Trust, Series 2017-C6, Class A5
3.58%, 12/15/50		100		90
UBS Commercial Mortgage Trust, Series 2017-C7, Class A4
3.68%, 12/15/50		150		134
UBS Commercial Mortgage Trust, Series 2018-C10, Class A4
4.31%, 5/15/51		200		184
UBS Commercial Mortgage Trust, Series 2018-C11, Class A5
4.24%, 6/15/51		150		136
UBS Commercial Mortgage Trust, Series 2018-C13, Class A4
4.33%, 10/15/51		200		183
UBS Commercial Mortgage Trust, Series 2018-C14, Class A4
4.45%, 12/15/51		100		91
UBS Commercial Mortgage Trust, Series 2018-C8, Class A4
3.98%, 2/15/51		150		136
UBS Commercial Mortgage Trust, Series 2018-C9, Class A4
4.12%, 3/15/51		100		91
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4
3.66%, 9/15/58		250		238
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class A5
3.77%, 7/15/58		300		285

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%    continued
Non Agency – 0.9%    continued
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS4, Class A4
3.72%, 12/15/48		$350		$332
Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A4
3.56%, 1/15/59		200		188
Wells Fargo Commercial Mortgage Trust, Series 2016-C33, Class A4
3.43%, 3/15/59		250		234
Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class A4
2.93%, 7/15/48		100		91
Wells Fargo Commercial Mortgage Trust, Series 2016-C36, Class A4
3.07%, 11/15/59		250		226
Wells Fargo Commercial Mortgage Trust, Series 2016-LC24, Class A4
2.94%, 10/15/49		200		183
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4
2.92%, 11/15/49		150		137
Wells Fargo Commercial Mortgage Trust, Series 2017-C39, Class A5
3.42%, 9/15/50		250		227
Wells Fargo Commercial Mortgage Trust, Series 2017-C40, Class A4
3.58%, 10/15/50		100		91
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class A4
3.59%, 12/15/50		100		89
Wells Fargo Commercial Mortgage Trust, Series 2018-C43, Class A4
4.01%, 3/15/51		150		137
Wells Fargo Commercial Mortgage Trust, Series 2018-C48, Class A5
4.30%, 1/15/52		100		92
Wells Fargo Commercial Mortgage Trust, Series 2019-C50, Class A5
3.73%, 5/15/52		200		176
Wells Fargo Commercial Mortgage Trust, Series 2020-C55, Class A5
2.73%, 2/15/53		100		82
Wells Fargo Commercial Mortgage Trust, Series 2020-C56, Class A5
2.45%, 6/15/53		500		403

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  48 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%    continued
Non Agency – 0.9%    continued
Wells Fargo Commercial Mortgage Trust, Series 2021-C59, Class A5
2.63%, 4/15/54		$500		$395
				20,640
Total Commercial Mortgage-Backed Securities
(Cost $23,474)				20,640
CORPORATE BONDS – 20.7%
Advertising & Marketing – 0.0%
Interpublic Group of (The) Cos., Inc.,
4.75%, 3/30/30		300		279
Omnicom Group, Inc./Omnicom Capital, Inc.,
3.60%, 4/15/26		525		498
				777
Aerospace & Defense – 0.6%
Boeing (The) Co.,
2.85%, 10/30/24		110		106
4.88%, 5/1/25		240		236
2.20%, 2/4/26		2,829		2,598
2.70%, 2/1/27		219		198
3.25%, 2/1/28		1,066		961
3.25%, 3/1/28		55		49
3.20%, 3/1/29		159		140
2.95%, 2/1/30		250		210
5.15%, 5/1/30		43		41
6.13%, 2/15/33		135		136
6.63%, 2/15/38		100		101
5.81%, 5/1/50		1,060		960
General Dynamics Corp.,
2.63%, 11/15/27		104		94
3.75%, 5/15/28		246		231
4.25%, 4/1/40		100		85
2.85%, 6/1/41		160		110
Huntington Ingalls Industries, Inc.,
2.04%, 8/16/28		200		168
L3Harris Technologies, Inc.,
4.40%, 6/15/28		449		425
Lockheed Martin Corp.,
3.55%, 1/15/26		298		287
5.25%, 1/15/33		1,500		1,482
3.60%, 3/1/35		135		114

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Aerospace & Defense – 0.6%    continued
4.07%, 12/15/42		$168		$137
3.80%, 3/1/45		230		176
4.09%, 9/15/52		20		16
Northrop Grumman Corp.,
3.25%, 1/15/28		500		459
5.05%, 11/15/40		250		225
4.75%, 6/1/43		250		215
3.85%, 4/15/45		8		6
4.03%, 10/15/47		252		193
Precision Castparts Corp.,
4.38%, 6/15/45		350		284
RTX Corp.,
1.90%, 9/1/31		71		54
2.38%, 3/15/32		68		52
4.70%, 12/15/41		100		84
4.50%, 6/1/42		250		204
4.80%, 12/15/43		1,000		834
3.75%, 11/1/46		750		531
Textron, Inc.,
2.45%, 3/15/31		250		199
				12,401
Apparel & Textile Products – 0.1%
NIKE, Inc.,
2.85%, 3/27/30		1,250		1,083
3.25%, 3/27/40		75		57
Ralph Lauren Corp.,
2.95%, 6/15/30		100		85
				1,225
Asset Management – 0.3%
Ameriprise Financial, Inc.,
3.70%, 10/15/24		500		490
3.00%, 4/2/25		250		240
2.88%, 9/15/26		435		405
Ares Capital Corp.,
3.88%, 1/15/26		620		580
Barings BDC, Inc.,
3.30%, 11/23/26		200		175
BlackRock, Inc.,
1.90%, 1/28/31		720		569
Blue Owl Capital Corp.,
3.75%, 7/22/25		300		281
Blue Owl Credit Income Corp.,
7.75%, 9/16/27		200		198

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)
CORPORATE BONDS - 20.7%    continued
Asset Management – 0.3%    continued
Charles Schwab (The) Corp.,
3.63%, 4/1/25		$250		$242
3.45%, 2/13/26		280		265
3.20%, 3/2/27		500		458
(Variable, U.S. SOFR + 2.21%), 5.64%, 5/19/29 (1)		400		392
(Variable, U.S. SOFR + 2.50%), 5.85%, 5/19/34 (1)		400		380
Franklin Resources, Inc.,
2.95%, 8/12/51		270		153
FS KKR Capital Corp.,
3.25%, 7/15/27		200		172
Raymond James Financial, Inc.,
3.75%, 4/1/51		100		68
Voya Financial, Inc.,
4.80%, 6/15/46		500		381
				5,449
Automotive – 0.3%
Aptiv PLC/Aptiv Corp.,
4.15%, 5/1/52		500		348
BorgWarner, Inc.,
4.38%, 3/15/45		170		127
General Motors Co.,
6.80%, 10/1/27		118		120
5.00%, 10/1/28		227		217
5.60%, 10/15/32		183		171
6.25%, 10/2/43		350		314
6.75%, 4/1/46		145		135
5.40%, 4/1/48		267		211
General Motors Financial Co., Inc.,
2.70%, 8/20/27		658		577
6.00%, 1/9/28		500		494
2.40%, 4/10/28		119		101
5.80%, 6/23/28		500		488
2.40%, 10/15/28		254		211
5.65%, 1/17/29		84		81
4.30%, 4/6/29		82		74
3.60%, 6/21/30		99		83
2.35%, 1/8/31		33		25
3.10%, 1/12/32		33		26
Lear Corp.,
3.55%, 1/15/52		200		122

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Automotive – 0.3%    continued
Toyota Motor Credit Corp.,
0.80%, 10/16/25		$750		$682
3.05%, 3/22/27		500		464
4.70%, 1/12/33		700		661
				5,732
Banking – 3.0%
Bank of America Corp.,
4.00%, 1/22/25		1,503		1,463
3.95%, 4/21/25		1,375		1,328
(Variable, CME Term SOFR 3M + 1.13%), 2.46%, 10/22/25 (1)		21		20
(Variable, U.S. SOFR + 0.65%), 1.53%, 12/6/25 (1)		405		382
(Variable, CME Term SOFR 3M + 1.07%), 3.37%, 1/23/26 (1)		1,000		961
(Variable, CME Term SOFR 3M + 0.90%), 2.02%, 2/13/26 (1)		760		715
4.45%, 3/3/26		500		482
3.50%, 4/19/26		76		72
4.25%, 10/22/26		47		45
(Variable, U.S. SOFR + 1.01%), 1.20%, 10/24/26 (1)		2,000		1,809
(Variable, U.S. SOFR + 1.29%), 5.08%, 1/20/27 (1)		1,500		1,466
(Variable, U.S. SOFR + 0.91%), 1.66%, 3/11/27 (1)		72		65
(Variable, U.S. SOFR + 0.96%), 1.73%, 7/22/27 (1)		1,208		1,070
4.18%, 11/25/27		146		136
(Variable, U.S. SOFR + 1.05%), 2.55%, 2/4/28 (1)		18		16
(Variable, CME Term SOFR 3M + 1.77%), 3.71%, 4/24/28 (1)		106		98
(Variable, CME Term SOFR 3M + 1.30%), 3.42%, 12/20/28 (1)		983		882
(Variable, CME Term SOFR 3M + 1.33%), 3.97%, 3/5/29 (1)		7		6
(Variable, U.S. SOFR + 1.06%), 2.09%, 6/14/29 (1)		129		108
(Variable, CME Term SOFR 3M + 1.25%), 2.50%, 2/13/31 (1)		300		240
(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31 (1)		52		42
(Variable, U.S. SOFR + 1.53%), 1.90%, 7/23/31 (1)		336		255

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  50 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Banking – 3.0%    continued
(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32 (1)		$380		$299
(Variable, U.S. SOFR + 1.33%), 2.97%, 2/4/33 (1)		336		265
(Variable, U.S. SOFR + 1.83%), 4.57%, 4/27/33 (1)		425		377
(Variable, U.S. SOFR + 2.16%), 5.02%, 7/22/33 (1)		1,403		1,291
(Variable, U.S. SOFR + 1.91%), 5.29%, 4/25/34 (1)		1,000		930
6.11%, 1/29/37		150		148
(Variable, U.S. SOFR + 1.93%), 2.68%, 6/19/41 (1)		390		250
(Variable, CME Term SOFR 3M + 1.45%), 3.95%, 1/23/49 (1)		790		582
(Variable, CME Term SOFR 3M + 1.78%), 4.33%, 3/15/50 (1)		755		585
(Variable, CME Term SOFR 3M + 3.41%), 4.08%, 3/20/51 (1)		810		599
Bank of America N.A.,
6.00%, 10/15/36		250		251
BankUnited, Inc.,
5.13%, 6/11/30		100		84
Citigroup, Inc.,
3.88%, 3/26/25		1,730		1,671
4.40%, 6/10/25		105		102
5.50%, 9/13/25		126		124
(Variable, U.S. SOFR + 0.53%), 1.28%, 11/3/25 (1)		49		46
(Variable, U.S. SOFR + 0.69%), 2.01%, 1/25/26 (1)		1,464		1,382
4.60%, 3/9/26		205		198
(Variable, U.S. SOFR + 1.53%), 3.29%, 3/17/26 (1)		17		16
(Variable, U.S. SOFR + 2.84%), 3.11%, 4/8/26 (1)		884		844
(Variable, U.S. SOFR + 1.55%), 5.61%, 9/29/26 (1)		722		715
3.20%, 10/21/26		719		664
4.30%, 11/20/26		505		479
(Variable, U.S. SOFR + 0.77%), 1.46%, 6/9/27 (1)		28		25
4.45%, 9/29/27		328		308
(Variable, U.S. SOFR + 1.28%), 3.07%, 2/24/28 (1)		88		80

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Banking – 3.0%    continued
(Variable, CME Term SOFR 3M + 1.65%), 3.67%, 7/24/28 (1)		$28		$26
(Variable, U.S. SOFR + 3.91%), 4.41%, 3/31/31 (1)		1,450		1,304
(Variable, U.S. SOFR + 1.17%), 2.56%, 5/1/32 (1)		1,000		774
6.63%, 6/15/32		100		101
5.88%, 2/22/33		350		336
(Variable, U.S. SOFR + 2.66%), 6.17%, 5/25/34 (1)		1,000		956
6.13%, 8/25/36		125		121
8.13%, 7/15/39		332		390
(Variable, U.S. SOFR + 4.55%), 5.32%, 3/26/41 (1)		180		162
5.88%, 1/30/42		30		29
(Variable, U.S. SOFR + 1.38%), 2.90%, 11/3/42 (1)		168		107
Citizens Bank N.A.,
(Variable, U.S. SOFR + 2.00%), 4.58%, 8/9/28 (1)		500		457
Comerica Bank,
(Variable, U.S. SOFR + 2.61%), 5.33%, 8/25/33 (1)		250		206
Discover Bank,
2.70%, 2/6/30		250		194
Fifth Third Bancorp,
8.25%, 3/1/38		275		293
First Horizon Corp.,
4.00%, 5/26/25		200		189
FNB Corp.,
5.15%, 8/25/25		200		194
HSBC Bank U.S.A. N.A.,
7.00%, 1/15/39		350		361
Huntington Bancshares, Inc.,
(Variable, U.S. SOFR + 1.97%), 4.44%, 8/4/28 (1)		500		462
JPMorgan Chase & Co.,
3.90%, 7/15/25		128		124
7.75%, 7/15/25		54		56
(Variable, U.S. SOFR + 0.61%), 1.56%, 12/10/25 (1)		285		269
(Variable, U.S. SOFR + 1.07%), 5.55%, 12/15/25 (1)		330		328
(Variable, CME Term SOFR 3M + 1.59%), 2.01%, 3/13/26 (1)		40		38

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 - 20.7%    continued
Banking – 3.0%    continued
3.30%, 4/1/26		$111		$105
(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26 (1)		2,024		1,900
2.95%, 10/1/26		59		55
(Variable, CME Term SOFR 3M + 0.70%), 1.04%, 2/4/27 (1)		121		108
(Variable, U.S. SOFR + 0.89%), 1.58%, 4/22/27 (1)		297		265
8.00%, 4/29/27		658		710
(Variable, U.S. SOFR + 0.77%), 1.47%, 9/22/27 (1)		1,310		1,148
4.25%, 10/1/27		299		284
3.63%, 12/1/27		1,292		1,190
(Variable, CME Term SOFR 3M + 1.60%), 3.78%, 2/1/28 (1)		500		466
(Variable, U.S. SOFR + 1.17%), 2.95%, 2/24/28 (1)		204		185
(Variable, U.S. SOFR + 1.56%), 4.32%, 4/26/28 (1)		176		167
(Variable, U.S. SOFR + 1.99%), 4.85%, 7/25/28 (1)		33		32
(Variable, CME Term SOFR 3M + 1.21%), 3.51%, 1/23/29 (1)		310		281
(Variable, CME Term SOFR 3M + 1.38%), 4.01%, 4/23/29 (1)		34		31
(Variable, U.S. SOFR + 1.02%), 2.07%, 6/1/29 (1)		719		606
(Variable, U.S. SOFR + 1.45%), 5.30%, 7/24/29 (1)		800		778
(Variable, CME Term SOFR 3M + 1.59%), 4.45%, 12/5/29 (1)		59		55
(Variable, CME Term SOFR 3M + 2.52%), 2.96%, 5/13/31 (1)		545		448
(Variable, U.S. SOFR + 2.58%), 5.72%, 9/14/33 (1)		700		673
(Variable, CME Term SOFR 3M + 1.62%), 3.88%, 7/24/38 (1)		359		287
(Variable, CME Term SOFR 3M + 2.46%), 3.11%, 4/22/41 (1)		100		69
5.60%, 7/15/41		405		385
(Variable, CME Term SOFR 3M + 1.51%), 2.53%, 11/19/41 (1)		785		493
5.63%, 8/16/43		150		141
(Variable, CME Term SOFR 3M + 1.84%), 4.26%, 2/22/48 (1)		114		89

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Banking – 3.0%    continued
(Variable, CME Term SOFR 3M + 1.72%), 4.03%, 7/24/48 (1)		$85		$64
(Variable, CME Term SOFR 3M + 1.64%), 3.96%, 11/15/48 (1)		400		292
(Variable, CME Term SOFR 3M + 1.48%), 3.90%, 1/23/49 (1)		200		145
(Variable, U.S. SOFR + 2.44%), 3.11%, 4/22/51 (1)		1,500		931
KeyBank N.A.,
4.15%, 8/8/25		250		235
5.00%, 1/26/33		500		421
Manufacturers & Traders Trust Co.,
4.70%, 1/27/28		1,000		924
Morgan Stanley Bank N.A.,
4.75%, 4/21/26		2,000		1,955
PNC Financial Services Group (The), Inc.,
(Variable, U.S. SOFR + 1.32%), 5.81%, 6/12/26 (1)		500		496
3.15%, 5/19/27		455		415
2.55%, 1/22/30		545		442
(Variable, U.S. SOFR + 1.93%), 5.07%, 1/24/34 (1)		500		453
Regions Financial Corp.,
2.25%, 5/18/25		500		466
Santander Holdings U.S.A., Inc.,
(Variable, U.S. SOFR + 2.36%), 6.50%, 3/9/29 (1)		300		293
Synchrony Bank,
5.40%, 8/22/25		293		282
Synovus Bank,
5.63%, 2/15/28		250		226
Truist Bank,
3.63%, 9/16/25		128		121
4.05%, 11/3/25		600		577
3.30%, 5/15/26		122		112
3.80%, 10/30/26		543		499
Truist Financial Corp.,
2.85%, 10/26/24		131		126
3.70%, 6/5/25		213		204
(Variable, U.S. SOFR + 0.61%), 1.27%, 3/2/27 (1)		85		75
1.13%, 8/3/27		221		185
(Variable, U.S. SOFR + 1.44%), 4.87%, 1/26/29 (1)		1,000		939

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  52 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Banking – 3.0%    continued
(Variable, U.S. SOFR + 0.86%), 1.89%, 6/7/29 (1)		$57		$47
U.S. Bancorp,
2.38%, 7/22/26		133		121
(Variable, U.S. SOFR + 0.73%), 2.22%, 1/27/28 (1)		322		284
3.90%, 4/26/28		402		370
(Variable, U.S. SOFR + 2.02%), 5.78%, 6/12/29 (1)		500		487
1.38%, 7/22/30		143		104
(Variable, U.S. SOFR + 1.60%), 4.84%, 2/1/34 (1)		500		440
U.S. Bank N.A.,
2.80%, 1/27/25		250		240
Wells Fargo & Co.,
3.00%, 2/19/25		452		434
3.00%, 4/22/26		832		775
(Variable, U.S. SOFR + 1.32%), 3.91%, 4/25/26 (1)		2,236		2,154
(Variable, U.S. SOFR + 2.00%), 2.19%, 4/30/26 (1)		119		112
(Variable, U.S. SOFR + 1.56%), 4.54%, 8/15/26 (1)		2,000		1,942
3.00%, 10/23/26		542		498
(Variable, CME Term SOFR 3M + 1.43%), 3.20%, 6/17/27 (1)		15		14
4.30%, 7/22/27		110		104
(Variable, U.S. SOFR + 1.51%), 3.53%, 3/24/28 (1)		275		253
(Variable, CME Term SOFR 3M + 1.57%), 3.58%, 5/22/28 (1)		585		536
(Variable, U.S. SOFR + 2.10%), 2.39%, 6/2/28 (1)		833		730
(Variable, U.S. SOFR + 1.99%), 5.56%, 7/25/34 (1)		700		663
(Variable, U.S. SOFR + 2.53%), 3.07%, 4/30/41 (1)		400		269
(Variable, CME Term SOFR 3M + 4.50%), 5.01%, 4/4/51 (1)		1,500		1,260
(Variable, U.S. SOFR + 2.13%), 4.61%, 4/25/53 (1)		1,000		783
Wells Fargo Bank N.A.,
5.85%, 2/1/37		500		479
6.60%, 1/15/38		50		51

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Banking – 3.0%    continued
Zions Bancorp N.A.,
3.25%, 10/29/29		$250		$194
				66,626
Beverages – 0.3%
Brown-Forman Corp.,
4.50%, 7/15/45		200		167
Coca-Cola (The) Co.,
3.38%, 3/25/27		133		126
1.50%, 3/5/28		81		70
2.13%, 9/6/29		243		207
1.65%, 6/1/30		179		144
2.00%, 3/5/31		1,204		969
3.00%, 3/5/51		300		201
Constellation Brands, Inc.,
4.65%, 11/15/28		44		42
3.15%, 8/1/29		334		293
2.88%, 5/1/30		256		215
2.25%, 8/1/31		284		221
5.25%, 11/15/48		167		148
Keurig Dr. Pepper, Inc.,
2.55%, 9/15/26		185		170
4.42%, 12/15/46		450		351
Molson Coors Beverage Co.,
3.00%, 7/15/26		170		158
4.20%, 7/15/46		300		226
PepsiCo, Inc.,
2.75%, 4/30/25		380		365
2.63%, 7/29/29		120		105
2.75%, 3/19/30		483		418
1.63%, 5/1/30		77		62
1.95%, 10/21/31		500		394
3.88%, 3/19/60		700		524
				5,576
Biotechnology & Pharmaceuticals – 1.1%
AbbVie, Inc.,
3.80%, 3/15/25		1,413		1,374
3.60%, 5/14/25		155		150
3.20%, 5/14/26		56		53
2.95%, 11/21/26		663		615
3.20%, 11/21/29		467		412
4.05%, 11/21/39		1,500		1,227
4.25%, 11/21/49		800		633

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 - 20.7%    continued
Biotechnology & Pharmaceuticals – 1.1%    continued
Amgen, Inc.,
2.00%, 1/15/32		$1,000		$759
5.15%, 11/15/41		126		111
5.65%, 3/2/53		1,200		1,123
2.77%, 9/1/53		1,876		1,045
5.75%, 3/2/63		200		185
Baxalta, Inc.,
4.00%, 6/23/25		225		218
Biogen, Inc.,
4.05%, 9/15/25		55		53
2.25%, 5/1/30		40		32
3.15%, 5/1/50		25		15
3.25%, 2/15/51		87		54
Bristol-Myers Squibb Co.,
3.20%, 6/15/26		132		125
3.90%, 2/20/28		726		686
3.40%, 7/26/29		286		259
4.35%, 11/15/47		1,083		877
3.70%, 3/15/52		300		215
Eli Lilly & Co.,
4.70%, 2/27/33		1,000		963
4.95%, 2/27/63		200		181
Gilead Sciences, Inc.,
3.65%, 3/1/26		2,000		1,915
1.20%, 10/1/27		250		213
1.65%, 10/1/30		100		78
4.80%, 4/1/44		185		161
4.50%, 2/1/45		150		125
4.75%, 3/1/46		168		144
4.15%, 3/1/47		60		47
2.80%, 10/1/50		42		25
Johnson & Johnson,
4.38%, 12/5/33		332		316
3.55%, 3/1/36		519		440
5.95%, 8/15/37		32		34
3.70%, 3/1/46		770		600
2.45%, 9/1/60		300		166
Merck & Co., Inc.,
2.75%, 2/10/25		186		180
1.70%, 6/10/27		263		233
1.90%, 12/10/28		279		238
3.40%, 3/7/29		389		356
2.15%, 12/10/31		688		544

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Biotechnology & Pharmaceuticals – 1.1%    continued
3.60%, 9/15/42		$25		$19
3.70%, 2/10/45		60		46
2.45%, 6/24/50		1,000		575
Mylan, Inc.,
4.55%, 4/15/28		171		157
5.40%, 11/29/43		585		454
Pfizer Investment Enterprises Pte. Ltd.,
4.75%, 5/19/33		2,500		2,363
Pfizer, Inc.,
3.45%, 3/15/29		24		22
2.63%, 4/1/30		1,000		854
7.20%, 3/15/39		311		358
5.60%, 9/15/40		194		191
4.30%, 6/15/43		257		217
4.13%, 12/15/46		262		212
Pharmacia LLC,
6.60%, 12/1/28		125		132
Regeneron Pharmaceuticals, Inc.,
1.75%, 9/15/30		300		231
Royalty Pharma PLC,
3.55%, 9/2/50		500		306
Sanofi,
3.63%, 6/19/28		250		236
Shire Acquisitions Investments Ireland DAC,
3.20%, 9/23/26		225		210
Utah Acquisition Sub, Inc.,
3.95%, 6/15/26		114		107
Wyeth LLC,
5.95%, 4/1/37		725		745
Zoetis, Inc.,
3.95%, 9/12/47		450		339
4.45%, 8/20/48		40		33
				24,987
Cable & Satellite – 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital,
3.75%, 2/15/28		1,451		1,308
2.25%, 1/15/29		484		395
2.80%, 4/1/31		1,500		1,170
5.75%, 4/1/48		520		415
3.90%, 6/1/52		1,000		598

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  54 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Cable & Satellite – 0.5%    continued
Comcast Corp.,
2.65%, 2/1/30		$2,003		$1,692
3.40%, 4/1/30		1,370		1,208
4.25%, 1/15/33		775		697
7.05%, 3/15/33		140		153
2.89%, 11/1/51		1,544		910
5.35%, 5/15/53		700		638
2.99%, 11/1/63		500		276
TCI Communications, Inc.,
7.88%, 2/15/26		755		791
Time Warner Cable LLC,
6.55%, 5/1/37		68		62
7.30%, 7/1/38		705		679
6.75%, 6/15/39		130		119
				11,111
Chemicals – 0.3%
Air Products and Chemicals, Inc.,
2.80%, 5/15/50		300		189
Albemarle Corp.,
4.65%, 6/1/27		300		286
Celanese U.S. Holdings LLC,
6.17%, 7/15/27		700		690
Dow Chemical (The) Co.,
4.25%, 10/1/34		470		408
9.40%, 5/15/39		174		220
5.25%, 11/15/41		400		353
DuPont de Nemours, Inc.,
5.42%, 11/15/48		500		458
Eastman Chemical Co.,
4.80%, 9/1/42		200		161
4.65%, 10/15/44		100		77
Ecolab, Inc.,
2.75%, 8/18/55		500		282
FMC Corp.,
6.38%, 5/18/53		200		177
International Flavors & Fragrances, Inc.,
5.00%, 9/26/48		67		50
Linde, Inc.,
2.00%, 8/10/50		200		101
Lubrizol (The) Corp.,
6.50%, 10/1/34		50		56
LYB International Finance B.V.,
5.25%, 7/15/43		565		479

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Chemicals – 0.3%    continued
LYB International Finance III LLC,
4.20%, 5/1/50		$35		$25
Mosaic (The) Co.,
5.45%, 11/15/33		250		235
NewMarket Corp.,
2.70%, 3/18/31		100		79
RPM International, Inc.,
3.75%, 3/15/27		100		93
Sherwin-Williams (The) Co.,
3.45%, 6/1/27		205		191
2.95%, 8/15/29		167		144
2.30%, 5/15/30		153		125
2.20%, 3/15/32		475		364
4.55%, 8/1/45		30		24
Westlake Corp.,
3.60%, 8/15/26		701		662
3.38%, 6/15/30		249		211
				6,140
Commercial Support Services – 0.1%
Block Financial LLC,
3.88%, 8/15/30		200		172
Republic Services, Inc.,
3.38%, 11/15/27		296		273
3.95%, 5/15/28		432		406
2.30%, 3/1/30		118		97
Waste Connections, Inc.,
2.95%, 1/15/52		300		182
Waste Management, Inc.,
2.50%, 11/15/50		500		283
				1,413
Construction Materials – 0.1%
Carlisle Cos., Inc.,
2.75%, 3/1/30		500		413
Martin Marietta Materials, Inc.,
3.45%, 6/1/27		500		464
Owens Corning,
3.40%, 8/15/26		400		375
3.88%, 6/1/30		500		442
Vulcan Materials Co.,
3.50%, 6/1/30		200		174
				1,868

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 - 20.7%    continued
Consumer Services – 0.1%
California Institute of Technology,
4.70%, 11/1/11 (2)		$110		$85
Duke University,
2.68%, 10/1/44		200		134
Emory University,
2.97%, 9/1/50		500		317
Johns Hopkins University,
4.08%, 7/1/53		100		79
Massachusetts Institute of Technology,
5.60%, 7/1/11 (2)		190		189
4.68%, 7/1/14 (3)		15		12
3.89%, 7/1/16 (4)		300		207
Northwestern University,
4.64%, 12/1/44		50		45
President and Fellows of Harvard College,
2.52%, 10/15/50		1,000		597
Trustees of the University of Pennsylvania (The),
4.67%, 9/1/12 (5)		100		81
University of Southern California,
2.81%, 10/1/50		500		307
				2,053
Containers & Packaging – 0.1%
Amcor Finance U.S.A., Inc.,
3.63%, 4/28/26		300		283
International Paper Co.,
6.00%, 11/15/41		480		461
Packaging Corp. of America,
3.05%, 10/1/51		200		119
Sonoco Products Co.,
2.85%, 2/1/32		500		398
WestRock MWV LLC,
7.95%, 2/15/31		100		110
WRKCo, Inc.,
4.90%, 3/15/29		350		335
				1,706
Diversified Industrials – 0.2%
3M Co.,
2.00%, 2/14/25		100		95
2.25%, 9/19/26		165		150
3.05%, 4/15/30		1,500		1,297

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Diversified Industrials – 0.2%    continued
Dover Corp.,
2.95%, 11/4/29		$10		$8
Emerson Electric Co.,
2.80%, 12/21/51		500		303
GE Capital Funding LLC,
4.55%, 5/15/32		540		497
Honeywell International, Inc.,
2.50%, 11/1/26		461		426
1.10%, 3/1/27		182		160
2.70%, 8/15/29		137		120
3.81%, 11/21/47		425		323
Illinois Tool Works, Inc.,
3.90%, 9/1/42		300		243
Parker-Hannifin Corp.,
3.30%, 11/21/24		500		486
4.20%, 11/21/34		200		174
4.45%, 11/21/44		300		243
				4,525
E-Commerce Discretionary – 0.2%
Amazon.com, Inc.,
4.60%, 12/1/25		1,500		1,481
5.20%, 12/3/25		103		103
1.20%, 6/3/27		544		473
1.65%, 5/12/28		533		459
3.88%, 8/22/37		150		128
2.88%, 5/12/41		1,199		847
4.95%, 12/5/44		156		145
3.10%, 5/12/51		1,000		660
4.25%, 8/22/57		500		400
eBay, Inc.,
1.40%, 5/10/26		24		21
2.60%, 5/10/31		167		134
4.00%, 7/15/42		235		172
				5,023
Electric & Gas Marketing & Trading – 0.1%
Consolidated Edison Co. of New York, Inc.,
5.30%, 3/1/35		150		140
5.85%, 3/15/36		100		97
6.75%, 4/1/38		100		107
5.50%, 12/1/39		85		78
3.95%, 3/1/43		120		90
4.45%, 3/15/44		100		80

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  56 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Electric & Gas Marketing & Trading – 0.1%    continued
3.85%, 6/15/46		$100		$72
6.15%, 11/15/52		500		503
Evergy Metro, Inc.,
5.30%, 10/1/41		50		45
Southern Power Co.,
5.25%, 7/15/43		60		51
				1,263
Electric Utilities – 1.8%
AEP Transmission Co. LLC,
4.00%, 12/1/46		200		152
3.65%, 4/1/50		500		354
AES (The) Corp.,
5.45%, 6/1/28		350		338
Alabama Power Co.,
3.85%, 12/1/42		60		45
4.30%, 7/15/48		300		231
Ameren Illinois Co.,
3.25%, 3/1/25		500		484
3.85%, 9/1/32		700		613
Appalachian Power Co.,
7.00%, 4/1/38		75		80
Arizona Public Service Co.,
3.15%, 5/15/25		500		479
4.50%, 4/1/42		230		182
4.20%, 8/15/48		250		180
Avangrid, Inc.,
3.80%, 6/1/29		200		178
Avista Corp.,
4.00%, 4/1/52		100		71
Baltimore Gas and Electric Co.,
2.40%, 8/15/26		130		120
3.75%, 8/15/47		475		338
5.40%, 6/1/53		200		184
Berkshire Hathaway Energy Co.,
5.15%, 11/15/43		500		439
Black Hills Corp.,
2.50%, 6/15/30		500		400
CenterPoint Energy Houston Electric LLC,
2.40%, 9/1/26		50		46
3.00%, 2/1/27		150		138
3.55%, 8/1/42		40		29
4.25%, 2/1/49		500		395

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Electric Utilities – 1.8%    continued
Cleco Corporate Holdings LLC,
4.97%, 5/1/46		$200		$150
CMS Energy Corp.,
3.00%, 5/15/26		40		37
3.45%, 8/15/27		500		462
4.88%, 3/1/44		500		426
Commonwealth Edison Co.,
6.45%, 1/15/38		200		207
3.80%, 10/1/42		90		68
4.60%, 8/15/43		100		84
Connecticut Light and Power (The) Co.,
4.00%, 4/1/48		250		191
5.25%, 1/15/53		500		456
Constellation Energy Generation LLC,
5.75%, 10/1/41		430		388
Dominion Energy South Carolina, Inc.,
6.05%, 1/15/38		265		265
5.10%, 6/1/65		50		43
Dominion Energy, Inc.,
4.25%, 6/1/28		500		472
5.25%, 8/1/33		250		234
5.95%, 6/15/35		750		735
7.00%, 6/15/38		20		21
3.30%, 4/15/41		300		205
4.90%, 8/1/41		35		29
4.05%, 9/15/42		100		73
DTE Electric Co.,
4.05%, 5/15/48		500		379
Duke Energy Carolinas LLC,
6.45%, 10/15/32		106		110
6.10%, 6/1/37		150		149
4.25%, 12/15/41		210		168
3.75%, 6/1/45		350		251
Duke Energy Corp.,
2.65%, 9/1/26		449		413
4.50%, 8/15/32		751		676
3.75%, 9/1/46		120		83
Duke Energy Florida LLC,
6.35%, 9/15/37		340		348
3.40%, 10/1/46		290		195
Duke Energy Indiana LLC,
6.12%, 10/15/35		500		497
6.35%, 8/15/38		25		26

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 - 20.7%    continued
Electric Utilities – 1.8%    continued
6.45%, 4/1/39		$225		$233
4.90%, 7/15/43		1,000		858
Duke Energy Progress LLC,
4.10%, 3/15/43		200		154
Duke Energy Progress NC Storm Funding LLC,
2.39%, 7/1/37		100		76
Entergy Louisiana LLC,
5.40%, 11/1/24		150		149
3.05%, 6/1/31		950		789
4.75%, 9/15/52		300		247
Entergy Texas, Inc.,
4.50%, 3/30/39		250		208
Evergy Kansas Central, Inc.,
4.13%, 3/1/42		275		213
Eversource Energy,
3.15%, 1/15/25		100		97
1.65%, 8/15/30		165		126
Exelon Corp.,
5.63%, 6/15/35		75		72
4.70%, 4/15/50		100		80
4.10%, 3/15/52		950		687
Florida Power & Light Co.,
5.65%, 2/1/37		335		329
5.95%, 2/1/38		150		152
5.96%, 4/1/39		250		250
5.69%, 3/1/40		30		29
4.13%, 2/1/42		250		202
4.05%, 6/1/42		100		80
Georgia Power Co.,
4.30%, 3/15/42		60		48
4.30%, 3/15/43		100		79
Idaho Power Co.,
5.50%, 3/15/53		100		92
Indiana Michigan Power Co.,
6.05%, 3/15/37		200		197
5.63%, 4/1/53		500		472
Interstate Power and Light Co.,
3.10%, 11/30/51		500		294
ITC Holdings Corp.,
3.35%, 11/15/27		200		183
MidAmerican Energy Co.,
3.50%, 10/15/24		100		98
4.80%, 9/15/43		100		85

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Electric Utilities – 1.8%    continued
4.40%, 10/15/44		$150		$121
3.15%, 4/15/50		200		127
National Grid U.S.A.,
5.80%, 4/1/35		425		403
National Rural Utilities Cooperative Finance Corp.,
2.85%, 1/27/25		1,000		964
8.00%, 3/1/32		50		57
4.30%, 3/15/49		125		96
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.53%), 7.13%, 9/15/53 (1)		400		405
Nevada Power Co.,
6.65%, 4/1/36		100		103
5.90%, 5/1/53		600		577
NextEra Energy Capital Holdings, Inc.,
2.25%, 6/1/30		1,561		1,250
2.44%, 1/15/32		439		340
Northern States Power Co.,
4.13%, 5/15/44		200		156
Oglethorpe Power Corp.,
5.38%, 11/1/40		150		129
Oklahoma Gas and Electric Co.,
4.15%, 4/1/47		200		149
Oncor Electric Delivery Co. LLC,
7.50%, 9/1/38		145		165
4.60%, 6/1/52		500		413
Pacific Gas and Electric Co.,
4.55%, 7/1/30		1,909		1,688
5.90%, 6/15/32		1,091		1,019
4.50%, 7/1/40		500		372
PacifiCorp,
6.10%, 8/1/36		200		197
6.25%, 10/15/37		275		274
4.13%, 1/15/49		50		35
PG&E Energy Recovery Funding LLC,
2.82%, 7/15/46		50		33
PG&E Recovery Funding LLC,
5.05%, 7/15/32		24		23
5.26%, 1/15/38		25		24
5.54%, 7/15/47		50		47
PG&E Wildfire Recovery Funding LLC,
3.59%, 6/1/30		40		37
4.02%, 6/1/31		75		71

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  58 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Electric Utilities – 1.8%    continued
4.72%, 6/1/37		$100		$92
4.45%, 12/1/47		135		110
5.21%, 12/1/47		100		91
4.67%, 12/1/51		100		84
5.10%, 6/1/52		100		90
PPL Electric Utilities Corp.,
6.25%, 5/15/39		275		279
4.13%, 6/15/44		100		78
4.15%, 6/15/48		300		232
Public Service Co. of Colorado,
4.10%, 6/1/32		500		443
4.10%, 6/15/48		300		219
Public Service Electric and Gas Co.,
3.00%, 5/15/25		500		480
3.95%, 5/1/42		50		39
3.65%, 9/1/42		30		22
4.05%, 5/1/48		300		232
3.00%, 3/1/51		500		313
Puget Energy, Inc.,
3.65%, 5/15/25		500		479
Puget Sound Energy, Inc.,
6.27%, 3/15/37		75		74
5.64%, 4/15/41		340		315
San Diego Gas & Electric Co.,
4.50%, 8/15/40		150		126
5.35%, 4/1/53		300		272
SCE Recovery Funding LLC,
5.11%, 12/15/47		100		90
Sempra,
3.25%, 6/15/27		150		137
6.00%, 10/15/39		250		237
Southern (The) Co.,
3.70%, 4/30/30		900		797
4.40%, 7/1/46		1,000		775
Southern California Edison Co.,
6.00%, 1/15/34		100		99
5.35%, 7/15/35		586		556
5.55%, 1/15/37		275		256
5.95%, 2/1/38		710		690
6.05%, 3/15/39		50		48
5.50%, 3/15/40		150		137
3.90%, 3/15/43		150		110
4.13%, 3/1/48		90		67

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Electric Utilities – 1.8%    continued
Southwestern Electric Power Co.,
4.10%, 9/15/28		$250		$232
3.90%, 4/1/45		170		118
Tampa Electric Co.,
4.10%, 6/15/42		50		38
Tucson Electric Power Co.,
5.50%, 4/15/53		300		272
Union Electric Co.,
3.90%, 9/15/42		50		38
4.00%, 4/1/48		250		184
Virginia Electric and Power Co.,
6.00%, 5/15/37		15		15
6.35%, 11/30/37		40		40
8.88%, 11/15/38		100		125
4.65%, 8/15/43		150		123
4.45%, 2/15/44		75		60
3.80%, 9/15/47		125		89
Wisconsin Public Service Corp.,
4.75%, 11/1/44		100		84
3.30%, 9/1/49		150		97
Xcel Energy, Inc.,
4.60%, 6/1/32		1,000		907
6.50%, 7/1/36		100		101
				39,763
Electrical Equipment – 0.1%
Amphenol Corp.,
4.75%, 3/30/26		500		491
Carrier Global Corp.,
2.72%, 2/15/30		1,000		833
Fortive Corp.,
4.30%, 6/15/46		105		79
Johnson Controls International PLC,
5.13%, 9/14/45		21		18
4.95%, 7/2/64		110		88
Johnson Controls International PLC/Tyco Fire & Security Finance S.C.A.,
4.90%, 12/1/32		500		478
Otis Worldwide Corp.,
3.36%, 2/15/50		300		200
Rockwell Automation, Inc.,
4.20%, 3/1/49		100		81

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 - 20.7%    continued
Electrical Equipment – 0.1%    continued
Trane Technologies Financing Ltd.,
3.50%, 3/21/26		$250		$237
4.65%, 11/1/44		35		29
Trane Technologies Global Holding Co. Ltd.,
5.75%, 6/15/43		150		144
Trimble, Inc.,
6.10%, 3/15/33		200		196
Tyco Electronics Group S.A.,
7.13%, 10/1/37		50		55
				2,929
Entertainment Content – 0.3%
Activision Blizzard, Inc.,
2.50%, 9/15/50		400		238
Discovery Communications LLC,
4.90%, 3/11/26		45		44
4.13%, 5/15/29		467		417
5.30%, 5/15/49		145		111
Electronic Arts, Inc.,
1.85%, 2/15/31		500		388
Fox Corp.,
5.58%, 1/25/49		500		419
NBCUniversal Media LLC,
4.45%, 1/15/43		297		244
Paramount Global,
4.75%, 5/15/25		199		194
4.20%, 5/19/32		1,000		795
5.85%, 9/1/43		197		153
5.25%, 4/1/44		30		21
Take-Two Interactive Software, Inc.,
4.95%, 3/28/28		400		387
Walt Disney (The) Co.,
3.70%, 3/23/27		297		283
6.40%, 12/15/35		31		32
4.13%, 12/1/41		105		84
2.75%, 9/1/49		1,196		707
3.60%, 1/13/51		804		558
Warnermedia Holdings, Inc.,
4.28%, 3/15/32		1,000		849
5.14%, 3/15/52		1,300		966
				6,890

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Finance Companies – 0.0%
Blackstone Private Credit Fund,
3.25%, 3/15/27		$300		$261
Food – 0.3%
Campbell Soup Co.,
3.13%, 4/24/50		350		213
Conagra Brands, Inc.,
1.38%, 11/1/27		85		71
7.00%, 10/1/28		200		210
4.85%, 11/1/28		100		95
5.30%, 11/1/38		500		440
General Mills, Inc.,
2.88%, 4/15/30		218		184
2.25%, 10/14/31		432		337
Hershey (The) Co.,
2.30%, 8/15/26		365		339
4.25%, 5/4/28		200		194
Hormel Foods Corp.,
1.70%, 6/3/28		500		427
Ingredion, Inc.,
3.20%, 10/1/26		250		234
J.M. Smucker (The) Co.,
3.50%, 3/15/25		500		484
4.38%, 3/15/45		250		191
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,
3.63%, 1/15/32		1,000		796
Kellogg Co.,
5.25%, 3/1/33		500		478
Kraft Heinz Foods Co.,
3.88%, 5/15/27		400		377
4.88%, 10/1/49		1,000		835
McCormick & Co., Inc.,
4.95%, 4/15/33		500		465
Mondelez International, Inc.,
3.00%, 3/17/32		500		412
Tyson Foods, Inc.,
5.10%, 9/28/48		500		407
				7,189
Forestry, Paper & Wood Products – 0.0%
Georgia-Pacific LLC,
7.75%, 11/15/29		500		550

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  60 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Gas & Water Utilities – 0.1%
American Water Capital Corp.,
3.40%, 3/1/25		$35		$34
2.95%, 9/1/27		1,000		914
6.59%, 10/15/37		105		112
4.30%, 12/1/42		75		61
3.45%, 5/1/50		12		8
3.25%, 6/1/51		58		38
Atmos Energy Corp.,
4.15%, 1/15/43		250		200
4.13%, 10/15/44		75		59
CenterPoint Energy Resources Corp.,
5.85%, 1/15/41		50		48
NiSource, Inc.,
4.80%, 2/15/44		580		478
ONE Gas, Inc.,
4.25%, 9/1/32		150		135
Piedmont Natural Gas Co., Inc.,
5.05%, 5/15/52		200		165
Southern California Gas Co.,
3.75%, 9/15/42		250		179
4.30%, 1/15/49		125		94
Southern Co. Gas Capital Corp.,
5.88%, 3/15/41		300		281
Southwest Gas Corp.,
3.80%, 9/29/46		250		167
Washington Gas Light Co.,
3.65%, 9/15/49		100		67
				3,040
Health Care Facilities & Services – 0.9%
Advocate Health & Hospitals Corp.,
3.01%, 6/15/50		265		166
Aetna, Inc.,
6.63%, 6/15/36		40		41
6.75%, 12/15/37		150		155
4.50%, 5/15/42		100		79
3.88%, 8/15/47		143		100
AHS Hospital Corp.,
5.02%, 7/1/45		100		89
Ascension Health,
2.53%, 11/15/29		750		639
Cardinal Health, Inc.,
3.75%, 9/15/25		250		240
4.50%, 11/15/44		710		542

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Health Care Facilities & Services – 0.9%    continued
Cencora, Inc.,
3.25%, 3/1/25		$135		$130
4.25%, 3/1/45		60		46
4.30%, 12/15/47		100		77
Centene Corp.,
2.63%, 8/1/31		1,000		766
Cigna Group (The),
2.38%, 3/15/31		845		675
4.80%, 7/15/46		880		731
3.40%, 3/15/50		362		238
CommonSpirit Health,
3.82%, 10/1/49		1,000		704
CVS Health Corp.,
1.30%, 8/21/27		39		33
4.30%, 3/25/28		234		221
3.25%, 8/15/29		591		517
3.75%, 4/1/30		386		341
4.78%, 3/25/38		130		112
4.13%, 4/1/40		40		31
5.30%, 12/5/43		750		654
5.13%, 7/20/45		686		577
5.05%, 3/25/48		319		265
6.00%, 6/1/63		700		643
Dignity Health,
5.27%, 11/1/64		200		170
Elevance Health, Inc.,
2.38%, 1/15/25		492		470
3.65%, 12/1/27		563		522
4.10%, 3/1/28		245		231
6.38%, 6/15/37		500		505
4.63%, 5/15/42		525		440
3.60%, 3/15/51		300		206
HCA, Inc.,
4.50%, 2/15/27		1,426		1,361
5.63%, 9/1/28		236		230
2.38%, 7/15/31		368		282
5.50%, 6/1/33		1,000		946
5.50%, 6/15/47		330		282
5.25%, 6/15/49		170		140
Humana, Inc.,
3.13%, 8/15/29		85		74
5.50%, 3/15/53		300		273

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 - 20.7%    continued
Health Care Facilities & Services – 0.9%    continued
Kaiser Foundation Hospitals,
3.27%, 11/1/49		$500		$335
Laboratory Corp. of America Holdings,
4.70%, 2/1/45		300		244
Memorial Sloan-Kettering Cancer Center,
4.13%, 7/1/52		100		77
NYU Langone Hospitals,
4.37%, 7/1/47		500		407
Quest Diagnostics, Inc.,
3.45%, 6/1/26		56		53
4.20%, 6/30/29		59		55
Sutter Health,
4.09%, 8/15/48		500		375
UnitedHealth Group, Inc.,
3.75%, 7/15/25		188		183
3.45%, 1/15/27		300		284
3.70%, 5/15/27		55		52
3.88%, 12/15/28		218		205
4.00%, 5/15/29		600		561
2.00%, 5/15/30		216		175
2.30%, 5/15/31		200		162
5.80%, 3/15/36		250		253
6.63%, 11/15/37		640		695
6.88%, 2/15/38		170		190
4.38%, 3/15/42		219		183
4.75%, 7/15/45		281		244
5.05%, 4/15/53		750		671
3.13%, 5/15/60		1,000		606
				20,954
Home & Office Products – 0.1%
Leggett & Platt, Inc.,
3.50%, 11/15/27		818		745
Whirlpool Corp.,
3.70%, 5/1/25		250		242
4.50%, 6/1/46		60		46
				1,033
Home Construction – 0.0%
D.R. Horton, Inc.,
2.60%, 10/15/25		510		477
Fortune Brands Innovations, Inc.,
4.50%, 3/25/52		250		184

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Home Construction – 0.0%    continued
NVR, Inc.,
3.00%, 5/15/30		$100		$83
Toll Brothers Finance Corp.,
3.80%, 11/1/29		150		131
				875
Household Products – 0.2%
Church & Dwight Co., Inc.,
3.95%, 8/1/47		100		75
Colgate-Palmolive Co.,
4.60%, 3/1/33		500		482
Estee Lauder (The) Cos., Inc.,
6.00%, 5/15/37		100		102
4.38%, 6/15/45		150		121
4.15%, 3/15/47		70		55
Haleon U.S. Capital LLC,
3.63%, 3/24/32		1,000		858
Kenvue, Inc.,
4.90%, 3/22/33 (6)		1,000		956
Kimberly-Clark Corp.,
6.63%, 8/1/37		350		384
3.20%, 7/30/46		125		84
Procter & Gamble (The) Co.,
3.00%, 3/25/30		794		705
1.20%, 10/29/30		706		546
				4,368
Industrial Support Services – 0.0%
WW Grainger, Inc.,
4.60%, 6/15/45		300		257
Institutional Financial Services – 1.1%
Bank of New York Mellon (The) Corp.,
1.60%, 4/24/25		285		267
3.25%, 5/16/27		500		462
(Variable, CME Term SOFR 3M + 1.33%), 3.44%, 2/7/28 (1)		1,000		932
(Variable, U.S. SOFR + 1.51%), 4.71%, 2/1/34 (1)		500		451
CME Group, Inc.,
3.75%, 6/15/28		300		283
5.30%, 9/15/43		45		43
Goldman Sachs Group (The), Inc.,
3.75%, 5/22/25		1,956		1,885
(Variable, U.S. SOFR + 0.61%), 0.86%, 2/12/26 (1)		245		227

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  62 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Institutional Financial Services – 1.1%    continued
3.75%, 2/25/26		$1,362		$1,295
(Variable, U.S. SOFR + 0.79%), 1.09%, 12/9/26 (1)		46		41
5.95%, 1/15/27		613		611
3.85%, 1/26/27		623		584
(Variable, U.S. SOFR + 0.80%), 1.43%, 3/9/27 (1)		348		310
(Variable, U.S. SOFR + 1.51%), 4.39%, 6/15/27 (1)		299		288
(Variable, U.S. SOFR + 0.82%), 1.54%, 9/10/27 (1)		108		95
(Variable, U.S. SOFR + 0.91%), 1.95%, 10/21/27 (1)		445		393
(Variable, U.S. SOFR + 1.11%), 2.64%, 2/24/28 (1)		1,013		903
(Variable, CME Term SOFR 3M + 1.77%), 3.69%, 6/5/28 (1)		579		534
(Variable, CME Term SOFR 3M + 1.42%), 3.81%, 4/23/29 (1)		70		64
(Variable, U.S. SOFR + 1.09%), 1.99%, 1/27/32 (1)		2,000		1,499
6.25%, 2/1/41		192		194
(Variable, U.S. SOFR + 1.51%), 3.21%, 4/22/42 (1)		1,108		751
(Variable, U.S. SOFR + 1.63%), 3.44%, 2/24/43 (1)		400		276
4.80%, 7/8/44		350		291
Intercontinental Exchange, Inc.,
5.20%, 6/15/62		750		655
Invesco Finance PLC,
3.75%, 1/15/26		1,000		957
Jefferies Financial Group, Inc.,
2.63%, 10/15/31		400		304
Morgan Stanley,
4.00%, 7/23/25		1,925		1,861
(Variable, U.S. SOFR + 0.56%), 1.16%, 10/21/25 (1)		89		84
3.88%, 1/27/26		164		157
(Variable, U.S. SOFR + 1.99%), 2.19%, 4/28/26 (1)		167		157
6.25%, 8/9/26		100		101
(Variable, U.S. SOFR + 0.72%), 0.99%, 12/10/26 (1)		57		51
3.63%, 1/20/27		27		25
3.95%, 4/23/27		1,190		1,105

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Institutional Financial Services – 1.1%    continued
(Variable, U.S. SOFR + 0.88%), 1.59%, 5/4/27 (1)		$980		$872
(Variable, U.S. SOFR + 0.86%), 1.51%, 7/20/27 (1)		164		145
(Variable, U.S. SOFR + 1.00%), 2.48%, 1/21/28 (1)		590		526
3.59%, 7/22/28 (1)		760		693
(Variable, U.S. SOFR + 1.03%), 1.79%, 2/13/32 (1)		36		27
(Variable, U.S. SOFR + 1.02%), 1.93%, 4/28/32 (1)		66		49
(Variable, U.S. SOFR + 1.18%), 2.24%, 7/21/32 (1)		29		22
(Variable, U.S. SOFR + 1.88%), 5.42%, 7/21/34 (1)		500		472
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.43%), 5.95%, 1/19/38 (1)		1,000		935
(Variable, U.S. SOFR + 1.49%), 3.22%, 4/22/42 (1)		1,031		710
6.38%, 7/24/42		300		311
4.30%, 1/27/45		784		619
Nasdaq, Inc.,
5.95%, 8/15/53		500		467
State Street Corp.,
3.30%, 12/16/24		227		220
3.55%, 8/18/25		103		99
(Variable, U.S. SOFR + 0.94%), 2.35%, 11/1/25 (1)		65		62
(Variable, U.S. SOFR + 1.57%), 4.82%, 1/26/34 (1)		500		456
(Variable, U.S. SOFR + 1.89%), 5.16%, 5/18/34 (1)		400		372
				25,193
Insurance – 0.6%
Aflac, Inc.,
3.60%, 4/1/30		500		443
Allstate (The) Corp.,
4.50%, 6/15/43		45		36
4.20%, 12/15/46		300		222
(Variable, ICE LIBOR USD 3M + 2.12%), 6.50%, 5/15/57 (1)		225		210
American International Group, Inc.,
4.50%, 7/16/44		9		7
4.80%, 7/10/45		6		5

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 - 20.7%    continued
Insurance – 0.6%    continued
4.38%, 6/30/50		$500		$387
Aon Corp./Aon Global Holdings PLC,
3.90%, 2/28/52		500		357
Arch Capital Group Ltd.,
3.64%, 6/30/50		200		135
Arthur J Gallagher & Co.,
5.75%, 3/2/53		250		229
Assurant, Inc.,
4.90%, 3/27/28		215		205
Athene Holding Ltd.,
6.65%, 2/1/33		300		298
Berkshire Hathaway Finance Corp.,
1.45%, 10/15/30		522		407
2.88%, 3/15/32		178		149
4.40%, 5/15/42		100		87
4.30%, 5/15/43		440		373
Berkshire Hathaway, Inc.,
3.13%, 3/15/26		745		711
4.50%, 2/11/43		255		226
Brighthouse Financial, Inc.,
3.85%, 12/22/51		250		147
Brown & Brown, Inc.,
4.95%, 3/17/52		200		159
Chubb (The) Corp.,
6.00%, 5/11/37		50		51
6.50%, 5/15/38		85		90
Chubb INA Holdings, Inc.,
3.15%, 3/15/25		295		284
3.35%, 5/3/26		1,000		948
6.70%, 5/15/36		50		54
4.15%, 3/13/43		100		81
CNA Financial Corp.,
5.50%, 6/15/33		200		188
Corebridge Financial, Inc.,
4.40%, 4/5/52		300		219
Equitable Holdings, Inc.,
5.00%, 4/20/48		300		241
Everest Reinsurance Holdings, Inc.,
3.13%, 10/15/52		200		119
F&G Annuities & Life, Inc.,
7.40%, 1/13/28		100		100
Hanover Insurance Group (The), Inc.,
4.50%, 4/15/26		200		193

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Insurance – 0.6%    continued
Hartford Financial Services Group (The), Inc.,
5.95%, 10/15/36		$285		$280
Lincoln National Corp.,
3.63%, 12/12/26		148		137
3.80%, 3/1/28		117		106
6.30%, 10/9/37		100		96
Loews Corp.,
4.13%, 5/15/43		75		58
Markel Group, Inc.,
3.45%, 5/7/52		300		191
Marsh & McLennan Cos., Inc.,
3.50%, 3/10/25		385		373
3.75%, 3/14/26		75		72
2.25%, 11/15/30		255		204
5.88%, 8/1/33		100		101
5.45%, 3/15/53		200		187
MetLife, Inc.,
3.00%, 3/1/25		830		799
6.38%, 6/15/34		485		502
4.13%, 8/13/42		260		204
4.72%, 12/15/44		370		306
Principal Financial Group, Inc.,
4.63%, 9/15/42		40		32
Progressive (The) Corp.,
2.45%, 1/15/27		250		228
4.20%, 3/15/48		500		394
Prudential Financial, Inc.,
3.00%, 3/10/40		300		208
3.91%, 12/7/47		344		249
3.94%, 12/7/49		335		241
Reinsurance Group of America, Inc.,
6.00%, 9/15/33		200		193
Transatlantic Holdings, Inc.,
8.00%, 11/30/39		70		82
Travelers (The) Cos., Inc.,
6.25%, 6/15/37		375		394
4.00%, 5/30/47		315		243
Unum Group,
4.13%, 6/15/51		200		131
Willis North America, Inc.,
2.95%, 9/15/29		500		426
				13,798

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  64 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Internet Media & Services – 0.2%
Alphabet, Inc.,
2.05%, 8/15/50		$75		$41
2.25%, 8/15/60		600		320
Booking Holdings, Inc.,
4.63%, 4/13/30		200		190
Expedia Group, Inc.,
4.63%, 8/1/27		300		286
Meta Platforms, Inc.,
4.95%, 5/15/33		2,000		1,917
Netflix, Inc.,
6.38%, 5/15/29		1,000		1,033
				3,787
Leisure Facilities & Services – 0.1%
Hyatt Hotels Corp.,
5.75%, 1/30/27		300		298
Marriott International, Inc.,
3.13%, 6/15/26		130		121
2.85%, 4/15/31		500		403
McDonald’s Corp.,
4.80%, 8/14/28		700		685
3.63%, 5/1/43		209		154
4.88%, 12/9/45		200		173
4.45%, 3/1/47		350		285
4.45%, 9/1/48		112		92
4.20%, 4/1/50		288		224
Starbucks Corp.,
3.50%, 11/15/50		800		540
				2,975
Leisure Products – 0.0%
Brunswick Corp.,
5.10%, 4/1/52		200		137
Hasbro, Inc.,
3.90%, 11/19/29		110		97
6.35%, 3/15/40		250		242
				476
Machinery – 0.1%
Caterpillar Financial Services Corp.,
1.45%, 5/15/25		115		108
0.90%, 3/2/26		95		86
1.70%, 1/8/27		186		166
3.60%, 8/12/27		500		472

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Machinery – 0.1%    continued
Caterpillar, Inc.,
3.80%, 8/15/42		$185		$148
4.30%, 5/15/44		235		199
3.25%, 9/19/49		220		154
Deere & Co.,
3.75%, 4/15/50		633		500
Eaton Corp.,
3.10%, 9/15/27		250		231
Flowserve Corp.,
2.80%, 1/15/32		100		77
John Deere Capital Corp.,
4.15%, 9/15/27		118		114
3.05%, 1/6/28		132		122
Regal Rexnord Corp.,
6.05%, 4/15/28 (6)		500		486
Stanley Black & Decker, Inc.,
2.75%, 11/15/50		300		162
				3,025
Medical Equipment & Devices – 0.4%
Abbott Laboratories,
2.95%, 3/15/25		1,000		966
4.75%, 11/30/36		353		335
6.15%, 11/30/37		202		216
4.75%, 4/15/43		100		91
Agilent Technologies, Inc.,
2.30%, 3/12/31		300		237
Baxter International, Inc.,
3.50%, 8/15/46		350		222
Becton Dickinson & Co.,
4.69%, 12/15/44		210		177
Boston Scientific Corp.,
7.38%, 1/15/40		540		593
DH Europe Finance II S.a.r.l.,
2.60%, 11/15/29		1,500		1,289
GE HealthCare Technologies, Inc.,
5.91%, 11/22/32		1,000		992
Medtronic, Inc.,
4.63%, 3/15/45		406		356
Revvity, Inc.,
2.25%, 9/15/31		300		228
Stryker Corp.,
3.50%, 3/15/26		1,000		953
3.65%, 3/7/28		152		142

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 - 20.7%    continued
Medical Equipment & Devices – 0.4%    continued
1.95%, 6/15/30		$98		$79
4.10%, 4/1/43		50		39
4.38%, 5/15/44		200		160
Thermo Fisher Scientific, Inc.,
1.75%, 10/15/28		38		32
2.80%, 10/15/41		500		337
Zimmer Biomet Holdings, Inc.,
2.60%, 11/24/31		400		315
				7,759
Metals & Mining – 0.0%
Freeport-McMoRan, Inc.,
4.63%, 8/1/30		500		450
Newmont Corp.,
5.88%, 4/1/35		100		99
4.88%, 3/15/42		150		128
				677
Oil & Gas Producers – 1.6%
Apache Corp.,
5.35%, 7/1/49		300		230
Boardwalk Pipelines L.P.,
4.45%, 7/15/27		1,150		1,083
BP Capital Markets America, Inc.,
3.80%, 9/21/25		460		446
3.12%, 5/4/26		397		375
3.02%, 1/16/27		712		661
3.54%, 4/6/27		300		283
4.23%, 11/6/28		428		407
3.63%, 4/6/30		142		128
2.72%, 1/12/32		110		89
3.38%, 2/8/61		800		500
Cheniere Corpus Christi Holdings LLC,
2.74%, 12/31/39		300		224
Cheniere Energy Partners L.P.,
5.95%, 6/30/33 (6)		500		482
Chevron Corp.,
3.33%, 11/17/25		140		135
2.95%, 5/16/26		1,465		1,385
Chevron U.S.A., Inc.,
1.02%, 8/12/27		31		27
ConocoPhillips Co.,
5.05%, 9/15/33		500		479
3.76%, 3/15/42		100		77
5.30%, 5/15/53		300		275

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Oil & Gas Producers – 1.6%    continued
4.03%, 3/15/62		$405		$291
Coterra Energy, Inc.,
4.38%, 3/15/29		200		185
DCP Midstream Operating L.P.,
5.63%, 7/15/27		300		296
Devon Energy Corp.,
5.85%, 12/15/25		660		657
Diamondback Energy, Inc.,
6.25%, 3/15/53		300		286
Enbridge Energy Partners L.P.,
7.50%, 4/15/38		50		53
5.50%, 9/15/40		141		124
Energy Transfer L.P.,
5.95%, 12/1/25		175		174
3.90%, 7/15/26		98		93
4.40%, 3/15/27		90		85
4.20%, 4/15/27		560		528
5.50%, 6/1/27		266		262
4.95%, 6/15/28		27		26
5.25%, 4/15/29		212		203
4.15%, 9/15/29		183		166
7.50%, 7/1/38		310		325
4.95%, 1/15/43		691		536
5.15%, 2/1/43		309		246
5.30%, 4/1/44		15		12
5.35%, 5/15/45		80		66
Enterprise Products Operating LLC,
3.95%, 2/15/27		729		693
3.13%, 7/31/29		138		121
2.80%, 1/31/30		472		401
6.88%, 3/1/33		50		54
7.55%, 4/15/38		515		572
5.95%, 2/1/41		40		39
4.20%, 1/31/50		1,000		771
EOG Resources, Inc.,
3.15%, 4/1/25		145		140
Exxon Mobil Corp.,
2.44%, 8/16/29		580		502
3.48%, 3/19/30		125		113
2.61%, 10/15/30		1,010		853
3.00%, 8/16/39		200		146
4.33%, 3/19/50		500		410

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  66 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Oil & Gas Producers – 1.6%     continued
Hess Corp.,
7.13%, 3/15/33		$690		$729
HF Sinclair Corp.,
4.50%, 10/1/30		250		220
Kinder Morgan Energy Partners L.P.,
7.30%, 8/15/33		175		184
6.55%, 9/15/40		205		196
7.50%, 11/15/40		305		320
6.38%, 3/1/41		35		33
5.63%, 9/1/41		310		268
5.40%, 9/1/44		250		211
Magellan Midstream Partners L.P.,
5.00%, 3/1/26		500		491
5.15%, 10/15/43		20		16
Marathon Oil Corp.,
6.80%, 3/15/32		175		178
Marathon Petroleum Corp.,
4.70%, 5/1/25		217		213
5.13%, 12/15/26		172		169
3.80%, 4/1/28		38		35
6.50%, 3/1/41		466		461
MPLX L.P.,
2.65%, 8/15/30		355		287
5.20%, 12/1/47		407		328
4.70%, 4/15/48		593		449
Occidental Petroleum Corp.,
6.13%, 1/1/31		1,500		1,478
ONEOK Partners L.P.,
4.90%, 3/15/25		40		39
6.65%, 10/1/36		80		79
ONEOK, Inc.,
4.55%, 7/15/28		23		22
4.35%, 3/15/29		12		11
6.05%, 9/1/33		500		491
7.15%, 1/15/51		500		505
Ovintiv, Inc.,
7.10%, 7/15/53		250		248
Phillips 66,
4.65%, 11/15/34		395		355
5.88%, 5/1/42		140		136
4.88%, 11/15/44		165		141
Phillips 66 Co.,
3.61%, 2/15/25		76		74

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%    continued
Oil & Gas Producers – 1.6%    continued
3.55%, 10/1/26		$470		$443
Pioneer Natural Resources Co.,
5.10%, 3/29/26		1,000		987
Plains All American Pipeline L.P./PAA Finance Corp.,
4.50%, 12/15/26		139		133
3.55%, 12/15/29		1,054		906
3.80%, 9/15/30		137		118
Sabine Pass Liquefaction LLC,
5.63%, 3/1/25		340		338
5.00%, 3/15/27		268		260
4.50%, 5/15/30		787		722
Spectra Energy Partners L.P.,
3.38%, 10/15/26		360		335
5.95%, 9/25/43		89		82
4.50%, 3/15/45		110		84
Targa Resources Corp.,
6.13%, 3/15/33		500		490
6.50%, 2/15/53		300		286
Tennessee Gas Pipeline Co. LLC,
7.00%, 3/15/27		408		421
7.00%, 10/15/28		545		565
7.63%, 4/1/37		5		5
Valero Energy Corp.,
7.50%, 4/15/32		765		833
Western Midstream Operating L.P.,
6.15%, 4/1/33		700		675
Williams (The) Cos., Inc.,
3.75%, 6/15/27		548		509
4.65%, 8/15/32		1,500		1,364
5.80%, 11/15/43		200		182
				34,820
Oil & Gas Services & Equipment – 0.1%
Baker Hughes Holdings LLC,
5.13%, 9/15/40		100		90
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.,
4.08%, 12/15/47		110		82
Halliburton Co.,
3.80%, 11/15/25		49		48
4.85%, 11/15/35		275		247
7.45%, 9/15/39		160		177
4.75%, 8/1/43		15		12

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 - 20.7%     continued
Oil & Gas Services & Equipment – 0.1%     continued
NOV, Inc.,
3.60%, 12/1/29		$150		$132
Schlumberger Investment S.A.,
4.50%, 5/15/28		500		485
				1,273
Real Estate Investment Trusts – 0.7%
Alexandria Real Estate Equities, Inc.,
2.75%, 12/15/29		2,000		1,667
American Homes 4 Rent L.P.,
4.30%, 4/15/52		200		145
American Tower Corp.,
3.38%, 10/15/26		26		24
3.13%, 1/15/27		128		117
3.60%, 1/15/28		79		72
1.50%, 1/31/28		39		32
3.95%, 3/15/29		134		121
3.80%, 8/15/29		1,519		1,351
AvalonBay Communities, Inc.,
3.90%, 10/15/46		500		352
Boston Properties L.P.,
2.75%, 10/1/26		30		27
4.50%, 12/1/28		312		283
2.90%, 3/15/30		126		100
Brixmor Operating Partnership L.P.,
2.50%, 8/16/31		300		227
Corporate Office Properties L.P.,
2.90%, 12/1/33		200		140
Crown Castle, Inc.,
3.30%, 7/1/30		1,000		844
5.20%, 2/15/49		500		418
CubeSmart L.P.,
3.13%, 9/1/26		250		230
Digital Realty Trust L.P.,
3.60%, 7/1/29		500		442
EPR Properties,
3.60%, 11/15/31		250		185
Equinix, Inc.,
2.15%, 7/15/30		1,000		785
ERP Operating L.P.,
3.50%, 3/1/28		1,000		919
4.50%, 6/1/45		55		42
Essex Portfolio L.P.,
4.00%, 3/1/29		146		133

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Real Estate Investment Trusts – 0.7%     continued
3.00%, 1/15/30		$154		$128
Federal Realty OP L.P.,
5.38%, 5/1/28		250		243
GLP Capital L.P./GLP Financing II, Inc.,
3.25%, 1/15/32		300		233
Healthpeak OP LLC,
3.40%, 2/1/25		13		13
3.25%, 7/15/26		353		332
3.50%, 7/15/29		277		244
Host Hotels & Resorts L.P.,
4.00%, 6/15/25		97		93
3.50%, 9/15/30		118		98
Kilroy Realty L.P.,
4.38%, 10/1/25		88		84
4.75%, 12/15/28		112		102
Kimco Realty OP LLC,
4.25%, 4/1/45		559		404
Mid-America Apartments L.P.,
2.88%, 9/15/51		200		115
NNN REIT, Inc.,
3.10%, 4/15/50		500		286
Omega Healthcare Investors, Inc.,
3.25%, 4/15/33		300		220
Prologis L.P.,
1.75%, 7/1/30		200		155
4.75%, 6/15/33		300		276
5.25%, 6/15/53		300		270
Public Storage Operating Co.,
2.25%, 11/9/31		200		156
Realty Income Corp.,
3.00%, 1/15/27		56		51
3.40%, 1/15/28		61		56
3.10%, 12/15/29		123		107
4.90%, 7/15/33		300		274
Regency Centers L.P.,
3.70%, 6/15/30		400		348
Rexford Industrial Realty L.P.,
5.00%, 6/15/28		200		191
Simon Property Group L.P.,
3.30%, 1/15/26		106		101
2.45%, 9/13/29		1,001		832
2.20%, 2/1/31		183		141
6.75%, 2/1/40		242		246

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  68 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Real Estate Investment Trusts – 0.7%     continued
4.25%, 10/1/44		$148		$109
STORE Capital Corp.,
2.70%, 12/1/31		200		136
UDR, Inc.,
2.10%, 6/15/33		300		212
Ventas Realty L.P.,
3.50%, 2/1/25		150		144
5.70%, 9/30/43		100		86
VICI Properties L.P.,
5.63%, 5/15/52		200		166
Welltower OP LLC,
2.05%, 1/15/29		442		365
4.13%, 3/15/29		260		237
3.10%, 1/15/30		218		185
Weyerhaeuser Co.,
4.00%, 3/9/52		200		145
				16,240
Real Estate Services – 0.0%
CBRE Services, Inc.,
5.95%, 8/15/34		300		283
Retail - Consumer Staples – 0.3%
Costco Wholesale Corp.,
1.75%, 4/20/32		500		383
Dollar General Corp.,
5.50%, 11/1/52		200		167
Dollar Tree, Inc.,
2.65%, 12/1/31		200		155
Kroger (The) Co.,
2.65%, 10/15/26		135		124
6.90%, 4/15/38		100		105
5.40%, 7/15/40		400		355
4.65%, 1/15/48		300		240
Target Corp.,
2.25%, 4/15/25		1,000		953
4.80%, 1/15/53		700		599
Walgreens Boots Alliance, Inc.,
3.45%, 6/1/26		68		63
3.20%, 4/15/30		564		459
Walmart, Inc.,
3.70%, 6/26/28		251		238
1.80%, 9/22/31		2,000		1,574

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Retail - Consumer Staples – 0.3%     continued
4.50%, 9/9/52		$300		$258
4.50%, 4/15/53		300		258
				5,931
Retail - Discretionary – 0.3%
AutoNation, Inc.,
3.85%, 3/1/32		300		244
AutoZone, Inc.,
5.05%, 7/15/26		500		493
3.75%, 4/18/29		121		109
4.00%, 4/15/30		129		116
Dick’s Sporting Goods, Inc.,
4.10%, 1/15/52		200		122
Home Depot (The), Inc.,
2.70%, 4/15/30		66		56
1.88%, 9/15/31		71		55
3.30%, 4/15/40		400		298
5.40%, 9/15/40		680		651
5.95%, 4/1/41		405		414
3.13%, 12/15/49		512		334
3.63%, 4/15/52		643		460
Lowe’s Cos., Inc.,
4.80%, 4/1/26		1,000		981
3.35%, 4/1/27		115		107
3.65%, 4/5/29		76		69
3.75%, 4/1/32		1,000		866
2.80%, 9/15/41		200		129
4.05%, 5/3/47		94		69
3.00%, 10/15/50		906		535
5.85%, 4/1/63		200		184
O’Reilly Automotive, Inc.,
3.90%, 6/1/29		500		460
Ross Stores, Inc.,
1.88%, 4/15/31		200		153
TJX (The) Cos., Inc.,
2.25%, 9/15/26		31		29
1.15%, 5/15/28		74		62
				6,996
Semiconductors – 0.5%
Advanced Micro Devices, Inc.,
4.39%, 6/1/52		150		122
Analog Devices, Inc.,
2.80%, 10/1/41		300		200

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 - 20.7%     continued
Semiconductors – 0.5%     continued
Applied Materials, Inc.,
3.90%, 10/1/25		$500		$486
1.75%, 6/1/30		500		400
5.85%, 6/15/41		100		101
Broadcom Corp./Broadcom Cayman Finance Ltd.,
3.88%, 1/15/27		1,203		1,130
Broadcom, Inc.,
2.45%, 2/15/31 (6)		1,024		800
4.15%, 4/15/32 (6)		1,500		1,302
4.93%, 5/15/37		400		345
Intel Corp.,
3.70%, 7/29/25		98		95
1.60%, 8/12/28		200		169
2.00%, 8/12/31		50		39
4.80%, 10/1/41		80		69
3.73%, 12/8/47		741		528
3.25%, 11/15/49		438		279
4.75%, 3/25/50		399		330
5.70%, 2/10/53		500		469
3.10%, 2/15/60		356		205
3.20%, 8/12/61		119		69
KLA Corp.,
4.65%, 11/1/24		87		86
5.25%, 7/15/62		350		315
Lam Research Corp.,
1.90%, 6/15/30		700		562
Micron Technology, Inc.,
5.38%, 4/15/28		1,000		965
NVIDIA Corp.,
3.50%, 4/1/50		600		437
QUALCOMM, Inc.,
3.25%, 5/20/27		539		503
4.80%, 5/20/45		795		704
Texas Instruments, Inc.,
2.25%, 9/4/29		500		426
4.90%, 3/14/33		1,000		967
				12,103
Software – 0.5%
Adobe, Inc.,
1.90%, 2/1/25		96		92
2.15%, 2/1/27		419		381

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Software – 0.5%    continued
Autodesk, Inc.,
3.50%, 6/15/27		$135		$126
Concentrix Corp.,
6.85%, 8/2/33		300		277
Microsoft Corp.,
2.70%, 2/12/25		22		21
2.53%, 6/1/50		150		91
2.92%, 3/17/52		674		442
2.68%, 6/1/60		723		424
3.04%, 3/17/62		1,178		746
Oracle Corp.,
2.50%, 4/1/25		130		124
2.95%, 5/15/25		135		129
2.65%, 7/15/26		1,941		1,790
2.80%, 4/1/27		7		6
3.25%, 11/15/27		336		306
2.30%, 3/25/28		1,124		974
2.88%, 3/25/31		509		416
3.90%, 5/15/35		336		275
3.80%, 11/15/37		5		4
5.38%, 7/15/40		590		523
3.60%, 4/1/50		1,000		647
5.55%, 2/6/53		500		438
4.38%, 5/15/55		25		18
3.85%, 4/1/60		1,000		636
Roper Technologies, Inc.,
1.00%, 9/15/25		1,400		1,279
Salesforce, Inc.,
1.50%, 7/15/28		1,300		1,106
VMware, Inc.,
2.20%, 8/15/31		500		377
Workday, Inc.,
3.80%, 4/1/32		300		257
				11,905
Specialty Finance – 0.5%
Air Lease Corp.,
2.88%, 1/15/26		101		94
1.88%, 8/15/26		78		69
3.63%, 12/1/27		163		147
2.10%, 9/1/28		131		109
4.63%, 10/1/28		651		603
3.25%, 10/1/29		500		425

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  70 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Specialty Finance – 0.5%     continued
Ally Financial, Inc.,
5.80%, 5/1/25		$2,000		$1,965
American Express Co.,
3.00%, 10/30/24		220		213
3.63%, 12/5/24		1,125		1,095
3.13%, 5/20/26		656		618
1.65%, 11/4/26		84		74
5.85%, 11/5/27		500		504
4.05%, 5/3/29		72		67
(Variable, U.S. SOFR + 1.28%), 5.28%, 7/27/29 (1)		400		390
Capital One Financial Corp.,
3.30%, 10/30/24		777		752
3.75%, 7/28/26		150		139
3.75%, 3/9/27		250		229
3.65%, 5/11/27		144		132
(Variable, U.S. SOFR + 0.86%), 1.88%, 11/2/27 (1)		355		309
(Variable, U.S. SOFR + 2.08%), 5.47%, 2/1/29 (1)		700		666
(Variable, U.S. SOFR + 2.64%), 6.31%, 6/8/29 (1)		500		489
Discover Financial Services,
3.95%, 11/6/24		500		486
Fidelity National Financial, Inc.,
3.20%, 9/17/51		200		110
GATX Corp.,
3.50%, 3/15/28		500		449
5.20%, 3/15/44		35		29
Synchrony Financial,
3.95%, 12/1/27		681		599
2.88%, 10/28/31		231		164
				10,926
Steel – 0.0%
Nucor Corp.,
2.98%, 12/15/55		475		270
Steel Dynamics, Inc.,
3.45%, 4/15/30		500		434
				704
Technology Hardware – 0.6%
Apple, Inc.,
2.75%, 1/13/25		828		800
2.50%, 2/9/25		55		53

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Technology Hardware – 0.6%     continued
1.13%, 5/11/25		$107		$100
2.45%, 8/4/26		225		209
2.05%, 9/11/26		308		283
3.35%, 2/9/27		645		610
3.20%, 5/11/27		201		189
2.90%, 9/12/27		993		917
1.20%, 2/8/28		888		758
3.25%, 8/8/29		37		34
2.20%, 9/11/29		188		161
1.65%, 5/11/30		1,038		842
1.25%, 8/20/30		632		495
1.70%, 8/5/31		38		30
3.35%, 8/8/32		1,000		882
2.38%, 2/8/41		15		10
3.85%, 5/4/43		305		247
3.45%, 2/9/45		25		19
4.38%, 5/13/45		160		138
4.65%, 2/23/46		206		184
3.85%, 8/4/46		20		16
4.25%, 2/9/47		11		9
3.75%, 9/12/47		8		6
3.75%, 11/13/47		25		19
2.95%, 9/11/49		700		462
2.65%, 5/11/50		200		122
4.85%, 5/10/53		600		550
Arrow Electronics, Inc.,
3.88%, 1/12/28		250		228
Cisco Systems, Inc.,
5.90%, 2/15/39		400		412
5.50%, 1/15/40		90		89
Corning, Inc.,
5.35%, 11/15/48		500		443
Dell International LLC/EMC Corp.,
6.02%, 6/15/26		348		349
4.90%, 10/1/26		364		355
5.75%, 2/1/33		121		118
8.35%, 7/15/46		223		261
Dell, Inc.,
7.10%, 4/15/28		1,000		1,059
Flex Ltd.,
6.00%, 1/15/28		300		298
Hewlett Packard Enterprise Co.,
1.75%, 4/1/26		160		145

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 - 20.7%     continued
Technology Hardware – 0.6%     continued
6.35%, 10/15/45		$200		$195
HP, Inc.,
6.00%, 9/15/41		275		259
Jabil, Inc.,
3.00%, 1/15/31		300		243
Juniper Networks, Inc.,
5.95%, 3/15/41		100		90
Motorola Solutions, Inc.,
5.60%, 6/1/32		400		383
Western Digital Corp.,
3.10%, 2/1/32		250		184
				13,256
Technology Services – 0.5%
Equifax, Inc.,
2.35%, 9/15/31		680		517
Fidelity National Information Services, Inc.,
4.70%, 7/15/27		1,000		969
Fiserv, Inc.,
3.85%, 6/1/25		45		44
3.50%, 7/1/29		1,165		1,039
Global Payments, Inc.,
4.95%, 8/15/27		1,000		961
International Business Machines Corp.,
7.00%, 10/30/25		197		203
3.45%, 2/19/26		195		186
1.70%, 5/15/27		401		351
6.50%, 1/15/28		226		236
3.50%, 5/15/29		470		425
1.95%, 5/15/30		797		640
4.00%, 6/20/42		320		249
4.25%, 5/15/49		500		386
Leidos, Inc.,
5.75%, 3/15/33		300		288
Mastercard, Inc.,
3.35%, 3/26/30		600		537
3.80%, 11/21/46		500		386
Moody’s Corp.,
4.25%, 8/8/32		500		454
PayPal Holdings, Inc.,
2.85%, 10/1/29		1,000		867
S&P Global, Inc.,
2.45%, 3/1/27		300		273

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Technology Services – 0.5%     continued
2.90%, 3/1/32		$700		$576
Verisk Analytics, Inc.,
5.75%, 4/1/33		300		298
Visa, Inc.,
3.15%, 12/14/25		1,250		1,193
4.15%, 12/14/35		100		90
3.65%, 9/15/47		125		95
2.00%, 8/15/50		500		273
				11,536
Telecommunications – 0.7%
AT&T, Inc.,
1.65%, 2/1/28		331		279
2.75%, 6/1/31		359		287
2.25%, 2/1/32		587		442
4.50%, 5/15/35		859		733
4.35%, 6/15/45		52		39
4.75%, 5/15/46		68		54
4.50%, 3/9/48		574		434
3.65%, 6/1/51		691		446
3.30%, 2/1/52		2,750		1,692
3.80%, 12/1/57		200		127
3.65%, 9/15/59		500		304
3.85%, 6/1/60		148		94
Sprint LLC,
7.63%, 3/1/26		1,000		1,028
T-Mobile U.S.A., Inc.,
4.75%, 2/1/28		1,066		1,022
3.88%, 4/15/30		1,258		1,114
4.50%, 4/15/50		2,000		1,534
Verizon Communications, Inc.,
2.63%, 8/15/26		66		61
3.00%, 3/22/27		210		193
4.33%, 9/21/28		1,187		1,115
4.02%, 12/3/29		909		824
3.15%, 3/22/30		1,352		1,154
1.68%, 10/30/30		818		622
1.75%, 1/20/31		227		171
2.36%, 3/15/32		395		301
3.55%, 3/22/51		1,000		658
2.99%, 10/30/56		700		389
3.70%, 3/22/61		1,000		636
				15,753

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  72 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Tobacco & Cannabis – 0.1%
Altria Group, Inc.,
3.40%, 5/6/30		$304		$260
2.45%, 2/4/32		441		333
4.25%, 8/9/42		295		214
4.50%, 5/2/43		410		305
5.95%, 2/14/49		517		464
3.70%, 2/4/51		85		53
Philip Morris International, Inc.,
3.38%, 8/11/25		69		66
1.75%, 11/1/30		181		138
3.88%, 8/21/42		314		232
4.13%, 3/4/43		591		445
4.88%, 11/15/43		100		83
				2,593
Transportation & Logistics – 0.4%
American Airlines Pass Through Trust, Series 2021-1, Class A,
2.88%, 7/11/34		473		390
Burlington Northern Santa Fe LLC,
3.65%, 9/1/25		200		194
3.25%, 6/15/27		325		305
6.20%, 8/15/36		455		478
5.15%, 9/1/43		280		256
4.45%, 1/15/53		200		166
5.20%, 4/15/54		400		366
CSX Corp.,
3.35%, 11/1/25		25		24
2.60%, 11/1/26		25		23
6.00%, 10/1/36		100		101
6.15%, 5/1/37		190		195
6.22%, 4/30/40		365		374
5.50%, 4/15/41		50		47
3.35%, 9/15/49		500		333
FedEx Corp.,
3.40%, 2/15/28		276		254
3.10%, 8/5/29		180		158
4.25%, 5/15/30		95		88
2.40%, 5/15/31		229		184
3.90%, 2/1/35		100		83
4.10%, 4/15/43		50		38
4.10%, 2/1/45		550		412

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 20.7%     continued
Transportation & Logistics – 0.4%     continued
JetBlue Pass Through Trust, Series 2020-1, Class A,
4.00%, 11/15/32		$167		$150
Norfolk Southern Corp.,
3.80%, 8/1/28		100		93
3.95%, 10/1/42		20		15
4.45%, 6/15/45		275		220
3.94%, 11/1/47		524		390
3.16%, 5/15/55		137		84
Ryder System, Inc.,
3.35%, 9/1/25		500		477
Southwest Airlines Co.,
5.13%, 6/15/27		400		390
Union Pacific Corp.,
3.25%, 8/15/25		15		14
3.00%, 4/15/27		15		14
2.40%, 2/5/30		300		251
3.25%, 2/5/50		1,500		1,010
5.15%, 1/20/63		500		442
United Airlines Pass Through Trust, Series 2019-1, Class AA,
4.15%, 8/25/31		1,091		988
United Parcel Service, Inc.,
5.20%, 4/1/40		30		29
3.63%, 10/1/42		105		80
3.75%, 11/15/47		180		137
4.25%, 3/15/49		73		59
3.40%, 9/1/49		290		207
5.30%, 4/1/50		377		359
				9,878
Transportation Equipment – 0.1%
Cummins, Inc.,
1.50%, 9/1/30		500		391
4.88%, 10/1/43		90		79
PACCAR Financial Corp.,
4.45%, 3/30/26		300		295
Westinghouse Air Brake Technologies Corp.,
4.70%, 9/15/28		250		235
				1,000
Wholesale - Consumer Staples – 0.1%
Archer-Daniels-Midland Co.,
2.50%, 8/11/26		305		284

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)
CORPORATE BONDS - 20.7%     continued
Wholesale - Consumer Staples – 0.1%     continued
3.75%, 9/15/47		$295		$217
Bunge Ltd. Finance Corp.,
3.25%, 8/15/26		615		575
Sysco Corp.,
3.30%, 7/15/26		597		560
3.25%, 7/15/27		523		481
5.38%, 9/21/35		250		237
4.45%, 3/15/48		300		233
				2,587
Wholesale - Discretionary – 0.0%
LKQ Corp.,
5.75%, 6/15/28(6)		200		195
Total Corporate Bonds
(Cost $529,901)				461,653
FOREIGN ISSUER BONDS – 6.8%
Asset Management – 0.1%
Brookfield Finance, Inc.,
4.35%, 4/15/30		1,000		904
UBS Group A.G.,
4.55%, 4/17/26		1,413		1,357
				2,261
Automotive – 0.1%
Honda Motor Co. Ltd.,
2.53%, 3/10/27		1,000		909
Magna International, Inc.,
5.50%, 3/21/33		200		196
Mercedes-Benz Finance North America LLC,
8.50%, 1/18/31		175		207
				1,312
Banking – 1.9%
Australia & New Zealand Banking Group Ltd.,
5.09%, 12/8/25		300		297
Banco Bilbao Vizcaya Argentaria S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.70%), 6.14%, 9/14/28 (1)		400		396
Banco Santander S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28 (1)		200		185

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Banking – 1.9%     continued
3.31%, 6/27/29		$1,400		$1,215
Bank of Montreal,
2.65%, 3/8/27		1,000		900
Bank of Nova Scotia (The),
4.75%, 2/2/26		1,000		976
2.70%, 8/3/26		1,000		921
Barclays PLC,
(Variable, U.S. SOFR + 2.71%), 2.85%, 5/7/26 (1)		155		146
5.20%, 5/12/26		345		332
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.05%), 2.28%, 11/24/27 (1)		528		465
4.34%, 1/10/28		161		149
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.50%), 7.44%, 11/2/33 (1)		500		513
(Variable, U.S. SOFR + 2.98%), 6.22%, 5/9/34 (1)		1,000		947
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.30%), 3.33%, 11/24/42 (1)		586		374
5.25%, 8/17/45		144		121
BNP Paribas S.A.,
4.25%, 10/15/24		200		196
BPCE S.A.,
3.38%, 12/2/26		250		231
Canadian Imperial Bank of Commerce,
3.45%, 4/7/27		500		462
Commonwealth Bank of Australia,
5.32%, 3/13/26		300		299
Cooperatieve Rabobank U.A.,
3.38%, 5/21/25		500		482
5.75%, 12/1/43		250		230
Credit Suisse A.G.,
1.25%, 8/7/26		366		320
7.50%, 2/15/28		500		523
Deutsche Bank A.G.,
(Variable, U.S. SOFR + 2.58%), 3.96%, 11/26/25 (1)		2,000		1,932
(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34 (1)		500		452
HSBC Holdings PLC,
(Variable, CME Term SOFR 3M + 1.40%), 2.63%, 11/7/25 (1)		637		610

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  74 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Banking – 1.9%     continued
4.30%, 3/8/26		$306		$293
(Variable, U.S. SOFR + 1.43%), 3.00%, 3/10/26 (1)		54		52
(Variable, CME Term SOFR 3M + 1.61%), 4.29%, 9/12/26 (1)		909		873
(Variable, U.S. SOFR + 1.10%), 2.25%, 11/22/27 (1)		874		771
(Variable, CME Term SOFR 3M + 1.81%), 4.04%, 3/13/28 (1)		200		185
(Variable, U.S. SOFR + 1.73%), 2.01%, 9/22/28 (1)		446		378
(Variable, U.S. SOFR + 1.97%), 6.16%, 3/9/29 (1)		1,700		1,683
(Variable, U.S. SOFR + 1.29%), 2.21%, 8/17/29 (1)		150		124
(Variable, U.S. SOFR + 1.95%), 2.36%, 8/18/31 (1)		1,300		999
(Variable, U.S. SOFR + 2.87%), 5.40%, 8/11/33 (1)		1,000		921
6.80%, 6/1/38		150		145
5.25%, 3/14/44		200		167
ING Groep N.V.,
(Variable, U.S. SOFR + 1.64%), 3.87%, 3/28/26 (1)		1,000		965
Lloyds Banking Group PLC,
4.58%, 12/10/25		2,095		2,003
4.34%, 1/9/48		500		343
Mitsubishi UFJ Financial Group, Inc.,
2.19%, 2/25/25		1,566		1,485
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.75%), 1.54%, 7/20/27 (1)		934		827
3.29%, 7/25/27		678		622
3.96%, 3/2/28		72		68
3.74%, 3/7/29		1,500		1,364
Mizuho Financial Group, Inc.,
(Variable, CME Term SOFR 3M + 1.33%), 2.59%, 5/25/31 (1)		1,000 798
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.80%), 5.75%, 5/27/34 (1)		500 481
National Australia Bank Ltd.,
3.38%, 1/14/26		1,000		955
National Bank of Canada,
5.25%, 1/17/25		250		248

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Banking – 1.9%    continued
NatWest Group PLC,
(Variable, ICE LIBOR USD 3M + 1.75%), 4.89%, 5/18/29 (1)		$1,000		$935
Royal Bank of Canada,
4.65%, 1/27/26		600		584
3.88%, 5/4/32		1,000		872
Santander UK Group Holdings PLC,
(Variable, U.S. SOFR + 2.60%), 6.53%, 1/10/29 (1)		1,000		991
Sumitomo Mitsui Banking Corp.,
3.65%, 7/23/25		500		480
Sumitomo Mitsui Financial Group, Inc.,
3.54%, 1/17/28		1,250		1,137
2.13%, 7/8/30		1,000		783
5.78%, 7/13/33		800		782
Toronto-Dominion Bank (The),
1.95%, 1/12/27		2,052		1,828
4.46%, 6/8/32		400		359
Westpac Banking Corp.,
2.85%, 5/13/26		692		649
2.70%, 8/19/26		1,000		927
3.35%, 3/8/27		500		467
5.46%, 11/18/27		500		500
1.95%, 11/20/28		308		261
				41,979
Beverages – 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.,
4.90%, 2/1/46		1,980		1,726
Anheuser-Busch InBev Worldwide, Inc.,
4.75%, 1/23/29		643		624
3.50%, 6/1/30		2,357		2,097
8.00%, 11/15/39		310		369
4.95%, 1/15/42		190		173
4.60%, 6/1/60		100		82
Diageo Capital PLC,
3.88%, 4/29/43		175		135
				5,206
Biotechnology & Pharmaceuticals – 0.2%
Astrazeneca Finance LLC,
1.20%, 5/28/26		38		34

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 - 6.8%     continued
Biotechnology & Pharmaceuticals – 0.2%     continued
AstraZeneca PLC,
3.13%, 6/12/27		$31		$29
1.38%, 8/6/30		1,031		800
6.45%, 9/15/37		450		486
4.00%, 9/18/42		250		203
GlaxoSmithKline Capital, Inc.,
3.88%, 5/15/28		300		284
5.38%, 4/15/34		150		152
6.38%, 5/15/38		274		297
Novartis Capital Corp.,
1.75%, 2/14/25		51		49
2.00%, 2/14/27		70		63
3.10%, 5/17/27		121		113
2.20%, 8/14/30		1,024		849
3.70%, 9/21/42		36		28
4.40%, 5/6/44		214		185
Takeda Pharmaceutical Co. Ltd.,
3.18%, 7/9/50		204		129
				3,701
Cable & Satellite – 0.0%
Grupo Televisa S.A.B.,
6.63%, 1/15/40		570		554
Chemicals – 0.0%
Nutrien Ltd.,
4.00%, 12/15/26		180		171
4.13%, 3/15/35		23		19
5.88%, 12/1/36		27		26
5.63%, 12/1/40		250		225
				441
E-Commerce Discretionary – 0.0%
Alibaba Group Holding Ltd.,
3.40%, 12/6/27		161		148
2.13%, 2/9/31		174		136
4.40%, 12/6/57		600		414
JD.com, Inc.,
3.38%, 1/14/30		300		258
				956
Electric Utilities – 0.0%
Emera U.S. Finance L.P.,
2.64%, 6/15/31		300		232
Enel Americas S.A.,
4.00%, 10/25/26		200		186

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Electric Utilities – 0.0%     continued
National Grid PLC,
5.60%, 6/12/28		$150		$148
				566
Forestry, Paper & Wood Products – 0.0%
Suzano Austria GmbH,
3.13%, 1/15/32		400		307
Governmental Banks – 0.5%
Export Development Canada,
3.88%, 2/14/28		500		482
Export-Import Bank of Korea,
2.63%, 5/26/26		1,000		928
2.50%, 6/29/41		500		331
Japan Bank for International Cooperation,
2.75%, 11/16/27		1,373		1,255
4.63%, 7/19/28		200		196
3.50%, 10/31/28		301		280
1.88%, 4/15/31		1,076		858
Korea Development Bank (The),
4.38%, 2/15/33		800		737
Kreditanstalt fuer Wiederaufbau,
0.38%, 7/18/25		1,500		1,377
2.88%, 4/3/28		1,215		1,122
0.00%, 4/18/36 (7)		500		271
Landwirtschaftliche Rentenbank,
2.00%, 1/13/25		1,000		956
2.38%, 6/10/25		1,000		952
3.88%, 6/14/28		500		482
Oesterreichische Kontrollbank A.G.,
4.25%, 3/1/28		500		489
Svensk Exportkredit AB,
4.00%, 7/15/25		1,000		977
				11,693
Household Products – 0.1%
Unilever Capital Corp.,
2.00%, 7/28/26		674		618
2.90%, 5/5/27		326		300
5.90%, 11/15/32		125		130
				1,048
Institutional Financial Services – 0.1%
Nomura Holdings, Inc.,
5.39%, 7/6/27		1,200		1,164

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  76 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Insurance – 0.0%
Fairfax Financial Holdings Ltd.,
3.38%, 3/3/31		$250		$203
Manulife Financial Corp.,
3.70%, 3/16/32		300		263
RenaissanceRe Holdings Ltd.,
5.75%, 6/5/33		200		188
XL Group Ltd.,
5.25%, 12/15/43		250		223
				877
Internet Media & Services – 0.0%
Baidu, Inc.,
2.38%, 8/23/31		300		231
Weibo Corp.,
3.38%, 7/8/30		200		156
				387
Leisure Facilities & Services – 0.0%
Sands China Ltd.,
2.55%, 3/8/27		700		607
Medical Equipment & Devices – 0.0%
Koninklijke Philips N.V.,
6.88%, 3/11/38		225		235
5.00%, 3/15/42		100		84
				319
Metals & Mining – 0.1%
Barrick North America Finance LLC,
5.70%, 5/30/41		300		287
BHP Billiton Finance U.S.A. Ltd.,
4.13%, 2/24/42		310		253
5.50%, 9/8/53		300		287
Rio Tinto Alcan, Inc.,
6.13%, 12/15/33		100		102
5.75%, 6/1/35		100		97
Rio Tinto Finance U.S.A. PLC,
4.75%, 3/22/42		150		132
4.13%, 8/21/42		300		242
Southern Copper Corp.,
3.88%, 4/23/25		100		96
7.50%, 7/27/35		300		330
6.75%, 4/16/40		90		94
Teck Resources Ltd.,
3.90%, 7/15/30		500		435

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Metals & Mining – 0.1%     continued
Vale Overseas Ltd.,
6.13%, 6/12/33		$600		$580
				2,935
Oil & Gas Producers – 0.4%
BP Capital Markets PLC,
3.28%, 9/19/27		138		128
Canadian Natural Resources Ltd.,
3.85%, 6/1/27		1,195		1,114
7.20%, 1/15/32		15		16
6.45%, 6/30/33		135		135
6.75%, 2/1/39		200		198
Cenovus Energy, Inc.,
3.75%, 2/15/52		300		199
Enbridge, Inc.,
3.40%, 8/1/51		500		312
Equinor ASA,
3.25%, 11/10/24		25		24
1.75%, 1/22/26		48		44
3.00%, 4/6/27		52		48
2.38%, 5/22/30		870		731
4.25%, 11/23/41		350		291
Shell International Finance B.V.,
2.88%, 5/10/26		33		31
2.50%, 9/12/26		1,131		1,048
3.88%, 11/13/28		9		9
2.38%, 11/7/29		287		244
4.13%, 5/11/35		100		88
3.63%, 8/21/42		430		328
4.55%, 8/12/43		60		51
4.38%, 5/11/45		390		320
3.75%, 9/12/46		230		170
3.13%, 11/7/49		290		188
Suncor Energy, Inc.,
7.15%, 2/1/32		200		210
5.95%, 12/1/34		50		48
6.80%, 5/15/38		130		132
TotalEnergies Capital International S.A.,
2.83%, 1/10/30		1,500		1,301
TransCanada PipeLines Ltd.,
4.75%, 5/15/38		100		83
6.10%, 6/1/40		375		362
4.88%, 5/15/48		500		403
				8,256

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 - 6.8%     continued
Regional – 0.1%
Province of British Columbia Canada,
7.25%, 9/1/36		$175		$210
Province of Ontario Canada,
2.50%, 4/27/26		260		244
1.13%, 10/7/30		426		329
2.13%, 1/21/32		60		48
Province of Quebec Canada,
2.88%, 10/16/24		250		243
7.50%, 9/15/29		375		424
				1,498
Retail - Consumer Staples – 0.0%
Koninklijke Ahold Delhaize N.V.,
5.70%, 10/1/40		116		108
Semiconductors – 0.1%
NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,
3.40%, 5/1/30		1,500		1,283
TSMC Arizona Corp.,
3.13%, 10/25/41		500		361
				1,644
Sovereign Agencies – 0.0%
Japan International Cooperation Agency,
4.00%, 5/23/28		400		382
Sovereign Government – 0.9%
Canada Government International Bond,
0.75%, 5/19/26		2,000		1,795
Chile Government International Bond,
3.13%, 1/21/26		500		475
2.75%, 1/31/27		1,000		918
3.50%, 1/25/50		210		140
3.10%, 1/22/61		500		286
Indonesia Government International Bond,
3.50%, 1/11/28		500		463
5.35%, 2/11/49		1,000		914
Israel Government International Bond,
4.50%, 1/30/43		200		168
3.88%, 7/3/50		600		436
Korea International Bond,
2.75%, 1/19/27		200		186
3.50%, 9/20/28		500		467

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Sovereign Government – 0.9%     continued
Mexico Government International Bond,
5.40%, 2/9/28		$1,000		$984
3.25%, 4/16/30		742		631
4.88%, 5/19/33		258		231
3.50%, 2/12/34 (8)		—		—
4.75%, 3/8/44		1,000		766
5.55%, 1/21/45		500		430
4.60%, 1/23/46		500		368
4.35%, 1/15/47		500		353
4.40%, 2/12/52		700		484
Panama Government International Bond,
3.75%, 3/16/25		300		290
3.88%, 3/17/28		565		519
3.16%, 1/23/30		33		28
2.25%, 9/29/32		102		74
4.50%, 5/15/47		250		175
4.50%, 4/1/56		1,000		657
Peruvian Government International Bond,
6.55%, 3/14/37		500		516
3.30%, 3/11/41		500		345
5.63%, 11/18/50		600		554
Philippine Government International Bond,
10.63%, 3/16/25		500		535
5.50%, 3/30/26		200		200
7.75%, 1/14/31		500		564
6.38%, 10/23/34		500		526
5.00%, 1/13/37		500		463
3.70%, 2/2/42		500		372
Republic of Italy Government International Bond,
2.88%, 10/17/29		2,000		1,711
5.38%, 6/15/33		175		166
Uruguay Government International Bond,
7.63%, 3/21/36		250		286
4.13%, 11/20/45		400		326
5.10%, 6/18/50		750		663
				19,465

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  78 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Specialty Finance – 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
3.50%, 1/15/25		$83		$80
6.50%, 7/15/25		183		183
3.88%, 1/23/28		123		112
5.75%, 6/6/28		300		293
3.30%, 1/30/32		1,000		795
ORIX Corp.,
5.00%, 9/13/27		300		293
				1,756
Steel – 0.0%
ArcelorMittal S.A.,
6.80%, 11/29/32		500		497
Supranationals – 1.4%
African Development Bank,
4.38%, 3/14/28		1,000		983
Asian Development Bank,
2.50%, 11/2/27		500		459
4.50%, 8/25/28		700		692
1.88%, 1/24/30		500		421
4.00%, 1/12/33		2,000		1,887
Asian Infrastructure Investment Bank (The),
0.50%, 5/28/25		2,000		1,844
European Bank for Reconstruction & Development,
4.38%, 3/9/28		1,000		984
European Investment Bank,
2.50%, 10/15/24		1,000		969
2.13%, 4/13/26		1,500		1,399
3.88%, 3/15/28		1,000		965
3.75%, 2/14/33		1,900		1,763
4.88%, 2/15/36		200		201
Inter-American Development Bank,
2.13%, 1/15/25		500		479
2.00%, 6/2/26		803		743
1.13%, 7/20/28		197		167
3.13%, 9/18/28		1,000		928
1.13%, 1/13/31		1,000		779
3.50%, 4/12/33		500		452
3.88%, 10/28/41		200		169
International Bank for Reconstruction & Development,
2.50%, 11/25/24		600		580

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 6.8%     continued
Supranationals – 1.4%     continued
2.13%, 3/3/25		$700		$669
0.63%, 4/22/25		3,000		2,788
0.38%, 7/28/25		5,000		4,581
2.50%, 7/29/25		500		476
0.50%, 10/28/25		3,000		2,730
4.00%, 7/25/30		500		477
2.50%, 3/29/32		1,000		846
4.75%, 2/15/35		25		24
International Finance Corp.,
3.63%, 9/15/25		1,000		972
Nordic Investment Bank,
4.38%, 3/14/28		700		689
				31,116
Technology Services – 0.0%
Thomson Reuters Corp.,
5.50%, 8/15/35		150		142
5.65%, 11/23/43		285		249
				391
Telecommunications – 0.3%
America Movil S.A.B. de C.V.,
6.13%, 11/15/37		505		507
Bell Telephone Co. of Canada or Bell Canada,
4.46%, 4/1/48		500		388
British Telecommunications PLC,
9.63%, 12/15/30		100		118
Deutsche Telekom International Finance B.V.,
8.75%, 6/15/30		400		458
Orange S.A.,
9.00%, 3/1/31		610		721
Rogers Communications, Inc.,
3.63%, 12/15/25		1,000		947
4.50%, 3/15/43		45		34
5.45%, 10/1/43		49		42
5.00%, 3/15/44		81		65
4.55%, 3/15/52		500		365
Telefonica Emisiones S.A.,
4.10%, 3/8/27		1,010		952
5.21%, 3/8/47		570		454
TELUS Corp.,
3.40%, 5/13/32		400		326

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)
FOREIGN ISSUER BONDS - 6.8%     continued
Telecommunications – 0.3%     continued
Vodafone Group PLC,
4.13%, 5/30/25		$895		$873
7.88%, 2/15/30		15		16
6.15%, 2/27/37		165		162
4.38%, 2/19/43		95		73
5.63%, 2/10/53		600		532
				7,033
Tobacco & Cannabis – 0.1%
BAT Capital Corp.,
4.70%, 4/2/27		141		135
4.91%, 4/2/30		1,104		1,013
4.74%, 3/16/32		136		120
Reynolds American, Inc.,
7.25%, 6/15/37		250		253
6.15%, 9/15/43		65		57
5.85%, 8/15/45		795		658
				2,236
Transportation & Logistics – 0.1%
Canadian National Railway Co.,
2.75%, 3/1/26		250		235
6.90%, 7/15/28		25		26
6.25%, 8/1/34		15		16
6.20%, 6/1/36		40		42
6.38%, 11/15/37		20		21
4.40%, 8/5/52		300		249
Canadian Pacific Railway Co.,
5.95%, 5/15/37		710		707
				1,296
Total Foreign Issuer Bonds
(Cost $168,015)				151,991
U.S. GOVERNMENT AGENCIES – 28.5% (9)
Fannie Mae – 12.2%
0.50%, 6/17/25		4,000		3,698
2.13%, 4/24/26		1,000		933
1.88%, 9/24/26		1,000		918
7.13%, 1/15/30		1,500		1,687
0.88%, 8/5/30		1,000		772
6.63%, 11/15/30		200		221
5.63%, 7/15/37		500		533
Fannie Mae-Aces, Series 2014-M3, Class A2,
3.50%, 1/25/24		21		21

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Fannie Mae-Aces, Series 2015-M1, Class A2,
2.53%, 9/25/24		$96		$93
Fannie Mae-Aces, Series 2015-M11, Class A2,
2.94%, 4/25/25(10)		438		421
Fannie Mae-Aces, Series 2016-M3, Class A2,
2.70%, 2/25/26		60		57
Fannie Mae-Aces, Series 2016-M4, Class A2,
2.58%, 3/25/26		68		63
Fannie Mae-Aces, Series 2016-M7, Class AV2,
2.16%, 10/25/23		3		3
Fannie Mae-Aces, Series 2016-M9, Class A2,
2.29%, 6/25/26		95		88
Fannie Mae-Aces, Series 2017-M1, Class A2,
2.50%, 10/25/26(10)		74		68
Fannie Mae-Aces, Series 2017-M11, Class A2,
2.98%, 8/25/29		120		108
Fannie Mae-Aces, Series 2017-M14, Class A2,
2.96%, 11/25/27(10)		233		214
Fannie Mae-Aces, Series 2017-M2, Class A2,
2.90%, 2/25/27(10)		60		56
Fannie Mae-Aces, Series 2017-M4, Class A2,
2.64%, 12/25/26(10)		102		94
Fannie Mae-Aces, Series 2017-M8, Class A2,
3.06%, 5/25/27		238		222
Fannie Mae-Aces, Series 2018-M1, Class A2,
3.09%, 12/25/27(10)		175		162
Fannie Mae-Aces, Series 2018-M10, Class A2,
3.47%, 7/25/28(10)		200		186
Fannie Mae-Aces, Series 2018-M12, Class A2,
3.76%, 8/25/30(10)		110		100

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  80 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Fannie Mae-Aces, Series 2018-M13, Class A2,
3.87%, 9/25/30(10)		$157		$145
Fannie Mae-Aces, Series 2018-M2, Class A2,
3.00%, 1/25/28(10)		114		105
Fannie Mae-Aces, Series 2018-M3, Class A2,
3.17%, 2/25/30(10)		83		74
Fannie Mae-Aces, Series 2018-M4, Class A2,
3.17%, 3/25/28(10)		76		70
Fannie Mae-Aces, Series 2018-M8, Class A2,
3.41%, 6/25/28(10)		91		84
Fannie Mae-Aces, Series 2019-M18, Class A2,
2.47%, 8/25/29		193		167
Fannie Mae-Aces, Series 2019-M4, Class A2,
3.61%, 2/25/31		144		131
Fannie Mae-Aces, Series 2019-M7, Class A2,
3.14%, 4/25/29		165		150
Fannie Mae-Aces, Series 2019-M9, Class A2,
2.94%, 6/25/29		170		153
Fannie Mae-Aces, Series 2020-M20, Class A2,
1.44%, 10/25/29		500		402
Fannie Mae-Aces, Series 2020-M42, Class A2,
1.27%, 7/25/30		200		156
Fannie Mae-Aces, Series 2020-M46, Class A2,
1.32%, 5/25/30		500		397
Fannie Mae-Aces, Series 2020-M52, Class A2,
1.36%, 10/25/30(10)		350		271
Fannie Mae-Aces, Series 2021-M11, Class A2,
1.51%, 3/25/31(10)		200		153
Fannie Mae-Aces, Series 2022-M1, Class A2,
1.72%, 10/25/31(10)		200		153

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Fannie Mae-Aces, Series 2022-M10, Class A2,
2.00%, 1/25/32(10)		$250		$195
Fannie Mae-Aces, Series 2023-M1S, Class A2,
4.66%, 4/25/33(10)		350		331
Pool #256925,
6.00%, 10/1/37		6		6
Pool #256959,
6.00%, 11/1/37		34		35
Pool #257042,
6.50%, 1/1/38		72		75
Pool #257237,
4.50%, 6/1/28		6		6
Pool #707791,
5.00%, 6/1/33		34		33
Pool #725425,
5.50%, 4/1/34		15		15
Pool #730811,
4.50%, 8/1/33		25		24
Pool #735222,
5.00%, 2/1/35		9		9
Pool #735358,
5.50%, 2/1/35		37		37
Pool #735502,
6.00%, 4/1/35		6		6
Pool #737853,
5.00%, 9/1/33		74		71
Pool #745336,
5.00%, 3/1/36		185		181
Pool #745418,
5.50%, 4/1/36		13		13
Pool #745754,
5.00%, 9/1/34		134		131
Pool #745826,
6.00%, 7/1/36		54		55
Pool #747383,
5.50%, 10/1/33		44		43
Pool #755632,
5.00%, 4/1/34		26		25
Pool #772730,
5.00%, 4/1/34		25		24
Pool #790406,
6.00%, 9/1/34		19		19

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 - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Pool #793666,
5.50%, 9/1/34		$14		$14
Pool #796250,
5.50%, 11/1/34		15		15
Pool #800471,
5.50%, 10/1/34		30		29
Pool #817795,
6.00%, 8/1/36		7		7
Pool #826057,
5.00%, 7/1/35		25		25
Pool #826585,
5.00%, 8/1/35		39		38
Pool #828523,
5.00%, 7/1/35		17		17
Pool #831676,
6.50%, 8/1/36		4		4
Pool #833067,
5.50%, 9/1/35		80		79
Pool #833163,
5.00%, 9/1/35		29		28
Pool #845425,
6.00%, 2/1/36		8		8
Pool #868435,
6.00%, 4/1/36		58		59
Pool #869710,
6.00%, 4/1/36		15		15
Pool #871135,
6.00%, 1/1/37		17		17
Pool #881818,
6.50%, 8/1/36		10		10
Pool #885866,
6.00%, 6/1/36		62		62
Pool #888100,
5.50%, 9/1/36		68		67
Pool #888205,
6.50%, 2/1/37		15		16
Pool #889224,
5.50%, 1/1/37		70		70
Pool #889401,
6.00%, 3/1/38		31		32
Pool #889415,
6.00%, 5/1/37		137		139

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Pool #889579,
6.00%, 5/1/38		$67		$68
Pool #889630,
6.50%, 3/1/38		7		7
Pool #889970,
5.00%, 12/1/36		50		49
Pool #890234,
6.00%, 10/1/38		31		32
Pool #890796,
3.50%, 12/1/45		561		494
Pool #893363,
5.00%, 6/1/36		10		10
Pool #893366,
5.00%, 4/1/35		25		25
Pool #898417,
6.00%, 10/1/36		10		10
Pool #899079,
5.00%, 3/1/37		18		18
Pool #902414,
5.50%, 11/1/36		51		51
Pool #906090,
5.50%, 1/1/37		47		46
Pool #918515,
5.00%, 6/1/37		30		30
Pool #923123,
5.00%, 4/1/36		8		8
Pool #923166,
7.50%, 1/1/37		4		4
Pool #928261,
4.50%, 3/1/36		33		31
Pool #928584,
6.50%, 8/1/37		99		102
Pool #928909,
6.00%, 12/1/37(8)		—		—
Pool #928915,
6.00%, 11/1/37		2		2
Pool #930606,
4.00%, 2/1/39		147		135
Pool #931195,
4.50%, 5/1/24		4		4
Pool #932023,
5.00%, 1/1/38		25		24

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  82 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2% continued
Pool #932741,
4.50%, 4/1/40		$125		$118
Pool #940623,
5.50%, 8/1/37		8		8
Pool #943388,
6.00%, 6/1/37		34		35
Pool #943617,
6.00%, 8/1/37		16		16
Pool #945876,
5.50%, 8/1/37		4		4
Pool #947216,
6.00%, 10/1/37		21		22
Pool #953018,
6.50%, 10/1/37		33		34
Pool #953910,
6.00%, 11/1/37		19		20
Pool #955771,
6.50%, 10/1/37		11		11
Pool #959604,
6.50%, 11/1/37		4		5
Pool #959880,
5.50%, 11/1/37		4		4
Pool #962687,
5.00%, 4/1/38		37		36
Pool #968037,
6.00%, 1/1/38		23		23
Pool #969632,
6.50%, 1/1/38		16		16
Pool #970013,
4.50%, 6/1/38		66		62
Pool #972452,
5.50%, 3/1/38		43		42
Pool #981854,
5.50%, 7/1/38		15		14
Pool #986760,
5.50%, 7/1/38		103		102
Pool #992472,
6.00%, 10/1/38		8		8
Pool #992491,
4.50%, 10/1/23(8)		—		—
Pool #995018,
5.50%, 6/1/38		22		22

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Pool #995203,
5.00%, 7/1/35		$151		$147
Pool #995266,
5.00%, 12/1/23(8)		—		—
Pool #995879,
6.00%, 4/1/39		29		30
Pool #AA0649,
5.00%, 12/1/38		114		111
Pool #AA2939,
4.50%, 4/1/39		197		186
Pool #AA4482,
4.00%, 4/1/39		135		123
Pool #AA4562,
4.50%, 9/1/39		172		162
Pool #AA8978,
4.50%, 7/1/39		33		31
Pool #AA9357,
4.50%, 8/1/39		117		111
Pool #AB1048,
4.50%, 5/1/40		170		161
Pool #AB2067,
3.50%, 1/1/41		288		257
Pool #AB2092,
4.00%, 1/1/41		172		157
Pool #AB2272,
4.50%, 2/1/41		238		225
Pool #AB2693,
4.50%, 4/1/41		156		148
Pool #AB2768,
4.50%, 4/1/41		174		164
Pool #AB3035,
5.00%, 5/1/41		287		280
Pool #AB3246,
5.00%, 7/1/41		57		56
Pool #AB4057,
4.00%, 12/1/41		609		557
Pool #AB4293,
3.50%, 1/1/42		319		284
Pool #AB5049,
4.00%, 4/1/42		411		376
Pool #AB6016,
3.50%, 8/1/42		200		177

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 - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Pool #AB6472,
2.00%, 10/1/27		$108		$102
Pool #AB7076,
3.00%, 11/1/42		961		822
Pool #AB7503,
3.00%, 1/1/43		350		300
Pool #AB7733,
3.00%, 1/1/43		766		655
Pool #AB8787,
2.00%, 3/1/28		256		241
Pool #AB9019,
3.00%, 4/1/43		395		338
Pool #AB9136,
2.50%, 4/1/43		43		35
Pool #AB9990,
3.00%, 7/1/33		87		78
Pool #AC3263,
4.50%, 9/1/29		48		47
Pool #AC4861,
4.50%, 11/1/24		11		11
Pool #AC5040,
4.00%, 10/1/24		8		8
Pool #AC6118,
4.50%, 11/1/39		70		66
Pool #AC8518,
5.00%, 12/1/39		109		107
Pool #AD0119,
6.00%, 7/1/38		88		89
Pool #AD0585,
4.50%, 12/1/39		180		170
Pool #AD0639,
6.00%, 12/1/38		34		34
Pool #AD0969,
5.50%, 8/1/37		112		112
Pool #AD5241,
4.50%, 7/1/40		78		73
Pool #AD5525,
5.00%, 6/1/40		131		128
Pool #AD5556,
4.00%, 6/1/25		10		9
Pool #AD7859,
5.00%, 6/1/40		61		59

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2% continued
Pool #AE0949,
4.00%, 2/1/41		$287		$263
Pool #AE0971,
4.00%, 5/1/25		3		3
Pool #AE0981,
3.50%, 3/1/41		216		191
Pool #AE1807,
4.00%, 10/1/40		325		298
Pool #AE3873,
4.50%, 10/1/40		65		62
Pool #AE5436,
4.50%, 10/1/40		85		81
Pool #AE7758,
3.50%, 11/1/25		18		18
Pool #AH0525,
4.00%, 12/1/40		296		271
Pool #AH1295,
3.50%, 1/1/26		41		40
Pool #AH3226,
5.00%, 2/1/41		38		37
Pool #AH4158,
4.00%, 1/1/41		60		55
Pool #AH4450,
3.00%, 1/1/26		20		19
Pool #AH5573,
4.00%, 2/1/41		324		296
Pool #AH5614,
3.50%, 2/1/26		37		36
Pool #AH8854,
4.50%, 4/1/41		75		70
Pool #AI1247,
4.00%, 4/1/26		19		18
Pool #AI3470,
4.50%, 6/1/41		109		103
Pool #AI4361,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.80%, 1.80% Floor, 8.09% Cap), 4.72%, 9/1/41(11)		2		2
Pool #AI4380,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.80%, 1.80% Floor, 7.93% Cap), 4.05%, 11/1/41(11)		5		5

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  84 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Pool #AI5603,
4.50%, 7/1/41		$73		$69
Pool #AI7743,
4.00%, 8/1/41		59		54
Pool #AI9555,
4.00%, 9/1/41		165		151
Pool #AI9828,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.82%, 1.82% Floor, 7.91% Cap), 4.07%, 11/1/41(11)		4		4
Pool #AJ4093,
3.50%, 10/1/26		12		12
Pool #AJ4408,
4.50%, 10/1/41		67		63
Pool #AJ6086,
3.00%, 12/1/26		41		39
Pool #AJ9152,
3.50%, 12/1/26		167		162
Pool #AJ9218,
4.00%, 2/1/42		266		244
Pool #AJ9326,
3.50%, 1/1/42		567		503
Pool #AJ9355,
3.00%, 1/1/27		89		86
Pool #AK4813,
3.50%, 3/1/42		190		167
Pool #AK4945,
3.50%, 2/1/42		152		135
Pool #AK7766,
2.50%, 3/1/27		112		107
Pool #AK9444,
4.00%, 3/1/42		34		31
Pool #AL0442,
5.50%, 6/1/40		34		34
Pool #AL1849,
6.00%, 2/1/39		136		138
Pool #AL1939,
3.50%, 6/1/42		494		438
Pool #AL2243,
4.00%, 3/1/42		346		317
Pool #AL2303,
4.50%, 6/1/26		10		9

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)     continued
Fannie Mae – 12.2%     continued
Pool #AL2397,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.72%, 1.72% Floor, 7.77% Cap), 5.63%, 8/1/42(11)		$5		$5
Pool #AL3396,
2.50%, 3/1/28		117		111
Pool #AL3803,
3.00%, 6/1/28		195		187
Pool #AL4408,
4.50%, 11/1/43		472		443
Pool #AL4462,
2.50%, 6/1/28		225		214
Pool #AL4908,
4.00%, 2/1/44		375		344
Pool #AL5167,
3.50%, 1/1/34		90		83
Pool #AL5254,
3.00%, 11/1/27		133		128
Pool #AL5377,
4.00%, 6/1/44		1,147		1,050
Pool #AL5734,
3.50%, 9/1/29		238		224
Pool #AL5785,
4.00%, 9/1/44		670		613
Pool #AL6488,
3.50%, 8/1/43		263		233
Pool #AL7807,
3.00%, 11/1/30		216		201
Pool #AL8469,
3.50%, 4/1/31		147		138
Pool #AL8908,
3.00%, 8/1/46		374		316
Pool #AL8951,
3.00%, 8/1/46		331		279
Pool #AL9582,
3.00%, 12/1/31		384		356
Pool #AO0752,
3.00%, 4/1/42		213		182
Pool #AO0800,
3.00%, 4/1/27		91		87
Pool #AO4136,
3.50%, 6/1/42		279		248

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 - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #AO7970,
2.50%, 6/1/27		$62		$59
Pool #AO8629,
3.50%, 7/1/42		110		97
Pool #AP6273,
3.00%, 10/1/42		283		242
Pool #AQ6784,
3.50%, 12/1/42		264		234
Pool #AQ8185,
2.50%, 1/1/28		49		46
Pool #AQ8647,
3.50%, 12/1/42		439		390
Pool #AR1706,
2.50%, 1/1/28		657		626
Pool #AR3054,
3.00%, 1/1/28		173		166
Pool #AR3792,
3.00%, 2/1/43		223		190
Pool #AR8151,
3.00%, 3/1/43		497		425
Pool #AR9188,
2.50%, 3/1/43		68		55
Pool #AR9582,
3.00%, 3/1/43		180		154
Pool #AS0018,
3.00%, 7/1/43		202		172
Pool #AS0275,
3.00%, 8/1/33		115		103
Pool #AS3294,
4.00%, 9/1/44		392		358
Pool #AS3600,
3.00%, 10/1/29		482		450
Pool #AS3657,
4.50%, 10/1/44		239		224
Pool #AS4085,
4.00%, 12/1/44		192		175
Pool #AS4306,
3.00%, 1/1/45		277		235
Pool #AS4458,
3.50%, 2/1/45		1,103		969
Pool #AS4715,
3.00%, 4/1/45		403		341

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #AS5090,
2.50%, 6/1/30		$121		$110
Pool #AS5324,
2.50%, 7/1/30		226		206
Pool #AS5500,
3.00%, 7/1/35		119		107
Pool #AS5666,
4.00%, 8/1/45		268		245
Pool #AS5892,
3.50%, 10/1/45		297		261
Pool #AS6192,
3.50%, 11/1/45		886		777
Pool #AS6262,
3.50%, 11/1/45		380		333
Pool #AS6332,
3.50%, 12/1/45		431		378
Pool #AS6398,
3.50%, 12/1/45		323		284
Pool #AS6730,
3.50%, 2/1/46		493		434
Pool #AS6887,
2.50%, 3/1/31		251		226
Pool #AS7149,
3.00%, 5/1/46		613		519
Pool #AS7157,
3.00%, 5/1/46		222		187
Pool #AS7247,
4.00%, 5/1/46		111		101
Pool #AS7343,
3.00%, 6/1/46		213		180
Pool #AS7480,
2.00%, 7/1/31		67		59
Pool #AS7580,
3.00%, 7/1/46		255		215
Pool #AS8067,
3.00%, 10/1/46		583		493
Pool #AS8074,
3.00%, 10/1/46		191		162
Pool #AS8178,
3.00%, 10/1/36		68		60
Pool #AS8194,
2.50%, 10/1/31		885		799

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  86 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #AS8424,
3.00%, 12/1/36		$115		$103
Pool #AS8483,
3.00%, 12/1/46		382		324
Pool #AS8591,
2.00%, 1/1/32		147		131
Pool #AS8699,
4.00%, 1/1/47		663		601
Pool #AS8960,
4.00%, 3/1/47		225		204
Pool #AS9505,
3.00%, 4/1/32		232		215
Pool #AS9615,
4.50%, 5/1/47		142		133
Pool #AT0666,
3.50%, 4/1/43		243		215
Pool #AT2720,
3.00%, 5/1/43		500		427
Pool #AT3180,
3.00%, 5/1/43		248		212
Pool #AU1657,
2.50%, 7/1/28		124		117
Pool #AU1689,
3.50%, 8/1/43		1,097		971
Pool #AU3164,
3.00%, 8/1/33		111		99
Pool #AU5918,
3.00%, 9/1/43		596		508
Pool #AU5919,
3.50%, 9/1/43		386		342
Pool #AV2339,
4.00%, 12/1/43		192		176
Pool #AW8167,
3.50%, 2/1/42		175		156
Pool #AW8595,
3.00%, 8/1/29		110		102
Pool #AX2163,
3.50%, 11/1/44		206		181
Pool #AX4413,
4.00%, 11/1/44		304		277
Pool #AX4839,
3.50%, 11/1/44		323		285

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #AX6139,
4.00%, 11/1/44		$532		$486
Pool #AY0544,
2.50%, 8/1/27		246		236
Pool #AY3062,
3.00%, 11/1/26		74		72
Pool #AY9555,
3.00%, 5/1/45		307		260
Pool #AZ1449,
3.00%, 7/1/45		212		179
Pool #AZ2936,
3.00%, 9/1/45		157		133
Pool #AZ2947,
4.00%, 9/1/45		294		268
Pool #AZ4775,
3.50%, 10/1/45		208		183
Pool #AZ6684,
3.00%, 2/1/31		329		306
Pool #BA2911,
3.00%, 11/1/30		109		101
Pool #BC0326,
3.50%, 12/1/45		157		138
Pool #BC0822,
3.50%, 4/1/46		1,320		1,158
Pool #BC1105,
3.50%, 2/1/46		584		512
Pool #BC1510,
3.00%, 8/1/46		196		166
Pool #BC9096,
3.50%, 12/1/46		272		239
Pool #BE3171,
2.50%, 2/1/32		275		247
Pool #BH1130,
3.50%, 4/1/32		164		154
Pool #BH7032,
3.50%, 12/1/47		124		108
Pool #BH7106,
3.50%, 1/1/48		282		247
Pool #BH9215,
3.50%, 1/1/48		514		450
Pool #BJ0648,
3.50%, 3/1/48		282		247

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 - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #BJ9181,
5.00%, 5/1/48		$250		$240
Pool #BJ9260,
4.00%, 4/1/48		227		206
Pool #BJ9977,
4.00%, 5/1/48		171		155
Pool #BK0276,
4.00%, 9/1/48		93		84
Pool #BK0920,
4.00%, 7/1/48		397		360
Pool #BK0922,
4.50%, 7/1/48		67		63
Pool #BK3044,
2.50%, 9/1/50		463		370
Pool #BK4740,
4.00%, 8/1/48		112		102
Pool #BK4764,
4.00%, 8/1/48		111		100
Pool #BK4816,
4.00%, 9/1/48		167		151
Pool #BM1787,
4.00%, 9/1/47		628		573
Pool #BM2001,
3.50%, 12/1/46		80		70
Pool #BM3286,
4.50%, 11/1/47		46		44
Pool #BM5288,
3.50%, 1/1/34		136		128
Pool #BM5466,
2.50%, 10/1/43		364		296
Pool #BM5804,
5.00%, 1/1/49		236		226
Pool #BN1176,
4.50%, 11/1/48		103		96
Pool #BN1628,
4.50%, 11/1/48		75		70
Pool #BN5947,
3.50%, 6/1/49		174		152
Pool #BN6097,
4.00%, 6/1/49		687		619
Pool #BN6683,
3.50%, 6/1/49		254		223

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #BN8985,
2.00%, 3/1/51		$334		$254
Pool #BN9007,
2.00%, 3/1/51		2,156		1,649
Pool #BO1012,
3.50%, 8/1/49		99		87
Pool #BO1021,
3.50%, 8/1/49		121		106
Pool #BO1169,
3.50%, 7/1/49		84		73
Pool #BO1444,
3.00%, 10/1/49		210		175
Pool #BO1461,
3.00%, 10/1/49		123		103
Pool #BO3181,
2.50%, 10/1/49		448		358
Pool #BO4708,
3.00%, 11/1/49		380		317
Pool #BO8620,
3.00%, 12/1/49		423		353
Pool #BP3454,
2.00%, 5/1/36		462		397
Pool #BP4660,
2.50%, 5/1/50		128		103
Pool #BP6496,
2.00%, 7/1/35		695		600
Pool #BP6626,
2.00%, 8/1/50		855		655
Pool #BP6683,
2.50%, 9/1/50		588		470
Pool #BP7273,
2.50%, 8/1/50		364		291
Pool #BP7585,
2.00%, 9/1/50		2,844		2,176
Pool #BQ0202,
2.50%, 8/1/50		471		379
Pool #BQ1147,
2.50%, 10/1/50		645		516
Pool #BQ1351,
2.50%, 8/1/50		556		444
Pool #BQ4077,
2.00%, 12/1/50		888		679

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  88 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #BQ5056,
2.00%, 10/1/50		$335		$259
Pool #BQ5979,
2.00%, 11/1/50		1,473		1,127
Pool #BR1035,
2.00%, 5/1/51		5,704		4,358
Pool #BR4450,
1.50%, 2/1/36		692		580
Pool #BR6042,
2.00%, 2/1/51		2,008		1,535
Pool #BR9755,
2.00%, 4/1/51		1,401		1,084
Pool #BR9761,
2.00%, 4/1/51		1,057		807
Pool #BT1034,
2.00%, 7/1/51		1,969		1,505
Pool #BT4528,
2.50%, 9/1/51		9,437		7,627
Pool #BT8308,
4.50%, 8/1/52		845		776
Pool #BT9031,
2.00%, 8/1/41		847		679
Pool #BU0066,
2.50%, 10/1/51		1,032		821
Pool #BU4046,
5.00%, 7/1/53		988		933
Pool #BX1915,
6.00%, 1/1/53		980		972
Pool #BX6021,
5.00%, 2/1/53		378		356
Pool #BY0545,
5.00%, 5/1/53		2,313		2,183
Pool #BY4424,
5.50%, 7/1/53		976		944
Pool #CA0110,
3.50%, 8/1/47		228		199
Pool #CA0619,
4.00%, 10/1/47		70		63
Pool #CA0620,
4.00%, 10/1/47		898		815
Pool #CA0656,
3.50%, 11/1/47		687		601

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #CA0859,
3.50%, 12/1/47		$497		$436
Pool #CA0917,
3.50%, 12/1/47		420		367
Pool #CA1370,
4.00%, 3/1/48		233		212
Pool #CA1378,
4.00%, 3/1/48		181		164
Pool #CA1564,
4.50%, 4/1/48		80		75
Pool #CA1711,
4.50%, 5/1/48		240		224
Pool #CA1902,
4.50%, 6/1/48		241		225
Pool #CA1909,
4.50%, 6/1/48		124		116
Pool #CA1951,
4.00%, 7/1/48		130		118
Pool #CA1952,
4.50%, 6/1/48		57		53
Pool #CA2056,
4.50%, 7/1/48		69		65
Pool #CA2208,
4.50%, 8/1/48		73		68
Pool #CA2256,
3.50%, 8/1/33		130		123
Pool #CA2366,
3.50%, 9/1/48		77		68
Pool #CA2375,
4.00%, 9/1/48		341		307
Pool #CA2559,
4.00%, 11/1/33		148		141
Pool #CA2729,
4.50%, 11/1/48		328		307
Pool #CA3640,
4.00%, 6/1/49		316		285
Pool #CA4029,
4.00%, 8/1/49		816		736
Pool #CA4143,
3.00%, 9/1/49		2,556		2,136
Pool #CA4420,
3.00%, 10/1/49		382		320

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 - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #CA4792,
3.00%, 12/1/49		$218		$182
Pool #CA5020,
3.50%, 1/1/50		448		390
Pool #CA5452,
3.00%, 3/1/50		704		588
Pool #CA5508,
3.00%, 4/1/50		872		726
Pool #CA5700,
2.50%, 5/1/50		14,188		11,441
Pool #CA6072,
2.50%, 6/1/50		354		283
Pool #CA6074,
2.50%, 6/1/50		505		404
Pool #CA6144,
2.50%, 6/1/50		597		478
Pool #CA6290,
3.00%, 7/1/50		455		380
Pool #CA6305,
2.50%, 7/1/50		1,019		816
Pool #CA6339,
2.50%, 7/1/50		1,011		809
Pool #CA6346,
2.50%, 7/1/50		587		469
Pool #CA6563,
2.50%, 8/1/35		505		446
Pool #CA6601,
2.50%, 8/1/50		441		353
Pool #CA6951,
2.50%, 9/1/50		414		331
Pool #CA6962,
2.50%, 9/1/50		606		488
Pool #CA7019,
2.00%, 9/1/50		1,153		883
Pool #CA7216,
2.00%, 10/1/50		2,527		1,935
Pool #CA7232,
2.50%, 10/1/50		1,167		934
Pool #CA7596,
2.00%, 11/1/50		422		322
Pool #CA7600,
2.50%, 11/1/50		1,187		950

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #CA7697,
1.50%, 11/1/50		$2,273		$1,640
Pool #CA7736,
2.50%, 11/1/50		1,180		944
Pool #CA8043,
2.50%, 12/1/50		731		586
Pool #CA9143,
2.00%, 2/1/36		878		758
Pool #CA9355,
2.00%, 3/1/41		474		383
Pool #CA9418,
1.50%, 3/1/36		511		428
Pool #CB0113,
2.00%, 4/1/41		735		592
Pool #CB0325,
2.00%, 4/1/51		1,646		1,258
Pool #CB1903,
2.50%, 10/1/51		1,643		1,320
Pool #CB2049,
2.50%, 11/1/51		1,754		1,396
Pool #CB2079,
2.00%, 11/1/51		5,246		4,004
Pool #CB3597,
3.50%, 5/1/52		1,580		1,361
Pool #CB3705,
3.00%, 5/1/37		262		237
Pool #CB4377,
4.00%, 8/1/52		555		494
Pool #CB5094,
6.50%, 11/1/52		1,323		1,351
Pool #CB6031,
4/1/53(12)		99		93
Pool #CB6034,
6.50%, 4/1/53		379		382
Pool #CB6750,
5.50%, 7/1/53		1,066		1,031
Pool #CB6755,
6.00%, 7/1/53		995		985
Pool #CB6933,
6.50%, 8/1/53		294		299
Pool #FM1496,
3.50%, 9/1/49		1,258		1,099

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  90 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #FM1708,
3.00%, 12/1/45		$249		$213
Pool #FM1742,
3.00%, 10/1/49		236		198
Pool #FM1938,
4.50%, 9/1/49		406		379
Pool #FM2305,
3.50%, 2/1/50		598		522
Pool #FM2715,
3.00%, 3/1/50		157		132
Pool #FM2778,
3.00%, 3/1/50		1,004		839
Pool #FM2963,
3.00%, 2/1/50		4,335		3,645
Pool #FM3125,
3.50%, 3/1/50		860		749
Pool #FM3225,
3.00%, 5/1/50		576		482
Pool #FM3610,
4.00%, 6/1/50		293		264
Pool #FM3747,
2.50%, 8/1/50		959		767
Pool #FM3969,
2.50%, 8/1/43		353		287
Pool #FM4055,
2.50%, 8/1/50		6,412		5,130
Pool #FM4149,
3.00%, 9/1/50		2,906		2,420
Pool #FM4193,
2.50%, 9/1/50		657		530
Pool #FM4476,
2.00%, 10/1/50		1,711		1,311
Pool #FM4544,
2.00%, 10/1/50		919		703
Pool #FM4598,
2.00%, 11/1/40		206		167
Pool #FM4633,
2.00%, 10/1/50		910		702
Pool #FM4734,
2.00%, 11/1/35		1,136		981
Pool #FM4762,
2.00%, 11/1/50		1,351		1,048

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #FM4799,
2.00%, 11/1/50		$750		$574
Pool #FM4868,
2.00%, 11/1/50		1,291		996
Pool #FM4934,
2.00%, 11/1/35		684		591
Pool #FM4951,
1.50%, 11/1/35		553		464
Pool #FM5026,
2.00%, 12/1/50		1,255		968
Pool #FM5087,
2.00%, 12/1/50		501		384
Pool #FM5210,
2.00%, 12/1/50		2,310		1,804
Pool #FM5534,
2.00%, 1/1/41		306		247
Pool #FM5570,
2.00%, 1/1/36		678		585
Pool #FM5580,
1.50%, 1/1/36		697		584
Pool #FM5849,
2.00%, 12/1/50		955		727
Pool #FM6055,
2.00%, 2/1/51		1,941		1,484
Pool #FM6099,
2.00%, 2/1/51		1,919		1,467
Pool #FM6338,
2.00%, 2/1/51		1,202		919
Pool #FM6496,
2.00%, 2/1/51		558		432
Pool #FM6511,
2.00%, 3/1/36		1,913		1,651
Pool #FM6550,
2.00%, 3/1/51		390		301
Pool #FM6943,
2.00%, 4/1/51		1,325		1,024
Pool #FM6964,
2.00%, 5/1/51		1,063		823
Pool #FM6991,
2.00%, 4/1/51		1,571		1,200
Pool #FM7078,
2.00%, 4/1/51		1,247		967

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 - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #FM7080,
2.00%, 4/1/51		$656		$507
Pool #FM7360,
2.00%, 5/1/41		410		331
Pool #FM7411,
2.00%, 5/1/51		3,178		2,420
Pool #FM7429,
1.50%, 5/1/36		1,609		1,349
Pool #FM7622,
2.00%, 5/1/51		834		645
Pool #FM8146,
2.00%, 7/1/36		1,539		1,325
Pool #FM8848,
2.50%, 9/1/41		843		698
Pool #FS0153,
2.00%, 12/1/36		2,472		2,128
Pool #FS1096,
2.00%, 1/1/51		1,371		1,050
Pool #FS2039,
2.00%, 2/1/51		909		695
Pool #FS2442,
4.00%, 7/1/52		868		775
Pool #FS2815,
4.00%, 9/1/52		457		410
Pool #FS3086,
5.50%, 10/1/52		1,828		1,769
Pool #FS3402,
5.00%, 11/1/52		375		354
Pool #FS3421,
5.00%, 12/1/52		386		365
Pool #FS3452,
5.00%, 12/1/52		664		634
Pool #FS3747,
5.50%, 12/1/52		745		720
Pool #FS3762,
5.00%, 12/1/52		486		460
Pool #FS3921,
5.50%, 2/1/53		476		465
Pool #FS4041,
5.50%, 3/1/53		685		663
Pool #FS4047,
3.50%, 12/1/42		191		167

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #FS4463,
1.50%, 8/1/37		$1,047		$872
Pool #FS4485,
6.00%, 5/1/53		661		655
Pool #FS4522,
5.00%, 5/1/53		192		182
Pool #FS4842,
5.50%, 6/1/53		293		285
Pool #FS4931,
6.00%, 6/1/53		974		962
Pool #FS5115,
5.50%, 6/1/53		498		482
Pool #FS5116,
5.50%, 6/1/53		491		475
Pool #FS5119,
6.00%, 7/1/53		2,867		2,842
Pool #FS5396,
5.00%, 7/1/53		2,076		1,972
Pool #FS5436,
5.50%, 8/1/53		299		290
Pool #FS5562,
2.00%, 3/1/52		3,460		2,648
Pool #FS5696,
2.00%, 4/1/51		297		228
Pool #FS5709,
8/1/53(12)		889		841
Pool #FS5838,
9/1/53(12)		1,275		1,269
Pool #MA0361,
4.00%, 3/1/30		39		36
Pool #MA0711,
3.50%, 4/1/31		72		67
Pool #MA0976,
3.50%, 2/1/32		163		150
Pool #MA1138,
3.50%, 8/1/32		125		115
Pool #MA1141,
3.00%, 8/1/32		59		53
Pool #MA1200,
3.00%, 10/1/32		341		306
Pool #MA1511,
2.50%, 7/1/33		117		101

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  92 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #MA2320,
3.00%, 7/1/35		$267		$238
Pool #MA2473,
3.50%, 12/1/35		107		98
Pool #MA2512,
4.00%, 1/1/46		136		123
Pool #MA2670,
3.00%, 7/1/46		600		507
Pool #MA2672,
3.00%, 7/1/36		135		121
Pool #MA2705,
3.00%, 8/1/46		436		369
Pool #MA2737,
3.00%, 9/1/46		200		168
Pool #MA2771,
3.00%, 10/1/46		218		184
Pool #MA2775,
2.50%, 10/1/31		130		117
Pool #MA2781,
2.50%, 10/1/46		163		132
Pool #MA2804,
3.00%, 11/1/36		262		234
Pool #MA2817,
2.50%, 11/1/36		105		91
Pool #MA2841,
2.50%, 12/1/36		42		37
Pool #MA2863,
3.00%, 1/1/47		3,592		3,037
Pool #MA2895,
3.00%, 2/1/47		222		187
Pool #MA3028,
3.50%, 6/1/37		201		180
Pool #MA3057,
3.50%, 7/1/47		340		299
Pool #MA3058,
4.00%, 7/1/47		127		115
Pool #MA3059,
3.50%, 7/1/37		33		30
Pool #MA3073,
4.50%, 7/1/47		271		254
Pool #MA3127,
3.00%, 9/1/37		82		73

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #MA3150,
4.50%, 10/1/47		$148		$139
Pool #MA3181,
3.50%, 11/1/37		54		48
Pool #MA3182,
3.50%, 11/1/47		416		364
Pool #MA3184,
4.50%, 11/1/47		49		46
Pool #MA3185,
3.00%, 11/1/37		89		79
Pool #MA3188,
3.00%, 11/1/32		284		263
Pool #MA3211,
4.00%, 12/1/47		79		72
Pool #MA3239,
4.00%, 1/1/48		339		308
Pool #MA3276,
3.50%, 2/1/48		342		299
Pool #MA3281,
4.00%, 2/1/38		190		174
Pool #MA3334,
4.50%, 4/1/48		261		244
Pool #MA3385,
4.50%, 6/1/48		89		83
Pool #MA3413,
4.00%, 7/1/38		33		30
Pool #MA3443,
4.00%, 8/1/48		81		74
Pool #MA3444,
4.50%, 8/1/48		78		72
Pool #MA3467,
4.00%, 9/1/48		78		70
Pool #MA3492,
4.00%, 10/1/38		28		26
Pool #MA3547,
3.00%, 12/1/33		161		148
Pool #MA3590,
4.00%, 2/1/39		28		26
Pool #MA3685,
3.00%, 6/1/49		133		111
Pool #MA3692,
3.50%, 7/1/49		102		89

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 - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #MA3695,
3.00%, 7/1/34		$61		$56
Pool #MA3744,
3.00%, 8/1/49		149		125
Pool #MA3765,
2.50%, 9/1/49		312		250
Pool #MA3870,
2.50%, 12/1/49		160		128
Pool #MA3871,
3.00%, 12/1/49		150		126
Pool #MA3896,
2.50%, 1/1/35		938		830
Pool #MA3898,
3.50%, 1/1/35		306		287
Pool #MA3902,
2.50%, 1/1/50		156		125
Pool #MA3934,
3.00%, 2/1/40		99		84
Pool #MA3958,
3.00%, 3/1/40		103		89
Pool #MA4013,
2.50%, 5/1/35		201		178
Pool #MA4014,
3.00%, 5/1/35		323		293
Pool #MA4016,
2.50%, 5/1/40		370		307
Pool #MA4053,
2.50%, 6/1/35		827		731
Pool #MA4071,
2.00%, 7/1/40		272		221
Pool #MA4072,
2.50%, 7/1/40		228		190
Pool #MA4078,
2.50%, 7/1/50		1,317		1,055
Pool #MA4093,
2.00%, 8/1/40		148		121
Pool #MA4094,
2.50%, 8/1/40		252		210
Pool #MA4096,
2.50%, 8/1/50		825		659
Pool #MA4099,
2.50%, 8/1/35		838		741

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #MA4100,
2.00%, 8/1/50		$1,623		$1,243
Pool #MA4119,
2.00%, 9/1/50		1,908		1,460
Pool #MA4122,
1.50%, 9/1/35		290		244
Pool #MA4123,
2.00%, 9/1/35		1,023		884
Pool #MA4128,
2.00%, 9/1/40		426		346
Pool #MA4129,
2.50%, 9/1/40		261		218
Pool #MA4153,
2.50%, 10/1/40		123		102
Pool #MA4154,
1.50%, 10/1/35		441		370
Pool #MA4155,
2.00%, 10/1/35		1,118		965
Pool #MA4176,
2.00%, 11/1/40		750		608
Pool #MA4181,
1.50%, 11/1/50		2,424		1,744
Pool #MA4232,
2.00%, 1/1/41		366		296
Pool #MA4254,
1.50%, 2/1/51		534		385
Pool #MA4266,
1.50%, 2/1/41		1,009		780
Pool #MA4278,
1.50%, 3/1/36		1,962		1,645
Pool #MA4280,
1.50%, 3/1/51		928		668
Pool #MA4310,
1.50%, 4/1/41		324		250
Pool #MA4333,
2.00%, 5/1/41		562		452
Pool #MA4334,
2.50%, 5/1/41		319		261
Pool #MA4342,
1.50%, 5/1/41		166		128
Pool #MA4496,
1.50%, 12/1/36		1,258		1,049

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  94 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Fannie Mae – 12.2%    continued
Pool #MA4500,
1.50%, 12/1/41		$438		$338
Pool #MA4692,
2.50%, 8/1/37		177		156
Pool #MA4779,
4.00%, 10/1/42		184		167
Pool #MA4805,
4.50%, 11/1/52		2,563		2,354
Pool #MA4823,
4.50%, 10/1/37		252		242
Pool #MA4915,
5.00%, 2/1/38		221		215
Pool #MA4991,
5.50%, 4/1/38		138		136
Pool #MA5039,
5.50%, 6/1/53		776		750
Pool #MA5042,
4.50%, 6/1/38		93		89
Pool #MA5060,
5.00%, 6/1/43		96		91
Pool TBA,
10/1/53(12)		16,600		14,240
				272,977
Federal Farm Credit Bank – 0.2%
0.73%, 5/27/25		2,000		1,853
Federal Farm Credit Banks Funding Corp.,
3.32%, 2/25/26		520		500
4.75%, 3/9/26		1,180		1,174
				3,527
Federal Home Loan Bank – 0.2%
5.13%, 6/13/25		1,120		1,118
1.10%, 8/20/26		2,000		1,793
3.25%, 11/16/28		1,000		935
5.50%, 7/15/36		500		534
				4,380
Freddie Mac – 9.4%
Federal Home Loan Mortgage Corp.,
5.65%, 3/7/25		1,100		1,095
0.38%, 7/21/25		500		460
0.38%, 9/23/25		2,500		2,279
6.75%, 3/15/31		700		785

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Freddie Mac Multifamily Structured Pass Through Certificates, Series K046, Class A2,
3.21%, 3/25/25		$500		$483
Freddie Mac Multifamily Structured Pass Through Certificates, Series K049, Class A2,
3.01%, 7/25/25		500		479
Freddie Mac Multifamily Structured Pass Through Certificates, Series K053, Class A2,
3.00%, 12/25/25		300		286
Freddie Mac Multifamily Structured Pass Through Certificates, Series K054, Class A2,
2.75%, 1/25/26		250		236
Freddie Mac Multifamily Structured Pass Through Certificates, Series K056, Class A2,
2.53%, 5/25/26		400		373
Freddie Mac Multifamily Structured Pass Through Certificates, Series K058, Class A2,
2.65%, 8/25/26		250		233
Freddie Mac Multifamily Structured Pass Through Certificates, Series K059, Class A2,
3.12%, 9/25/26		100		94
Freddie Mac Multifamily Structured Pass Through Certificates, Series K065, Class A2,
3.24%, 4/25/27		350		328
Freddie Mac Multifamily Structured Pass Through Certificates, Series K067, Class A2,
3.19%, 7/25/27		250		233
Freddie Mac Multifamily Structured Pass Through Certificates, Series K068, Class A2,
3.24%, 8/25/27		150		140
Freddie Mac Multifamily Structured Pass Through Certificates, Series K069, Class A2,
3.19%, 9/25/27		200		186

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 – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Freddie Mac Multifamily Structured Pass Through Certificates, Series K072, Class A2,
3.44%, 12/25/27		$150		$140
Freddie Mac Multifamily Structured Pass Through Certificates, Series K074, Class A2,
3.60%, 1/25/28		150		141
Freddie Mac Multifamily Structured Pass Through Certificates, Series K075, Class A2,
3.65%, 2/25/28		150		141
Freddie Mac Multifamily Structured Pass Through Certificates, Series K076, Class A2,
3.90%, 4/25/28		200		190
Freddie Mac Multifamily Structured Pass Through Certificates, Series K077, Class A2,
3.85%, 5/25/28		200		189
Freddie Mac Multifamily Structured Pass Through Certificates, Series K078, Class A2,
3.85%, 6/25/28		150		142
Freddie Mac Multifamily Structured Pass Through Certificates, Series K079, Class A2,
3.93%, 6/25/28		200		190
Freddie Mac Multifamily Structured Pass Through Certificates, Series K080, Class A2,
3.93%, 7/25/28		200		190
Freddie Mac Multifamily Structured Pass Through Certificates, Series K081, Class A2,
3.90%, 8/25/28		200		190
Freddie Mac Multifamily Structured Pass Through Certificates, Series K082, Class A2,
3.92%, 9/25/28		350		331
Freddie Mac Multifamily Structured Pass Through Certificates, Series K083, Class A2,
4.05%, 9/25/28		200		190

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Freddie Mac Multifamily Structured Pass Through Certificates, Series K086, Class A2,
3.86%, 11/25/28		$200		$189
Freddie Mac Multifamily Structured Pass Through Certificates, Series K088, Class A2,
3.69%, 1/25/29		100		93
Freddie Mac Multifamily Structured Pass Through Certificates, Series K090, Class A2,
3.42%, 2/25/29		500		460
Freddie Mac Multifamily Structured Pass Through Certificates, Series K091, Class A2,
3.51%, 3/25/29		150		139
Freddie Mac Multifamily Structured Pass Through Certificates, Series K092, Class A2,
3.30%, 4/25/29		300		274
Freddie Mac Multifamily Structured Pass Through Certificates, Series K093, Class A2,
2.98%, 5/25/29		200		179
Freddie Mac Multifamily Structured Pass Through Certificates, Series K094, Class A2,
2.90%, 6/25/29		300		267
Freddie Mac Multifamily Structured Pass Through Certificates, Series K102, Class A2,
2.54%, 10/25/29		250		216
Freddie Mac Multifamily Structured Pass Through Certificates, Series K104, Class A2,
2.25%, 1/25/30		250		212
Freddie Mac Multifamily Structured Pass Through Certificates, Series K105, Class A2,
1.87%, 1/25/30		200		165
Freddie Mac Multifamily Structured Pass Through Certificates, Series K110, Class A2,
1.48%, 4/25/30		500		399

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  96 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Freddie Mac Multifamily Structured Pass Through Certificates, Series K111, Class A2,
1.35%, 5/25/30		$500		$394
Freddie Mac Multifamily Structured Pass Through Certificates, Series K112, Class A2,
1.31%, 5/25/30		500		392
Freddie Mac Multifamily Structured Pass Through Certificates, Series K113, Class A2,
1.34%, 6/25/30		500		393
Freddie Mac Multifamily Structured Pass Through Certificates, Series K117, Class A2,
1.41%, 8/25/30		100		78
Freddie Mac Multifamily Structured Pass Through Certificates, Series K119, Class A2,
1.57%, 9/25/30		250		197
Freddie Mac Multifamily Structured Pass Through Certificates, Series K122, Class A2,
1.52%, 11/25/30		200		156
Freddie Mac Multifamily Structured Pass Through Certificates, Series K129, Class A2,
1.91%, 5/25/31		300		239
Freddie Mac Multifamily Structured Pass Through Certificates, Series K141, Class A2,
2.25%, 2/25/32		200		160
Freddie Mac Multifamily Structured Pass Through Certificates, Series K144, Class A2,
2.45%, 4/25/32		500		404
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-151, Class A2,
3.80%, 10/25/32		300		268
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1510, Class A2,
3.72%, 1/25/31		100		91

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1510, Class A3,
3.79%, 1/25/34		$100		$88
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1511, Class A2,
3.47%, 3/25/31		100		89
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1511, Class A3,
3.54%, 3/25/34		100		86
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class A2,
2.99%, 5/25/31		100		86
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1512, Class A3,
3.06%, 4/25/34		100		82
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1515, Class A2,
1.94%, 2/25/35		100		72
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1517, Class A2,
1.72%, 7/25/35		200		137
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1518, Class A2,
1.86%, 10/25/35		150		103
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1519, Class A2,
2.01%, 12/25/35		150		104
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1520, Class A2,
2.44%, 2/25/36		150		109
Freddie Mac Multifamily Structured Pass Through Certificates, Series K1522, Class A2,
2.36%, 10/25/36		100		71

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 – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-153, Class A2,
3.82%, 12/25/32		$500		$447
Freddie Mac Multifamily Structured Pass Through Certificates, Series K154, Class A2,
3.42%, 4/25/32		100		91
4.35%, 1/25/33		200		186
Freddie Mac Multifamily Structured Pass Through Certificates, Series K155, Class A3,
3.75%, 4/25/33		100		89
Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A2,
3.99%, 5/25/33		100		93
Freddie Mac Multifamily Structured Pass Through Certificates, Series K157, Class A3,
3.99%, 8/25/33		100		90
Freddie Mac Multifamily Structured Pass Through Certificates, Series K732, Class A2,
3.70%, 5/25/25		388		377
Freddie Mac Multifamily Structured Pass Through Certificates, Series K733, Class A2,
3.75%, 8/25/25		498		482
Freddie Mac Multifamily Structured Pass Through Certificates, Series K734, Class A2,
3.21%, 2/25/26		200		191
Freddie Mac Multifamily Structured Pass Through Certificates, Series K735, Class A2,
2.86%, 5/25/26		148		139
Pool #QA0127,
3.50%, 6/1/49		592		518
Pool #QA1132,
3.50%, 7/1/49		179		156
Pool #QA1263,
3.50%, 7/1/49		218		191
Pool #QA1752,
3.50%, 8/1/49		1,189		1,040

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #QA1883,
4.00%, 8/1/49		$381		$344
Pool #QA3149,
3.00%, 10/1/49		331		277
Pool #QA4699,
3.00%, 11/1/49		206		172
Pool #QA8043,
3.00%, 3/1/50		1,602		1,342
Pool #QB0211,
2.50%, 6/1/50		500		400
Pool #QB2516,
2.50%, 8/1/50		380		304
Pool #QB2545,
2.00%, 8/1/50		2,035		1,556
Pool #QB2682,
2.50%, 8/1/50		434		347
Pool #QB2966,
2.50%, 9/1/50		139		111
Pool #QB3199,
2.00%, 9/1/50		727		556
Pool #QB4275,
2.00%, 10/1/50		306		234
Pool #QB4467,
2.00%, 10/1/50		1,377		1,062
Pool #QB5079,
2.00%, 11/1/50		1,665		1,289
Pool #QB5128,
2.00%, 10/1/50		1,084		828
Pool #QB5507,
2.00%, 11/1/50		750		579
Pool #QB6246,
2.00%, 12/1/50		367		285
Pool #QB6448,
2.00%, 12/1/50		1,133		867
Pool #QB8131,
2.00%, 2/1/51		3,624		2,772
Pool #QB8132,
2.00%, 1/1/51		4,903		3,732
Pool #QB9266,
2.00%, 3/1/51		494		381
Pool #QB9410,
2.00%, 1/1/51		1,442		1,101

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  98 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #QC1443,
2.00%, 5/1/51		$1,981		$1,531
Pool #QC1809,
2.00%, 5/1/51		479		366
Pool #QC2062,
2.00%, 5/1/51		802		611
Pool #QC3259,
2.00%, 6/1/51		3,067		2,335
Pool #QC9442,
2.50%, 10/1/51		4,151		3,320
Pool #QD0822,
3.00%, 11/1/51		1,173		983
Pool #QD2146,
2.00%, 12/1/51		2,511		1,919
Pool #QE9161,
4.50%, 9/1/52		828		760
Pool #QF7121,
5.50%, 2/1/53		943		912
Pool #QG5959,
5.00%, 7/1/53		3,023		2,854
Pool #QG7215,
5.50%, 7/1/53		976		944
Pool #QG8401,
8/1/53(12)		781		755
Pool #QK0622,
1.50%, 2/1/41		538		417
Pool #QN0818,
2.50%, 10/1/34		257		229
Pool #QN4614,
1.50%, 12/1/35		217		182
Pool #QN5018,
2.00%, 1/1/36		1,339		1,155
Pool #QN5866,
2.00%, 4/1/36		715		618
Pool #QN6394,
1.50%, 5/1/36		1,726		1,447
Pool #QN8899,
2.00%, 12/1/36		833		714
Pool #RA1196,
4.00%, 8/1/49		774		699
Pool #RA1343,
3.00%, 9/1/49		2,264		1,891

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #RA1493,
3.00%, 10/1/49		$3,297		$2,761
Pool #RA1501,
3.00%, 10/1/49		131		109
Pool #RA2010,
3.50%, 1/1/50		253		220
Pool #RA2117,
3.00%, 2/1/50		324		271
Pool #RA2386,
3.00%, 4/1/50		820		684
Pool #RA2457,
3.00%, 4/1/50		503		421
Pool #RA2677,
2.00%, 6/1/50		1,970		1,519
Pool #RA2730,
2.50%, 6/1/50		298		240
Pool #RA2790,
2.50%, 6/1/50		472		377
Pool #RA2853,
2.50%, 6/1/50		596		477
Pool #RA2959,
2.50%, 7/1/50		545		436
Pool #RA3086,
2.50%, 7/1/50		407		325
Pool #RA3306,
2.50%, 8/1/50		380		304
Pool #RA3524,
2.00%, 9/1/50		2,056		1,577
Pool #RA3563,
2.00%, 9/1/50		1,008		772
Pool #RA3578,
2.00%, 9/1/50		1,335		1,021
Pool #RA3580,
2.00%, 9/1/50		1,254		962
Pool #RA3653,
1.50%, 10/1/50		621		448
Pool #RA3662,
2.50%, 10/1/50		621		496
Pool #RA3663,
2.50%, 10/1/50		641		514
Pool #RA3723,
2.00%, 10/1/50		1,309		1,002

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 – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #RA3765,
2.50%, 10/1/50		$623		$498
Pool #RA3908,
1.50%, 11/1/50		575		415
Pool #RA3913,
2.50%, 11/1/50		7,202		5,812
Pool #RA4209,
1.50%, 12/1/50		1,827		1,317
Pool #RA4218,
2.50%, 12/1/50		7,825		6,259
Pool #RA5204,
2.00%, 5/1/51		1,615		1,231
Pool #RA5373,
2.00%, 6/1/51		765		586
Pool #RA6333,
2.00%, 11/1/51		3,984		3,036
Pool #RA6340,
2.50%, 11/1/51		2,672		2,137
Pool #RA7097,
3.50%, 4/1/52		898		774
Pool #RA7099,
2.00%, 1/1/51		2,904		2,221
Pool #RA8761,
5.50%, 3/1/53		573		557
Pool #RA8791,
5.00%, 4/1/53		1,343		1,268
Pool #RB0452,
2.00%, 2/1/41		856		692
Pool #RB5032,
2.50%, 2/1/40		74		62
Pool #RB5033,
3.00%, 2/1/40		274		237
Pool #RB5043,
2.50%, 4/1/40		134		112
Pool #RB5048,
2.50%, 5/1/40		75		62
Pool #RB5059,
2.50%, 7/1/40		95		78
Pool #RB5066,
2.50%, 8/1/40		254		212
Pool #RB5072,
2.50%, 9/1/40		261		217

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #RB5076,
2.00%, 8/1/40		$539		$437
Pool #RB5078,
2.50%, 10/1/40		178		148
Pool #RB5085,
2.00%, 11/1/40		483		392
Pool #RB5090,
2.00%, 12/1/40		571		462
Pool #RB5095,
2.00%, 1/1/41		363		294
Pool #RB5100,
2.00%, 2/1/41		299		242
Pool #RB5110,
1.50%, 5/1/41		1,156		892
Pool #RB5111,
2.00%, 5/1/41		483		389
Pool #RB5131,
2.00%, 10/1/41		850		681
Pool #RC1857,
1.50%, 2/1/36		1,255		1,052
Pool #RC2045,
2.00%, 6/1/36		283		243
Pool #SB0048,
3.00%, 8/1/34		473		430
Pool #SB0330,
2.00%, 5/1/35		396		342
Pool #SB0434,
2.00%, 10/1/35		658		568
Pool #SB0507,
2.00%, 3/1/36		1,248		1,077
Pool #SB0571,
2.00%, 10/1/36		1,259		1,083
Pool #SB0726,
4.00%, 8/1/37		372		352
Pool #SB0834,
2.50%, 2/1/36		1,028		908
Pool #SB0955,
5.50%, 8/1/38		98		97
Pool #SB8045,
2.50%, 5/1/35		172		152
Pool #SB8046,
3.00%, 5/1/35		298		271

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  100 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #SB8049,
2.50%, 6/1/35		$572		$508
Pool #SB8057,
2.00%, 8/1/35		587		507
Pool #SB8058,
2.50%, 8/1/35		677		599
Pool #SB8061,
2.00%, 9/1/35		1,036		895
Pool #SB8067,
1.50%, 9/1/35		267		224
Pool #SB8068,
1.50%, 10/1/35		288		242
Pool #SB8069,
2.00%, 10/1/35		828		715
Pool #SB8073,
1.50%, 11/1/35		372		312
Pool #SB8078,
1.50%, 12/1/35		786		659
Pool #SB8083,
1.50%, 1/1/36		455		382
Pool #SB8092,
1.50%, 3/1/36		815		684
Pool #SB8122,
1.50%, 10/1/36		1,710		1,429
Pool #SB8177,
3.50%, 9/1/37		260		241
Pool #SB8178,
4.00%, 9/1/37		253		239
Pool #SB8206,
5.00%, 1/1/38		175		171
Pool #SB8208,
5.50%, 1/1/38		87		86
Pool #SB8233,
4.50%, 6/1/38		251		241
Pool #SB8247,
5.00%, 8/1/38		96		93
Pool #SB8501,
2.00%, 8/1/35		671		580
Pool #SB8511,
2.00%, 5/1/36		1,381		1,189
Pool #SD0163,
3.00%, 12/1/49		610		511

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #SD0261,
3.00%, 2/1/50		$247		$206
Pool #SD0262,
3.50%, 2/1/50		399		351
Pool #SD0410,
2.50%, 8/1/50		1,270		1,022
Pool #SD0414,
2.50%, 8/1/50		232		186
Pool #SD0467,
2.00%, 12/1/50		587		448
Pool #SD0537,
2.00%, 3/1/51		3,226		2,456
Pool #SD0608,
2.50%, 5/1/51		3,117		2,530
Pool #SD0764,
2.50%, 10/1/51		2,548		2,029
Pool #SD1592,
4.00%, 8/1/52		751		670
Pool #SD1596,
4.00%, 9/1/52		646		579
Pool #SD1855,
5.00%, 9/1/52		563		532
Pool #SD1958,
5.00%, 11/1/52		385		367
Pool #SD2236,
5.50%, 11/1/52		1,253		1,217
Pool #SD2258,
5.00%, 1/1/53		683		645
Pool #SD2266,
5.00%, 1/1/53		662		625
Pool #SD2666,
5.00%, 3/1/53		681		643
Pool #SD2693,
6.50%, 4/1/53		690		704
Pool #SD2922,
5.00%, 5/1/53		491		464
Pool #SD2936,
5.00%, 4/1/53		393		372
Pool #SD3074,
5.50%, 5/1/53		984		951
Pool #SD3683,
5.50%, 9/1/53		1,095		1,060

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 – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #SD3713,
6.50%, 8/1/53		$999		$1,009
Pool #SD3904,
8/1/53(12)		296		298
Pool #SD3992,
5.50%, 9/1/53		595		579
Pool #SD7512,
3.00%, 2/1/50		520		437
Pool #SD7536,
2.50%, 2/1/51		5,885		4,743
Pool #SD7537,
2.00%, 3/1/51		3,148		2,405
Pool #SD7539,
2.00%, 4/1/51		3,127		2,421
Pool #SD7541,
2.00%, 5/1/51		2,144		1,656
Pool #SD8019,
4.50%, 10/1/49		351		327
Pool #SD8023,
2.50%, 11/1/49		294		235
Pool #SD8029,
2.50%, 12/1/49		330		264
Pool #SD8037,
2.50%, 1/1/50		335		268
Pool #SD8083,
2.50%, 8/1/50		754		603
Pool #SD8090,
2.00%, 9/1/50		2,348		1,798
Pool #SD8097,
2.00%, 8/1/50		2,060		1,578
Pool #SD8104,
1.50%, 11/1/50		4,020		2,892
Pool #SD8112,
1.50%, 12/1/50		1,194		859
Pool #SD8139,
1.50%, 4/1/51		2,290		1,647
Pool #SD8213,
3.00%, 5/1/52		1,582		1,308
Pool #SD8225,
3.00%, 7/1/52		1,896		1,568
Pool #SD8266,
4.50%, 11/1/52		2,563		2,354

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #SD8331,
5.50%, 6/1/53		$675		$652
Pool #SD8332,
6.00%, 6/1/53		765		755
Pool #ZA1036,
4.50%, 2/1/40		74		70
Pool #ZA1159,
3.50%, 4/1/42		216		192
Pool #ZA1165,
3.50%, 4/1/42		306		272
Pool #ZA1254,
3.00%, 10/1/42		971		830
Pool #ZA1334,
3.50%, 7/1/42		109		96
Pool #ZA1361,
3.50%, 5/1/43		159		141
Pool #ZA1375,
4.00%, 9/1/44		87		79
Pool #ZA1378,
3.50%, 10/1/44		146		129
Pool #ZA2773,
2.50%, 8/1/27		57		54
Pool #ZA3862,
2.50%, 5/1/31		245		221
Pool #ZA4194,
3.00%, 4/1/43		227		194
Pool #ZA4214,
3.00%, 5/1/43		350		299
Pool #ZA4715,
4.00%, 9/1/46		882		801
Pool #ZA5107,
4.00%, 11/1/47		161		146
Pool #ZA5642,
4.00%, 9/1/48		167		151
Pool #ZA5950,
4.50%, 11/1/48		419		393
Pool #ZI6135,
5.00%, 9/1/34		363		355
Pool #ZI6854,
4.50%, 12/1/37		43		41
Pool #ZI7645,
5.00%, 6/1/38		88		86

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  102 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #ZI8519,
4.50%, 2/1/39		$16		$15
Pool #ZI9349,
4.50%, 10/1/39		259		243
Pool #ZI9657,
4.50%, 1/1/40		335		314
Pool #ZI9862,
4.50%, 3/1/40		163		154
Pool #ZI9939,
4.50%, 4/1/40		103		98
Pool #ZJ0631,
4.50%, 10/1/40		133		125
Pool #ZJ1046,
4.00%, 1/1/41		171		157
Pool #ZJ1052,
4.00%, 1/1/41		144		131
Pool #ZJ1228,
4.00%, 2/1/41		215		197
Pool #ZJ1359,
4.50%, 3/1/41		117		111
Pool #ZK5468,
2.00%, 5/1/28		270		253
Pool #ZK7259,
2.50%, 4/1/30		248		225
Pool #ZK7533,
2.50%, 7/1/30		168		153
Pool #ZL1714,
4.50%, 7/1/41		154		145
Pool #ZL1806,
4.50%, 8/1/41		417		394
Pool #ZL1922,
4.00%, 9/1/41		49		45
Pool #ZL2350,
3.50%, 11/1/41		76		67
Pool #ZL3211,
3.50%, 6/1/42		303		269
Pool #ZL3245,
4.00%, 6/1/42		474		434
Pool #ZL3551,
3.50%, 8/1/42		439		390
Pool #ZL4634,
3.00%, 1/1/43		1,427		1,220

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #ZL4709,
3.00%, 1/1/43		$313		$268
Pool #ZL5074,
3.00%, 2/1/43		138		118
Pool #ZL5915,
3.50%, 5/1/43		641		567
Pool #ZL5927,
3.00%, 5/1/43		201		172
Pool #ZL6381,
3.00%, 6/1/43		310		265
Pool #ZL6467,
3.00%, 7/1/43		232		198
Pool #ZL6676,
3.00%, 8/1/43		473		404
Pool #ZL6920,
3.50%, 8/1/43		89		79
Pool #ZL7780,
4.00%, 2/1/44		248		227
Pool #ZL8299,
3.50%, 7/1/44		620		548
Pool #ZL8300,
4.00%, 7/1/44		481		437
Pool #ZL8709,
4.00%, 11/1/44		136		124
Pool #ZM0489,
4.00%, 11/1/45		191		174
Pool #ZM0617,
3.50%, 12/1/45		227		200
Pool #ZM1194,
3.00%, 6/1/46		268		227
Pool #ZM1933,
3.00%, 10/1/46		303		256
Pool #ZM2167,
3.00%, 11/1/46		489		413
Pool #ZM2286,
3.50%, 12/1/46		800		700
Pool #ZM3525,
3.50%, 6/1/47		117		103
Pool #ZM3933,
3.50%, 8/1/47		444		389
Pool #ZM4305,
3.50%, 9/1/47		445		390

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 – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #ZM4601,
3.50%, 10/1/47		$558		$490
Pool #ZM4711,
4.00%, 11/1/47		698		635
Pool #ZM4736,
3.50%, 11/1/47		166		146
Pool #ZM4908,
3.50%, 11/1/47		310		272
Pool #ZM5133,
3.50%, 12/1/47		132		115
Pool #ZM5397,
3.50%, 1/1/48		246		215
Pool #ZM5659,
3.50%, 2/1/48		263		230
Pool #ZM5917,
4.00%, 3/1/48		182		165
Pool #ZM6682,
4.50%, 5/1/48		182		171
Pool #ZM7370,
4.00%, 7/1/48		119		108
Pool #ZM7378,
5.00%, 7/1/48		145		139
Pool #ZM7849,
4.00%, 8/1/48		50		45
Pool #ZM8045,
4.00%, 9/1/48		174		157
Pool #ZM8575,
4.50%, 10/1/48		131		123
Pool #ZN1506,
3.50%, 11/1/48		629		551
Pool #ZN3447,
3.50%, 2/1/49		118		103
Pool #ZS0932,
4.50%, 8/1/34		9		8
Pool #ZS1567,
5.00%, 8/1/37		12		11
Pool #ZS2391,
5.00%, 9/1/38		22		21
Pool #ZS2499,
5.00%, 3/1/38		52		51
Pool #ZS2533,
4.50%, 2/1/39		54		51

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #ZS2827,
4.50%, 11/1/39		$128		$121
Pool #ZS2905,
4.50%, 4/1/40		185		175
Pool #ZS3554,
3.50%, 7/1/42		200		177
Pool #ZS3596,
4.00%, 6/1/42		527		482
Pool #ZS3613,
4.00%, 8/1/42		282		258
Pool #ZS3792,
2.50%, 7/1/43		272		222
Pool #ZS4078,
3.50%, 1/1/45		284		251
Pool #ZS4100,
3.50%, 3/1/45		517		455
Pool #ZS4127,
4.50%, 7/1/44		118		111
Pool #ZS4472,
3.50%, 2/1/42		195		173
Pool #ZS4536,
3.50%, 10/1/43		279		247
Pool #ZS4584,
3.00%, 9/1/44		100		86
Pool #ZS4600,
4.00%, 1/1/45		288		263
Pool #ZS4607,
3.50%, 3/1/45		369		325
Pool #ZS4617,
3.00%, 6/1/45		191		161
Pool #ZS4618,
3.50%, 6/1/45		301		264
Pool #ZS4621,
3.00%, 7/1/45		460		389
Pool #ZS4627,
4.00%, 8/1/45		101		92
Pool #ZS4629,
3.00%, 9/1/45		1,397		1,181
Pool #ZS4630,
3.50%, 9/1/45		204		179
Pool #ZS4634,
4.00%, 10/1/45		121		110

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  104 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #ZS4639,
4.00%, 11/1/45		$123		$112
Pool #ZS4642,
3.50%, 12/1/45		415		364
Pool #ZS4655,
3.50%, 3/1/46		203		178
Pool #ZS4667,
3.00%, 6/1/46		293		248
Pool #ZS4671,
3.00%, 8/1/46		657		556
Pool #ZS4677,
3.00%, 9/1/46		183		155
Pool #ZS4682,
3.00%, 10/1/46		242		204
Pool #ZS4703,
3.00%, 2/1/47		190		161
Pool #ZS4722,
3.50%, 6/1/47		186		163
Pool #ZS4730,
3.50%, 8/1/47		70		61
Pool #ZS4740,
4.00%, 10/1/47		331		298
Pool #ZS4743,
3.50%, 11/1/47		452		396
Pool #ZS4745,
4.50%, 11/1/47		312		292
Pool #ZS4747,
3.50%, 12/1/47		126		110
Pool #ZS4748,
4.00%, 12/1/47		345		313
Pool #ZS4749,
4.50%, 12/1/47		105		99
Pool #ZS4752,
4.00%, 1/1/48		271		247
Pool #ZS4759,
3.50%, 3/1/48		269		235
Pool #ZS4769,
4.00%, 5/1/48		146		133
Pool #ZS4773,
4.50%, 6/1/48		45		42
Pool #ZS4781,
4.50%, 7/1/48		114		106

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 28.5% (9)    continued
Freddie Mac – 9.4%    continued
Pool #ZS4785,
4.00%, 8/1/48		$111		$101
Pool #ZS6948,
2.50%, 11/1/28		132		126
Pool #ZS8023,
2.00%, 8/1/32		48		43
Pool #ZS8495,
2.50%, 8/1/28		588		556
Pool #ZS8628,
2.00%, 11/1/31		79		70
Pool #ZS8639,
2.00%, 1/1/32		27		24
Pool #ZS9449,
3.50%, 8/1/45		306		269
Pool #ZS9495,
3.50%, 10/1/45		492		432
Pool #ZS9580,
3.50%, 12/1/45		436		383
Pool #ZS9805,
3.00%, 9/1/46		454		384
Pool #ZS9813,
3.00%, 9/1/46		477		403
Pool #ZS9827,
3.00%, 10/1/46		413		350
Pool #ZS9828,
3.00%, 10/1/46		396		335
Pool #ZT0495,
4.50%, 8/1/48		48		45
Pool #ZT0524,
4.50%, 9/1/48		255		239
Pool #ZT0542,
4.00%, 7/1/48		496		450
Pool #ZT0712,
4.00%, 10/1/48		158		143
Pool #ZT0787,
4.00%, 10/1/48		147		133
Pool #ZT1702,
4.00%, 1/1/49		266		241
Pool #ZT2091,
3.00%, 6/1/34		69		63
				210,579

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 - 28.5% (9)    continued
Freddie Mac Gold – 0.4%
Pool #A16753,
5.00%, 11/1/33		$25		$24
Pool #A17665,
5.00%, 1/1/34		27		27
Pool #A27950,
5.50%, 11/1/34		60		59
Pool #A31136,
5.50%, 1/1/35		118		115
Pool #A39306,
5.50%, 11/1/35		22		22
Pool #A46224,
5.00%, 7/1/35		7		7
Pool #A48104,
5.00%, 1/1/36		28		28
Pool #A57604,
5.00%, 3/1/37		37		36
Pool #A58718,
5.50%, 3/1/37		5		5
Pool #A59081,
5.50%, 4/1/37		33		33
Pool #A61560,
5.50%, 10/1/36		76		76
Pool #A64474,
5.50%, 9/1/37		6		6
Pool #A67116,
7.00%, 10/1/37		13		13
Pool #A68761,
5.50%, 9/1/37		105		102
Pool #A69303,
6.00%, 11/1/37		9		9
Pool #A73778,
5.00%, 2/1/38		36		35
Pool #A74134,
7.00%, 2/1/38		18		17
Pool #A81606,
6.00%, 9/1/38		15		15
Pool #A83008,
5.50%, 11/1/38		87		85
Pool #A91541,
5.00%, 3/1/40		73		72
Pool #C91009,
5.00%, 11/1/26		2		2

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Freddie Mac Gold – 0.4%    continued
Pool #C91247,
5.00%, 4/1/29		$32		$31
Pool #C91370,
4.50%, 5/1/31		64		61
Pool #C91388,
3.50%, 2/1/32		74		69
Pool #C91485,
3.50%, 8/1/32		113		104
Pool #C91826,
3.00%, 5/1/35		84		75
Pool #C91858,
3.00%, 12/1/35		86		77
Pool #C91879,
3.00%, 6/1/36		101		90
Pool #C91891,
3.00%, 9/1/36		126		113
Pool #C91904,
2.50%, 11/1/36		76		66
Pool #C91908,
3.00%, 1/1/37		49		44
Pool #C91949,
3.00%, 9/1/37		98		87
Pool #C91955,
3.00%, 10/1/37		88		78
Pool #C91970,
3.50%, 1/1/38		111		100
Pool #D97564,
5.00%, 1/1/28		59		56
Pool #D99094,
3.00%, 3/1/32		78		71
Pool #E04044,
3.50%, 8/1/27		143		139
Pool #G02064,
5.00%, 2/1/36		41		40
Pool #G02069,
5.50%, 3/1/36		6		6
Pool #G02386,
6.00%, 11/1/36		61		62
Pool #G02391,
6.00%, 11/1/36		2		2
Pool #G02540,
5.00%, 11/1/34		22		21

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  106    NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Freddie Mac Gold – 0.4%    continued
Pool #G02649,
6.00%, 1/1/37		$4		$4
Pool #G02789,
6.00%, 4/1/37		304		310
Pool #G02911,
6.00%, 4/1/37		4		5
Pool #G02973,
6.00%, 6/1/37		9		9
Pool #G03121,
5.00%, 6/1/36		35		34
Pool #G03134,
5.50%, 8/1/36		16		16
Pool #G03218,
6.00%, 9/1/37		6		7
Pool #G03351,
6.00%, 9/1/37		18		19
Pool #G03513,
6.00%, 11/1/37		19		20
Pool #G03600,
7.00%, 11/1/37		9		10
Pool #G03737,
6.50%, 11/1/37		127		132
Pool #G03992,
6.00%, 3/1/38		24		25
Pool #G04287,
5.00%, 5/1/38		35		34
Pool #G04459,
5.50%, 6/1/38		31		31
Pool #G04611,
6.00%, 7/1/38		64		65
Pool #G04650,
6.50%, 9/1/38		25		26
Pool #G05733,
5.00%, 11/1/39		98		96
Pool #G05969,
5.00%, 8/1/40		49		48
Pool #G06767,
5.00%, 10/1/41		205		200
Pool #G06947,
6.00%, 5/1/40		70		71
Pool #G08189,
7.00%, 3/1/37		13		13

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Freddie Mac Gold – 0.4%    continued
Pool #G08192,
5.50%, 4/1/37		$15		$15
Pool #G08341,
5.00%, 4/1/39		260		255
Pool #G13433,
5.50%, 1/1/24(8)		—		—
Pool #G14168,
5.50%, 12/1/24(8)		—		—
Pool #G14554,
4.50%, 7/1/26		4		4
Pool #G14891,
3.00%, 10/1/28		83		79
Pool #G15134,
3.00%, 5/1/29		62		59
Pool #G16562,
3.50%, 8/1/33		227		213
Pool #G16774,
3.50%, 2/1/34		108		101
Pool #G16786,
4.00%, 4/1/34		133		127
Pool #G18438,
2.50%, 6/1/27		67		64
Pool #G18571,
2.50%, 10/1/30		125		114
Pool #G18601,
3.00%, 5/1/31		164		153
Pool #G18664,
3.50%, 10/1/32		98		92
Pool #G18681,
3.00%, 3/1/33		318		294
Pool #G30327,
4.50%, 1/1/27		6		6
Pool #G31020,
2.50%, 2/1/37		28		24
Pool #G31057,
3.00%, 2/1/38		161		144
Pool #G67713,
4.00%, 6/1/48		550		500
Pool #J08913,
5.50%, 10/1/23(8)		—		—
Pool #J09305,
5.00%, 2/1/24		1		1

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 - 28.5% (9)    continued
Freddie Mac Gold – 0.4%    continued
Pool #J09463,
5.00%, 3/1/24		$3		$3
Pool #J11136,
4.00%, 11/1/24		2		2
Pool #J12098,
4.50%, 4/1/25		39		38
Pool #J14808,
3.50%, 3/1/26		77		75
Pool #J16932,
3.00%, 10/1/26		50		48
Pool #J17055,
3.00%, 11/1/26		36		34
Pool #J17232,
3.00%, 11/1/26		45		43
Pool #J20834,
2.50%, 10/1/27		125		119
Pool #J22069,
2.50%, 1/1/28		35		34
Pool #J22986,
2.50%, 3/1/28		270		256
Pool #J30435,
3.00%, 1/1/30		157		146
Pool #J32244,
3.00%, 7/1/30		685		637
Pool #K90071,
3.00%, 2/1/33		225		203
Pool #K90641,
3.50%, 6/1/33		29		26
Pool #K90791,
3.00%, 7/1/33		125		112
Pool #K92325,
3.00%, 1/1/35		163		146
Pool #V60886,
2.50%, 8/1/30		82		75
Pool #V60902,
2.50%, 8/1/30		68		62
Pool #V61347,
2.50%, 10/1/31		280		254
				7,913
Government National Mortgage Association I – 0.2%
Pool #510835,
5.50%, 2/15/35		8		8

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association I – 0.2%    continued
Pool #553463,
3.50%, 1/15/42		$264		$237
Pool #597889,
5.50%, 6/15/33		58		57
Pool #614169,
5.00%, 7/15/33		16		15
Pool #616879,
3.50%, 2/15/42		202		181
Pool #617739,
6.00%, 10/15/37		4		4
Pool #634431,
6.00%, 9/15/34		10		10
Pool #641416,
5.50%, 4/15/35		61		60
Pool #646341,
6.00%, 11/15/36		8		8
Pool #648538,
5.00%, 12/15/35		49		47
Pool #651753,
5.50%, 3/15/36		4		4
Pool #670030,
3.00%, 7/15/45		179		153
Pool #675211,
6.50%, 3/15/38		5		5
Pool #675484,
5.50%, 6/15/38		15		15
Pool #676360,
6.50%, 10/15/37		1		2
Pool #682899,
6.00%, 9/15/40		98		98
Pool #687824,
5.50%, 8/15/38		40		40
Pool #687900,
5.00%, 9/15/38		52		50
Pool #687901,
5.00%, 9/15/38		18		17
Pool #692309,
6.00%, 1/15/39		19		19
Pool #697645,
5.50%, 10/15/38		18		18
Pool #698236,
5.00%, 6/15/39		107		104

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  108 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association I – 0.2%    continued
Pool #698336,
4.50%, 5/15/39		$100		$96
Pool #699277,
6.00%, 9/15/38		3		3
Pool #700918,
5.50%, 11/15/38		24		23
Pool #700972,
5.50%, 11/15/38		9		9
Pool #701196,
6.00%, 10/15/38		4		4
Pool #703677,
5.50%, 6/15/39		75		73
Pool #704185,
5.50%, 1/15/39		14		14
Pool #704514,
4.50%, 5/15/39		214		205
Pool #717175,
4.50%, 6/15/39		111		107
Pool #719262,
5.00%, 8/15/40		68		66
Pool #720202,
4.50%, 7/15/39		87		83
Pool #723231,
4.00%, 10/15/39		89		82
Pool #723339,
5.00%, 9/15/39		49		48
Pool #726085,
4.00%, 11/15/24		5		5
Pool #728629,
4.50%, 1/15/40		157		150
Pool #736768,
3.00%, 11/15/42		438		381
Pool #737286,
4.50%, 5/15/40		125		119
Pool #737416,
3.50%, 9/15/25		10		9
Pool #738134,
3.50%, 4/15/26		21		21
Pool #738247,
4.50%, 4/15/41		62		59
Pool #745215,
4.00%, 7/15/25		9		9

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association I – 0.2%    continued
Pool #747643,
4.50%, 8/15/40		$156		$149
Pool #760874,
3.50%, 2/15/26		24		23
Pool #768800,
4.50%, 6/15/41		30		29
Pool #773939,
4.00%, 11/15/41		189		174
Pool #778957,
3.50%, 3/15/42		263		236
Pool #782131,
5.50%, 12/15/36		16		16
Pool #782150,
5.50%, 4/15/37		22		22
Pool #782259,
5.00%, 2/15/36		44		43
Pool #782272,
5.50%, 2/15/38		38		38
Pool #782498,
6.00%, 12/15/38		18		19
Pool #782584,
5.00%, 3/15/39		23		22
Pool #782675,
4.50%, 6/15/24		3		3
Pool #782696,
5.00%, 6/15/39		102		99
Pool #782831,
6.00%, 12/15/39		13		14
Pool #783176,
4.00%, 11/15/40		273		252
Pool #783740,
2.50%, 12/15/27		43		40
Pool #AA5391,
3.50%, 6/15/42		15		14
Pool #AA6089,
3.00%, 2/15/43		198		172
Pool #AB2761,
3.50%, 8/15/42		51		45
Pool #AB2891,
3.00%, 9/15/42		70		61
Pool #AD8781,
3.00%, 3/15/43		166		144

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 - 28.5% (9)    continued
Government National Mortgage Association I – 0.2%    continued
Pool #AD9016,
3.00%, 4/15/43		$134		$116
Pool #AL1763,
3.50%, 1/15/45		70		63
				4,512
Government National Mortgage Association II – 5.8%
Pool #3570,
6.00%, 6/20/34		20		21
Pool #3665,
5.50%, 1/20/35		52		51
Pool #3852,
6.00%, 5/20/36		9		9
Pool #3879,
6.00%, 7/20/36		23		24
Pool #3910,
6.00%, 10/20/36		13		13
Pool #3994,
5.00%, 6/20/37		8		8
Pool #4018,
6.50%, 8/20/37		32		34
Pool #4026,
5.00%, 9/20/37		11		10
Pool #4027,
5.50%, 9/20/37		5		5
Pool #4040,
6.50%, 10/20/37		7		7
Pool #4098,
5.50%, 3/20/38		39		39
Pool #4116,
6.50%, 4/20/38		16		16
Pool #4170,
6.00%, 6/20/38		30		31
Pool #4194,
5.50%, 7/20/38		68		68
Pool #4243,
5.00%, 9/20/38		17		17
Pool #4244,
5.50%, 9/20/38		20		20
Pool #4245,
6.00%, 9/20/38		10		11
Pool #4269,
6.50%, 10/20/38		15		16

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #4290,
5.50%, 11/20/38		$13		$13
Pool #4344,
6.00%, 1/20/39		23		24
Pool #4345,
6.50%, 1/20/39		17		18
Pool #4425,
5.50%, 4/20/39		40		40
Pool #4559,
5.00%, 10/20/39		82		80
Pool #4561,
6.00%, 10/20/39		49		50
Pool #4617,
4.50%, 1/20/40		24		23
Pool #4619,
5.50%, 1/20/40		93		93
Pool #4713,
4.50%, 6/20/40		69		65
Pool #4747,
5.00%, 7/20/40		62		60
Pool #4881,
3.50%, 12/20/40		267		239
Pool #4882,
4.00%, 12/20/40		593		549
Pool #4923,
4.50%, 1/20/41		63		60
Pool #5050,
4.00%, 5/20/26		23		22
Pool #5081,
4.00%, 6/20/41		101		94
Pool #5082,
4.50%, 6/20/41		102		96
Pool #5114,
4.00%, 7/20/41		379		351
Pool #5141,
5.00%, 8/20/41		60		59
Pool #5175,
4.50%, 9/20/41		60		57
Pool #5202,
3.50%, 10/20/41		160		143
Pool #5203,
4.00%, 10/20/41		96		89

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  110 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #5232,
3.50%, 11/20/41		$300		$268
Pool #5264,
5.50%, 12/20/41		7		7
Pool #5280,
4.00%, 1/20/42		110		101
Pool #5304,
3.50%, 2/20/42		112		100
Pool #5317,
5.50%, 2/20/42		51		51
Pool #5331,
3.50%, 3/20/42		176		157
Pool #626951,
3.00%, 6/20/45		490		409
Pool #737602,
4.00%, 11/20/40		147		135
Pool #752757,
4.50%, 11/20/40		189		178
Pool #755677,
4.00%, 12/20/40		84		78
Pool #766711,
4.00%, 5/20/42		456		422
Pool #782433,
6.00%, 10/20/38		43		45
Pool #783976,
3.50%, 4/20/43		1,309		1,159
Pool #784345,
3.50%, 7/20/47		375		341
Pool #AA5970,
3.00%, 1/20/43		522		448
Pool #AA6149,
3.00%, 3/20/43		513		450
Pool #AA6160,
3.50%, 3/20/43		170		152
Pool #AA6243,
3.50%, 4/20/43		52		46
Pool #AB9443,
3.50%, 11/20/42		209		184
Pool #AD1755,
3.50%, 2/20/43		326		288
Pool #AD8825,
3.50%, 3/20/43		166		146

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #AF5097,
4.00%, 8/20/43		$447		$411
Pool #AJ0645,
3.50%, 7/20/44		144		128
Pool #AJ3643,
4.00%, 10/20/44		345		316
Pool #AO7682,
4.00%, 8/20/45		320		293
Pool #BB6965,
3.50%, 7/20/47		267		237
Pool #BE9902,
4.50%, 6/20/48		84		78
Pool #MA0006,
2.50%, 4/20/27		26		25
Pool #MA0022,
3.50%, 4/20/42		174		156
Pool #MA0088,
3.50%, 5/20/42		394		352
Pool #MA0220,
3.50%, 7/20/42		206		184
Pool #MA0318,
3.50%, 8/20/42		381		341
Pool #MA0321,
5.00%, 8/20/42		89		88
Pool #MA0391,
3.00%, 9/20/42		882		761
Pool #MA0392,
3.50%, 9/20/42		171		153
Pool #MA0698,
3.00%, 1/20/43		207		178
Pool #MA0826,
3.00%, 3/20/28		37		36
Pool #MA0850,
2.50%, 3/20/43		86		71
Pool #MA0851,
3.00%, 3/20/43		299		258
Pool #MA0933,
3.00%, 4/20/43		362		312
Pool #MA0934,
3.50%, 4/20/43		118		106
Pool #MA1011,
3.00%, 5/20/43		349		301

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 - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #MA1012,
3.50%, 5/20/43		$320		$287
Pool #MA1089,
3.00%, 6/20/43		369		318
Pool #MA1224,
3.50%, 8/20/43		259		232
Pool #MA1285,
3.50%, 9/20/43		154		137
Pool #MA1839,
4.00%, 4/20/44		78		72
Pool #MA1920,
4.00%, 5/20/44		83		76
Pool #MA2224,
4.00%, 9/20/44		465		429
Pool #MA2444,
3.00%, 12/20/44		55		47
Pool #MA2521,
3.50%, 1/20/45		231		205
Pool #MA2522,
4.00%, 1/20/45		100		92
Pool #MA2677,
3.00%, 3/20/45		111		95
Pool #MA2753,
3.00%, 4/20/45		304		262
Pool #MA2754,
3.50%, 4/20/45		122		109
Pool #MA2891,
3.00%, 6/20/45		337		291
Pool #MA2892,
3.50%, 6/20/45		116		103
Pool #MA2960,
3.00%, 7/20/45		277		237
Pool #MA3034,
3.50%, 8/20/45		337		300
Pool #MA3104,
3.00%, 9/20/45		398		343
Pool #MA3106,
4.00%, 9/20/45		290		267
Pool #MA3172,
3.00%, 10/20/45		74		63
Pool #MA3174,
4.00%, 10/20/45		162		149

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #MA3244,
3.50%, 11/20/45		$256		$228
Pool #MA3245,
4.00%, 11/20/45		598		548
Pool #MA3310,
3.50%, 12/20/45		963		855
Pool #MA3378,
4.50%, 1/20/46		375		356
Pool #MA3521,
3.50%, 3/20/46		477		425
Pool #MA3522,
4.00%, 3/20/46		137		126
Pool #MA3596,
3.00%, 4/20/46		271		232
Pool #MA3597,
3.50%, 4/20/46		481		428
Pool #MA3662,
3.00%, 5/20/46		453		390
Pool #MA3663,
3.50%, 5/20/46		287		256
Pool #MA3664,
4.00%, 5/20/46		131		120
Pool #MA3735,
3.00%, 6/20/46		548		472
Pool #MA3736,
3.50%, 6/20/46		370		330
Pool #MA3777,
2.50%, 7/20/31		48		43
Pool #MA3778,
3.00%, 7/20/31		64		60
Pool #MA3802,
3.00%, 7/20/46		645		557
Pool #MA3803,
3.50%, 7/20/46		545		485
Pool #MA3873,
3.00%, 8/20/46		247		213
Pool #MA3874,
3.50%, 8/20/46		257		229
Pool #MA3912,
2.50%, 9/20/31		70		64
Pool #MA3936,
3.00%, 9/20/46		567		489

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  112 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #MA4002,
2.50%, 10/20/46		$43		$36
Pool #MA4003,
3.00%, 10/20/46		378		325
Pool #MA4067,
2.50%, 11/20/46		355		295
Pool #MA4101,
2.50%, 12/20/31		37		34
Pool #MA4125,
2.50%, 12/20/46		24		20
Pool #MA4196,
3.50%, 1/20/47		387		344
Pool #MA4322,
4.00%, 3/20/47		150		138
Pool #MA4382,
3.50%, 4/20/47		123		109
Pool #MA4509,
3.00%, 6/20/47		594		511
Pool #MA4512,
4.50%, 6/20/47		218		205
Pool #MA4624,
3.00%, 8/20/32		52		48
Pool #MA4652,
3.50%, 8/20/47		509		452
Pool #MA4718,
3.00%, 9/20/47		1,386		1,190
Pool #MA4719,
3.50%, 9/20/47		789		700
Pool #MA4778,
3.50%, 10/20/47		497		440
Pool #MA4838,
4.00%, 11/20/47		71		65
Pool #MA4900,
3.50%, 12/20/47		500		445
Pool #MA4962,
3.50%, 1/20/48		461		410
Pool #MA4963,
4.00%, 1/20/48		171		157
Pool #MA5021,
4.50%, 2/20/48		233		219
Pool #MA5077,
3.50%, 3/20/48		538		477

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #MA5137,
4.00%, 4/20/48		$73		$67
Pool #MA5191,
3.50%, 5/20/48		313		277
Pool #MA5264,
4.00%, 6/20/48		182		166
Pool #MA5265,
4.50%, 6/20/48		182		171
Pool #MA5266,
5.00%, 6/20/48		246		237
Pool #MA5330,
4.00%, 7/20/48		240		219
Pool #MA5331,
4.50%, 7/20/48		369		344
Pool #MA5398,
4.00%, 8/20/48		169		154
Pool #MA5399,
4.50%, 8/20/48		183		171
Pool #MA5466,
4.00%, 9/20/48		413		377
Pool #MA5467,
4.50%, 9/20/48		213		200
Pool #MA5528,
4.00%, 10/20/48		237		216
Pool #MA5529,
4.50%, 10/20/48		209		196
Pool #MA5595,
4.00%, 11/20/48		83		76
Pool #MA5653,
5.00%, 12/20/48		274		263
Pool #MA5818,
4.50%, 3/20/49		214		200
Pool #MA5931,
4.00%, 5/20/49		428		390
Pool #MA5985,
3.50%, 6/20/49		449		397
Pool #MA6040,
4.00%, 7/20/49		510		465
Pool #MA6217,
2.50%, 10/20/49		200		165
Pool #MA6218,
3.00%, 10/20/49		738		630

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 - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #MA6282,
2.50%, 11/20/49		$529		$434
Pool #MA6283,
3.00%, 11/20/49		1,121		953
Pool #MA6310,
3.00%, 12/20/34		45		41
Pool #MA6337,
2.50%, 12/20/49		156		128
Pool #MA6338,
3.00%, 12/20/49		1,677		1,428
Pool #MA6339,
3.50%, 12/20/49		865		764
Pool #MA6408,
2.50%, 1/20/50		413		340
Pool #MA6409,
3.00%, 1/20/50		482		411
Pool #MA6410,
3.50%, 1/20/50		866		769
Pool #MA6655,
2.50%, 5/20/50		344		282
Pool #MA6709,
2.50%, 6/20/50		1,597		1,313
Pool #MA6765,
2.50%, 7/20/50		1,837		1,512
Pool #MA6819,
2.50%, 8/20/50		1,021		838
Pool #MA6820,
3.00%, 8/20/50		800		681
Pool #MA6865,
2.50%, 9/20/50		793		650
Pool #MA6866,
3.00%, 9/20/50		5,133		4,370
Pool #MA6930,
2.00%, 10/20/50		1,208		961
Pool #MA6931,
2.50%, 10/20/50		2,574		2,110
Pool #MA6994,
2.00%, 11/20/50		1,577		1,253
Pool #MA6995,
2.50%, 11/20/50		1,265		1,037
Pool #MA7051,
2.00%, 12/20/50		2,103		1,669

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #MA7052,
2.50%, 12/20/50		$1,451		$1,189
Pool #MA7135,
2.00%, 1/20/51		4,139		3,282
Pool #MA7136,
2.50%, 1/20/51		1,664		1,363
Pool #MA7164,
2.00%, 2/20/36		371		318
Pool #MA7192,
2.00%, 2/20/51		3,336		2,645
Pool #MA7193,
2.50%, 2/20/51		760		622
Pool #MA7254,
2.00%, 3/20/51		3,700		2,937
Pool #MA7311,
2.00%, 4/20/51		2,272		1,798
Pool #MA7312,
2.50%, 4/20/51		1,426		1,167
Pool #MA7366,
2.00%, 5/20/51		851		675
Pool #MA7367,
2.50%, 5/20/51		810		663
Pool #MA7417,
2.00%, 6/20/51		3,914		3,103
Pool #MA7418,
2.50%, 6/20/51		1,538		1,258
Pool #MA7471,
2.00%, 7/20/51		3,073		2,435
Pool #MA7472,
2.50%, 7/20/51		2,396		1,960
Pool #MA7534,
2.50%, 8/20/51		2,115		1,730
Pool #MA7535,
3.00%, 8/20/51		1,001		851
Pool #MA7588,
2.00%, 9/20/51		1,675		1,326
Pool #MA7589,
2.50%, 9/20/51		3,322		2,717
Pool #MA7647,
1.50%, 10/20/51		433		330
Pool #MA7648,
2.00%, 10/20/51		1,286		1,018

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  114 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #MA7649,
2.50%, 10/20/51		$1,607		$1,315
Pool #MA7704,
2.00%, 11/20/51		1,737		1,373
Pool #MA7705,
2.50%, 11/20/51		1,710		1,399
Pool #MA7880,
2.00%, 2/20/52		1,796		1,420
Pool #MA7881,
2.50%, 2/20/52		1,337		1,093
Pool #MA7936,
2.50%, 3/20/52		896		732
Pool #MA7988,
3.00%, 4/20/52		1,820		1,543
Pool #MA7989,
3.50%, 4/20/52		552		484
Pool #MA8042,
2.50%, 5/20/52		1,822		1,489
Pool #MA8148,
3.00%, 7/20/52		642		544
Pool #MA8151,
4.50%, 7/20/52		1,879		1,738
Pool #MA8201,
4.50%, 8/20/52		757		701
Pool #MA8266,
3.50%, 9/20/52		952		834
Pool #MA8267,
4.00%, 9/20/52		1,913		1,724
Pool #MA8268,
4.50%, 9/20/52		955		883
Pool #MA8489,
4.50%, 12/20/52		1,947		1,801
Pool #MA8490,
5.00%, 12/20/52		1,932		1,831
Pool #MA8491,
5.50%, 12/20/52		1,920		1,866
Pool #MA8569,
5.00%, 1/20/53		1,949		1,849
Pool #MA8723,
4.00%, 3/20/53		1,857		1,674
Pool #MA8945,
4.00%, 6/20/53		296		267

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 28.5% (9)    continued
Government National Mortgage Association II – 5.8%    continued
Pool #MA8947,
5.00%, 6/20/53		$994		$942
Pool #MA8948,
5.50%, 6/20/53		993		964
Pool #MA8949,
6.00%, 6/20/53		2,479		2,464
Pool #MA8950,
6.50%, 6/20/53		1,487		1,492
Pool #MA9015,
4.50%, 7/20/53		996		921
Pool #MA9016,
5.00%, 7/20/53		2,389		2,265
Pool #MA9017,
5.50%, 7/20/53		1,593		1,546
Pool #MA9106,
5.50%, 8/20/53		998		969
Pool #MA9107,
8/20/53(12)		498		493
				129,543
Tennessee Valley Authority – 0.1%
5.25%, 9/15/39		1,650		1,614
Total U.S. Government Agencies
(Cost $754,499)				635,045
U.S. GOVERNMENT OBLIGATIONS – 40.9%
U.S. Treasury Bonds – 8.0%
4.50%, 5/15/38		1,000		978
3.50%, 2/15/39		1,000		864
4.25%, 5/15/39		1,100		1,037
4.50%, 8/15/39		1,000		969
4.38%, 11/15/39		1,200		1,142
4.63%, 2/15/40		1,000		979
1.13%, 5/15/40		4,000		2,296
4.38%, 5/15/40		2,000		1,897
1.13%, 8/15/40		4,500		2,558
3.88%, 8/15/40		1,000		888
1.38%, 11/15/40		5,000		2,959
4.25%, 11/15/40		1,000		930
1.88%, 2/15/41		7,000		4,516
4.75%, 2/15/41		1,300		1,286
2.25%, 5/15/41		5,000		3,430
1.75%, 8/15/41		7,000		4,359
3.75%, 8/15/41		2,500		2,164

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 - 40.9%    continued
U.S. Treasury Bonds – 8.0%    continued
2.00%, 11/15/41		$5,000		$3,245
3.13%, 11/15/41		1,500		1,179
2.38%, 2/15/42		4,000		2,765
3.13%, 2/15/42		2,000		1,568
3.25%, 5/15/42		3,000		2,391
2.75%, 8/15/42		3,000		2,199
3.38%, 8/15/42		3,500		2,836
2.75%, 11/15/42		2,500		1,825
4.00%, 11/15/42		4,000		3,550
3.13%, 2/15/43		2,000		1,548
3.88%, 2/15/43		2,500		2,176
2.88%, 5/15/43		3,000		2,223
3.88%, 5/15/43		3,500		3,043
3.63%, 8/15/43		4,000		3,338
4.38%, 8/15/43		2,700		2,519
3.63%, 2/15/44		5,000		4,157
3.38%, 5/15/44		3,000		2,394
3.13%, 8/15/44		2,500		1,910
3.00%, 11/15/44		2,500		1,866
2.50%, 2/15/45		3,000		2,037
3.00%, 5/15/45		1,500		1,114
2.88%, 8/15/45		2,000		1,449
3.00%, 11/15/45		2,000		1,479
2.50%, 2/15/46		2,500		1,678
2.50%, 5/15/46		2,500		1,675
2.25%, 8/15/46		3,000		1,902
2.88%, 11/15/46		1,500		1,077
3.00%, 2/15/47		3,500		2,570
3.00%, 5/15/47		2,000		1,467
2.75%, 8/15/47		3,000		2,094
2.75%, 11/15/47		3,000		2,092
3.00%, 2/15/48		3,500		2,561
3.13%, 5/15/48		3,500		2,621
3.00%, 8/15/48		4,000		2,924
3.38%, 11/15/48		4,000		3,137
3.00%, 2/15/49		4,500		3,289
2.88%, 5/15/49		4,500		3,210
2.25%, 8/15/49		4,000		2,490
2.38%, 11/15/49		3,500		2,240
2.00%, 2/15/50		4,500		2,626
1.25%, 5/15/50		5,500		2,595
1.38%, 8/15/50		6,000		2,928
1.63%, 11/15/50		6,000		3,143

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 40.9%    continued
U.S. Treasury Bonds – 8.0%    continued
1.88%, 2/15/51		$6,500		$3,643
2.38%, 5/15/51		7,000		4,440
2.00%, 8/15/51		6,500		3,751
1.88%, 11/15/51		8,000		4,459
2.25%, 2/15/52		5,500		3,375
2.88%, 5/15/52		5,500		3,900
3.00%, 8/15/52		5,000		3,643
4.00%, 11/15/52		5,000		4,432
3.63%, 2/15/53		5,000		4,135
3.63%, 5/15/53		5,000		4,140
4.13%, 8/15/53		4,000		3,631
				177,931
U.S. Treasury Notes – 32.9%
0.63%, 10/15/24		5,000		4,759
0.75%, 11/15/24		5,000		4,749
2.25%, 11/15/24		5,000		4,830
1.50%, 11/30/24		5,000		4,784
4.50%, 11/30/24		5,000		4,950
1.00%, 12/15/24		10,000		9,496
4.25%, 12/31/24		5,000		4,933
1.38%, 1/31/25		10,000		9,495
4.13%, 1/31/25		5,000		4,923
1.50%, 2/15/25		5,000		4,750
2.00%, 2/15/25		5,000		4,783
2.75%, 2/28/25		5,000		4,828
4.63%, 2/28/25		5,000		4,955
1.75%, 3/15/25		5,000		4,755
3.88%, 3/31/25		8,000		7,841
2.63%, 4/15/25		5,000		4,809
0.38%, 4/30/25		5,000		4,635
4.13%, 4/30/25		5,000		4,898
2.13%, 5/15/25		5,000		4,762
2.75%, 5/15/25		5,000		4,810
4.25%, 5/31/25		10,000		9,852
2.75%, 6/30/25		5,000		4,801
4.63%, 6/30/25		5,000		4,957
3.00%, 7/15/25		5,000		4,818
0.25%, 7/31/25		5,000		4,578
4.75%, 7/31/25		5,000		4,967
2.00%, 8/15/25		5,000		4,724
3.13%, 8/15/25		5,000		4,824
0.25%, 8/31/25		5,000		4,562
5.00%, 8/31/25		5,000		4,990

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  116 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 40.9%    continued
U.S. Treasury Notes – 32.9%    continued
3.00%, 9/30/25		$5,000		$4,806
4.25%, 10/15/25		5,000		4,922
0.25%, 10/31/25		5,000		4,534
4.50%, 11/15/25		10,000		9,894
2.88%, 11/30/25		5,000		4,783
2.63%, 12/31/25		10,000		9,505
3.88%, 1/15/26		5,000		4,882
0.38%, 1/31/26		5,000		4,501
1.63%, 2/15/26		5,000		4,632
4.00%, 2/15/26		5,000		4,894
0.50%, 2/28/26		5,000		4,502
4.63%, 3/15/26		5,000		4,965
0.75%, 3/31/26		5,000		4,521
0.75%, 4/30/26		5,000		4,504
1.63%, 5/15/26		5,000		4,603
3.63%, 5/15/26		10,000		9,693
0.88%, 6/30/26		10,000		8,998
0.63%, 7/31/26		10,000		8,900
1.50%, 8/15/26		10,000		9,115
4.50%, 8/15/26		5,000		4,938
0.75%, 8/31/26		5,000		4,453
1.63%, 9/30/26		10,000		9,128
1.13%, 10/31/26		10,000		8,960
2.00%, 11/15/26		10,000		9,198
1.25%, 12/31/26		5,000		4,479
2.25%, 2/15/27		10,000		9,228
1.13%, 2/28/27		10,000		8,875
2.50%, 3/31/27		10,000		9,289
2.75%, 4/30/27		5,000		4,676
2.38%, 5/15/27		5,000		4,611
0.50%, 5/31/27		10,000		8,592
3.25%, 6/30/27		10,000		9,501
2.75%, 7/31/27		10,000		9,315
2.25%, 8/15/27		10,000		9,138
0.50%, 8/31/27		5,000		4,256
4.13%, 9/30/27		5,000		4,896
0.50%, 10/31/27		5,000		4,229
4.13%, 10/31/27		5,000		4,894
2.25%, 11/15/27		5,000		4,547
0.63%, 11/30/27		5,000		4,240
0.63%, 12/31/27		5,000		4,228
3.88%, 12/31/27		5,000		4,846
0.75%, 1/31/28		5,000		4,239

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 40.9%    continued
U.S. Treasury Notes – 32.9%    continued
3.50%, 1/31/28		$5,000		$4,772
2.75%, 2/15/28		5,000		4,624
4.00%, 2/29/28		10,000		9,741
1.25%, 3/31/28		5,000		4,315
3.63%, 3/31/28		5,000		4,793
3.63%, 4/30/28		5,000		4,766
2.88%, 5/15/28		10,000		9,267
3.63%, 5/31/28		10,000		9,584
1.25%, 6/30/28		5,000		4,282
4.00%, 6/30/28		5,000		4,867
1.00%, 7/31/28		5,000		4,218
4.13%, 7/31/28		5,000		4,892
2.88%, 8/15/28		5,000		4,617
1.13%, 8/31/28		5,000		4,234
4.38%, 8/31/28		5,000		4,950
1.25%, 9/30/28		5,000		4,249
1.38%, 10/31/28		5,000		4,266
3.13%, 11/15/28		5,000		4,656
1.50%, 11/30/28		5,000		4,285
1.38%, 12/31/28		5,000		4,247
1.75%, 1/31/29		5,000		4,321
2.63%, 2/15/29		5,000		4,523
1.88%, 2/28/29		5,000		4,342
2.38%, 3/31/29		5,000		4,452
2.38%, 5/15/29		5,000		4,443
2.75%, 5/31/29		5,000		4,530
2.63%, 7/31/29		5,000		4,486
1.63%, 8/15/29		5,000		4,243
3.88%, 9/30/29		5,000		4,796
4.00%, 10/31/29		5,000		4,828
3.88%, 11/30/29		5,000		4,792
3.88%, 12/31/29		5,000		4,790
1.50%, 2/15/30		5,000		4,145
3.50%, 4/30/30		8,000		7,487
0.63%, 5/15/30		5,000		3,869
3.75%, 5/31/30		10,000		9,494
4.00%, 7/31/30		5,000		4,816
0.63%, 8/15/30		10,000		7,675
0.88%, 11/15/30		10,000		7,780
1.13%, 2/15/31		10,000		7,887
1.63%, 5/15/31		10,000		8,119
1.25%, 8/15/31		10,000		7,816
1.38%, 11/15/31		10,000		7,838

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)
U.S. GOVERNMENT OBLIGATIONS - 40.9%    continued
U.S. Treasury Notes – 32.9%    continued
1.88%, 2/15/32		$10,000		$8,123
2.88%, 5/15/32		10,000		8,778
2.75%, 8/15/32		15,000		12,989
4.13%, 11/15/32		10,000		9,644
3.50%, 2/15/33		10,000		9,175
3.38%, 5/15/33		10,000		9,069
4.00%, 8/15/33		7,500		7,086
				735,689
Total U.S. Government Obligations
(Cost $1,031,274)				913,620
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		100
California – 0.2%
Bay Area Toll Authority Toll Bridge Subordinate Revenue Bonds, Series S1, Build America Bonds,
7.04%, 4/1/50		150		174
Bay Area Toll Authority Toll Bridge Taxable Revenue Bonds, Series S3, Build America Bonds,
6.91%, 10/1/50		150		172
California State G.O. Unlimited Bonds, Build America Bonds,
7.30%, 10/1/39		920		1,043
7.63%, 3/1/40		405		475
7.60%, 11/1/40		400		472
California State Various Purpose Taxable G.O. Unlimited Bonds, Build America Bonds,
7.55%, 4/1/39		585		688
East Bay Municipal Utility District Water System Subordinated Revenue Bonds, Build America Bonds,
5.87%, 6/1/40		300		306
Los Angeles Community College District G.O. Unlimited Bonds, Build America Bonds,
6.75%, 8/1/49		150		170

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 0.6%    continued
California – 0.2%    continued
Los Angeles Unified School District G.O. Unlimited Bonds, Series RY, Build America Bonds,
6.76%, 7/1/34		$290		$314
Los Angeles Unified School District Taxable G.O. Unlimited Bonds, Series KR, Build America Bonds,
5.75%, 7/1/34		335		338
San Diego County Water Authority Financing Agency Water Revenue Bonds, Build America Bonds,
6.14%, 5/1/49		100		105
San Francisco City & County Public Utilities Commission Water Revenue Bonds, Build America Bonds,
6.95%, 11/1/50		75		85
University of California Revenue Bonds, Build America Bonds,
5.95%, 5/15/45		150		153
University of California Taxable General Revenue Bonds, Series AD,
4.86%, 5/15/12(5)		1,000		823
				5,318
Connecticut – 0.0%
Connecticut State Taxable G.O. Unlimited Bonds, Series A,
5.85%, 3/15/32		300		307
District of Columbia – 0.0%
District of Columbia Income Tax Secured Revenue Bonds, Series E, Build America Bonds,
5.59%, 12/1/34		30		30
Georgia – 0.0%
Municipal Electric Authority of Georgia Revenue Bonds, Build America Bonds,
6.66%, 4/1/57		95		101
Municipal Electric Authority of Georgia Taxable Revenue Bonds, Build America Bonds,
6.64%, 4/1/57		65		69
7.06%, 4/1/57		285		279
				449

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  118 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 0.6%    continued
Illinois – 0.1%
Chicago Transit Authority Sales & Transfer Tax Receipts Pension Funding Taxable Revenue Bonds, Series A,
6.90%, 12/1/40		$290		$313
Chicago Transit Authority Sales Tax Receipts Revenue Bonds, Series B, Build America Bonds,
6.20%, 12/1/40		140		144
Illinois State Taxable Pension G.O. Unlimited Bonds,
5.10%, 6/1/33		705		669
				1,126
Massachusetts – 0.0%
Massachusetts State G.O. Limited Bonds, Series D, Build America Bonds,
4.50%, 8/1/31		250		237
Massachusetts State School Building Authority Sales TRB, Build America Bonds,
5.72%, 8/15/39		100		101
				338
Mississippi – 0.0%
Mississippi State G.O. Unlimited Bonds, Series F, Build America Bonds,
5.25%, 11/1/34		100		99
Nevada – 0.0%
Clark County Airport System Taxable Revenue Bonds, Series C, Build America Bonds,
6.82%, 7/1/45		200		224
New Jersey – 0.0%
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series B, Build America Bonds,
6.56%, 12/15/40		200		212
New Jersey State Turnpike Authority Taxable Revenue Bonds, Build America Bonds,
7.41%, 1/1/40		125		146
Rutgers State University Revenue Bonds, Build America Bonds,
5.67%, 5/1/40		145		143
				501

	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		$87
Metropolitan Transportation Authority Taxable Revenue Bonds, Build America Bonds,
6.81%, 11/15/40		60		62
New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Build America Bonds,
5.75%, 6/15/41		200		200
5.72%, 6/15/42		250		249
New York City Transitional Finance Authority Future Taxable Revenue Bonds, Build America Bonds,
5.77%, 8/1/36		280		282
New York G.O. Unlimited Bonds, Build America Bonds,
5.52%, 10/1/37		100		98
New York State Dormitory Authority Personal Income TRB, Series D, Build America Bonds,
5.60%, 3/15/40		250		244
New York State Dormitory Authority State Personal Income Tax Build America Revenue Bonds, Unrefunded Balance,
5.63%, 3/15/39		75		74
New York State Urban Development Corp. Taxable Revenue Bonds, Build America Bonds,
5.77%, 3/15/39		100		100
Port Authority of New York & New Jersey Consolidated 164th Taxable Revenue Bonds,
5.65%, 11/1/40		350		348
Port Authority of New York & New Jersey Consolidated 165th Taxable Revenue Bonds,
5.65%, 11/1/40		200		199

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    119 
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		$226
				2,169
Ohio – 0.1%
American Municipal Power-Ohio, Inc., Revenue Bonds, Subseries B, Build America Bonds,
6.45%, 2/15/44		200		209
American Municipal Power-Ohio, Inc., Taxable Revenue Bonds, Series B, Build America Bonds, Combined Hydroelectric Projects,
8.08%, 2/15/50		300		376
Ohio State University Revenue Bonds, Series C, Build America Bonds,
4.91%, 6/1/40		190		175
Ohio State University Taxable Revenue Bonds, Series A,
4.80%, 6/1/11(2)		200		166
				926
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		207
Pennsylvania – 0.0%
State Public School Building Authority Taxable Revenue Bonds, Series A, Qualified School Construction Bonds,
5.00%, 9/15/27		200		196
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		107
Texas – 0.1%
Dallas Area Rapid Transit Sales TRB, Build America Bonds,
5.02%, 12/1/48		180		166

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 0.6%    continued
Texas – 0.1%    continued
Dallas Independent School District Taxable G.O. Unlimited Bonds, Series C, Build America Bonds (PSF, Gtd.),
6.45%, 2/15/35		$200		$201
North Texas Tollway Authority Revenue Bonds, Build America Bonds,
6.72%, 1/1/49		125		141
San Antonio Electric & Gas Revenue Bonds, Build America Bonds,
5.99%, 2/1/39		200		204
Texas State Taxable G.O. Unlimited Bonds, Build America Bonds,
5.52%, 4/1/39		200		199
Texas Transportation Commission State Highway Fund Taxable Revenue Bonds, Series B, First Tier,
5.18%, 4/1/30		300		296
University of Texas Revenue Bonds, Series C, Build America Bonds,
4.79%, 8/15/46		100		93
				1,300
Virginia – 0.0%
University of Virginia University Taxable Revenue Refunding Bonds,
2.26%, 9/1/50		1,000		569
Washington – 0.0%
Central Puget Sound Regional Transportation Authority Sales & Use TRB, Build America Bonds,
5.49%, 11/1/39		80		79
Washington State G.O. Unlimited Bonds, Series F, Build America Bonds,
5.14%, 8/1/40		100		95
				174
Total Municipal Bonds
(Cost $14,984)				14,140

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  120 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE     (000S)
OTHER – 0.0%
Escrow Lehman Brothers Holdings Capital Trust VII(13) (14) *		50,000		$—
Total Other
(Cost $39)				—
INVESTMENT COMPANIES – 1.2%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(15) (16)		27,208,277		27,208
Total Investment Companies
(Cost $27,208)				27,208
Total Investments – 100.1%
(Cost $2,559,990)				2,234,626
Liabilities less Other Assets – (0.1%)				(1,945	)
NET ASSETS – 100.0%				$2,232,681

⁽¹⁾  Variable or floating 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, 2023.

⁽²⁾  Century bond maturing in 2111.

⁽³⁾  Century bond maturing in 2114.

⁽⁴⁾  Century bond maturing in 2116.

⁽⁵⁾  Century bond maturing in 2112.

⁽⁶⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽⁷⁾  Zero coupon bond.

⁽⁸⁾  Principal Amount and Value rounds to less than one thousand.

⁽⁹⁾  The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽¹⁰⁾  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.

⁽¹¹⁾  Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

⁽¹²⁾  When-Issued Security. Coupon rate is not in effect at September 30, 2023.

⁽¹³⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽¹⁴⁾  Issuer has defaulted on terms of debt obligation.

⁽¹⁵⁾  Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹⁶⁾  7-day current yield as of September 30, 2023 is disclosed.

* Non-Income Producing Security

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

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

Gtd. - Guaranteed

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

PSF - Permanent School Fund

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

TBA - To be announced

TRB - Tax Revenue Bonds

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE (1)	% OF NET ASSETS
Asset-Backed Securities		0.5	%
Commercial Mortgage-Backed Securities		0.9	%
Corporate Bonds		20.7	%
Foreign Issuer Bonds		6.8	%
U.S. Government Agencies		28.5	%
U.S. Government Obligations		40.9	%
Municipal Bonds		0.6	%
Other		0.0	%
Investment Companies		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).

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    121 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS
BOND INDEX FUND    continued	SEPTEMBER 30, 2023 (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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL     (000S)
Asset-backed securities(1)	$	—	$	10,329		$—	$	10,329
Commercial Mortgage-Backed Securities		—		20,640		—		20,640
Corporate Bonds(1)		—		461,653		—		461,653
Foreign Issuer Bonds(1)		—		151,991		—		151,991
U.S. Government Agencies(1)		—		635,045		—		635,045
U.S. Government Obligations(1)		—		913,620		—		913,620
Municipal Bonds(1)		—		14,140		—		14,140
Investment Companies		27,208		—		—		27,208
Total Investments	$	27,208	$	2,207,418		$—	$	2,234,626

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  122 
  NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS – 90.7%
California – 90.7%
Alameda County Joint Powers Authority Lease Revenue Bonds, Series A, Multiple Capital Projects,
4.00%, 12/1/24		$850		$850
Alameda County Unified School District G.O. Unlimited Bonds, Series B, Election of 2014,
5.00%, 8/1/42		2,000		2,058
Albany Unified School District G.O. Unlimited Bonds, Series B, Measure B, Election of 2016,
5.00%, 8/1/43		1,000		1,021
Azusa Unified School District G.O. Unlimited Bonds, Series C, Election of 2014,
5.00%, 8/1/44		1,700		1,764
Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area,
2.95%, 4/1/26(1) (2)		7,175		6,921
Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area Toll,
2.13%, 4/1/25(1) (2)		13,000		12,562
California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,
4.00%, 8/1/31(1) (2)		3,500		3,302
California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds,
4.00%, 12/1/27(1) (2)		1,400		1,357
California Community Choice Financing Authority Variable Revenue Bonds, Clean Energy Project, Green Bonds,
5.00%, 8/1/29(1) (2)		750		755
California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Sonoma County Securitization,
5.00%, 6/1/27		325		335
California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,
3.50%, 11/20/35		1,685		1,478

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 90.7%    continued
California – 90.7%    continued
California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),
3.75%, 3/25/35		$1,950		$1,804
California School Finance Authority Educational Facilities Revenue Bonds, Series A,
4.00%, 7/1/40		800		686
California School Finance Authority Educational Facilities Revenue Bonds, Series A, Kipp Socal Public School Projects,
5.00%, 7/1/39		1,000		985
California School Finance Authority School Facility Revenue Refunding Bonds, Granada Hills Charter Obligated Group,
4.00%, 7/1/38		465		391
California State Department of VA Home Purchase Taxable Revenue Refunding Bonds, Series A,
0.59%, 6/1/24		1,350		1,305
0.92%, 12/1/25		1,000		908
California State Enterprise Development Authority Lease Revenue Bonds, Riverside County Library Facilities Project,
3.00%, 11/1/44		3,000		2,030
California State G.O. Unlimited Refunding Bonds,
5.00%, 8/1/28		4,000		4,220
California State G.O. Unlimited Refunding Bonds, Bid Group C,
5.00%, 8/1/28		5,000		5,195
California State G.O. Unlimited Various Purpose Refunding Bonds,
5.00%, 10/1/26		2,750		2,781
California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, Prerefunded,
5.00%, 11/15/25(3)		1,200		1,237
California State Health Facilities Financing Authority Revenue Refunding Bonds, Cedars-Sinai Medical Center,
5.00%, 11/15/27		250		257

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 - 90.7%    continued
California – 90.7%    continued
California State Health Facilities Financing Authority Revenue Refunding Bonds, Providence St. Joseph Health,
2.00%, 10/1/25(1) (2)		$2,450		$2,357
California State Health Facilities Financing Authority Revenue Refunding Bonds, Series B, Sutter Health,
5.00%, 11/15/35		2,500		2,578
California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Prerefunded,
5.00%, 11/15/26(3)		1,215		1,269
California State Health Facilities Financing Authority Variable Revenue Refunding Bonds, Stanford Health Care,
3.00%, 8/15/25(1) (2)		600		591
California State Infrastructure & Economic Development Bank National Charter Equitable School Revolving Fund Revenue Bonds,
5.00%, 11/1/33		200		211
5.00%, 11/1/35		670		698
California State Infrastructure & Economic Development Bank Revenue Bonds, Equitable School Revolving Fund,
5.00%, 11/1/39		550		554
California State Infrastructure & Economic Development Bank Revenue Bonds, UCSF 2130 Third Street,
5.00%, 5/15/36		1,000		1,051
California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,
1.20%, 6/1/28(1) (2)		3,000		2,521
California State Municipal Finance Authority MFH Revenue Bonds, Pass-Through Park Western Apartments (FNMA Insured),
2.65%, 8/1/36		3,336		2,593

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 90.7%    continued
California – 90.7%    continued
California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,
3.00%, 10/1/46		$1,000		$683
California State Municipal Finance Authority Revenue Bonds, Samuel Merritt University,
5.25%, 6/1/53		1,000		1,020
California State Municipal Finance Authority Revenue Bonds, Series A, National University, 5.00%, 4/1/36		2,245		2,317
California State Municipal Finance Authority Revenue Refunding Bonds, Southwestern Law School,
4.00%, 11/1/41		400		334
California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,
5.00%, 5/15/39		1,500		1,512
California State Public Works Board Lease Revenue Refunding Bonds, Series C,
5.00%, 8/1/31		1,500		1,648
California State Statewide Communities Development Authority Student Housing Revenue Refunding Bonds, CHF-Irvine, LLC-Phase I (BAM Insured),
5.00%, 5/15/33		6,630		6,989
California State Various Purpose G.O. Unlimited Bonds,
5.25%, 10/1/39		1,500		1,543
Contra Costa Community College District G.O. Unlimited Bonds, Series B-2,
3.00%, 8/1/35		775		677
CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood,
3.25%, 7/1/43		1,000		714
CSCDA Taxable Revenue Refunding Bonds, Front Porch Community,
1.51%, 4/1/26		1,000		896

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  124 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 90.7%    continued
California – 90.7%    continued
Desert Sands Unified School District G.O. Unlimited Bonds, Election of 2014,
5.00%, 8/1/39		$1,330		$1,377
Evergreen School District G.O. Unlimited Bonds, Election of 2014,
5.00%, 8/1/46		1,000		1,031
Fremont Unified School District Alameda County G.O. Unlimited Bonds, Series D,
2.00%, 8/1/35		3,985		2,972
Fremont Union High School District Santa Clara County G.O. Unlimited Bonds, Series A,
3.00%, 8/1/39		2,000		1,601
Golden State Tobacco Securitization Corp. Tobacco Settlement Taxable Revenue Refunding Bonds, Series A-1, 2.16%, 6/1/26		1,000		908
2.53%, 6/1/28		1,500		1,297
Imperial Irrigation District Electric Revenue Bonds, Series B-1,
5.00%, 11/1/46		2,500		2,537
Long Beach Community College District G.O. Unlimited Refunding Bonds, Series F,
5.00%, 6/1/27		1,100		1,126
Long Beach Harbor Revenue Bonds, Series A (AMT),
5.00%, 5/15/30		1,300		1,338
Long Beach Harbor Revenue Refunding Bonds, Series C,
5.00%, 5/15/47		3,000		3,059
Los Angeles Community College District G.O. Unlimited Bonds, Series K, Election of 2008,
3.00%, 8/1/39		2,200		1,761
Los Angeles Community College District G.O. Unlimited Bonds, Series L, Election of 2008,
5.00%, 8/1/35		650		731
Los Angeles Country TRANS,
5.00%, 6/28/24		950		961

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 90.7%    continued
California – 90.7%    continued
Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series D,
5.00%, 12/1/29		$1,665		$1,715
Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series E-1,
5.00%, 12/1/44		3,405		3,546
Los Angeles County Public Works Financing Authority Lease Revenue Refunding Bonds, Series B,
5.00%, 12/1/29		2,630		2,709
Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Green Bond,
5.00%, 5/15/33		1,000		1,061
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International,
5.00%, 5/15/30		1,465		1,523
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,
5.25%, 5/15/31		2,000		2,084
5.00%, 5/15/44		1,500		1,495
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Prerefunded,
5.00%, 11/15/31(3)		160		170
Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds (AMT), Unrefunded Balance,
5.00%, 5/15/32		2,840		2,999
Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),
5.00%, 5/15/27		3,435		3,535
Los Angeles Department of Airports Senior Revenue Bonds, Series B,
5.00%, 5/15/27		640		655
Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series B,
5.00%, 7/1/43		1,850		1,913

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 - 90.7%    continued
California – 90.7%    continued
Los Angeles Harbor Department Revenue Refunding Bonds, Series A (AMT), Private Activity,
5.00%, 8/1/25		$6,750		$6,863
Los Angeles Unified School District G.O. Unlimited Bonds, Series B-1, Election of 2008,
5.00%, 7/1/30		190		202
Los Angeles Wastewater System Revenue Bonds, Series A,
5.00%, 6/1/43		3,000		3,000
Los Rios Community College District G.O. Unlimited Bonds, Series D,
3.00%, 8/1/44		2,000		1,460
Menifee Special Tax, Community Facilities District McCall,
3.00%, 9/1/42		385		269
4.00%, 9/1/51		1,000		787
Modesto Irrigation District Financing Authority Electric System Revenue Bonds, Series A,
5.00%, 10/1/27		1,130		1,163
5.00%, 10/1/28		2,770		2,850
Monterey County Public Facilities Financing COPS,
5.00%, 10/1/27		1,000		1,029
5.00%, 10/1/28		670		689
Moulton-Niguel Water District COPS,
2.25%, 9/1/45		2,800		1,726
Natomas Unified School District G.O. Unlimited Bonds (AGM Insured),
3.00%, 8/1/39		1,655		1,296
3.00%, 8/1/40		2,325		1,795
3.00%, 8/1/41		2,590		1,970
Natomas Unified School District G.O. Unlimited Bonds, Election of 2014 (BAM Insured),
5.00%, 8/1/33		1,185		1,230
Natomas Unified School District G.O. Unlimited Bonds, Series A (AGM Insured),
4.00%, 8/1/45		3,000		2,722
Orange County Community Facilities District No. 2021-1 Rienda Special Tax Bonds, Series A,
5.00%, 8/15/37		1,000		1,004

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 90.7%    continued
California – 90.7%    continued
Oxnard Union High School District G.O. Unlimited Bonds, Series A, Election of 2018, Prerefunded,
5.00%, 8/1/26(3)		$3,000		$3,131
Oxnard Union High School District G.O. Unlimited Bonds, Series B,
5.00%, 8/1/45		2,000		2,058
Palm Springs Unified School District G.O. Unlimited Bonds, Series D, Election of 2008,
2.00%, 8/1/27		1,970		1,792
Perris Union High School District G.O. Unlimited Bonds, Series C, Election of 2012,
3.00%, 9/1/39		800		627
3.00%, 9/1/40		875		674
Redlands Unified School District G.O. Unlimited Refunding Bonds, San Bernandino County,
3.00%, 7/1/30		2,295		2,122
Redwood City Public Facilities & Infrastructure Authority Lease Revenue Bonds, Veterans Memorial Building,
3.00%, 6/1/41		2,230		1,727
Richmond Joint Powers Financing Authority Revenue Refunding Bonds, Series A, Civic Center Project (AGM Insured),
5.00%, 11/1/24		600		607
5.00%, 11/1/25		1,000		1,025
5.00%, 11/1/26		750		779
Riverside County Asset Leasing Corp. Lease Revenue Bonds, Series 2013 A, Public Defender & Probation Building, Prerefunded,
5.25%, 11/1/23(3)		150		150
Riverside PFA Local Measure A Sales Tax Revenue COPS, Riverside Payment Rehabilitation (AGM Insured),
5.25%, 6/1/24		615		615
Sacramento County Airport System Revenue Refunding Bonds, Series A,
5.00%, 7/1/29		565		603
5.00%, 7/1/31		500		534

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  126 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 90.7%    continued
California – 90.7%    continued
Sacramento County Airport System Revenue Refunding Bonds, Series B,
5.00%, 7/1/29		$680		$726
Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities,
5.00%, 9/1/27		1,000		1,013
San Diego Association of Governments South Bay Expressway Toll Senior Lien Revenue Bonds, Series A,
5.00%, 7/1/29		850		890
5.00%, 7/1/37		1,000		1,035
San Diego Unified School District G.O. Unlimited Bonds, Series I, Election of 2012,
5.00%, 7/1/41		3,380		3,476
San Francisco City & County COPS, Multiple Capital Projects,
2.00%, 10/1/33		2,800		2,214
San Francisco City & County G.O. Unlimited Bonds, Series C,
3.00%, 6/15/30		5,415		5,127
San Francisco City & County Infrastructure & Revitalization Tax Allocation Bonds, Facilities Increment, Treasure Island,
5.00%, 9/1/37		375		358
San Francisco City & County Public Utilities Commission Water Revenue Refunding Bonds, Subseries C, Green Bonds,
4.00%, 11/1/40		1,000		963
San Francisco City & County Unified School District G.O. Unlimited Bonds, Proposition A, Series F&C,
3.25%, 6/15/32		1,500		1,418
San Francisco City & County Unified School District G.O. Unlimited Bonds, Series A, Election of 2016,
4.00%, 6/15/35		1,000		995
San Francisco County Transportation Authority Sales TRB,
3.00%, 2/1/30		5,000		4,640
San Francisco Municipal Transportation Agency Taxable Revenue Refunding Bonds, Series A,
1.30%, 3/1/28		725		615

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 90.7%    continued
California – 90.7%    continued
San Jacinto Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),
5.00%, 8/1/26		$1,055		$1,064
San Joaquin Hills Transportation Corridor Agency Toll Road Senior Lien Revenue Refunding Bonds,
4.00%, 1/15/34		1,000		991
San Jose Financing Authority Wastewater Revenue Bonds, Series B, Green Bonds,
5.00%, 11/1/36		1,000		1,103
San Mateo-Foster City School District G.O. Unlimited Bonds, Series A,
3.00%, 8/1/40		500		393
San Rafael Elementary School District G.O. Unlimited Bonds, Series B, Election of 2015,
4.50%, 8/1/42		1,750		1,758
Santa Clara County Financing Authority Revenue Refunding Bonds, Series Q,
3.00%, 5/15/35		2,500		2,126
Santa Clarita Community College District G.O. Unlimited Bonds,
3.00%, 8/1/44		1,000		727
Santa Rosa Elementary School District G.O. Unlimited Bonds, Series D, Election of 2014 (AGM Insured), Prerefunded,
5.00%, 8/1/26(3)		1,145		1,168
Santa Rosa High School District G.O. Unlimited Bonds, Series C, Election of 2014 (AGM Insured),
5.00%, 8/1/43		1,000		1,021
Silicon Valley Clean Water Wastewater Revenue Bonds, Series B,
0.50%, 3/1/26		3,000		2,681
Southern California Financing Authority Water Replenishment Assessment Revenue Bonds,
5.00%, 8/1/43		2,000		2,077
Stockton PFA Parking Revenue Refunding Bonds,
5.00%, 3/1/32		555		552
5.00%, 3/1/33		600		596

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 - 90.7%    continued
California – 90.7%    continued
Tobacco Securitization Authority Tobacco Settlement Senior Revenue Refunding Bonds, Sacramento County,
4.00%, 6/1/35		$500		$492
Transbay Joint Powers Authority Senior Tax Allocation Bonds, Green Bonds,
5.00%, 10/1/29		465		481
5.00%, 10/1/34		600		613
Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds,
5.00%, 1/1/28		625		630
University of California Regents Medical Center Pooled Taxable Revenue Refunding Bonds, Series M,
2.46%, 5/15/26		1,785		1,661
Ventura County PFA Lease Revenue Bonds, Series B,
5.00%, 11/1/24		1,060		1,061
Ventura Unified School District G.O. Unlimited Refunding Bonds,
5.00%, 8/1/31		710		771
Vernon Electric System Revenue Bonds, Series A,
5.00%, 4/1/28		700		716
Visalia Unified School District COPS (AGM Insured),
3.00%, 5/1/27		1,525		1,474
Western Placer Waste Management Authority Solid Waste Revenue Bonds, Material Recovery Facility Project,
5.00%, 6/1/37		650		713
5.00%, 6/1/40		575		619
Yucaipa Valley Water District Water System Revenue Refunding Bonds, Series A, Prerefunded,
5.00%, 9/1/25(3)		1,000		1,026
				227,545
Total Municipal Bonds
(Cost $256,266)				227,545

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 4.5%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(4) (5)		11,252,850		$11,253
Total Investment Companies
(Cost $11,253)				11,253
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 2.3%
Los Angeles Department of Water & Power System Variable Revenue Refunding Bonds, Subseries A-5,
3.10%, 10/20/23(1) (6)		$2,500		$2,500
Northern Energy Authority Commodity Supply Revenue Bonds, Series A,
4.00%, 7/1/24(1) (2)		3,195		3,186
Total Short-Term Investments
(Cost $5,738)				5,686
Total Investments – 97.5%
(Cost $273,257)				244,484
Other Assets less Liabilities – 2.5%				6,311
NET ASSETS – 100.0%				$250,795

⁽¹⁾  Maturity date represents the puttable date.

⁽²⁾  Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of September 30, 2023 is disclosed.

⁽³⁾  Maturity date represents the prerefunded date.

⁽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, 2023 is disclosed.

⁽⁶⁾  Variable or floating rate security. 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

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  128 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

G.O. - General Obligation

MFH - Multi-Family Housing

PFA - Public Finance Authority

TRANS - Tax and Revenue Anticipation Notes

TRB - Tax Revenue Bonds

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Municipal Bonds		90.7	%
Investment Companies		4.5	%
Short-Term Investments		2.3	%

⁽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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Municipal Bonds		$   —		$227,545		$—		$227,545
Investment Companies		11,253		—		—		11,253
Short-Term Investments		—		5,686		—		5,686
Total Investments		$11,253		$233,231		$—		$244,484

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    129 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

CALIFORNIA TAX-EXEMPT FUND    

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS – 88.9%
California – 88.9%
Alameda County Unified School District G.O. Unlimited Bonds, Series B, Election of 2014,
5.00%, 8/1/42		$500		$515
Albany Unified School District G.O. Unlimited Bonds, Series B, Measure B, Election of 2016,
4.00%, 8/1/46		1,000		912
Bay Area Toll Authority Subordinate Toll Bridge Revenue Refunding Bonds, Series S-H, Prerefunded,
5.00%, 4/1/29(1)		1,000		1,089
Bay Area Toll Authority Toll Bridge Revenue Refunding Bonds, San Francisco Bay Area,
2.95%, 4/1/26(2) (3)		3,765		3,631
Beaumont Unified School District G.O. Unlimited Bonds, Series D, Election of 2008 (BAM Insured), Prerefunded,
5.25%, 2/15/27(1)		1,500		1,587
California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,
4.00%, 8/1/31(2) (3)		1,500		1,415
California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds,
4.00%, 12/1/23		400		400
4.00%, 12/1/27(2) (3)		600		581
California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Series A,
4.00%, 6/1/35		885		863
California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Sonoma County Securitization,
5.00%, 6/1/29		310		325
California Housing Finance Agency Affordable Housing Revenue Bonds, Series A-1, Sustainability Bonds (FHA Insured),
3.20%, 2/1/25		550		545

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 88.9%    continued
California – 88.9% continued
California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,
3.50%, 11/20/35		$1,203		$1,055
California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),
3.75%, 3/25/35		488		451
California School Finance Authority Educational Facilities Revenue Bonds, Series A,
4.00%, 7/1/50		1,135		884
California State Educational Facilities Authority Revenue Bonds, Art Center College of Design,
3.00%, 12/1/51		600		376
California State Enterprise Development Authority Lease Revenue Bonds, Riverside County Library Facilities Project,
4.00%, 11/1/49		1,000		845
California State G.O. Unlimited Bonds,
3.00%, 12/1/46		300		225
California State G.O. Unlimited Refunding Bonds,
5.00%, 9/1/25		550		565
5.00%, 9/1/26		3,150		3,275
5.00%, 12/1/26		2,000		2,088
5.00%, 10/1/28		3,000		3,204
5.00%, 9/1/42		1,000		1,058
California State G.O. Unlimited Refunding Bonds, Group B,
5.00%, 10/1/28		790		844
California State Health Facilities Financing Authority Revenue Refunding Bonds, Sutter Health, Prerefunded,
5.00%, 11/15/26(1)		410		428
California State Infrastructure & Economic Development Bank National Charter Equitable School Revolving Fund Revenue Bonds,
5.00%, 11/1/47		1,000		978

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  130 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 88.9%    continued
California – 88.9%    continued
California State Infrastructure & Economic Development Bank Revenue Bonds, Equitable School Revolving Fund,
5.00%, 11/1/44		$625		$620
California State Infrastructure & Economic Development Bank Revenue Bonds, UCSF 2130 Third Street,
5.00%, 5/15/42		1,000		1,031
California State Infrastructure & Economic Development Bank Revenue Refunding Bonds, Academy Of Motion Picture,
5.00%, 11/1/33		425		483
California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds,
1.75%, 8/1/26(2) (3)		3,500		3,195
California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, Los Angeles Museum of Art Project,
1.20%, 6/1/28(2) (3)		2,000		1,680
California State Municipal Finance Authority Revenue Bonds, California Institute of the Arts,
4.00%, 10/1/51		250		193
California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,
3.00%, 10/1/49		1,000		657
California State Municipal Finance Authority Revenue Bonds, Samuel Merritt University,
5.25%, 6/1/53		500		510
California State Municipal Finance Authority Revenue Bonds, Series A, National University,
5.00%, 4/1/40		1,000		1,013
California State Municipal Finance Authority Revenue Refunding Bonds, Southwestern Law School,
4.00%, 11/1/41		175		146

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 88.9%    continued
California – 88.9%    continued
California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,
5.00%, 5/15/39		$1,000		$1,008
5.00%, 5/15/43		1,000		997
California State School Finance Authority Charter School Revenue Bonds, Aspire Public Schools Obligated Group,
4.00%, 8/1/51		800		603
California State Statewide Communities Development Authority Student Housing Revenue Refunding Bonds, CHF-Irvine, LLC-Phase I (BAM Insured),
5.00%, 5/15/33		1,500		1,581
3.00%, 5/15/51		1,225		801
California State University Systemwide Revenue Refunding Bonds, Prerefunded,
5.00%, 11/1/24(1)		180		183
Carlsbad Unified School District G.O. Unlimited Bonds, Series A, Election of 2018,
3.00%, 8/1/42		550		417
Coachella Valley Water District Revenue COPS, Series A, Oasis Project,
4.00%, 8/1/46		1,750		1,584
Corona-Norco Unified School District G.O. Unlimited Bonds, Series C,
4.00%, 8/1/49		1,000		900
CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood,
4.30%, 7/1/59		500		377
CSCDA Taxable Revenue Refunding Bonds, Front Porch Community,
1.51%, 4/1/26		625		560
Desert Sands Unified School District G.O. Unlimited Bonds, Election of 2014,
4.00%, 8/1/44		500		459

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 - 88.9%continued
California – 88.9%    continued
Evergreen School District G.O. Unlimited Bonds, Election of 2014,
5.00%, 8/1/46		$1,300		$1,341
Foothill Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds, Series A,
4.00%, 1/15/46		250		223
Fremont Unified School District Alameda County G.O. Unlimited Bonds, Series D,
2.00%, 8/1/35		1,610		1,201
Imperial Irrigation District Electric Revenue Bonds, Series B-1,
5.00%, 11/1/46		1,500		1,522
Los Angeles Community College District G.O. Unlimited Bonds, Series K, Election of 2008,
3.00%, 8/1/39		800		640
Los Angeles Community College District G.O. Unlimited Bonds, Series L, Election of 2008,
5.00%, 8/1/35		350		393
Los Angeles Country TRANS,
5.00%, 6/28/24		550		557
Los Angeles County Community Facilities District No. 2021-01 Special TRB, Valencia Facilities,
5.00%, 9/1/52		500		457
Los Angeles County Public Works Financing Authority Lease Revenue Bonds, Series F, Green Bonds,
2.63%, 12/1/51		1,600		995
Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Private Activity,
5.50%, 5/15/47		1,000		1,040
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International,
5.00%, 5/15/31		1,000		1,035
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,
5.00%, 5/15/44		500		498

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 88.9%continued
California – 88.9%    continued
Los Angeles Department of Airports Airport Subordinate Revenue Refunding Bonds, Series A (AMT), P3 Project,
5.00%, 5/15/46		$500		$499
Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),
5.00%, 5/15/29		4,000		4,157
5.00%, 5/15/31		5,000		5,194
Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B,
5.00%, 7/1/40		1,000		1,064
Los Angeles Department of Water & Power Revenue Refunding Bonds, Series C,
5.00%, 7/1/52		500		518
Los Angeles Department of Water & Power Waterworks Revenue Refunding Bonds, Series A,
5.00%, 7/1/38		450		497
Los Angeles Department of Water & Power Waterworks System Revenue Refunding Bonds, Series B,
5.00%, 7/1/39		525		561
5.00%, 7/1/51		1,000		1,036
Los Angeles Wastewater System Revenue Bonds, Series A,
5.00%, 6/1/43		2,000		2,000
Los Rios Community College District G.O. Unlimited Bonds, Series D,
3.00%, 8/1/44		1,000		730
Lucia Mar Unified School District G.O. Unlimited Bonds, Series B, Election of 2016,
5.00%, 8/1/42		1,450		1,495
Manteca Redevelopment Agency Successor Agency Tax Allocation Refunding Bonds, Series A (BAM Insured),
4.00%, 10/1/39		500		466
Menifee Special Tax, Community Facilities District McCall,
3.00%, 9/1/42		165		115
4.00%, 9/1/51		430		338

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  132 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 88.9%continued
California – 88.9%    continued
Mesa Water District COPS,
4.00%, 3/15/45		$1,150		$1,061
Metropolitan Water District of Southern California Waterworks Revenue Bonds, Series A,
5.00%, 10/1/38		405		438
Modesto High School District Stanislaus County G.O. Unlimited Bonds, Series A,
5.00%, 8/1/48		1,000		1,032
Monterey County Financing Authority Revenue Refunding Bonds,
5.00%, 9/1/37		1,170		1,222
Mountain View-Whisman School District G.O. Unlimited Bonds, Series B,
4.25%, 9/1/45		500		482
Newport Mesa Unified School District G.O. Unlimited CABS, Election of 2005,
0.00%, 8/1/33(4)		9,000		6,078
Orange County Community Facilities District No. 2021-1 Rienda Special Tax Bonds, Series A,
5.00%, 8/15/42		1,000		970
Oxnard Union High School District G.O. Unlimited Bonds, Series B,
5.00%, 8/1/45		1,000		1,029
Palm Springs Unified School District G.O. Unlimited Bonds, Series A,
2.00%, 8/1/24		1,000		977
Palomar Pomerado Health G.O. Unlimited Convertible CABS, Series A, Election of 2004 (AGC Insured),
7.00%, 8/1/38		5,000		5,590
Perris Union High School District G.O. Unlimited Bonds, Series C, Election of 2012,
3.00%, 9/1/45		1,865		1,337
Redwood City Public Facilities & Infrastructure Authority Lease Revenue Bonds, Veterans Memorial Building,
3.00%, 6/1/51		1,750		1,209

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 88.9%continued
California – 88.9%    continued
Riverside County Transportation Commission Toll Senior Lien Revenue Refunding Bonds, RCTC 91 Express Lanes,
4.00%, 6/1/46		$750		$654
Ross Valley PFA Revenue Bonds, Sanitary District No. 1 of Marin County,
5.00%, 1/1/36		275		279
5.00%, 1/1/37		215		218
Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities,
5.00%, 9/1/34		1,000		1,006
Sacramento Municipal Utility District Electric Revenue Bonds, Series K, Green Bonds,
5.00%, 8/15/37		250		278
Sacramento Municipal Utility District Electric Revenue Refunding Bonds, Series L,
5.00%, 8/15/27		500		531
San Diego Association of Governments Capital Grant Receipts Revenue Bonds, Mid Coast Corridor, Green Bonds,
1.80%, 11/15/27		150		134
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),
5.00%, 5/1/38		1,000		1,009
5.00%, 5/1/42		1,500		1,496
5.00%, 5/1/49		1,000		992
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT),
5.00%, 5/1/45		1,000		995
5.00%, 5/1/50		1,500		1,486
San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Second Series A (AMT),
5.00%, 5/1/30		915		955
San Francisco City & County COPS, Multiple Capital Projects,
2.00%, 10/1/33		1,200		949

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 - 88.9%continued
California – 88.9%    continued
San Francisco City & County G.O. Unlimited Bonds, Series C,
3.00%, 6/15/30		$1,000		$947
San Francisco City & County Infrastructure & Revitalization Tax Allocation Bonds, Facilities Increment, Treasure Island,
5.00%, 9/1/52		1,000		864
San Francisco City & County Public Utilities Commission Water Revenue Bonds, Series D, Hetch Hetchy Water,
3.00%, 11/1/50		600		409
San Francisco City & County Public Utilities Commission Water Revenue Refunding Bonds, Subseries C, Green Bonds,
4.00%, 11/1/41		1,000		960
San Francisco City & County Unified School District G.O. Unlimited Bonds, Proposition A, Series F&C,
3.25%, 6/15/32		2,500		2,363
San Francisco City & County Unified School District G.O. Unlimited Bonds, Series A, Election of 2016,
4.00%, 6/15/35		500		498
San Francisco Community College District G.O. Unlimited Bonds, Series A, Election of 2020,
3.00%, 6/15/45		1,000		689
San Joaquin Hills Transportation Corridor Agency Toll Road Senior Lien Revenue Refunding Bonds,
4.00%, 1/15/34		500		496
San Jose Financing Authority Wastewater Revenue Bonds, Series B, Green Bonds,
5.00%, 11/1/41		500		537
San Jose G.O. Unlimited Bonds, Series A-1,
5.00%, 9/1/42		1,310		1,368
San Mateo-Foster City School District G.O. Unlimited Bonds, Series A,
3.00%, 8/1/41		300		232

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 88.9%continued
California – 88.9%    continued
Santa Clarita Community College District G.O. Unlimited Bonds, Election of 2016,
5.25%, 8/1/48		$1,000		$1,049
Santa Rosa High School District G.O. Unlimited Bonds, Series C, Election of 2014 (AGM Insured),
5.00%, 8/1/43		500		510
Silicon Valley Clean Water Wastewater Revenue Bonds, Series B,
0.50%, 3/1/26		2,000		1,787
Sonoma County Junior College District G.O. Unlimited Bonds, Series B,
3.00%, 8/1/36		900		764
South Bayside Waste Management Authority Solid Waste Enterprise Revenue Refunding Bonds, Shoreway Environmental Center, Green Bonds, Escrowed to Maturity (AGM Insured),
5.00%, 9/1/32		15		16
Southwestern Community College District G.O. Unlimited Bonds, Series D,
4.00%, 8/1/33		650		667
Stockton PFA Parking Revenue Refunding Bonds,
5.00%, 3/1/32		250		249
5.00%, 3/1/33		245		243
Tobacco Securitization Authority Tobacco Settlement Senior Revenue Refunding Bonds, Sacramento County,
4.00%, 6/1/37		700		669
Transbay Joint Powers Authority Senior Tax Allocation Bonds, Green Bonds,
5.00%, 10/1/45		1,000		957
Turlock Irrigation District Revenue Refunding Bonds,
5.00%, 1/1/37		805		863
University Of California Revenue Refunding Bonds, Series B,
5.00%, 5/15/35		1,500		1,690
University of California Revenue Refunding Bonds, Series O, Limited Project,
5.00%, 5/15/58		2,500		2,556

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  134 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 88.9%    continued
California – 88.9%    continued
Upper Santa Clara Valley Joint Powers Authority Revenue Refunding Bonds, Series A,
4.00%, 8/1/45		$1,200		$1,082
Ventura Unified School District G.O. Unlimited Refunding Bonds,
5.00%, 8/1/27		585		619
5.00%, 8/1/28		620		667
Vernon Electric System Revenue Bonds, Series A,
5.00%, 4/1/28		300		307
Western Placer Waste Management Authority Solid Waste Revenue Bonds, Material Recovery Facility Project,
5.00%, 6/1/40		625		673
				132,847
Total Municipal Bonds
(Cost $148,460)				132,847
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 6.2%
Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.14%(5) (6)		9,327,762		$9,328
Total Investment Companies
(Cost $9,328)				9,328
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 4.2%
California State G.O. Unlimited Refunding Bonds,
5.00%, 9/1/24		$275		$279
Los Angeles Department of Water & Power System Variable Revenue Refunding Bonds, Subseries A-5,
3.10%, 10/20/23(2) (7)		2,500		2,500

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 4.2%    continued
Northern Energy Authority Commodity Supply Revenue Bonds, Series A,
4.00%, 7/1/24(2) (3)		$3,500		$3,490
Total Short-Term Investments
(Cost $6,329)				6,269
Total Investments – 99.3%
(Cost $164,117)				148,444
Other Assets less Liabilities – 0.7%				1,068
NET ASSETS – 100.0%				$149,512

⁽¹⁾  Maturity date represents the prerefunded date.

⁽²⁾  Maturity date represents the puttable date.

⁽³⁾  Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of September 30, 2023 is disclosed.

⁽⁴⁾  Zero coupon bond.

⁽⁵⁾  Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾  7-day current yield as of September 30, 2023 is disclosed.

⁽⁷⁾  Variable or floating rate security. 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

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

FHA - Federal Housing Administration

FHLMC - Federal Home Loan Mortgage Corporation

G.O. - General Obligation

PFA - Public Finance Authority

TRANS - Tax and Revenue Anticipation Notes

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	SEPTEMBER 30, 2023 (UNAUDITED)

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE (1)	% OF NET ASSETS
Municipal Bonds	88.9%
Investment Companies	6.2%
Short-Term Investments	4.2%

⁽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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL     (000S)
Municipal Bonds		$      —		$132,847		$—		$132,847
Investment Companies		9,328		—		—		9,328
Short-Term Investments		—		6,269		—		6,269
Total Investments		$9,328		$139,116		$—		$148,444

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  136 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
CORE BOND FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES – 5.3%
Auto Loan – 0.6%
GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3
4.66%, 2/16/28		$80		$79
GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class A3
4.47%, 2/16/28		160		156
Hyundai Auto Receivables Trust, Series 2023-A, Class A3
4.58%, 4/15/27		200		197
Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3
4.51%, 11/15/27		140		137
				569
Automobile – 0.9%
Ford Credit Auto Lease Trust, Series 2023-B, Class A3
5.91%, 10/15/26		296		296
Ford Credit Auto Owner Trust, Series 2023-B, Class A3
5.23%, 5/15/28		130		129
Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A3
5.80%, 12/15/26(1)		226		226
Westlake Automobile Receivables Trust, Series 2023-3, Class A3
5.82%, 5/17/27(1)		250		249
				900
Credit Card – 0.3%
Discover Card Execution Note Trust, Series 2023-A1, Class A
4.31%, 3/15/28		230		224
Synchrony Card Funding LLC
5.54%, 7/15/29		60		60
				284
Other – 0.9%
Dell Equipment Finance Trust, Series 2023-1, Class A3
5.65%, 9/22/28(1)		280		279
Finance of America Structured Securities Trust, Series 2023-S2, Class A1
(Step to 6.50% on 5/25/24),
2.00%, 4/25/73(1) (2)		295		284

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 5.3%    continued
Other – 0.9%    continued
Verizon Master Trust, Series 2023-2, Class A
4.89%, 4/13/28		$250		$247
				810
Whole Loan – 2.6%
Angel Oak Mortgage Trust, Series 2023-1, Class A1
(Step to 4.82% on 2/25/27), 4.75%, 9/26/67(1) (2)		267		254
CHNGE Mortgage Trust, Series 2023-3, Class A1
(Step to 8.10% on 7/25/27), 7.10%, 7/25/58(1) (2)		145		144
J.P. Morgan Mortgage Trust, Series 2022-4, Class A3
3.00%, 10/25/52(1) (3)		277		218
J.P. Morgan Mortgage Trust, Series 2022-6, Class A3
3.00%, 11/25/52(1) (3)		280		221
J.P. Morgan Mortgage Trust, Series 2022-7, Class 1A2
3.00%, 12/25/52(1) (3)		280		221
J.P. Morgan Mortgage Trust, Series 2023-1, Class A3A
5.00%, 6/25/53(1) (3)		235		218
JP Morgan Mortgage Trust, Series 2022-LTV1, Class XS
0.22%, 7/25/52(1)		22,701		221
Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A1
2.50%, 6/25/51(1) (3)		287		216
Sequoia Mortgage Trust, Series 2023-1, Class A1
5.00%, 1/25/53(1)		95		88
Towd Point Mortgage Trust, Series 2022-1, Class A1
3.75%, 7/25/62(1)		732		659
				2,460
Total Asset-Backed Securities
(Cost $5,246)				5,023
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1 .9%
Non Agency – 1.9%
BANK, Series 2019-BN16, Class A4
4.01%, 2/15/52		1,000		908

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT      137 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

CORE BOND FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.9%    continued
Non Agency – 1.9%    continued
BANK5, Series 2023-5YR2, Class A3
6.66%, 6/15/28		$210		$214
Benchmark Mortgage Trust, Series
2023-V3, Class A3
6.36%, 7/15/56		260		263
FIVE Mortgage Trust, Series 2023-V1, Class A3
5.67%, 2/10/56		400		392
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4
3.72%, 12/15/49		80		74
				1,851
Total Commercial Mortgage-Backed Securities
(Cost $2,017)				1,851
CORPORATE BONDS – 23.1%
Aerospace & Defense – 0.2%
Boeing (The) Co.,
5.81%, 5/1/50		35		32
Lockheed Martin Corp.,
5.20%, 2/15/55		70		65
Northrop Grumman Corp.,
5.25%, 5/1/50		50		46
RTX Corp.,
1.90%, 9/1/31		50		38
				181
Asset Management – 1.1%
Ameriprise Financial, Inc.,
4.50%, 5/13/32		176		161
Ares Capital Corp.,
4.25%, 3/1/25		215		207
Charles Schwab (The) Corp.,
(Variable, ICE LIBOR USD 3M + 2.58%), 5.00%, 12/1/27 (4) (5)		92		70
FS KKR Capital Corp.,
4.13%, 2/1/25		635		610
Oaktree Specialty Lending Corp.,
2.70%, 1/15/27		30		26
				1,074

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 23.1%continued
Banking – 3.1%
Bank of America Corp.,
(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31 (4)		$70		$56
(Variable, U.S. SOFR + 1.22%), 2.65%, 3/11/32 (4)		90		71
(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32 (4)		380		299
(Variable, U.S. SOFR + 1.21%), 2.57%, 10/20/32 (4)		224		172
Citigroup, Inc.,
(Variable, CME Term SOFR 3M + 1.41%), 3.52%, 10/27/28 (4)		140		127
(Variable, U.S. SOFR + 3.91%), 4.41%, 3/31/31 (4)		142		128
Fifth Third Bancorp,
(Variable, U.S. SOFR + 2.34%), 6.34%, 7/27/29 (4)		140		138
JPMorgan Chase & Co.,
(Variable, U.S. SOFR + 1.07%), 5.55%, 12/15/25 (4)		130		129
(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26 (4)		220		207
(Variable, U.S. SOFR + 1.07%), 1.95%, 2/4/32 (4)		167		127
(Variable, U.S. SOFR + 2.08%), 4.91%, 7/25/33 (4)		270		248
PNC Financial Services Group (The), Inc.,
(Variable, U.S. SOFR Compounded Index + 1.85%), 4.63%, 6/6/33 (4)		80		69
Santander Holdings U.S.A., Inc.,
(Variable, U.S. SOFR + 2.36%), 6.50%, 3/9/29 (4)		200		195
Truist Financial Corp.,
3.70%, 6/5/25		120		115
(Variable, U.S. SOFR + 2.36%), 5.87%, 6/8/34 (4)		490		461
U.S. Bancorp,
(Variable, U.S. SOFR + 2.09%), 5.85%, 10/21/33 (4)		300		284
Wells Fargo & Co.,
(Variable, U.S. SOFR + 2.10%), 2.39%, 6/2/28 (4)		170		149
				2,975

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  138 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 23.1%continued
Beverages – 0.3%
Constellation Brands, Inc.,
2.88%, 5/1/30		$95		$80
Pernod Ricard International Finance LLC,
1.25%, 4/1/28 (1)		200		167
				247
Biotechnology & Pharmaceuticals – 0.8%
AbbVie, Inc.,
4.25%, 11/21/49		35		28
Amgen, Inc.,
2.20%, 2/21/27		96		86
5.25%, 3/2/33		480		459
Bristol-Myers Squibb Co.,
2.95%, 3/15/32		220		184
Gilead Sciences, Inc.,
2.60%, 10/1/40		55		36
				793
Cable & Satellite – 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital,
5.05%, 3/30/29		63		59
6.38%, 10/23/35		175		163
5.50%, 4/1/63		53		39
Comcast Corp.,
4.15%, 10/15/28		130		123
1.50%, 2/15/31		147		111
Time Warner Cable LLC,
5.88%, 11/15/40		100		83
				578
Chemicals – 0.4%
Bayport Polymers LLC,
4.74%, 4/14/27 (1)		350		323
NewMarket Corp.,
2.70%, 3/18/31		65		51
RPM International, Inc.,
4.55%, 3/1/29		30		28
				402
Commercial Support Services – 0.0%
Waste Connections, Inc.,
3.20%, 6/1/32		40		33

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 23.1%continued
Construction Materials – 0.0%
Martin Marietta Materials, Inc.,
2.50%, 3/15/30		$40		$33
Consumer Services – 0.0%
President and Fellows of Harvard College,
4.88%, 10/15/40		50		46
Diversified Industrials – 0.2%
Honeywell International, Inc.,
4.95%, 2/15/28		160		159
E-Commerce Discretionary – 0.1%
Amazon.com, Inc.,
4.70%, 12/1/32		50		48
Electric & Gas Marketing & Trading – 0.2%
Consolidated Edison Co. of New York, Inc.,
3.35%, 4/1/30		260		228
Electric Utilities – 2.3%
AES (The) Corp.,
1.38%, 1/15/26		70		62
Ameren Corp.,
3.50%, 1/15/31		200		172
Appalachian Power Co.,
4.50%, 3/1/49		130		99
Avangrid, Inc.,
3.80%, 6/1/29		102		91
Berkshire Hathaway Energy Co.,
1.65%, 5/15/31		140		105
Duke Energy Progress LLC,
3.40%, 4/1/32		122		104
5.25%, 3/15/33		185		179
Entergy Louisiana LLC,
2.90%, 3/15/51		240		141
Entergy Texas, Inc.,
1.75%, 3/15/31		115		88
Eversource Energy,
1.65%, 8/15/30		137		105
Florida Power & Light Co.,
5.10%, 4/1/33		190		184
National Rural Utilities Cooperative Finance Corp.,
4.15%, 12/15/32		80		71
Nevada Power Co.,
6.00%, 3/15/54		80		78

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 - 23.1%    continued
Electric Utilities – 2.3%    continued
NextEra Energy Capital Holdings, Inc.,
2.25%, 6/1/30		$125		$100
NRG Energy, Inc.,
2.45%, 12/2/27 (1)		70		59
Oncor Electric Delivery Co. LLC,
3.70%, 11/15/28		80		74
Pacific Gas and Electric Co.,
4.55%, 7/1/30		98		86
San Diego Gas & Electric Co.,
1.70%, 10/1/30		160		123
Southern (The) Co.,
3.70%, 4/30/30		125		111
Virginia Electric and Power Co.,
2.40%, 3/30/32		100		78
Xcel Energy, Inc.,
2.60%, 12/1/29		95		80
				2,190
Electrical Equipment – 0.2%
Acuity Brands Lighting, Inc.,
2.15%, 12/15/30		97		76
Keysight Technologies, Inc.,
3.00%, 10/30/29		90		77
Vontier Corp.,
2.40%, 4/1/28		25		21
				174
Entertainment Content – 0.3%
Discovery Communications LLC,
3.63%, 5/15/30		150		127
Walt Disney (The) Co.,
2.00%, 9/1/29		100		82
Warnermedia Holdings, Inc.,
5.14%, 3/15/52		110		82
				291
Food – 0.6%
Campbell Soup Co.,
2.38%, 4/24/30		110		89
Flowers Foods, Inc.,
2.40%, 3/15/31		80		63
Hormel Foods Corp.,
1.80%, 6/11/30		115		92
McCormick & Co., Inc.,
1.85%, 2/15/31		140		107

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 23.1%    continued
Food – 0.6%    continued
Smithfield Foods, Inc.,
2.63%, 9/13/31 (1)		$105		$75
Tyson Foods, Inc.,
4.35%, 3/1/29		105		98
				524
Funds & Trusts – 0.3%
Blackstone Private Credit Fund,
2.63%, 12/15/26		320		275
Gas & Water Utilities – 0.5%
NiSource, Inc.,
3.60%, 5/1/30		200		174
Southern California Gas Co.,
2.60%, 6/15/26		200		185
Southern Co. Gas Capital Corp.,
1.75%, 1/15/31		190		144
				503
Health Care Facilities & Services – 1.7%
CVS Health Corp.,
5.25%, 1/30/31		210		202
5.30%, 6/1/33		490		464
HCA, Inc.,
5.50%, 6/1/33		390		369
UnitedHealth Group, Inc.,
4.00%, 5/15/29		190		178
2.30%, 5/15/31		105		85
5.35%, 2/15/33		200		198
Universal Health Services, Inc.,
2.65%, 1/15/32		105		78
				1,574
Home Construction – 0.3%
D.R. Horton, Inc.,
1.30%, 10/15/26		45		39
MDC Holdings, Inc.,
6.00%, 1/15/43		85		71
Mohawk Industries, Inc.,
5.85%, 9/18/28		170		169
				279
Household Products – 0.7%
Clorox (The) Co.,
4.60%, 5/1/32		174		162
Estee Lauder (The) Cos., Inc.,
5.15%, 5/15/53		240		216

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  140 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 23.1%     continued
Household Products – 0.7%     continued
Haleon U.S. Capital LLC,
3.38%, 3/24/27		$11		$10
4.00%, 3/24/52		174		129
Kenvue, Inc.,
4.90%, 3/22/33 (1)		20		19
Kimberly-Clark Corp.,
2.00%, 11/2/31		220		174
				710
Institutional Financial Services – 0.8%
Jefferies Financial Group, Inc.,
5.88%, 7/21/28		160		157
Morgan Stanley,
(Variable, U.S. SOFR + 1.63%), 5.45%, 7/20/29 (4)		280		273
(Variable, U.S. SOFR + 1.14%), 2.70%, 1/22/31 (4)		200		163
Nasdaq, Inc.,
5.55%, 2/15/34		150		143
				736
Insurance – 0.7%
Brighthouse Financial Global Funding,
1.55%, 5/24/26 (1)		315		279
Brown & Brown, Inc.,
2.38%, 3/15/31		135		104
Chubb INA Holdings, Inc.,
3.35%, 5/3/26		100		95
Corebridge Financial, Inc.,
4.40%, 4/5/52		106		77
Primerica, Inc.,
2.80%, 11/19/31		130		103
				658
Internet Media & Services – 0.3%
Meta Platforms, Inc.,
3.85%, 8/15/32		200		177
Netflix, Inc.,
4.88%, 4/15/28		100		97
				274
Machinery – 0.2%
Eaton Corp.,
4.15%, 3/15/33		20		18
Ingersoll Rand, Inc.,
5.40%, 8/14/28		140		138

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 23.1%     continued
Machinery – 0.2%     continued
Xylem, Inc.,
2.25%, 1/30/31		$30		$24
				180
Medical Equipment & Devices – 0.7%
Agilent Technologies, Inc.,
2.30%, 3/12/31		340		269
Becton Dickinson & Co.,
2.82%, 5/20/30		200		169
GE HealthCare Technologies, Inc.,
5.91%, 11/22/32		230		228
				666
Oil & Gas Producers – 1.0%
Energy Transfer L.P.,
4.15%, 9/15/29		210		190
EOG Resources, Inc.,
4.38%, 4/15/30		230		217
ONEOK, Inc.,
6.05%, 9/1/33		340		334
Phillips 66,
2.15%, 12/15/30		200		157
Western Midstream Operating L.P.,
6.15%, 4/1/33		90		87
				985
Oil & Gas Services & Equipment – 0.1%
Schlumberger Investment S.A.,
2.65%, 6/26/30		100		85
Real Estate Investment Trusts – 1.0%
AvalonBay Communities, Inc.,
2.30%, 3/1/30		40		33
Boston Properties L.P.,
2.55%, 4/1/32		90		65
Brixmor Operating Partnership L.P.,
4.05%, 7/1/30		55		48
Corporate Office Properties L.P.,
2.90%, 12/1/33		121		85
Equinix, Inc.,
3.20%, 11/18/29		83		71
2.50%, 5/15/31		90		70
Essex Portfolio L.P.,
2.65%, 3/15/32		70		54
Healthpeak OP LLC,
3.25%, 7/15/26		65		61

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 - 23.1%     continued
Real Estate Investment Trusts – 1.0%     continued
Kimco Realty Corp.,
3.20%, 4/1/32		$81		$65
Office Properties Income Trust,
2.65%, 6/15/26		275		187
Omega Healthcare Investors, Inc.,
3.38%, 2/1/31		40		31
Safehold GL Holdings LLC,
2.85%, 1/15/32		64		47
Simon Property Group L.P.,
2.45%, 9/13/29		45		38
STORE Capital Corp.,
2.75%, 11/18/30		40		29
Welltower OP LLC,
2.70%, 2/15/27		40		36
3.85%, 6/15/32		40		34
				954
Retail - Discretionary – 0.2%
Advance Auto Parts, Inc.,
1.75%, 10/1/27		95		77
O’Reilly Automotive, Inc.,
4.70%, 6/15/32		67		62
Tractor Supply Co.,
1.75%, 11/1/30		45		34
				173
Semiconductors – 0.7%
Intel Corp.,
5.13%, 2/10/30		240		235
KLA Corp.,
5.65%, 11/1/34		75		74
Marvell Technology, Inc.,
5.75%, 2/15/29		130		129
5.95%, 9/15/33		227		223
				661
Software – 0.7%
Fortinet, Inc.,
1.00%, 3/15/26		80		71
2.20%, 3/15/31		135		104
Oracle Corp.,
5.80%, 11/10/25		80		80
2.30%, 3/25/28		90		78
Roper Technologies, Inc.,
3.80%, 12/15/26		70		66

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 23.1%     continued
Software – 0.7%    continued
2.00%, 6/30/30		$55		$44
ServiceNow, Inc.,
1.40%, 9/1/30		90		69
VMware, Inc.,
1.80%, 8/15/28		120		100
Workday, Inc.,
3.70%, 4/1/29		90		82
				694
Specialty Finance – 0.1%
Ally Financial, Inc.,
2.20%, 11/2/28		108		85
GATX Corp.,
4.00%, 6/30/30		20		18
				103
Technology Hardware – 0.5%
CDW LLC/CDW Finance Corp.,
4.25%, 4/1/28		100		91
Dell International LLC/EMC Corp.,
8.10%, 7/15/36		44		49
3.45%, 12/15/51 (1)		123		77
Jabil, Inc.,
1.70%, 4/15/26		170		153
Motorola Solutions, Inc.,
2.30%, 11/15/30		90		70
				440
Technology Services – 0.7%
Booz Allen Hamilton, Inc.,
5.95%, 8/4/33		200		195
Broadridge Financial Solutions, Inc.,
2.90%, 12/1/29		88		74
Global Payments, Inc.,
2.90%, 5/15/30		85		70
Moody’s Corp.,
3.75%, 2/25/52		96		68
S&P Global, Inc.,
2.90%, 3/1/32		220		181
Western Union (The) Co.,
2.75%, 3/15/31		120		92
				680
Telecommunications – 0.8%
AT&T, Inc.,
4.30%, 2/15/30		164		149

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  142 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 23.1%     continued
Telecommunications – 0.8%     continued
5.40%, 2/15/34		$280		$262
3.55%, 9/15/55		96		59
T-Mobile U.S.A., Inc.,
3.40%, 10/15/52		133		83
3.60%, 11/15/60		129		80
Verizon Communications, Inc.,
2.55%, 3/21/31		115		92
				725
Tobacco & Cannabis – 0.1%
Philip Morris International, Inc.,
1.75%, 11/1/30		110		84
Transportation & Logistics – 0.6%
Burlington Northern Santa Fe LLC,
5.20%, 4/15/54		130		119
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
6.50%, 6/20/27 (1)		112		111
Norfolk Southern Corp.,
3.70%, 3/15/53		56		38
Ryder System, Inc.,
5.25%, 6/1/28		110		107
Southwest Airlines Co.,
5.13%, 6/15/27		85		83
Union Pacific Corp.,
2.38%, 5/20/31		58		47
3.50%, 2/14/53		69		48
				553
Total Corporate Bonds
(Cost $25,231)				21,968
FOREIGN ISSUER BONDS – 7.5%
Asset Management – 0.4%
UBS Group A.G.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 6.30%, 9/22/34(1) (4)		360		352
Banking – 4.2%
AIB Group PLC,
(Variable, U.S. SOFR + 2.33%), 6.61%, 9/13/29 (1) (4)		380		378

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 7.5%     continued
Banking – 4.2%     continued
ANZ Bank New Zealand Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.70%), 5.55%, 8/11/32 (1) (4)		$200		$194
Australia & New Zealand Banking Group Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.29%), 2.95%, 7/22/30 (1) (4)		322		299
Banco Santander S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28 (4)		200		185
Barclays PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.65%), 5.50%, 8/9/28 (4)		200		192
Deutsche Bank A.G.,
(Variable, U.S. SOFR + 2.52%), 7.15%, 7/13/27 (4)		360		363
(Variable, U.S. SOFR + 1.32%), 2.55%, 1/7/28 (4)		139		121
(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34 (4)		200		181
Federation des Caisses Desjardins du Quebec,
(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26 (1) (4)		310		306
HSBC Holdings PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.00%, 3/9/26 (4) (5)		165		142
ING Groep N.V.,
(Variable, U.S. SOFR + 1.83%), 4.02%, 3/28/28 (4)		200		186
Intesa Sanpaolo S.p.A.,
6.63%, 6/20/33 (1)		30		28
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.90%), 7.78%, 6/20/54 (1) (4)		220		198
KBC Group N.V.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 5.80%, 1/19/29 (1) (4)		200		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)
FOREIGN ISSUER BONDS - 7.5%    continued
Banking – 4.2%    continued
Macquarie Group Ltd.,
(Variable, U.S. SOFR + 2.13%), 4.10%, 6/21/28 (1) (4)		$300		$279
Mitsubishi UFJ Financial Group, Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 5.24%, 4/19/29 (4)		200		194
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.53%), 5.48%, 2/22/31 (4)		215		208
NatWest Group PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.55%), 3.07%, 5/22/28 (4)		250		223
Westpac Banking Corp.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.00%), 4.11%, 7/24/34 (4)		105		91
				3,963
Beverages – 0.3%
Coca-Cola Europacific Partners PLC,
1.50%, 1/15/27 (1)		161		141
Coca-Cola Femsa S.A.B. de C.V.,
1.85%, 9/1/32		205		152
				293
Biotechnology & Pharmaceuticals – 0.4%
Astrazeneca Finance LLC,
1.75%, 5/28/28		220		188
GlaxoSmithKline Capital, Inc.,
3.88%, 5/15/28		220		209
				397
Insurance – 0.2%
Nippon Life Insurance Co.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.95%), 6.25%, 9/13/53(1) (4)		200		198
Medical Equipment & Devices – 0.2%
Alcon Finance Corp.,
2.60%, 5/27/30(1)		210		173
Metals & Mining – 0.1%
Barrick PD Australia Finance Pty. Ltd.,
5.95%, 10/15/39		50		49

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 7.5%     continued
Oil & Gas Producers – 0.2%
QatarEnergy,
3.13%, 7/12/41 (1)		$31		$21
Santos Finance Ltd.,
3.65%, 4/29/31 (1)		210		168
				189
Semiconductors – 0.2%
NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,
5.00%, 1/15/33		216		199
Sovereign Government – 0.3%
Indonesia Government International Bond,
3.85%, 10/15/30		200		179
Philippine Government International Bond,
3.75%, 1/14/29		125		116
				295
Specialty Finance – 0.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
3.40%, 10/29/33		53		41
Avolon Holdings Funding Ltd.,
3.25%, 2/15/27 (1)		45		40
6.38%, 5/4/28 (1)		350		344
				425
Technology Services – 0.1%
RELX Capital, Inc.,
4.75%, 5/20/32		130		121
Telecommunications – 0.2%
British Telecommunications PLC,
3.25%, 11/8/29 (1)		165		142
Orange S.A.,
5.38%, 1/13/42		100		91
				233
Tobacco & Cannabis – 0.2%
BAT Capital Corp.,
4.70%, 4/2/27		98		94
Imperial Brands Finance PLC,
6.13%, 7/27/27 (1)		113		113
				207

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  144 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 7.5%     continued
Transportation & Logistics – 0.0%
Canadian Pacific Railway Co.,
3.10%, 12/2/51		$53		$33
Total Foreign Issuer Bonds
(Cost $7,798)				7,127
U.S. GOVERNMENT AGENCIES – 36.8% (6)
Fannie Mae – 20.2%
Pool #889641,
5.50%, 8/1/37		110		110
Pool #995802,
5.50%, 12/1/35		109		109
Pool #AB5209,
3.00%, 5/1/32		213		191
Pool #AD0248,
5.50%, 11/1/37		202		201
Pool #AD0494,
5.50%, 8/1/37		116		115
Pool #AD0925,
5.00%, 4/1/40		99		97
Pool #AL5119,
4.00%, 4/1/34		120		112
Pool #AL6041,
4.00%, 8/1/33		625		580
Pool #AL7497,
3.50%, 9/1/40		216		192
Pool #AL8352,
3.00%, 10/1/44		249		213
Pool #AQ5150,
2.50%, 11/1/42		657		534
Pool #AS3655,
4.50%, 10/1/44		129		121
Pool #AS6520,
3.50%, 1/1/46		236		207
Pool #AS6730,
3.50%, 2/1/46		296		260
Pool #AS7088,
2.50%, 5/1/31		92		83
Pool #AS7568,
4.50%, 7/1/46		403		378
Pool #AS8576,
4.50%, 12/1/46		155		146
Pool #AS8984,
4.50%, 3/1/47		90		85

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 36.8% (6)     continued
Fannie Mae – 20.2%     continued
Pool #BD7081,
4.00%, 3/1/47		$339		$305
Pool #BH6175,
3.50%, 7/1/47		76		66
Pool #BJ0686,
4.00%, 4/1/48		124		113
Pool #BM1761,
4.00%, 8/1/44		123		112
Pool #BM4056,
4.00%, 3/1/45		152		139
Pool #BM5168,
2.50%, 6/1/46		294		240
Pool #BM5984,
5.00%, 5/1/49		67		64
Pool #BM5996,
5.00%, 12/1/48		45		43
Pool #BR4694,
2.00%, 3/1/51		598		456
Pool #BW9921,
5.00%, 10/1/52		357		338
Pool #BX4910,
5.00%, 1/1/53		297		281
Pool #BX7768,
5.00%, 3/1/53		289		273
Pool #CA6422,
3.00%, 7/1/50		352		293
Pool #CB2286,
2.50%, 12/1/51		265		213
Pool #FM1303,
3.00%, 1/1/48		456		386
Pool #FM1472,
3.50%, 3/1/34		48		46
Pool #FM1534,
4.50%, 9/1/49		228		213
Pool #FM2053,
3.50%, 8/1/44		622		551
Pool #FM2671,
4.00%, 1/1/48		103		94
Pool #FM2921,
2.50%, 4/1/50		620		497
Pool #FM3173,
3.50%, 7/1/47		371		329

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)
U.S. GOVERNMENT AGENCIES - 36.8% (6)     continued
Fannie Mae – 20.2%     continued
Pool #FM3201,
3.50%, 4/1/34		$134		$128
Pool #FM3727,
3.00%, 7/1/50		283		236
Pool #FM4491,
3.50%, 12/1/36		824		757
Pool #FM5237,
5.00%, 7/1/47		159		156
Pool #FM5383,
4.00%, 6/1/45		462		423
Pool #FM6555,
2.00%, 4/1/51		585		447
Pool #FP0012,
3.00%, 8/1/51		261		219
Pool #FS1251,
3.50%, 4/1/52		597		516
Pool #FS2701,
2.50%, 2/1/35		242		220
Pool #FS3063,
4.50%, 10/1/52		415		382
Pool #FS3120,
5.00%, 9/1/52		441		417
Pool #FS3231,
2.00%, 3/1/52		647		501
Pool #FS3384,
4.50%, 10/1/50		346		324
Pool #FS3662,
5.00%, 1/1/53		288		271
Pool #FS4040,
5.00%, 2/1/53		294		277
Pool #FS4045,
5.50%, 2/1/53		272		263
Pool #FS4104,
6.00%, 3/1/53		293		289
Pool #FS4267,
4.50%, 3/1/38		376		363
Pool #FS4610,
6.50%, 6/1/40		145		150
Pool #FS4618,
4.50%, 2/1/51		294		273
Pool #FS4653,
5.50%, 5/1/53		190		183

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 36.8% (6)     continued
Fannie Mae – 20.2%     continued
Pool #FS4663,
5.00%, 5/1/53		$298		$281
Pool #FS4706,
6.00%, 7/1/41		333		336
Pool #FS4875,
6.00%, 5/1/53		299		295
Pool #FS5641,
6.00%, 8/1/53		299		296
Pool #MA2232,
3.50%, 4/1/35		194		178
Pool #MA2864,
3.50%, 1/1/47		292		257
Pool #MA3088,
4.00%, 8/1/47		207		188
Pool #MA3183,
4.00%, 11/1/47		402		366
Pool #MA3184,
4.50%, 11/1/47		398		373
Pool #MA3211,
4.00%, 12/1/47		422		384
Pool #MA3448,
5.00%, 8/1/48		109		104
Pool #MA4186,
3.00%, 10/1/35		125		113
Pool #MA4305,
2.00%, 4/1/51		589		449
				19,201
Freddie Mac – 12.7%
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-156, Class A2,
4.43%, 2/25/33		80		75
Freddie Mac REMICS, Series 3013, Class HZ,
5.00%, 8/15/35		206		201
Pool #1B3575,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.80%, 1.80% Floor, 11.42% Cap), 6.05%, 9/1/37(7)		4		4

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  146 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 36.8% (6)     continued
Freddie Mac – 12.7%     continued
Pool #1G2296,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 2.09%, 2.09% Floor, 11.34% Cap), 4.34%, 11/1/37(7)		$9		$9
Pool #QF3725,
5.00%, 11/1/52		287		271
Pool #QF8053,
5.50%, 2/1/53		404		391
Pool #QF8924,
5.50%, 3/1/53		298		288
Pool #QG4632,
5.50%, 6/1/53		288		279
Pool #RA3913,
2.50%, 11/1/50		676		545
Pool #RA8880,
5.50%, 4/1/53		288		279
Pool #RD5026,
3.00%, 4/1/30		61		56
Pool #SB0084,
3.00%, 2/1/32		309		288
Pool #SB0216,
3.00%, 12/1/32		89		83
Pool #SB0328,
3.00%, 6/1/34		271		250
Pool #SB0826,
2.50%, 1/1/35		271		245
Pool #SB8502,
2.00%, 8/1/35		1,044		901
Pool #SD1360,
5.50%, 7/1/52		266		258
Pool #SD1518,
4.50%, 8/1/52		279		258
Pool #SD1694,
4.50%, 10/1/52		353		324
Pool #SD1703,
5.00%, 9/1/52		439		414
Pool #SD1710,
5.00%, 10/1/52		619		586
Pool #SD1959,
6.50%, 12/1/52		405		409
Pool #SD2334,
5.00%, 2/1/53		291		275

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 36.8% (6)     continued
Freddie Mac – 12.7%     continued
Pool #SD2342,
5.00%, 12/1/44		$331		$323
Pool #SD2477,
5.50%, 3/1/53		294		286
Pool #SD2511,
5.50%, 4/1/53		295		285
Pool #SD2642,
5.50%, 4/1/53		292		282
Pool #SD2665,
6.00%, 4/1/53		288		286
Pool #SD2757,
5.00%, 5/1/53		293		276
Pool #SD2876,
3.00%, 7/1/46		291		249
Pool #SD2902,
5.50%, 5/1/53		191		184
Pool #SD2920,
5.50%, 5/1/53		297		287
Pool #SD2922,
5.00%, 5/1/53		295		278
Pool #SD2999,
5.50%, 6/1/53		297		287
Pool #SD3133,
5.00%, 6/1/53		218		206
Pool #SD3136,
5.50%, 6/1/53		298		289
Pool #SD3174,
5.50%, 6/1/53		294		285
Pool #SD3571,
6.00%, 8/1/53		296		293
Pool #ZK7457,
3.50%, 2/1/29		100		96
Pool #ZM4714,
3.50%, 11/1/47		474		415
Pool #ZM5332,
3.00%, 1/1/48		234		197
Pool #ZS4687,
2.50%, 11/1/46		154		124
Pool #ZT1333,
2.50%, 10/1/31		576		520
				12,137

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)
U.S. GOVERNMENT AGENCIES - 36.8% (6)     continued
Freddie Mac Gold – 0.7%
Pool #G16396,
3.50%, 2/1/33		$71		$67
Pool #G60948,
3.00%, 1/1/47		183		155
Pool #Q15842,
3.00%, 2/1/43		339		290
Pool #Q42460,
4.00%, 6/1/46		59		54
Pool #Q63667,
4.50%, 5/1/49		93		87
				653
Government National Mortgage Association – 0.2%
Government National Mortgage Association, Series 2017-95, Class QG,
2.50%, 8/20/46		207		182
Government National Mortgage Association I – 0.8%
Pool #604183,
5.50%, 4/15/33		1		1
Pool #633627,
5.50%, 9/15/34		2		2
Pool #757013,
3.50%, 12/15/40		273		245
Pool #786440,
4.50%, 9/15/47		231		220
Pool #786470,
5.00%, 11/15/40		281		274
				742
Government National Mortgage Association II – 2.2%
Pool #784801,
3.50%, 6/20/47		278		242
Pool #MA0089,
4.00%, 5/20/42		419		387
Pool #MA0782,
3.00%, 2/20/43		345		297
Pool #MA1287,
4.50%, 9/20/43		73		70
Pool #MA1996,
4.00%, 6/20/44		74		68
Pool #MA2755,
4.00%, 4/20/45		57		52
Pool #MA3666,
5.00%, 5/20/46		143		141

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 36.8% (6)     continued
Government National Mortgage Association II – 2.2%     continued
Pool #MA8346,
4.00%, 10/20/52		$289		$260
Pool #MA8724,
4.50%, 3/20/53		295		273
Pool #MA8725,
5.00%, 3/20/53		295		279
				2,069
Total U.S. Government Agencies
(Cost $38,760)				34,984
U.S. GOVERNMENT OBLIGATIONS – 23.2%
U.S. Treasury Bonds – 9.3%
3.38%, 8/15/42		9,330		7,559
3.00%, 8/15/52		1,752		1,277
				8,836
U.S. Treasury Notes – 11.6%
4.50%, 11/30/24		1,435		1,420
4.00%, 2/15/26		2,656		2,600
4.13%, 7/31/28		2,733		2,674
3.50%, 2/15/33		4,728		4,338
				11,032
U.S. Treasury Strips – 2.3%
1.47%, 2/15/51(8)		7,762		2,183
Total U.S. Government Obligations
(Cost $25,918)				22,051
MUNICIPAL BONDS – 0.4%
Florida – 0.1%
Miami-Dade County Seaport Subordinate Taxable Revenue Refunding Bonds, Series B-3,
1.86%, 10/1/30		100		79
Texas – 0.3%
Texas Natural Gas Securitization Finance Corp. Taxable Customer Rate Relief Revenue Bonds,
5.10%, 4/1/35		300		294
Total Municipal Bonds
(Cost $400)				373

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  148 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 1.2%
Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.14%(9) (10)		1,145,361		$1,145
Total Investment Companies
(Cost $1,145)				1,145
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.2%
U.S. Treasury Bill,
4.80%, 10/26/23(8) (11)		$175		$174
Total Short-Term Investments
(Cost $175)				174
Total Investments – 99.6%
(Cost $106,690)				94,696
Other Assets less Liabilities – 0.4%				417
NET ASSETS – 100.0%				$95,113

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽²⁾  Step coupon bond. Rate as of September 30, 2023 is disclosed.

⁽³⁾  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.

⁽⁴⁾  Variable or floating 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, 2023.

⁽⁵⁾  Perpetual bond. Maturity date represents next call date.

⁽⁶⁾  The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽⁷⁾  Variable or floating rate security. Rate as of September 30, 2023 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, 2023 is disclosed.

⁽¹¹⁾  Security pledged as collateral to cover margin requirements for open futures contracts.

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

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2023, 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)
2-Year U.S. Treasury Note		41		$ 8,311		Long		12/23		$(18)
Ultra 10-Year U.S. Treasury Note		(54)		(6,024)		Short		12/23		187
Total										$169

⁽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, 2023, the security types for the Fund were:

SECURITY TYPE (1)	% OF NET ASSETS
Asset-Backed Securities		5.3	%
Commercial Mortgage-Backed Securities		1.9	%
Corporate Bonds		23.1	%
Foreign Issuer Bonds		7.5	%
U.S. Government Agencies		36.8	%
U.S. Government Obligations		23.2	%
Municipal Bonds		0.4	%
Investment Companies		1.2	%
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

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    149 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS
CORE BOND FUND    continued	SEPTEMBER 30, 2023 (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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL   (000S)
Asset-backed securities(1)		$  —			$5,023		$—		$5,023
Commercial Mortgage-Backed Securities		—			1,851		—		1,851
Corporate Bonds(1)		—			21,968		—		21,968
Foreign Issuer Bonds(1)		—			7,127		—		7,127
U.S. Government Agencies(1)		—			34,984		—		34,984
U.S. Government Obligations(1)		—			22,051		—		22,051
Municipal Bonds(1)		—			373		—		373
Investment Companies		1,145			—		—		1,145
Short-Term Investments		—			174		—		174
Total Investments		$1,145			$93,551		$—		$94,696
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts		$  187			$  —		$—		$  187
Liabilities
Futures Contracts		(18	)		—		—		(18	)
Total Other Financial Instruments		$  169			$  —		$—		$  169

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  150 
  NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
FIXED INCOME FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES – 5.4%
Auto Loan – 0.6%
GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class A3
4.66%, 2/16/28		$380		$373
GM Financial Consumer Automobile Receivables Trust, Series 2023-2, Class A3
4.47%, 2/16/28		670		655
Hyundai Auto Receivables Trust, Series 2023-A, Class A3
4.58%, 4/15/27		840		826
Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3
4.51%, 11/15/27		550		539
				2,393
Automobile – 1.0%
Ford Credit Auto Lease Trust, Series 2023-B, Class A3
5.91%, 10/15/26		1,221		1,220
Ford Credit Auto Owner Trust, Series 2023-B, Class A3
5.23%, 5/15/28		480		477
Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A3
5.80%, 12/15/26(1)		968		967
Westlake Automobile Receivables Trust, Series 2023-3, Class A3
5.82%, 5/17/27(1)		1,060		1,056
				3,720
Credit Card – 0.3%
Discover Card Execution Note Trust, Series 2023-A1, Class A
4.31%, 3/15/28		940		915
Synchrony Card Funding LLC
5.54%, 7/15/29		240		239
				1,154
Other – 0.9%
Dell Equipment Finance Trust, Series 2023-1, Class A3
5.65%, 9/22/28(1)		1,130		1,127
Finance of America Structured Securities Trust, Series 2023-S2, Class A1
(Step to 6.50% on 5/25/24), 2.00%, 4/25/73(1) (2)		1,181		1,138

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 5.4%    continued
Other – 0.9% continued
Verizon Master Trust, Series 2023-2, Class A
4.89%, 4/13/28		$1,040		$1,027
				3,292
Whole Loan – 2.6%
Angel Oak Mortgage Trust, Series 2023-1, Class A1
(Step to 4.82% on 2/25/27), 4.75%, 9/26/67(1) (2)		1,078		1,027
CHNGE Mortgage Trust, Series 2023-3, Class A1
(Step to 8.10% on 7/25/27), 7.10%, 7/25/58(1) (2)		698		694
J.P. Morgan Mortgage Trust, Series 2022-4, Class A3
3.00%, 10/25/52(1) (3)		1,272		1,001
J.P. Morgan Mortgage Trust, Series 2022-6, Class A3
3.00%, 11/25/52(1) (3)		1,235		973
J.P. Morgan Mortgage Trust, Series 2022-7, Class 1A2
3.00%, 12/25/52(1) (3)		1,214		955
J.P. Morgan Mortgage Trust, Series 2023-1, Class A3A
5.00%, 6/25/53(1) (3)		988		916
JP Morgan Mortgage Trust, Series 2022-LTV1, Class XS
0.22%, 7/25/52(1)		95,512		931
Mello Mortgage Capital Acceptance, Series 2021-MTG2, Class A1
2.50%, 6/25/51(1) (3)		1,217		918
Sequoia Mortgage Trust, Series 2023-1, Class A1
5.00%, 1/25/53(1)		666		615
Towd Point Mortgage Trust, Series 2022-1, Class A1
3.75%, 7/25/62(1)		2,281		2,054
				10,084
Total Asset-Backed Securities
(Cost $21,579)				20,643
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.0%
Non Agency – 2.0%
BANK, Series 2019-BN16, Class A4
4.01%, 2/15/52		3,900		3,540

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    151 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

FIXED INCOME FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.0%     continued
Non Agency – 2.0% continued
BANK5, Series 2023-5YR2, Class A3
6.66%, 6/15/28		$853		$870
Benchmark Mortgage Trust, Series 2023-V3, Class A3
6.36%, 7/15/56		1,090		1,102
FIVE Mortgage Trust, Series 2023-V1, Class A3
5.67%, 2/10/56		1,700		1,668
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4
3.72%, 12/15/49		350		323
				7,503
Total Commercial Mortgage-Backed Securities
(Cost $8,157)				7,503
CORPORATE BONDS – 29.5%
Aerospace & Defense – 0.5%
Boeing (The) Co.,
5.81%, 5/1/50		350		317
Howmet Aerospace, Inc.,
6.88%, 5/1/25		934		938
Lockheed Martin Corp.,
5.20%, 2/15/55		320		297
Northrop Grumman Corp.,
5.25%, 5/1/50		240		221
				1,773
Asset Management – 1.2%
Ameriprise Financial, Inc.,
4.50%, 5/13/32		174		160
Ares Capital Corp.,
4.25%, 3/1/25		775		745
Charles Schwab (The) Corp.,
(Variable, ICE LIBOR USD 3M + 2.58%), 5.00%, 12/1/27 (4) (5)		96		73
FMR LLC,
6.45%, 11/15/39 (1)		435		430
FS KKR Capital Corp.,
4.13%, 2/1/25		2,230		2,143
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
5.25%, 5/15/27		835		734

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%    continued
Asset Management – 1.2%     continued
Oaktree Specialty Lending Corp.,
2.70%, 1/15/27		$170		$146
Prospect Capital Corp.,
3.71%, 1/22/26		270		244
				4,675
Automotive – 0.1%
Ford Motor Credit Co. LLC,
4.95%, 5/28/27		313		293
Banking – 3.4%
Bank of America Corp.,
(Variable, U.S. SOFR + 2.15%), 2.59%, 4/29/31 (4)		915		735
(Variable, U.S. SOFR + 1.32%), 2.69%, 4/22/32 (4)		3,210		2,523
(Variable, U.S. SOFR + 1.21%), 2.57%, 10/20/32 (4)		954		733
Citigroup, Inc.,
(Variable, CME Term SOFR 3M + 1.41%), 3.52%, 10/27/28 (4)		1,010		914
Fifth Third Bancorp,
(Variable, U.S. SOFR + 2.34%), 6.34%, 7/27/29 (4)		580		573
First-Citizens Bank & Trust Co.,
(Variable, CME Term SOFR 3M + 1.72%), 2.97%, 9/27/25 (4)		500		476
JPMorgan Chase & Co.,
(Variable, U.S. SOFR + 1.07%), 5.55%, 12/15/25 (4)		650		646
(Variable, U.S. SOFR + 1.85%), 2.08%, 4/22/26 (4)		1,065		1,000
(Variable, U.S. SOFR + 1.07%), 1.95%, 2/4/32 (4)		590		447
PNC Financial Services Group (The), Inc.,
(Variable, U.S. SOFR Compounded Index + 1.85%), 4.63%, 6/6/33 (4)		257		222
Santander Holdings U.S.A., Inc.,
(Variable, U.S. SOFR + 2.36%), 6.50%, 3/9/29 (4)		900		878
Truist Financial Corp.,
(Variable, U.S. SOFR + 2.36%), 5.87%, 6/8/34 (4)		2,010		1,892

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  152 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%    continued
Banking – 3.4%     continued
U.S. Bancorp,
(Variable, U.S. SOFR + 2.09%), 5.85%, 10/21/33 (4)		$1,360		$1,287
Wells Fargo & Co.,
(Variable, U.S. SOFR + 2.10%), 2.39%, 6/2/28 (4)		810		710
				13,036
Beverages – 0.1%
Pernod Ricard International Finance LLC,
1.63%, 4/1/31(1)		530		400
Biotechnology & Pharmaceuticals – 0.8%
AbbVie, Inc.,
4.25%, 11/21/49		275		218
Amgen, Inc.,
2.20%, 2/21/27		845		758
5.25%, 3/2/33		1,265		1,209
Bristol-Myers Squibb Co.,
2.95%, 3/15/32		770		643
Gilead Sciences, Inc.,
2.60%, 10/1/40		430		284
				3,112
Cable & Satellite – 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital,
5.05%, 3/30/29		335		313
6.38%, 10/23/35		1,000		932
5.50%, 4/1/63		330		244
Comcast Corp.,
4.15%, 10/15/28		960		909
1.50%, 2/15/31		503		380
CSC Holdings LLC,
4.63%, 12/1/30 (1)		920		489
DISH DBS Corp.,
7.75%, 7/1/26		750		563
LCPR Senior Secured Financing DAC,
6.75%, 10/15/27 (1)		440		404
				4,234
Chemicals – 0.6%
Bayport Polymers LLC,
4.74%, 4/14/27 (1)		1,390		1,283

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%     continued
Chemicals – 0.6%     continued
LYB International Finance III LLC,
2.25%, 10/1/30		$300		$238
NewMarket Corp.,
2.70%, 3/18/31		530		416
RPM International, Inc.,
4.55%, 3/1/29		447		414
				2,351
Commercial Support Services – 0.1%
Waste Connections, Inc.,
3.20%, 6/1/32		350		290
Construction Materials – 0.1%
Martin Marietta Materials, Inc.,
2.50%, 3/15/30		327		268
Consumer Services – 0.0%
President and Fellows of Harvard College,
4.88%, 10/15/40		200		184
Containers & Packaging – 0.3%
Packaging Corp. of America,
3.40%, 12/15/27		585		539
Sealed Air Corp./Sealed Air Corp. U.S.,
6.13%, 2/1/28 (1)		760		736
				1,275
Diversified Industrials – 0.2%
Honeywell International, Inc.,
4.95%, 2/15/28		1,000		996
E-Commerce Discretionary – 0.3%
Amazon.com, Inc.,
4.70%, 12/1/32		1,180		1,127
Electric & Gas Marketing & Trading – 0.2%
Consolidated Edison Co. of New York, Inc.,
3.35%, 4/1/30		720		632
Electric Utilities – 2.6%
AES (The) Corp.,
1.38%, 1/15/26		855		762
Appalachian Power Co.,
4.50%, 3/1/49		425		322
Avangrid, Inc.,
3.80%, 6/1/29		380		338

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 - 29.5%     continued
Electric Utilities – 2.6%     continued
Berkshire Hathaway Energy Co.,
1.65%, 5/15/31		$395		$296
Duke Energy Progress LLC,
3.40%, 4/1/32		698		593
5.25%, 3/15/33		770		746
Entergy Louisiana LLC,
2.90%, 3/15/51		700		412
Entergy Texas, Inc.,
1.75%, 3/15/31		387		296
Eversource Energy,
1.65%, 8/15/30		130		100
Exelon Corp.,
5.63%, 6/15/35		950		913
Florida Power & Light Co.,
5.10%, 4/1/33		820		793
National Rural Utilities Cooperative Finance Corp.,
4.15%, 12/15/32		240		214
Nevada Power Co.,
6.00%, 3/15/54		300		293
NextEra Energy Capital Holdings, Inc.,
2.25%, 6/1/30		175		140
NRG Energy, Inc.,
2.45%, 12/2/27 (1)		275		233
3.63%, 2/15/31 (1)		535		406
Oncor Electric Delivery Co. LLC,
3.70%, 11/15/28		720		667
Pacific Gas and Electric Co.,
4.55%, 7/1/30		203		179
Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,
4.50%, 8/15/28 (1)		230		200
Public Service Co. of Colorado,
3.70%, 6/15/28		720		663
San Diego Gas & Electric Co.,
1.70%, 10/1/30		495		382
Southern (The) Co.,
3.70%, 4/30/30		325		288
Virginia Electric and Power Co.,
2.40%, 3/30/32		720		561
Xcel Energy, Inc.,
2.60%, 12/1/29		175		147
				9,944

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%     continued
Electrical Equipment – 0.2%
Acuity Brands Lighting, Inc.,
2.15%, 12/15/30		$412		$321
Keysight Technologies, Inc.,
3.00%, 10/30/29		255		219
Vontier Corp.,
2.40%, 4/1/28		400		333
				873
Entertainment Content – 0.6%
Discovery Communications LLC,
3.63%, 5/15/30		430		364
Take-Two Interactive Software, Inc.,
3.70%, 4/14/27		258		241
Walt Disney (The) Co.,
2.20%, 1/13/28		442		392
2.00%, 9/1/29		1,130		935
Warnermedia Holdings, Inc.,
5.14%, 3/15/52		341		253
				2,185
Food – 0.7%
Campbell Soup Co.,
2.38%, 4/24/30		395		320
Conagra Brands, Inc.,
1.38%, 11/1/27		525		439
Flowers Foods, Inc.,
2.40%, 3/15/31		265		209
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,
5.50%, 1/15/30		1,095		1,022
McCormick & Co., Inc.,
1.85%, 2/15/31		475		362
Smithfield Foods, Inc.,
2.63%, 9/13/31 (1)		430		308
				2,660
Funds & Trusts – 0.2%
Blackstone Private Credit Fund,
2.63%, 12/15/26		1,040		895
Gas & Water Utilities – 0.5%
NiSource, Inc.,
3.60%, 5/1/30		500		436
Southern California Gas Co.,
2.60%, 6/15/26		650		602

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  154 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%     continued
Gas & Water Utilities – 0.5%     continued
Southern Co. Gas Capital Corp.,
1.75%, 1/15/31		$1,160		$876
				1,914
Health Care Facilities & Services – 1.8%
Catalent Pharma Solutions, Inc.,
5.00%, 7/15/27 (1)		420		385
CVS Health Corp.,
5.25%, 1/30/31		790		759
5.30%, 6/1/33		1,900		1,799
DaVita, Inc.,
4.63%, 6/1/30 (1)		850		698
HCA, Inc.,
5.50%, 6/1/33		1,380		1,305
UnitedHealth Group, Inc.,
4.00%, 5/15/29		770		721
2.30%, 5/15/31		477		386
5.35%, 2/15/33		710		702
Universal Health Services, Inc.,
2.65%, 1/15/32		425		319
				7,074
Home Construction – 0.4%
D.R. Horton, Inc.,
1.30%, 10/15/26		678		594
MDC Holdings, Inc.,
6.00%, 1/15/43		387		324
Mohawk Industries, Inc.,
5.85%, 9/18/28		720		715
				1,633
Household Products – 1.0%
Clorox (The) Co.,
4.60%, 5/1/32		621		578
Estee Lauder (The) Cos., Inc.,
5.15%, 5/15/53		910		820
Haleon U.S. Capital LLC,
3.38%, 3/24/27		720		668
4.00%, 3/24/52		389		288
Kenvue, Inc.,
4.90%, 3/22/33 (1)		1,050		1,004
Kimberly-Clark Corp.,
2.00%, 11/2/31		770		607
				3,965

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%     continued
Institutional Financial Services – 0.9%
Jane Street Group/JSG Finance, Inc.,
4.50%, 11/15/29 (1)		$1,400		$1,203
Jefferies Financial Group, Inc.,
5.88%, 7/21/28		650		636
2.63%, 10/15/31		206		157
Morgan Stanley,
(Variable, U.S. SOFR + 1.63%), 5.45%, 7/20/29 (4)		1,170		1,140
Nasdaq, Inc.,
5.55%, 2/15/34		520		496
				3,632
Insurance – 1.8%
Brighthouse Financial Global Funding,
1.55%, 5/24/26 (1)		1,035		916
Brown & Brown, Inc.,
2.38%, 3/15/31		487		376
Chubb INA Holdings, Inc.,
3.35%, 5/3/26		330		313
Constellation Insurance, Inc.,
6.80%, 1/24/30 (1)		2,095		1,867
Corebridge Financial, Inc.,
4.40%, 4/5/52		324		237
Global Atlantic Fin Co.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.80%), 4.70%, 10/15/51 (1) (4)		1,291		934
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,
7.63%, (!00% Cash), 10/15/25 (1) (6)		2,146		2,098
Primerica, Inc.,
2.80%, 11/19/31		355		281
				7,022
Internet Media & Services – 0.3%
Meta Platforms, Inc.,
3.85%, 8/15/32		810		718
Netflix, Inc.,
4.88%, 4/15/28		520		504
				1,222
Machinery – 0.2%
Eaton Corp.,
4.15%, 3/15/33		340		307

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 - 29.5%     continued
Machinery – 0.2%     continued
Ingersoll Rand, Inc.,
5.40%, 8/14/28		$590		$580
				887
Medical Equipment & Devices – 0.7%
Agilent Technologies, Inc.,
2.30%, 3/12/31		1,140		902
Becton Dickinson & Co.,
2.82%, 5/20/30		750		632
Bio-Rad Laboratories, Inc.,
3.30%, 3/15/27		92		85
GE HealthCare Technologies, Inc.,
5.91%, 11/22/32		1,053		1,045
				2,664
Oil & Gas Producers – 1.7%
Apache Corp.,
5.10%, 9/1/40		1,200		953
Energy Transfer L.P.,
4.15%, 9/15/29		880		797
EQM Midstream Partners L.P.,
6.50%, 7/15/48		1,220		1,073
ONEOK, Inc.,
6.05%, 9/1/33		1,420		1,395
Phillips 66,
2.15%, 12/15/30		500		394
Western Midstream Operating L.P.,
6.15%, 4/1/33		345		333
WPX Energy, Inc.,
4.50%, 1/15/30		1,593		1,447
				6,392
Oil & Gas Services & Equipment – 0.1%
Schlumberger Investment S.A.,
2.65%, 6/26/30		400		339
Real Estate Investment Trusts – 1.5%
American Tower Corp.,
3.13%, 1/15/27		765		700
AvalonBay Communities, Inc.,
2.30%, 3/1/30		110		90
Brixmor Operating Partnership L.P.,
4.05%, 7/1/30		260		227
Corporate Office Properties L.P.,
2.90%, 12/1/33		518		363

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%     continued
Real Estate Investment Trusts – 1.5%     continued
Crown Castle, Inc.,
1.05%, 7/15/26		$1,030		$904
EPR Properties,
4.50%, 4/1/25		660		636
Equinix, Inc.,
3.20%, 11/18/29		367		314
2.50%, 5/15/31		390		304
Healthpeak OP LLC,
3.25%, 7/15/26		275		258
Kimco Realty Corp.,
3.20%, 4/1/32		332		267
Office Properties Income Trust,
2.65%, 6/15/26		620		422
Realty Income Corp.,
2.20%, 6/15/28		330		282
Safehold GL Holdings LLC,
2.85%, 1/15/32		254		187
Simon Property Group L.P.,
2.45%, 9/13/29		205		170
STORE Capital Corp.,
2.75%, 11/18/30		320		229
VICI Properties L.P.,
5.13%, 5/15/32		346		310
Welltower OP LLC,
3.85%, 6/15/32		137		117
				5,780
Retail - Consumer Staples – 0.1%
Dollar Tree, Inc.,
3.38%, 12/1/51		570		337
Retail - Discretionary – 0.2%
Advance Auto Parts, Inc.,
1.75%, 10/1/27		410		332
O’Reilly Automotive, Inc.,
4.70%, 6/15/32		307		282
				614
Semiconductors – 0.7%
Broadcom, Inc.,
3.50%, 2/15/41 (1)		320		222
Intel Corp.,
5.13%, 2/10/30		980		962

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  156 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%    continued
Semiconductors – 0.7%     continued
Marvell Technology, Inc.,
5.75%, 2/15/29		$540		$535
5.95%, 9/15/33		842		827
				2,546
Software – 0.9%
Fortinet, Inc.,
1.00%, 3/15/26		260		232
2.20%, 3/15/31		540		418
Oracle Corp.,
5.80%, 11/10/25		370		371
Roper Technologies, Inc.,
3.80%, 12/15/26		246		233
2.00%, 6/30/30		370		293
ServiceNow, Inc.,
1.40%, 9/1/30		530		407
VMware, Inc.,
1.80%, 8/15/28		520		431
4.70%, 5/15/30		800		737
Workday, Inc.,
3.70%, 4/1/29		315		286
				3,408
Specialty Finance – 0.4%
Ally Financial, Inc.,
2.20%, 11/2/28		457		361
GATX Corp.,
4.00%, 6/30/30		20		18
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
4.25%, 2/1/27 (1)		690		603
Synchrony Financial,
7.25%, 2/2/33		500		441
				1,423
Technology Hardware – 0.6%
CDW LLC/CDW Finance Corp.,
4.25%, 4/1/28		730		665
Dell International LLC/EMC Corp.,
8.10%, 7/15/36		510		571
3.45%, 12/15/51 (1)		460		287
Jabil, Inc.,
1.70%, 4/15/26		725		651
				2,174

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 29.5%    continued
Technology Services – 0.7%
Booz Allen Hamilton, Inc.,
5.95%, 8/4/33		$850		$829
Global Payments, Inc.,
2.90%, 5/15/30		710		582
Moody’s Corp.,
3.75%, 2/25/52		362		256
S&P Global, Inc.,
2.90%, 3/1/32		800		658
Western Union (The) Co.,
2.75%, 3/15/31		420		322
				2,647
Telecommunications – 0.9%
AT&T, Inc.,
4.30%, 2/15/30		352		321
5.40%, 2/15/34		1,150		1,076
3.55%, 9/15/55		330		202
Level 3 Financing, Inc.,
4.63%, 9/15/27 (1)		800		575
T-Mobile U.S.A., Inc.,
3.40%, 10/15/52		525		328
3.60%, 11/15/60		895		554
Verizon Communications, Inc.,
2.55%, 3/21/31		600		478
				3,534
Tobacco & Cannabis – 0.1%
Philip Morris International, Inc.,
1.75%, 11/1/30		350		266
Transportation & Logistics – 0.7%
Burlington Northern Santa Fe LLC,
5.20%, 4/15/54		550		504
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
6.50%, 6/20/27 (1)		484		479
Norfolk Southern Corp.,
3.70%, 3/15/53		202		139
Ryder System, Inc.,
5.25%, 6/1/28		440		428
Southwest Airlines Co.,
5.13%, 6/15/27		385		375
Union Pacific Corp.,
2.38%, 5/20/31		205		166
3.50%, 2/14/53		299		208

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 - 29.5%     continued
Transportation & Logistics – 0.7%     continued
United Airlines Pass Through Trust,
Series 2020-1, Class B,
4.88%, 1/15/26		$310		$301
				2,600
Total Corporate Bonds
(Cost $129,406)				113,276
FOREIGN ISSUER BONDS – 8.1%
Asset Management – 0.4%
UBS Group A.G.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 6.30%, 9/22/34(1) (4)		1,640		1,602
Banking – 3.4%
AIB Group PLC,
(Variable, U.S. SOFR + 2.33%), 6.61%, 9/13/29 (1) (4)		1,590		1,583
ANZ Bank New Zealand Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.70%), 5.55%, 8/11/32 (1) (4)		200		194
Australia & New Zealand Banking Group Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.29%), 2.95%, 7/22/30 (1) (4)		900		836
Banco Santander S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.00%), 4.18%, 3/24/28 (4)		600		554
Barclays PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28 (4) (5)		1,221		847
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.65%), 5.50%, 8/9/28 (4)		200		192
BNP Paribas S.A.,
(Variable, U.S. SOFR + 1.22%), 2.16%, 9/15/29 (1) (4)		430		355
Deutsche Bank A.G.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.52%), 6.00%, 10/30/25 (4) (5)		400		312
(Variable, U.S. SOFR + 2.52%), 7.15%, 7/13/27 (4)		1,270		1,279

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 8.1%     continued
Banking – 3.4%     continued
(Variable, U.S. SOFR + 1.32%), 2.55%, 1/7/28 (4)		$379		$331
(Variable, U.S. SOFR + 3.65%), 7.08%, 2/10/34 (4)		500		452
Federation des Caisses Desjardins du Quebec,
(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26 (1) (4)		1,080		1,064
HSBC Holdings PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.00%, 3/9/26 (4) (5)		545		469
ING Groep N.V.,
(Variable, U.S. SOFR + 1.83%), 4.02%, 3/28/28 (4)		200		186
Intesa Sanpaolo S.p.A.,
6.63%, 6/20/33 (1)		160		150
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.90%), 7.78%, 6/20/54 (1) (4)		530		477
KBC Group N.V.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 5.80%, 1/19/29 (1) (4)		620		606
Macquarie Group Ltd.,
(Variable, U.S. SOFR + 2.13%), 4.10%, 6/21/28 (1) (4)		1,360		1,265
Mitsubishi UFJ Financial Group, Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 5.24%, 4/19/29 (4)		500		486
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.53%), 5.48%, 2/22/31 (4)		520		504
NatWest Group PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.10%), 4.60%, 6/28/31 (4) (5)		450		298
Toronto-Dominion Bank (The),
5.10%, 1/9/26		630		622
Westpac Banking Corp.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.00%), 4.11%, 7/24/34 (4)		115		99
				13,161

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  158 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 8.1%     continued
Beverages – 0.2%
Coca-Cola Europacific Partners PLC,
1.50%, 1/15/27 (1)		$429		$375
Coca-Cola Femsa S.A.B. de C.V.,
1.85%, 9/1/32		645		480
				855
Biotechnology & Pharmaceuticals – 0.4%
Astrazeneca Finance LLC,
1.75%, 5/28/28		770		659
GlaxoSmithKline Capital, Inc.,
3.88%, 5/15/28		770		729
				1,388
Chemicals – 0.1%
Nutrien Ltd.,
4.00%, 12/15/26		300		284
Food – 0.3%
NBM U.S. Holdings, Inc.,
7.00%, 5/14/26(1)		915		907
Insurance – 0.2%
Nippon Life Insurance Co.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.95%), 6.25%, 9/13/53(1) (4)		600		594
Leisure Facilities & Services – 0.0%
Sands China Ltd.,
3.10%, 3/8/29(7)		—		—
Medical Equipment & Devices – 0.1%
Alcon Finance Corp.,
2.60%, 5/27/30(1)		550		453
Metals & Mining – 0.5%
Barrick PD Australia Finance Pty. Ltd.,
5.95%, 10/15/39		250		246
Glencore Funding LLC,
1.63%, 4/27/26 (1)		1,240		1,116
3.88%, 10/27/27 (1)		630		583
				1,945
Oil & Gas Producers – 0.2%
QatarEnergy,
3.13%, 7/12/41 (1)		123		85
Santos Finance Ltd.,
3.65%, 4/29/31 (1)		830		663
				748

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 8.1%     continued
Semiconductors – 0.2%
NXP B.V./NXP Funding LLC/NXP U.S.A., Inc.,
5.00%, 1/15/33		$803		$739
Sovereign Government – 0.3%
Indonesia Government International Bond,
3.85%, 10/15/30		800		716
Philippine Government International Bond,
3.75%, 1/14/29		375		347
				1,063
Specialty Finance – 0.5%
Avolon Holdings Funding Ltd.,
3.25%, 2/15/27 (1)		170		152
6.38%, 5/4/28 (1)		1,250		1,228
goeasy Ltd.,
4.38%, 5/1/26 (1)		740		677
				2,057
Technology Services – 0.1%
RELX Capital, Inc.,
4.75%, 5/20/32		483		451
Telecommunications – 0.8%
British Telecommunications PLC,
3.25%, 11/8/29 (1)		540		466
Connect Finco S.a.r.l./Connect U.S. Finco LLC,
6.75%, 10/1/26 (1)		955		891
NTT Finance Corp.,
4.37%, 7/27/27 (1)		1,220		1,175
Orange S.A.,
5.38%, 1/13/42		210		191
Rogers Communications, Inc.,
2.90%, 11/15/26		510		466
				3,189
Tobacco & Cannabis – 0.4%
BAT Capital Corp.,
4.70%, 4/2/27		1,405		1,345
Imperial Brands Finance PLC,
6.13%, 7/27/27 (1)		203		203
				1,548

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)
FOREIGN ISSUER BONDS - 8.1%     continued
Transportation & Logistics – 0.0%
Canadian Pacific Railway Co.,
3.10%, 12/2/51		$206		$129
Total Foreign Issuer Bonds
(Cost $34,244)				31,113
U.S. GOVERNMENT AGENCIES – 37.5% (8)
Fannie Mae – 20.0%
Pool #545003,
8.00%, 5/1/31(7)		—		—
Pool #545437,
7.00%, 2/1/32		17		17
Pool #545556,
7.00%, 4/1/32		9		10
Pool #555189,
7.00%, 12/1/32		74		76
Pool #581806,
7.00%, 7/1/31		20		20
Pool #585617,
7.00%, 5/1/31(7)		—		—
Pool #889641,
5.50%, 8/1/37		472		470
Pool #995802,
5.50%, 12/1/35		469		466
Pool #AB5209,
3.00%, 5/1/32		1,845		1,659
Pool #AB9546,
3.50%, 6/1/28		47		45
Pool #AD0248,
5.50%, 11/1/37		865		861
Pool #AD0494,
5.50%, 8/1/37		498		494
Pool #AD0925,
5.00%, 4/1/40		50		49
Pool #AK9457,
3.50%, 3/1/32		93		85
Pool #AL3063,
3.50%, 1/1/28		155		149
Pool #AL5119,
4.00%, 4/1/34		789		732
Pool #AL7497,
3.50%, 9/1/40		1,051		933
Pool #AL8352,
3.00%, 10/1/44		2,108		1,802

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 37.5% (8)     continued
Fannie Mae – 20.0%     continued
Pool #AL8876,
3.00%, 10/1/44		$308		$265
Pool #AO2961,
4.00%, 5/1/42		164		150
Pool #AQ9360,
2.50%, 1/1/28		47		44
Pool #AS1991,
3.50%, 3/1/29		235		224
Pool #AS3655,
4.50%, 10/1/44		487		457
Pool #AS6520,
3.50%, 1/1/46		1,030		902
Pool #AS7088,
2.50%, 5/1/31		1,076		972
Pool #AS7568,
4.50%, 7/1/46		618		580
Pool #AS8576,
4.50%, 12/1/46		744		698
Pool #AS8984,
4.50%, 3/1/47		592		556
Pool #BH6175,
3.50%, 7/1/47		410		359
Pool #BJ0686,
4.00%, 4/1/48		497		450
Pool #BJ3524,
4.00%, 11/1/47		1,038		941
Pool #BM1761,
4.00%, 8/1/44		175		160
Pool #BM1762,
3.00%, 11/1/45		2,029		1,734
Pool #BM1901,
3.00%, 6/1/45		2,309		1,974
Pool #BM4056,
4.00%, 3/1/45		516		473
Pool #BM5984,
5.00%, 5/1/49		121		116
Pool #BM5996,
5.00%, 12/1/48		80		77
Pool #BR4694,
2.00%, 3/1/51		2,457		1,875
Pool #BW9921,
5.00%, 10/1/52		1,372		1,299

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  160 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 37.5% (8)     continued
Fannie Mae – 20.0%     continued
Pool #BX4910,
5.00%, 1/1/53		$1,388		$1,310
Pool #BX7768,
5.00%, 3/1/53		1,348		1,272
Pool #CA6422,
3.00%, 7/1/50		1,428		1,189
Pool #CB2286,
2.50%, 12/1/51		1,239		993
Pool #FM1303,
3.00%, 1/1/48		1,942		1,642
Pool #FM1438,
3.00%, 8/1/38		412		369
Pool #FM1472,
3.50%, 3/1/34		38		36
Pool #FM1534,
4.50%, 9/1/49		963		901
Pool #FM1572,
3.00%, 9/1/48		630		533
Pool #FM2671,
4.00%, 1/1/48		330		301
Pool #FM2921,
2.50%, 4/1/50		1,541		1,235
Pool #FM3173,
3.50%, 7/1/47		1,564		1,386
Pool #FM3201,
3.50%, 4/1/34		727		696
Pool #FM3727,
3.00%, 7/1/50		1,415		1,179
Pool #FM4491,
3.50%, 12/1/36		2,462		2,262
Pool #FM5383,
4.00%, 6/1/45		1,832		1,677
Pool #FM6555,
2.00%, 4/1/51		1,532		1,171
Pool #FP0012,
3.00%, 8/1/51		955		802
Pool #FS1251,
3.50%, 4/1/52		5,556		4,804
Pool #FS2701,
2.50%, 2/1/35		1,047		954
Pool #FS3063,
4.50%, 10/1/52		1,198		1,103

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 37.5% (8)     continued
Fannie Mae – 20.0%     continued
Pool #FS3120,
5.00%, 9/1/52		$1,651		$1,559
Pool #FS3231,
2.00%, 3/1/52		2,636		2,042
Pool #FS3384,
4.50%, 10/1/50		1,534		1,435
Pool #FS3662,
5.00%, 1/1/53		1,151		1,086
Pool #FS4040,
5.00%, 2/1/53		1,273		1,202
Pool #FS4045,
5.50%, 2/1/53		1,178		1,139
Pool #FS4104,
6.00%, 3/1/53		1,208		1,194
Pool #FS4267,
4.50%, 3/1/38		1,222		1,180
Pool #FS4610,
6.50%, 6/1/40		566		586
Pool #FS4618,
4.50%, 2/1/51		1,077		1,000
Pool #FS4653,
5.50%, 5/1/53		853		825
Pool #FS4663,
5.00%, 5/1/53		1,292		1,220
Pool #FS4706,
6.00%, 7/1/41		1,281		1,295
Pool #FS4875,
6.00%, 5/1/53		1,234		1,220
Pool #FS5641,
6.00%, 8/1/53		1,247		1,233
Pool #MA0878,
4.00%, 10/1/31		356		331
Pool #MA2522,
3.50%, 2/1/46		1,293		1,135
Pool #MA2642,
3.50%, 6/1/46		1,456		1,276
Pool #MA2864,
3.50%, 1/1/47		819		720
Pool #MA3004,
4.00%, 5/1/37		344		315
Pool #MA3088,
4.00%, 8/1/47		640		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)
U.S. GOVERNMENT AGENCIES - 37.5% (8)     continued
Fannie Mae – 20.0%    continued
Pool #MA3183,
4.00%, 11/1/47		$1,596		$1,451
Pool #MA3184,
4.50%, 11/1/47		1,321		1,238
Pool #MA3211,
4.00%, 12/1/47		1,687		1,535
Pool #MA3448,
5.00%, 8/1/48		470		451
Pool #MA4186,
3.00%, 10/1/35		458		415
Pool #MA4305,
2.00%, 4/1/51		1,545		1,178
				76,831
Freddie Mac – 13.2%
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-156, Class A2,
4.43%, 2/25/33		340		319
Freddie Mac REMICS, Series 3013, Class HZ,
5.00%, 8/15/35		701		686
Pool #1B3575,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.80%, 1.80% Floor, 11.42% Cap), 6.05%, 9/1/37(9)		45		45
Pool #1G2296,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 2.09%, 2.09% Floor, 11.34% Cap), 4.34%, 11/1/37(9)		93		92
Pool #QF3725,
5.00%, 11/1/52		1,242		1,173
Pool #QF8053,
5.50%, 2/1/53		1,663		1,609
Pool #QF8924,
5.50%, 3/1/53		1,292		1,249
Pool #QG4632,
5.50%, 6/1/53		1,250		1,208
Pool #RA3913,
2.50%, 11/1/50		1,440		1,162
Pool #RA8880,
5.50%, 4/1/53		1,154		1,117

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 37.5% (8)     continued
Freddie Mac – 13.2%    continued
Pool #RD5026,
3.00%, 4/1/30		$404		$369
Pool #SB0084,
3.00%, 2/1/32		1,223		1,139
Pool #SB0216,
3.00%, 12/1/32		505		469
Pool #SB0328,
3.00%, 6/1/34		1,097		1,014
Pool #SB0826,
2.50%, 1/1/35		1,175		1,061
Pool #SB8502,
2.00%, 8/1/35		6,425		5,547
Pool #SD0033,
3.00%, 12/1/47		703		594
Pool #SD1360,
5.50%, 7/1/52		1,154		1,117
Pool #SD1518,
4.50%, 8/1/52		1,209		1,117
Pool #SD1694,
4.50%, 10/1/52		1,585		1,456
Pool #SD1703,
5.00%, 9/1/52		1,651		1,559
Pool #SD1710,
5.00%, 10/1/52		1,430		1,352
Pool #SD1959,
6.50%, 12/1/52		1,784		1,802
Pool #SD2334,
5.00%, 2/1/53		1,261		1,191
Pool #SD2342,
5.00%, 12/1/44		1,292		1,261
Pool #SD2477,
5.50%, 3/1/53		1,274		1,237
Pool #SD2511,
5.50%, 4/1/53		1,279		1,236
Pool #SD2642,
5.50%, 4/1/53		1,264		1,222
Pool #SD2665,
6.00%, 4/1/53		1,151		1,143
Pool #SD2757,
5.00%, 5/1/53		1,269		1,197
Pool #SD2876,
3.00%, 7/1/46		1,262		1,078

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  162 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 37.5% (8)     continued
Freddie Mac – 13.2%     continued
Pool #SD2902,
5.50%, 5/1/53		$859		$830
Pool #SD2920,
5.50%, 5/1/53		1,286		1,243
Pool #SD2922,
5.00%, 5/1/53		1,277		1,205
Pool #SD2999,
5.50%, 6/1/53		1,288		1,245
Pool #SD3133,
5.00%, 6/1/53		765		722
Pool #SD3136,
5.50%, 6/1/53		1,094		1,059
Pool #SD3174,
5.50%, 6/1/53		1,079		1,044
Pool #SD3571,
6.00%, 8/1/53		1,184		1,171
Pool #ZK7457,
3.50%, 2/1/29		1,164		1,124
Pool #ZM4714,
3.50%, 11/1/47		1,550		1,357
Pool #ZM5332,
3.00%, 1/1/48		561		472
Pool #ZS4687,
2.50%, 11/1/46		534		432
Pool #ZT1333,
2.50%, 10/1/31		2,083		1,881
				50,606
Freddie Mac Gold – 1.1%
Pool #A87842,
4.50%, 8/1/39		175		164
Pool #C00910,
7.50%, 1/1/30		55		57
Pool #G07068,
5.00%, 7/1/41		263		258
Pool #G08731,
2.50%, 11/1/46		1,138		922
Pool #G15612,
3.50%, 12/1/29		41		40
Pool #G16396,
3.50%, 2/1/33		833		784
Pool #G18643,
2.50%, 5/1/32		73		66

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 37.5% (8)     continued
Freddie Mac Gold – 1.1% continued
Pool #G60948,
3.00%, 1/1/47		$323		$273
Pool #G61723,
3.50%, 1/1/43		90		80
Pool #Q15842,
3.00%, 2/1/43		1,452		1,243
Pool #Q42460,
4.00%, 6/1/46		239		217
Pool #Q63667,
4.50%, 5/1/49		307		287
				4,391
Government National Mortgage Association – 0.2%
Government National Mortgage Association, Series 2017-95, Class QG,
2.50%, 8/20/46		875		773
Government National Mortgage Association I – 0.8%
Pool #757013,
3.50%, 12/15/40		1,090		979
Pool #786440,
4.50%, 9/15/47		960		914
Pool #786470,
5.00%, 11/15/40		1,216		1,187
				3,080
Government National Mortgage Association II – 2.2%
Pool #784801,
3.50%, 6/20/47		569		494
Pool #MA0089,
4.00%, 5/20/42		1,251		1,157
Pool #MA0782,
3.00%, 2/20/43		2,575		2,215
Pool #MA1996,
4.00%, 6/20/44		233		215
Pool #MA3666,
5.00%, 5/20/46		543		531
Pool #MA4008,
5.50%, 10/20/46		83		83
Pool #MA6870,
5.00%, 9/20/50		438		423
Pool #MA8346,
4.00%, 10/20/52		1,252		1,128
Pool #MA8724,
4.50%, 3/20/53		1,278		1,182

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)
U.S. GOVERNMENT AGENCIES - 37.5% (8)     continued
Government National Mortgage Association II – 2.2%     continued
Pool #MA8725,
5.00%, 3/20/53		$1,276		$1,210
				8,638
Total U.S. Government Agencies
(Cost $160,082)				144,319
U.S. GOVERNMENT OBLIGATIONS – 15.1%
U.S. Treasury Bonds – 8.1%
3.38%, 8/15/42		30,946		25,073
3.00%, 8/15/52		8,493		6,189
				31,262
U.S. Treasury Notes – 4.8%
4.50%, 11/30/24		10,800		10,692
4.00%, 2/15/26		3,230		3,162
4.13%, 7/31/28		1,900		1,859
3.50%, 2/15/33		2,989		2,742
				18,455
U.S. Treasury Strips – 2.2%
1.47%, 2/15/51(10)		29,423		8,274
Total U.S. Government Obligations
(Cost $70,778)				57,991
MUNICIPAL BONDS – 0.3%
Florida – 0.1%
Miami-Dade County Seaport Subordinate Taxable Revenue Refunding Bonds, Series B-3,
1.86%, 10/1/30		400		317
Texas – 0.2%
Texas Natural Gas Securitization Finance Corp. Taxable Customer Rate Relief Revenue Bonds,
5.10%, 4/1/35		1,000		981
Total Municipal Bonds
(Cost $1,400)				1,298
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 1.3%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(11) (12)		5,079,882		$5,080
Total Investment Companies
(Cost $5,080)				5,080

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.0%
U.S. Treasury Bill,
4.80%, 10/26/23(10) (13)		$140		$139
Total Short-Term Investments
(Cost $139)				139
Total Investments – 99.2%
(Cost $430,865)				381,362
Other Assets less Liabilities – 0.8%				3,166
NET ASSETS – 100.0%				$384,528

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽²⁾  Step coupon bond. Rate as of September 30, 2023 is disclosed.

⁽³⁾  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.

⁽⁴⁾  Variable or floating 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, 2023.

⁽⁵⁾  Perpetual bond. Maturity date represents next call date.

⁽⁶⁾  Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁷⁾  Principal Amount and Value rounds to less than one thousand.

⁽⁸⁾  The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽⁹⁾  Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

⁽¹⁰⁾  Discount rate at the time of purchase.

⁽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, 2023 is disclosed.

⁽¹³⁾  Security pledged as collateral to cover margin requirements for open futures contracts.

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

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  164 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2023, 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)
10-Year U.S. Treasury Note		(51)		$(5,511)		Short		12/23	$ 93
2-Year U.S. Treasury Note		54		10,946		Long		12/23	(24)
Total									$ 69

⁽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, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Asset-Backed Securities		5.4	%
Commercial Mortgage-Backed Securities		2.0	%
Corporate Bonds		29.5	%
Foreign Issuer Bonds		8.1	%
U.S. Government Agencies		37.5	%
U.S. Government Obligations		15.1	%
Municipal Bonds		0.3	%
Investment Companies		1.3	%
Short-Term Investments		0.0	%

⁽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).

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, 2023:

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Asset-backed securities(1)	$	—		$	20,643	$	—	$	20,643
Commercial Mortgage-Backed Securities		—			7,503		—		7,503
Corporate Bonds(1)		—			113,276		—		113,276
Foreign Issuer Bonds(1)		—			31,113		—		31,113
U.S. Government Agencies(1)		—			144,319		—		144,319
U.S. Government Obligations(1)		—			57,991		—		57,991
Municipal Bonds(1)		—			1,298		—		1,298
Investment Companies		5,080			—		—		5,080
Short-Term Investments		—			139		—		139
Total Investments	$	5,080		$	376,282	$	—	$	381,362
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts	$	93		$	—	$	—	$	93
Liabilities
Futures Contracts		(24	)		—		—		(24	)
Total Other Financial Instruments	$	69		$	—	$	—	$	69

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT    165 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

HIGH YIELD FIXED INCOME FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS – 81.3%
Advertising & Marketing – 0.5%
Advantage Sales & Marketing, Inc.,
6.50%, 11/15/28 (1)		$2,295		$1,976
CMG Media Corp.,
8.88%, 12/15/27 (1)		8,825		6,908
Outfront Media Capital LLC/Outfront Media Capital Corp.,
4.25%, 1/15/29 (1)		3,125		2,480
				11,364
Aerospace & Defense – 1.7%
Howmet Aerospace, Inc.,
6.88%, 5/1/25		4,035		4,051
Spirit AeroSystems, Inc.,
9.38%, 11/30/29 (1)		3,313		3,371
TransDigm, Inc.,
5.50%, 11/15/27		7,445		6,971
6.75%, 8/15/28 (1)		4,500		4,430
4.88%, 5/1/29		8,409		7,388
6.88%, 12/15/30 (1)		3,440		3,373
Triumph Group, Inc.,
7.75%, 8/15/25		8,650		8,218
9.00%, 3/15/28 (1)		4,270		4,222
				42,024
Asset Management – 1.0%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
5.25%, 5/15/27		6,840		6,012
4.38%, 2/1/29		5,880		4,702
NFP Corp.,
6.88%, 8/15/28 (1)		7,030		6,023
Osaic Holdings, Inc.,
10.75%, 8/1/27 (1)		7,950		7,996
				24,733
Automotive – 2.7%
American Axle & Manufacturing, Inc.,
6.88%, 7/1/28		3,475		3,154
Clarios Global L.P./Clarios U.S. Finance Co.,
6.75%, 5/15/28 (1)		3,315		3,236
Dana, Inc.,
4.25%, 9/1/30		2,870		2,303
Ford Motor Co.,
9.63%, 4/22/30		2,730		3,119
6.10%, 8/19/32		5,965		5,618

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Automotive – 2.7%     continued
4.75%, 1/15/43		$3,050		$2,226
Ford Motor Credit Co. LLC,
4.06%, 11/1/24		2,195		2,125
5.13%, 6/16/25		1,510		1,462
4.13%, 8/4/25		6,055		5,741
4.39%, 1/8/26		6,470		6,107
4.95%, 5/28/27		5,815		5,458
4.13%, 8/17/27		7,845		7,145
6.80%, 5/12/28		4,675		4,670
5.11%, 5/3/29		5,768		5,280
4.00%, 11/13/30		5,780		4,827
General Motors Financial Co., Inc.,
(Variable, ICE LIBOR USD 3M + 3.60%), 5.75%, 9/30/27 (2) (3)		2,990		2,408
				64,879
Beverages – 0.1%
Triton Water Holdings, Inc.,
6.25%, 4/1/29(1)		2,975		2,432
Biotechnology & Pharmaceuticals – 1.2%
Bausch Health Americas, Inc.,
8.50%, 1/31/27 (1)		6,390		3,243
Bausch Health Cos., Inc.,
6.13%, 2/1/27 (1)		2,830		1,760
5.00%, 1/30/28 (1)		4,775		1,945
4.88%, 6/1/28 (1)		4,465		2,539
7.25%, 5/30/29 (1)		3,490		1,396
5.25%, 1/30/30 (1)		9,870		3,705
Organon & Co./Organon Foreign Debt Co-Issuer B.V.,
5.13%, 4/30/31 (1)		6,090		4,880
Par Pharmaceutical, Inc.,
7.50%, 4/1/27 (1) (4)		8,813		6,257
Perrigo Finance Unlimited Co.,
4.65%, 6/15/30		3,520		3,001
				28,726
Cable & Satellite – 4.9%
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.00%, 2/1/28 (1)		21,067		19,132
6.38%, 9/1/29 (1)		2,970		2,769
4.75%, 2/1/32 (1)		13,745		10,996
4.50%, 6/1/33 (1)		9,505		7,273
4.25%, 1/15/34 (1)		4,741		3,491

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  166 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Cable & Satellite – 4.9%     continued
CSC Holdings LLC,
6.50%, 2/1/29 (1)		$11,835		$9,805
5.75%, 1/15/30 (1)		7,895		4,423
4.63%, 12/1/30 (1)		4,550		2,419
Directv Financing LLC/Directv Financing Co-Obligor, Inc.,
5.88%, 8/15/27 (1)		10,230		9,045
DISH DBS Corp.,
7.75%, 7/1/26		16,292		12,219
5.25%, 12/1/26 (1)		4,425		3,761
5.75%, 12/1/28 (1)		6,335		4,870
DISH Network Corp.,
11.75%, 11/15/27 (1)		2,565		2,584
GCI LLC,
4.75%, 10/15/28 (1)		2,435		2,100
LCPR Senior Secured Financing DAC,
6.75%, 10/15/27 (1)		5,093		4,678
Midcontinent Communications/Midcontinent Finance Corp.,
5.38%, 8/15/27 (1)		3,395		3,140
Radiate Holdco LLC/Radiate Finance, Inc.,
6.50%, 9/15/28 (1)		2,380		1,249
Sirius XM Radio, Inc.,
4.00%, 7/15/28 (1)		2,220		1,895
3.88%, 9/1/31 (1)		17,115		12,964
				118,813
Chemicals – 1.4%
ASP Unifrax Holdings, Inc.,
5.25%, 9/30/28 (1)		2,780		1,980
CVR Partners L.P./CVR Nitrogen Finance Corp.,
6.13%, 6/15/28 (1)		3,550		3,190
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,
9.00%, 7/1/28 (1)		4,335		4,094
LSB Industries, Inc.,
6.25%, 10/15/28 (1)		4,375		3,964
LSF11 A5 HoldCo LLC,
6.63%, 10/15/29 (1)		5,220		4,340
Mativ Holdings, Inc.,
6.88%, 10/1/26 (1)		7,345		6,702

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Chemicals – 1.4%     continued
Olympus Water U.S. Holding Corp.,
7.13%, 10/1/27 (1)		$4,000		$3,700
SK Invictus Intermediate II S.a.r.l.,
5.00%, 10/30/29 (1)		4,565		3,659
WR Grace Holdings LLC,
5.63%, 8/15/29 (1)		3,700		2,992
				34,621
Commercial Support Services – 2.0%
ADT Security (The) Corp.,
4.13%, 8/1/29 (1)		3,595		3,040
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
6.63%, 7/15/26 (1)		4,010		3,800
6.00%, 6/1/29 (1)		4,888		3,644
APX Group, Inc.,
6.75%, 2/15/27 (1)		5,835		5,603
5.75%, 7/15/29 (1)		4,530		3,817
Clean Harbors, Inc.,
6.38%, 2/1/31 (1)		1,975		1,920
Covanta Holding Corp.,
5.00%, 9/1/30		5,640		4,501
Prime Security Services Borrower LLC/Prime Finance, Inc.,
6.25%, 1/15/28 (1)		9,975		9,238
Stericycle, Inc.,
3.88%, 1/15/29 (1)		2,970		2,561
VT Topco, Inc.,
8.50%, 8/15/30 (1)		6,855		6,790
ZipRecruiter, Inc.,
5.00%, 1/15/30 (1)		3,900		3,062
				47,976
Construction Materials – 0.7%
Eco Material Technologies, Inc.,
7.88%, 1/31/27 (1)		6,595		6,287
Knife River Corp.,
7.75%, 5/1/31 (1)		2,325		2,330
Standard Industries, Inc.,
3.38%, 1/15/31 (1)		4,525		3,498
Summit Materials LLC/Summit Materials Finance Corp.,
6.50%, 3/15/27 (1)		5,508		5,377
				17,492

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  167 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

HIGH YIELD FIXED INCOME FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Consumer Services – 0.5%
PROG Holdings, Inc.,
6.00%, 11/15/29 (1)		$6,700		$5,846
StoneMor, Inc.,
8.50%, 5/15/29 (1)		6,425		5,284
				11,130
Containers & Packaging – 1.5%
Ardagh Packaging Finance PLC/Ardagh Holdings U.S.A., Inc.,
5.25%, 8/15/27 (1)		5,915		4,936
Ball Corp.,
2.88%, 8/15/30		10,065		7,975
Clydesdale Acquisition Holdings, Inc.,
6.63%, 4/15/29 (1)		2,985		2,775
Graham Packaging Co., Inc.,
7.13%, 8/15/28 (1)		6,300		5,278
Mauser Packaging Solutions Holding Co.,
7.88%, 8/15/26 (1)		4,545		4,385
9.25%, 4/15/27 (1)		2,767		2,419
Owens-Brockway Glass Container, Inc.,
7.25%, 5/15/31 (1)		3,335		3,260
Sealed Air Corp./Sealed Air Corp. U.S.,
6.13%, 2/1/28 (1)		5,245		5,080
				36,108
Electric Utilities – 1.5%
Calpine Corp.,
5.13%, 3/15/28		7,737		6,889
5.00%, 2/1/31 (1)		3,475		2,810
NRG Energy, Inc.,
5.75%, 1/15/28		7,915		7,421
3.88%, 2/15/32 (1)		4,247		3,188
Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,
4.50%, 8/15/28 (1)		3,545		3,079
Talen Energy Supply LLC,
8.63%, 6/1/30 (1)		3,330		3,414
Vistra Operations Co. LLC,
5.63%, 2/15/27 (1)		5,645		5,353
4.38%, 5/1/29 (1)		4,665		4,010
				36,164

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Electrical Equipment – 0.5%
Emerald Debt Merger Sub LLC,
6.63%, 12/15/30 (1)		$9,395		$9,044
WESCO Distribution, Inc.,
7.25%, 6/15/28 (1)		3,660		3,678
				12,722
Engineering & Construction – 0.5%
Brundage-Bone Concrete Pumping Holdings, Inc.,
6.00%, 2/1/26 (1)		6,925		6,587
Dycom Industries, Inc.,
4.50%, 4/15/29 (1)		3,815		3,300
VM Consolidated, Inc.,
5.50%, 4/15/29 (1)		3,900		3,510
				13,397
Entertainment Content – 1.1%
Allen Media LLC/Allen Media Co-Issuer, Inc.,
10.50%, 2/15/28 (1)		22,150		12,669
TEGNA, Inc.,
5.00%, 9/15/29		11,447		9,615
Univision Communications, Inc.,
7.38%, 6/30/30 (1)		4,110		3,756
				26,040
Food – 0.4%
Post Holdings, Inc.,
4.50%, 9/15/31 (1)		4,791		3,987
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,
4.63%, 3/1/29 (1)		5,950		4,881
				8,868
Forestry, Paper & Wood Products – 0.2%
Glatfelter Corp.,
4.75%, 11/15/29(1)		5,730		3,773
Health Care Facilities & Services – 4.3%
AdaptHealth LLC,
6.13%, 8/1/28 (1)		3,620		3,125
5.13%, 3/1/30 (1)		5,860		4,538
Catalent Pharma Solutions, Inc.,
3.50%, 4/1/30 (1)		5,976		4,920
CHS/Community Health Systems, Inc.,
6.88%, 4/15/29 (1)		4,420		2,347
6.13%, 4/1/30 (1)		6,360		3,236

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  168 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Health Care Facilities & Services – 4.3%     continued
5.25%, 5/15/30 (1)		$15,613		$11,869
DaVita, Inc.,
4.63%, 6/1/30 (1)		3,464		2,844
3.75%, 2/15/31 (1)		6,358		4,831
Encompass Health Corp.,
4.75%, 2/1/30		5,750		5,087
Fortrea Holdings, Inc.,
7.50%, 7/1/30 (1)		2,735		2,661
HealthEquity, Inc.,
4.50%, 10/1/29 (1)		6,430		5,539
IQVIA, Inc.,
5.00%, 10/15/26 (1)		5,413		5,175
LifePoint Health, Inc.,
5.38%, 1/15/29 (1)		3,585		2,503
9.88%, 8/15/30 (1)		9,540		9,236
10/15/30 (1) (5)		2,120		2,120
Prime Healthcare Services, Inc.,
7.25%, 11/1/25 (1)		6,315		5,839
Surgery Center Holdings, Inc.,
6.75%, 7/1/25 (1)		1,846		1,832
10.00%, 4/15/27 (1)		2,611		2,640
Tenet Healthcare Corp.,
6.13%, 10/1/28		5,078		4,767
4.38%, 1/15/30		20,202		17,376
Universal Health Services, Inc.,
2.65%, 10/15/30		3,380		2,634
				105,119
Home & Office Products – 0.5%
CD&R Smokey Buyer, Inc.,
6.75%, 7/15/25 (1)		4,550		4,384
Newell Brands, Inc.,
6.38%, 4/1/36		9,500		7,817
				12,201
Home Construction – 1.7%
Beazer Homes U.S.A., Inc.,
5.88%, 10/15/27		5,965		5,460
Forestar Group, Inc.,
5.00%, 3/1/28 (1)		2,552		2,291
Interface, Inc.,
5.50%, 12/1/28 (1)		3,475		2,954
KB Home,
7.25%, 7/15/30		4,225		4,150

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Home Construction – 1.7%     continued
LGI Homes, Inc.,
4.00%, 7/15/29 (1)		$6,185		$4,935
M/I Homes, Inc.,
3.95%, 2/15/30		8,355		6,801
MIWD Holdco II LLC/MIWD Finance Corp.,
5.50%, 2/1/30 (1)		2,340		1,933
PGT Innovations, Inc.,
4.38%, 10/1/29 (1)		9,225		8,506
Taylor Morrison Communities, Inc.,
5.13%, 8/1/30 (1)		4,305		3,762
				40,792
Household Products – 0.3%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC,
6.63%, 7/15/30 (1)		5,610		5,477
Edgewell Personal Care Co.,
5.50%, 6/1/28 (1)		2,155		1,991
				7,468
Industrial Intermediate Products – 0.9%
Anagram International, Inc./Anagram Holdings LLC,
10.00%, 8/15/26 (1) (6) (7)		2,842		1,975
Chart Industries, Inc.,
7.50%, 1/1/30 (1)		6,470		6,506
9.50%, 1/1/31 (1)		3,175		3,374
FXI Holdings, Inc.,
12.25%, 11/15/26 (1)		10,225		9,308
				21,163
Industrial Support Services – 0.9%
APi Group DE, Inc.,
4.13%, 7/15/29 (1)		3,260		2,739
NESCO Holdings II, Inc.,
5.50%, 4/15/29 (1)		3,660		3,212
PECF USS Intermediate Holding III Corp.,
8.00%, 11/15/29 (1)		7,895		4,283
Resideo Funding, Inc.,
4.00%, 9/1/29 (1)		7,090		5,825
United Rentals North America, Inc.,
3.75%, 1/15/32		8,275		6,676
				22,735

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    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Institutional Financial Services – 0.8%
Aretec Escrow Issuer, Inc.,
7.50%, 4/1/29 (1)		$3,167		$2,804
Armor Holdco, Inc.,
8.50%, 11/15/29 (1)		4,720		4,107
Coinbase Global, Inc.,
3.63%, 10/1/31 (1)		7,490		4,970
Jane Street Group/JSG Finance, Inc.,
4.50%, 11/15/29 (1)		9,825		8,442
				20,323
Insurance – 0.7%
Acrisure LLC/Acrisure Finance, Inc.,
4.25%, 2/15/29 (1)		4,590		3,857
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.,
7.63%, 10/15/25 (1) (7)		7,865		7,687
NMI Holdings, Inc.,
7.38%, 6/1/25 (1)		4,440		4,417
				15,961
Internet Media & Services – 1.1%
GrubHub Holdings, Inc.,
5.50%, 7/1/27 (1)		4,875		3,787
Millennium Escrow Corp.,
6.63%, 8/1/26 (1)		3,710		2,957
Newfold Digital Holdings Group, Inc.,
6.00%, 2/15/29 (1)		4,100		3,080
TripAdvisor, Inc.,
7.00%, 7/15/25 (1)		6,420		6,408
Uber Technologies, Inc.,
6.25%, 1/15/28 (1)		7,515		7,349
4.50%, 8/15/29 (1)		2,600		2,324
				25,905
Leisure Facilities & Services – 7.5%
Affinity Interactive,
6.88%, 12/15/27 (1)		4,160		3,527
AMC Entertainment Holdings, Inc.,
10.00%, 6/15/26 (1)		6,040		4,370
Boyne U.S.A., Inc.,
4.75%, 5/15/29 (1)		4,205		3,678
Caesars Entertainment, Inc.,
6.25%, 7/1/25 (1)		4,925		4,857
8.13%, 7/1/27 (1)		4,140		4,160
4.63%, 10/15/29 (1)		6,835		5,790

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Leisure Facilities & Services – 7.5%     continued
Carnival Corp.,
5.75%, 3/1/27 (1)		$8,550		$7,740
4.00%, 8/1/28 (1)		5,485		4,756
6.00%, 5/1/29 (1)		5,480		4,674
Carnival Holdings Bermuda Ltd.,
10.38%, 5/1/28 (1)		5,780		6,198
Carrols Restaurant Group, Inc.,
5.88%, 7/1/29 (1)		3,975		3,336
Everi Holdings, Inc.,
5.00%, 7/15/29 (1)		5,740		4,940
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
4.63%, 1/15/29 (1)		2,670		2,263
6.75%, 1/15/30 (1)		5,805		4,732
Full House Resorts, Inc.,
8.25%, 2/15/28 (1)		3,480		3,045
GPS Hospitality Holding Co. LLC/GPS Finco, Inc.,
7.00%, 8/15/28 (1)		6,940		4,766
Hilton Domestic Operating Co., Inc.,
3.75%, 5/1/29 (1)		7,330		6,339
International Game Technology PLC,
5.25%, 1/15/29 (1)		7,470		6,884
Jacobs Entertainment, Inc.,
6.75%, 2/15/29 (1)		4,225		3,750
Light & Wonder International, Inc.,
7.00%, 5/15/28 (1)		7,713		7,581
Lindblad Expeditions LLC,
6.75%, 2/15/27 (1)		7,935		7,429
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
4.88%, 5/1/29 (1)		4,475		3,810
NCL Corp. Ltd.,
5.88%, 3/15/26 (1)		6,758		6,239
5.88%, 2/15/27 (1)		4,455		4,236
8.38%, 2/1/28 (1)		3,160		3,205
NCL Finance Ltd.,
6.13%, 3/15/28 (1)		2,530		2,233
Penn Entertainment, Inc.,
4.13%, 7/1/29 (1)		3,125		2,554
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
5.88%, 9/1/31 (1)		2,270		1,674

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  170 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Leisure Facilities & Services – 7.5%     continued
Raptor Acquisition Corp./Raptor Co-Issuer LLC,
4.88%, 11/1/26 (1)		$3,220		$3,015
Royal Caribbean Cruises Ltd.,
5.50%, 8/31/26 (1)		14,325		13,521
11.63%, 8/15/27 (1)		4,825		5,235
7.25%, 1/15/30 (1)		2,590		2,567
Scientific Games Holdings L.P./Scientific Games U.S. FinCo, Inc.,
6.63%, 3/1/30 (1)		2,795		2,411
Station Casinos LLC,
4.50%, 2/15/28 (1)		3,775		3,293
Travel + Leisure Co.,
6.63%, 7/31/26 (1)		4,640		4,515
Viking Cruises Ltd.,
6.25%, 5/15/25 (1)		3,415		3,342
5.88%, 9/15/27 (1)		10,451		9,538
Yum! Brands, Inc.,
5.38%, 4/1/32		6,640		6,071
				182,274
Leisure Products – 0.5%
Acushnet Co.,
7.38%, 10/15/28 (1)		3,700		3,728
Thor Industries, Inc.,
4.00%, 10/15/29 (1)		6,950		5,725
Vista Outdoor, Inc.,
4.50%, 3/15/29 (1)		3,165		2,648
				12,101
Machinery – 1.0%
Amsted Industries, Inc.,
5.63%, 7/1/27 (1)		4,195		3,954
GrafTech Finance, Inc.,
4.63%, 12/15/28 (1)		4,575		3,538
Madison IAQ LLC,
4.13%, 6/30/28 (1)		4,965		4,285
5.88%, 6/30/29 (1)		3,340		2,689
Maxim Crane Works Holdings Capital LLC,
11.50%, 9/1/28 (1)		5,480		5,336
Titan International, Inc.,
7.00%, 4/30/28		5,600		5,234
				25,036

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Medical Equipment & Devices – 0.6%
Embecta Corp.,
5.00%, 2/15/30 (1)		$3,415		$2,664
Medline Borrower L.P.,
3.88%, 4/1/29 (1)		3,850		3,255
5.25%, 10/1/29 (1)		9,960		8,608
				14,527
Metals & Mining – 0.7%
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp.,
7.50%, 5/1/25 (1)		3,493		3,491
Coeur Mining, Inc.,
5.13%, 2/15/29 (1)		3,950		3,389
Constellium S.E.,
3.75%, 4/15/29 (1)		3,130		2,623
Kaiser Aluminum Corp.,
4.50%, 6/1/31 (1)		5,140		4,071
Novelis Corp.,
4.75%, 1/30/30 (1)		4,045		3,501
				17,075
Oil & Gas Producers – 9.5%
Apache Corp.,
4.25%, 1/15/30		2,870		2,551
5.10%, 9/1/40		5,135		4,079
Berry Petroleum Co. LLC,
7.00%, 2/15/26 (1)		10,135		9,707
California Resources Corp.,
7.13%, 2/1/26 (1)		4,835		4,859
CITGO Petroleum Corp.,
6.38%, 6/15/26 (1)		9,019		8,906
8.38%, 1/15/29 (1)		3,045		3,041
Civitas Resources, Inc.,
8.38%, 7/1/28 (1)		3,380		3,439
CNX Resources Corp.,
7.38%, 1/15/31 (1)		2,925		2,868
Comstock Resources, Inc.,
6.75%, 3/1/29 (1)		3,510		3,229
Crescent Energy Finance LLC,
9.25%, 2/15/28 (1)		5,460		5,574
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.,
5.63%, 5/1/27 (1)		8,066		7,731

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 - 81.3%     continued
Oil & Gas Producers – 9.5%     continued
CrownRock L.P./CrownRock Finance, Inc.,
5.00%, 5/1/29 (1)		$3,445		$3,228
CVR Energy, Inc.,
5.75%, 2/15/28 (1)		6,275		5,679
Delek Logistics Partners L.P./Delek Logistics Finance Corp.,
7.13%, 6/1/28 (1)		2,420		2,211
Earthstone Energy Holdings LLC,
8.00%, 4/15/27 (1)		4,990		5,107
Energy Ventures Gom LLC/EnVen Finance Corp.,
11.75%, 4/15/26 (1)		3,825		3,957
EnLink Midstream LLC,
6.50%, 9/1/30 (1)		2,970		2,881
EnLink Midstream Partners L.P.,
(Variable, CME Term SOFR 3M + 4.37%), 9.78%, 11/20/23 (3) (8)		5,899		5,294
EQM Midstream Partners L.P.,
4.50%, 1/15/29 (1)		2,145		1,909
7.50%, 6/1/30 (1)		3,000		3,013
4.75%, 1/15/31 (1)		6,885		5,926
FTAI Infra Escrow Holdings LLC,
10.50%, 6/1/27 (1)		7,670		7,632
Genesis Energy L.P./Genesis Energy Finance Corp.,
8.00%, 1/15/27		3,300		3,181
Global Partners L.P./GLP Finance Corp.,
6.88%, 1/15/29		3,945		3,672
Harvest Midstream I L.P.,
7.50%, 9/1/28 (1)		2,935		2,837
Hess Midstream Operations L.P.,
5.50%, 10/15/30 (1)		5,120		4,653
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/1/28 (1)		5,917		5,548
Holly Energy Partners L.P./Holly Energy Finance Corp.,
5.00%, 2/1/28 (1)		3,815		3,510
ITT Holdings LLC,
6.50%, 8/1/29 (1)		6,460		5,476
Martin Midstream Partners L.P./Martin Midstream Finance Corp.,
11.50%, 2/15/28 (1)		5,855		5,950

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Oil & Gas Producers – 9.5%     continued
Murphy Oil Corp.,
6.38%, 7/15/28		$4,685		$4,605
NGL Energy Operating LLC/NGL Energy Finance Corp.,
7.50%, 2/1/26 (1)		9,940		9,831
NGL Energy Partners L.P./NGL Energy Finance Corp.,
7.50%, 4/15/26		4,580		4,409
Northern Oil and Gas, Inc.,
8.13%, 3/1/28 (1)		3,825		3,820
NuStar Logistics L.P.,
6.00%, 6/1/26		4,360		4,230
PBF Holding Co. LLC/PBF Finance Corp.,
6.00%, 2/15/28		10,928		10,307
Plains All American Pipeline L.P.,
(Variable, CME Term SOFR 3M + 4.37%), 9.74%, 11/20/23 (3) (8)		4,205		3,968
Range Resources Corp.,
8.25%, 1/15/29		4,155		4,260
4.75%, 2/15/30 (1)		2,650		2,352
SM Energy Co.,
5.63%, 6/1/25		8,750		8,564
Southwestern Energy Co.,
5.38%, 2/1/29		10,595		9,758
Sunoco L.P./Sunoco Finance Corp.,
4.50%, 5/15/29		2,858		2,508
4.50%, 4/30/30		3,845		3,330
Venture Global LNG, Inc.,
8.38%, 6/1/31 (1)		13,773		13,540
Vital Energy, Inc.,
7.75%, 7/31/29 (1)		8,004		7,446
				230,576
Oil & Gas Services & Equipment – 1.8%
Nabors Industries Ltd.,
7.25%, 1/15/26 (1)		5,835		5,638
Nabors Industries, Inc.,
7.38%, 5/15/27 (1)		2,140		2,070
Oceaneering International, Inc.,
6.00%, 2/1/28		6,280		5,916
2/1/28 (1) (5)		4,295		4,046
Transocean Aquila Ltd.,
9/30/28 (1) (5)		2,220		2,220

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  172 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Oil & Gas Services & Equipment – 1.8%     continued
Transocean Poseidon Ltd.,
6.88%, 2/1/27 (1)		$5,336		$5,254
Transocean Titan Financing Ltd.,
8.38%, 2/1/28 (1)		1,290		1,313
Transocean, Inc.,
7.50%, 1/15/26		1,215		1,188
8.75%, 2/15/30 (1)		6,066		6,202
U.S.A. Compression Partners L.P./U.S.A. Compression Finance Corp.,
6.88%, 4/1/26		5,886		5,766
Weatherford International Ltd.,
6.50%, 9/15/28 (1)		4,065		4,065
				43,678
Publishing & Broadcasting – 2.4%
Beasley Mezzanine Holdings LLC,
8.63%, 2/1/26 (1)		9,215		5,913
Clear Channel Outdoor Holdings, Inc.,
5.13%, 8/15/27 (1)		5,365		4,764
7.75%, 4/15/28 (1)		3,160		2,523
7.50%, 6/1/29 (1)		2,765		2,114
Cumulus Media New Holdings, Inc.,
6.75%, 7/1/26 (1)		6,615		5,011
Gannett Holdings LLC,
6.00%, 11/1/26 (1)		3,395		2,916
Gray Escrow II, Inc.,
5.38%, 11/15/31 (1)		5,870		3,842
Gray Television, Inc.,
7.00%, 5/15/27 (1)		5,175		4,451
iHeartCommunications, Inc.,
8.38%, 5/1/27		3,245		2,328
5.25%, 8/15/27 (1)		3,810		3,019
McGraw-Hill Education, Inc.,
5.75%, 8/1/28 (1)		4,275		3,688
Nexstar Media, Inc.,
5.63%, 7/15/27 (1)		4,515		4,018
Townsquare Media, Inc.,
6.88%, 2/1/26 (1)		6,549		6,185
Urban One, Inc.,
7.38%, 2/1/28 (1)		7,935		6,804
				57,576

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS – 81.3%     continued
Real Estate Investment Trusts – 2.2%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL,
4.50%, 4/1/27 (1)		$5,660		$4,717
Diversified Healthcare Trust,
4.38%, 3/1/31		4,762		3,297
HAT Holdings I LLC/HAT Holdings II LLC,
6.00%, 4/15/25 (1)		4,420		4,301
IIP Operating Partnership L.P.,
5.50%, 5/25/26		4,310		3,844
Iron Mountain, Inc.,
4.88%, 9/15/29 (1)		8,469		7,423
5.25%, 7/15/30 (1)		9,665		8,444
Necessity Retail REIT (The), Inc./American Finance Operating Partner L.P.,
4.50%, 9/30/28 (1)		5,735		4,356
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
4.88%, 5/15/29 (1)		3,010		2,546
Service Properties Trust,
5.50%, 12/15/27		7,490		6,401
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC,
10.50%, 2/15/28 (1)		3,540		3,467
6.50%, 2/15/29 (1)		3,095		2,026
XHR L.P.,
6.38%, 8/15/25 (1)		2,100		2,062
				52,884
Real Estate Owners & Developers – 0.1%
Kennedy-Wilson, Inc.,
5.00%, 3/1/31		4,160		3,035
Retail - Consumer Staples – 0.3%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,
4.63%, 1/15/27 (1)		4,380		4,136
5.88%, 2/15/28 (1)		4,375		4,211
				8,347
Retail - Discretionary – 4.1%
Academy Ltd.,
6.00%, 11/15/27 (1)		6,180		5,841

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 - 81.3%     continued
Retail - Discretionary – 4.1%     continued
Bath & Body Works, Inc.,
9.38%, 7/1/25 (1)		$1,225		$1,274
5.25%, 2/1/28		2,225		2,059
6.63%, 10/1/30 (1)		4,390		4,116
6.75%, 7/1/36		7,830		6,860
Carvana Co.,
12.00%, 12/1/28 (1) (7)		766		602
13.00%, 6/1/30 (1) (7)		1,149		896
14.00%, 6/1/31 (1) (7)		1,360		1,064
Evergreen Acqco 1 L.P./TVI, Inc.,
9.75%, 4/26/28 (1)		7,647		7,873
Ken Garff Automotive LLC,
4.88%, 9/15/28 (1)		6,680		5,705
LBM Acquisition LLC,
6.25%, 1/15/29 (1)		2,805		2,300
LCM Investments Holdings II LLC,
4.88%, 5/1/29 (1)		8,590		7,303
LSF9 Atlantis Holdings LLC/Victra Finance Corp.,
7.75%, 2/15/26 (1)		9,080		8,245
Macy’s Retail Holdings LLC,
5.88%, 3/15/30 (1)		2,925		2,480
4.50%, 12/15/34		5,540		3,748
Metis Merger Sub LLC,
6.50%, 5/15/29 (1)		4,560		3,852
Michaels (The) Cos., Inc.,
5.25%, 5/1/28 (1)		3,145		2,510
7.88%, 5/1/29 (1)		2,430		1,586
NMG Holding Co., Inc./Neiman Marcus Group LLC,
7.13%, 4/1/26 (1)		3,060		2,871
Patrick Industries, Inc.,
7.50%, 10/15/27 (1)		4,880		4,673
4.75%, 5/1/29 (1)		3,300		2,755
PetSmart, Inc./PetSmart Finance Corp.,
4.75%, 2/15/28 (1)		1,400		1,226
7.75%, 2/15/29 (1)		3,705		3,453
Sonic Automotive, Inc.,
4.63%, 11/15/29 (1)		2,225		1,844
4.88%, 11/15/31 (1)		3,380		2,691
Staples, Inc.,
7.50%, 4/15/26 (1)		10,341		8,504

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Retail - Discretionary – 4.1%     continued
Victoria’s Secret & Co.,
4.63%, 7/15/29 (1)		$5,550		$4,023
				100,354
Semiconductors – 0.2%
Coherent Corp.,
5.00%, 12/15/29(1)		4,371		3,790
Software – 1.4%
AthenaHealth Group, Inc.,
6.50%, 2/15/30 (1)		3,930		3,288
Capstone Borrower, Inc.,
8.00%, 6/15/30 (1)		3,335		3,256
Castle U.S. Holding Corp.,
9.50%, 2/15/28 (1)		4,390		2,354
Central Parent, Inc./CDK Global, Inc.,
7.25%, 6/15/29 (1)		2,995		2,904
Cloud Software Group, Inc.,
6.50%, 3/31/29 (1)		8,470		7,490
9.00%, 9/30/29 (1)		6,510		5,657
GoTo Group, Inc.,
5.50%, 9/1/27 (1)		6,655		3,698
McAfee Corp.,
7.38%, 2/15/30 (1)		4,770		3,993
Rocket Software, Inc.,
6.50%, 2/15/29 (1)		2,250		1,856
				34,496
Specialty Finance – 6.1%
Ally Financial, Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.87%), 4.70%, 5/15/26 (2) (3)		4,150		2,848
(Variable, U.S. Treasury Yield Curve Rate CMT 7Y + 3.48%), 4.70%, 5/15/28 (2) (3)		1,610		1,008
Burford Capital Global Finance LLC,
6.88%, 4/15/30 (1)		9,064		8,325
9.25%, 7/1/31 (1)		4,760		4,829
Credit Acceptance Corp.,
6.63%, 3/15/26		6,648		6,409
Curo Group Holdings Corp.,
7.50%, 8/1/28 (1)		15,380		3,614
Discover Financial Services,
(Variable, CME Term SOFR 3M + 3.34%), 5.50%, 10/30/27 (2) (3)		6,575		4,774

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  174 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Specialty Finance – 6.1%     continued
Enova International, Inc.,
8.50%, 9/15/25 (1)		$8,985		$8,783
FirstCash, Inc.,
4.63%, 9/1/28 (1)		6,020		5,334
5.63%, 1/1/30 (1)		5,645		5,079
Fortress Transportation and Infrastructure Investors LLC,
9.75%, 8/1/27 (1)		7,430		7,685
Freedom Mortgage Corp.,
12.25%, 10/1/30 (1)		5,265		5,382
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
5.00%, 8/15/28 (1)		7,870		6,627
Jefferson Capital Holdings LLC,
6.00%, 8/15/26 (1)		11,965		10,584
JPR Royalty Sub LLC,
14.00%, 9/1/20 (6) (9) (10)		8,000		—
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
4.25%, 2/1/27 (1)		9,315		8,147
LFS Topco LLC,
5.88%, 10/15/26 (1)		7,115		6,095
Midcap Financial Issuer Trust,
6.50%, 5/1/28 (1)		3,565		3,077
Nationstar Mortgage Holdings, Inc.,
5.13%, 12/15/30 (1)		4,275		3,471
Navient Corp.,
5.00%, 3/15/27		11,240		10,103
OneMain Finance Corp.,
5.38%, 11/15/29		11,280		9,447
4.00%, 9/15/30		4,740		3,557
PennyMac Financial Services, Inc.,
5.75%, 9/15/31 (1)		2,125		1,738
PRA Group, Inc.,
7.38%, 9/1/25 (1)		7,375		7,182
Provident Funding Associates L.P./PFG Finance Corp.,
6.38%, 6/15/25 (1)		3,607		3,210
United Wholesale Mortgage LLC,
5.50%, 4/15/29 (1)		2,355		1,990
Voyager Aviation Holdings LLC,
8.50%, 5/9/26 (1) (6) (9)		5,679		4,543

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Specialty Finance – 6.1%     continued
World Acceptance Corp.,
7.00%, 11/1/26 (1)		$5,900		$5,022
				148,863
Steel – 0.3%
Carpenter Technology Corp.,
6.38%, 7/15/28		4,710		4,543
TMS International Corp.,
6.25%, 4/15/29 (1)		2,355		1,947
United States Steel Corp.,
6.88%, 3/1/29		1,069		1,051
				7,541
Technology Hardware – 2.1%
CommScope, Inc.,
6.00%, 3/1/26 (1)		2,120		1,978
7.13%, 7/1/28 (1)		3,610		2,160
Imola Merger Corp.,
4.75%, 5/15/29 (1)		5,800		5,083
Likewize Corp.,
9.75%, 10/15/25 (1)		7,090		7,021
NCR Atleos Escrow Corp.,
9.50%, 4/1/29 (1)		5,250		5,078
NCR Corp.,
6.13%, 9/1/29 (1)		8,325		8,537
Seagate HDD Cayman,
8.25%, 12/15/29 (1)		3,435		3,528
3.38%, 7/15/31		2,680		1,867
TTM Technologies, Inc.,
4.00%, 3/1/29 (1)		3,910		3,243
Viasat, Inc.,
5.63%, 4/15/27 (1)		6,760		5,857
6.50%, 7/15/28 (1)		5,390		3,733
Viavi Solutions, Inc.,
3.75%, 10/1/29 (1)		3,525		2,865
				50,950
Technology Services – 1.5%
Acuris Finance U.S., Inc./Acuris Finance S.a.r.l.,
5.00%, 5/1/28 (1)		4,045		3,327
Ahead DB Holdings LLC,
6.63%, 5/1/28 (1)		1,815		1,533
CPI CG, Inc.,
8.63%, 3/15/26 (1)		5,689		5,605

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 - 81.3%     continued
Technology Services – 1.5%     continued
GTCR W-2 Merger Sub LLC,
1/15/31 (1) (5)		$7,475		$7,485
Neptune Bidco U.S., Inc.,
9.29%, 4/15/29 (1)		7,930		7,179
Sabre GLBL, Inc.,
8.63%, 6/1/27 (1)		5,351		4,537
Vericast Corp.,
11.00%, 9/15/26 (1)		3,180		3,323
Virtusa Corp.,
7.13%, 12/15/28 (1)		2,880		2,326
				35,315
Telecommunications – 1.9%
Cablevision Lightpath LLC,
5.63%, 9/15/28 (1)		2,410		1,849
Frontier Communications Holdings LLC,
5.88%, 10/15/27 (1)		6,230		5,666
6.75%, 5/1/29 (1)		6,055		4,659
8.75%, 5/15/30 (1)		2,895		2,749
Hughes Satellite Systems Corp.,
6.63%, 8/1/26		4,180		3,574
Level 3 Financing, Inc.,
4.25%, 7/1/28 (1)		5,660		3,526
3.75%, 7/15/29 (1)		5,425		3,032
3.88%, 11/15/29 (1)		3,325		3,063
10.50%, 5/15/30 (1)		7,671		7,722
Lumen Technologies, Inc.,
4.00%, 2/15/27 (1)		3,325		2,189
Windstream Escrow LLC/Windstream Escrow Finance Corp.,
7.75%, 8/15/28 (1)		6,325		5,027
Zayo Group Holdings, Inc.,
6.13%, 3/1/28 (1)		4,540		2,918
				45,974
Tobacco & Cannabis – 0.3%
Vector Group Ltd.,
5.75%, 2/1/29(1)		9,575		8,139
Transportation & Logistics – 2.9%
Allegiant Travel Co.,
7.25%, 8/15/27 (1)		4,175		3,930
American Airlines Group, Inc.,
3.75%, 3/1/25 (1)		7,703		7,297
American Airlines, Inc.,
7.25%, 2/15/28 (1)		2,605		2,491

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 81.3%     continued
Transportation & Logistics – 2.9%     continued
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 4/20/26 (1)		$6,664		$6,509
5.75%, 4/20/29 (1)		7,270		6,761
Cargo Aircraft Management, Inc.,
4.75%, 2/1/28 (1)		9,750		8,705
First Student Bidco, Inc./First Transit Parent, Inc.,
4.00%, 7/31/29 (1)		6,510		5,507
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
5.75%, 1/20/26 (1)		7,555		6,798
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
6.50%, 6/20/27 (1)		4,241		4,202
United Airlines, Inc.,
4.63%, 4/15/29 (1)		7,540		6,481
XPO Escrow Sub LLC,
7.50%, 11/15/27 (1)		2,990		3,023
XPO, Inc.,
6.25%, 6/1/28 (1)		8,185		7,919
				69,623
Transportation Equipment – 0.3%
Allison Transmission, Inc.,
5.88%, 6/1/29 (1)		4,850		4,573
Trinity Industries, Inc.,
7.75%, 7/15/28 (1)		2,020		2,033
				6,606
Total Corporate Bonds
(Cost $2,238,328)				1,971,689
FOREIGN ISSUER BONDS – 14.9%
Aerospace & Defense – 0.5%
Bombardier, Inc.,
6.00%, 2/15/28 (1)		3,585		3,252
7.50%, 2/1/29 (1)		3,180		3,018
Rolls-Royce PLC,
5.75%, 10/15/27 (1)		6,665		6,431
				12,701
Automotive – 0.5%
IHO Verwaltungs GmbH,
6.00%, (100% Cash), 5/15/27 (1) (7)		6,780		6,294

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  176 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 14.9%     continued
Automotive – 0.5%     continued
ZF North America Capital, Inc.,
7.13%, 4/14/30 (1)		$5,940		$5,820
				12,114
Banking – 1.8%
Banco Bilbao Vizcaya Argentaria S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.10%), 9.38%, 3/19/29 (2) (3)		4,580		4,544
Barclays PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.67%), 8.00%, 6/15/24 (2) (3)		8,240		8,102
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28 (2) (3)		4,340		3,012
BNP Paribas S.A.,
(Variable, USD Swap 5Y + 5.15%), 7.38%, 8/19/25 (1) (2) (3)		5,620		5,496
Credit Agricole S.A.,
(Variable, USD Swap 5Y + 4.90%), 7.88%, 1/23/24 (1) (2) (3)		4,303		4,271
Deutsche Bank A.G.,
(Variable, USD Swap 5Y + 5.00%), 7.50%, 4/30/25 (2) (3)		4,670		4,088
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.52%), 6.00%, 10/30/25 (2) (3)		3,915		3,056
ING Groep N.V.,
(Variable, USD Swap 5Y + 4.45%), 6.50%, 4/16/25 (2) (3)		2,786		2,626
NatWest Group PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.10%), 4.60%, 6/28/31 (2) (3)		3,570		2,363
Swedbank AB,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.59%), 7.63%, 3/17/28 (2) (3) (11)		7,675		7,152
				44,710
Biotechnology & Pharmaceuticals – 0.6%
Cheplapharm Arzneimittel GmbH,
5.50%, 1/15/28 (1)		7,567		6,866

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 14.9%     continued
Biotechnology & Pharmaceuticals – 0.6%     continued
Teva Pharmaceutical Finance Netherlands III B.V.,
6.75%, 3/1/28		$3,675		$3,609
7.88%, 9/15/29		4,570		4,629
				15,104
Cable & Satellite – 0.8%
Altice Financing S.A.,
5.00%, 1/15/28 (1)		6,000		5,124
5.75%, 8/15/29 (1)		7,260		5,950
VTR Comunicaciones S.p.A.,
4.38%, 4/15/29 (1)		3,425		1,887
Ziggo Bond Co. B.V.,
6.00%, 1/15/27 (1)		7,570		6,930
				19,891
Chemicals – 0.4%
Methanex Corp.,
5.13%, 10/15/27		4,570		4,215
Nufarm Australia Ltd./Nufarm Americas, Inc.,
5.00%, 1/27/30 (1)		4,010		3,539
SNF Group SACA,
3.38%, 3/15/30 (1)		1,250		1,009
				8,763
Containers & Packaging – 0.1%
ARD Finance S.A.,
6.50%, 6/30/27(1) (7)		3,330		2,512
Electric Utilities – 0.4%
Atlantica Sustainable Infrastructure PLC,
4.13%, 6/15/28 (1)		3,675		3,171
Drax Finco PLC,
6.63%, 11/1/25 (1)		7,147		6,838
				10,009
Electrical Equipment – 0.1%
TK Elevator Holdco GmbH,
7.63%, 7/15/28(1)		3,215		2,926
Food – 0.7%
Minerva Luxembourg S.A.,
4.38%, 3/18/31 (1)		4,000		3,095
NBM U.S. Holdings, Inc.,
7.00%, 5/14/26 (1)		8,250		8,181

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)
FOREIGN ISSUER BONDS - 14.9%     continued
Food – 0.7%     continued
Sigma Holdco B.V.,
7.88%, 5/15/26 (1)		$6,205		$5,201
				16,477
Household Products – 0.1%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,
5.00%, 12/31/26(1)		3,590		3,271
Insurance – 0.6%
Ardonagh Midco 2 PLC,
11.50%, (100% Cash), 1/15/27 (1) (7)		10,913		10,667
Jones Deslauriers Insurance Management, Inc.,
10.50%, 12/15/30 (1)		3,775		3,841
				14,508
Leisure Facilities & Services – 1.0%
1011778 B.C. ULC/New Red Finance, Inc.,
4.00%, 10/15/30 (1)		4,880		4,055
Allwyn Entertainment Financing UK PLC,
7.88%, 4/30/29 (1)		3,590		3,626
Melco Resorts Finance Ltd.,
5.63%, 7/17/27 (1)		7,925		7,084
Studio City Finance Ltd.,
5.00%, 1/15/29 (1)		7,105		5,341
Wynn Macau Ltd.,
5.50%, 10/1/27 (1)		4,442		3,964
				24,070
Machinery – 0.3%
Husky III Holding Ltd.,
13.00%, (100% Cash), 2/15/25(1) (7)		6,280		6,217
Metals & Mining – 0.6%
First Quantum Minerals Ltd.,
6.88%, 10/15/27 (1)		6,365		6,106
FMG Resources Pty. Ltd., Series 2006,
4.38%, 4/1/31 (1)		7,495		6,167
Taseko Mines Ltd.,
7.00%, 2/15/26 (1)		3,650		3,410
				15,683
Oil & Gas Producers – 1.0%
Baytex Energy Corp.,
8.50%, 4/30/30 (1)		3,330		3,369

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 14.9%     continued
Oil & Gas Producers – 1.0%     continued
eG Global Finance PLC,
6.75%, 2/7/25 (1)		$6,060		$5,954
MEG Energy Corp.,
5.88%, 2/1/29 (1)		4,480		4,184
Parkland Corp.,
4.50%, 10/1/29 (1)		5,890		5,044
Strathcona Resources Ltd.,
6.88%, 8/1/26 (1)		4,990		4,703
				23,254
Oil & Gas Services & Equipment – 0.6%
Seadrill Finance Ltd.,
8.38%, 8/1/30 (1)		6,900		7,025
Shelf Drilling Holdings Ltd.,
8.88%, 11/15/24 (1)		4,375		4,375
4/15/29 (1) (5)		3,670		3,632
				15,032
Publishing & Broadcasting – 0.2%
Clear Channel International B.V.,
6.63%, 8/1/25(1)		4,960		4,904
Semiconductors – 0.3%
ams-OSRAM A.G.,
7.00%, 7/31/25(1)		7,335		7,232
Software – 0.4%
Open Text Holdings, Inc.,
4.13%, 2/15/30(1)		11,205		9,374
Specialty Finance – 0.1%
AerCap Holdings N.V.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.54%), 5.88%, 10/10/79(2)		3,685		3,584
Technology Services – 0.7%
CA Magnum Holdings,
5.38%, 10/31/26 (1)		4,820		4,266
ION Trading Technologies S.a.r.l.,
5.75%, 5/15/28 (1)		4,365		3,806
Sixsigma Networks Mexico S.A. de C.V.,
7.50%, 5/2/25 (1)		10,270		9,029
				17,101
Telecommunications – 2.4%
Altice France Holding S.A.,
10.50%, 5/15/27 (1)		9,215		5,747

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  178 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 14.9%     continued
Telecommunications – 2.4%     continued
Altice France S.A.,
5.13%, 7/15/29 (1)		$5,985		$4,255
5.50%, 10/15/29 (1)		8,455		6,080
C&W Senior Financing DAC,
6.88%, 9/15/27 (1)		5,411		4,758
Connect Finco S.a.r.l./Connect U.S. Finco LLC,
6.75%, 10/1/26 (1)		9,035		8,427
Iliad Holding SASU,
7.00%, 10/15/28 (1)		3,825		3,482
Telecom Italia Capital S.A.,
6.38%, 11/15/33		6,561		5,689
Telesat Canada/Telesat LLC,
5.63%, 12/6/26 (1)		5,475		3,764
6.50%, 10/15/27 (1)		11,475		5,852
Vmed O2 UK Financing I PLC,
4.25%, 1/31/31 (1)		6,460		5,144
4.75%, 7/15/31 (1)		5,040		4,072
				57,270
Transportation & Logistics – 0.7%
Air Canada,
3.88%, 8/15/26 (1)		3,068		2,784
VistaJet Malta Finance PLC/Vista Management Holding, Inc.,
7.88%, 5/1/27 (1)		3,310		2,851
6.38%, 2/1/30 (1)		13,200		10,195
				15,830
Total Foreign Issuer Bonds
(Cost $407,111)				362,537
TERM LOANS – 0.6%
Biotechnology & Pharmaceuticals – 0.6%
Alvogen Pharma U.S., Inc., June 2022 Loan,
(Floating, CME Term SOFR USD 3M + 7.50%, 1.00% Floor), 13.04%, 12/29/23(8)		16,951		15,426
Total Term Loans
(Cost $16,946)				15,426

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 0.0%
Passenger Airlines – 0.0%
Voyager Aviation Holdings LLC(9) (10) *		2,621		$—
Total Common Stocks
(Cost $3)				—
PREFERRED STOCKS – 0.0%
Specialized Finance – 0.0%
Cayenne Aviation LLC(9) (10) *		15,725		—
Total Preferred Stocks
(Cost $1,572)				—
INVESTMENT COMPANIES – 2.5%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(12) (13)		59,342,460		59,342
Total Investment Companies
(Cost $59,342)				59,342
Total Investments – 99.3%
(Cost $2,723,302)				2,408,994
Other Assets less Liabilities – 0.7%				16,889
NET ASSETS – 100.0%				$2,425,883

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽²⁾ Variable or floating 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, 2023.

⁽³⁾ Perpetual bond. Maturity date represents next call date.

⁽⁴⁾ Issuer has defaulted on terms of debt obligation.

⁽⁵⁾  When-Issued Security. Coupon rate is not in effect at September 30, 2023.

⁽⁶⁾  Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁷⁾ Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁸⁾ Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

⁽⁹⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of these restricted illiquid securities amounted to approximately $4,543,000 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		$1,572
JPR Royalty Sub LLC, 14.00%, 9/1/20	3/10/11		8,000
Voyager Aviation Holdings LLC	5/18/21		3

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	SEPTEMBER 30, 2023 (UNAUDITED)

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)
Voyager Aviation Holdings LLC, 8.50%, 5/9/26	5/18/21		$5,391

⁽¹⁰⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽¹¹⁾ 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.

⁽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, 2023 is disclosed.

* Non-Income Producing Security

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

3M - 3 Month

5Y - 5 Year

7Y - 7 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Corporate Bonds		81.3	%
Foreign Issuer Bonds		14.9	%
Term Loans		0.6	%
Investment Companies		2.5	%

⁽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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Corporate Bonds(1)		$       —		$1,971,689		$—		$1,971,689
Foreign Issuer Bonds(1)		—		362,537		—		362,537
Term Loans		—		15,426		—		15,426
Investment Companies		59,342		—		—		59,342
Total Investments		$59,342		$2,349,652		$—		$2,408,994

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  180 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
HIGH YIELD MUNICIPAL FUND		SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS – 0.4%
Consumer Services – 0.2%
Grand Canyon University,
5.13%, 10/1/28		$500		$454
Real Estate Owners & Developers – 0.2%
Benloch Ranch Improvement Association No. 2,
10.00%, 12/1/51(1) (2) (3)		1,000		741
Total Corporate Bonds
(Cost $1,477)				1,195
MUNICIPAL BONDS – 95.0%
Alabama – 0.9%
Hoover IDB Environmental Improvement Revenue Bonds (AMT), United States Steel Corp.,
5.75%, 10/1/49		1,000		978
Lower Alabama Gas District Gas Project Revenue Bonds, Series A,
5.00%, 9/1/46		2,000		1,903
				2,881
Arizona – 6.3%
Arizona State IDA Economic Development Revenue Bonds, Legacy Cares, Inc., Project,
7.75%, 7/1/50(4)		2,000		120
Arizona State IDA Economic Development Revenue Bonds, Series A, Legacy Cares, Inc., Project,
5.50%, 7/1/31(4)		100		6
6.00%, 7/1/51(4)		400		24
Arizona State IDA Education Revenue Bonds, Candeo Schools, Inc., Project (School District Credit Program),
4.00%, 7/1/47		700		562
Arizona State IDA Education Revenue Bonds, Odyssey Preparatory Academy Project,
4.38%, 7/1/39		1,000		833
5.00%, 7/1/49		1,000		842
Arizona State IDA Education Revenue Bonds, Pinecrest Academy of Northern,
4.50%, 7/15/29(1)		1,800		1,711

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Arizona – 6.3% continued
Arizona State IDA Education Revenue Bonds, Series A, Cadence Campus Project,
4.00%, 7/15/50		$1,000		$732
Glendale IDA Senior Living Facilities Revenue Bonds, Royal Oaks Inspirata Pointe Project,
5.00%, 5/15/56		1,000		801
La Paz County IDA Education Facility Lease Revenue Bonds, Charter School Solutions-Harmony Public Schools,
5.00%, 2/15/36		1,400		1,367
5.00%, 2/15/46		3,500		3,108
Maricopa County IDA Education Revenue Refunding Bonds, Choice Academies, Inc., Project,
5.75%, 9/1/45		2,300		2,120
Maricopa County IDA Educational Revenue Bonds, Arizona Autism Chart Schools Project,
5.00%, 7/1/50		750		649
Maricopa County IDA Exempt Facilities Revenue Bonds (AMT), Commercial Metals Company,
4.00%, 10/15/47		1,000		806
Phoenix IDA Education Facility Revenue Refunding Bonds, Great Hearts Academies,
5.00%, 7/1/46		2,650		2,336
Phoenix IDA Hotel Senior Lien Revenue Bonds, Falcon Properties LLC Project,
4.00%, 12/1/51(1)		2,500		1,710
Tempe IDA Revenue Bonds, Friendship Village of Tempe Project,
5.00%, 12/1/50		1,500		1,219
Tempe IDA Revenue Refunding Bonds, Friendship Village Project,
4.00%, 12/1/46		1,000		708
				19,654
Arkansas – 0.3%
Arkansas Development Finance Authority Environmental Revenue Bonds (AMT), Green Bonds,
5.45%, 9/1/52		1,000		930

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  181 
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 – 12.9%
Antelope Valley Healthcare District, Revenue Refunding Bonds, Series A,
5.25%, 3/1/36		$1,020		$1,013
California Community Housing Agency Essential Housing Revenue Bonds, Summit at Sausalito Apartments,
4.00%, 2/1/50(1)		1,000		696
California Community Housing Agency Essential Housing Revenue Bonds, Verdant at Green Valley Project,
5.00%, 8/1/49(1)		2,000		1,744
California Community Housing Agency Essential Housing Subordinate Revenue Bonds, Series A, Glendale Properties,
4.00%, 8/1/47		1,000		741
California County Tobacco Securitization Agency Tobacco Settlement Revenue Refunding Bonds, Merced County Tobacco Funding,
5.00%, 6/1/50		500		468
California PFA Educational Facilities Revenue Bonds, Crossroads Christian Schools Project,
5.00%, 1/1/56		500		379
California PFA Senior Living Revenue Bonds, Enso Village Project, Green Bonds,
5.00%, 11/15/56		245		199
California State Community College Financing Authority Student Housing Revenue Bonds, Series A, Napa Valley College Project,
5.75%, 7/1/60		2,000		1,870
California State Municipal Finance Authority Educational Revenue Bonds, Stream Charter School Project,
5.00%, 6/15/51		1,000		844
California State Municipal Finance Authority MFH Sustainability Revenue Bonds, Cityview,
4.00%, 11/1/36(1)		1,500		1,307
California State Municipal Finance Authority Senior Lien Revenue Bonds (AMT), LINXS APM Project,
5.00%, 12/31/43		5,000		4,900

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
California – 12.9%     continued
California State Municipal Finance Authority Special Facility Revenue Bonds (AMT), United Airlines, Inc., Project,
4.00%, 7/15/29		$3,000		$2,871
California State Municipal Finance Authority Special TRB, Community Facilities District No. 2021-11 Otay Ranch,
5.00%, 9/1/52		1,000		944
California State Municipal Finance Authority Student Housing Revenue Bonds, Series A, Claremont Collegiate Project,
5.00%, 7/1/52(1)		1,000		833
California State Pollution Control Financing Authority Solid Waste Disposal Subordinate Green Revenue Bonds (AMT), Calplant I Project,
7.50%, 12/1/39(4)		3,000		150
California State Pollution Control Financing Authority Water Furnishing Revenue Refunding Bonds, San Diego County Water Authority,
5.00%, 11/21/45		1,000		970
California State School Finance Authority Charter School Revenue Bonds, River Springs Charter School,
5.00%, 7/1/42		2,215		1,963
CSCDA College Housing Revenue Bonds, NCCD-Hooper Street, LLC-California College,
5.25%, 7/1/49(5)		1,700		1,526
CSCDA Community Improvement Authority Essential Housing Mezzanine Revenue Bonds, Crescent West Hollywood,
5.50%, 7/1/59		1,000		788
CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Altana Glendale Social Bonds,
4.00%, 10/1/56		1,000		694
CSCDA Community Improvement Authority Essential Housing Revenue Bonds, Series A,
5.00%, 1/1/54		1,500		1,114

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  182 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
California – 12.9%     continued
CSCDA Community Improvement Authority Essential Housing Senior Revenue Bonds, Crescent West Hollywood,
4.30%, 7/1/59		$500		$377
CSCDA Revenue Refunding Bonds, Series A, California Baptist University,
5.00%, 11/1/32		500		497
5.00%, 11/1/41		1,000		915
CSCDA Special TRB, Community Facilities District No. 2016-02 Delta Coves,
4.00%, 9/1/50		1,000		770
CSCDA Special TRB, Delta Coves,
5.50%, 9/1/52		1,000		930
CSCDA Special TRB, Improvement Area No. 1,
4.00%, 9/1/51		1,000		791
CSCDA Statewide Revenue Special Assessment Bonds,
4.00%, 9/2/50		500		383
Foothill Eastern Transportation Corridor Agency Toll Road Senior Lien Revenue Bonds, Series A,
4.00%, 1/15/46		750		669
Ontario Special Tax Bonds, Tevelde Facilities,
4.00%, 9/1/51		1,000		764
River Islands PFA Special Tax Bonds, Community Facilities District No. 2003-1 Improvement Area No. 2,
5.50%, 9/1/37		1,000		949
River Islands PFA Special Tax Bonds, Community Facilities District No. 2021-1,
4.00%, 9/1/51		985		734
River Islands PFA Special Tax Refunding Bonds, Phase 2 Public Improvement,
4.00%, 9/1/51		1,000		745
Roseville Special Tax Bonds, The Ranch at Sierra Vista Community,
4.00%, 9/1/51		1,500		1,150

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
California – 12.9%     continued
Roseville Special Tax Bonds, The Ranch At Sierra Vista Community Facilities District No. 1 (Public Facilities),
4.00%, 9/1/50		$150		$116
Sacramento County Special Refunding Tax Bonds, Metro Air Park Community Facilities,
5.00%, 9/1/42		800		737
Sacramento Special Tax Bonds, Railyards Community Facilities District No. 2018-01,
5.25%, 9/1/42		1,000		964
San Francisco City & County Community Facilities District 2016-1 Special Tax Bonds, Series 2021,
4.00%, 9/1/51		1,000		768
San Francisco City & County Community Facilities District 2016-1 Special Tax Bonds, Treasure Island, Series 2022,
4.00%, 9/1/52		1,000		756
San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds,
4.00%, 9/1/51		695		531
Santa Paula Special Tax Bonds, Harvest Community Facilities District No. 1 Improvement,
4.00%, 9/1/50		1,000		774
				40,334
Colorado – 5.7%
Brighton Crossing Metropolitan District No. 6 G.O. Limited Bonds, Series A,
5.00%, 12/1/50		1,000		804
Cascade Ridge Metropolitan District G.O. Limited Bonds,
5.00%, 12/1/51		1,205		940
Chambers Highpoint Metropolitan District No. 2 G.O. Limited Bonds,
5.00%, 12/1/51		500		395
Clear Creek Transit Metropolitan District No.2 G.O. Limited Bonds, Series A,
5.00%, 12/1/50		570		461

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  183 
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 – 5.7%     continued
Colorado Educational & Cultural Authority Revenue Refunding Bonds, Science Technology English & Math,
5.00%, 11/1/54		$1,500		$1,261
Colorado State Health Facilities Authority Hospital Revenue and Improvement Refunding Bonds, Christian Living Neighborhoods,
4.00%, 1/1/42		1,000		772
Colorado State Health Facilities Authority Hospital Revenue Bonds, Series A, Aberdeen Ridge,
5.00%, 5/15/58		1,500		955
Fiddler’s Business Improvement District G.O. Unlimited Refunding Bonds,
5.55%, 12/1/47		1,000		952
Legato Community Authority Limited Tax Supported Revenue Bonds, Senior Series A-1,
5.00%, 12/1/51		750		587
Nine Mile Metropolitan District Revenue Bonds,
5.13%, 12/1/40		1,000		891
Riverwalk Metropolitan District No. 2 Revenue Bonds, Series A,
4.50%, 12/1/32		1,465		1,279
Rudolph Farms Metropolitan District No. 6 Revenue Supported G.O. Limited Bonds,
6.50%, 6/1/52		500		458
Silver Peaks Metropolitan District No. 3 Senior Lien G.O. Limited Bonds, Series A,
5.00%, 12/1/50		500		406
Transport Metropolitan District No. 3 MDD G.O. Limited Bonds, Series 2021-A-1,
5.00%, 12/1/51		1,500		1,114
Tree Farm Metropolitan District G.O. Limited Bonds,
4.50%, 12/1/41(1)		1,500		1,255
Waterfront at Foster Lake Metropolitan District No. 2 Senior Lien G.O. Limited Bonds, Series A3-1,
5.00%, 12/1/51		3,000		2,273

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Colorado – 5.7%     continued
Westerly Metropolitan District No. 4 Senior G.O. Limited Bonds, Series A,
5.00%, 12/1/50		$1,000		$804
Windler Public Improvement Authority Limited Tax Supported Revenue Bonds, Series A-1,
4.13%, 12/1/51		3,500		2,003
				17,610
Connecticut – 0.1%
Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series A, Mclean Issue,
5.00%, 1/1/55		500		387
Florida – 10.1%
Capital Trust Agency Air Cargo Revenue Refunding Bonds, Series A, Aero Miami FX,
5.35%, 7/1/29		1,905		1,906
Capital Trust Agency Educational Facilities Educational Facilities Revenue Bonds, Pepin Academies, Inc., Project,
5.75%, 7/1/55(1)		1,000		847
Capital Trust Agency Educational Facilities Revenue Bonds, New Springs, Inc., Project,
4.75%, 6/1/56		1,500		1,033
Capital Trust Agency Educational Facilities Revenue Bonds, Tallahassee Classical School,
4.25%, 7/1/51		2,500		1,652
Capital Trust Agency Educational Facilities Revenue Bonds, Team Success A School of Excellence,
5.50%, 6/1/57		1,000		865
Capital Trust Agency Revenue Bonds, Sustainability Bonds,
4.00%, 6/15/41		1,510		1,157
4.00%, 6/15/51		2,000		1,375
Capital Trust Agency Revenue Bonds, Wonderful Foundations Charter,
5.00%, 1/1/55		1,060		793
Capital Trust Agency Student Housing Revenue Bonds, University Bridge, LLC Student Housing Project,
5.25%, 12/1/43(5)		3,000		2,700

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  184 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Florida – 10.1%     continued
Charlotte County IDA Utility System Revenue Bonds (AMT), Town & Country Utilities Project,
4.00%, 10/1/51		$1,000		$721
Florida Development Finance Corp. Surface Transportation Facilities Revenue Refunding Bonds (AMT), Virgin Trains U.S.A. Pass,
6.38%, 1/1/26(6) (7)		4,000		3,810
Florida State Development Finance Corp. Educational Facilities Revenue Bonds, 2017 Foundation for Global Understanding, Inc., Project,
4.00%, 7/1/51		750		577
Florida State Development Finance Corp. Educational Facilities Revenue Refunding Bonds, Central Charter School Project,
5.00%, 8/15/32		410		394
5.25%, 8/15/37		690		633
Florida State Development Finance Corp. Educational Facility Revenue Bonds, Pepin Academics of Pasco County, Inc., Project,
5.00%, 1/1/50(1)		1,000		779
Florida State Development Finance Corp. Senior Living Revenue Refunding Bonds, Glenridge on Palmer Ranch,
5.00%, 6/1/51		2,000		1,552
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		1,399
Florida State Development Finance Corp. Variable Revenue Bonds (AMT), Brightline Passenger Rail Expansion Project ,
8.00%, 4/1/24(1) (6) (7)		1,000		990
Lake County Retirement Facility Revenue Refunding Bonds, Lakeside at Waterman Village Project,
5.75%, 8/15/55		1,000		818

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Florida – 10.1%     continued
Ocean Highway & Port Authority Florida Port Facilities Revenue Bonds (AMT), Worldwide Terminals Fenandina Project,
5.50%, 12/1/49(1) (5)		$1,500		$1,111
Palm Beach County Revenue Bonds, Series A, Lynn University Housing Project,
5.00%, 6/1/57		1,500		1,201
Pinellas County Educational Facilities Authority Lease Revenue Bonds, Discovery Academy of Science Project,
5.00%, 6/1/56(1)		1,000		810
Pinellas County IDA Revenue Bonds, 2017 Foundation for Global Understanding Project,
5.00%, 7/1/39		2,000		1,891
Sterling Hill Community Development District Capital Improvement Special Assessment Bonds, Series B,
5.50%, 11/1/10(4)		143		73
Venice Retirement Community Revenue Improvement Bonds, Village on the Isle Project,
5.00%, 1/1/47		1,000		815
Village Community Development District No. 13 Special Assessment Revenue Bonds,
3.50%, 5/1/51(1)		965		664
Village Community Development District No. 14 Revenue Special Assessment Bonds,
5.13%, 5/1/37		1,000		999
				31,565
Georgia – 1.7%
Atlanta Development Authority Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center,
6.75%, 1/1/35(2) (4)		3,000		1,350
La Grange Development Authority Revenue Refunding Bonds, La Grange College Project,
5.00%, 10/15/52		2,000		1,637

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  185 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

HIGH YIELD MUNICIPAL FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Georgia – 1.7%     continued
Oconee County IDA Taxable Revenue Bonds, Economic Development Project,
6.00%, 3/1/48		$1,500		$1,116
White County Development Authority Revenue Bonds, Truett McConnell University Project,
5.25%, 10/1/49		1,500		1,194
				5,297
Guam – 0.6%
Guam Government Business Privilege Tax Revenue Refunding Bonds, Series F,
4.00%, 1/1/36		1,000		894
Guam Government Department of Education Revenue Refunding COPS, John F. Kennedy High School Refunding & Energy Efficiency Project,
5.00%, 2/1/40		1,000		901
				1,795
Idaho – 0.8%
Idaho State Housing & Finance Association Nonprofit Facilities Revenue Bonds, Series A, Future Public School Project,
4.00%, 5/1/52		3,410		2,356
Illinois – 1.4%
Chicago Board of Education Dedicated Capital Improvement Tax Revenue Bonds,
5.75%, 4/1/48		1,000		1,047
Illinois Finance Authority Revenue Refunding Bonds, Plymouth Place, Inc.,
5.00%, 5/15/51		410		305
5.00%, 5/15/56		440		318
Illinois State Finance Authority Revenue Bonds, Series A, Plymouth Place, Inc.,
6.63%, 5/15/52		1,000		971
Illinois State Finance Authority Revenue Refunding Bonds, Friendship Village Schaumburg,
5.13%, 2/15/45(2) (4)		1,500		405

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Illinois – 1.4%     continued
Illinois State Finance Authority Revenue Refunding Bonds, Rosalind Franklin University,
5.00%, 8/1/42		$1,100		$1,042
Upper Illinois River Valley Development Authority Revenue Refunding Bonds, Prairie Crossing Charter,
5.00%, 1/1/45		250		219
				4,307
Indiana – 2.3%
Finance Authority Educational Facilities Revenue Bonds, Seven Oaks Classical School Project,
5.00%, 6/1/51		520		410
5.00%, 6/1/56		455		349
Goshen MFH Revenue Bonds, Green Oaks of Goshen Project, Housing Choice Voucher Program (HUD Sector 8 Program),
5.00%, 8/1/41(1)		1,000		766
Housing & Community Development Authority Multifamily Revenue Bonds, Series A, Vita of Marion Project,
5.25%, 4/1/41		1,000		757
Indiana Finance Authority Educational Facilities Revenue Bonds, Seven Oaks Classical School Project,
5.00%, 6/1/41		420		355
Indiana State Finance Authority Exempt Facilities Revenue Bonds (AMT), Res Polyflow Indiana, Green Bonds,
7.00%, 3/1/39		3,900		2,835
Indiana State Finance Authority Revenue Bonds, Kipp Indianapolis, Inc., Project,
5.00%, 7/1/55		510		434
Valparaiso MFH Revenue Bonds, Green Oaks of Valparaiso Project,
5.38%, 12/1/41		1,500		1,109
				7,015
Iowa – 0.4%
Iowa State Finance Authority Revenue Refunding Bonds, Lifespace Communities, Inc.,
4.00%, 5/15/53		1,000		594

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  186 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Iowa – 0.4%     continued
Iowa State Finance Authority Senior Living Facilities Revenue Refunding Bonds, Sunrise Retirement Community Project,
5.00%, 9/1/51		$1,000		$696
				1,290
Kansas – 1.4%
Prairie Village Special Obligation Tax Increment Tax Allocation Revenue Refunding Bonds, Meadowbrook TIF Project,
3.13%, 4/1/36		800		618
Shawnee Education Facilities Revenue Bonds, Maranatha Christian Academy Project, Series A,
5.00%, 8/1/56(1)		2,000		1,557
Wyandotte County and Kansas City Unified Government Special Obligation Revenue Refunding Bonds, Village East Project Areas 2B,
5.75%, 9/1/39		2,500		2,304
				4,479
Kentucky – 0.1%
Henderson Exempt Facilities Revenue Bonds (AMT), Pratt Paper LLC Project,
4.70%, 1/1/52		500		455
Louisiana – 1.8%
Calcasieu Parish Memorial Hospital Service District Revenue Refunding Bonds, Lake Charles Memorial Hospital Project,
5.00%, 12/1/34		2,000		1,795
Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project,
2.50%, 4/1/36		2,000		1,512
Louisiana Public Facilities Authority Revenue Bonds, Jefferson Rise Charter School Project,
6.25%, 6/1/52(1)		440		395
Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Prerefunded,
5.00%, 5/15/26(8)		50		51

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Louisiana – 1.8%     continued
Saint James Parish Revenue Bonds, Series 2, Nustar Logistics L.P. Project,
6.35%, 7/1/40		$1,000		$1,063
Saint John The Baptist Parish Variable Revenue Refunding Bonds, Marathon Oil Corp. Project,
2.38%, 7/1/26(6) (7)		1,000		934
				5,750
Maryland – 1.0%
Baltimore Senior Lien Special Obligation Tax Allocation Refunding Bonds, Harbor Point Project,
3.63%, 6/1/46		1,750		1,313
Frederick County Subordinate Special Tax Obligation Revenue Bonds, Series C,
4.00%, 7/1/50		995		809
Gaithersburg Economic Development Revenue Bonds, Asbury Maryland Obligated Group,
5.13%, 1/1/42		1,000		911
				3,033
Massachusetts – 2.6%
Lowell Massachusetts Collegiate Charter Revenue Bonds,
5.00%, 6/15/49		1,250		1,103
Massachusetts State Development Finance Agency Revenue Bonds, Series A, UMASS Boston Student Housing,
5.00%, 10/1/41		5,000		4,799
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Salem Community Corp.,
5.25%, 1/1/50		1,000		818
Massachusetts State Transportation Fund Revenue Bonds, Accelerated Bridge Program,
5.00%, 6/1/44		1,500		1,504
				8,224
Michigan – 1.8%
Detroit G.O. Unlimited Bonds, Series A, Social Bonds,
5.00%, 4/1/46		1,000		930

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
Michigan – 1.8%     continued
Grand Rapids Charter Township Revenue Refunding Bonds, Porter Hills Presbyterian,
5.00%, 5/15/44		$1,000		$833
Holt Public Schools G.O. Unlimited Bonds, Series I (Q-SBLF Insured),
2.00%, 5/1/41		1,285		798
Kalamazoo County G.O. Limited Bonds,
2.13%, 5/1/42		1,000		621
Michigan Mathematics & Science Initiative Revenue Refunding Bonds,
4.00%, 1/1/51		1,000		732
Michigan State Finance Authority Ltd. Obligation Revenue Refunding Bonds, Kettering University Project,
4.00%, 9/1/50		650		511
Michigan State Strategic Fund Limited Obligation Variable Revenue Bonds (AMT), Green Bonds, Recycle,
4.00%, 10/1/26(6) (7)		500		491
Tipton Academy Public School Academy Revenue Bonds,
4.00%, 6/1/51		985		640
				5,556
Minnesota – 0.6%
Apple Valley Senior Housing Revenue Bonds, Orchard Path Phase II Project,
4.00%, 9/1/61		500		341
Duluth EDA Health Care Facilities Revenue Refunding Bonds, St. Luke’s Hospital of Duluth,
3.00%, 6/15/44		300		186
Duluth EDA Revenue Refunding Bonds, Benedictine Health System,
4.00%, 7/1/41		550		413
Minneapolis Charter School Lease Revenue Bonds, Series A, Kipp North Star Project,
5.75%, 7/1/55		1,000		926
				1,866
Mississippi – 0.5%
Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc., Project, 2.38%, 6/1/44		1,000		570

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Mississippi – 0.5%     continued
Tunica County Urban Renewal Revenue Refunding Bonds, Utility Districts Project,
6.00%, 10/1/40		$1,000		$848
				1,418
Missouri – 1.4%
Joplin IDA Sales TRB, 32nd Street Place Community Improvement District,
4.25%, 11/1/50		1,000		778
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Bethesda Health Group, Inc.,
4.00%, 8/1/41		410		309
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Wright Memorial Hospital,
5.00%, 9/1/32		1,145		1,115
5.00%, 9/1/34		1,315		1,275
Plaza At Noah’s Ark Community Improvement District Tax Increment & Improvement District Revenue Refunding Bonds,
3.00%, 5/1/30		500		439
3.13%, 5/1/35		400		319
				4,235
Nevada – 0.4%
Henderson Local Improvement District No. T-21 Special Assessment Bonds, Black Mountain,
4.00%, 9/1/51		500		363
Las Vegas Special Improvement District No. 616 and Special Improvement District No. 81 Special Assessment Bonds,
3.13%, 6/1/51		500		298
Las Vegas Special Improvement District No. 814 Summerlin Village 21 & 24A Special Assessment Bonds,
4.00%, 6/1/49		520		397
Las Vegas Special Improvement District No. 815 Special Assessment Bonds,
5.00%, 12/1/49		250		221
				1,279

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  188 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
New Hampshire – 0.1%
National Finance Authority Revenue Refunding Bonds, Series B (AMT), Green Bonds,
3.75%, 7/2/40(1) (6) (7)		$600		$443
New Jersey – 1.2%
New Jersey State EDA Revenue Bonds, Provident Group Rowan Properties LLC,
5.00%, 1/1/48		1,000		862
New Jersey State EDA Special Facility Revenue Bonds (AMT), Continental Airlines, Inc., Project,
5.63%, 11/15/30		2,000		2,011
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Series A,
4.00%, 6/15/41		1,000		911
				3,784
New Mexico – 1.0%
Los Ranchos de Albuquerque Educational Facilities Revenue Refunding Bonds, Albuquerque Academy Project,
4.00%, 9/1/40		1,000		862
New Mexico Hospital Equipment Loan Council First Mortgage Revenue Bonds, La Vida Expansion Project,
5.00%, 7/1/49		3,000		2,327
				3,189
New York – 4.1%
Build NYC Resource Corp. Revenue Bonds, Whin Music Community Charter School Project,
6.50%, 7/1/52		1,500		1,398
Metropolitan Transportation Authority Revenue Bonds, Series C-1, Green Bonds,
5.00%, 11/15/50		1,000		972
Metropolitan Transportation Authority Revenue Refunding Bonds, Climate Bond Certified,
4.00%, 11/15/45		1,000		846

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
New York – 4.1%     continued
New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), Delta Air Lines, Inc., Laguardia Airport Terminals,
5.00%, 1/1/34		$4,000		$4,027
New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), LaGuardia Airport Terminal B Redevelopment,
5.00%, 7/1/46		3,000		2,852
New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), John F. Kennedy International Airport,
5.25%, 8/1/31		790		798
New York Transportation Development Corp. Special Facility Revenue Refunding Bonds (AMT), American Airlines, Inc.,
3.00%, 8/1/31		500		432
Western Regional Off-Track Betting Corp. Revenue Refunding Bonds,
4.13%, 12/1/41(1)		500		358
Yonkers Economic Development Corp. Educational Revenue Bonds, Charter School Educational Excellence Project,
5.00%, 10/15/49		1,155		978
				12,661
North Carolina – 0.2%
North Carolina State Medical Care Commission Retirement Facilities Revenue Refunding Bonds, Series A, Sharon Towers,
5.00%, 7/1/49		600		482
Ohio – 3.2%
Buckeye Tobacco Settlement Financing Authority Senior Revenue Refunding Bonds, Series B-2, Class 2,
5.00%, 6/1/55		3,000		2,584
Franklin County Health Care Facilities Revenue Refunding Bonds, Wesley Communities Obligated Group Project,
5.25%, 11/15/55		1,000		811

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
Ohio – 3.2%     continued
Jefferson County Port Authority Economic Development Revenue Bonds (AMT), JSW Steel U.S.A., Ohio, Inc., Project,
3.50%, 12/1/51		$1,000		$650
Ohio State Air Quality Development Authority Exempt Facilities Revenue Bonds (AMT),
5.00%, 7/1/49(1)		2,000		1,680
Ohio State Air Quality Development Authority Exempt Facilities Revenue Bonds (AMT), Pratt Paper LLC Project,
4.50%, 1/15/48		2,000		1,790
Ohio State Higher Educational Facility Revenue Refunding Bonds, Judson Obligated Group,
5.00%, 12/1/50		1,000		840
Port of Greater Cincinnati Development Authority Revenue Bonds,
4.25%, 12/1/50		2,190		1,694
				10,049
Oregon – 1.0%
Oregon State G.O. Unlimited Bonds, Article XI-Q State Project,
5.00%, 5/1/40		2,800		2,979
Pennsylvania – 2.5%
Allentown Neighborhood Improvement Zone Development Authority Tax Subordinate Revenue Bonds, City Center Project,
5.25%, 5/1/42		500		474
Berks County Municipal Authority University Revenue Bonds, Alvernia University Project,
5.00%, 10/1/49		1,000		828
Franklin County IDA Revenue Bonds, Menno-Haven, Inc., Project,
5.00%, 12/1/39		755		624
Lancaster County Hospital Authority Revenue Refunding Bonds, Saint Anne’s Retirement Community, Inc., Project,
5.00%, 3/1/40		500		409
5.00%, 3/1/50		500		374

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Pennsylvania – 2.5%     continued
Mercer County IDA College Revenue Refunding Bonds, Thiel College Project,
6.13%, 10/1/50		$970		$657
Northampton County IDA Revenue Refunding Bonds, Morningstar Senior,
5.00%, 11/1/49		1,000		791
Philadelphia Authority For Industrial Development Charter School Revenue Refunding Bonds, Green Woods Charter School Project,
5.38%, 6/15/57		300		260
Philadelphia Authority For Industrial Development Revenue Refunding Bonds, Unrefunded Balance,
5.00%, 3/15/45		950		760
Philadelphia Authority For Industrial Development University of the Arts Revenue Bonds, Independence Charter School West Project,
5.00%, 6/15/50		1,350		1,129
Philadelphia Authority For Industrial Development University of the Arts Revenue Refunding Bonds, Prerefunded,
5.00%, 3/15/28(1) (8)		50		53
Westmoreland County IDA Revenue Refunding Bonds, Redstone Presbyterian Senior Care,
4.00%, 5/15/47		2,000		1,353
				7,712
Puerto Rico – 0.9%
Puerto Rico Sales Tax Financing Corp. Revenue Bonds, Series A-1, Restructured Bonds,
5.00%, 7/1/58		3,000		2,714
South Carolina – 1.0%
Berkeley County Assessment Revenue Special Assessment Bonds, Nexton Improvement District,
4.38%, 11/1/49		1,000		770
Hardeeville Assessment Revenue Special Assessment Bonds,
4.00%, 5/1/52		900		586

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  190 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
South Carolina – 1.0%     continued
South Carolina State Jobs EDA Economic Development Revenue Bonds, Series 2019A, Bishop Gadsden Episcopal Retirement Community,
5.00%, 4/1/54		$1,000		$822
South Carolina State Jobs EDA Educational Facilities Revenue Bonds, Polaris Tech Charter School Project,
5.13%, 6/15/42		1,000		880
				3,058
Texas – 7.5%
Arlington Higher Education Finance Corp. Revenue Bonds, Newman International Academy,
5.00%, 8/15/51		500		394
Arlington Higher Education Finance Corp. Revenue Refunding Bonds, Series A,
4.00%, 8/15/46		500		363
Austin Convention Enterprises, Inc., Convention Center Revenue Refunding Bonds, First Tier,
5.00%, 1/1/34(5)		1,000		994
Baytown Municipal Development District Revenue Bonds, First Line Hotel,
4.00%, 10/1/50		1,000		735
Baytown Municipal Development District Revenue Bonds, Second Line Hotel,
5.00%, 10/1/50		500		407
Board of Managers Joint Guadalupe County-City of Seguin Hospital Mortgage Revenue Refunding Bonds,
5.00%, 12/1/40		1,500		1,297
5.00%, 12/1/45		2,000		1,659
Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Revenue Bonds (AMT), Aleon Renewable Metals LLC,
12.00%, 6/1/43(1)		1,000		971
Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Revenue Bonds (AMT), Gladieux Metals Recycling,
7.00%, 3/1/39		300		268

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Texas – 7.5%     continued
Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Subordinate Revenue Bonds (AMT), Gladieux Metals Recycling,
8.50%, 3/1/39		$1,900		$1,659
Conroe Local Government Corp. Hotel Revenue Bonds, Conroe Convention Center Hotel,
4.00%, 10/1/50		500		358
5.00%, 10/1/50(1)		1,000		743
Edinburg Economic Development Corp. Sales TRB, Series A,
3.38%, 8/15/46		355		243
Hidalgo County Regional Mobility Authority Toll & Vehicle Registration Junior Lien Revenue Refunding Bonds, Series B,
5.00%, 12/1/35		1,000		993
5.00%, 12/1/36		1,000		981
Houston Airport System Revenue Bonds, United Airlines, Inc., Terminal (AMT),
4.00%, 7/15/41		1,000		829
Mission Economic Development Corp. Senior Lien Revenue Refunding Bonds (AMT), Natgasoline,
4.63%, 10/1/31		2,000		1,914
New Hope Cultural Education Facilities Finance Corp. Retirement Facility Revenue Bonds, Morningside Ministries Project,
5.00%, 1/1/55		1,000		750
New Hope Cultural Education Facilities Finance Corp. Senior Living Revenue Refunding Bonds, Wichita Falls Retirement Foundation,
4.00%, 1/1/41		1,270		926
New Hope Cultural Education Facilities Finance Corp. Student Housing Revenue Bonds, Series A, Blinn College Project,
5.00%, 7/1/57		1,000		764
San Antonio Education Facilities Corp. Revenue Bonds, Series A, Hallmark University Project,
5.00%, 10/1/51		1,500		1,104

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
Texas – 7.5%     continued
Tarrant County Cultural Educational Facilities Finance Corp. Retirement Facilities Revenue Bonds, Series B, Buckner Retirement Services,
5.00%, 11/15/46		$4,000		$3,540
Texas State Private Activity Bond Surface Transportation Corp. Revenue Refunding Bonds, LBJ Infrastructure Group,
4.00%, 6/30/40		500		441
Texas State Private Activity Bond Surface Transportation Corp. Senior Lien Revenue Bonds (AMT), Blueridge Transportation,
5.00%, 12/31/45		1,250		1,191
				23,524
Utah – 2.7%
Black Desert Public Infrastructure District Senior G.O. Limited Bonds, Series A,
4.00%, 3/1/51		2,500		1,742
Downtown East Streetcar Sewer Public Infrastructure District Senior Lien G.O. Limited Bonds, Series A,
5.75%, 3/1/42		1,000		915
6.00%, 3/1/53		1,000		898
Uipa Crossroads Public Infrastructure District Utility Tax Allocation Bonds,
4.38%, 6/1/52		2,000		1,604
Utah Infrastructure Agency Telecommunications Revenue Bonds,
4.00%, 10/15/42		1,000		779
3.00%, 10/15/45		1,000		620
5.00%, 10/15/46		1,500		1,323
Utah State Charter School Finance Authority Charter School Revenue Bonds, Mountain West Montessori Academy,
5.00%, 6/15/49		825		677
				8,558
Virgin Islands, U.S. – 1.5%
Matching Fund Special Purpose Securitization Corp. Revenue Refunding Bonds, Series A,
5.00%, 10/1/39		5,000		4,811

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Virginia – 1.4%
Virginia State College Building Authority Educational Facilities Revenue Bonds, Marymount University Project, Green Bonds,
5.25%, 7/1/35		$270		$264
5.00%, 7/1/45		2,515		2,214
Virginia State Small Business Financing Authority Solid Waste Disposal Facilities Revenue Bonds (AMT), Covanta Project,
5.00%, 7/1/38(6) (7)		1,000		889
West Falls Community Development Authority Revenue Bonds, Series A,
5.38%, 9/1/52		1,000		934
				4,301
Washington – 2.7%
Washington State G.O. Unlimited Bonds, Series B,
5.00%, 6/1/44		5,000		5,233
Washington State Housing Finance Commission Nonprofit Housing Revenue Refunding Bonds, The Hearthstone Project,
5.00%, 7/1/48(1)		525		364
5.00%, 7/1/53(1)		500		336
Washington State Housing Finance Commission Revenue Bonds, Rockwood Retirement Communities Project,
5.00%, 1/1/55		2,000		1,409
Washington State Housing Finance Commission Revenue Bonds, Series A, Transforming Age Project,
5.00%, 1/1/55		1,000		708
Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1,
3.50%, 12/20/35		483		417
				8,467
West Virginia – 1.2%
South Charleston Special District Excise Tax Revenue Refunding Bonds, South Charleston Park Place,
4.50%, 6/1/50		1,500		1,076

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  192 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
West Virginia – 1.2%     continued
West Virginia State Hospital Finance Authority, Revenue Refunding Bonds, Cabell Huntington Hospital,
5.00%, 1/1/43		$3,000		$2,611
				3,687
Wisconsin – 6.9%
Gillett Solid Waste Disposal Revenue Bonds (AMT), North LLC Renewable,
5.50%, 12/1/32(1)		1,500		1,218
PFA Charter School Revenue Bonds, Freedom Classical Academy, Inc., 5.00%, 1/1/56(1)		1,000		801
PFA Charter School Revenue Bonds, Series A, Eno River Project,
5.00%, 6/15/54(1)		1,375		1,161
PFA Education Revenue Bonds, Guildford Preparatory Academy,
5.00%, 4/1/47(1)		500		409
5.00%, 4/1/57(1)		1,000		781
PFA Education Revenue Bonds, North Carolina Leadership Academy,
5.00%, 6/15/49(1)		520		436
PFA Education Revenue Bonds, The Franklin School of Innovation,
5.00%, 1/1/42(1)		600		516
5.00%, 1/1/57		1,000		791
PFA Education Revenue Bonds, Uwharrie Charter Academy Project,
5.00%, 6/15/52		1,000		822
PFA Educational Facilities Revenue Bonds, Charter Day School, Inc., Project,
5.00%, 12/1/55		2,500		1,886
PFA Hotel Senior Lien Revenue Bonds, Grand Hyatt San Antonio Project,
5.00%, 2/1/52		1,000		883
PFA Retirement Facilities First Mortgage Revenue Bonds, Series A,
5.25%, 3/1/55(1)		1,000		786
PFA Retirement Facilities Revenue Refunding Bonds, Friend’s Homes,
5.00%, 9/1/54		1,500		1,198
PFA Revenue Bonds, College Achieve Central Charter School,
5.00%, 6/15/51(1)		1,500		1,241

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 95.0%     continued
Wisconsin – 6.9%     continued
PFA Revenue Bonds, Roseman University, Prerefunded,
4.00%, 4/1/32(1) (8)		$100		$103
PFA Revenue Bonds, Series A, Viticus Group Project,
4.25%, 12/1/51(1)		2,805		2,057
PFA Revenue Refunding Bonds, Ultimate Medical Academy,
5.00%, 10/1/34		1,000		972
PFA Senior Revenue Bonds (AMT), Fargo-Moorhead Metropolitan Area Flood Risk Management Project, Green Bonds,
4.00%, 9/30/51		1,500		1,103
PFA Special Facility Revenue Bonds (AMT), Sky Harbour Capital LLC AV,
4.25%, 7/1/54		1,500		967
PFA Student Housing Revenue Bonds, NC A&T Real Estate Foundation, LLC Project,
5.00%, 6/1/49		1,000		890
PFA Student Housing Sustainability Revenue Bonds, University of Hawaii Foundation Project,
4.00%, 7/1/61		500		346
PFA Student Housing Taxable Sustainability Revenue Bonds, University of Hawaii Foundation Project,
5.35%, 7/1/40		600		461
Wisconsin State Health & Educational Facilities Authority Revenue Bonds, Hope Christian Schools,
4.00%, 12/1/51		850		547
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Oakwood Lutheran Senior,
4.00%, 1/1/57		2,000		1,258
				21,633

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
Wyoming – 0.8%
Campbell County Solid Waste Facilities Revenue Refunding Bonds, Basin Electric Power Cooperative,
3.63%, 7/15/39		$3,000		$2,408
Total Municipal Bonds
(Cost $372,866)				296,176
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 0.6%
Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.14%(9) (10)		1,807,417		$1,807
Total Investment Companies
(Cost $1,807)				1,807
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 1.6%
Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities Variable Revenue Bonds (AMT), Aleon Renewable Metals,
10.00%, 6/1/24(6) (7)		$1,000		$941
Farmington PCR Refunding Bonds, Public Service Company of New Mexico San Juan,
1.15%, 6/1/24(6) (7)		1,000		973
Garland Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.),
5.00%, 2/15/24		3,000		3,011
Total Short-Term Investments
(Cost $4,999)				4,925
Total Investments – 97.6%
(Cost $381,149)				304,103
Other Assets less Liabilities – 2.4%				7,571
NET ASSETS – 100.0%				$311,674

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽²⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of these restricted illiquid securities amounted to approximately $2,496,000 or 0.8% of net assets. Additional information on these restricted illiquid securities is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)
Atlanta Development Authority Senior Health Care Facilities Revenue Bonds, Georgia Proton Treatment Center,
6.75%, 1/1/35	6/21/17	$2,917
Benloch Ranch Improvement Association No. 2, 10.00%, 12/1/51	3/22/22	977
Illinois State Finance Authority Revenue Refunding Bonds, Friendship Village Schaumburg, 5.13%, 2/15/45	9/9/19	1,480

⁽³⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽⁴⁾  Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁵⁾  Issuer has defaulted on terms of debt obligation.

⁽⁶⁾  Maturity date represents the puttable date.

⁽⁷⁾  Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of September 30, 2023 is disclosed.

⁽⁸⁾  Maturity date represents the prerefunded date.

⁽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, 2023 is disclosed.

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

AMT - Alternative Minimum Tax

COPS - Certificates of Participation

CSCDA - California Statewide Communities Development Authority

EDA - Economic Development Authority

G.O. - General Obligation

Gtd. - Guaranteed

HUD - Housing and Urban Development

IDA - Industrial Development Authority

IDB - Industrial Development Board

MFH - Multi-Family Housing

NCCD - National Campus and Community Development Corporation

PCR - Pollution Control Revenue

PFA - Public Finance Authority

PSF - Permanent School Fund

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  194 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

Q-SBLF - Qualified School Bond Loan Fund

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET  ASSETS
Corporate Bonds		0.4	%
Municipal Bonds		95.0	%
Investment Companies		0.6	%
Short-Term Investments		1.6	%

⁽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 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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Corporate Bonds:
Consumer Services		$   —		$454		$  —		$454
Real Estate Owners & Developers		—		—		741		741
Total Corporate Bonds		—		454		741		1,195
Municipal Bonds(1)		—		296,176		—		296,176
Investment Companies		1,807		—		—		1,807
Short-Term Investments		—		4,925		—		4,925
Total Investments		$1,807		$301,555		$741		$304,103

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  195 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

INTERMEDIATE TAX-EXEMPT FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS – 0.4%
Engineering & Construction – 0.1%
Nature Conservancy (The),
1.30%, 7/1/28		$1,350		$1,077
Health Care Facilities & Services – 0.3%
Bon Secours Mercy Health, Inc.,
3.46%, 6/1/30		500		443
Seattle Children’s Hospital,
1.21%, 10/1/27		5,000		4,195
				4,638
Total Corporate Bonds
(Cost $6,850)				5,715
MUNICIPAL BONDS – 92.5%
Alabama – 1.1%
Alabama State Corrections Institution Finance Authority Revenue Bonds,
5.00%, 7/1/35		2,900		3,095
Black Belt Energy Gas District Revenue Bonds, Series A, Gas Project No. 8,
4.00%, 12/1/29(1) (2)		7,500		7,005
Southeast Energy Authority Revenue Bonds, A Cooperative District Commodity Supply Project No. 2, Series B,
4.00%, 12/1/31(1) (2)		5,000		4,651
				14,751
Alaska – 1.1%
Alaska State Housing Finance Corp. Revenue Refunding Bonds, Series A,
5.00%, 6/1/30		5,000		5,179
Alaska State Housing Finance Corp. Revenue Refunding Bonds, State Capital, Prerefunded,
4.00%, 6/1/25(3)		1,445		1,449
Alaska State Housing Finance Corp. Revenue Refunding Bonds, State Capital, Unrefunded Balance,
4.00%, 6/1/36		3,555		3,310
Anchorage Electric Utility Senior Lien Revenue Refunding Bonds, Series A, Prerefunded,
5.00%, 12/1/24(3)		5,000		5,061
				14,999

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5% continued
Arizona – 3.2%
Arizona State IDA Education Revenue Bonds, Series A-Social, Macombs Facility Project,
4.00%, 7/1/36		$315		$285
4.00%, 7/1/41		800		673
Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds,
4.00%, 11/1/46		1,000		825
Arizona State Transportation Board Excise Tax Revenue Refunding Bonds,
5.00%, 7/1/25		10,000		10,095
Arizona State Transportation Board Highway Revenue Refunding Bonds, Prerefunded,
5.00%, 7/1/24(3)		12,000		12,085
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		1,839
Maricopa County IDA Educational Facilities Revenue Bonds, Creighton University Project,
5.00%, 7/1/47		1,500		1,483
Maricopa County IDA Revenue Refunding Bonds, Banner Health Obligation Group,
4.00%, 1/1/36		180		172
Maricopa County Special Health Care District G.O. Unlimited Bonds,
4.00%, 7/1/38		2,500		2,343
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		1,551
Phoenix Civic Improvement Corp. Excise Tax Subordinate Revenue Bonds,
5.00%, 7/1/40		3,165		3,344
Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT),
3.25%, 7/1/49		2,000		1,364

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  196 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Arizona – 3.2%     continued
Phoenix Civic Improvement Corp. Wastewater System Junior Lien Revenue Refunding Bonds,
5.00%, 7/1/30		$2,000		$2,063
Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A,
5.00%, 12/1/35		5,000		5,078
				43,200
Arkansas – 0.3%
Little Rock School District G.O. Limited Refunding Bonds, Series A (AGM Insured State Aid Withholding),
2.00%, 2/1/34		4,000		3,088
2.25%, 2/1/41		1,485		958
				4,046
California – 7.3%
Anaheim Housing & Public Improvements Authority Revenue Refunding Bonds, Electric Utility Distribution System,
5.00%, 10/1/34		1,250		1,320
5.00%, 10/1/52		5,000		5,115
Burbank Unified School District G.O. Unlimited Convertible CABS, Series A, Prerefunded,
(Step to 5.00% on 8/1/23), 5.00%, 2/1/25(3)		3,500		3,560
California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,
4.00%, 8/1/31(1) (2)		15,000		14,152
California Community Choice Financing Authority Revenue Bonds, Clean Energy Project, Green Bonds,
4.00%, 12/1/27(1) (2)		5,000		4,846
California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,
3.50%, 11/20/35		3,370		2,955

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
California – 7.3%     continued
California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-2, Class A Social Certificates (FHLMC Insured),
3.75%, 3/25/35		$4,876		$4,510
California State G.O. Unlimited Bonds, Series 2007, Unrefunded Balance,
5.75%, 5/1/30		80		80
California State G.O. Unlimited Various Purpose Refunding Bonds,
5.00%, 4/1/33		9,000		9,043
Carlsbad Unified School District G.O. Unlimited Convertible CABS, Series C, Election,
(Step to 6.63% on 8/1/26), 2.55%, 8/1/35(4)		11,850		12,288
Glendale Electric Works Revenue Bonds,
5.00%, 2/1/43		5,000		5,001
Los Angeles California Department of Airports Subordinate Revenue Bonds, Series C (AMT),
5.00%, 5/15/32		1,000		1,027
Los Angeles Community College District G.O. Unlimited Refunding Bonds, Series A, Prerefunded,
5.00%, 8/1/24(3)		10,000		10,108
Los Angeles County Development Authority General Revenue Refunding Bonds,
4.00%, 9/1/39		1,410		1,358
Los Angeles Department of Airports Airport Subordinate Revenue Bonds (AMT), Los Angeles International Airport,
5.00%, 5/15/35		600		606
Los Angeles Department of Airports Subordinate Revenue Bonds, Series C (AMT),
5.00%, 5/15/35		10,000		10,222
Sacramento County Airport System Revenue Refunding Bonds, Series C (AMT),
5.00%, 7/1/35		6,000		6,153

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  197 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

INTERMEDIATE TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
California – 7.3%     continued
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),
5.00%, 5/1/35		$3,500		$3,608
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series E (AMT),
5.00%, 5/1/39		2,355		2,370
Santa Clara Valley Water District COPS, Series C,
5.00%, 6/1/24		650		655
				98,977
Colorado – 3.8%
Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding),
5.25%, 12/1/40		4,775		4,882
Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), Prerefunded,
5.25%, 12/1/26(3)		225		235
Arvada Sales & Use TRB,
5.00%, 12/1/31		3,000		3,206
Colorado State COPS, Series A,
4.00%, 12/15/36		5,000		4,851
Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventist Health System Sunbelt,
4.00%, 11/15/41		1,000		926
Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Series A, Commonspirit Health,
5.00%, 8/1/34		1,000		1,029
Colorado State Health Facilities Authority Revenue Refunding Bonds, Intermountain Healthcare,
5.00%, 5/15/32		2,000		2,192
Colorado State School of Mines Institutional Enterprise Revenue Bonds, Series B,
5.00%, 12/1/42		1,000		1,021

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Colorado – 3.8%     continued
Denver City & County Airport Revenue Bonds, Series A (AMT),
5.00%, 11/15/32		$10,000		$10,568
5.50%, 11/15/35		10,000		10,868
Denver City & County Airport System Subordinate Revenue Bonds, Series B,
5.25%, 11/15/28		1,500		1,500
5.25%, 11/15/29		1,740		1,740
Denver City & County Airport System Subordinate Revenue Refunding Bonds (AMT), Series A,
5.00%, 12/1/43		3,000		2,988
Denver City & County Dedicated TRB, Series A-1,
5.00%, 8/1/48		2,750		2,763
Larimer & Weld Counties School District No. RE-5J G.O. Unlimited Bonds (State Aid Withholding),
4.00%, 12/1/34		1,850		1,858
				50,627
Connecticut – 1.0%
Connecticut State G.O. Unlimited Bonds, Series 2021 A,
3.00%, 1/15/33		5,005		4,428
Connecticut State Special Tax Obligation Revenue Bonds, Series A, Transportation Infrastructure,
5.00%, 9/1/31		1,000		1,007
University of Connecticut Revenue Bonds, Series A,
5.25%, 11/15/47		8,000		8,218
				13,653
District of Columbia – 1.7%
District of Columbia G.O. Unlimited Bonds, Series C,
5.00%, 6/1/34		2,500		2,514
District of Columbia Water & Sewer Authority Public Utility Subordinate Lien Revenue Refunding Bonds, Series C, Prerefunded,
5.00%, 10/1/24(3)		5,000		5,054
Metropolitan Washington Airports Authority System Revenue Refunding Bonds (AMT),
5.00%, 10/1/30		2,630		2,684

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  198 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
District Of Columbia – 1.7%     continued
Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/28		$3,000		$3,000
5.00%, 10/1/30		2,500		2,616
5.00%, 10/1/43		2,000		1,965
Washington Metropolitan Area Transit Authority Gross Revenue Bonds,
5.00%, 7/1/38		3,000		3,051
5.00%, 7/1/43		2,000		2,023
				22,907
Florida – 3.8%
Broward County Airport System Revenue Bonds (AMT),
5.00%, 10/1/37		1,500		1,506
Broward County Airport System Revenue Bonds, Series A (AMT),
5.00%, 10/1/30		2,000		2,059
Central Florida Expressway Authority Senior Lien Revenue Refunding Bonds, Series B,
4.00%, 7/1/35		6,500		6,144
Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project,
5.00%, 4/1/48		2,000		1,952
Florida State Atlantic University Finance Corp. Capital Improvement Revenue Refunding Bonds, Series A,
5.00%, 7/1/27		2,000		2,077
Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series E,
5.00%, 6/1/26		2,095		2,138
Florida State Municipal Power Agency Revenue Refunding Bonds, Series A,
5.00%, 10/1/31		1,000		1,020
Hillsborough County Aviation Authority Customer Facilities Charge Revenue Bonds, Series A, Tampa International Airport,
5.00%, 10/1/44		2,500		2,483

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Florida – 3.8%     continued
Hillsborough County Aviation Authority Subordinate Revenue Bonds, Series B, Tampa International Airport, Prerefunded,
5.00%, 10/1/24(3)		$4,000		$4,039
Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/27		1,320		1,319
Miami-Dade County Aviation Revenue Refunding Bonds, Series B,
5.00%, 10/1/37		650		650
Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-1 (AGM Insured) (AMT),
4.00%, 10/1/45		2,325		1,971
Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-2 (AGM Insured),
3.00%, 10/1/50		11,430		7,365
Miami-Dade County Water & Sewer System Revenue Bonds, Series A,
4.00%, 10/1/37		2,500		2,352
Orlando Utilities Commission Utility System Revenue Bonds, Series B,
1.25%, 10/1/28(1) (2)		1,000		832
Pasco County School Board COPS, Series A (BAM Insured),
5.00%, 8/1/43		5,000		5,145
South Broward Hospital District Revenue Refunding Bonds, Series A,
4.00%, 5/1/44		4,000		3,489
South Florida Water Management District Refunding COPS,
5.00%, 10/1/36		4,000		4,063
				50,604
Georgia – 3.0%
Atlanta Airport Passenger Facility Charge Subordinate Revenue Bonds,
5.00%, 7/1/37		5,000		5,212
Burke County Development Authority PCR Bonds, Go Power Company Plant Vogtle Project-FIF,
2.20%, 10/1/32		650		498

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  199 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

INTERMEDIATE TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%    continued
Georgia – 3.0%    continued
Downtown Savannah Authority Revenue Bonds, Chatham County Judicial Complex,
5.00%, 6/1/32		$1,250		$1,285
Georgia State G.O. Unlimited Bonds, Series A,
4.00%, 7/1/36		5,000		4,978
Gwinnett County School District G.O. Unlimited Bonds, Series A,
1.75%, 8/1/25		9,700		9,166
Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series B,
5.00%, 3/1/30(1) (2)		5,000		5,049
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A,
4.00%, 9/1/27(1) (2)		10,000		9,736
Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project,
5.50%, 7/1/60		2,500		2,470
Walton Industrial Building Authority Revenue Bonds, Walton County Jail Facility Project,
4.00%, 2/1/52		2,500		2,162
				40,556
Hawaii – 1.7%
Hawaii State Airports System Revenue Bonds, Series A (AMT),
5.00%, 7/1/30		1,250		1,280
5.00%, 7/1/43		5,000		4,913
Honolulu City & County G.O. Unlimited Bonds, Series A,
5.00%, 10/1/35		4,825		4,905
Honolulu City & County Wastewater System Revenue Refunding Bonds, Senior Series B, First Bond Resolution,
5.00%, 7/1/27		11,755		11,983
				23,081
Idaho – 0.1%
Idaho State Housing & Finance Association Sales TRB, Transportation Expansion & Mitigation,
5.00%, 8/15/42		1,750		1,819

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Illinois – 5.1%
Champaign County Community Unit School District No. 4 G.O. Unlimited Bonds, Series A,
5.00%, 1/1/32		$2,300		$2,413
Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series A (AMT),
5.50%, 1/1/30		2,025		2,025
Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series B,
5.25%, 1/1/34		2,500		2,500
Chicago O’Hare International Airport Revenue Refunding Bonds, Series B,
5.00%, 1/1/29		5,000		5,043
Chicago Wastewater Transmission Second Lien Revenue Refunding Bonds, Series B (AGM Insured),
5.00%, 1/1/36		1,000		1,065
Chicago Waterworks Second Lien Revenue Refunding Bonds, Series B (AGM Insured),
5.00%, 11/1/37		1,000		1,046
Cook County Community Consolidated School District No. 34 G.O. Unlimited Bonds, Series A,
2.00%, 12/1/38		2,425		1,626
Cook County Sales Tax Revenue Refunding Bonds,
5.00%, 11/15/33		5,000		5,167
5.25%, 11/15/35		5,000		5,187
Cook Kane Lake & Mchenry Counties Community College District No. 512 G.O. Unlimited Bonds,
4.00%, 12/15/30		5,000		5,025
Illinois Finance Authority Revenue Refunding Bonds, Series A, University of Chicago,
5.00%, 10/1/31		4,150		4,554
Illinois State Finance Authority Academic Facilities Lease Revenue Bonds, University of Illinois at Urbana-Champaign,
5.00%, 10/1/44		1,030		997
Illinois State Finance Authority Revenue Bonds, Township High School District,
4.00%, 12/1/32		1,940		1,929

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  200 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%    continued
Illinois – 5.1%    continued
Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center,
5.00%, 11/15/38		$1,955		$1,912
Illinois State Finance Authority Variable Revenue Bonds, Series B, The Carle Foundation,
5.00%, 8/15/31(1) (2)		3,850		4,028
Illinois State G.O. Unlimited Refunding Bonds, Series B,
5.00%, 3/1/25		4,000		4,044
Illinois State Municipal Electric Agency Power Supply Revenue Refunding Bonds, Series A,
4.00%, 2/1/33		7,000		6,641
Illinois State Toll Highway Authority Senior Revenue Bonds, Series A,
5.00%, 1/1/41		2,825		2,926
Illinois State Toll Highway Authority Senior Revenue Bonds, Series B,
5.00%, 1/1/33		1,720		1,757
Joliet Waterworks & Sewage Senior Lien Revenue BANS,
5.00%, 1/1/24		2,265		2,266
Lake County Community Consolidated School District No. 41 Lake Villa G.O. Unlimited Bonds (BAM Insured),
4.00%, 11/1/31		1,000		1,003
Lake County Forest Preservation District G.O. Unlimited Refunding Bonds,
2.00%, 12/15/31		1,765		1,428
Peoria G.O. Unlimited Bonds, Series A (AGM Insured),
5.00%, 1/1/36		500		512
Regional Transportation Authority Revenue Bonds, Series B (NATL Insured),
5.75%, 6/1/33		2,000		2,234
University of Illinois Revenues Auxiliary Facilities System Revenue Bonds, Series A,
5.00%, 4/1/33		1,885		1,885
				69,213

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Indiana – 1.1%
Indiana Finance Authority Wastewater Utility First Lien Revenue Bonds, Series A, CWA Authority,
4.25%, 10/1/44		$5,500		$5,067
Indiana State Finance Authority Hospital Revenue Refunding Bonds, Series A, University Health Obligated Group,
5.00%, 12/1/40		6,500		6,534
Logansport Renovation School Building Corp. First Mortgage Revenue Bonds (State Intercept Program),
5.00%, 7/15/27		1,025		1,061
Porter County Jail Building Corp. First Mortgage Revenue Refunding Bonds (AGM Insured),
5.50%, 1/10/24		240		241
South Bend Community School Corp. G.O. Limited Bonds (State Intercept Program),
4.00%, 1/15/26		1,375		1,381
				14,284
Iowa – 0.2%
Pefa, Inc., Iowa Gas Project Revenue Bonds,
5.00%, 9/1/26(1) (2)		2,500		2,494
Kansas – 0.3%
Manhattan G.O. Unlimited Temporary Notes, Series 2021-01,
0.20%, 6/15/24		4,855		4,660
Kentucky – 6.0%
Bullitt County School District Finance Corp. School Building Revenue Bonds, Series B (State Intercept Program),
5.00%, 8/1/35		1,070		1,124
Carroll County Environmental Facilities Revenue Refunding Bonds (AMT), Kentucky Utilities Company,
2.00%, 2/1/32		5,250		3,917
Fayette County School District Finance Corp. Revenue Bonds, Series A (State Intercept Program),
4.00%, 5/1/38		5,000		4,504

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  201 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

INTERMEDIATE TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Kentucky – 6.0%     continued
Jefferson County School District Finance Corp. School Building Revenue Bonds, Series A (State Intercept Program),
4.00%, 6/1/31		$3,935		$3,955
Kentucky State Economic Development Finance Authority Revenue Refunding Bonds, Series A, Commonspirit Health,
5.00%, 8/1/34		750		772
5.00%, 8/1/35		550		564
5.00%, 8/1/36		750		764
Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series A-1,
4.00%, 8/1/30		6,175		5,798
Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series C-1, Gas Supply,
4.00%, 6/1/25(1) (2)		15,000		14,780
Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply,
4.00%, 2/1/28(1) (2)		5,000		4,816
Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply,
4.00%, 1/1/25(1) (2)		24,725		24,494
Louisville & Jefferson County Metro Government Health System Revenue Refunding Bonds, Norton Healthcare, Inc.,
4.00%, 10/1/36		1,315		1,174
Louisville & Jefferson County Metro Government PCR Refunding Bonds (AMT), Gas & Electric,
1.35%, 11/1/27		2,500		2,146
Louisville & Jefferson County Metro Government PCR Refunding Bonds, Gas & Electric,
2.00%, 10/1/33		14,500		10,686
Trimble County Pollution Control Variable Revenue Bonds (AMT), Louisville Gas and Electric Co.,
1.30%, 9/1/27(1) (2)		1,000		849
				80,343

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Louisiana – 2.2%
East Baton Rouge Parish Sewerage Commission Variable Revenue Refunding Bonds, Series A,
1.30%, 2/1/28(1) (2)		$2,500		$2,040
Lake Charles Harbor & Terminal District Variable Revenue Bonds (AMT), Big Lake Fuels,
1.00%, 12/1/24(1) (2)		7,000		6,638
Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project,
2.50%, 4/1/36		7,500		5,668
Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Unrefunded Balance,
5.00%, 5/15/47		2,925		2,761
Louisiana State Gas & Fuels Tax Second Lien Revenue Refunding Bonds, Series C,
5.00%, 5/1/45		4,000		4,034
Louisiana State Highway Improvement Revenue Bonds, Series A, Prerefunded,
5.00%, 6/15/24(3)		5,390		5,431
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		1,530
Saint John The Baptist Parish Revenue Refunding Bonds, Marathon Oil Corp. Project,
2.20%, 7/1/26(1) (2)		1,000		935
				29,037
Maine – 0.3%
Maine State Housing Authority Energy Housing & Economic Revenue Fund Revenue Refunding Bonds, Series 1,
5.00%, 6/15/35		3,730		3,945
Maryland – 3.6%
Howard County G.O. Unlimited Refunding Bonds, Series D,
5.00%, 2/15/31		10,000		10,574

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  202 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Maryland – 3.6%     continued
Maryland State & Local Facilities Loan G.O. Unlimited Bonds, Series 2,
5.00%, 8/1/30		$10,000		$10,644
Maryland State Department of Transportation Consolidated Revenue Bonds, Series A,
3.00%, 10/1/31		10,000		9,186
3.00%, 10/1/32		5,000		4,542
Maryland State Department of Transportation Consolidated Transportation Revenue Bonds,
2.50%, 10/1/33		5,000		4,179
Saint Mary’s County G.O. Unlimited Bonds,
5.00%, 8/1/24		500		505
Washington Suburban Sanitary District Consolidated Public Improvement G.O. Unlimited Revenue Bonds, Second Series (County Gtd.),
5.00%, 6/1/37		5,000		5,110
Washington Suburban Sanitary District Revenue Bonds (County Gtd.),
4.00%, 12/1/32		4,205		4,302
				49,042
Massachusetts – 1.5%
Lincoln School G.O. Unlimited Bonds,
3.50%, 3/1/44		2,000		1,637
Massachusetts State Bay Transportation Authority Sales Tax Revenue Refunding CABS, Series A,
0.00%, 7/1/29(5)		3,000		2,327
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Partners Healthcare System,
5.00%, 7/1/29		1,625		1,696
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series A-2,
5.00%, 7/1/39		1,500		1,550
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Suffolk University,
5.00%, 7/1/29		500		508
Massachusetts State G.O. Limited Bonds,
4.00%, 5/1/40		1,000		933

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Massachusetts – 1.5%     continued
Massachusetts State Health & Educational Facilities Authority Revenue Bonds, Mass Institute Technology,
5.50%, 7/1/32		$785		$918
Massachusetts State Port Authority Revenue Bonds, Series C (AMT),
5.00%, 7/1/30		3,000		3,116
Massachusetts State School Building Authority Senior Lien Sales TRB, Series B,
5.00%, 11/15/39		5,000		5,108
Massachusetts State Transportation Fund Revenue Bonds, Accelerated Bridge Program,
5.00%, 6/1/44		2,540		2,546
				20,339
Michigan – 2.2%
Battle Creek School District G.O. Unlimited Refunding Bonds (Q-SBLF Insured),
5.00%, 5/1/27		1,540		1,582
Chippewa Valley Schools G.O. Unlimited Refunding Bonds, Series A (Q-SBLF Insured),
5.00%, 5/1/27		400		408
Grosse Pointe Public School System G.O. Unlimited Bonds,
3.00%, 5/1/34		1,815		1,562
Holt Public Schools G.O. Unlimited Bonds, Series I (Q-SBLF Insured),
3.00%, 5/1/34		1,175		1,010
Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series I-A,
5.00%, 10/15/29		5,000		5,001
Michigan State Finance Authority Limited Obligation Revenue Refunding Bonds, Lawrence Technology University,
4.00%, 2/1/42		745		561
Michigan State Finance Authority Variable Revenue Refunding Bonds, Mclaren Healthcare,
1.20%, 4/13/28(1) (2)		1,250		1,064

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  203 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

INTERMEDIATE TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Michigan – 2.2%     continued
Michigan State G.O. Unlimited Refunding Bonds, Series A, Environmental Program,
1.00%, 12/1/25		$1,000		$941
Michigan State HDA SFM Revenue Bonds, Series A, Social Bonds,
4.00%, 12/1/37		2,505		2,262
Walled Lake Consolidated School District G.O. Unlimited Bonds (Q-SBLF Insured),
5.00%, 5/1/50		1,635		1,666
Wayne County Airport Authority Revenue Bonds, Series D,
5.00%, 12/1/34		3,400		3,434
Wayne County Airport Authority Revenue Bonds, Series D (AGM Insured),
5.00%, 12/1/32		9,690		9,870
				29,361
Minnesota – 1.0%
Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A,
4.00%, 12/1/27(1) (2)		10,000		9,720
Minnesota State G.O. Unlimited Bonds, Series B,
5.00%, 8/1/25		3,000		3,070
Minnesota State Municipal Power Agency Electric Revenue Refunding Bonds, Series A,
5.00%, 10/1/29		1,000		1,010
				13,800
Mississippi – 0.0%
Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc., Project,
2.38%, 6/1/44		1,000		570
Missouri – 1.5%
Curators of the University of Missouri System Facilities Revenue Bonds, Series B,
5.00%, 11/1/30		10,015		10,938

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Missouri – 1.5%     continued
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Revenue Refunding Bonds, Series B,
5.00%, 1/1/26		$1,480		$1,510
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Refunding Bonds, Series A, Mercy Health,
5.00%, 6/1/30		2,500		2,594
Platte County School District No. 3 G.O. Unlimited Bonds,
5.25%, 3/1/34		2,710		3,006
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(5)		2,100		1,817
				19,865
Nebraska – 0.7%
Lancaster County School District No. 1 G.O. Unlimited Refunding Bonds,
5.00%, 1/15/27		3,760		3,838
Omaha Public Power District Electric Revenue Bonds, Series A,
5.00%, 2/1/30		4,740		5,030
				8,868
Nevada – 0.6%
Clark County Airport System Subordinate Lien Revenue Refunding Bonds Series A-2,
4.25%, 7/1/34		2,500		2,475
Clark County School District G.O. Limited Bonds, Various Purpose-Medium Term Project,
3.00%, 6/15/26		1,265		1,222
Washoe County School District G.O. Limited Bonds, Series C, School Improvement Bonds (AGM Insured),
3.25%, 10/1/42		6,500		5,064
				8,761
New Jersey – 0.3%
New Jersey State EDA Revenue School Facilities Construction Revenue Bonds,
5.00%, 6/15/28		1,440		1,507

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  204 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
New Jersey – 0.3%     continued
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program,
5.25%, 6/15/43		$2,500		$2,546
				4,053
New Mexico – 0.3%
Albuquerque Bernalillo County Water Utility Authority Joint Water & Sewer Senior Lien Revenue Bonds,
4.00%, 7/1/31		1,300		1,314
Central New Mexico Community College G.O. Limited Bonds, Series A,
4.00%, 8/15/28		2,100		2,129
				3,443
New York – 14.4%
New York City Housing Development Corp. MFH Adjustable Revenue Bonds, Sustainable Development,
1.13%, 11/1/24(1) (2)		1,000		961
New York City Housing Development Corp. MFH Revenue Refunding Bonds, Sustainable Neighborhood Bonds (FNMA Insured),
2.95%, 2/1/26(1) (2)		4,000		3,871
New York City Housing Development Corp. MFH Sustainable Development Revenue Bonds,
2.75%, 11/1/33		2,870		2,436
New York City Municipal Water Finance Authority Water & Sewer System Revenue Bonds, Second General Resolution, Series BB,
5.00%, 6/15/49		3,865		3,925
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		5,121
New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series EE,
5.00%, 6/15/29		3,500		3,570

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
New York – 14.4%     continued
New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series GG,
5.00%, 6/15/31		$4,765		$4,835
5.00%, 6/15/39		8,000		8,058
New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Sub-Series EE,
4.00%, 6/15/45		10,000		8,948
New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-3 (State Aid Withholding),
5.00%, 7/15/43		3,000		3,062
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries C-2,
5.00%, 5/1/36		1,575		1,630
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,
5.00%, 8/1/40		2,000		2,040
New York City Transitional Finance Authority Subordinate Revenue Bonds, Series A-1,
5.00%, 8/1/44		2,500		2,562
New York City Transitional Finance Authority Subordinate Revenue Bonds, Series B-1,
4.00%, 8/1/45		5,000		4,471
New York City Transitional Finance Authority Subordinate Revenue Bonds, Series C-3,
5.00%, 5/1/41		3,450		3,509
New York City Transitional Finance Authority Subordinate Revenue Bonds, Series E-1,
4.00%, 2/1/46		1,500		1,335
New York City Transitional Finance Authority Subordinate Taxable Revenue Bonds, Series B-2,
1.55%, 8/1/28		5,000		4,223
New York G.O. Unlimited Bonds, Series D, Subseries D1,
5.00%, 12/1/39		10,000		10,237

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  205 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

INTERMEDIATE TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
New York – 14.4%     continued
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		2,894
5.00%, 3/1/37		3,700		3,808
New York G.O. Unlimited Bonds, Series H, Unrefunded Balance,
5.00%, 8/1/30		5		5
New York G.O. Unlimited Bonds, Subseries G, Fiscal 2012,
5.00%, 4/1/40		1,440		1,501
New York G.O. Unlimited Refunding Bonds, Subseries F-1,
5.00%, 8/1/25		1,000		1,022
New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program, Unrefunded Balance (AGC State Aid Withholding),
5.25%, 10/1/23		170		170
New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series C,
5.00%, 10/1/31		665		704
5.00%, 10/8/32		575		609
New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series B, Education (AMBAC Insured),
5.50%, 3/15/30		7,040		7,767
New York State Dormitory Authority Sales TRB, Series A, Group C,
5.00%, 3/15/44		3,755		3,802
New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A,
5.25%, 3/15/39		2,000		2,081
New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series E,
3.25%, 3/15/36		3,000		2,596
New York State Dormitory Authority State Personal Income TRB, Series A, Unrefunded Balance,
5.00%, 2/15/43		2,000		2,013

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
New York – 14.4%     continued
New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series K-2 (SonyMA Insured),
1.00%, 11/1/26(1) (2)		$5,250		$4,700
New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series M-2 (SonyMA, FHA Insured),
0.75%, 11/1/25		3,000		2,751
New York State Housing Finance Agency Affordable Housing Variable Climate Bond Certified Revenue Bonds (SonyMA Insured),
0.65%, 11/1/25(1) (2)		2,500		2,285
New York State Housing Finance
Agency Affordable Housing Variable Sustainability Revenue Bonds, Series J (SonyMA Insured),
1.10%, 5/1/27(1) (2)		8,000		6,958
New York State Housing Finance Agency Revenue Bonds, Series F,
1.10%, 11/1/26		1,500		1,341
New York State Mortgage Agency Homeowner Mortgage Revenue Refunding Bonds, Series 220,
2.60%, 10/1/39		3,300		2,344
New York State Mortgage Agency Homeowner Revenue Bonds, Series 242, Social Bonds (SonyMA Insured),
3.25%, 10/1/47		5,000		3,611
New York State Mortgage Agency Homeowner Revenue Bonds, Series 244, Social Bonds (SonyMA Insured),
2.75%, 4/1/35		3,150		2,567
New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds,
2.05%, 4/1/33		3,000		2,329
New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A-1, Group 3,
4.00%, 3/15/45		10,030		8,921

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  206 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
New York – 14.4%     continued
New York State Transportation Development Corp. Special Facilities Revenue Bonds (AMT), Terminal 4 John F. Kennedy International Airport Project,
4.00%, 12/1/42		$500		$427
5.00%, 12/1/42		255		248
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		359
New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,
5.00%, 12/1/31		550		577
New York State Urban Development Corp. General Purpose Personal Income TRB,
5.00%, 3/15/37		5,000		5,156
5.00%, 3/15/40		2,500		2,550
New York State Urban Development Corp. Personal Income TRB, Series A-1,
5.00%, 3/15/43		1,500		1,503
Port Authority of New York & New Jersey Consolidated Revenue Bonds, Series 185 (AMT),
5.00%, 9/1/26		1,130		1,134
Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 207 (AMT),
5.00%, 9/15/28		2,000		2,054
5.00%, 9/15/29		5,000		5,129
Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 227 (AMT),
2.00%, 10/1/34		1,500		1,063
Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 277 (AMT),
2.00%, 10/1/32		12,550		9,430

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
New York – 14.4%     continued
Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded,
4.00%, 10/15/24(3)		$1,000		$1,004
5.00%, 10/15/24(3)		5,000		5,070
Triborough Bridge & Tunnel Authority General Variable Revenue Refunding Bonds, Subseries B-4A-R, (Floating, U.S. SOFR + 0.38%),
3.94%, 2/1/24(1) (6)		1,470		1,464
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels,
5.00%, 5/15/47		5,000		5,097
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, Series A-1,
5.00%, 5/15/51		4,805		4,876
Troy Capital Resource Corp. Revenue Refunding Bonds, Rensselaer Polytechnic Institute,
5.00%, 9/1/38		1,300		1,317
Utility Debt Securitization Authority Restructuring Revenue Refunding Bonds,
5.00%, 12/15/37		2,500		2,525
Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds, Series TE,
5.00%, 12/15/41		1,000		1,000
				193,561
North Carolina – 1.6%
Charlotte Water & Sewer System Revenue Refunding Bonds,
5.00%, 7/1/31		5,000		5,316
4.00%, 7/1/36		6,790		6,595
Charlotte-Mecklenburg Hospital Authority Health Care System Revenue Refunding Bonds, Series A, Atrium Health,
5.00%, 1/15/35		5,000		5,211

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 - 92.5%     continued
North Carolina – 1.6%     continued
Charlotte-Mecklenburg Hospital Authority Health Care System Variable Revenue Bonds, Series B, Atrium Health,
1.95%, 11/1/29(1) (2)		$4,500		$3,849
				20,971
Ohio – 0.7%
Akron Income Tax Revenue Refunding Bonds,
4.00%, 12/1/32		1,285		1,278
Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A,
5.00%, 12/1/29		100		102
4.00%, 12/1/35		300		274
Ohio State Higher Educational Facility Revenue Bonds, Denison University Project,
5.00%, 11/1/39		1,365		1,397
Ohio State Turnpike Commission Revenue Refunding Bonds, Series A,
5.00%, 2/15/28		2,000		2,084
Ohio State University Revenue Bonds, Series A,
5.00%, 12/1/39		5,000		5,011
				10,146
Oregon – 0.5%
Clackamas Community College District G.O. Unlimited Bonds, Series B,
5.00%, 6/15/36		1,600		1,647
Medford Hospital Facilities Authority Revenue Refunding Bonds, Series A, Asante Project (AGM Insured),
2.50%, 8/15/35		2,500		1,953
Metropolitan Dedicated TRB, Oregon Convention Center Hotel,
5.00%, 6/15/42		2,065		2,101
Salem Hospital Facility Authority Revenue Refunding Bonds, Capital Manor Project,
4.00%, 5/15/30		190		177
4.00%, 5/15/31		200		185
4.00%, 5/15/32		160		146
				6,209

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%    continued
Pennsylvania – 2.3%
Commonwealth Financing Authority Taxable Revenue Bonds, Series A,
3.81%, 6/1/41		$2,000		$1,599
Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds,
5.00%, 6/1/25		1,000		1,014
5.00%, 6/1/26		1,500		1,533
5.00%, 6/1/31		2,000		2,067
Lehigh County IDA Revenue Refunding Bonds, Series A, PPL Electric Utilities Corp. Project,
3.00%, 9/1/29		5,000		4,575
Pennsylvania State G.O. Unlimited Bonds, First Series of 2020,
5.00%, 5/1/26		1,450		1,498
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, University of Pennsylvania Health System,
5.00%, 8/15/37		5,000		5,114
Pennsylvania State Housing Finance Agency SFM Revenue Bonds, Series 137, Social Bonds,
2.20%, 10/1/33		2,420		1,901
Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds, Series 136, Social Bonds,
5.00%, 4/1/31		1,845		1,945
Pennsylvania State Turnpike Commission Revenue Bonds, Series A,
5.00%, 12/1/38		5,000		5,010
Pennsylvania State Turnpike Commission Revenue Bonds, Series A-2,
5.00%, 12/1/37		5,000		5,162
				31,418
Rhode Island – 0.1%
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds, Series 77-A, Social Bonds,
3.80%, 4/1/33		1,535		1,428

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  208 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
South Carolina – 0.7%
Charleston Educational Excellence Financing Corp. Revenue Refunding Bonds, Charleston County School District Project,
5.00%, 12/1/24		$1,000		$1,013
5.00%, 12/1/26		1,125		1,168
Piedmont Municipal Power Agency Electric Revenue Bonds, Series 2004 (BHAC-CR MBIA Insured),
5.38%, 1/1/25		4,690		4,763
SCAGO Educational Facilities Corp. Cherokee School District No. 1 Revenue Refunding Bonds,
5.00%, 12/1/25		500		506
South Carolina State G.O. Unlimited Bonds, Series A, Clemson University,
5.00%, 4/1/39		1,545		1,654
				9,104
Tennessee – 1.9%
Knox County G.O. Unlimited Bonds,
4.00%, 6/1/28		1,000		994
Memphis Sanitary Sewerage System Revenue Refunding Bonds, Series B,
5.00%, 10/1/31		1,000		1,090
Metropolitan Government Nashville & Davidson County G.O. Unlimited & Improvement Bonds,
5.00%, 7/1/29		5,000		5,318
Metropolitan Government Nashville & Davidson County Health & Educational Facility Board Revenue Refunding Bonds, Belmont University,
4.00%, 5/1/46		1,625		1,410
Tennergy Corp. Gas Revenue Bonds, Series A,
5.00%, 10/1/24(1) (2)		10,000		10,026
4.00%, 9/1/28(1) (2)		5,000		4,785
Tennessee State Energy Acquisition Corp. Gas Revenue Bonds,
4.00%, 11/1/25(1) (2)		2,500		2,453
				26,076
Texas – 6.6%
Central Regional Mobility Authority Senior Lien Revenue Bonds,
5.00%, 1/1/43		1,930		1,941

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Texas – 6.6%     continued
Clifton Higher Education Finance Corp. Revenue Bonds, Series A, Idea Public Schools,
4.00%, 8/15/37		$780		$686
Dallas & Fort Worth International Airport Revenue Refunding Bonds, Series B,
5.00%, 11/1/37		2,000		2,098
Dallas Area Rapid Transit Sales Tax Senior Lien Revenue Refunding Bonds, Series B,
5.00%, 12/1/47		10,100		10,315
Dallas-Fort Worth International Airport Revenue Refunding Bonds, Series B,
5.00%, 11/1/25		1,075		1,100
5.00%, 11/1/26		500		518
Forney Independent School District G.O. Unlimited Refunding CABS, Series C,
0.00%, 8/15/39(5)		1,000		450
Frisco Improvement G.O. Limited Refunding Bonds,
5.00%, 2/15/28		5,755		5,925
Harlandale Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),
0.75%, 8/15/25(1) (2)		5,000		4,695
Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center,
0.90%, 5/15/25(1) (2)		2,500		2,343
Harris County Cultural Educational Facilities Finance Corp. Revenue Bonds, Series A, Memorial Hermann Health System, Prerefunded,
5.00%, 12/1/24(3)		3,500		3,544
Hidalgo County Regional Mobility Authority Toll & Vehicle Registration Senior Lien Revenue Bonds, Series A,
5.00%, 12/1/32		445		460
5.00%, 12/1/33		500		514
5.00%, 12/1/34		1,000		1,021
4.00%, 12/1/41		1,000		862
Houston Utility System Subordinate First Lien Revenue Refunding Bonds,
5.00%, 11/15/28		2,500		2,575

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 - 92.5%     continued
Texas – 6.6%     continued
Little Elm Independent School District Variable G.O. Unlimited Bonds, School Building (PSF, Gtd.),
0.68%, 8/15/25(1) (2)		$445		$417
Lower Colorado River Authority Junior Lien Revenue Bonds, Seventh Supplemental Series, Escrowed to Maturity (AGM Insured),
4.75%, 1/1/28		2,050		2,084
Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services,
5.00%, 5/15/24		1,000		1,006
Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services (AGM Insured),
5.00%, 5/15/37		425		445
Mansfield Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.),
5.00%, 2/15/35		2,435		2,465
Mckinney G.O. Limited Bonds,
5.00%, 8/15/32		2,010		2,043
North Texas Tollway Authority Revenue Refunding Bonds, Series A, First Tier,
5.00%, 1/1/38		3,000		3,062
5.00%, 1/1/39		5,000		5,092
North Texas Tollway Authority Revenue Refunding Bonds, Series A, Second Tier,
5.00%, 1/1/34		2,550		2,564
Northside Texas Independent School District G.O. Unlimited Refunding Bonds, Series B (PSF, Gtd.),
5.00%, 2/15/30		1,640		1,723
Port Houston Authority First Lien Revenue Bonds,
5.00%, 10/1/25		475		486
San Antonio Electric & Gas Junior Lien Variable Revenue Bonds,
1.75%, 12/1/25(1) (2)		1,000		937
San Antonio Water System Junior Lien Revenue Refunding Bonds, Series C,
5.00%, 5/15/35		3,500		3,593

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%    continued
Texas – 6.6%     continued
Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue Bonds, Methodist Hospitals of Dallas,
5.00%, 10/1/30		$1,000		$1,075
5.00%, 10/1/31		1,000		1,082
Texas State A&M University Revenue Refunding Bonds, Series C,
4.00%, 5/15/31		1,655		1,656
Texas State G.O. Unlimited Refunding Bonds, Series A, Transportation Commission,
5.00%, 10/1/23		70		70
Texas State G.O. Unlimited Refunding Bonds, Series B,
2.00%, 8/1/35		1,000		732
Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,
5.00%, 12/15/30		2,750		2,721
5.00%, 12/15/31		2,200		2,166
Texas State Transportation Commission Mobility Fund G.O. Unlimited Refunding Bonds, Prerefunded,
4.00%, 4/1/24(3)		5,000		5,002
5.00%, 4/1/24(3)		1,500		1,508
Texas State Transportation Commission Mobility Variable G.O. Unlimited Bonds,
0.65%, 4/1/26(1) (2)		5,000		4,491
Williamson County G.O. Unlimited Bonds, Prerefunded,
4.00%, 2/15/25(3)		1,765		1,770
Wylie Independent School District G.O. Unlimited Bonds, Series B, Collin County (PSF, Gtd.),
3.25%, 8/15/41(2)		1,750		1,572
				88,809
Utah – 0.5%
Salt Lake City International Airport Revenue Bonds, Series A (AMT),
5.00%, 7/1/46		5,000		4,953

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  210 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Utah – 0.5%     continued
Utah State Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Prerefunded,
5.00%, 6/15/25(3)		$2,000		$2,040
				6,993
Virginia – 1.7%
Albemarle County EDA Residential Care Facility Revenue Refunding Bonds, Westminster-Canterbury of the Blue Ridge,
4.00%, 6/1/49		1,905		1,541
Henrico County G.O. Unlimited Bonds (State Aid Withholding),
5.00%, 8/1/31		3,550		3,831
Roanoke EDA Hospital Variable Revenue Refunding Bonds, Carilion Clinic Obligated Group,
5.00%, 7/1/30(1) (2)		4,425		4,669
Virginia State HDA Revenue Bonds, Series D,
1.60%, 5/1/31		880		708
Virginia State HDA Revenue Bonds, Series K Non-AMT (GNMA, FNMA, FHLMC Insured),
1.95%, 12/1/32		1,440		1,130
Virginia State Port Authority Commonwealth Fund Revenue Refunding Bonds, Series B,
5.00%, 7/1/34		2,500		2,797
Virginia State Public School Authority Special Obligation Prince William County Revenue Bonds (State Aid Withholding),
5.00%, 3/1/30		5,365		5,703
Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses,
3.38%, 1/1/51		1,000		647
Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River,
3.00%, 1/1/41		1,810		1,303
				22,329

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 92.5%     continued
Washington – 4.4%
King County School District No. 401 Highline G.O. Unlimited Bonds (School Board Guaranty Program),
5.00%, 12/1/30		$10,000		$10,369
Seattle Solid Waste Revenue Refunding & Improvement Bonds,
4.00%, 6/1/31		1,865		1,865
Snohomish County G.O. Limited Refunding Bonds, Series A,
5.00%, 12/1/32		2,870		3,173
Spokane County School District No. 81 G.O. Unlimited Bonds (School Board Guaranty Program),
4.50%, 12/1/33		11,540		11,580
Washington State COPS, Series A,
5.00%, 7/1/26		1,000		1,032
Washington State G.O. Unlimited Bonds, Series A, Bid Group 2,
5.00%, 8/1/44		7,000		7,271
Washington State G.O. Unlimited Bonds, Series C,
5.00%, 2/1/32		10,000		10,560
Washington State G.O. Unlimited Refunding Bonds, Series D,
4.00%, 7/1/37		5,030		4,871
Washington State G.O. Unlimited Refunding Bonds, Series R-2018C,
5.00%, 8/1/33		4,000		4,178
Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1,
3.50%, 12/20/35		966		835
Washington State Motor Fuel Tax G.O. Unlimited Bonds, Series E,
5.00%, 2/1/38		3,000		3,005
				58,739
Wisconsin – 2.1%
PFA Hospital Taxable Revenue Bonds, Series 2021A, UNC Health Southeastern,
2.35%, 2/1/29		2,000		1,426
Wisconsin State G.O. Unlimited Bonds, Series A,
5.00%, 5/1/32		2,500		2,740
5.00%, 5/1/40		5,000		5,050

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 - 92.5%     continued
Wisconsin – 2.1%     continued
Wisconsin State G.O. Unlimited Refunding Bonds, Series 1,
5.00%, 5/1/24		$3,250		$3,271
Wisconsin State G.O. Unlimited Refunding Bonds, Series 2,
5.00%, 5/1/38		2,000		2,152
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Ascension Health Credit Group,
4.00%, 11/15/36		3,000		2,851
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Marquette University,
5.00%, 10/1/28		670		690
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center,
5.00%, 4/1/36		3,875		3,859
4.00%, 4/1/39		5,000		4,413
Wisconsin State Housing & EDA Home Ownership Revenue Refunding Bonds, Series A,
3.00%, 3/1/39		165		149
Wisconsin State Housing & EDA Variable Revenue Refunding Bonds, Series B (HUD Sector 8 Program),
0.50%, 11/1/24(1) (2)		2,000		1,896
				28,497
Wyoming – 0.0%
Laramie County Hospital Revenue Refunding Bonds, Cheyenne Regional Medical Center,
4.00%, 5/1/36		200		187
4.00%, 5/1/38		425		380
				567
Total Municipal Bonds
(Cost $1,379,812)				1,246,145

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 2.0%
Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.14%(7) (8)		27,626,958		$27,627
Total Investment Companies
(Cost $27,627)				27,627
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 3.1%
Central Plains Energy Project Gas Project Revenue Bonds, Project No. 4,
5.00%, 1/1/24(1) (2)		$7,500		$7,525
Indianapolis Local Public Improvement Bank Revenue Bonds, Series B, Waterworks Project (NATL Insured),
5.25%, 1/1/24		3,500		3,510
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Subseries C,
4.00%, 12/1/23(1) (2)		9,755		9,752
Mckinney Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),
5.00%, 2/15/24		3,500		3,512
Miami-Dade County School District Revenue TANS,
5.00%, 6/18/24		4,000		4,029
Pasadena Independent School District Variable G.O. Unlimited Bonds, Series B, School Building (PSF, Gtd.),
1.50%, 8/15/24(1) (2)		1,500		1,463
Patriots Energy Group Financing Agency South Carolina Gas Supply Revenue Bonds, Series A,
4.00%, 2/1/24(1) (2)		10,000		9,971
Quincy G.O. Limited BANS,
5.00%, 7/5/24		1,500		1,512
Total Short-Term Investments
(Cost $41,358)				41,274
Total Investments – 98.0%
(Cost $1,455,647)				1,320,761
Other Assets less Liabilities – 2.0%				26,777
NET ASSETS – 100.0%				$1,347,538

⁽¹⁾  Maturity date represents the puttable date.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  212 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

⁽²⁾  Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of September 30, 2023 is disclosed.

⁽³⁾  Maturity date represents the prerefunded date.

⁽⁴⁾  Step coupon bond. Rate as of September 30, 2023 is disclosed.

⁽⁵⁾  Zero coupon bond.

⁽⁶⁾  Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

⁽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, 2023 is disclosed.

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

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

COPS - Certificates of Participation

CR - Custody Receipt

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

GNMA - Government National Mortgage Association

Gtd. - Guaranteed

HDA - Housing Develoment Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

LCRA - Lower Colorado River Authority

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

SFM - Single Family Mortgage

SOFR - Secured Overnight Financing Rate

SonyMA - State of New York Mortgage Agency

TANS - Tax Anticipation Notes

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Corporate Bonds		0.4%
Municipal Bonds		92.5%
Investment Companies		2.0%
Short-Term Investments		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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Corporate Bonds(1)		$        —		$      5,715		$—		$      5,715
Municipal Bonds(1)		—		1,246,145		—		1,246,145
Investment Companies		27,627		—		—		27,627
Short-Term Investments		—		41,274		—		41,274
Total Investments		$27,627		$1,293,134		$—		$1,320,761

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  213 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

LIMITED TERM TAX-EXEMPT FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS – 91.2%
Alabama – 4.3%
Black Belt Energy Gas District Gas Supply Revenue Refunding Bonds,
4.00%, 6/1/24		$400		$398
4.00%, 6/1/25		470		464
Black Belt Energy Gas District Revenue Bonds, Gas Project No.7-S,
4.00%, 12/1/26(1) (2)		2,500		2,430
Black Belt Energy Gas District Revenue Bonds, Series C-1,
5.25%, 6/1/29(1) (2)		3,000		3,044
Black Belt Energy Gas District Revenue Bonds, Series E, Gas Project,
5.00%, 6/1/28(1) (2)		8,000		8,084
Limestone County Water & Sewer Authority Water Revenue Refunding Bonds (BAM Insured), Prerefunded,
5.00%, 12/1/26(3)		3,000		3,127
Lower Gas District Gas Project Revenue Bonds,
4.00%, 12/1/25(1) (2)		1,500		1,470
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%), 4.63%,
4/1/24(1) (4)		1,625		1,625
				20,642
Arizona – 1.0%
Arizona State Health Facilities Authority Revenue Refunding Bonds, Scottsdale Lincoln Hospitals Project,
5.00%, 12/1/27		1,355		1,366
Chandler IDA IDR Bonds, Series 1 (AMT), Intel Corp. Project,
5.00%, 9/1/27(1) (2)		2,575		2,604
Maricopa County Unified School District No. 97 G.O. Unlimited Bonds, Deer Valley Improvement Bonds Project of 2019,
5.00%, 7/1/24		1,075		1,083
				5,053
Arkansas – 0.2%
Bryant School District No. 25 G.O. Limited Refunding Bonds (State Aid Withholding),
1.00%, 2/1/25		1,070		1,009

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
California – 9.2%
Bay Area Toll Authority Subordinate Toll Bridge Revenue Refunding Bonds, Series S-H, Prerefunded,
5.00%, 4/1/29(3)		$2,000		$2,178
California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,
4.00%, 2/1/27		1,125		1,110
California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bonds, Series A-1,
4.00%, 2/1/25		1,000		994
4.00%, 8/1/28(1) (2)		3,150		3,049
California Community Choice Financing Authority Variable Revenue Bonds, Clean Energy Project, Green Bonds,
5.00%, 10/1/26		630		627
5.00%, 10/1/27		675		673
5.00%, 10/1/28		475		473
5.00%, 10/1/29		650		645
California State G.O. Unlimited Refunding Bonds,
5.00%, 4/1/26		1,570		1,622
California State G.O. Unlimited Various Purpose Refunding Bonds,
5.00%, 4/1/33		5,000		5,024
California State Health Facilities Financing Authority Revenue Bonds, Series A, Sutter Health, Prerefunded,
5.00%, 11/15/25(3)		5,000		5,155
California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Series A, Waste Management, Inc.,
4.13%, 10/1/25(1) (2)		1,000		993
California State Various Purpose G.O. Unlimited Bonds,
5.00%, 10/1/26		2,605		2,712
East Bay Municipal Utility District Water System Revenue Refunding Bonds, Series B-2,
5.00%, 6/1/25		1,000		1,024

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  214 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
California – 9.2%     continued
Glendale Community College District G.O. Unlimited Bonds, Series A, Election of 2016, Prerefunded,
5.00%, 8/1/27(3)		$1,750		$1,859
Golden State Tobacco Securitization Corp. Tobacco Settlement Asset Backed Revenue Refunding Bonds, Series A (State Appropriation Insured), Prerefunded,
5.00%, 6/1/25(3)		5,000		5,109
Local Public Schools Funding Authority School Facilities Improvement District No. 2016-1 G.O. Unlimited Bonds, Series B (AGM Insured),
3.00%, 8/1/26		805		777
4.00%, 8/1/28		935		947
Los Angeles County Development Authority MFH Variable Revenue Bonds, West Los Angeles VA Campus (HUD Sector 8 Program),
3.38%, 7/1/26(1) (2)		1,000		956
Los Angeles Department of Water & Power Revenue Refunding Bonds, Series A,
5.00%, 7/1/27		1,500		1,589
Los Angeles Department of Water & Power Revenue Refunding Bonds, Series E,
5.00%, 7/1/27		1,000		1,059
Los Angeles Unified School District Sustainability G.O. Unlimited Bonds, Series QRR,
5.00%, 7/1/26		2,000		2,080
Metropolitan Water District of Southern California Waterworks Revenue Refunding Bonds, Series A,
5.00%, 10/1/28		2,720		2,941
Santa Clara County G.O. Unlimited Refunding Bonds, Series D, Election of 2008,
5.00%, 8/1/27		1,010		1,072
				44,668
Colorado – 2.2%
Arapahoe County School District No. 6 Littleton G.O. Unlimited Bonds, Series A (State Aid Withholding),
5.50%, 12/1/43		3,825		4,032

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Colorado – 2.2%     continued
Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds, Prerefunded,
5.00%, 3/1/27(3)		$1,000		$1,046
Colorado State Health Facilities Authority Hospital Revenue Bonds, Adventist Health System/Sunbel,
5.00%, 11/20/25(1) (2)		3,000		3,056
Colorado State Health Facilities Authority Variable Revenue Refunding Bonds, Adventhealth Obligated Group, Prerefunded,
5.00%, 11/19/26(2) (3)		95		99
Colorado State Health Facilities Authority Variable Revenue Refunding Bonds, Adventhealth Obligated Group, Unrefunded Balance,
5.00%, 11/19/26(1) (2)		905		929
Denver City & County Airport Revenue Refunding Bonds, Series C,
5.00%, 11/15/29		1,500		1,620
				10,782
Connecticut – 1.6%
Connecticut State G.O. Unlimited Bonds, Series A,
4.00%, 1/15/28		3,300		3,352
Connecticut State G.O. Unlimited Bonds, Series C,
4.00%, 6/1/27		1,000		1,013
Greenwich G.O. Unlimited Bonds,
5.00%, 1/15/26		3,095		3,196
				7,561
District of Columbia – 2.0%
District of Columbia Income Tax Secured Revenue Refunding Bonds, Series C,
5.00%, 12/1/25		4,040		4,152
Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/26		5,405		5,403
				9,555

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  215 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

LIMITED TERM TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Florida – 4.2%
Broward County Airport System Revenue Refunding Bonds, Series B (AMT),
5.00%, 10/1/27		$3,500		$3,581
Duval County School Board COPS, Series A (AGM Insured),
5.00%, 7/1/26		1,750		1,805
Florida State Board of Education G.O. Unlimited Refunding Bonds, Series C,
5.00%, 6/1/27		3,115		3,274
Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series A,
5.00%, 6/1/26		1,950		2,019
Florida State Board of Education Public Education Capital Outlay G.O. Unlimited Refunding Bonds, Series E,
5.00%, 6/1/26		3,110		3,219
Jacksonville Special Revenue Refunding Bonds, Series A,
5.00%, 10/1/25		1,500		1,537
Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/34		5,000		4,993
				20,428
Georgia – 6.7%
Atlanta Airport Revenue Refunding Bonds, Series A,
5.00%, 7/1/28		1,000		1,063
Atlanta G.O. Unlimited Bonds, Series A-1, Social Bonds,
5.00%, 12/1/26		1,000		1,042
Atlanta G.O. Unlimited Bonds, Series A-2,
5.00%, 12/1/26		1,050		1,094
Atlanta Water & Wastewater Revenue Refunding Bonds, Prerefunded,
5.00%, 5/1/25(3)		4,650		4,736
Franklin County School District G.O. Unlimited Bonds (State Aid Withholding),
5.00%, 3/1/27		1,750		1,825
Georgia State G.O. Unlimited Bonds, Series A-1,
5.00%, 2/1/26		1,245		1,283

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Georgia – 6.7%     continued
Georgia State G.O. Unlimited Refunding Bonds, Series E,
5.00%, 12/1/27		$2,000		$2,085
Georgia State Road & Tollway Authority Federal Highway Reimbursement GARVEE Bonds,
5.00%, 6/1/25		1,625		1,656
5.00%, 6/1/26		1,230		1,272
Gwinnett County School District G.O. Unlimited Bonds, Series A,
1.75%, 8/1/25		3,125		2,953
Gwinnett County Water & Sewerage Authority Revenue Refunding Bonds,
4.00%, 8/1/25		2,700		2,713
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A,
4.00%, 9/1/27(1) (2)		2,000		1,947
Main Street Natural Gas, Inc., Gas Supply Variable Revenue Bonds, Series B,
4.00%, 12/2/24(1) (2)		5,000		4,968
Metropolitan Atlanta Rapid Transit Authority Sales Tax Revenue Refunding Bonds, Series C,
5.00%, 7/1/26		1,700		1,762
Sandy Springs Public Facilities Authority Revenue Bonds, City Center Project, Prerefunded,
5.00%, 5/1/26(3)		2,000		2,066
				32,465
Hawaii – 0.2%
Honolulu City & County G.O. Unlimited Refunding Bonds, Series F,
5.00%, 7/1/26		725		751
Illinois – 1.5%
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		1,331
Illinois State G.O. Unlimited Bonds, Series B,
5.00%, 10/1/29		3,000		3,141

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  216 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Illinois – 1.5%     continued
Illinois State HDA Multifamily Sustainability Revenue Bonds, Series B (FHA Insured, HUD Sector 8 Program),
2.85%, 11/1/25		$3,000		$2,867
				7,339
Indiana – 1.7%
Carmel Clay School Building Corp. First Mortgage Revenue Bonds (State Intercept Program),
4.00%, 7/15/25		1,825		1,827
MSD of Washington Township School Building Corp. Revenue Bonds, 2016 Refferendum Projects (State Intercept Program),
5.00%, 1/15/26		2,040		2,091
5.00%, 1/15/27		1,100		1,143
5.00%, 7/15/27		3,270		3,422
				8,483
Iowa – 0.4%
Ankeny Community School District G.O. Unlimited Refunding Bonds, Series A,
5.00%, 6/1/25		1,815		1,848
Kansas – 1.5%
Kansas Department of Transportation Highway Revenue Bonds,
5.00%, 9/1/33		2,240		2,296
Manhattan G.O. Unlimited Temporary Notes, Series 2020-03,
0.75%, 6/15/24		3,120		3,012
Scott County Unified School District No. 466 G.O. Unlimited Bonds, Series A, Prerefunded,
5.00%, 9/1/25(3)		1,000		1,023
Wichita G.O. Unlimited Bonds, Series 811,
3.00%, 6/1/27		1,185		1,140
				7,471
Kentucky – 2.4%
Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply,
4.00%, 1/1/25(1) (2)		8,725		8,643

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Kentucky – 2.4%     continued
Louisville Regional Airport Authority Airplort System Revenue Refunding Bonds, Series A (AMT),
5.00%, 7/1/25		$2,990		$2,994
				11,637
Louisiana – 0.9%
Louisiana Public Facilities Authority Revenue Refunding Bonds, Tulane University, Escrowed to Maturity,
5.00%, 4/1/26		270		277
Louisiana State Local Government Environmental Facilities & Community Development Authority Insurance Revenue Bonds, Louisiana Insurance Guaranty Association,
5.00%, 8/15/26		1,500		1,533
Louisiana State Local Government Environmental Facilities & Community Development Authority Revenue Bonds, LCTCS Act 360 Project (BAM Insured),
5.00%, 10/1/25		2,495		2,538
				4,348
Maryland – 1.8%
Maryland State G.O. Unlimited Bonds, First Series,
5.00%, 6/1/26		3,000		3,019
Maryland State G.O. Unlimited Refunding Bonds, Series B,
5.00%, 8/1/26		2,435		2,528
Montgomery County G.O. Unlimited Refunding Bonds, Series D,
4.00%, 11/1/29		2,925		2,976
				8,523
Massachusetts – 6.5%
Brookline G.O. Limited Bonds,
5.00%, 3/15/26		1,905		1,969
Massachusetts State Bay Transportation Authority Sales Tax Subordinate Revenue BANS,
4.00%, 5/1/25		1,390		1,387
Massachusetts State Bay Transportation Authority Sales Tax Subordinate Revenue BANS, Unrefunded Balance,
4.00%, 5/1/25		110		110

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  217 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

LIMITED TERM TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Massachusetts – 6.5%     continued
Massachusetts State Clean Water Trust Revenue Bonds, Series 22, Green Bonds,
5.00%, 8/1/27		$2,000		$2,114
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Series A, Harvard University Issue,
5.00%, 10/15/26		2,000		2,089
Massachusetts State G.O. Limited Refunding Bonds, Series A,
5.00%, 9/1/27		5,000		5,283
Massachusetts State G.O. Limited Refunding Bonds, Series B,
5.00%, 7/1/25		1,810		1,850
5.00%, 7/1/26		1,040		1,078
Massachusetts State Housing Finance Agency Sustainability Revenue Bonds, Series A-2 (HUD Sector 8 Program),
0.45%, 12/1/24		725		693
Massachusetts State School Building Authority Sales Tax Subordinate Revenue Bonds, Series A, Prerefunded,
5.00%, 2/15/26(3)		2,500		2,578
Massachusetts State Transportation Fund Rail Enhancement Program Revenue Bonds, Series A,
5.00%, 6/1/28		4,500		4,594
Massachusetts State Water Resources Authority Revenue Refunding Bonds, Series C, Green Bonds, Escrowed to Maturity,
5.00%, 8/1/25		165		169
Massachusetts State Water Resources Authority Revenue Refunding Bonds, Series C, Green Bonds, Unrefunded Balance,
5.00%, 8/1/25		835		854
MWRA General Revenue Refunding Bonds, Series C, Green Bonds, Prerefunded,
5.00%, 8/1/26(3)		3,340		3,463

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Massachusetts – 6.5%     continued
University Of Massachusetts Building Authority Revenue Refunding Bonds, Series 2,
5.00%, 11/1/29		$3,370		$3,452
				31,683
Michigan – 1.0%
Brandon School District G.O. Unlimited Refunding Bonds, Series A (Q-SBLF Insured), Prerefunded,
5.00%, 5/1/25(3)		1,100		1,119
Michigan State Finance Authority Adjustable Revenue Refunding Bonds, Trinity Health,
5.00%, 2/1/25(1) (2)		3,000		3,040
Michigan State HDA Rental Housing Revenue Bonds, Series A,
3.38%, 10/1/26		465		451
				4,610
Minnesota – 1.9%
Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A,
4.00%, 12/1/27(1) (2)		2,000		1,944
Minnesota State G.O. Unlimited Bonds, Series A,
5.00%, 8/1/27		1,020		1,075
Minnesota State G.O. Unlimited Bonds, Series A, Bidding Group 1,
5.00%, 9/1/27		6,000		6,335
				9,354
Missouri – 1.9%
Columbia School District G.O. Unlimited Refunding Bonds,
5.00%, 3/1/26		2,825		2,871
Curators of the University of Missouri System Facilities Revenue Refunding Bonds, Series A,
5.00%, 11/1/26		2,320		2,349
Fort Zumwalt School District G.O. Unlimited Refunding Bonds (State Aid Direct Deposit Program),
4.00%, 3/1/24		1,480		1,480

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  218 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Missouri – 1.9%     continued
Kansas City IDA Airport Special Obligation Revenue Bonds (AMT), Kansas City International,
5.00%, 3/1/25		$1,040		$1,046
Missouri State Health & Educational Facilities Authority Health Variable Revenue Refunding Bonds, Series B, BJC Health System,
4.00%, 5/1/26(1) (2)		1,500		1,491
				9,237
Nevada – 0.2%
Clark County School District G.O. Limited Bonds, Series A (AGM Insured),
5.00%, 6/15/27		1,000		1,040
New Jersey – 1.6%
Clifton Board of Education G.O. Unlimited Bonds (AGM School Board Resource Fund Insured),
2.00%, 8/15/26		1,200		1,110
New Jersey State EDA Revenue Bonds, Series WW, Prerefunded,
5.25%, 6/15/25(3)		3,500		3,584
New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds,
5.00%, 6/1/27		2,750		2,877
				7,571
New York – 13.2%
Metropolitan Transportation Authority Revenue Refunding Bonds, Series E, Green Bonds,
5.00%, 11/15/29		2,190		2,269
New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution Revenue Refunding Bonds,
5.00%, 6/15/25		1,535		1,567
New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds,
5.00%, 11/1/27		1,000		1,053
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,
5.00%, 2/1/29		3,295		3,302

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
New York – 13.2%     continued
New York G.O. Limited Bonds, Series F-4, Fiscal 2015,
5.00%, 12/1/25(1) (2)		$3,750		$3,802
New York G.O. Unlimited Bonds, Series J-10, Fiscal 2008,
5.00%, 8/1/26		605		626
New York G.O. Unlimited Bonds, Series J-5, Fiscal 2008,
5.00%, 8/1/28		1,000		1,063
New York G.O. Unlimited Refunding Bonds, Series C,
5.00%, 8/1/27		1,795		1,883
New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, General Purpose, Unrefunded Balance,
5.00%, 2/15/28		3,000		3,109
New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series E,
5.00%, 3/15/32		5,000		5,022
New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A, Escrowed to Maturity,
5.00%, 3/15/24		645		648
New York State Housing Finance Agency Affordable Housing Revenue Bonds, Series E (SonyMA Insured),
2.13%, 11/1/23		1,000		998
New York State Housing Finance Agency Affordable Housing Sustainability Revenue Bonds, Series M-2 (SonyMA, FHA Insured),
0.75%, 11/1/25		4,000		3,668
New York State Housing Finance Agency Affordable Housing Sustainability Variable Revenue Bonds, Series B (SonyMA Insured, HUD Sector 8 Program),
3.60%, 5/1/27(1) (2)		1,500		1,454
New York State Housing Finance Agency Affordable Housing Variable Revenue Bonds, Series F, Sustainability Bonds (SonyMA, FHA Insured),
3.85%, 5/1/27(1) (2)		4,000		3,893

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  219 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

LIMITED TERM TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
New York – 13.2%     continued
New York State Housing Finance Agency Revenue Bonds, Series E, Sustainability Bonds,
1.10%, 5/1/26		$2,500		$2,264
New York State Housing Finance Agency Revenue Bonds, Series F,
1.10%, 11/1/26		1,350		1,207
New York State Liberty Development Corp. Revenue Refunding Bonds, Four World Trade, Green Bonds,
1.20%, 11/15/28		2,000		1,655
New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A, Bidding Group 1,
5.00%, 3/15/29		5,000		5,359
New York State Urban Development Corp. Personal Income TRB, Series E,
5.00%, 3/15/28		2,175		2,180
5.00%, 3/15/29		2,675		2,681
New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax,
5.00%, 9/15/28		5,000		5,313
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels, Green Bonds,
5.00%, 11/15/25		525		539
5.00%, 11/15/27		1,700		1,795
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Revenue Bonds, MTA Bridges & Tunnels,
5.00%, 5/15/27		5,000		5,237
Utility Debt Securitization Authority Revenue Refunding Restructuring Bonds, Series A,
5.00%, 12/15/27		1,450		1,477
				64,064
North Carolina – 0.5%
Charlotte Water & Sewer System Revenue Refunding Bonds,
5.00%, 7/1/26		2,115		2,193

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Ohio – 2.2%
Akron Income Tax Revenue Refunding Bonds,
4.00%, 12/1/26		$1,120		$1,124
Columbus G.O. Unlimited Refunding Bonds, Series 1, Various Purpose,
5.00%, 7/1/26		1,300		1,348
Ohio State Highway Capital Improvements G.O. Unlimited Bonds, Series S,
5.00%, 5/1/28		5,085		5,244
Ohio State Infrastructure Improvement G.O. Limited Bonds, Series A,
3.00%, 9/1/27		3,000		2,878
				10,594
Oklahoma – 0.6%
Oklahoma County Finance Authority Educational Facilities Lease Revenue Bonds, Midwest City-Del City Public School,
5.00%, 10/1/25		1,000		1,016
Oklahoma County Independent School District No. 89 G.O. Unlimited Bonds, Series A,
1.00%, 7/1/24		2,000		1,934
				2,950
Oregon – 1.2%
Multnomah County G.O. Limited Bonds,
5.00%, 6/1/28		1,000		1,049
Oregon State G.O. Unlimited Refunding Bonds, Series B,
5.00%, 8/1/33		1,450		1,476
Portland G.O. Limited Bonds, Series A, Transportation Projects,
5.00%, 10/1/27		1,730		1,828
Portland Water System Second Lien Revenue Refunding Bonds,
5.00%, 10/1/27		1,640		1,641
				5,994
Pennsylvania – 2.0%
Delaware Valley Regional Financial Authority Revenue Bonds, Series A,
2.00%, 10/1/29		2,275		1,902

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  220 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Pennsylvania – 2.0%     continued
Lehigh County IDA Revenue Refunding Bonds, Series A, PPL Electric Utilities Corp. Project,
3.00%, 9/1/29		$3,000		$2,745
Pennsylvania State Turnpike Commission Revenue Refunding Bonds, Series B,
5.00%, 12/1/25		425		436
5.00%, 12/1/26		275		286
Pennsylvania State Turnpike Commission Subordinate Revenue Refunding Bonds, Series B,
5.00%, 6/1/24		2,700		2,715
Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B,
5.00%, 12/1/25		1,700		1,746
				9,830
Tennessee – 1.2%
Gallatin Water & Sewer Revenue Refunding Bonds, Prerefunded,
5.00%, 1/1/25(3)		1,500		1,522
Tennergy Corp. Gas Revenue Bonds, Series A,
5.00%, 10/1/24(1) (2)		4,500		4,512
				6,034
Texas – 8.1%
Austin Water & Wastewater System Revenue Refunding Bonds,
5.00%, 11/15/26		1,000		1,037
Bexar County Certificates of Obligation G.O. Limited Bonds, Series B,
5.00%, 6/15/26		1,125		1,162
Central Regional Mobility Authority Senior Lien Revenue Bonds, Series A, Prerefunded,
5.00%, 7/1/25(3)		1,215		1,237
Central Regional Mobility Authority Subordinate Revenue BANS, Series F,
5.00%, 1/1/25		2,000		2,009
Dallas County Certificates of Obligation G.O. Limited Bonds,
5.00%, 8/15/25		1,615		1,651

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Texas – 8.1%     continued
Fort Bend Independent School District Variable G.O. Unlimited Bonds, Series B (PSF, Gtd.),
0.88%, 8/1/25(1) (2)		$1,155		$1,084
Grand Prairie Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),
4.00%, 2/15/33		5,420		5,275
Harlingen Consolidated Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),
5.00%, 8/15/26		1,105		1,142
Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center,
0.90%, 5/15/25(1) (2)		2,000		1,875
Laredo Public Property Finance Contractual Obligation G.O. Limited Bonds,
5.00%, 2/15/27		800		832
Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services,
5.00%, 5/15/24		500		503
Pecos Barstow Toyah Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
5.00%, 2/15/27		1,000		1,041
San Antonio Electric & Gas Junior Lien Variable Revenue Bonds,
1.13%, 12/1/26(1) (2)		3,500		3,093
2.00%, 12/1/27(1) (2)		3,150		2,823
San Antonio Electric & Gas Revenue Refunding Bonds,
5.00%, 2/1/25		1,350		1,370
Texas State G.O. Unlimited Refunding Bonds, Series B,
4.00%, 8/1/26		2,355		2,353
4.00%, 8/1/27		2,135		2,136
Texas State G.O. Unlimited Refunding Bonds, Transportation Commission Mobility Fund,
5.00%, 10/1/29		5,000		5,109

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  221 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

LIMITED TERM TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Texas – 8.1%     continued
Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,
5.00%, 12/15/26		$1,400		$1,395
Texas State PFA G.O. Unlimited Refunding Bonds,
5.00%, 10/1/26		2,110		2,188
				39,315
Utah – 1.5%
Davis County School District G.O. Unlimited Refunding Bonds, Utah School Bond Guaranty (School Board Guaranty Program),
3.00%, 6/1/28		4,095		3,899
Murray City School District G.O. Unlimited Refunding Bonds (School Board Guaranty Program),
5.00%, 2/1/28		1,685		1,785
Utah State Transit Authority Sales Tax Revenue Refunding Bonds, Series A, Prerefunded,
5.00%, 6/15/25(3)		1,735		1,770
				7,454
Virginia – 0.8%
Peninsula Ports Authority Coal Terminal Variable Revenue Refunding Bonds, Dominion Terminal Associates Project,
3.80%, 10/1/24(1) (2)		1,000		991
Upper Occoquan Sewage Authority Regional Revenue Refunding Bonds, Prerefunded,
5.00%, 7/1/25(3)		3,000		3,061
				4,052
Washington – 2.9%
Benton County School District No. 17 Kennewick G.O. Unlimited Refunding Bonds (School Board Guaranty Program),
4.00%, 12/1/28		1,000		1,003
Central Puget Sound Regional Transit Authority Sales & Use Tax Improvement Revenue Refunding Bonds, Series S-1, Green Bonds, Prerefunded,
5.00%, 11/1/25(3)		1,000		1,024

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 91.2%     continued
Washington – 2.9%     continued
Franklin County School District No. 1 Pasco G.O. Unlimited Refunding Bonds (School Board Guaranty Program),
5.00%, 12/1/26		$1,340		$1,358
Pierce County School District No. 320 G.O. Unlimited Refunding Bonds (School Board Guaranty Program),
4.00%, 12/1/28		650		648
Pierce County School District No. 83 University Place G.O. Unlimited Refunding Bonds (School Board Guaranty Program),
5.00%, 12/1/26		3,205		3,242
Port of Seattle Revenue Refunding Bonds, Series B,
5.00%, 3/1/31		2,800		2,816
Washington State G.O. Unlimited Bonds, Series 2017-A,
5.00%, 8/1/29		2,400		2,480
Washington State G.O. Unlimited Bonds, Series A-1,
5.00%, 8/1/26		1,255		1,279
				13,850
Wisconsin – 2.1%
Wisconsin State G.O. Unlimited Refunding Bonds, Series 2021-2,
5.00%, 5/1/27		6,000		6,279
Wisconsin State Transportation Revenue Bonds, Series A,
5.00%, 7/1/28		4,000		4,115
				10,394
Total Municipal Bonds
(Cost $465,469)				442,782
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 3.9%
Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.14%(5) (6)		18,895,261		$18,895
Total Investment Companies
(Cost $18,895)				18,895

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  222 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 4.2%
Michigan State Finance Authority Revenue Refunding Bonds, Ascension Health Credit Group,
4.00%, 7/1/24(1) (2)		$5,000		$4,987
Monmouth County Improvement Authority Revenue Notes, Governmental Pooled Loan Project (County Gtd.),
4.00%, 3/15/24		3,000		3,001
New York City Housing Development Corp. MFH Revenue Bonds, Series L, Sustainable Neighborhood Bonds,
2.75%, 12/29/23(1) (2)		3,000		2,986
North Central Texas State Housing Finance Corp. Variable Revenue Bonds, Bluebonnet Ridge Apartment,
0.38%, 8/1/24(1) (2)		1,750		1,680
Northside Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),
1.60%, 8/1/24(1) (2)		1,460		1,427
Northwest Housing Authority MFH Revenue Bonds, Spring Grove Apartments Project (HUD Sector 8 Program),
0.25%, 10/1/23(1) (2)		1,450		1,450
Utah County Hospital Revenue Bonds, Series B, IHC Health Services, Inc.,
5.00%, 8/1/24(1) (2)		3,850		3,875
Wisconsin State Housing & EDA Variable Revenue Refunding Bonds, Series B (HUD Sector 8 Program),
0.40%, 11/1/23(1) (2)		1,315		1,310
Total Short-Term Investments
(Cost $21,037)				20,716
Total Investments – 99.3%
(Cost $505,401)				482,393
Other Assets less Liabilities – 0.7%				3,159
NET ASSETS – 100.0%				$485,552

⁽¹⁾  Maturity date represents the puttable date.

⁽²⁾  Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of September 30, 2023 is disclosed.

⁽³⁾  Maturity date represents the prerefunded date.

⁽⁴⁾  Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

⁽⁵⁾  Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾  7-day current yield as of September 30, 2023 is disclosed.

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

EDA - Economic Development Authority

FHA - Federal Housing Administration

G.O. - General Obligation

GARVEE - Grant Anticipation Revenue Vehicle

Gtd. - Guaranteed

HDA - Housing Develoment Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

IDR - Industrial Development Revenue

LCRA - Lower Colorado River Authority

LCTCS - Louisiana Community and Technical College System

MFH - Multi-Family Housing

MWRA - Massachusetts Water Resources Authority

PFA - Public Finance Authority

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SIFMA - Securities Industry and Financial Markets Association

SonyMA - State of New York Mortgage Agency

TRB - Tax Revenue Bonds

VA - Veterans Affairs

Percentages shown are based on Net Assets.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  223 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS
LIMITED TERM TAX-EXEMPT FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Municipal Bonds		91.2	%
Investment Companies		3.9	%
Short-Term Investments		4.2	%

⁽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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Municipal Bonds(1)		$       —		$442,782		$—		$442,782
Investment Companies		18,895		—		—		18,895
Short-Term Investments		—		20,716		—		20,716
Total Investments		$18,895		$463,498		$—		$482,393

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  224 
NORTHERN FUNDS SEMIANNUAL REPORT

SCHEDULE OF INVESTMENTS    

LIMITED TERM U.S. GOVERNMENT FUND SEPTEMBER 30, 2023 (UNAUDITED)    

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 1.6% (1)
Fannie Mae – 0.3%
Pool #555649,
7.50%, 10/1/32		$11		$12
Pool #BH9277,
3.50%, 2/1/48		123		107
				119
Freddie Mac – 0.7%
Pool #RA8880,
5.50%, 4/1/53		96		93
Pool #SD1360,
5.50%, 7/1/52		106		103
Pool #SD2665,
6.00%, 4/1/53		96		95
Pool #ZS7735,
2.00%, 1/1/32		3		3
				294
Freddie Mac Gold – 0.3%
Pool #D99701,
3.00%, 11/1/32		151		136
Government National Mortgage Association – 0.2%
Government National Mortgage Association, Series 2017-95, Class QG,
2.50%, 8/20/46		99		87
Government National Mortgage Association I – 0.1%
Pool #676682,
4.50%, 6/15/25		10		10
Pool #782618,
4.50%, 4/15/24		1		1
Pool #783245,
5.00%, 9/15/24		1		1
Pool #783489,
5.00%, 6/15/25		1		—
				12
Total U.S. Government Agencies
(Cost $713)				648
U.S. GOVERNMENT OBLIGATIONS – 97.4%
U.S. Treasury Bonds – 1.1%
6.00%, 2/15/26		470		481
U.S. Treasury Inflation Indexed Notes – 2.8%
0.50%, 4/15/24		141		168
0.13%, 7/15/24		134		168

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 97.4%    continued
U.S. Treasury Inflation Indexed Notes – 2.8%    continued
0.13%, 10/15/24		$145		$167
0.25%, 1/15/25		135		168
0.38%, 7/15/25		135		167
0.13%, 4/15/26		153		167
0.13%, 4/15/27		166		165
				1,170
U.S. Treasury Notes – 93.5%
1.75%, 7/31/24		124		120
1.88%, 8/31/24		154		149
2.13%, 9/30/24		550		532
2.25%, 11/15/24		400		386
4.50%, 11/30/24		5,345		5,291
2.50%, 1/31/25		541		521
2.75%, 2/28/25		538		520
2.88%, 4/30/25		537		518
0.25%, 5/31/25		1,088		1,003
2.88%, 5/31/25		285		275
0.25%, 6/30/25		587		540
0.25%, 7/31/25		589		539
2.88%, 7/31/25		532		511
0.25%, 10/31/25		591		536
0.38%, 11/30/25		883		800
2.88%, 11/30/25		158		151
1.63%, 2/15/26		558		517
4.00%, 2/15/26		7,051		6,902
0.50%, 2/28/26		587		529
2.13%, 5/31/26		549		512
1.88%, 6/30/26		550		509
0.63%, 7/31/26		586		522
1.88%, 7/31/26		551		508
1.50%, 8/15/26		3,000		2,735
4.50%, 8/15/26		1,500		1,481
0.75%, 8/31/26		582		518
0.88%, 9/30/26		487		435
3.88%, 11/30/27		3,744		3,629
4.00%, 2/29/28		2,400		2,338
3.63%, 3/31/28		1,200		1,150
3.63%, 5/31/28		2,150		2,061
4.00%, 6/30/28		850		827
4.38%, 8/31/28		1,500		1,485
				39,050
Total U.S. Government Obligations
(Cost $42,349)				40,701

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  225 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

LIMITED TERM U.S. GOVERNMENT FUND    continued SEPTEMBER 30, 2023 (UNAUDITED)    

	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 0.3%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(2) (3)		132,744		$133
Total Investment Companies
(Cost $133)				133
Total Investments – 99.3%
(Cost $43,195)				41,482
Other Assets less Liabilities – 0.7%				291
NET ASSETS – 100.0%				$41,773

⁽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, 2023 is disclosed.

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, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
U.S. Government Agencies		1.6%
U.S. Government Obligations		97.4%
Investment Companies		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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
U.S. Government Agencies(1)		$  —		$     648		$—	$	648
U.S. Government Obligations(1)		—		40,701		—		40,701
Investment Companies		133		—		—		133
Total Investments		$133		$41,349		$—	$	41,482

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  226 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY FUND		SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
CORPORATE BONDS – 1.1%
United States – 1.1%
AES Panama Generation Holdings S.R.L.,
4.38%, 5/31/30 (2)		$322		$274
Hyundai Capital America,
5.50%, 3/30/26 (2)		210		207
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS Luxembourg S.a.r.l,
6.75%, 3/15/34 (2)		180		175
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,
3.75%, 12/1/31		325		260
5.75%, 4/1/33		35		32
New Fortress Energy, Inc.,
6.50%, 9/30/26 (2)		220		203
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
8.45%, 7/27/30 (2)		200		193
				1,344
Total Corporate Bonds
(Cost $1,385)				1,344
FOREIGN ISSUER BONDS – 90.2%
Angola – 0.9%
Angolan Government International Bond,
8.25%, 5/9/28 (2)		150		130
8.25%, 5/9/28 (3)		400		347
9.38%, 5/8/48 (3)		600		444
9.13%, 11/26/49 (3)		200		144
				1,065
Argentina – 1.6%
Argentine Republic Government International Bond,
1.00%, 7/9/29		227		63
(Step to 1.75% on 7/9/27), 0.75%, 7/9/30 (4)		2,039		580
(Step to 4.13% on 7/9/24), 3.63%, 7/9/35 (4)		680		168
(Step to 5.00% on 7/9/24), 4.25%, 1/9/38 (4)		813		238
3.50%, 7/9/41 (4)		246		62
Genneia S.A.,
8.75%, 9/2/27 (2)		216		207
Pampa Energia S.A.,
9.13%, 4/15/29 (3)		200		190
Transportadora de Gas del Sur S.A.,

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Argentina – 1.6%     continued
6.75%, 5/2/25 (3)		$385		$361
YPF S.A.,
9.00%, 2/12/26 (3)		58		56
9.00%, 6/30/29 (3)		60		52
				1,977
Azerbaijan – 0.6%
Republic of Azerbaijan International Bond,
3.50%, 9/1/32 (3)		200		163
Southern Gas Corridor CJSC,
6.88%, 3/24/26 (3)		600		598
				761
Bahrain – 0.3%
Bahrain Government International Bond,
5.63%, 5/18/34 (3)		260		223
7.50%, 9/20/47 (3)		200		178
				401
Brazil – 6.2%
Amaggi Luxembourg International S.a.r.l.,
5.25%, 1/28/28 (3)		200		183
Braskem Netherlands Finance B.V.,
4.50%, 1/31/30 (2)		100		82
8.50%, 1/12/31 (2)		275		273
5.88%, 1/31/50 (2)		185		133
Brazil Letras do Tesouro Nacional,
0.00%, 1/1/25 (BRL)(5)		383		67
0.00%, 1/1/26 (BRL)(5)		1,020		162
0.00%, 7/1/26 (BRL)(5)		1,569		236
Brazil Notas do Tesouro Nacional, Serie F,
10.00%, 1/1/25 (BRL)		1,250		246
10.00%, 1/1/27 (BRL)		7,546		1,467
10.00%, 1/1/29 (BRL)		7,426		1,404
10.00%, 1/1/33 (BRL)		1,500		273
Brazilian Government International Bond,
4.25%, 1/7/25		200		195
8.25%, 1/20/34		78		85
5.63%, 1/7/41		100		83
BRF S.A.,
4.88%, 1/24/30 (3)		400		324
CSN Resources S.A.,
4.63%, 6/10/31 (2)		290		221
Embraer Netherlands Finance B.V.,
7.00%, 7/28/30 (2)		230		228

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  227 
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 – 90.2%     continued
Brazil – 6.2%     continued
Gol Finance S.A.,
8.00%, 6/30/26 (3)		$200		$105
Guara Norte S.a.r.l.,
5.20%, 6/15/34 (2)		274		233
JSM Global S.a.r.l,
4.75%, 10/20/30 (3) (6)		200		26
MC Brazil Downstream Trading S.a.r.l.,
7.25%, 6/30/31 (2)		285		219
Minerva Luxembourg S.A.,
8.88%, 9/13/33 (2)		200		198
MV24 Capital B.V.,
6.75%, 6/1/34 (2)		223		197
Nexa Resources S.A.,
6.50%, 1/18/28 (2)		200		190
Oi S.A.,
14.00%, 9/7/24 (2) (7) (8)		111		110
10.00%, 7/27/25 (3) (6) (8)		873		55
Simpar Europe S.A.,
5.20%, 1/26/31 (2)		185		149
Sitios Latinoamerica S.A.B. de C.V.,
5.38%, 4/4/32 (2)		365		314
				7,458
Chile – 3.4%
Agrosuper S.A.,
4.60%, 1/20/32 (2)		225		180
Alfa Desarrollo S.p.A.,
4.55%, 9/27/51 (2)		348		238
Bonos de la Tesoreria de la Republica en pesos,
5.00%, 10/1/28 (CLP)		430,000		457
6.00%, 4/1/33 (CLP)		70,000		78
5.00%, 3/1/35 (CLP)		205,000		212
Celulosa Arauco y Constitucion S.A.,
3.88%, 11/2/27		200		180
Cencosud S.A.,
5.15%, 2/12/25 (3)		200		196
Chile Electricity Lux MPC S.a.r.l.,
6.01%, 1/20/33 (2)		240		239
Chile Government International Bond,
4.95%, 1/5/36		200		183
3.10%, 5/7/41		200		136
3.10%, 1/22/61		246		141
Corp Nacional del Cobre de Chile,

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Chile – 3.4%     continued
5.63%, 10/18/43 (3)		$215		$192
Empresa Nacional de Telecomunicaciones S.A.,
4.75%, 8/1/26 (2)		115		110
Enel Chile S.A.,
4.88%, 6/12/28		150		143
Enel Generacion Chile S.A.,
4.25%, 4/15/24		70		69
Engie Energia Chile S.A.,
3.40%, 1/28/30 (3)		300		250
Falabella S.A.,
4.38%, 1/27/25 (3)		200		191
3.75%, 10/30/27 (3)		80		69
Inversiones CMPC S.A.,
4.75%, 9/15/24 (3)		200		197
6.13%, 6/23/33 (2)		75		73
Kenbourne Invest S.A.,
4.70%, 1/22/28 (3)		200		124
Sociedad Concesionaria Autopista Central S.A.,
6.22%, 12/15/26 (2)		108		106
Sociedad de Transmision Austral S.A.,
4.00%, 1/27/32 (2)		200		169
Telefonica Moviles Chile S.A.,
3.54%, 11/18/31 (2)		200		150
				4,083
China – 2.7%
Agile Group Holdings Ltd.,
5.75%, 1/2/25 (3)		245		32
Alibaba Group Holding Ltd.,
4.50%, 11/28/34		200		173
BOC Aviation Ltd.,
2.75%, 12/2/23 (3)		200		199
BOC Aviation U.S.A. Corp.,
4.88%, 5/3/33 (2)		150		138
Central China Real Estate Ltd.,
7.75%, 5/24/24 (3) (6)		200		8
7.25%, 7/16/24 (3) (6)		200		8
CFLD Cayman Investment Ltd.,
2.50%, 1/31/31 (2) (7)		187		18
China Government Bond,
2.24%, 5/25/25 (CNH)		2,940		402
3.02%, 10/22/25 (CNY)		1,060		147

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  228 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
China – 2.7%     continued
3.27%, 11/19/30 (CNH)		$1,200		$172
2.75%, 2/17/32 (CNH)		3,650		500
3.72%, 4/12/51 (CNY)		900		138
China Overseas Grand Oceans Finance IV Cayman Ltd.,
2.45%, 2/9/26 (3)		200		170
China SCE Group Holdings Ltd.,
5.95%, 9/29/24 (3)		200		16
CIFI Holdings Group Co. Ltd.,
5.25%, 5/13/26 (3) (6)		630		44
Fantasia Holdings Group Co. Ltd.,
15.00%, 12/18/21 (3) (6) (7)		335		10
7.95%, 7/5/22 (3) (6) (7)		335		10
12.25%, 10/18/22 (3) (6) (7)		200		6
10.88%, 1/9/23 (3) (6) (7)		200		6
Kaisa Group Holdings Ltd.,
8.50%, 6/30/22 (3) (6) (7)		200		11
11.95%, 10/22/22 (3) (6) (7)		200		11
11.50%, 1/30/23 (3) (6) (7)		200		11
10.88%, 7/23/23 (3) (6) (7)		200		11
9.38%, 6/30/24 (3) (6)		200		11
Longfor Group Holdings Ltd.,
3.85%, 1/13/32 (3)		400		170
Meituan,
3.05%, 10/28/30 (3)		200		155
Prosus N.V.,
4.19%, 1/19/32 (2)		215		171
4.03%, 8/3/50 (2)		350		200
Shimao Group Holdings Ltd.,
4.75%, 7/3/22 (3) (6) (7)		200		7
Yuzhou Group Holdings Co. Ltd.,
8.50%, 2/4/23 (3) (6) (7)		200		11
9.95%, 6/8/23 (3) (6) (7)		200		11
6.00%, 10/25/23 (3) (6)		250		14
7.38%, 1/13/26 (3) (6)		530		30
6.35%, 1/13/27 (3) (6) (7)		200		11
Zhenro Properties Group Ltd.,
8.00%, 3/6/23 (3) (6) (7)		150		1
8.30%, 9/15/23 (3) (6)		200		1
14.72%, 11/6/23 (3) (6)		200		1
7.88%, 4/14/24 (3) (6)		200		1
7.35%, 2/5/25 (3) (6)		400		2
6.63%, 1/7/26 (3) (6)		200		1
6.70%, 8/4/26 (3) (6)		200		1

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
China – 2.7%     continued
ZhongAn Online P&C Insurance Co. Ltd.,
3.50%, 3/8/26 (3)		$200		$172
				3,212
Colombia – 4.1%
ABRA Global Finance,
11.50%, 3/2/28 (2) (8)		243		194
AI Candelaria Spain S.A.,
5.75%, 6/15/33 (2)		350		248
Banco GNB Sudameris S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 6.66%), 7.50%,
4/16/31 (2) (9)		250		203
Banistmo S.A.,
4.25%, 7/31/27 (2)		100		89
Colombia Government International Bond,
3.13%, 4/15/31		700		517
7.38%, 9/18/37		100		92
5.63%, 2/26/44		200		143
5.00%, 6/15/45		250		164
Colombia Telecomunicaciones S.A. ESP,
4.95%, 7/17/30 (3)		220		161
Colombian TES,
10.00%, 7/24/24 (COP)		400,000		99
6.00%, 4/28/28 (COP)		2,200,000		445
7.75%, 9/18/30 (COP)		107,000		22
7.00%, 3/26/31 (COP)		946,500		182
7.00%, 6/30/32 (COP)		2,900,000		536
13.25%, 2/9/33 (COP)		1,204,400		319
7.25%, 10/18/34 (COP)		166,600		30
9.25%, 5/28/42 (COP)		1,142,200		223
Ecopetrol S.A.,
5.38%, 6/26/26		325		312
8.63%, 1/19/29		200		201
5.88%, 5/28/45		110		72
Empresas Publicas de Medellin ESP,
4.25%, 7/18/29 (2)		200		161
Frontera Energy Corp.,
7.88%, 6/21/28 (2)		220		172
Oleoducto Central S.A.,
4.00%, 7/14/27 (2)		165		147
SierraCol Energy Andina LLC,
6.00%, 6/15/28 (3)		200		159
				4,891

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  229 
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 – 90.2%     continued
Costa Rica – 0.4%
Costa Rica Government International Bond,
5.63%, 4/30/43 (3)		$200		$165
Liberty Costa Rica Senior Secured Finance,
10.88%, 1/15/31 (2)		310		311
				476
Croatia – 0.5%
Croatia Government International Bond,
1.50%, 6/17/31 (EUR)(3)		700		621
Czech Republic – 1.7%
Czech Republic Government Bond,
2.50%, 8/25/28 (CZK)		4,370		171
5.50%, 12/12/28 (CZK)		3,010		135
2.75%, 7/23/29 (CZK)		5,580		218
0.05%, 11/29/29 (CZK)		760		25
0.95%, 5/15/30 (CZK)(3)		2,420		83
1.20%, 3/13/31 (CZK)		3,450		117
1.75%, 6/23/32 (CZK)		6,730		232
2.00%, 10/13/33 (CZK)		5,690		194
4.90%, 4/14/34 (CZK)		2,450		107
3.50%, 5/30/35 (CZK)		11,700		451
4.20%, 12/4/36 (CZK)(3)		220		9
1.50%, 4/24/40 (CZK)		6,200		169
Energo-Pro AS,
8.50%, 2/4/27 (2)		200		196
				2,107
Dominican Republic – 1.7%
Dominican Republic Central Bank Notes,
13.00%, 12/5/25 (DOP)(3)		13,000		238
13.00%, 1/30/26 (DOP)(3)		3,100		57
Dominican Republic International Bond,
5.50%, 1/27/25 (3)		250		246
4.88%, 9/23/32 (3)		725		588
11.25%, 9/15/35 (DOP)(2)		16,000		289
5.30%, 1/21/41 (3)		150		110
6.85%, 1/27/45 (3)		100		85
6.50%, 2/15/48 (3)		150		121
5.88%, 1/30/60 (3)		266		190
Empresa Generadora de Electricidad Haina S.A.,
5.63%, 11/8/28 (2)		200		178
				2,102

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Ecuador – 0.2%
Ecuador Government International Bond,
(Step to 5.50% on 7/31/24), 3.50%, 7/31/35 (2) (4)		$370		$136
(Step to 5.00% on 7/31/24), 2.50%, 7/31/40 (3) (4)		106		35
(Step to 5.00% on 7/31/24), 2.50%, 7/31/40 (2) (4)		239		78
				249
Egypt – 1.0%
Egypt Government International Bond,
5.63%, 4/16/30 (EUR)(3)		825		485
8.50%, 1/31/47 (3)		400		215
7.90%, 2/21/48 (3)		200		103
8.70%, 3/1/49 (3)		200		108
8.88%, 5/29/50 (3)		200		109
Energean PLC,
6.50%, 4/30/27 (2)		260		236
				1,256
El Salvador – 0.1%
El Salvador Government International Bond,
6.38%, 1/18/27 (3)		23		19
8.63%, 2/28/29 (3)		25		20
8.25%, 4/10/32		11		9
7.65%, 6/15/35 (3)		66		46
				94
Georgia – 0.1%
Silknet JSC,
8.38%, 1/31/27 (2)		100		99
Ghana – 1.0%
Ghana Government International Bond,
7.75%, 4/7/29 (3) (6)		200		89
7.63%, 5/16/29 (3) (6)		200		89
8.13%, 3/26/32 (3) (6)		200		89
7.88%, 2/11/35 (3) (6)		950		427
Kosmos Energy Ltd.,
7.50%, 3/1/28 (3)		125		112
7.50%, 3/1/28 (2)		230		206
Tullow Oil PLC,
10.25%, 5/15/26 (2)		225		196
				1,208
Guatemala – 1.0%
Central American Bottling Corp./CBC Bottling Holdco S.L./Beliv Holdco S.L.,

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  230 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Guatemala – 1.0%     continued
5.25%, 4/27/29 (2)		$350		$316
CT Trust,
5.13%, 2/3/32 (2)		285		222
Guatemala Government Bond,
4.50%, 5/3/26 (3)		435		412
4.65%, 10/7/41 (3)		200		148
Millicom International Cellular S.A.,
5.13%, 1/15/28 (2)		153		129
				1,227
Hong Kong – 0.8%
AIA Group Ltd.,
5.63%, 10/25/27 (2)		210		212
4.95%, 4/4/33 (2)		200		190
Bank of East Asia (The) Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.75%, 3/15/27 (3) (9)		250		247
Melco Resorts Finance Ltd.,
5.75%, 7/21/28 (2)		165		144
5.75%, 7/21/28 (3)		225		196
				989
Hungary – 1.3%
Hungary Government Bond,
6.00%, 11/24/23 (HUF)		46,500		126
3.00%, 6/26/24 (HUF)		10,230		27
3.00%, 10/27/27 (HUF)		287,350		658
4.50%, 3/23/28 (HUF)		47,130		113
6.75%, 10/22/28 (HUF)		3,290		9
3.00%, 10/27/38 (HUF)		7,850		13
Hungary Government International Bond,
5.38%, 3/25/24		56		56
6.25%, 9/22/32 (3)		200		195
3.13%, 9/21/51 (3)		200		111
Magyar Export-Import Bank Zrt,
6.13%, 12/4/27 (3)		200		197
				1,505
India – 1.6%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy,
6.25%, 12/10/24 (2)		100		95
Adani International Container Terminal Pvt Ltd.,

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
India – 1.6%     continued
3.00%, 2/16/31 (2)		$152		$114
Adani Ports & Special Economic Zone Ltd.,
3.10%, 2/2/31 (2)		330		228
Export-Import Bank of India,
5.50%, 1/18/33 (3)		200		192
Greenko Wind Projects Mauritius Ltd.,
5.50%, 4/6/25 (2)		240		230
India Toll Roads,
5.50%, 8/19/24 (3)		250		244
Power Finance Corp. Ltd.,
3.75%, 12/6/27 (3)		200		183
REC Ltd.,
5.63%, 4/11/28 (2)		200		195
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries,
4.50%, 7/14/28 (2)		250		210
Shriram Finance Ltd.,
4.40%, 3/13/24 (3)		200		197
				1,888
Indonesia – 6.6%
Freeport Indonesia PT,
4.76%, 4/14/27 (2)		150		142
5.32%, 4/14/32 (2)		150		136
6.20%, 4/14/52 (2)		200		167
Indofood CBP Sukses Makmur Tbk PT,
3.40%, 6/9/31 (3)		300		243
4.75%, 6/9/51 (3)		200		139
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT,
5.45%, 5/15/30 (3)		200		187
Indonesia Government International Bond,
4.75%, 1/8/26 (3)		200		197
4.55%, 1/11/28		200		194
4.85%, 1/11/33		675		642
8.50%, 10/12/35 (3)		100		123
6.63%, 2/17/37 (3)		650		687
7.75%, 1/17/38 (3)		100		117
Indonesia Treasury Bond,
8.13%, 5/15/24 (IDR)		600,000		39
6.50%, 6/15/25 (IDR)		575,000		37
8.38%, 9/15/26 (IDR)		10,500,000		716
6.38%, 8/15/28 (IDR)		2,744,000		177
9.00%, 3/15/29 (IDR)		220,000		16

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  231 
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 – 90.2%     continued
Indonesia – 6.6%     continued
8.25%, 5/15/29 (IDR)		$567,000		$40
10.50%, 8/15/30 (IDR)		600,000		47
7.00%, 9/15/30 (IDR)		2,830,000		186
6.50%, 2/15/31 (IDR)		7,261,000		461
7.75%, 4/15/31 (IDR)		655,000		45
8.75%, 5/15/31 (IDR)		5,651,000		410
9.50%, 7/15/31 (IDR)		7,200,000		541
7.00%, 2/15/33 (IDR)		6,553,000		428
6.63%, 2/15/34 (IDR)		631,000		40
8.38%, 3/15/34 (IDR)		1,389,000		100
7.50%, 6/15/35 (IDR)		536,000		36
7.50%, 5/15/38 (IDR)		654,000		44
7.13%, 6/15/38 (IDR)		4,971,000		325
8.38%, 4/15/39 (IDR)		2,041,000		150
LLPL Capital Pte. Ltd.,
6.88%, 2/4/39 (2)		261		233
Medco Laurel Tree Pte. Ltd.,
6.95%, 11/12/28 (2)		405		375
Minejesa Capital B.V.,
5.63%, 8/10/37 (3)		200		153
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
6.15%, 5/21/48 (3) (10)		200		177
4.88%, 7/17/49 (3)		200		148
				7,898
Ireland – 0.1%
C&W Senior Financing DAC,
6.88%, 9/15/27 (2)		150		132
Israel – 2.1%
Bank Hapoalim B.M.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.16%), 3.26%, 1/21/32 (9)		200		171
Bank Leumi Le-Israel B.M.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.47%), 7.13%, 7/18/33 (9)		400		393
Delek Overriding Royalty Leviathan Ltd.,
7.49%, 12/30/23		150		149
Energian Israel Finance Ltd.,
4.88%, 3/30/26		250		233
8.50%, 9/30/33		200		200
ICL Group Ltd.,
6.38%, 5/31/38		150		147

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Israel – 2.1%     continued
Leviathan Bond Ltd.,
6.75%, 6/30/30		$405		$374
Teva Pharmaceutical Finance Netherlands III B.V.,
3.15%, 10/1/26		850		758
8.13%, 9/15/31		150		155
				2,580
Ivory Coast – 0.6%
Ivory Coast Government International Bond,
6.38%, 3/3/28 (3)		200		187
5.88%, 10/17/31 (EUR)(3)		100		88
4.88%, 1/30/32 (EUR)(3)		435		351
6.88%, 10/17/40 (EUR)(3)		100		79
6.63%, 3/22/48 (EUR)(3)		100		73
				778
Jamaica – 0.1%
Digicel International Finance Ltd./Digicel International Holdings Ltd.,
8.75%, 5/25/24 (2)		100		90
Kazakhstan – 0.8%
Kazakhstan Government International Bond,
6.50%, 7/21/45 (3)		200		204
KazMunayGas National Co. JSC,
6.38%, 10/24/48 (2)		355		289
Tengizchevroil Finance Co. International Ltd.,
4.00%, 8/15/26 (2)		325		292
3.25%, 8/15/30 (3)		220		167
				952
Kuwait – 0.6%
MEGlobal Canada ULC,
5.00%, 5/18/25 (2)		400		390
Nbk Tier 2 Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.11%), 2.50%, 11/24/30 (3) (9)		400		366
				756
Lebanon – 0.1%
Lebanon Government International Bond,
6.38%, 3/9/20 (3) (6) (7)		67		6
5.80%, 4/14/20 (3) (6) (7)		79		6
6.15%, 6/19/20 (6)		102		8
8.25%, 4/12/21 (3) (6) (7)		115		10

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  232 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Lebanon – 0.1%     continued
6.10%, 10/4/22 (3) (6) (7)		$321		$27
6.00%, 1/27/23 (3) (6) (7)		50		4
6.60%, 11/27/26 (3) (6)		22		2
6.85%, 3/23/27 (3) (6)		88		7
7.00%, 3/23/32 (3) (6)		33		3
7.05%, 11/2/35 (3) (6)		11		1
7.25%, 3/23/37 (3) (6)		35		3
				77
Macau – 0.9%
MGM China Holdings Ltd.,
5.38%, 5/15/24 (2)		80		79
4.75%, 2/1/27 (2)		220		197
Sands China Ltd.,
5.65%, 8/8/28		415		391
4.88%, 6/18/30		175		151
Studio City Finance Ltd.,
6.00%, 7/15/25 (2)		200		190
6.50%, 1/15/28 (2)		150		127
				1,135
Malaysia – 3.2%
Malaysia Government Bond,
3.48%, 6/14/24 (MYR)		1,894		404
3.90%, 11/30/26 (MYR)		2,363		507
3.90%, 11/16/27 (MYR)		1,834		394
3.73%, 6/15/28 (MYR)		1,600		340
4.50%, 4/30/29 (MYR)		1,397		307
3.89%, 8/15/29 (MYR)		262		56
4.50%, 4/15/30 (MYR)		182		40
3.58%, 7/15/32 (MYR)		2,876		593
3.83%, 7/5/34 (MYR)		1,432		298
4.25%, 5/31/35 (MYR)		616		133
4.76%, 4/7/37 (MYR)		187		42
4.70%, 10/15/42 (MYR)		1,200		269
4.92%, 7/6/48 (MYR)		334		76
4.07%, 6/15/50 (MYR)		550		109
Malaysia Government Investment Issue,
3.47%, 10/15/30 (MYR)		496		103
4.19%, 10/7/32 (MYR)		29		6
3.45%, 7/15/36 (MYR)		91		18
Petronas Capital Ltd.,
4.55%, 4/21/50 (3)		200		162
				3,857

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Mauritius – 0.1%
Axian Telecom,
7.38%, 2/16/27 (2)		$200		$178
Mexico – 7.7%
Alsea S.A.B. de C.V.,
7.75%, 12/14/26 (2)		195		195
Banco Mercantil del Norte S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 7.76%), 8.38%, 10/14/30 (2) (9) (11)		100		95
(Variable, U.S. Treasury Yield Curve Rate CMT 10Y + 5.03%), 6.63%, 1/24/32 (2) (9) (11)		120		94
BBVA Bancomer S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.66%), 8.45%, 6/29/38 (2) (9)		375		370
Cemex S.A.B. de C.V.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.16%), 9.13%, 3/14/28 (2) (9) (11)		165		172
CIBANCO S.A. Institucion de Banca Multiple Trust CIB,
4.38%, 7/22/31 (2)		250		187
Infraestructura Energetica Nova S.A.P.I. de C.V.,
4.88%, 1/14/48 (2)		400		290
Mexican Bonos,
8.00%, 9/5/24 (MXN)		7,190		400
10.00%, 12/5/24 (MXN)		1,500		85
7.50%, 6/3/27 (MXN)		8,089		424
8.50%, 5/31/29 (MXN)		7,600		408
7.75%, 5/29/31 (MXN)		17,950		908
7.50%, 5/26/33 (MXN)		960		47
7.75%, 11/23/34 (MXN)		3,460		169
10.00%, 11/20/36 (MXN)		10,060		580
8.50%, 11/18/38 (MXN)		5,630		285
7.75%, 11/13/42 (MXN)		6,480		300
Mexico Government International Bond,
4.75%, 4/27/32		400		360
4.88%, 5/19/33		200		179
6.05%, 1/11/40		34		31
4.75%, 3/8/44		32		24
5.55%, 1/21/45		49		42
3.77%, 5/24/61		200		117
3.75%, 4/19/71		200		114

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    continued

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Mexico – 7.7%     continued
5.75%, 10/12/10 (12)		$208		$165
Mexico Remittances Funding Fiduciary Estate Management S.a.r.l.,
4.88%, 1/15/28 (2)		135		120
Orbia Advance Corp. S.A.B. de C.V.,
4.00%, 10/4/27 (2)		110		101
5.88%, 9/17/44 (2)		240		198
Petroleos Mexicanos,
6.50%, 3/13/27		135		119
8.75%, 6/2/29		100		89
5.95%, 1/28/31		1,165		834
6.70%, 2/16/32		29		21
6.75%, 9/21/47		720		427
6.35%, 2/12/48		80		46
7.69%, 1/23/50		385		247
6.95%, 1/28/60		319		189
Sigma Alimentos S.A. de C.V.,
4.13%, 5/2/26 (2)		225		214
Tierra Mojada Luxembourg II S.a.r.l.,
5.75%, 12/1/40 (3)		366		304
Total Play Telecomunicaciones S.A. de C.V.,
6.38%, 9/20/28 (2)		40		20
Trust Fibra Uno,
4.87%, 1/15/30 (2)		280		237
6.39%, 1/15/50 (2)		85		65
				9,272
Mongolia – 0.1%
Mongolia Government International Bond,
3.50%, 7/7/27 (3)		200		168
Morocco – 0.5%
Morocco Government International Bond,
5.95%, 3/8/28 (3)		200		198
OCP S.A.,
5.13%, 6/23/51 (2)		160		106
5.13%, 6/23/51 (3)		400		266
				570
Mozambique – 0.1%
Mozambique International Bond,
9.00%, 9/15/31 (3)		200		158
Nigeria – 1.1%
Access Bank PLC,
6.13%, 9/21/26 (2)		125		105
IHS Netherlands Holdco B.V.,

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Nigeria – 1.1%     continued
8.00%, 9/18/27 (3)		$250		$211
8.00%, 9/18/27 (2)		200		167
Nigeria Government International Bond,
7.14%, 2/23/30 (3)		420		332
7.70%, 2/23/38 (3)		200		141
7.63%, 11/28/47 (3)		250		167
8.25%, 9/28/51 (3)		200		139
SEPLAT Energy PLC,
7.75%, 4/1/26 (2)		100		85
				1,347
Oman – 1.2%
Oman Government International Bond,
6.75%, 10/28/27 (3)		200		204
5.63%, 1/17/28 (3)		400		390
6.00%, 8/1/29 (3)		200		196
6.75%, 1/17/48 (3)		711		656
				1,446
Pakistan – 0.2%
Pakistan Government International Bond,
7.38%, 4/8/31 (3)		250		117
8.88%, 4/8/51 (3)		390		182
				299
Panama – 0.8%
Panama Government International Bond,
3.88%, 3/17/28		325		298
9.38%, 4/1/29		23		26
6.70%, 1/26/36		28		28
6.88%, 1/31/36		200		200
4.30%, 4/29/53		200		130
4.50%, 4/1/56		200		131
3.87%, 7/23/60		240		139
				952
Paraguay – 0.5%
Paraguay Government International Bond,
5.00%, 4/15/26 (3)		250		244
5.40%, 3/30/50 (3)		400		315
				559
Peru – 2.9%
Consorcio Transmantaro S.A.,
5.20%, 4/11/38 (2)		230		205
Fondo MIVIVIENDA S.A.,
4.63%, 4/12/27 (2)		100		94

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  234 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Peru – 2.9%     continued
Hunt Oil Co. of Peru LLC Sucursal Del Peru,
8.55%, 9/18/33 (2)		$315		$318
Intercorp Peru Ltd.,
3.88%, 8/15/29 (3)		200		166
Kallpa Generacion S.A.,
4.13%, 8/16/27 (3)		215		197
Peru Government Bond,
5.94%, 2/12/29 (PEN)		351		90
6.15%, 8/12/32 (PEN)		2,323		571
7.30%, 8/12/33 (PEN)		174		46
5.40%, 8/12/34 (PEN)		2,566		579
Peruvian Government International Bond,
7.35%, 7/21/25		100		103
2.78%, 1/23/31		250		205
1.86%, 12/1/32		288		208
8.75%, 11/21/33		70		83
3.30%, 3/11/41		92		63
5.63%, 11/18/50		58		54
2.78%, 12/1/60		31		16
3.23%, 7/28/21 (13)		300		156
Petroleos del Peru S.A.,
5.63%, 6/19/47 (3)		485		291
				3,445
Philippines – 0.7%
Philippine Government International Bond,
10.63%, 3/16/25		28		30
3.75%, 1/14/29		400		369
9.50%, 2/2/30		23		28
7.75%, 1/14/31		100		113
6.38%, 10/23/34		100		105
3.95%, 1/20/40		200		158
				803
Poland – 2.3%
Bank Gospodarstwa Krajowego,
0.38%, 10/13/28 (EUR)(3)		250		215
5.38%, 5/22/33 (2)		170		160
Republic of Poland Government Bond,
2.50%, 7/25/26 (PLN)		1,252		268
0.25%, 10/25/26 (PLN)		62		12
3.75%, 5/25/27 (PLN)		647		142
2.50%, 7/25/27 (PLN)		2,889		603
2.75%, 4/25/28 (PLN)		1,100		228
7.50%, 7/25/28 (PLN)		838		210

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Poland – 2.3%     continued
2.75%, 10/25/29 (PLN)		$1,071		$213
1.75%, 4/25/32 (PLN)		333		56
6.00%, 10/25/33 (PLN)		1,700		392
Republic of Poland Government International Bond,
5.50%, 11/16/27		57		57
4.88%, 10/4/33		67		62
5.50%, 4/4/53		190		171
				2,789
Qatar – 1.5%
Qatar Government International Bond,
4.00%, 3/14/29 (3)		775		739
5.10%, 4/23/48 (3)		625		567
4.82%, 3/14/49 (3)		200		174
4.40%, 4/16/50 (3) (10)		200		164
QatarEnergy,
3.13%, 7/12/41 (3)		200		139
				1,783
Romania – 2.1%
Romania Government Bond,
8.75%, 10/30/28 (RON)		2,300		530
8.00%, 4/29/30 (RON)		80		18
4.15%, 10/24/30 (RON)		835		153
7.35%, 4/28/31 (RON)		535		116
6.70%, 2/25/32 (RON)		70		15
8.25%, 9/29/32 (RON)		1,085		249
4.75%, 10/11/34 (RON)		2,650		468
7.90%, 2/24/38 (RON)		205		47
Romanian Government International Bond,
3.00%, 2/27/27 (3)		28		25
1.75%, 7/13/30 (EUR)(3)		300		241
3.00%, 2/14/31 (3)		20		16
3.63%, 3/27/32 (3)		118		96
7.13%, 1/17/33 (3)		28		29
2.00%, 4/14/33 (EUR)(3)		400		292
2.88%, 4/13/42 (EUR)(3)		275		172
6.13%, 1/22/44 (3)		18		16
4.00%, 2/14/51 (3)		150		96
				2,579
Saudi Arabia – 2.2%
EIG Pearl Holdings S.a.r.l.,
3.55%, 8/31/36 (2)		200		162
Gaci First Investment Co.,

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 – 90.2%     continued
Saudi Arabia – 2.2%     continued
5.25%, 10/13/32 (3)		$200		$195
5.13%, 2/14/53 (3)		500		408
Greensaif Pipelines Bidco S.a.r.l.,
6.13%, 2/23/38 (2)		400		390
SA Global Sukuk Ltd.,
0.95%, 6/17/24 (2)		100		96
Saudi Government International Bond,
4.75%, 1/18/28 (3)		200		196
2.25%, 2/2/33 (3)		500		384
4.63%, 10/4/47 (3)		200		159
5.00%, 4/17/49 (3)		200		168
5.25%, 1/16/50 (3)		235		205
3.75%, 1/21/55 (3)		200		133
3.45%, 2/2/61 (3)		200		123
				2,619
Serbia – 0.3%
Serbia International Bond,
1.50%, 6/26/29 (EUR)(3)		425		347
Singapore – 0.2%
United Overseas Bank Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.50%), 3.75%, 4/15/29 (3) (9)		200		197
South Africa – 3.6%
Eskom Holdings SOC Ltd.,
4.31%, 7/23/27 (3)		400		351
Liquid Telecommunications Financing PLC,
5.50%, 9/4/26 (2)		150		96
Republic of South Africa Government Bond,
10.50%, 12/21/26 (ZAR)		4,817		262
8.00%, 1/31/30 (ZAR)		6,600		304
7.00%, 2/28/31 (ZAR)		3,649		151
8.25%, 3/31/32 (ZAR)		27,211		1,173
8.88%, 2/28/35 (ZAR)		10,140		423
6.25%, 3/31/36 (ZAR)		1,288		42
8.50%, 1/31/37 (ZAR)		11,000		425
8.75%, 1/31/44 (ZAR)		2,616		97
8.75%, 2/28/48 (ZAR)		4,700		173
Republic of South Africa Government International Bond,
4.30%, 10/12/28		200		173
5.88%, 4/20/32		200		170
5.75%, 9/30/49		200		132

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
South Africa – 3.6%     continued
Sasol Financing U.S.A. LLC,
8.75%, 5/3/29 (2)		$160		$154
5.50%, 3/18/31		325		255
				4,381
South Korea – 1.9%
Hana Bank,
4.38%, 9/30/24 (2)		200		196
Hyundai Capital Services, Inc.,
1.25%, 2/8/26 (3)		200		179
Kookmin Bank,
4.63%, 4/21/28 (2)		200		193
Korea Electric Power Corp.,
5.38%, 4/6/26 (2)		200		199
Korea Treasury Bond,
4.25%, 12/10/32 (KRW)		309,620		233
3.25%, 6/10/33 (KRW)		443,460		308
Kyobo Life Insurance Co. Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.89%), 5.90%, 6/15/27 (9) (10) (11)		220		215
POSCO,
4.38%, 8/4/25 (2)		310		302
Shinhan Bank Co. Ltd.,
3.88%, 3/24/26 (2)		350		330
Tongyang Life Insurance Co. Ltd.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.98%), 5.25%, 9/22/25 (3) (9) (11)		200		177
				2,332
Sri Lanka – 0.3%
Sri Lanka Government International Bond,
6.20%, 5/11/27 (3) (6)		700		323
Tanzania, United Republic of – 0.2%
HTA Group Ltd.,
7.00%, 12/18/25 (3)		275		266
Thailand – 3.8%
Bangkok Bank PCL,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.15%), 3.47%, 9/23/36 (2) (9)		500		388
GC Treasury Center Co. Ltd.,
4.40%, 3/30/32 (2)		200		170
Thailand Government Bond,

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  236 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Thailand – 3.8%     continued
2.40%, 12/17/23 (THB)		$32,706		$898
0.75%, 9/17/24 (THB)		29,176		788
2.35%, 6/17/26 (THB)		9,050		247
2.13%, 12/17/26 (THB)		17,613		476
2.88%, 12/17/28 (THB)		732		20
2.40%, 3/17/29 (THB)		2,974		80
1.60%, 12/17/29 (THB)		7,600		194
2.00%, 12/17/31 (THB)		2,048		52
3.78%, 6/25/32 (THB)		16,911		484
1.59%, 12/17/35 (THB)		4,943		113
3.40%, 6/17/36 (THB)		2,700		74
3.30%, 6/17/38 (THB)		19,592		526
2.00%, 6/17/42 (THB)		1,877		41
2.88%, 6/17/46 (THB)		1,194		28
3.60%, 6/17/67 (THB)		598		15
				4,594
Tunisia – 0.1%
Tunisian Republic,
6.38%, 7/15/26 (EUR)(3)		100		64
Turkey – 2.3%
Akbank TAS,
6.80%, 2/6/26 (3)		200		195
Aydem Yenilenebilir Energy A.S.,
7.75%, 2/2/27 (3)		240		213
KOC Holding A.S.,
6.50%, 3/11/25 (2)		175		173
Turk Telekomunikasyon A.S.,
6.88%, 2/28/25 (3)		200		195
Turkcell Iletisim Hizmetleri A.S.,
5.80%, 4/11/28 (3)		200		185
Turkey Government International Bond,
4.88%, 4/16/43		900		569
5.75%, 5/11/47		200		135
Turkiye Ihracat Kredi Bankasi A.S.,
9.38%, 1/31/26 (2)		200		203
Turkiye Sinai Kalkinma Bankasi A.S.,
9.38%, 10/19/28 (2)		200		201
Ulker Biskuvi Sanayi A.S.,
6.95%, 10/30/25 (3)		200		189
WE Soda Investments Holding PLC,
10/6/28 (2) (14)		235		237

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Turkey – 2.3%     continued
Yapi ve Kredi Bankasi A.S.,
9.25%, 10/16/28 (2)		$305		$306
				2,801
Ukraine – 0.8%
Metinvest B.V.,
7.75%, 10/17/29 (2)		325		196
MHP Lux S.A.,
6.95%, 4/3/26 (3) (6)		200		137
State Agency of Roads of Ukraine,
6.25%, 6/24/30 (3) (7)		200		54
Ukraine Government International Bond,
15.84%, 2/26/25 (UAH)(3) (7)		8,000		170
7.75%, 9/1/28 (3) (6) (7)		150		44
6.88%, 5/21/31 (3) (6) (7)		200		53
VF Ukraine PAT via VFU Funding PLC,
6.20%, 2/11/25 (3)		400		302
				956
United Arab Emirates – 1.9%
Abu Dhabi Government International Bond,
4.13%, 10/11/47 (3)		450		356
3.13%, 9/30/49 (3)		800		522
3.88%, 4/16/50 (3)		285		214
2.70%, 9/2/70 (3)		200		107
Abu Dhabi National Energy Co. PJSC,
4.70%, 4/24/33 (2)		300		285
Digicel International Finance Ltd./Digicel International Holdings Ltd.,
8.75%, 5/25/24 (3)		100		90
Galaxy Pipeline Assets Bidco Ltd.,
1.75%, 9/30/27 (2)		129		119
3.25%, 9/30/40 (3)		400		292
International Finance Corp.,
16.00%, 2/21/25 (UZS)		1,000,000		82
Sweihan PV Power Co. PJSC,
3.63%, 1/31/49 (2)		243		188
				2,255
United Kingdom – 0.9%
CK Hutchison International 23 Ltd.,
4.88%, 4/21/33 (2)		200		187
Standard Chartered PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.05%), 6.17%, 1/9/27 (2) (9)		405		403

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 – 90.2%     continued
United Kingdom – 0.9%     continued
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.85%), 6.19%, 7/6/27 (2) (9)		$200		$199
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.58%), 6.30%, 7/6/34 (2) (9)		300		289
				1,078
Uruguay – 0.6%
Uruguay Government International Bond,
4.38%, 12/15/28 (UYU)		241		16
8.25%, 5/21/31 (UYU)		2,618		63
7.88%, 1/15/33 (8)		78		91
9.75%, 7/20/33 (UYU)		5,240		137
5.75%, 10/28/34		86		88
7.63%, 3/21/36		58		66
3.88%, 7/2/40 (UYU)		816		28
4.13%, 11/20/45		47		38
5.10%, 6/18/50		48		42
4.98%, 4/20/55		108		94
				663
Uzbekistan – 0.8%
Republic of Uzbekistan International Bond,
14.00%, 7/19/24 (UZS)(3)		2,600,000		214
3.70%, 11/25/30 (3)		630		494
Uzauto Motors AJ,
4.85%, 5/4/26 (2)		225		195
				903
Venezuela – 0.8%
Petroleos de Venezuela S.A.,
8.50%, 10/27/20 (3) (6) (7)		1,480		725
9.00%, 11/17/21 (3) (6) (7)		172		9
12.75%, 2/17/22 (3) (6) (7)		92		5
5.38%, 4/12/27 (3) (6) (7)		77		4
9.75%, 5/17/35 (3) (6) (7)		222		12
Venezuela Government International Bond,
7.75%, 10/13/19 (3) (6) (7)		72		5
12.75%, 8/23/22 (3) (6) (7)		151		15
9.00%, 5/7/23 (3) (6) (7)		62		5
8.25%, 10/13/24 (3) (6) (7)		141		13
11.75%, 10/21/26 (3) (6) (7)		632		61
9.25%, 9/15/27 (6) (7)		186		18

	PRINCIPAL AMOUNT (000S)(1)		VALUE (000S)
FOREIGN ISSUER BONDS – 90.2%     continued
Venezuela – 0.8%     continued
9.25%, 5/7/28 (3) (6) (7)		$102		$10
11.95%, 8/5/31 (3) (6) (7)		1,045		102
				984
Vietnam – 0.6%
Mong Duong Finance Holdings B.V.,
5.13%, 5/7/29 (2)		250		226
Viet Nam Debt & Asset Trading Corp.,
1.00%, 10/10/25 (3)		550		462
				688
Zambia – 0.8%
First Quantum Minerals Ltd.,
7.50%, 4/1/25 (2)		150		150
8.63%, 6/1/31 (2)		450		448
Zambia Government International Bond,
5.38%, 9/20/22 (3) (6) (7)		400		200
8.50%, 4/14/24 (3) (6) (7)		200		110
				908
Total Foreign Issuer Bonds
(Cost $122,996)				108,631
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 6.0%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(15) (16)		7,175,322		$7,175
Total Investment Companies
(Cost $7,175)				7,175
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 3.0%
U.S. Treasury Bill,
5.11%, 10/17/23(17)		$2,351		$2,346
U.S. Treasury Bill,
5.06%, 7/11/24(17)		1,360		1,304
Total Short-Term Investments
(Cost $3,651)				3,650
Total Investments – 100.3%
(Cost $135,207)				120,800
Liabilities less Other Assets – (0.3%)				(382	)
Net Assets – 100.0%				$120,418

⁽¹⁾  Principal amount is in USD unless otherwise indicated.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  238 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽³⁾  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.

⁽⁴⁾  Step coupon bond. Rate as of September 30, 2023 is disclosed.

⁽⁵⁾  Zero coupon bond.

⁽⁶⁾  Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽⁷⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of these restricted illiquid securities amounted to approximately $1,913,000 or 1.6% of net assets. Additional information on these restricted illiquid securities is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)
CFLD Cayman Investment Ltd., 2.50%, 1/31/31	1/31/23		$25
Fantasia Holdings Group Co. Ltd., 15.00%, 12/18/21	10/4/21		149
Fantasia Holdings Group Co. Ltd., 7.95%, 7/5/22	11/12/21		104
Fantasia Holdings Group Co. Ltd., 12.25%, 10/18/22	3/15/21		203
Fantasia Holdings Group Co. Ltd., 10.88%, 1/9/23	6/26/20		202
Kaisa Group Holdings Ltd., 8.50%, 6/30/22	8/13/21		197
Kaisa Group Holdings Ltd., 11.95%, 10/22/22	9/23/21		183
Kaisa Group Holdings Ltd., 11.50%, 1/30/23	4/16/20		197
Kaisa Group Holdings Ltd., 10.88%, 7/23/23	1/22/20		205
Lebanon Government International Bond, 6.38%, 3/9/20	11/18/19-2/18/20		67
Lebanon Government International Bond, 5.80%, 4/14/20	11/20/19-2/19/20		63
Lebanon Government International Bond, 8.25%, 4/12/21	9/12/19-12/5/19		86
Lebanon Government International Bond, 6.10%, 10/4/22	7/4/19-3/6/20		189
Lebanon Government International Bond, 6.00%, 1/27/23	11/26/19		25
Oi S.A., 14.00%, 9/7/24	4/21/23-9/15/23		111
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., 12.75%, 2/17/22	3/10/16-6/14/17		51

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST (000S)
Petroleos de Venezuela S.A., 5.38%, 4/12/27	7/19/16-6/14/17		$30
Petroleos de Venezuela S.A., 9.75%, 5/17/35	6/20/16-6/14/17		105
Shimao Group Holdings Ltd., 4.75%, 7/3/22	8/11/22		19
State Agency of Roads of Ukraine, 6.25%, 6/24/30	6/17/21		200
Ukraine Government International Bond, 15.84%, 2/26/25	6/12/19		303
Ukraine Government International Bond, 7.75%, 9/1/28	1/5/21		165
Ukraine Government International Bond, 6.88%, 5/21/31	6/18/21		206
Venezuela Government International Bond, 7.75%, 10/13/19	6/14/17-8/11/17		43
Venezuela Government International Bond, 12.75%, 8/23/22	4/29/16-7/27/18		49
Venezuela Government International Bond, 9.00%, 5/7/23	6/14/17-8/11/17		29
Venezuela Government International Bond, 8.25%, 10/13/24	6/14/17-8/11/17		63
Venezuela Government International Bond, 11.75%, 10/21/26	3/3/17-11/13/17		333
Venezuela Government International Bond, 9.25%, 9/15/27	11/17/16-11/13/17		84
Venezuela Government International Bond, 9.25%, 5/7/28	8/11/17-5/15/18		31
Venezuela Government International Bond, 11.95%, 8/5/31	3/3/17-7/27/18		480
Yuzhou Group Holdings Co. Ltd., 8.50%, 2/4/23	11/8/21		102
Yuzhou Group Holdings Co. Ltd., 9.95%, 6/8/23	11/17/21		114
Yuzhou Group Holdings Co. Ltd., 6.35%, 1/13/27	4/15/21		165
Zambia Government International Bond, 5.38%, 9/20/22	8/30/19-10/29/20		269
Zambia Government International Bond, 8.50%, 4/14/24	8/31/23		105
Zhenro Properties Group Ltd., 8.00%, 3/6/23	2/13/23		13

⁽⁸⁾  Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁹⁾  Variable or floating 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, 2023.

⁽¹⁰⁾  Restricted security.

⁽¹¹⁾  Perpetual bond. Maturity date represents next call date.

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

⁽¹²⁾  Century bond maturing in 2110.

⁽¹³⁾  Century bond maturing in 2121.

⁽¹⁴⁾  When-Issued Security. Coupon rate is not in effect at September 30, 2023.

⁽¹⁵⁾  Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹⁶⁾  7-day current yield as of September 30, 2023 is disclosed.

⁽¹⁷⁾  Discount rate at the time of purchase.

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

10Y – 10 Year

1Y – 1 Year

5Y – 5 Year

CIB – Corporate and Investment Bank

CMT – Constant Maturity

BRL - Brazilian Real

CLP - Chilean Peso

CNH - Chinese Offshore Yuan

CNY - Chinese Yuan Renminbi

COP - Colombian Peso

CZK - Czech Koruna

DOP - Dominican Peso

EUR - Euro

HUF - Hungarian Forint

IDR - Indonesian Rupiah

KRW - Korean Won

MXN - Mexican Peso

MYR - Malaysian Ringgit

PEN - Peruvian Nuevo Sol

PLN - Polish Zloty

RON - Romanian Leu

THB - Thai Baht

UAH - Ukraine Hryvnia

UYU - Uruguayan Peso

UZS - Uzbekistan Som

ZAR - South African Rand

Percentages shown are based on Net Assets.

At September 30, 2023, 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	378	United States Dollar	403	10/25/23		$    3
Merrill Lynch	United States Dollar	73	Hungarian Forint	29,129	1/12/24		5
Morgan Stanley	United States Dollar	13	Egyptian Pound	434	1/16/24		—	*
Standard Chartered Bank	Euro	2,600	United States Dollar	2,783	11/16/23		28
Subtotal Appreciation							36
Merrill Lynch	Hungarian Forint	29,129	United States Dollar	75	1/12/24		(3	)
Morgan Stanley	Egyptian Pound	434	United States Dollar	12	1/16/24		(1	)
Subtotal Depreciation							(4	)
Total							$  32

* Amount rounds to less than one thousand.

At September 30, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET ASSETS
United States Dollar		68.1	%
All other currencies less than 5%		32.2
Total Investments		100.3
Liabilities less Other Assets		(0.3	)
Net Assets		100.0	%

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  240 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Corporate Bonds		$     —	$	1,344			$—	$	1,344
Foreign Issuer Bonds(1)		—		108,631			—		108,631
Investment Companies		7,175		—			—		7,175
Short-Term Investments		—		3,650			—		3,650
Total Investments		$7,175	$	113,625			$—	$	120,800
OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	36			$—	$	36
Liabilities
Forward Foreign Currency Exchange Contracts		—		(4	)		—		(4	)
Total Other Financial Instruments	$	—	$	32			$—	$	32
(1)  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  241 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND    

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CONVERTIBLE BONDS – 0.0%
Oil & Gas Producers – 0.0%
Gulfport Energy Corp.,
10.00%, (100% Cash), 8/3/23(1) (2) (3) (4) (5)		$—		$33
Telecommunications – 0.0%
Digicel Group Holdings Ltd.,
7.00%, 11/6/23(1) (2) (4) (6)		9		—
Total Convertible Bonds
(Cost $6)				33
CORPORATE BONDS – 78.0%
Advertising & Marketing – 0.2%
Outfront Media Capital LLC/Outfront Media Capital Corp.,
6.25%, 6/15/25 (1)		60		59
5.00%, 8/15/27 (1)		266		234
4.25%, 1/15/29 (1)		149		118
4.63%, 3/15/30 (1)		50		40
				451
Aerospace & Defense – 2.5%
Howmet Aerospace, Inc.,
5.90%, 2/1/27		25		24
5.95%, 2/1/37		100		94
Spirit AeroSystems, Inc.,
7.50%, 4/15/25 (1)		75		74
4.60%, 6/15/28		75		58
9.38%, 11/30/29 (1)		305		310
TransDigm, Inc.,
6.25%, 3/15/26 (1)		1,464		1,439
7.50%, 3/15/27		100		100
5.50%, 11/15/27		450		421
6.75%, 8/15/28 (1)		936		921
4.63%, 1/15/29		100		87
4.88%, 5/1/29		1,150		1,010
6.88%, 12/15/30 (1)		329		323
Triumph Group, Inc.,
7.75%, 8/15/25		50		48
9.00%, 3/15/28 (1)		293		290
				5,199
Apparel & Textile Products – 0.2%
Crocs, Inc.,
4.25%, 3/15/29 (1)		25		21
4.13%, 8/15/31 (1)		122		94

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Apparel & Textile Products – 0.2%     continued
Hanesbrands, Inc.,
4.88%, 5/15/26 (1)		$45		$41
9.00%, 2/15/31 (1)		59		56
Kontoor Brands, Inc.,
4.13%, 11/15/29 (1)		25		21
Levi Strauss & Co.,
3.50%, 3/1/31 (1)		131		104
				337
Asset Management – 1.7%
AG Issuer LLC,
6.25%, 3/1/28 (1)		75		70
AG TTMT Escrow Issuer LLC,
8.63%, 9/30/27 (1)		25		25
Ares Capital Corp.,
7.00%, 1/15/27		35		35
Blue Owl Capital Corp.,
3.75%, 7/22/25		85		80
Blue Owl Credit Income Corp.,
7.75%, 9/16/27		116		115
Compass Group Diversified Holdings LLC,
5.25%, 4/15/29 (1)		96		84
5.00%, 1/15/32 (1)		25		20
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
4.75%, 9/15/24		75		72
6.25%, 5/15/26		213		198
5.25%, 5/15/27		350		308
4.38%, 2/1/29		74		59
NFP Corp.,
4.88%, 8/15/28 (1)		247		217
6.88%, 8/15/28 (1)		2,147		1,839
7.50%, 10/1/30 (1)		25		24
8.50%, 10/1/31 (1)		343		344
				3,490
Automotive – 3.2%
Adient Global Holdings Ltd.,
8.25%, 4/15/31 (1)		25		25
Clarios Global L.P.,
6.75%, 5/15/25 (1)		107		106
Clarios Global L.P./Clarios U.S. Finance Co.,
6.25%, 5/15/26 (1)		153		150

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  242 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Automotive – 3.2% continued
8.50%, 5/15/27 (1)		$609		$607
6.75%, 5/15/28 (1)		201		196
Dana, Inc.,
4.50%, 2/15/32		25		19
Dealer Tire LLC/DT Issuer LLC,
8.00%, 2/1/28 (1)		25		23
Dornoch Debt Merger Sub, Inc.,
6.63%, 10/15/29 (1)		1,315		1,087
Ford Motor Co.,
9.63%, 4/22/30		270		308
7.45%, 7/16/31		800		830
3.25%, 2/12/32		216		166
6.10%, 8/19/32		171		161
4.75%, 1/15/43		100		73
5.29%, 12/8/46		300		228
Ford Motor Credit Co. LLC,
4.39%, 1/8/26		195		184
6.80%, 5/12/28		408		408
5.11%, 5/3/29		525		481
7.35%, 3/6/30		200		203
4.00%, 11/13/30		200		167
3.63%, 6/17/31		200		162
Goodyear Tire & Rubber (The) Co.,
9.50%, 5/31/25		122		124
7.00%, 3/15/28		25		25
5.00%, 7/15/29		107		92
5.25%, 4/30/31		25		21
5.25%, 7/15/31 (1)		100		83
5.63%, 4/30/33		50		41
PM General Purchaser LLC,
9.50%, 10/1/28 (1)		50		47
Real Hero Merger Sub 2, Inc.,
6.25%, 2/1/29 (1)		800		618
Wheel Pros, Inc.,
6.50%, 5/15/29 (1)		25		8
				6,643
Banking – 0.3%
Bank of America Corp.,
(Variable, CME Term SOFR 3M + 3.19%), 5.88%, 3/15/28 (6) (7)		75		68
Citigroup, Inc.,
(Variable, CME Term SOFR 3M + 4.33%), 9.70%, 10/30/23 (6) (8)		25		25

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Banking – 0.3% continued
(Variable, U.S. SOFR + 3.23%), 4.70%, 1/30/25 (6) (7)		$75		$68
JPMorgan Chase & Co.,
(Variable, CME Term SOFR 3M + 3.56%), 8.93%, 11/1/23 (6) (8)		50		50
(Variable, CME Term SOFR 3M + 3.59%), 6.13%, 4/30/24 (6) (7)		50		50
(Variable, CME Term SOFR 3M + 3.59%), 6.10%, 10/1/24 (6) (7)		50		49
(Variable, CME Term SOFR 3M + 3.13%), 4.60%, 2/1/25 (6) (7)		25		23
PNC Financial Services Group (The), Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 7Y + 2.81%), 6.25%, 3/15/30 (6) (7)		125		107
Wells Fargo & Co.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.61%), 7.63%, 9/15/28 (6) (7)		111		112
				552
Beverages – 0.0%
Triton Water Holdings, Inc.,
6.25%, 4/1/29(1)		50		41
Biotechnology & Pharmaceuticals – 0.4%
Bausch Health Americas, Inc.,
8.50%, 1/31/27 (1)		175		89
Bausch Health Cos., Inc.,
5.50%, 11/1/25 (1)		50		44
9.00%, 12/15/25 (1)		75		68
6.13%, 2/1/27 (1)		50		31
7.00%, 1/15/28 (1)		25		11
5.00%, 1/30/28 (1)		75		31
7.25%, 5/30/29 (1)		50		20
5.25%, 1/30/30 (1)		75		28
5.25%, 2/15/31 (1)		50		19
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
9.50%, 7/31/27 (1) (9)		125		9
6.00%, 6/30/28 (1) (9)		16		1
Endo Luxembourg Finance Co. I S.a.r.l./Endo U.S., Inc.,
6.13%, 4/1/29 (1) (10)		50		35

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  243 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Biotechnology & Pharmaceuticals – 0.4%     continued
Mallinckrodt International Finance S.A./Mallinckrodt CB LLC,
10.00%, 4/15/25 (1) (9)		$50		$40
10.00%, 6/15/29 (1) (9)		43		3
Organon & Co./Organon Foreign Debt Co-Issuer B.V.,
5.13%, 4/30/31 (1)		385		309
P&L Development LLC/PLD Finance Corp.,
7.75%, 11/15/25 (1)		50		36
Par Pharmaceutical, Inc.,
7.50%, 4/1/27 (1) (10)		111		79
Prestige Brands, Inc.,
5.13%, 1/15/28 (1)		25		23
3.75%, 4/1/31 (1)		25		20
				896
Cable & Satellite – 3.0%
Cable One, Inc.,
4.00%, 11/15/30 (1)		90		69
CCO Holdings LLC/CCO Holdings Capital Corp.,
5.00%, 2/1/28 (1)		50		45
6.38%, 9/1/29 (1)		355		331
4.75%, 3/1/30 (1)		351		295
4.50%, 8/15/30 (1)		174		143
4.25%, 2/1/31 (1)		402		320
7.38%, 3/1/31 (1)		386		373
4.75%, 2/1/32 (1)		450		360
4.50%, 5/1/32		175		137
4.50%, 6/1/33 (1)		300		230
4.25%, 1/15/34 (1)		259		191
CSC Holdings LLC,
5.25%, 6/1/24		150		143
11.25%, 5/15/28 (1)		400		398
5.75%, 1/15/30 (1)		275		154
4.13%, 12/1/30 (1)		305		216
4.50%, 11/15/31 (1)		200		142
Directv Financing LLC/Directv Financing Co-Obligor, Inc.,
5.88%, 8/15/27 (1)		291		257
DISH DBS Corp.,
5.88%, 11/15/24		200		186
7.75%, 7/1/26		25		19
5.25%, 12/1/26 (1)		254		216

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Cable & Satellite – 3.0%     continued
7.38%, 7/1/28		$100		$63
5.75%, 12/1/28 (1)		25		19
5.13%, 6/1/29		256		142
DISH Network Corp.,
11.75%, 11/15/27 (1)		408		411
GCI LLC,
4.75%, 10/15/28 (1)		72		62
Midcontinent Communications/Midcontinent Finance Corp.,
5.38%, 8/15/27 (1)		50		46
Radiate Holdco LLC/Radiate Finance, Inc.,
4.50%, 9/15/26 (1)		40		30
6.50%, 9/15/28 (1)		648		340
Sirius XM Radio, Inc.,
3.13%, 9/1/26 (1)		280		250
5.00%, 8/1/27 (1)		292		267
4.00%, 7/15/28 (1)		150		128
3.88%, 9/1/31 (1)		200		151
				6,134
Chemicals – 1.4%
Avient Corp.,
5.75%, 5/15/25 (1)		50		49
7.13%, 8/1/30 (1)		125		123
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.,
4.75%, 6/15/27 (1)		150		139
Celanese U.S. Holdings LLC,
6.35%, 11/15/28		40		39
6.70%, 11/15/33		54		53
Celanese US Holdings LLC,
6.55%, 11/15/30		37		36
Chemours (The) Co.,
5.38%, 5/15/27		25		23
5.75%, 11/15/28 (1)		111		96
4.63%, 11/15/29 (1)		93		75
Cornerstone Chemical Co.,
10.25%, (100% Cash), 9/1/27 (1) (4) (9)		25		21
Element Solutions, Inc.,
3.88%, 9/1/28 (1)		356		307

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  244 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Chemicals – 1.4%     continued
HB Fuller Co.,
4.25%, 10/15/28		$58		$51
Herens Holdco S.a.r.l.,
4.75%, 5/15/28 (1)		200		155
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.,
9.00%, 7/1/28 (1)		153		145
Innophos Holdings, Inc.,
9.38%, 2/15/28 (1)		75		72
Iris Holdings, Inc.,
8.75%, (100% Cash), 2/15/26 (1) (4)		25		22
LSB Industries, Inc.,
6.25%, 10/15/28 (1)		25		23
Minerals Technologies, Inc.,
5.00%, 7/1/28 (1)		112		103
Olin Corp.,
5.63%, 8/1/29		125		118
Olympus Water U.S. Holding Corp.,
9.75%, 11/15/28 (1)		200		200
6.25%, 10/1/29 (1)		200		155
Polar U.S. Borrower LLC/Schenectady International Group, Inc.,
6.75%, 5/15/26 (1)		75		37
SCIH Salt Holdings, Inc.,
4.88%, 5/1/28 (1)		50		44
6.63%, 5/1/29 (1)		100		86
SK Invictus Intermediate II S.a.r.l.,
5.00%, 10/30/29 (1)		129		103
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc.,
5.38%, 9/1/25 (1)		29		27
5.13%, 4/1/29 (1)		100		52
Tronox, Inc.,
4.63%, 3/15/29 (1)		100		81
Windsor Holdings III LLC,
8.50%, 6/15/30 (1)		50		49
WR Grace Holdings LLC,
4.88%, 6/15/27 (1)		75		69
5.63%, 8/15/29 (1)		363		294
7.38%, 3/1/31 (1)		70		68
				2,915

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Commercial Support Services – 1.8%
ADT Security (The) Corp.,
4.13%, 8/1/29 (1)		$91		$77
4.88%, 7/15/32 (1)		116		97
Allied Universal Holdco LLC/Allied Universal Finance Corp.,
6.63%, 7/15/26 (1)		290		275
9.75%, 7/15/27 (1)		263		235
6.00%, 6/1/29 (1)		325		242
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.,
4.63%, 6/1/28 (1)		340		282
4.63%, 6/1/28 (1)		185		154
AMN Healthcare, Inc.,
4.63%, 10/1/27 (1)		50		45
4.00%, 4/15/29 (1)		297		252
APX Group, Inc.,
6.75%, 2/15/27 (1)		51		49
5.75%, 7/15/29 (1)		124		104
Aramark Services, Inc.,
5.00%, 4/1/25 (1)		140		138
6.38%, 5/1/25 (1)		75		76
5.00%, 2/1/28 (1)		162		150
ASGN, Inc.,
4.63%, 5/15/28 (1)		100		89
Clean Harbors, Inc.,
6.38%, 2/1/31 (1)		82		80
Covanta Holding Corp.,
5.00%, 9/1/30		50		40
Korn Ferry,
4.63%, 12/15/27 (1)		73		67
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.,
5.00%, 2/1/26 (1)		115		113
Prime Security Services Borrower LLC/Prime Finance, Inc.,
5.25%, 4/15/24 (1)		21		21
5.75%, 4/15/26 (1)		64		62
6.25%, 1/15/28 (1)		224		207
Sotheby’s,
7.38%, 10/15/27 (1)		200		184
Sotheby’s/Bidfair Holdings, Inc.,
5.88%, 6/1/29 (1)		200		161

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  245 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Commercial Support Services – 1.8%     continued
TKC Holdings, Inc.,
10.50%, 5/15/29 (1)		$25		$21
WASH Multifamily Acquisition, Inc.,
5.75%, 4/15/26 (1)		100		93
Waste Pro U.S.A., Inc.,
5.50%, 2/15/26 (1)		289		270
Williams Scotsman, Inc.,
7.38%, 10/1/31 (1)		80		80
				3,664
Construction Materials – 1.3%
Advanced Drainage Systems, Inc.,
5.00%, 9/30/27 (1)		131		122
6.38%, 6/15/30 (1)		133		128
AmeriTex HoldCo Intermediate LLC,
10.25%, 10/15/28 (1)		265		262
Knife River Corp.,
7.75%, 5/1/31 (1)		25		25
New Enterprise Stone & Lime Co., Inc.,
5.25%, 7/15/28 (1)		94		84
9.75%, 7/15/28 (1)		116		115
Oscar AcquisitionCo LLC/Oscar Finance, Inc.,
9.50%, 4/15/30 (1)		1,290		1,190
Smyrna Ready Mix Concrete LLC,
6.00%, 11/1/28 (1)		268		248
Standard Industries, Inc.,
5.00%, 2/15/27 (1)		161		149
4.75%, 1/15/28 (1)		32		29
4.38%, 7/15/30 (1)		196		162
3.38%, 1/15/31 (1)		9		7
Summit Materials LLC/Summit Materials Finance Corp.,
5.25%, 1/15/29 (1)		50		45
				2,566
Consumer Services – 0.1%
Adtalem Global Education, Inc.,
5.50%, 3/1/28 (1)		40		37
Carriage Services, Inc.,
4.25%, 5/15/29 (1)		25		21
Graham Holdings Co.,
5.75%, 6/1/26 (1)		25		24
PROG Holdings, Inc.,
6.00%, 11/15/29 (1)		25		22

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Consumer Services – 0.1%     continued
Service Corp. International,
3.38%, 8/15/30		$25		$20
4.00%, 5/15/31		169		139
				263
Containers & Packaging – 2.5%
Ardagh Metal Packaging Finance U.S.A. LLC/Ardagh Metal Packaging Finance PLC,
6.00%, 6/15/27 (1)		220		211
3.25%, 9/1/28 (1)		430		359
4.00%, 9/1/29 (1)		348		272
Ardagh Packaging Finance
PLC/Ardagh Holdings U.S.A., Inc.,
2.13%, 8/15/26 [EUR](11)		100		94
5.25%, 8/15/27 (1)		200		167
Ball Corp.,
6.88%, 3/15/28		75		76
6.00%, 6/15/29		99		96
3.13%, 9/15/31		136		107
Berry Global, Inc.,
4.88%, 7/15/26 (1)		50		48
5.63%, 7/15/27 (1)		25		24
Clydesdale Acquisition Holdings, Inc.,
6.63%, 4/15/29 (1)		161		150
8.75%, 4/15/30 (1)		148		127
Crown Americas LLC,
5.25%, 4/1/30		50		46
Crown Americas LLC/Crown Americas Capital Corp. VI,
4.75%, 2/1/26		77		74
Graphic Packaging International LLC,
3.50%, 3/15/28 (1)		45		40
LABL, Inc.,
6.75%, 7/15/26 (1)		680		659
10.50%, 7/15/27 (1)		50		47
5.88%, 11/1/28 (1)		96		86
9.50%, 11/1/28 (1)		120		123
8.25%, 11/1/29 (1)		25		20
Mauser Packaging Solutions Holding Co.,
7.88%, 8/15/26 (1)		760		733
9.25%, 4/15/27 (1)		47		41
OI European Group B.V.,
4.75%, 2/15/30 (1)		125		109

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  246 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Containers & Packaging – 2.5%     continued
Owens-Brockway Glass Container, Inc.,
6.63%, 5/13/27 (1)		$179		$175
7.25%, 5/15/31 (1)		84		82
Sealed Air Corp.,
4.00%, 12/1/27 (1)		100		89
5.00%, 4/15/29 (1)		65		58
6.88%, 7/15/33 (1)		25		24
Sealed Air Corp./Sealed Air Corp. U.S.,
6.13%, 2/1/28 (1)		74		72
Silgan Holdings, Inc.,
4.13%, 2/1/28		25		22
Trident TPI Holdings, Inc.,
12.75%, 12/31/28 (1)		742		775
TriMas Corp.,
4.13%, 4/15/29 (1)		50		43
				5,049
Electric Utilities – 1.0%
Alexander Funding Trust II,
7.47%, 7/31/28 (1)		100		100
Calpine Corp.,
4.50%, 2/15/28 (1)		30		27
5.13%, 3/15/28		189		168
4.63%, 2/1/29 (1)		25		21
5.00%, 2/1/31 (1)		100		81
Clearway Energy Operating LLC,
4.75%, 3/15/28 (1)		25		22
3.75%, 2/15/31 (1)		6		5
3.75%, 1/15/32 (1)		132		103
Edison International,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.70%), 5.38%, 3/15/26 (6) (7)		149		131
Leeward Renewable Energy Operations LLC,
4.25%, 7/1/29 (1)		25		20
NextEra Energy Operating Partners L.P.,
3.88%, 10/15/26 (1)		80		72
NRG Energy, Inc.,
6.63%, 1/15/27		16		16
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.92%), 10.25%, 3/15/28 (1) (6) (7)		162		159
3.38%, 2/15/29 (1)		25		20

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Electric Utilities – 1.0%     continued
3.88%, 2/15/32 (1)		$50		$37
7.00%, 3/15/33 (1)		100		97
Pattern Energy Operations L.P./Pattern Energy Operations, Inc.,
4.50%, 8/15/28 (1)		71		62
PG&E Corp.,
5.00%, 7/1/28		100		91
Talen Energy Supply LLC,
8.63%, 6/1/30 (1)		84		86
TerraForm Power Operating LLC,
5.00%, 1/31/28 (1)		50		45
4.75%, 1/15/30 (1)		50		43
Vistra Corp.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.74%), 7.00%, 12/15/26 (1) (6) (7)		204		186
Vistra Operations Co. LLC,
5.50%, 9/1/26 (1)		50		48
5.00%, 7/31/27 (1)		50		46
4.38%, 5/1/29 (1)		75		64
7.75%, 10/15/31 (1)		157		155
6.95%, 10/15/33 (1)		55		54
				1,959
Electrical Equipment – 0.7%
BWX Technologies, Inc.,
4.13%, 6/30/28 (1)		105		93
4.13%, 4/15/29 (1)		25		22
Emerald Debt Merger Sub LLC,
6.63%, 12/15/30 (1)		656		632
Sensata Technologies B.V.,
5.63%, 11/1/24 (1)		49		48
5.00%, 10/1/25 (1)		25		24
4.00%, 4/15/29 (1)		310		267
5.88%, 9/1/30 (1)		145		135
Sensata Technologies, Inc.,
4.38%, 2/15/30 (1)		14		12
Vertiv Group Corp.,
4.13%, 11/15/28 (1)		141		124
WESCO Distribution, Inc.,
7.25%, 6/15/28 (1)		97		97
				1,454

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 - 78.0%     continued
Engineering & Construction – 0.4%
Arcosa, Inc.,
4.38%, 4/15/29 (1)		$117		$102
Brand Industrial Services, Inc.,
10.38%, 8/1/30 (1)		348		349
Dycom Industries, Inc.,
4.50%, 4/15/29 (1)		74		64
IEA Energy Services LLC,
6.63%, 8/15/29 (1)		220		216
Installed Building Products, Inc.,
5.75%, 2/1/28 (1)		25		23
TopBuild Corp.,
4.13%, 2/15/32 (1)		25		20
				774
Entertainment Content – 1.1%
Allen Media LLC/Allen Media Co-Issuer, Inc.,
10.50%, 2/15/28 (1)		50		29
AMC Networks, Inc.,
4.75%, 8/1/25		25		23
4.25%, 2/15/29		125		77
Diamond Sports Group LLC/Diamond Sports Finance Co.,
5.38%, 8/15/26 (1) (9)		75		1
Lions Gate Capital Holdings LLC,
5.50%, 4/15/29 (1)		66		43
Playtika Holding Corp.,
4.25%, 3/15/29 (1)		121		101
Sterling Entertainment Group LLC,
10.25%, 1/15/24 (2) (3)		1,110		1,068
TEGNA, Inc.,
4.63%, 3/15/28		75		65
5.00%, 9/15/29		50		42
Univision Communications, Inc.,
6.63%, 6/1/27 (1)		200		186
8.00%, 8/15/28 (1)		111		108
4.50%, 5/1/29		175		142
7.38%, 6/30/30 (1)		196		179
Warnermedia Holdings, Inc.,
5.14%, 3/15/52		138		103
5.39%, 3/15/62		88		65
WMG Acquisition Corp.,
3.00%, 2/15/31 (1)		25		20
				2,252

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Food – 1.4%
B&G Foods, Inc.,
5.25%, 4/1/25		$690		$677
8.00%, 9/15/28		79		79
BellRing Brands, Inc.,
7.00%, 3/15/30 (1)		100		98
Chobani LLC/Chobani Finance Corp., Inc.,
7.50%, 4/15/25 (1)		339		336
4.63%, 11/15/28 (1)		206		182
Darling Ingredients, Inc.,
5.25%, 4/15/27 (1)		50		48
6.00%, 6/15/30 (1)		227		215
Herbalife Nutrition Ltd./HLF Financing, Inc.,
7.88%, 9/1/25 (1)		75		71
HLF Financing S.a.r.l. LLC/Herbalife International, Inc.,
4.88%, 6/1/29 (1)		25		18
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,
5.50%, 1/15/30		50		47
Lamb Weston Holdings, Inc.,
4.88%, 5/15/28 (1)		126		116
4.13%, 1/31/30 (1)		50		43
4.38%, 1/31/32 (1)		150		126
Nathan’s Famous, Inc.,
6.63%, 11/1/25 (1)		26		26
Pilgrim’s Pride Corp.,
6.25%, 7/1/33		25		23
Post Holdings, Inc.,
5.63%, 1/15/28 (1)		25		24
5.50%, 12/15/29 (1)		175		159
4.63%, 4/15/30 (1)		50		43
4.50%, 9/15/31 (1)		33		27
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed,
4.63%, 3/1/29 (1)		715		586
				2,944
Forestry, Paper & Wood Products – 0.0%
Domtar Corp.,
6.75%, 10/1/28 (1)		42		35

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  248 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Forestry, Paper & Wood Products – 0.0%     continued
Glatfelter Corp.,
4.75%, 11/15/29 (1)		$25		$16
				51
Gas & Water Utilities – 0.2%
AmeriGas Partners L.P./AmeriGas Finance Corp.,
5.50%, 5/20/25		75		73
5.75%, 5/20/27		50		47
9.38%, 6/1/28 (1)		72		73
Ferrellgas L.P./Ferrellgas Finance Corp.,
5.38%, 4/1/26 (1)		150		140
5.88%, 4/1/29 (1)		100		90
Suburban Propane Partners L.P./Suburban Energy Finance Corp.,
5.00%, 6/1/31 (1)		25		21
				444
Health Care Facilities & Services – 5.1%
Acadia Healthcare Co., Inc.,
5.50%, 7/1/28 (1)		126		117
5.00%, 4/15/29 (1)		50		45
AdaptHealth LLC,
6.13%, 8/1/28 (1)		43		37
AHP Health Partners, Inc.,
5.75%, 7/15/29 (1)		133		112
Air Methods Corp.,
8.00%, 5/15/25 (1) (12)		50		—
Cano Health LLC,
6.25%, 10/1/28 (1)		720		319
Catalent Pharma Solutions, Inc.,
5.00%, 7/15/27 (1)		20		18
3.13%, 2/15/29 (1)		128		105
3.50%, 4/1/30 (1)		35		29
Centene Corp.,
3.00%, 10/15/30		200		161
Charles River Laboratories International, Inc.,
4.25%, 5/1/28 (1)		87		78
3.75%, 3/15/29 (1)		50		43
4.00%, 3/15/31 (1)		25		21
CHS/Community Health Systems, Inc.,
8.00%, 3/15/26 (1)		200		191
5.63%, 3/15/27 (1)		291		250
8.00%, 12/15/27 (1)		121		113

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Health Care Facilities & Services – 5.1%     continued
6.00%, 1/15/29 (1)		$120		$97
6.88%, 4/15/29 (1)		75		40
6.13%, 4/1/30 (1)		125		64
5.25%, 5/15/30 (1)		240		182
4.75%, 2/15/31 (1)		186		132
DaVita, Inc.,
4.63%, 6/1/30 (1)		275		226
3.75%, 2/15/31 (1)		25		19
Encompass Health Corp.,
4.50%, 2/1/28		165		150
4.75%, 2/1/30		75		66
Fortrea Holdings, Inc.,
7.50%, 7/1/30 (1)		149		145
HCA, Inc.,
5.88%, 2/15/26		150		149
HealthEquity, Inc.,
4.50%, 10/1/29 (1)		147		127
IQVIA, Inc.,
5.00%, 5/15/27 (1)		215		203
Legacy LifePoint Health LLC,
4.38%, 2/15/27 (1)		48		41
LifePoint Health, Inc.,
5.38%, 1/15/29 (1)		25		18
9.88%, 8/15/30 (1)		115		111
10/15/30 (1) (13)		148		148
ModivCare Escrow Issuer, Inc.,
5.00%, 10/1/29 (1)		50		36
ModivCare, Inc.,
5.88%, 11/15/25 (1)		74		70
Molina Healthcare, Inc.,
4.38%, 6/15/28 (1)		99		89
3.88%, 11/15/30 (1)		75		62
3.88%, 5/15/32 (1)		210		168
Option Care Health, Inc.,
4.38%, 10/31/29 (1)		1,593		1,376
Owens & Minor, Inc.,
4.50%, 3/31/29 (1)		75		62
6.63%, 4/1/30 (1)		50		44
Prime Healthcare Services, Inc.,
7.25%, 11/1/25 (1)		87		80
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.,
9.75%, 12/1/26 (1)		22		21

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 - 78.0%     continued
Health Care Facilities & Services – 5.1%     continued
RP Escrow Issuer LLC,
5.25%, 12/15/25 (1)		$50		$36
Select Medical Corp.,
6.25%, 8/15/26 (1)		75		73
Star Parent, Inc.,
9.00%, 10/1/30		251		254
Surgery Center Holdings, Inc.,
6.75%, 7/1/25 (1)		990		983
10.00%, 4/15/27 (1)		426		431
Tenet Healthcare Corp.,
4.88%, 1/1/26		230		220
6.25%, 2/1/27		175		169
5.13%, 11/1/27		629		585
6.13%, 10/1/28		1,617		1,518
4.25%, 6/1/29		50		43
4.38%, 1/15/30		25		22
6.13%, 6/15/30		218		204
6.75%, 5/15/31 (1)		431		416
6.88%, 11/15/31		25		24
				10,543
Home & Office Products – 0.5%
CD&R Smokey Buyer, Inc.,
6.75%, 7/15/25 (1)		505		487
Newell Brands, Inc.,
5.20%, 4/1/26		200		188
6.38%, 9/15/27		25		24
6.63%, 9/15/29		50		48
6.38%, 4/1/36		50		41
6.50%, 4/1/46		25		18
Scotts Miracle-Gro (The) Co.,
4.00%, 4/1/31		50		38
4.38%, 2/1/32		25		19
SWF Escrow Issuer Corp.,
6.50%, 10/1/29 (1)		83		53
Tempur Sealy International, Inc.,
4.00%, 4/15/29 (1)		143		119
3.88%, 10/15/31 (1)		50		39
				1,074
Home Construction – 0.7%
Adams Homes, Inc.,
7.50%, 2/15/25 (1)		50		49
10/15/28 (1) (13)		50		50

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Home Construction – 0.7%     continued
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.,
6.63%, 1/15/28 (1)		$50		$47
4.63%, 8/1/29 (1)		50		42
4.63%, 4/1/30 (1)		50		41
Beazer Homes U.S.A., Inc.,
7.25%, 10/15/29		50		47
Camelot Return Merger Sub, Inc.,
8.75%, 8/1/28 (1)		39		38
Century Communities, Inc.,
3.88%, 8/15/29 (1)		25		21
Cornerstone Building Brands, Inc.,
6.13%, 1/15/29 (1)		25		19
Dream Finders Homes, Inc.,
8.25%, 8/15/28 (1)		79		79
Forestar Group, Inc.,
3.85%, 5/15/26 (1)		25		23
5.00%, 3/1/28 (1)		50		45
Griffon Corp.,
5.75%, 3/1/28		100		91
JELD-WEN, Inc.,
4.63%, 12/15/25 (1)		56		54
KB Home,
7.25%, 7/15/30		150		147
4.00%, 6/15/31		25		20
LGI Homes, Inc.,
4.00%, 7/15/29 (1)		25		20
Masonite International Corp.,
5.38%, 2/1/28 (1)		75		70
Meritage Homes Corp.,
6.00%, 6/1/25		47		46
3.88%, 4/15/29 (1)		75		64
MIWD Holdco II LLC/MIWD Finance Corp.,
5.50%, 2/1/30 (1)		25		21
PGT Innovations, Inc.,
4.38%, 10/1/29 (1)		50		46
Shea Homes L.P./Shea Homes Funding Corp.,
4.75%, 2/15/28		50		45
4.75%, 4/1/29		25		22
STL Holding Co. LLC,
7.50%, 2/15/26 (1)		50		46

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  250 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Home Construction – 0.7%     continued
Taylor Morrison Communities, Inc.,
5.88%, 6/15/27 (1)		$85		$81
5.75%, 1/15/28 (1)		25		23
Toll Brothers Finance Corp.,
4.88%, 3/15/27		25		24
Tri Pointe Homes, Inc.,
5.25%, 6/1/27		110		103
Weekley Homes LLC/Weekley Finance Corp.,
4.88%, 9/15/28 (1)		50		43
				1,467
Household Products – 0.2%
Central Garden & Pet Co.,
4.13%, 10/15/30		25		21
4.13%, 4/30/31 (1)		124		101
Coty, Inc.,
5.00%, 4/15/26 (1)		25		24
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC,
6.63%, 7/15/30 (1)		115		112
Edgewell Personal Care Co.,
5.50%, 6/1/28 (1)		75		69
4.13%, 4/1/29 (1)		50		42
Energizer Holdings, Inc.,
6.50%, 12/31/27 (1)		25		24
Spectrum Brands, Inc.,
5.50%, 7/15/30 (1)		25		23
3.88%, 3/15/31 (1)		105		85
				501
Industrial Intermediate Products – 1.8%
Chart Industries, Inc.,
7.50%, 1/1/30 (1)		1,008		1,014
9.50%, 1/1/31 (1)		793		843
EnPro Industries, Inc.,
5.75%, 10/15/26		82		79
FXI Holdings, Inc.,
12.25%, 11/15/26 (1)		123		112
12.25%, 11/15/26 (1)		70		64
Gates Global LLC/Gates Corp.,
6.25%, 1/15/26 (1)		93		91
New Star Metals, Inc.,
8.00%, 1/9/24 (2) (3)		1,383		1,376

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Industrial Intermediate Products – 1.8%     continued
Park-Ohio Industries, Inc.,
6.63%, 4/15/27		$75		$65
Roller Bearing Co. of America, Inc.,
4.38%, 10/15/29 (1)		25		21
				3,665
Industrial Support Services – 0.8%
Alta Equipment Group, Inc.,
5.63%, 4/15/26 (1)		50		46
APi Group DE, Inc.,
4.13%, 7/15/29 (1)		110		93
4.75%, 10/15/29 (1)		84		74
BCPE Empire Holdings, Inc.,
7.63%, 5/1/27 (1)		208		198
Herc Holdings, Inc.,
5.50%, 7/15/27 (1)		165		156
NESCO Holdings II, Inc.,
5.50%, 4/15/29 (1)		138		121
PECF USS Intermediate Holding III Corp.,
8.00%, 11/15/29 (1)		75		41
Resideo Funding, Inc.,
4.00%, 9/1/29 (1)		84		69
United Rentals North America, Inc.,
4.88%, 1/15/28		25		23
6.00%, 12/15/29 (1)		491		478
5.25%, 1/15/30		75		69
4.00%, 7/15/30		100		85
3.88%, 2/15/31		100		83
3.75%, 1/15/32		50		40
Williams Scotsman International, Inc.,
6.13%, 6/15/25 (1)		19		19
4.63%, 8/15/28 (1)		44		39
				1,634
Institutional Financial Services – 0.1%
Coinbase Global, Inc.,
3.38%, 10/1/28 (1)		175		126
3.63%, 10/1/31 (1)		50		33
Goldman Sachs Group (The), Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.22%), 4.95%, 2/10/25 (6) (7)		50		46

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 - 78.0%    continued
Institutional Financial Services – 0.1%    continued
Jane Street Group/JSG Finance, Inc.,
4.50%, 11/15/29 (1)		$100		$86
				291
Insurance – 2.9%
Acrisure LLC/Acrisure Finance, Inc.,
7.00%, 11/15/25 (1)		150		146
4.25%, 2/15/29 (1)		150		126
6.00%, 8/1/29 (1)		30		25
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer,
4.25%, 10/15/27 (1)		311		278
6.75%, 10/15/27 (1)		457		425
6.75%, 4/15/28 (1)		153		148
5.88%, 11/1/29 (1)		336		291
AmWINS Group, Inc.,
4.88%, 6/30/29 (1)		110		96
AssuredPartners, Inc.,
7.00%, 8/15/25 (1)		865		855
5.63%, 1/15/29 (1)		25		22
GTCR AP Finance, Inc.,
8.00%, 5/15/27 (1)		937		921
HUB International Ltd.,
7.00%, 5/1/26 (1)		2,070		2,065
7.25%, 6/15/30 (1)		444		443
NMI Holdings, Inc.,
7.38%, 6/1/25 (1)		75		75
Ryan Specialty LLC,
4.38%, 2/1/30 (1)		120		104
				6,020
Internet Media & Services – 1.3%
ANGI Group LLC,
3.88%, 8/15/28 (1)		82		64
Arches Buyer, Inc.,
4.25%, 6/1/28 (1)		335		286
6.13%, 12/1/28 (1)		620		503
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
5.25%, 12/1/27 (1)		75		71
3.50%, 3/1/29 (1)		169		142
Match Group Holdings II LLC,
5.00%, 12/15/27 (1)		50		46
4.63%, 6/1/28 (1)		50		45

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Internet Media & Services – 1.3%    continued
4.13%, 8/1/30 (1)		$50		$41
3.63%, 10/1/31 (1)		49		39
Millennium Escrow Corp.,
6.63%, 8/1/26 (1)		25		20
Newfold Digital Holdings Group, Inc.,
6.00%, 2/15/29 (1)		25		19
Uber Technologies, Inc.,
7.50%, 5/15/25 (1)		75		75
8.00%, 11/1/26 (1)		285		288
7.50%, 9/15/27 (1)		273		275
6.25%, 1/15/28 (1)		157		154
4.50%, 8/15/29 (1)		636		568
Ziff Davis, Inc.,
4.63%, 10/15/30 (1)		22		19
				2,655
Leisure Facilities & Services – 7.2%
Affinity Interactive,
6.88%, 12/15/27 (1)		100		85
AMC Entertainment Holdings, Inc.,
10.00%, 6/15/26 (1)		192		139
5.88%, 11/15/26		25		12
Boyd Gaming Corp.,
4.75%, 6/15/31 (1)		831		707
Boyne U.S.A., Inc.,
4.75%, 5/15/29 (1)		121		106
Caesars Entertainment, Inc.,
6.25%, 7/1/25 (1)		370		365
8.13%, 7/1/27 (1)		262		263
4.63%, 10/15/29 (1)		396		335
7.00%, 2/15/30 (1)		426		415
Caesars Resort Collection LLC/CRC Finco, Inc.,
5.75%, 7/1/25 (1)		115		115
Carnival Corp.,
7.63%, 3/1/26 (1)		435		423
5.75%, 3/1/27 (1)		734		664
9.88%, 8/1/27 (1)		82		86
6.65%, 1/15/28		50		45
4.00%, 8/1/28 (1)		90		78
6.00%, 5/1/29 (1)		540		461
7.00%, 8/15/29 (1)		67		66
10.50%, 6/1/30 (1)		175		180

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  252 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Leisure Facilities & Services – 7.2%    continued
Carnival Holdings Bermuda Ltd.,
10.38%, 5/1/28 (1)		$584		$626
Carnival PLC,
7.88%, 6/1/27		125		127
Carrols Restaurant Group, Inc.,
5.88%, 7/1/29 (1)		75		63
CCM Merger, Inc.,
6.38%, 5/1/26 (1)		32		31
CDI Escrow Issuer, Inc.,
5.75%, 4/1/30 (1)		244		220
CEC Entertainment LLC,
6.75%, 5/1/26 (1)		25		24
Cedar Fair L.P.,
5.25%, 7/15/29		25		22
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp./Millennium Op,
5.50%, 5/1/25 (1)		58		57
6.50%, 10/1/28		125		118
Churchill Downs, Inc.,
5.50%, 4/1/27 (1)		212		202
4.75%, 1/15/28 (1)		52		47
6.75%, 5/1/31 (1)		106		100
Cinemark U.S.A., Inc.,
5.88%, 3/15/26 (1)		100		96
5.25%, 7/15/28 (1)		175		155
Everi Holdings, Inc.,
5.00%, 7/15/29 (1)		50		43
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.,
4.63%, 1/15/29 (1)		17		14
6.75%, 1/15/30 (1)		95		77
Full House Resorts, Inc.,
8.25%, 2/15/28 (1)		125		109
Golden Entertainment, Inc.,
7.63%, 4/15/26 (1)		100		100
GPS Hospitality Holding Co. LLC/GPS Finco, Inc.,
7.00%, 8/15/28 (1)		125		86
Hilton Domestic Operating Co., Inc.,
5.38%, 5/1/25 (1)		75		74
5.75%, 5/1/28 (1)		118		114
3.75%, 5/1/29 (1)		71		61
4.88%, 1/15/30		172		157

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Leisure Facilities & Services – 7.2%     continued
4.00%, 5/1/31 (1)		$325		$273
3.63%, 2/15/32 (1)		100		81
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow,
5.00%, 6/1/29 (1)		150		130
4.88%, 7/1/31 (1)		100		82
IRB Holding Corp.,
7.00%, 6/15/25 (1)		25		25
Jacobs Entertainment, Inc.,
6.75%, 2/15/29 (1)		125		111
Life Time, Inc.,
5.75%, 1/15/26 (1)		334		324
8.00%, 4/15/26 (1)		307		302
Light & Wonder International, Inc.,
7.00%, 5/15/28 (1)		231		227
7.50%, 9/1/31 (1)		49		48
Lindblad Expeditions Holdings, Inc.,
9.00%, 5/15/28 (1)		62		62
Lindblad Expeditions LLC,
6.75%, 2/15/27 (1)		105		98
Live Nation Entertainment, Inc.,
4.88%, 11/1/24 (1)		65		64
5.63%, 3/15/26 (1)		104		100
6.50%, 5/15/27 (1)		414		408
4.75%, 10/15/27 (1)		178		163
3.75%, 1/15/28 (1)		75		66
MGM Resorts International,
6.75%, 5/1/25		25		25
5.75%, 6/15/25		50		49
5.50%, 4/15/27		83		77
4.75%, 10/15/28		50		44
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,
4.88%, 5/1/29 (1)		98		83
Mohegan Tribal Gaming Authority,
7.88%, 10/15/24 (1)		50		49
8.00%, 2/1/26 (1)		75		69
NCL Corp. Ltd.,
5.88%, 3/15/26 (1)		404		373
8.38%, 2/1/28 (1)		50		51
NCL Finance Ltd.,
6.13%, 3/15/28 (1)		107		94

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 - 78.0%    continued
Leisure Facilities & Services – 7.2%    continued
Penn Entertainment, Inc.,
4.13%, 7/1/29 (1)		$125		$102
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.,
5.63%, 9/1/29 (1)		75		58
5.88%, 9/1/31 (1)		130		96
Raptor Acquisition Corp./Raptor Co-Issuer LLC,
4.88%, 11/1/26 (1)		102		95
Royal Caribbean Cruises Ltd.,
4.25%, 7/1/26 (1)		155		142
5.50%, 8/31/26 (1)		87		82
5.38%, 7/15/27 (1)		125		116
11.63%, 8/15/27 (1)		136		148
7.50%, 10/15/27		75		75
3.70%, 3/15/28		75		63
5.50%, 4/1/28 (1)		242		222
8.25%, 1/15/29 (1)		76		79
9.25%, 1/15/29 (1)		227		240
7.25%, 1/15/30 (1)		105		104
Scientific Games Holdings L.P./Scientific Games U.S. FinCo, Inc.,
6.63%, 3/1/30 (1)		116		100
SeaWorld Parks & Entertainment, Inc.,
5.25%, 8/15/29 (1)		175		154
Six Flags Entertainment Corp.,
5.50%, 4/15/27 (1)		25		23
7.25%, 5/15/31 (1)		174		163
Six Flags Theme Parks, Inc.,
7.00%, 7/1/25 (1)		44		44
Sizzling Platter LLC/Sizzling Platter Finance Corp.,
8.50%, 11/28/25 (1)		150		150
Station Casinos LLC,
4.50%, 2/15/28 (1)		25		22
4.63%, 12/1/31 (1)		121		97
Travel + Leisure Co.,
6.63%, 7/31/26 (1)		75		73
4.63%, 3/1/30 (1)		50		42
Viking Cruises Ltd.,
6.25%, 5/15/25 (1)		75		73
5.88%, 9/15/27 (1)		240		219
7.00%, 2/15/29 (1)		38		35

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Leisure Facilities & Services – 7.2%    continued
9.13%, 7/15/31 (1)		$340		$340
Viking Ocean Cruises Ship VII Ltd.,
5.63%, 2/15/29 (1)		101		91
VOC Escrow Ltd.,
5.00%, 2/15/28 (1)		100		91
Wyndham Hotels & Resorts, Inc.,
4.38%, 8/15/28 (1)		54		49
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
5.50%, 3/1/25 (1)		74		73
5.25%, 5/15/27 (1)		50		47
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
5.13%, 10/1/29 (1)		293		256
7.13%, 2/15/31 (1)		92		87
Yum! Brands, Inc.,
4.75%, 1/15/30 (1)		25		22
4.63%, 1/31/32		50		43
5.38%, 4/1/32		100		91
				14,753
Leisure Products – 0.2%
Acushnet Co.,
7.38%, 10/15/28 (1)		47		47
MajorDrive Holdings IV LLC,
6.38%, 6/1/29 (1)		75		62
Mattel, Inc.,
3.38%, 4/1/26 (1)		25		23
5.88%, 12/15/27 (1)		25		24
5.45%, 11/1/41		155		128
Thor Industries, Inc.,
4.00%, 10/15/29 (1)		75		62
Winnebago Industries, Inc.,
6.25%, 7/15/28 (1)		75		72
				418
Machinery – 0.8%
Amsted Industries, Inc.,
5.63%, 7/1/27 (1)		83		78
GrafTech Finance, Inc.,
4.63%, 12/15/28 (1)		14		11
GrafTech Global Enterprises, Inc.,
9.88%, 12/15/28 (1)		122		116
Madison IAQ LLC,
5.88%, 6/30/29 (1)		875		705

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  254 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Machinery – 0.8%    continued
Regal Rexnord Corp.,
6.05%, 2/15/26 (1)		$25		$25
6.05%, 4/15/28 (1)		272		264
6.30%, 2/15/30 (1)		25		24
6.40%, 4/15/33 (1)		77		74
Terex Corp.,
5.00%, 5/15/29 (1)		170		152
Werner FinCo L.P./Werner FinCo, Inc.,
11.50%, 6/15/28 (1)		25		26
14.50%, 10/15/28 (1) (4)		75		61
				1,536
Medical Equipment & Devices – 0.8%
Avantor Funding, Inc.,
4.63%, 7/15/28 (1)		139		127
3.88%, 11/1/29 (1)		386		330
Bausch & Lomb Escrow Corp.,
8.38%, 10/1/28 (1)		411		412
Garden Spinco Corp.,
8.63%, 7/20/30 (1)		75		78
Medline Borrower L.P.,
3.88%, 4/1/29 (1)		315		266
5.25%, 10/1/29 (1)		493		426
Teleflex, Inc.,
4.25%, 6/1/28 (1)		43		39
				1,678
Metals & Mining – 1.6%
Arsenal AIC Parent LLC,
8.00%, 10/1/30 (1)		110		109
Century Aluminum Co.,
7.50%, 4/1/28 (1)		1,940		1,838
Coeur Mining, Inc.,
5.13%, 2/15/29 (1)		25		21
Compass Minerals International, Inc.,
6.75%, 12/1/27 (1)		25		24
Constellium S.E.,
5.88%, 2/15/26 (1)		250		244
3.75%, 4/15/29 (1)		250		210
Freeport-McMoRan, Inc.,
4.38%, 8/1/28		25		23
Kaiser Aluminum Corp.,
4.63%, 3/1/28 (1)		75		66
4.50%, 6/1/31 (1)		198		157

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Metals & Mining – 1.6%    continued
Murray Energy Corp.,
12.00%, 4/15/24 (1) (2) (3) (9)		$486		$—
Northwest Acquisitions ULC/Dominion Finco, Inc.,
7.13%, 11/1/22 (1) (2) (9) (12)		1,905		—
Novelis Corp.,
3.25%, 11/15/26 (1)		262		234
4.75%, 1/30/30 (1)		207		179
3.88%, 8/15/31 (1)		201		161
				3,266
Oil & Gas Producers – 7.2%
Aethon United BR L.P./Aethon United Finance Corp.,
8.25%, 2/15/26 (1)		180		179
Antero Midstream Partners L.P./Antero Midstream Finance Corp.,
7.88%, 5/15/26 (1)		106		107
5.75%, 3/1/27 (1)		197		188
Antero Resources Corp.,
5.38%, 3/1/30 (1)		50		46
Apache Corp.,
4.25%, 1/15/30		50		44
5.10%, 9/1/40		125		99
4.25%, 1/15/44		25		16
5.35%, 7/1/49		125		96
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
7.00%, 11/1/26 (1)		115		112
9.00%, 11/1/27 (1)		108		136
8.25%, 12/31/28 (1)		219		217
5.88%, 6/30/29 (1)		45		40
Blue Racer Midstream LLC/Blue Racer Finance Corp.,
7.63%, 12/15/25 (1)		25		25
Buckeye Partners L.P.,
5.60%, 10/15/44		32		23
Callon Petroleum Co.,
6.38%, 7/1/26		11		11
8.00%, 8/1/28 (1)		260		260
7.50%, 6/15/30 (1)		239		232
Cheniere Energy Partners L.P.,
4.00%, 3/1/31		75		64
Chesapeake Energy Corp.,
5.50%, 2/1/26 (1)		50		48

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 - 78.0%    continued
Oil & Gas Producers – 7.2%    continued
6.75%, 4/15/29 (1)		$212		$207
Chord Energy Corp.,
6.38%, 6/1/26 (1)		25		24
CITGO Petroleum Corp.,
7.00%, 6/15/25 (1)		125		123
6.38%, 6/15/26 (1)		197		195
8.38%, 1/15/29 (1)		205		205
Civitas Resources, Inc.,
5.00%, 10/15/26 (1)		75		70
8.38%, 7/1/28 (1)		252		256
8.75%, 7/1/31 (1)		161		164
CNX Midstream Partners L.P.,
4.75%, 4/15/30 (1)		51		42
CNX Resources Corp.,
7.25%, 3/14/27 (1)		55		54
6.00%, 1/15/29 (1)		50		47
7.38%, 1/15/31 (1)		92		90
Comstock Resources, Inc.,
6.75%, 3/1/29 (1)		152		140
5.88%, 1/15/30 (1)		301		261
CQP Holdco L.P./BIP-V Chinook Holdco LLC,
5.50%, 6/15/31 (1)		515		456
Crescent Energy Finance LLC,
7.25%, 5/1/26 (1)		154		151
9.25%, 2/15/28 (1)		147		150
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.,
5.75%, 4/1/25		15		15
5.63%, 5/1/27 (1)		65		62
6.00%, 2/1/29 (1)		111		107
8.00%, 4/1/29 (1)		10		10
7.38%, 2/1/31 (1)		101		103
CrownRock L.P./CrownRock Finance, Inc.,
5.63%, 10/15/25 (1)		187		184
5.00%, 5/1/29 (1)		100		94
Delek Logistics Partners L.P./Delek Logistics Finance Corp.,
6.75%, 5/15/25		25		24
7.13%, 6/1/28 (1)		50		46
DT Midstream, Inc.,
4.13%, 6/15/29 (1)		113		98

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Oil & Gas Producers – 7.2%    continued
Earthstone Energy Holdings LLC,
8.00%, 4/15/27 (1)		$82		$84
9.88%, 7/15/31 (1)		78		85
Energy Transfer L.P.,
(Variable, ICE LIBOR USD 3M + 4.03%), 9.65%, 11/6/23 (6) (8)		25		23
EnLink Midstream LLC,
5.63%, 1/15/28 (1)		25		24
5.38%, 6/1/29		88		81
6.50%, 9/1/30 (1)		147		143
EnLink Midstream Partners L.P.,
4.85%, 7/15/26		75		71
5.60%, 4/1/44		102		85
5.05%, 4/1/45		25		19
5.45%, 6/1/47		75		59
EQM Midstream Partners L.P.,
4.00%, 8/1/24		25		24
6.00%, 7/1/25 (1)		60		59
7.50%, 6/1/27 (1)		75		75
6.50%, 7/1/27 (1)		102		100
5.50%, 7/15/28		75		70
4.50%, 1/15/29 (1)		75		67
7.50%, 6/1/30 (1)		50		50
4.75%, 1/15/31 (1)		50		43
6.50%, 7/15/48		50		44
EQT Corp.,
6.13%, 2/1/25		14		14
3.13%, 5/15/26 (1)		25		23
7.00%, 2/1/30		25		26
FTAI Infra Escrow Holdings LLC,
10.50%, 6/1/27 (1)		26		26
Genesis Energy L.P./Genesis Energy Finance Corp.,
6.50%, 10/1/25		40		39
8.00%, 1/15/27		25		24
7.75%, 2/1/28		77		73
8.88%, 4/15/30		63		61
Gulfport Energy Corp.,
8.00%, 5/17/26 (1)		69		69
Harvest Midstream I L.P.,
7.50%, 9/1/28 (1)		92		89
Hess Midstream Operations L.P.,
5.13%, 6/15/28 (1)		100		92
4.25%, 2/15/30 (1)		50		42

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  256 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Oil & Gas Producers – 7.2%    continued
5.50%, 10/15/30 (1)		$75		$68
Hilcorp Energy I L.P./Hilcorp Finance Co.,
6.25%, 11/1/28 (1)		70		66
5.75%, 2/1/29 (1)		81		73
6.00%, 4/15/30 (1)		52		47
6.00%, 2/1/31 (1)		125		110
Holly Energy Partners L.P./Holly Energy Finance Corp.,
6.38%, 4/15/27 (1)		75		74
5.00%, 2/1/28 (1)		25		23
Howard Midstream Energy Partners LLC,
6.75%, 1/15/27 (1)		75		71
8.88%, 7/15/28		141		142
ITT Holdings LLC,
6.50%, 8/1/29 (1)		192		163
Kinetik Holdings L.P.,
5.88%, 6/15/30 (1)		129		121
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.,
6.00%, 8/1/26 (1)		75		72
Martin Midstream Partners L.P./Martin Midstream Finance Corp.,
11.50%, 2/15/28 (1)		75		76
Matador Resources Co.,
5.88%, 9/15/26		156		151
6.88%, 4/15/28 (1)		134		132
Moss Creek Resources Holdings, Inc.,
7.50%, 1/15/26 (1)		75		73
10.50%, 5/15/27 (1)		75		75
Murphy Oil Corp.,
5.88%, 12/1/27		20		19
6.38%, 7/15/28		100		98
7.05%, 5/1/29		25		25
Murphy Oil U.S.A., Inc.,
4.75%, 9/15/29		75		68
New Fortress Energy, Inc.,
6.75%, 9/15/25 (1)		71		68
6.50%, 9/30/26 (1)		91		84
NGL Energy Operating LLC/NGL Energy Finance Corp.,
7.50%, 2/1/26 (1)		335		331

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Oil & Gas Producers – 7.2%    continued
Northern Oil and Gas, Inc.,
8.13%, 3/1/28 (1)		$478		$477
8.75%, 6/15/31 (1)		129		130
NuStar Logistics L.P.,
6.00%, 6/1/26		25		24
6.38%, 10/1/30		25		24
Occidental Petroleum Corp.,
7.88%, 9/15/31		150		162
6.20%, 3/15/40		40		38
PBF Holding Co. LLC/PBF Finance Corp.,
6.00%, 2/15/28		125		118
7.88%, 9/15/30 (1)		109		109
PDC Energy, Inc.,
5.75%, 5/15/26		10		10
Permian Resources Operating LLC,
5.38%, 1/15/26 (1)		100		96
7.75%, 2/15/26 (1)		36		36
6.88%, 4/1/27 (1)		84		83
5.88%, 7/1/29 (1)		236		222
7.00%, 1/15/32 (1)		172		170
Plains All American Pipeline L.P.,
(Variable, CME Term SOFR 3M + 4.37%), 9.74%, 11/20/23 (6) (8)		175		165
Range Resources Corp.,
8.25%, 1/15/29		75		77
Rockcliff Energy II LLC,
5.50%, 10/15/29 (1)		65		58
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (1)		50		47
4.95%, 7/15/29 (1)		25		22
4.80%, 5/15/30 (1)		25		22
6.88%, 4/15/40 (1)		50		44
Sitio Royalties Operating Partnership L.P./Sitio Finance Corp.,
7.88%, 11/1/28 (1)		84		84
SM Energy Co.,
5.63%, 6/1/25		89		87
6.75%, 9/15/26		12		12
6.50%, 7/15/28		78		75
Southwestern Energy Co.,
5.70%, 1/23/25		14		14
5.38%, 2/1/29		115		106
5.38%, 3/15/30		50		46

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  257 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Oil & Gas Producers – 7.2%    continued
4.75%, 2/1/32		$50		$43
Sunoco L.P./Sunoco Finance Corp.,
6.00%, 4/15/27		75		73
7.00%, 9/15/28 (1)		100		99
4.50%, 4/30/30		50		43
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.,
7.50%, 10/1/25 (1)		28		28
6.00%, 3/1/27 (1)		5		5
6.00%, 12/31/30 (1)		135		119
6.00%, 9/1/31 (1)		50		44
Talos Production, Inc.,
12.00%, 1/15/26		25		26
Venture Global Calcasieu Pass LLC,
6.25%, 1/15/30 (1)		75		72
4.13%, 8/15/31 (1)		109		89
3.88%, 11/1/33 (1)		500		388
Venture Global LNG, Inc.,
8.13%, 6/1/28 (1)		555		550
8.38%, 6/1/31 (1)		612		602
Vital Energy, Inc.,
10.13%, 1/15/28		108		110
7.75%, 7/31/29 (1)		50		47
9.75%, 10/15/30		108		110
Western Midstream Operating L.P.,
4.75%, 8/15/28		25		23
5.45%, 4/1/44		108		87
5.30%, 3/1/48		100		78
5.50%, 8/15/48		25		20
5.25%, 2/1/50		147		115
				14,664
Oil & Gas Services & Equipment – 1.9%
Archrock Partners L.P./Archrock Partners Finance Corp.,
6.88%, 4/1/27 (1)		54		52
6.25%, 4/1/28 (1)		419		390
Bristow Group, Inc.,
6.88%, 3/1/28 (1)		75		70
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/1/30 (1)		82		82
Global Marine, Inc.,
7.00%, 6/1/28		75		65

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Oil & Gas Services & Equipment – 1.9%    continued
Nabors Industries Ltd.,
7.25%, 1/15/26 (1)		$95		$92
7.50%, 1/15/28 (1)		54		50
Nabors Industries, Inc.,
5.75%, 2/1/25		350		343
7.38%, 5/15/27 (1)		88		85
Nine Energy Service, Inc.,
13.00%, 2/1/28		50		46
Noble Finance II LLC,
8.00%, 4/15/30 (1)		128		130
Oceaneering International, Inc.,
2/1/28 (1) (13)		18		17
Patterson-UTI Energy, Inc.,
7.15%, 10/1/33		25		25
Solaris Midstream Holdings LLC,
7.63%, 4/1/26 (1)		75		72
Transocean Aquila Ltd.,
9/30/28 (1) (13)		57		57
Transocean Titan Financing Ltd.,
8.38%, 2/1/28 (1)		75		76
Transocean, Inc.,
7.25%, 11/1/25 (1)		75		74
7.50%, 1/15/26		170		166
11.50%, 1/30/27 (1)		240		252
8.00%, 2/1/27 (1)		129		124
8.75%, 2/15/30 (1)		362		370
7.50%, 4/15/31		100		87
6.80%, 3/15/38		75		57
9.35%, 12/15/41		50		44
U.S.A. Compression Partners L.P./U.S.A. Compression Finance Corp.,
6.88%, 4/1/26		244		239
6.88%, 9/1/27		82		79
Valaris Ltd.,
8.38%, 4/30/30 (1)		266		266
Weatherford International Ltd.,
6.50%, 9/15/28 (1)		41		41
8.63%, 4/30/30 (1)		354		357
				3,808
Publishing & Broadcasting – 1.3%
Audacy Capital Corp.,
6.75%, 3/31/29 (1)		25		1

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  258 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Publishing & Broadcasting – 1.3%    continued
Clear Channel Outdoor Holdings, Inc.,
5.13%, 8/15/27 (1)		$430		$382
7.75%, 4/15/28 (1)		158		126
9.00%, 9/15/28 (1)		556		551
7.50%, 6/1/29 (1)		251		192
Gray Escrow II, Inc.,
5.38%, 11/15/31 (1)		75		49
Gray Television, Inc.,
5.88%, 7/15/26 (1)		40		36
7.00%, 5/15/27 (1)		38		33
4.75%, 10/15/30 (1)		150		99
iHeartCommunications, Inc.,
6.38%, 5/1/26		22		19
8.38%, 5/1/27		75		54
5.25%, 8/15/27 (1)		100		79
Lamar Media Corp.,
4.00%, 2/15/30		50		42
McGraw-Hill Education, Inc.,
8.00%, 8/1/29 (1)		50		43
News Corp.,
3.88%, 5/15/29 (1)		125		108
5.13%, 2/15/32 (1)		125		109
Nexstar Media, Inc.,
5.63%, 7/15/27 (1)		88		78
Scripps Escrow II, Inc.,
5.38%, 1/15/31 (1)		705		433
Scripps Escrow, Inc.,
5.88%, 7/15/27 (1)		25		19
Sinclair Television Group, Inc.,
5.13%, 2/15/27 (1)		50		40
5.50%, 3/1/30 (1)		25		13
4.13%, 12/1/30 (1)		168		104
				2,610
Real Estate Investment Trusts – 2.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL,
4.50%, 4/1/27 (1)		42		35
Diversified Healthcare Trust,
9.75%, 6/15/25		38		37
GLP Capital L.P./GLP Financing II, Inc.,
3.25%, 1/15/32		95		74

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Real Estate Investment Trusts – 2.0%    continued
HAT Holdings I LLC/HAT Holdings II LLC,
3.38%, 6/15/26 (1)		$149		$132
3.75%, 9/15/30 (1)		25		19
Iron Mountain Information Management Services, Inc.,
5.00%, 7/15/32 (1)		231		190
Iron Mountain, Inc.,
4.88%, 9/15/27 (1)		50		46
5.25%, 3/15/28 (1)		50		46
5.00%, 7/15/28 (1)		25		23
7.00%, 2/15/29 (1)		192		188
4.88%, 9/15/29 (1)		50		44
5.25%, 7/15/30 (1)		125		109
4.50%, 2/15/31 (1)		100		82
5.63%, 7/15/32 (1)		42		36
MPT Operating Partnership L.P./MPT Finance Corp.,
2.50%, 3/24/26 [GBP]		100		93
5.25%, 8/1/26		108		92
5.00%, 10/15/27		150		116
4.63%, 8/1/29		225		159
3.50%, 3/15/31		100		62
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,
7.50%, 6/1/25 (1)		75		75
5.88%, 10/1/28 (1)		75		69
4.88%, 5/15/29 (1)		75		63
RHP Hotel Properties L.P./RHP Finance Corp.,
4.75%, 10/15/27		157		143
7.25%, 7/15/28 (1)		99		97
4.50%, 2/15/29 (1)		93		80
RLJ Lodging Trust L.P.,
3.75%, 7/1/26 (1)		75		68
4.00%, 9/15/29 (1)		218		179
SBA Communications Corp.,
3.88%, 2/15/27		164		150
3.13%, 2/1/29		159		133
Service Properties Trust,
4.35%, 10/1/24		25		24
7.50%, 9/15/25		40		39
5.25%, 2/15/26		50		46

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 - 78.0%    continued
Real Estate Investment Trusts – 2.0%    continued
4.75%, 10/1/26		$100		$86
4.95%, 10/1/29		200		151
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC,
6.00%, 1/15/30 (1)		25		16
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC,
10.50%, 2/15/28 (1)		372		364
4.75%, 4/15/28 (1)		50		41
6.50%, 2/15/29 (1)		25		16
VICI Properties L.P.,
5.63%, 5/15/52		51		42
VICI Properties L.P./VICI Note Co., Inc.,
4.25%, 12/1/26 (1)		50		47
5.75%, 2/1/27 (1)		50		48
3.75%, 2/15/27 (1)		25		23
4.50%, 1/15/28 (1)		50		46
4.63%, 12/1/29 (1)		338		300
4.13%, 8/15/30 (1)		165		140
XHR L.P.,
6.38%, 8/15/25 (1)		50		49
4.88%, 6/1/29 (1)		50		43
				4,161
Real Estate Owners & Developers – 0.2%
Greystar Real Estate Partners LLC,
7.75%, 9/1/30 (1)		55		54
Howard Hughes (The) Corp.,
5.38%, 8/1/28 (1)		150		132
4.13%, 2/1/29 (1)		50		40
4.38%, 2/1/31 (1)		82		63
Kennedy-Wilson, Inc.,
4.75%, 2/1/30		25		19
				308
Real Estate Services – 0.2%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.,
7.00%, 4/15/30 (1)		109		98
7.00%, 4/15/30		115		104

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Real Estate Services – 0.2%     continued
Cushman & Wakefield U.S. Borrower LLC,
6.75%, 5/15/28 (1)		$109		$101
8.88%, 9/1/31 (1)		63		61
				364
Retail - Consumer Staples – 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC,
3.25%, 3/15/26 (1)		87		81
7.50%, 3/15/26 (1)		25		25
4.63%, 1/15/27 (1)		104		98
5.88%, 2/15/28 (1)		35		34
6.50%, 2/15/28 (1)		190		188
3.50%, 3/15/29 (1)		174		149
4.88%, 2/15/30 (1)		138		124
Arko Corp.,
5.13%, 11/15/29 (1)		25		20
Ingles Markets, Inc.,
4.00%, 6/15/31 (1)		100		82
Rite Aid Corp.,
8.00%, 11/15/26 (1)		75		44
SEG Holding LLC/SEG Finance Corp.,
5.63%, 10/15/28 (1)		100		100
				945
Retail - Discretionary – 2.9%
Abercrombie & Fitch Management Co.,
8.75%, 7/15/25 (1)		25		25
American Builders & Contractors Supply Co., Inc.,
4.00%, 1/15/28 (1)		25		22
3.88%, 11/15/29 (1)		48		40
Asbury Automotive Group, Inc.,
4.50%, 3/1/28		4		4
4.63%, 11/15/29 (1)		25		21
4.75%, 3/1/30		25		21
5.00%, 2/15/32 (1)		35		29
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
5.75%, 7/15/27 (1)		50		47
4.75%, 4/1/28 (1)		100		88
Bath & Body Works, Inc.,
9.38%, 7/1/25 (1)		15		16
6.63%, 10/1/30 (1)		150		141

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  260 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Retail - Discretionary – 2.9%    continued
6.75%, 7/1/36		$100		$88
BCPE Ulysses Intermediate, Inc.,
7.75%, (100% Cash), 4/1/27 (1) (4)		25		22
Beacon Roofing Supply, Inc.,
4.50%, 11/15/26 (1)		25		23
4.13%, 5/15/29 (1)		25		21
6.50%, 8/1/30 (1)		89		86
Builders FirstSource, Inc.,
5.00%, 3/1/30 (1)		75		67
4.25%, 2/1/32 (1)		225		184
6.38%, 6/15/32 (1)		75		71
Evergreen Acqco 1 L.P./TVI, Inc.,
9.75%, 4/26/28 (1)		21		22
Foundation Building Materials, Inc.,
6.00%, 3/1/29 (1)		25		21
Gap (The), Inc.,
3.88%, 10/1/31 (1)		25		18
GYP Holdings III Corp.,
4.63%, 5/1/29 (1)		108		93
Hertz (The) Corp.,
4.63%, 12/1/26 (1)		25		22
5.00%, 12/1/29 (1)		269		211
Ken Garff Automotive LLC,
4.88%, 9/15/28 (1)		25		21
Kohl’s Corp.,
4.63%, 5/1/31		25		17
5.55%, 7/17/45		25		14
LBM Acquisition LLC,
6.25%, 1/15/29 (1)		50		41
LCM Investments Holdings II LLC,
4.88%, 5/1/29 (1)		204		173
8.25%, 8/1/31 (1)		88		85
Lithia Motors, Inc.,
4.63%, 12/15/27 (1)		125		114
3.88%, 6/1/29 (1)		98		83
LSF9 Atlantis Holdings LLC/Victra Finance Corp.,
7.75%, 2/15/26 (1)		100		91
Macy’s Retail Holdings LLC,
5.88%, 4/1/29 (1)		50		44
4.50%, 12/15/34		50		34
5.13%, 1/15/42		150		93
Metis Merger Sub LLC,
6.50%, 5/15/29 (1)		175		148

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Retail - Discretionary – 2.9%     continued
Michaels (The) Cos., Inc.,
7.88%, 5/1/29 (1)		$25		$16
NMG Holding Co., Inc./Neiman Marcus Group LLC,
7.13%, 4/1/26 (1)		33		31
Nordstrom, Inc.,
4.38%, 4/1/30		25		19
Patrick Industries, Inc.,
7.50%, 10/15/27 (1)		50		48
4.75%, 5/1/29 (1)		75		63
PetSmart, Inc./PetSmart Finance Corp.,
7.75%, 2/15/29 (1)		250		233
QVC, Inc.,
4.45%, 2/15/25		50		44
4.75%, 2/15/27		50		31
Sonic Automotive, Inc.,
4.63%, 11/15/29 (1)		50		41
4.88%, 11/15/31 (1)		50		40
Specialty Building Products Holdings LLC/SBP Finance Corp.,
6.38%, 9/30/26 (1)		530		496
SRS Distribution, Inc.,
4.63%, 7/1/28 (1)		683		590
6.13%, 7/1/29 (1)		193		164
6.00%, 12/1/29 (1)		1,166		979
Staples, Inc.,
7.50%, 4/15/26 (1)		215		177
10.75%, 4/15/27 (1)		125		73
Victoria’s Secret & Co.,
4.63%, 7/15/29 (1)		25		18
White Cap Buyer LLC,
6.88%, 10/15/28 (1)		381		337
White Cap Parent LLC,
8.25%, (100% Cash),
3/15/26 (1) (4)		166		160
				5,921
Semiconductors – 0.4%
Amkor Technology, Inc.,
6.63%, 9/15/27 (1)		25		25
Coherent Corp.,
5.00%, 12/15/29 (1)		215		186
Entegris Escrow Corp.,
4.75%, 4/15/29 (1)		458		412
5.95%, 6/15/30 (1)		70		65

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 - 78.0%     continued
Semiconductors – 0.4%    continued
ON Semiconductor Corp.,
3.88%, 9/1/28 (1)		$100		$88
Synaptics, Inc.,
4.00%, 6/15/29 (1)		126		104
				880
Software – 2.6%
Alteryx, Inc.,
8.75%, 3/15/28 (1)		60		60
AthenaHealth Group, Inc.,
6.50%, 2/15/30 (1)		658		550
Boxer Parent Co., Inc.,
7.13%, 10/2/25 (1)		101		101
9.13%, 3/1/26 (1)		202		201
Camelot Finance S.A.,
4.50%, 11/1/26 (1)		152		140
Capstone Borrower, Inc.,
8.00%, 6/15/30 (1)		77		75
Castle U.S. Holding Corp.,
9.50%, 2/15/28 (1)		50		27
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.,
8.00%, 6/15/29 (1)		139		139
Central Parent, Inc./CDK Global, Inc.,
7.25%, 6/15/29 (1)		152		147
Clarivate Science Holdings Corp.,
3.88%, 7/1/28 (1)		272		236
4.88%, 7/1/29 (1)		155		132
Cloud Software Group, Inc.,
6.50%, 3/31/29 (1)		993		878
9.00%, 9/30/29 (1)		696		605
Consensus Cloud Solutions, Inc.,
6.00%, 10/15/26 (1)		17		16
6.50%, 10/15/28 (1)		78		67
Elastic N.V.,
4.13%, 7/15/29 (1)		122		104
Gen Digital, Inc.,
6.75%, 9/30/27 (1)		50		49
7.13%, 9/30/30 (1)		75		74
GoTo Group, Inc.,
5.50%, 9/1/27 (1)		100		56
McAfee Corp.,
7.38%, 2/15/30 (1)		295		247

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Software – 2.6%     continued
MicroStrategy, Inc.,
6.13%, 6/15/28 (1)		$95		$84
SS&C Technologies, Inc.,
5.50%, 9/30/27 (1)		369		348
Twilio, Inc.,
3.63%, 3/15/29		22		18
3.88%, 3/15/31		876		712
Veritas U.S., Inc./Veritas Bermuda Ltd.,
7.50%, 9/1/25 (1)		123		103
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 2/1/29 (1)		161		134
				5,303
Specialty Finance – 2.2%
Aircastle Ltd.,
6.50%, 7/18/28 (1)		35		34
Ally Financial, Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.87%), 4.70%, 5/15/26 (6) (7)		25		17
6.70%, 2/14/33		25		22
Blackstone Mortgage Trust, Inc.,
3.75%, 1/15/27 (1)		75		63
Capital One Financial Corp.,
(Variable, U.S. SOFR + 2.86%), 6.38%, 6/8/34 (7)		25		24
Carnelian Point Holdings L.P.,
5.00%, 6/30/28 (1) (2) (3) (4)		6		55
Castlelake Aviation Finance DAC,
5.00%, 4/15/27 (1)		9		8
Curo Group Holdings Corp.,
7.50%, 8/1/28 (1)		50		12
Enact Holdings, Inc.,
6.50%, 8/15/25 (1)		144		142
FirstCash, Inc.,
4.63%, 9/1/28 (1)		50		44
5.63%, 1/1/30 (1)		25		22
Fortress Transportation and Infrastructure Investors LLC,
6.50%, 10/1/25 (1)		183		180
9.75%, 8/1/27 (1)		147		152
5.50%, 5/1/28 (1)		248		225
Freedom Mortgage Corp.,
7.63%, 5/1/26 (1)		75		70

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  262 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Specialty Finance – 2.2%    continued
6.63%, 1/15/27 (1)		$125		$110
12.00%, 10/1/28 (1)		25		25
12.25%, 10/1/30 (1)		26		27
Jefferson Capital Holdings LLC,
6.00%, 8/15/26 (1)		50		44
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.,
5.25%, 10/1/25		10		10
4.25%, 2/1/27 (1)		72		63
4.75%, 6/15/29 (1)		25		20
LD Holdings Group LLC,
6.50%, 11/1/25 (1)		25		21
MGIC Investment Corp.,
5.25%, 8/15/28		100		93
Nationstar Mortgage Holdings, Inc.,
5.00%, 2/1/26 (1)		354		331
6.00%, 1/15/27 (1)		25		24
5.50%, 8/15/28 (1)		75		66
5.13%, 12/15/30 (1)		25		20
5.75%, 11/15/31 (1)		85		70
Navient Corp.,
6.13%, 3/25/24		150		149
6.75%, 6/25/25		200		197
6.75%, 6/15/26		75		73
5.00%, 3/15/27		50		45
5.50%, 3/15/29		218		183
9.38%, 7/25/30		113		111
5.63%, 8/1/33		25		18
OneMain Finance Corp.,
6.13%, 3/15/24		18		18
6.88%, 3/15/25		155		154
7.13%, 3/15/26		249		244
3.50%, 1/15/27		23		20
6.63%, 1/15/28		75		69
9.00%, 1/15/29		25		25
5.38%, 11/15/29		49		41
4.00%, 9/15/30		32		24
PennyMac Financial Services, Inc.,
4.25%, 2/15/29 (1)		50		40
5.75%, 9/15/31 (1)		100		82
PRA Group, Inc.,
7.38%, 9/1/25 (1)		25		24
8.38%, 2/1/28 (1)		50		46

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%    continued
Specialty Finance – 2.2%    continued
Provident Funding Associates L.P./PFG Finance Corp.,
6.38%, 6/15/25 (1)		$50		$45
Radian Group, Inc.,
4.50%, 10/1/24		75		73
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
2.88%, 10/15/26 (1)		176		155
3.88%, 3/1/31 (1)		108		86
4.00%, 10/15/33 (1)		174		131
SLM Corp.,
3.13%, 11/2/26		222		193
Starwood Property Trust, Inc.,
3.75%, 12/31/24 (1)		84		80
Synchrony Financial,
7.25%, 2/2/33		50		44
United Wholesale Mortgage LLC,
5.75%, 6/15/27 (1)		25		23
5.50%, 4/15/29 (1)		50		42
World Acceptance Corp.,
7.00%, 11/1/26 (1)		25		21
				4,450
Steel – 3.1%
ATI, Inc.,
5.88%, 12/1/27		991		939
4.88%, 10/1/29		140		123
7.25%, 8/15/30		156		155
5.13%, 10/1/31		111		96
Big River Steel LLC/BRS Finance Corp.,
6.63%, 1/31/29 (1)		1,553		1,534
Carpenter Technology Corp.,
6.38%, 7/15/28		100		96
7.63%, 3/15/30		143		143
Cleveland-Cliffs, Inc.,
6.75%, 3/15/26 (1)		295		294
5.88%, 6/1/27		75		71
4.63%, 3/1/29 (1)		25		22
6.75%, 4/15/30 (1)		50		47
4.88%, 3/1/31 (1)		50		43
Commercial Metals Co.,
4.13%, 1/15/30		25		22
4.38%, 3/15/32		25		21

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 - 78.0%     continued
Steel – 3.1%     continued
Specialty Steel Supply, Inc.,
11.00%, 11/15/26 (1) (2) (3)		$2,670		$2,670
TMS International Corp.,
6.25%, 4/15/29 (1)		25		21
				6,297
Technology Hardware – 1.3%
CDW LLC/CDW Finance Corp.,
3.25%, 2/15/29		25		21
CommScope Technologies LLC,
6.00%, 6/15/25 (1)		92		88
5.00%, 3/15/27 (1)		25		14
CommScope, Inc.,
6.00%, 3/1/26 (1)		50		47
8.25%, 3/1/27 (1)		50		33
7.13%, 7/1/28 (1)		100		60
4.75%, 9/1/29 (1)		167		123
Imola Merger Corp.,
4.75%, 5/15/29 (1)		507		444
Likewize Corp.,
9.75%, 10/15/25 (1)		25		25
NCR Atleos Escrow Corp.,
9.50%, 4/1/29 (1)		183		177
NCR Corp.,
5.75%, 9/1/27 (1)		75		76
5.00%, 10/1/28 (1)		50		45
5.13%, 4/15/29 (1)		100		88
6.13%, 9/1/29 (1)		214		219
Seagate HDD Cayman,
8.25%, 12/15/29 (1)		91		93
4.13%, 1/15/31		105		83
8.50%, 7/15/31 (1)		114		117
9.63%, 12/1/32 (1)		148		159
TTM Technologies, Inc.,
4.00%, 3/1/29 (1)		75		62
Viasat, Inc.,
5.63%, 9/15/25 (1)		141		130
5.63%, 4/15/27 (1)		27		23
6.50%, 7/15/28 (1)		600		416
7.50%, 5/30/31 (1)		39		26
Viavi Solutions, Inc.,
3.75%, 10/1/29 (1)		56		46

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Technology Hardware – 1.3%     continued
Xerox Holdings Corp.,
5.00%, 8/15/25 (1)		$50		$47
5.50%, 8/15/28 (1)		50		42
				2,704
Technology Services – 2.2%
Acuris Finance U.S., Inc./Acuris Finance S.a.r.l.,
5.00%, 5/1/28 (1)		200		165
Ahead DB Holdings LLC,
6.63%, 5/1/28 (1)		114		96
Block, Inc.,
2.75%, 6/1/26		150		135
3.50%, 6/1/31		310		244
CoreLogic, Inc.,
4.50%, 5/1/28 (1)		260		197
Dun & Bradstreet (The) Corp.,
5.00%, 12/15/29 (1)		1,311		1,130
Exela Intermediate LLC/Exela Finance, Inc.,
11.50%, 4/15/26 (1) (4)		83		15
Fair Isaac Corp.,
5.25%, 5/15/26 (1)		65		63
4.00%, 6/15/28 (1)		25		22
Gartner, Inc.,
4.50%, 7/1/28 (1)		46		42
GTCR W-2 Merger Sub LLC,
1/15/31 (1) (13)		459		460
KBR, Inc.,
4.75%, 9/30/28 (1)		93		82
MPH Acquisition Holdings LLC,
5.50%, 9/1/28 (1)		50		42
5.75%, 11/1/28 (1)		100		75
Neptune Bidco U.S., Inc.,
9.29%, 4/15/29 (1)		273		247
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.,
4.00%, 6/15/29 (1)		50		42
Presidio Holdings, Inc.,
4.88%, 2/1/27 (1)		87		80
8.25%, 2/1/28 (1)		490		468
Sabre GLBL, Inc.,
8.63%, 6/1/27 (1)		72		61

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  264 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Technology Services – 2.2%     continued
Science Applications International Corp.,
4.88%, 4/1/28 (1)		$135		$123
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
4.63%, 11/1/26 (1)		133		125
Vericast Corp.,
11.00%, 9/15/26 (1)		50		53
Verscend Escrow Corp.,
9.75%, 8/15/26 (1)		493		493
				4,460
Telecommunications – 1.4%
Cogent Communications Group, Inc.,
7.00%, 6/15/27 (1)		75		72
Embarq Corp.,
8.00%, 6/1/36		50		28
Frontier Communications Holdings LLC,
5.88%, 10/15/27 (1)		135		123
5.00%, 5/1/28 (1)		216		184
6.75%, 5/1/29 (1)		150		115
5.88%, 11/1/29		40		29
6.00%, 1/15/30 (1)		75		55
8.75%, 5/15/30 (1)		470		446
8.63%, 3/15/31 (1)		25		24
Hughes Satellite Systems Corp.,
5.25%, 8/1/26		24		22
6.63%, 8/1/26		50		43
Level 3 Financing, Inc.,
3.40%, 3/1/27 (1)		214		200
4.63%, 9/15/27 (1)		358		258
4.25%, 7/1/28 (1)		100		62
3.63%, 1/15/29 (1)		124		69
3.75%, 7/15/29 (1)		100		56
10.50%, 5/15/30 (1)		252		254
Lumen Technologies, Inc.,
4.00%, 2/15/27 (1)		141		93
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.,
4.75%, 4/30/27 (1)		109		97
T-Mobile U.S.A., Inc.,
4.75%, 2/1/28		50		48

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 78.0%     continued
Telecommunications – 1.4%     continued
Zayo Group Holdings, Inc.,
4.00%, 3/1/27 (1)		$635		$471
6.13%, 3/1/28 (1)		198		127
				2,876
Transportation & Logistics – 0.8%
Allegiant Travel Co.,
7.25%, 8/15/27 (1)		50		47
American Airlines, Inc.,
11.75%, 7/15/25 (1)		186		200
7.25%, 2/15/28 (1)		71		68
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.50%, 4/20/26 (1)		128		125
5.75%, 4/20/29 (1)		303		282
Delta Air Lines, Inc.,
7.38%, 1/15/26		25		25
4.38%, 4/19/28		25		23
First Student Bidco, Inc./First Transit Parent, Inc.,
4.00%, 7/31/29 (1)		25		21
Forward Air Corp.,
10/15/31 (1) (13)		93		93
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
5.75%, 1/20/26 (1)		50		45
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,
6.50%, 6/20/27 (1)		126		125
Rand Parent LLC,
8.50%, 2/15/30 (1)		25		23
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.,
8.00%, 9/20/25 (1)		30		30
8.00%, 9/20/25 (1)		56		56
United Airlines Pass Through Trust, Series 2020-1, Class A,
5.88%, 10/15/27		17		17
United Airlines Pass Through Trust,
Series 2020-1, Class B,
4.88%, 1/15/26		28		28
United Airlines, Inc.,
4.38%, 4/15/26 (1)		128		118
4.63%, 4/15/29 (1)		210		180

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 - 78.0%     continued
Transportation & Logistics – 0.8%     continued
Western Global Airlines LLC,
10.38%, 8/15/25 (1) (9) (12)		$50		$—
XPO, Inc.,
6.25%, 6/1/28 (1)		25		24
7.13%, 6/1/31 (1)		25		25
				1,555
Transportation Equipment – 0.1%
Allison Transmission, Inc.,
4.75%, 10/1/27		25		23
3.75%, 1/30/31 (1)		50		40
Trinity Industries, Inc.,
7.75%, 7/15/28 (1)		100		101
Wabash National Corp.,
4.50%, 10/15/28 (1)		115		97
				261
Wholesale - Consumer Staples – 0.3%
C&S Group Enterprises LLC,
5.00%, 12/15/28 (1)		25		19
Performance Food Group, Inc.,
5.50%, 10/15/27 (1)		50		47
4.25%, 8/1/29 (1)		180		156
U.S. Foods, Inc.,
6.88%, 9/15/28 (1)		100		100
4.75%, 2/15/29 (1)		236		211
7.25%, 1/15/32 (1)		85		85
United Natural Foods, Inc.,
6.75%, 10/15/28 (1)		25		19
				637
Wholesale - Discretionary – 0.0%
OPENLANE, Inc.,
5.13%, 6/1/25(1)		14		14
Total Corporate Bonds
(Cost $170,239)				159,797
FOREIGN ISSUER BONDS – 9.5%
Aerospace & Defense – 0.7%
Bombardier, Inc.,
7.50%, 3/15/25 (1)		20		20
7.13%, 6/15/26 (1)		390		378
7.88%, 4/15/27 (1)		265		258
6.00%, 2/15/28 (1)		253		229
7.50%, 2/1/29 (1)		223		212

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 9.5%     continued
Aerospace & Defense – 0.7%     continued
F-Brasile S.p.A./F-Brasile U.S. LLC,
7.38%, 8/15/26 (1)		$200		$186
Rolls-Royce PLC,
5.75%, 10/15/27 (1)		208		201
				1,484
Automotive – 0.2%
Jaguar Land Rover Automotive PLC,
7.75%, 10/15/25 (1)		200		200
ZF North America Capital, Inc.,
7.13%, 4/14/30 (1)		150		147
				347
Banking – 0.1%
Barclays PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.41%), 4.38%, 3/15/28 (6) (7)		200		139
Intesa Sanpaolo S.p.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.60%), 4.20%, 6/1/32 (1) (7)		200		147
				286
Beverages – 0.0%
Primo Water Holdings, Inc.,
4.38%, 4/30/29(1)		125		107
Biotechnology & Pharmaceuticals – 0.1%
Teva Pharmaceutical Finance Netherlands III B.V.,
3.15%, 10/1/26		277		247
Cable & Satellite – 0.3%
Altice Financing S.A.,
5.75%, 8/15/29 (1)		323		265
UPC Broadband Finco B.V.,
4.88%, 7/15/31 (1)		200		162
Videotron Ltd.,
5.13%, 4/15/27 (1)		50		47
3.63%, 6/15/29 (1)		50		42
Ziggo B.V.,
4.88%, 1/15/30 (1)		200		163
				679
Chemicals – 0.0%
Methanex Corp.,
5.13%, 10/15/27		25		23

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  266 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 9.5%     continued
Chemicals – 0.0% continued
NOVA Chemicals Corp.,
5.25%, 6/1/27 (1)		$25		$22
4.25%, 5/15/29 (1)		25		19
				64
Commercial Support Services – 0.4%
Garda World Security Corp.,
4.63%, 2/15/27 (1)		211		193
9.50%, 11/1/27 (1)		16		15
7.75%, 2/15/28 (1)		103		101
6.00%, 6/1/29 (1)		75		61
GFL Environmental, Inc.,
4.25%, 6/1/25 (1)		4		4
3.75%, 8/1/25 (1)		45		43
5.13%, 12/15/26 (1)		165		157
3.50%, 9/1/28 (1)		14		12
4.75%, 6/15/29 (1)		221		197
				783
Containers & Packaging – 0.6%
ARD Finance S.A.,
6.50%, (100% Cash), 6/30/27 (1) (4)		400		302
Intelligent Packaging Holdco Issuer L.P.,
9.00%, (100% Cash), 1/15/26 (1) (4)		25		21
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC,
6.00%, 9/15/28 (1)		595		520
Trivium Packaging Finance B.V.,
5.50%, 8/15/26 (1)		35		33
8.50%, 8/15/27 (1)		345		315
				1,191
Electric Utilities – 0.1%
TransAlta Corp.,
7.75%, 11/15/29		120		122
Electrical Equipment – 0.4%
TK Elevator Holdco GmbH,
6.63%, 7/15/28 [EUR](11)		90		83
7.63%, 7/15/28 (1)		200		182
TK Elevator Midco GmbH,
4.38%, 7/15/27 [EUR](11)		100		96

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 9.5%     continued
Electrical Equipment – 0.4%     continued
TK Elevator U.S. Newco, Inc.,
5.25%, 7/15/27 (1)		$400		$367
				728
Forestry, Paper & Wood Products – 0.0%
Mercer International, Inc.,
5.13%, 2/1/29		25		20
Gas & Water Utilities – 0.0%
Superior Plus L.P./Superior General Partner, Inc.,
4.50%, 3/15/29(1)		50		43
Home Construction – 0.2%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC,
5.00%, 6/15/29 (1)		151		124
4.88%, 2/15/30 (1)		25		20
Empire Communities Corp.,
7.00%, 12/15/25 (1)		25		24
Mattamy Group Corp.,
5.25%, 12/15/27 (1)		40		37
4.63%, 3/1/30 (1)		140		119
				324
Household Products – 0.0%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.,
7.00%, 12/31/27(1)		25		22
Industrial Support Services – 0.0%
Ritchie Bros. Holdings, Inc.,
6.75%, 3/15/28 (1)		69		69
7.75%, 3/15/31 (1)		25		25
				94
Insurance – 0.4%
Jones Deslauriers Insurance Management, Inc.,
8.50%, 3/15/30 (1)		675		680
10.50%, 12/15/30 (1)		69		70
				750
Leisure Facilities & Services – 0.6%
1011778 B.C. ULC/New Red Finance, Inc.,
4.38%, 1/15/28 (1)		50		45
4.00%, 10/15/30 (1)		413		343

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 - 9.5%     continued
Leisure Facilities & Services – 0.6%     continued
Melco Resorts Finance Ltd.,
4.88%, 6/6/25 (1)		$200		$189
MGM China Holdings Ltd.,
5.38%, 5/15/24 (1)		200		197
Ontario Gaming GTA L.P.,
8.00%, 8/1/30 (1)		66		66
Wynn Macau Ltd.,
5.50%, 10/1/27 (1)		200		179
5.63%, 8/26/28 (1)		200		173
				1,192
Machinery – 1.0%
Husky III Holding Ltd.,
13.00%, 2/15/25 (1) (4)		160		158
Titan Acquisition Ltd./Titan
Co-Borrower LLC,
7.75%, 4/15/26 (1)		1,867		1,830
				1,988
Metals & Mining – 1.3%
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.,
8.75%, 7/15/26 (1)		1,960		1,908
FMG Resources Pty. Ltd., Series 2006,
5.88%, 4/15/30 (1)		100		91
4.38%, 4/1/31 (1)		150		123
6.13%, 4/15/32 (1)		100		91
Hudbay Minerals, Inc.,
4.50%, 4/1/26 (1)		25		23
IAMGOLD Corp.,
5.75%, 10/15/28 (1)		25		20
Mineral Resources Ltd.,
8.13%, 5/1/27 (1)		50		49
8.00%, 11/1/27 (1)		50		49
9.25%, 10/1/28 (1)		60		61
8.50%, 5/1/30 (1)		75		74
New Gold, Inc.,
7.50%, 7/15/27 (1)		93		87
				2,576
Oil & Gas Producers – 0.8%
Athabasca Oil Corp.,
9.75%, 11/1/26 (1)		82		85
Baytex Energy Corp.,
8.50%, 4/30/30 (1)		210		212

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 9.5%     continued
Oil & Gas Producers – 0.8%     continued
eG Global Finance PLC,
6.75%, 2/7/25 (1)		$200		$197
Enbridge, Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.43%), 8.50%, 1/15/84 (7)		50		50
Energean Israel Finance Ltd.,
5.38%, 3/30/28		25		22
5.88%, 3/30/31		25		22
Leviathan Bond Ltd.,
6.13%, 6/30/25		25		24
6.50%, 6/30/27		25		24
OGX Austria GmbH,
8.50%, 6/1/18 (1) (2) (3) (9)		2,420		—
8.38%, 4/1/22 (1) (2) (3) (9)		1,800		—
Parkland Corp.,
5.88%, 7/15/27 (1)		50		48
4.50%, 10/1/29 (1)		200		171
4.63%, 5/1/30 (1)		50		43
Teine Energy Ltd.,
6.88%, 4/15/29 (1)		810		743
Vermilion Energy, Inc.,
6.88%, 5/1/30 (1)		50		47
				1,688
Oil & Gas Services & Equipment – 0.3%
Enerflex Ltd.,
9.00%, 10/15/27 (1)		115		114
Ensign Drilling, Inc.,
9.25%, 4/15/24 (1)		75		74
Precision Drilling Corp.,
7.13%, 1/15/26 (1)		75		74
6.88%, 1/15/29 (1)		25		24
Shelf Drilling Holdings Ltd.,
8.88%, 11/15/24 (1)		25		25
8.25%, 2/15/25 (1)		250		255
Shelf Drilling North Sea Holdings Ltd.,
10.25%, 10/31/25 (1)		25		25
				591
Software – 0.3%
Open Text Corp.,
6.90%, 12/1/27 (1)		272		273
3.88%, 2/15/28 (1)		75		65
3.88%, 12/1/29 (1)		50		41

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  268 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 9.5%     continued
Software – 0.3%     continued
Open Text Holdings, Inc.,
4.13%, 2/15/30 (1)		$150		$125
4.13%, 12/1/31 (1)		125		100
				604
Specialty Finance – 0.2%
GGAM Finance Ltd.,
7.75%, 5/15/26 (1)		11		11
8.00%, 6/15/28 (1)		11		11
Global Aircraft Leasing Co. Ltd.,
6.50%, (100% Cash), 9/15/24 (1) (4)		293		279
Macquarie Airfinance Holdings Ltd.,
8.38%, 5/1/28 (1)		53		54
8.13%, 3/30/29 (1)		71		71
				426
Technology Services – 0.1%
CA Magnum Holdings,
5.38%, 10/31/26(1)		200		177
Telecommunications – 1.3%
Altice France Holding S.A.,
10.50%, 5/15/27 (1)		200		125
6.00%, 2/15/28 (1)		200		99
Altice France S.A.,
8.13%, 2/1/27 (1)		200		177
5.50%, 1/15/28 (1)		370		285
5.13%, 7/15/29 (1)		315		224
5.50%, 10/15/29 (1)		200		144
Connect Finco S.a.r.l./Connect U.S. Finco LLC,
6.75%, 10/1/26 (1)		400		373
Digicel Group Holdings Ltd.,
8.00%, (100% Cash), 4/1/25 (1) (4) (10)		37		8
Iliad Holding SASU,
6.50%, 10/15/26 (1)		237		223
Telecom Italia Capital S.A.,
6.38%, 11/15/33		171		148
6.00%, 9/30/34		83		69
7.20%, 7/18/36		39		35
7.72%, 6/4/38		8		7
Telesat Canada/Telesat LLC,
5.63%, 12/6/26 (1)		25		17
4.88%, 6/1/27 (1)		50		33

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 9.5%     continued
Telecommunications – 1.3%     continued
6.50%, 10/15/27 (1)		$25		$13
Vmed O2 UK Financing I PLC,
4.25%, 1/31/31 (1)		200		159
4.75%, 7/15/31 (1)		400		323
Vodafone Group PLC, (Variable, USD Swap 5Y + 4.87%),
7.00%, 4/4/79 (7)		125		124
				2,586
Transportation & Logistics – 0.1%
Air Canada,
3.88%, 8/15/26 (1)		80		73
Seaspan Corp.,
5.50%, 8/1/29 (1)		75		60
VistaJet Malta Finance PLC/Vista Management Holding, Inc.,
7.88%, 5/1/27 (1)		83		71
6.38%, 2/1/30 (1)		106		82
				286
Total Foreign Issuer Bonds
(Cost $24,370)				19,405
TERM LOANS – 4.8% (8)
Aerospace & Defense – 0.1%
Bleriot U.S. Bidco Inc., 2023 Term Loan, (Floating, ICE CME Term SOFR USD 3M + 4.00%), 9.65%, 10/30/28		15		15
Dynasty Acquisition Co., Inc., 2023 Specified Refinancing Term B-1 Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%), 9.32%, 8/24/28		50		50
Dynasty Acquisition Co., Inc., 2023 Specified Refinancing Term B-2 Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%), 9.32%, 8/24/28		22		22
				87
Asset Management – 0.0%
GIP Pilot Acquisition Partners L.P., Initial Term Loan,
10/4/30(14)		31		31

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)
TERM LOANS - 4.8% (8)     continued
Automotive – 0.0%
Tenneco Inc., Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 5.00%, 0.50% Floor), 10.48%, 11/17/28		$46		$39
(Floating, ICE CME Term SOFR USD 3M + 5.00%, 0.50% Floor), 10.49%, 11/17/28 (15)		—		—
				39
Beverages – 0.0%
Naked Juice LLC, Initial Term Loan, (Floating, ICE CME Term SOFR USD 3M + 3.25%, 0.50% Floor), 8.74%, 1/24/29		10		9
Biotechnology & Pharmaceuticals – 0.1%
Amneal Pharmaceuticals LLC, Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.50%), 8.93%, 5/4/25		17		17
Bausch + Lomb Corp., Incremental Term Loan, 9/29/28 (14)		53		52
Bausch + Lomb Corp., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 3.25%, 0.50% Floor), 8.76%, 5/10/27		64		62
KDC/ONE Development Corp., Inc., Dollar Tranche Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 5.00%), 10.32%, 8/15/28		49		47
Mallinckrodt International Finance S.A.,
DIP Final Term Loan,
8/28/24 (14)		52		50
Mallinckrodt International Finance S.A.,
DIP Loan,
(Floating, ICE CME Term SOFR USD 1M + 8.00%, 1.00% Floor), 13.44%, 8/28/24		7		8
				236
Cable & Satellite – 0.1%
DIRECTV Financing LLC, Closing Date Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 5.00%, 0.75% Floor), 10.43%, 8/2/27		247		241

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
TERM LOANS - 4.8% (8)     continued
Cable & Satellite – 0.1%     continued
Radiate Holdco, LLC, Amendment No. 6 Term B Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.25%, 0.75% Floor), 8.68%, 9/25/26		$29		$24
				265
Chemicals – 0.2%
Consolidated Energy Finance S.A., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 2.50%), 7.92%, 5/7/25		21		21
Discovery Purchaser Corp., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.38%, 0.50% Floor), 9.77%, 10/4/29		175		168
Herens Holdco S.a r.l., Facility B,
(Floating, ICE CME Term SOFR USD 3M + 3.93%, 0.75% Floor), 9.42%, 7/3/28		34		31
Momentive Performance Materials, Inc., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.50%), 9.82%, 3/29/28 (16)		56		54
Nouryon Finance B.V., Extended Dollar Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%), 9.43%, 4/3/28		60		59
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 5.00%, 0.50% Floor), 10.39%, 11/9/28		6		6
				339
Consumer Services – 0.0%
Raptor Acquisition Corp., Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.00%, 0.75% Floor), 9.66%, 11/1/26		25		25
Containers & Packaging – 0.0%
Trident TPI Holdings, Inc., Tranche B-5 Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.89%, 9/15/28		64		64

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  270 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
TERM LOANS - 4.8% (8)     continued
Electrical Equipment – 0.1%
Indicor LLC, Initial Dollar Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.89%, 11/22/29		$68		$68
Engineering & Construction – 0.2%
Brand Industrial Services, Inc., Initial Term Loan,
6/21/24 (14)		25		25
Brand Industrial Services, Inc., Tranche B Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 5.50%, 0.50% Floor), 10.87%, 8/1/30		293		285
				310
Entertainment Content – 0.0%
Allen Media LLC, Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 5.50%), 11.04%, 2/10/27		48		42
Diamond Sports Group LLC, Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 5.25%), 10.68%, 8/24/26		48		1
				43
Health Care Facilities & Services – 0.1%
Gainwell Acquisition Corp., Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.00%, 0.75% Floor), 9.49%, 10/1/27		126		123
LifePoint Health, Inc., Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 3.75%), 9.38%, 11/16/28		55		54
				177
Home & Office Products – 0.1%
Hunter Douglas Holding B.V., Tranche B-1 Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 3.50%, 0.50% Floor), 8.89%, 2/26/29		83		81
SWF Holdings I Corp., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%, 0.75% Floor), 9.43%, 10/6/28		128		109
				190

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
TERM LOANS - 4.8% (8)     continued
Industrial Support Services – 0.0%
PECF USS Intermediate Holding III Corp., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.25%, 0.50% Floor), 9.88%, 12/15/28		$60		$48
Institutional Financial Services – 0.1%
Clue Opco LLC, Cov-Lite Senior Secured Term Loan B, 9/20/30 (14)		4		3
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 6.75%), 12.40%, 4/7/28		88		83
Deerfield Dakota Holding LLC, Initial Dollar Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 3.75%, 1.00% Floor), 9.14%, 4/9/27		9		9
Star Parent, Inc., Term Loan,
9/19/30 (14)		146		143
				238
Insurance – 0.6%
Asurion LLC, New B-11 Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.25%), 9.67%, 8/19/28		587		569
Asurion LLC, New B-4 Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 5.25%), 10.68%, 1/20/29		780		690
Jones DesLauriers Insurance
Management, Inc., 2023
Refinancing Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.25%), 9.62%, 3/15/30		33		33
				1,292
Internet Media & Services – 0.1%
Endurance International Group Holdings, Inc., Initial Term Loan,
(Floating, ICE LIBOR USD 3M + 3.50%), 8.79%, 2/10/28		24		24
MH Sub I LLC, 2023 May Incremental
Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.25%, 0.50% Floor), 9.57%, 5/3/28		160		154
				178

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 - 4.8% (8)     continued
Leisure Facilities & Services – 0.1%
Fertitta Entertainment LLC, Initial B Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%, 0.50% Floor), 9.32%, 1/27/29		$75		$74
Ontario Gaming GTA Limited Partnership, Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.25%, 0.50% Floor), 9.64%, 8/1/30		30		30
Scientific Games Holdings L.P., Initial Dollar Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 3.50%, 0.50% Floor), 8.77%, 4/4/29		74		74
UFC Holdings LLC, Term B-3 Loan,
(Floating, ICE CME Term SOFR USD 3M + 2.75%, 0.75% Floor), 8.37%, 4/29/26		64		64
				242
Machinery – 0.2%
Husky Injection Molding Systems Ltd., Initial Term Loan,
(Floating, ICE LIBOR USD 3M + 3.00%), 8.73%, 3/28/25		289		287
Madison IAQ LLC, Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.25%, 0.50% Floor), 8.69%, 6/21/28		59		58
SPX Flow, Inc., Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.50%, 0.50% Floor), 9.92%, 4/5/29		105		104
				449
Medical Equipment & Devices – 0.0%
Avantor Funding, Inc., 2021 Incremental B-5 Dollar Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 2.25%, 0.50% Floor), 7.67%, 11/8/27		6		6
Metals & Mining – 0.1%
Arsenal AIC Parent LLC, Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.50%), 9.88%, 8/18/30		76		76

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
TERM LOANS - 4.8% (8)    continued
Metals & Mining – 0.1%     continued
Banff Guarantor, Inc., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 5.50%), 10.93%, 2/27/26 (2)		$162		$161
				237
Oil & Gas Producers – 0.1%
Freeport LNG investments LLLP, Initial Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 3.50%, 0.50% Floor), 9.09%, 12/21/28		104		103
Parker Drilling Co., Initial Loan,
(Floating, ICE LIBOR USD 3M + 11.00% Cash, 2.00% PIK), 11.00%, 3/26/24 (2) (4)		17		16
				119
Publishing & Broadcasting – 0.1%
Clear Channel Outdoor Holdings, Inc., Term B Loan,
8/21/26 (14)		29		28
(Floating, ICE CME Term SOFR USD 1M + 3.50%), 8.93%, 8/21/26 (15)		—		—
(Floating, ICE CME Term SOFR USD 3M + 3.50%), 9.13%, 8/21/26		226		219
(Floating, ICE CME Term SOFR USD 3M + 3.50%), 9.14%, 8/21/26		5		5
				252
Real Estate Services – 0.0%
Cushman & Wakefield U.S. Borrower LLC, 2023-2 Refinancing Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%, 0.50% Floor), 9.32%, 1/31/30		50		49
Retail - Discretionary – 0.1%
Staples, Inc., 2019 Refinancing New Term B-1 Loan,
(Floating, ICE LIBOR USD 3M + 5.00%), 10.63%, 4/16/26		71		61
White Cap Supply Holdings LLC, Initial Closing Date Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 9.07%, 10/19/27		85		84
				145

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  272 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
TERM LOANS - 4.8% (8)     continued
Software – 1.4%
Ascend Learning LLC, Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.92%, 12/11/28		$44		$41
athenahealth Group, Inc., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.25%, 0.50% Floor), 8.57%, 2/15/29		523		513
Cloud Software Group, Inc., Dollar Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.99%, 3/30/29		226		217
Cloud Software Group, Inc., Term A Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.50%, 0.50% Floor), 9.99%, 9/29/28		50		48
Cloudera, Inc., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 9.17%, 10/8/28		63		61
(Floating, ICE CME Term SOFR USD 1M + 6.00%), 11.42%, 10/8/29 (2)		147		139
Magenta Buyer LLC, Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 5.00%, 0.75% Floor), 10.63%, 7/27/28		279		207
(Floating, ICE CME Term SOFR USD 3M + 8.25%, 0.75% Floor), 13.88%, 7/27/29		100		46
McAfee Corp., Tranche B-1 Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 9.18%, 3/1/29		254		248
Polaris Newco LLC, Dollar Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%, 0.50% Floor), 9.43%, 6/2/28		39		37
RealPage, Inc., Initial Loan,
(Floating, ICE CME Term SOFR USD 1M + 6.50%, 0.75% Floor), 11.93%, 4/23/29		317		317

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
TERM LOANS - 4.8% (8)    continued
Software – 1.4%     continued
Sophia L.P., Term Loan B,
(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.92%, 10/7/27		$206		$206
UKG, Inc., 2021 Incremental Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 5.25%), 10.62%, 5/3/27		841		839
				2,919
Technology Hardware – 0.0%
ViaSat, Inc., Initial Term Loan, 5/30/30(14)		62		57
Technology Services – 0.5%
CoreLogic, Inc., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.93%, 6/2/28		30		27
GTCR W Merger Sub LLC, Term Loan B,
9/20/30 (14)		133		133
OMNIA Partners LLC, Delayed Draw Term Loan,
7/25/30 (14) (17)		3		3
OMNIA Partners LLC, Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.25%), 9.60%, 7/25/30		22		22
Peraton Corp., Term B Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.75% Floor), 9.17%, 2/1/28		242		241
Peraton Corp., Term B-1 Loan,
(Floating, ICE CME Term SOFR USD 3M + 7.75%, 0.75% Floor), 13.23%, 2/1/29		190		186
Sabre GLBL, Inc., 2021 Other Term B-1 Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.93%, 12/17/27		5		5
Sabre GLBL, Inc., 2021 Other Term B-2 Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.50% Floor), 8.93%, 12/17/27		8		7

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

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
TERM LOANS - 4.8% (8)     continued
Technology Services – 0.5%     continued
Verscend Holding Corp., Term B-1 Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%), 9.43%, 8/27/25		$398		$397
				1,021
Telecommunications – 0.2%
Altice France S.A., USD TLB-14 Loan,
(Floating, ICE CME Term SOFR USD 3M + 5.50%), 10.81%, 8/15/28		46		41
Consolidated Communications, Inc., Term B-1 Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.50%, 0.75% Floor), 8.93%, 10/2/27		50		44
Intelsat Jackson Holdings S.A., Term B Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.25%, 0.50% Floor), 9.77%, 2/1/29		129		129
Zayo Group Holdings, Inc., Initial Dollar Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 3.00%), 8.43%, 3/9/27		180		147
				361
Transportation & Logistics – 0.2%
AAdvantage Loyality IP Ltd., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 4.75%, 0.75% Floor), 10.34%, 4/20/28		239		246
Apple Bidco LLC, Amendment No. 1 Term Loan,
(Floating, ICE CME Term SOFR USD 1M + 4.00%, 0.50% Floor), 9.32%, 9/22/28		43		43
Brown Group Holding LLC, Incremental Term B-2 Facility,
(Floating, ICE CME Term SOFR USD 1M + 3.75%, 0.50% Floor), 9.07%, 7/2/29		4		4
(Floating, ICE CME Term SOFR USD 3M + 3.75%, 0.50% Floor), 9.12%, 7/2/29		9		9
(Floating, ICE CME Term SOFR USD 3M + 3.75%, 0.50% Floor), 9.17%, 7/2/29		4		4

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
TERM LOANS - 4.8% (8)     continued
Transportation & Logistics – 0.2%     continued
SkyMiles IP Ltd., Initial Term Loan,
(Floating, ICE CME Term SOFR USD 3M + 3.75%), 9.08%, 10/20/27		$61		$63
				369
Total Term Loans
(Cost $9,902)				9,865
	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS – 2.5%
Chemicals – 0.1%
Element Solutions, Inc.		2,344		$46
Utex Industries, Inc.(2) (3) *		2,200		169
				215
Construction Materials – 0.0%
Hardwood Holdings LLC(3) *		187		11
Distributors – 0.4%
ATD New Holdings, Inc.(2) *		22,076		795
Energy Equipment & Services – 0.0%
Nine Energy Service, Inc.*		250		1
Parker Drilling Co.*		265		4
				5
Financial Services – 0.0%
Block, Inc.*		203		9
Gas Utilities – 0.0%
Ferrellgas Partners L.P., Class B		182		29
Ground Transportation – 0.0%
Uber Technologies, Inc.*		697		32
Hotels, Restaurants & Leisure – 0.1%
Aramark		814		28
Carnival Corp.*		2,937		41
				69
IT Services – 0.0%
Twilio, Inc., Class A*		108		6
Media – 0.0%
iHeartMedia, Inc., Class A*		419		1
Metals & Mining – 1.8%
Constellium S.E.*		7,501		136
Real Alloy Parent, Inc.(2) (3)		48		3,441
				3,577
Oil, Gas & Consumable Fuels – 0.1%
Bruin Blocker LLC(2) (3) (12) *		9,827		—

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  274 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	NUMBER OF SHARES		VALUE (000S)
COMMON STOCKS - 2.5%     continued
Oil, Gas & Consumable Fuels – 0.1%     continued
Chaparral Energy, Inc.(2) (3) *		1,787		$75
Cloud Peak Energy, Inc.(3) *		20		—
Superior Energy Services(2) (3) *		1,137		83
				158
Pharmaceuticals – 0.0%
Catalent, Inc.*		1,378		63
Professional Services – 0.0%
Skillsoft Corp.*		36,863		33
Software – 0.0%
Informatica, Inc., Class A*		2,799		59
Specialty Finance – 0.0%
Carnelian Point Holdings L.P.(2) (3) *		50		67
Technology Hardware, Storage & Peripherals – 0.0%
Diebold Nixdorf, Inc.*		372		7
Wireless Telecommunication Services – 0.0%
Intelsat S.A./Luxembourg(2) (3) *		1,201		26
Total Common Stocks
(Cost $3,698)				5,162
MASTER LIMITED PARTNERSHIPS – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
Summit Midstream Partners L.P.*		4,025		56
Total Master Limited Partnerships
(Cost $117)				56
PREFERRED STOCKS – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
Global Partners L.P./MA, 9.50%		1,375		35
Total Preferred Stocks
(Cost $34)				35
RIGHTS – 0.0%
Wireless Telecommunication Services – 0.0%
Intelsat Jackson Holdings S.A.(3) *		248		2
Total Rights
(Cost $—)				2
OTHER – 0.0%
Basic Energy Services, Inc.(2) (12) *		25,000		—
Escrow Appvion, Inc.(2) (3) *		225,000		—
Escrow Cloud Peak Energy, Inc.(2) (3) *		250,000		—
Escrow GenOn Energy, Inc.(2) (3) *		25,000		—

	NUMBER OF SHARES			VALUE (000S)
OTHER - 0.0%     continued
Escrow Gulfport Energy Operating Corp.(2) (12) *		150,000			$—
Escrow Hertz (The) Corp.(1) (2) *		125,000			4
Escrow Washington Mutual Bank(2) (3) *		250,000			1
Intelsat Jackson Holdings S.A.(1) (2) (3) *		50,000			—
Intelsat Jackson Holdings S.A.(2) (3) *		75,000			—
RP Escrow Issuer LLC(1) (2) (3) (12) *		1,100,000			—
Total Other
(Cost $112)					5
	NUMBER OF WARRANTS			VALUE (000S)
WARRANTS – 0.1%
California Resources Corp., Exp. 10/27/24, Strike $36.00*		66			$1
CWT Travel Holdings, Inc., Class B, Exp. 11/19/28, Strike $67.69(2) (3) *		2,124			—
Denbury, Inc., Exp. 9/18/25, Strike $32.59*		1,236			72
Utex Industries, Inc., Exp. 12/31/49, Strike $0.00(2) (3) *		5,500			34
Total Warrants
(Cost $18)					107
	NUMBER OF SHARES			VALUE (000S)
INVESTMENT COMPANIES – 4.3%
Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.14%(18) (19)		8,723,020			$8,723
Total Investment Companies
(Cost $8,723)					8,723
Total Investments – 99.2%
(Cost $217,219)					203,190
	PRINCIPAL AMOUNT (000S)			VALUE (000S)
CORPORATE BONDS SOLD SHORT – (0.1%)
Oil & Gas Producers – (0.1%)
EQM Midstream Partners L.P.,
4.13%, 12/1/26		$	(39)		$	(36)

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

	PRINCIPAL AMOUNT (000S)			VALUE (000S)
CORPORATE BONDS SOLD SHORT - (0.1%)     continued
Oil & Gas Producers – (0.1%)     continued
NuStar Logistics L.P.,
5.75%, 10/1/25		$	(56)		$(55	)
					(91	)
Total Corporate Bonds Sold Short
Proceeds $(91))					(91	)
Other Assets less Liabilities – 0.9%					1,784
NET ASSETS – 100.0%					$204,883

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽²⁾  Restricted security that has been deemed illiquid. At September 30, 2023, the value of these restricted illiquid securities amounted to approximately $10,213,000 or 5.0% of net assets. Additional information on these restricted illiquid securities is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST   (000S)
ATD New Holdings, Inc.	1/9/19		$469
Banff Guarantor, Inc., Initial Term Loan, 10.93%, 2/27/26	3/1/2023		161
Basic Energy Services, Inc.	9/25/18		2
Bruin Blocker LLC	9/29/20		220
Carnelian Point Holdings L.P.	9/21/22		115
Carnelian Point Holdings L.P., 5.00%, 6/30/28	7/5/22-8/16/23		53
Chaparral Energy, Inc.	1/8/19-7/11/22		65
Cloudera, Inc., Initial Term Loan, 11.42%, 10/8/29	2/27/2023		133
CWT Travel Holdings, Inc., Class B, Exp. 11/19/28, Strike $67.69,	11/19/21		—
Digicel Group Holdings Ltd., 7.00%, 11/6/23	6/25/20-4/11/23		3
Escrow Appvion, Inc.	8/24/18		—
Escrow Cloud Peak Energy, Inc.	7/29/16-12/11/18		110
Escrow GenOn Energy, Inc.	12/19/18		—
Escrow Gulfport Energy Operating Corp.	5/18/21		—
Escrow Hertz (The) Corp.	7/1/21		—
Escrow Washington Mutual Bank	10/11/17		—
Gulfport Energy Corp., 10.00%, 8/3/23	6/9/21		3
Intelsat Jackson Holdings S.A.	3/21/22		—
Intelsat S.A./Luxembourg	6/6/19-7/3/23		106

SECURITY	ACQUISITION AND ENFORCEABLE DATE	COST   (000S)
Murray Energy Corp., 12.00%, 4/15/24	7/3/18-4/18/19		$   397
New Star Metals, Inc., 8.00%, 1/9/24	7/23/18-9/29/23		1,377
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
OGX Austria GmbH, 8.50%, 6/1/18	5/26/11-4/17/13		2,265
Parker Drilling Co., Initial Loan, 11.00%, 3/26/24	3/28/19-7/31/23		1
Real Alloy Parent, Inc.	5/31/18		1,738
RP Escrow Issuer LLC	12/18/20		—
Specialty Steel Supply, Inc., 11.00%, 11/15/26	6/2/21		2,670
Sterling Entertainment Group LLC, 10.25%, 1/15/24	12/27/17		1,109
Superior Energy Services	9/19/17-2/1/21		70
Utex Industries, Inc.	12/3/20		108
Utex Industries, Inc., Exp. 12/31/49, Strike $0.00,	12/3/20		—

⁽³⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

⁽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⁾  Variable or floating 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, 2023.

⁽⁸⁾  Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

⁽⁹⁾  Issuer has defaulted on terms of debt obligation. Income is not being accrued.

⁽¹⁰⁾  Issuer has defaulted on terms of debt obligation.

⁽¹¹⁾  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.

⁽¹²⁾  Value rounds to less than one thousand.

⁽¹³⁾  When-Issued Security. Coupon rate is not in effect at September 30, 2023.

⁽¹⁴⁾  Position is unsettled. Contract rate was not determined at September 30, 2023 and does not take effect until settlement date.

⁽¹⁵⁾  Principal Amount and Value rounds to less than one thousand.

⁽¹⁶⁾  Restricted security.

⁽¹⁷⁾  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.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  276 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

⁽¹⁸⁾  Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽¹⁹⁾  7-day current yield as of September 30, 2023 is disclosed.

* Non-Income Producing Security

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

1M - 1 Month

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

7Y - 7 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

DIP - Debtor-in-Possession

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

PIK - Payment In-Kind

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2023, 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	British Pound	83	United States Dollar	103	12/20/23	$2
Morgan Stanley	Euro	259	United States Dollar	277	12/20/23	2
Subtotal Appreciation						4
Total						$4

At September 30, 2023, 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)
5-Year U.S. Treasury Note	20		$2,107		Long		12/23		$(16)

⁽¹⁾  Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

As of September 30, 2023, the Fund had the following centrally cleared credit default swap agreement outstanding:

Buy/Sell Protection

IMPLIED CREDIT SPREAD

(PAY)/ RECEIVE FIXED RATE

REFERENCE ENTITY/SECURITY

CURRENCY

NOTIONAL AMOUNT

MATURITY DATE

MARKET VALUE (000S)

UPFRONT PREMIUMS PAID/ (RECEIVED) (000S)

UNREALIZED  APPRECIATION  (DEPRECIATION)  (000S)

Sell

0.0476%

5.00%(1)

Markit CDX N.A. High Yield Index Series 41(1)

USD

400,000

12/20/28

$4

$4

$ –*

Total

$4

$—*

⁽¹⁾  Payment frequency is quarterly.

* Amount rounds to less than one thousand.

At September 30, 2023, the Fund’s investments were denominated in the following currencies:

CONCENTRATION BY CURRENCY	% OF NET  ASSETS
United States Dollar		98.8	%
All other currencies less than 5%		0.3
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).

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  277 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND    continued

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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Assets Convertible Bonds(1)		$  —		$      —		$33		$  33
Corporate Bonds:
Entertainment Content		—		1,184		1,068		2,252
Industrial Intermediate Products		—		2,289		1,376		3,665
Specialty Finance		—		4,395		55		4,450
Steel		—		3,627		2,670		6,297
All Other Industries(1)		—		143,133		—		143,133
Total Corporate Bonds		—		154,628		5,169		159,797
Foreign Issuer Bonds(1)		—		19,405		—		19,405
Term Loans(1)		—		9,865		—		9,865
Common Stocks:
Chemicals		46		—		169		215
Construction Materials		—		—		11		11
Distributors		—		795		—		795
Metals & Mining		136		—		3,441		3,577
Oil, Gas & Consumable Fuels		—		—		158		158
Specialty Finance		—		—		67		67
Wireless Telecommunication Services		—		—		26		26
All Other Industries(1)		313		—		—		313
Total Common Stocks		495		795		3,872		5,162

INVESTMENTS	LEVEL 1 (000S)			LEVEL 2 (000S)			LEVEL 3 (000S)		TOTAL (000S)
Master Limited Partnerships		$    56			$      —			$      —		$        56
Preferred Stocks		35			—			—		35
Rights		—			—			2		2
Other		—			4			1		5
Warrants		1			72			34		107
Investment Companies		8,723			—			—		8,723
Total Investments		9,310			184,769			9,111		203,190
Liabilities
Corporate Bonds Sold Short		—			(91	)		—		(91	)
OTHER FINANCIAL INSTRUMENTS
Assets
Forward Foreign Currency Exchange Contracts		$    —			$      4			$      —		$      4
Liabilities
Futures Contracts		(16	)		—			—		(16	)
Centrally Cleared Interest Rate Swap Agreements		—			—	*		—		—	*
Total Other Financial Instruments		$ (16)			$      4			$      —		$  (12)

⁽¹⁾  Classifications as defined in the Schedule of Investments.

* Amount rounds to less than one thousand.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  278 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	BALANCE AS OF 3/31/23 (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 9/30/23 (000S)		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS STILL HELD AT 9/30/23 (000S)
Convertible Bonds
Oil & Gas Producers		$19		$—		$—			$14			$—			$—			$—		$—		$33		$14
Corporate Bonds
Entertainment Content		1,074		2		—			(8	)		—			—			—		—		1,068		(8	)
Industrial Intermediate Products		1,292		11		—			(12	)		85			—			—		—		1,376		(12	)
Specialty Finance		—		—		—			—			—			—			55		—		55		2
Steel		2,670		—		—			—			—			—			—		—		2,670		—
Common Stocks   Chemicals		218		—		—			(49	)		—			—			—		—		169		(49	)
Construction Materials		16		—		—			(5	)		—			—			—		—		11		(5	)
Metals & Mining		4,026		—		—			(585	)		—			—			—		—		3,441		(585	)
Oil, Gas & Consumable Fuels		180		—		(33	)		41			—			(30	)		—		—		158		41
Specialty Finance		60		—		—			7			—			—			—		—		67		7
Wireless Telecommunication Services		29		—		—			(3	)		—	*		—			—		—		26		(3	)
Rights		2		—		—			—	*		—			—			—		—		2		—	*
Other		15		—		12			(14	)		—			(12	)		—		—		1		(14	)
Warrants		103		—		—			(69	)		—			—			—		—		34		(69	)
Total		$9,704		$13		$(21	)		$(683	)		$85			$(42	)		$55		$—		$9,111		$(681	)

* Amount rounds to less than one thousand.

Securities valued at $231 included in the Balance as of 9/30/23 above were valued using evaluated prices provided by a third party provider. Securities valued at $8,880 included in the Balance as of 9/30/23 above were valued using prices provided by the Fund’s investment adviser’s pricing and valuation committee.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  279 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

	FAIR VALUE AT 09/30/23 (000S)		VALUATION TECHNIQUES	UNOBSERVABLE INPUTS	RANGE (WEIGHTED AVERAGE)
Corporate Bonds		$5,114	Market Approach	Yield(3)	6.7% - 12.2% (7.9%)
Corporate Convertible Bonds		$55	Income Approach	Estimated Recovery Value(2)	Not Applicable
Common Stocks		$3,610	Discounted Cash Flow / Market Approach	Discount Rate /EBITDA Multiple(1)	13.7% / 3.7x
		67	Market Approach	EBITDA Multiple(1)	12.92x
		—	Income Approach	Estimated Recovery Value(2)	Not Applicable
Other		$—	Market Approach	Discount Rate / Estimated Recovery Value(1)(2)	Not Applicable
Warrants		$34	Market Approach	Estimated Recovery Value(2)	Not Applicable

⁽¹⁾  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.

⁽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.

⁽³⁾  The significant unobservable inputs that can be used in the fair value measurement are; Yield. Significant decreases (increase) in yield would have resulted in a significantly higher (lower) fair value measurement.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  280 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
SHORT BOND FUND		SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES – 5.0%
Auto Loan – 0.1%
Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3
4.51%, 11/15/27		$410		$402
Automobile – 0.7%
Ford Credit Auto Lease Trust, Series 2023-B, Class A3
5.91%, 10/15/26		945		945
Honda Auto Receivables Owner Trust, Series 2023-3, Class A3
5.41%, 2/18/28		1,080		1,077
				2,022
Credit Card – 3.3%
American Express Credit Account Master Trust, Series 2022-1, Class A
2.21%, 3/15/27		1,900		1,808
American Express Credit Account Master Trust, Series 2022-2, Class A
3.39%, 5/15/27		2,100		2,027
Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1
0.55%, 7/15/26		5,000		4,794
Discover Card Execution Note Trust, Series 2021-A1, Class A1
0.58%, 9/15/26		1,300		1,236
Synchrony Card Funding LLC
5.54%, 7/15/29		180		180
				10,045
Other – 0.9%
Verizon Master Trust, Series 2021-1, Class A
0.50%, 5/20/27		2,760		2,666
Total Asset-Backed Securities
(Cost $15,674)				15,135
COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.1%
Non Agency – 4.1%
Benchmark Mortgage Trust, Series 2019-B12, Class A2
3.00%, 8/15/52		661		641
Benchmark Mortgage Trust, Series 2023-V3, Class A3
6.36%, 7/15/56		840		849

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.1%     continued
Non Agency – 4.1%     continued
Commercial Mortgage Trust, Series 2017-COR2, Class A3
3.51%, 9/10/50		$870		$790
JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4
3.23%, 10/15/48		4,090		3,879
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12, Class A4
4.26%, 10/15/46(1)		—		—
Wells Fargo Commercial Mortgage Trust, Series 2015-C27, Class A5
3.45%, 2/15/48		4,415		4,212
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6
3.64%, 1/15/59		2,225		2,083
				12,454
Total Commercial Mortgage-Backed Securities
(Cost $13,432)				12,454
CORPORATE BONDS – 25.4%
Aerospace & Defense – 0.0%
Howmet Aerospace, Inc.,
5.13%, 10/1/24		134		132
Asset Management – 0.8%
Blue Owl Credit Income Corp.,
5.50%, 3/21/25		1,200		1,161
FS KKR Capital Corp.,
1.65%, 10/12/24		980		931
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.,
4.75%, 9/15/24		310		299
				2,391
Automotive – 1.3%
Aptiv PLC/Aptiv Corp.,
2.40%, 2/18/25		570		542
Ford Motor Credit Co. LLC,
3.38%, 11/13/25		260		241
General Motors Financial Co., Inc.,
3.50%, 11/7/24		1,050		1,020

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 - 25.4%     continued
Automotive – 1.3% continued
Nissan Motor Acceptance Co. LLC,
(Floating, CME Term SOFR 3M + 0.90%), 6.30%, 3/8/24 (2) (3)		$1,300		$1,295
Toyota Motor Credit Corp.,
4.40%, 9/20/24		990		978
				4,076
Banking – 1.5%
Citigroup, Inc.,
(Variable, U.S. SOFR + 0.67%), 0.98%, 5/1/25 (4)		1,200		1,161
Citizens Financial Group, Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.50%), 4.30%, 2/11/31 (4)		30		25
Fifth Third Bancorp,
2.38%, 1/28/25		265		252
First-Citizens Bank & Trust Co.,
(Variable, CME Term SOFR 3M + 1.72%), 2.97%, 9/27/25 (4)		450		429
JPMorgan Chase & Co.,
(Floating, U.S. SOFR + 0.58%), 5.92%, 6/23/25 (3)		500		499
(Variable, CME Term SOFR 3M + 0.70%), 1.04%, 2/4/27 (4)		60		53
Truist Financial Corp.,
(Variable, U.S. SOFR + 1.46%), 4.26%, 7/28/26 (4)		1,000		963
Wells Fargo & Co.,
(Variable, U.S. SOFR + 0.51%), 0.81%, 5/19/25 (4)		380		366
(Floating, U.S. SOFR + 1.32%), 6.64%, 4/25/26 (3)		700		704
				4,452
Containers & Packaging – 0.4%
Graphic Packaging International LLC,
4.75%, 7/15/27(2)		1,180		1,112
E-Commerce Discretionary – 0.4%
eBay, Inc.,
1.90%, 3/11/25		1,300		1,229
Electric Utilities – 1.4%
Ameren Corp.,
2.50%, 9/15/24		420		406
American Electric Power Co., Inc.,
1.00%, 11/1/25		675		612

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 25.4%     continued
Electric Utilities – 1.4% continued
Calpine Corp.,
4.50%, 2/15/28 (2)		$300		$271
DTE Energy Co.,
1.05%, 6/1/25		1,660		1,531
Vistra Operations Co. LLC,
5.13%, 5/13/25 (2)		1,400		1,364
				4,184
Electrical Equipment – 0.8%
Amphenol Corp.,
2.05%, 3/1/25		780		742
Keysight Technologies, Inc.,
4.55%, 10/30/24		850		835
Otis Worldwide Corp.,
2.06%, 4/5/25		815		769
				2,346
Entertainment Content – 0.1%
Take-Two Interactive Software, Inc.,
3.55%, 4/14/25		160		154
Finance Companies – 0.3%
Blackstone Private Credit Fund,
7.05%, 9/29/25		900		901
Food – 0.8%
Hershey (The) Co.,
0.90%, 6/1/25		590		547
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.,
5.50%, 1/15/30		600		560
Lamb Weston Holdings, Inc.,
4.88%, 5/15/28 (2)		220		203
Nestle Holdings, Inc.,
0.61%, 9/14/24 (2)		1,300		1,240
				2,550
Health Care Facilities & Services – 0.7%
Catalent Pharma Solutions, Inc.,
5.00%, 7/15/27 (2)		460		422
Cigna Group (The),
1.25%, 3/15/26		580		522
Elevance Health, Inc.,
2.38%, 1/15/25		1,180		1,127
				2,071

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  282 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 25.4%     continued
Home Construction – 0.3%
D.R. Horton, Inc.,
2.50%, 10/15/24		$750		$724
Forestar Group, Inc.,
5.00%, 3/1/28 (2)		370		332
				1,056
Household Products – 1.0%
Colgate-Palmolive Co.,
4.80%, 3/2/26		570		567
Haleon UK Capital PLC,
3.13%, 3/24/25		1,500		1,441
Kenvue, Inc.,
5.35%, 3/22/26 (2)		1,080		1,078
				3,086
Industrial Support Services – 0.2%
WW Grainger, Inc.,
1.85%, 2/15/25		650		617
Institutional Financial Services – 1.2%
Coinbase Global, Inc.,
3.38%, 10/1/28 (2)		600		432
Goldman Sachs Group (The), Inc.,
(Variable, U.S. SOFR + 0.61%), 0.86%, 2/12/26 (4)		10		10
Morgan Stanley,
3.70%, 10/23/24		1,000		977
(Variable, U.S. SOFR + 1.15%), 2.72%, 7/22/25 (4)		230		223
State Street Corp.,
5.27%, 8/3/26		2,000		1,981
				3,623
Insurance – 2.4%
Brown & Brown, Inc.,
4.20%, 9/15/24		500		491
Corebridge Financial, Inc.,
3.50%, 4/4/25		300		288
GA Global Funding Trust,
(Floating, U.S. SOFR + 0.50%), 5.84%, 9/13/24 (2) (3)		2,400		2,367
Highlands Holdings Bond Issuer
Ltd./Highlands Holdings Bond Co-Issuer, Inc.,
7.63%, (100% Cash), 10/15/25 (2) (5)		621		607

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 25.4%     continued
Insurance – 2.4%     continued
Jackson National Life Global Funding,
1.75%, 1/12/25 (2)		$850		$798
New York Life Global Funding,
(Floating, U.S. SOFR Compounded Index + 0.33%), 5.63%, 1/14/25 (2) (3)		1,300		1,298
Principal Life Global Funding II,
2.25%, 11/21/24 (2)		930		891
Protective Life Global Funding,
0.78%, 7/5/24 (2)		500		481
				7,221
Leisure Facilities & Services – 1.1%
Hyatt Hotels Corp.,
1.80%, 10/1/24		1,500		1,439
5.75%, 1/30/27		1,900		1,888
				3,327
Machinery – 0.3%
CNH Industrial Capital LLC,
3.95%, 5/23/25		460		446
Stanley Black & Decker, Inc.,
6.27%, 3/6/26		400		402
				848
Medical Equipment & Devices – 0.9%
Baxter International, Inc.,
(Floating, U.S. SOFR Compounded Index + 0.44%), 5.78%, 11/29/24 (3)		540		537
DH Europe Finance II S.a.r.l.,
2.20%, 11/15/24		840		808
GE HealthCare Technologies, Inc.,
5.55%, 11/15/24		1,300		1,293
				2,638
Oil & Gas Producers – 2.6%
Continental Resources, Inc.,
2.27%, 11/15/26 (2)		100		89
EQT Corp.,
6.13%, 2/1/25		1,100		1,096
ONEOK, Inc.,
2.20%, 9/15/25		500		465
5.55%, 11/1/26		2,210		2,196
Phillips 66,
3.85%, 4/9/25		1,900		1,848

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 - 25.4%     continued
Oil & Gas Producers – 2.6%     continued
Pioneer Natural Resources Co.,
1.13%, 1/15/26		$1,160		$1,048
Plains All American Pipeline L.P.,
(Variable, CME Term SOFR 3M + 4.37%), 9.74%, 11/20/23 (3) (6)		525		496
Williams (The) Cos., Inc.,
5.40%, 3/2/26		730		724
				7,962
Real Estate Investment Trusts – 1.2%
American Tower Corp.,
2.40%, 3/15/25		945		896
1.30%, 9/15/25		940		860
Equinix, Inc.,
2.63%, 11/18/24		975		938
Healthpeak OP LLC,
3.25%, 7/15/26		50		47
Simon Property Group L.P.,
2.00%, 9/13/24		870		838
				3,579
Retail - Consumer Staples – 0.1%
Dollar General Corp.,
4.25%, 9/20/24		170		167
Retail - Discretionary – 0.8%
AutoZone, Inc.,
5.05%, 7/15/26		250		246
Home Depot (The), Inc.,
4.00%, 9/15/25		1,260		1,230
Lowe’s Cos., Inc.,
4.40%, 9/8/25		990		968
				2,444
Semiconductors – 0.4%
Analog Devices, Inc.,
(Floating, U.S. SOFR Compounded Index + 0.25%), 1.35%, 10/1/24 (3)		200		200
Intel Corp.,
4.88%, 2/10/26		65		64
Microchip Technology, Inc.,
0.98%, 9/1/24		920		878
Texas Instruments, Inc.,
4.70%, 11/18/24		210		208
				1,350

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 25.4%     continued
Software – 0.8%
Oracle Corp.,
2.95%, 11/15/24		$2,000		$1,938
Roper Technologies, Inc.,
2.35%, 9/15/24		470		454
				2,392
Specialty Finance – 1.2%
Ally Financial, Inc.,
3.88%, 5/21/24		1,000		981
American Express Co.,
2.50%, 7/30/24		540		525
Aviation Capital Group LLC,
1.95%, 1/30/26 (2)		1,100		989
Synchrony Financial,
4.88%, 6/13/25		870		834
7.25%, 2/2/33		225		199
				3,528
Steel – 0.1%
Nucor Corp.,
3.95%, 5/23/25		410		398
Technology Services – 1.0%
Fidelity National Information Services, Inc.,
4.50%, 7/15/25		340		332
Fiserv, Inc.,
2.75%, 7/1/24		260		254
Global Payments, Inc.,
1.50%, 11/15/24		240		228
2.65%, 2/15/25		500		476
International Business Machines Corp.,
4.00%, 7/27/25		985		959
PayPal Holdings, Inc.,
2.40%, 10/1/24		660		639
				2,888
Telecommunications – 0.8%
T-Mobile U.S.A., Inc.,
3.50%, 4/15/25		1,700		1,640
Verizon Communications, Inc.,
0.85%, 11/20/25		790		715
				2,355

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  284 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 25.4%     continued
Transportation & Logistics – 0.1%
United Airlines Pass Through Trust, Series 2020-1, Class B,
4.88%, 1/15/26		$310		$300
Wholesale - Consumer Staples – 0.4%
Bunge Ltd. Finance Corp.,
1.63%, 8/17/25		1,310		1,211
Total Corporate Bonds
(Cost $79,857)				76,588
FOREIGN ISSUER BONDS – 13.4%
Asset Management – 0.3%
UBS Group A.G.,
(Variable, U.S. SOFR + 3.34%), 6.37%, 7/15/26(2) (4)		1,000		996
Automotive – 0.2%
Kia Corp.,
2.38%, 2/14/25 (2)		410		391
Mercedes-Benz Finance North America LLC,
5.38%, 8/1/25 (2)		330		329
				720
Banking – 7.6%
ANZ New Zealand International Ltd.,
(Floating, U.S. SOFR + 0.60%), 5.94%, 2/18/25 (2) (3)		810		809
Australia & New Zealand Banking
Group Ltd.,
5.09%, 12/8/25		250		248
Bank of Montreal,
(Floating, U.S. SOFR Compounded Index + 0.62%), 5.96%, 9/15/26 (3)		100		99
Bank of New Zealand,
2.00%, 2/21/25 (2)		1,170		1,108
Bank of Nova Scotia (The),
4.50%, 12/16/25		300		290
Barclays PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.80%), 1.01%, 12/10/24 (4)		685		678
BNP Paribas S.A.,
4.25%, 10/15/24		1,000		979
(Variable, CME Term SOFR 3M + 1.37%), 2.82%, 11/19/25 (2) (4)		1,110		1,066

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 13.4%     continued
Banking – 7.6%     continued
BPCE S.A.,
1.00%, 1/20/26 (2)		$490		$438
Cooperatieve Rabobank U.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 1.34%, 6/24/26 (2) (4)		1,950		1,794
Credit Agricole S.A.,
3.25%, 10/4/24 (2)		800		779
Danske Bank A/S,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.47%, 1/9/26 (2) (4)		565		564
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.18%), 6.26%, 9/22/26 (2) (4)		480		480
Deutsche Bank A.G.,
0.96%, 11/8/23		560		557
Federation des Caisses Desjardins du Quebec,
2.05%, 2/10/25 (2)		1,500		1,420
(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26 (2) (4)		930		916
Lloyds Banking Group PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.00%), 2.44%, 2/5/26 (4)		1,110		1,052
Macquarie Bank Ltd.,
2.30%, 1/22/25 (2)		1,000		956
Mitsubishi UFJ Financial Group, Inc.,
2.80%, 7/18/24		1,000		975
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.55%), 0.95%, 7/19/25 (4)		1,450		1,390
National Bank of Canada,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.40%), 0.55%, 11/15/24 (4)		1,200		1,191
Nordea Bank Abp,
(Floating, U.S. SOFR + 0.96%), 6.30%, 6/6/25 (2) (3)		800		802
Royal Bank of Canada,
1.15%, 6/10/25		550		509
Skandinaviska Enskilda Banken AB,
0.65%, 9/9/24 (2)		900		856

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)
FOREIGN ISSUER BONDS - 13.4%     continued
Banking – 7.6%     continued
Societe Generale S.A.,
2.63%, 10/16/24 (2)		$1,000		$961
Standard Chartered PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.05%), 6.17%, 1/9/27 (2) (4)		900		895
Sumitomo Mitsui Financial Group, Inc.,
2.45%, 9/27/24		1,200		1,159
				22,971
Electric Utilities – 0.3%
Drax Finco PLC,
6.63%, 11/1/25 (2)		400		383
Enel Finance International N.V.,
4.25%, 6/15/25 (2)		400		388
				771
Governmental Banks – 0.6%
Kreditanstalt fuer Wiederaufbau,
0.50%, 9/20/24		1,860		1,771
Industrial Support Services – 0.4%
Element Fleet Management Corp.,
6.27%, 6/26/26(2)		1,050		1,046
Institutional Financial Services – 0.6%
Sumitomo Mitsui Trust Bank Ltd.,
(Floating, U.S. SOFR + 0.44%), 5.78%, 9/16/24(2) (3)		1,900		1,895
Local – 0.3%
Japan Finance Organization for
Municipalities,
1.75%, 9/5/24(2)		1,020		982
Oil & Gas Producers – 0.2%
Enbridge, Inc.,
2.50%, 1/15/25		510		487
Sovereign Agencies – 0.3%
Kommunalbanken AS,
0.38%, 9/11/25(2)		1,100		1,002
Specialty Finance – 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.75%, 1/30/26		1,070		966
Avolon Holdings Funding Ltd.,
2.88%, 2/15/25 (2)		1,000		944

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 13.4%     continued
Specialty Finance – 0.7%     continued
goeasy Ltd.,
4.38%, 5/1/26 (2)		$160		$146
				2,056
Supranationals – 1.0%
European Investment Bank,
0.38%, 7/24/24		3,000		2,879
Transportation & Logistics – 0.9%
Air Canada,
3.88%, 8/15/26 (2)		320		290
Canadian Pacific Railway Co.,
1.35%, 12/2/24		2,550		2,418
				2,708
Total Foreign Issuer Bonds
(Cost $41,940)				40,284
U.S. GOVERNMENT AGENCIES – 9.2% (7)
Fannie Mae – 3.2%
Pool #555649,
7.50%, 10/1/32		6		6
Pool #AD0915,
5.50%, 12/1/38		17		16
Pool #AI3471,
5.00%, 6/1/41		52		50
Pool #BA6574,
3.00%, 1/1/31		489		456
Pool #BC0266,
3.50%, 2/1/31		439		412
Pool #BC1465,
2.50%, 7/1/31		282		254
Pool #BE0514,
2.50%, 11/1/31		851		768
Pool #BM1239,
3.50%, 2/1/32		468		439
Pool #BM4485,
3.00%, 9/1/30		813		778
Pool #BM5017,
3.00%, 3/1/30		442		412
Pool #BM5525,
4.00%, 3/1/31		106		102
Pool #BM5708,
3.00%, 12/1/29		62		60
Pool #FM1534,
4.50%, 9/1/49		710		664

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  286 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 9.2% (7)     continued
Fannie Mae – 3.2%     continued
Pool #FM1773,
3.00%, 12/1/31		$387		$368
Pool #FM1849,
3.50%, 12/1/33		442		416
Pool #FM1852,
3.00%, 7/1/33		552		515
Pool #FM1897,
3.00%, 9/1/32		407		378
Pool #FM3308,
3.00%, 4/1/32		1,238		1,176
Pool #FS2701,
2.50%, 2/1/35		805		734
Pool #FS4618,
4.50%, 2/1/51		783		728
Pool #FS4653,
5.50%, 5/1/53		664		642
Pool #MA3090,
3.00%, 8/1/32		210		194
				9,568
Freddie Mac – 5.7%
Freddie Mac REMICS, Series 4835, Class CA,
3.50%, 1/15/47		354		333
Pool #1B3617,
(Floating, Refinitiv USD IBOR Consumer Cash Fallbacks 1Y Index + 1.92%, 1.92% Floor, 11.13% Cap), 4.73%, 10/1/37(3)		52		52
Pool #RA8880,
5.50%, 4/1/53		865		838
Pool #SB0084,
3.00%, 2/1/32		1,316		1,225
Pool #SB0093,
2.50%, 12/1/31		2,549		2,304
Pool #SB0215,
3.00%, 2/1/32		451		428
Pool #SB0216,
3.00%, 12/1/32		857		796
Pool #SB0329,
3.00%, 9/1/32		1,016		948
Pool #SD1360,
5.50%, 7/1/52		888		859
Pool #SD1959,
6.50%, 12/1/52		837		845

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 9.2% (7)     continued
Freddie Mac – 5.7%     continued
Pool #SD2342,
5.00%, 12/1/44		$947		$924
Pool #SD2665,
6.00%, 4/1/53		863		857
Pool #SD2902,
5.50%, 5/1/53		668		646
Pool #SD2922,
5.00%, 5/1/53		982		927
Pool #SD2999,
5.50%, 6/1/53		990		958
Pool #SD3133,
5.00%, 6/1/53		793		749
Pool #SD3136,
5.50%, 6/1/53		796		770
Pool #SD3174,
5.50%, 6/1/53		785		759
Pool #ZA2807,
2.50%, 2/1/28		66		62
Pool #ZK9070,
3.00%, 11/1/32		438		405
Pool #ZS6689,
2.50%, 4/1/28		204		194
Pool #ZS8598,
3.00%, 2/1/31		572		531
Pool #ZS8675,
2.50%, 11/1/32		882		796
				17,206
Freddie Mac Gold – 0.2%
Pool #A92650,
5.50%, 6/1/40		32		32
Pool #E04360,
2.50%, 4/1/28		250		237
Pool #G18641,
3.00%, 4/1/32		160		148
Pool #G18647,
3.00%, 6/1/32		391		362
				779

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)
U.S. GOVERNMENT AGENCIES - 9.2% (7)     continued
Government National Mortgage Association – 0.1%
Government National Mortgage Association, Series 2017-95, Class QG,
2.50%, 8/20/46		$388		$342
Total U.S. Government Agencies
(Cost $30,144)				27,895
U.S. GOVERNMENT OBLIGATIONS – 41.4%
U.S. Treasury Notes – 41.4%
4.50%, 11/30/24		43,940		43,499
4.00%, 2/15/26		41,097		40,228
4.13%, 6/15/26		41,800		41,026
				124,753
Total U.S. Government Obligations
(Cost $126,127)				124,753
MUNICIPAL BONDS – 0.7%
Florida – 0.5%
Florida State Board of Administration Finance Corp. Taxable Revenue Bonds, Series A, 1.26%, 7/1/25		1,100		1,021
Miami-Dade County Aviation Taxable Revenue Refunding Bonds, Series B, 1.23%, 10/1/25		500		460
				1,481
New York – 0.2%
New York State Thruway Authority Taxable Revenue Refunding Bonds, Series M,
2.12%, 1/1/24		640		634
Total Municipal Bonds
(Cost $2,240)				2,115
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 0.3%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(8) (9)		974,619		$975
Total Investment Companies
(Cost $975)				975

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 0.1%
U.S. Treasury Bill,
4.80%, 10/26/23(10) (11)		$305		$304
Total Short-Term Investments
(Cost $304)				304
Total Investments – 99.6%
(Cost $310,693)				300,503
Other Assets less Liabilities – 0.4%				1,204
NET ASSETS – 100.0%				$301,707

⁽¹⁾ Principal Amount and Value rounds to less than one thousand.

⁽²⁾ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽³⁾  Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

⁽⁴⁾ Variable or floating 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, 2023.

⁽⁵⁾ Security is a payment in-kind bond (PIK), distributions received in-kind unless otherwise noted in the description.

⁽⁶⁾ Perpetual bond. Maturity date represents next call date.

⁽⁷⁾  The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽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, 2023 is disclosed.

⁽¹⁰⁾ Discount rate at the time of purchase.

⁽¹¹⁾  Security pledged as collateral to cover margin requirements for open futures contracts.

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

1Y - 1 Year

3M - 3 Month

5Y - 5 Year

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

REMIC - Real Estate Mortgage Investment Conduit

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  288 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

At September 30, 2023, 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)
2-Year U.S. Treasury Note	257	$52,097	Long	12/23	$(106)
5-Year U.S. Treasury Note	(185)	(19,491)	Short	12/23	123
Total					$  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, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Asset-Backed Securities	5.0	%
Commercial Mortgage-Backed Securities	4.1	%
Corporate Bonds	25.4	%
Foreign Issuer Bonds	13.4	%
U.S. Government Agencies	9.2	%
U.S. Government Obligations	41.4	%
Municipal Bonds	0.7	%
Investment Companies	0.3	%
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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)	LEVEL 3 (000S)	TOTAL (000S)
Asset-backed securities(1)	$  —		$  15,135	$—	$  15,135
Commercial Mortgage-Backed Securities	—		12,454	—	12,454
Corporate Bonds(1)	—		76,588	—	76,588
Foreign Issuer Bonds(1)	—		40,284	—	40,284
U.S. Government Agencies(1)	—		27,895	—	27,895
U.S. Government Obligations	—		124,753	—	124,753
Municipal Bonds(1)	—		2,115	—	2,115
Investment Companies	975		—	—	975
Short-Term Investments	—		304	—	304
Total Investments	$975		$299,528	$—	$300,503
OTHER FINANCIAL INSTRUMENTS
Assets
Futures Contracts	$123		$          —	$—	$123
Liabilities
Futures Contracts	(106	)	—	—	(106	)
Total Other Financial Instruments	$  17		$          —	$—	$         17

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  289 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES – 0.0%
Automobile – 0.0%
GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A2A
5.74%, 9/16/26		$1,100		$1,100
Total Asset-Backed Securities
(Cost $1,100)				1,100
CORPORATE BONDS – 10.9%
Aerospace & Defense – 0.2%
Boeing (The) Co.,
1.43%, 2/4/24		5,000		4,920
Asset Management – 0.4%
FS KKR Capital Corp.,
1.65%, 10/12/24		10,000		9,501
Automotive – 0.3%
General Motors Financial Co., Inc.,
(Floating, U.S. SOFR + 0.62%), 5.92%, 10/15/24 (1)		2,000		1,994
Nissan Motor Acceptance Co. LLC,
1.13%, 9/16/24 (2)		4,500		4,272
				6,266
Banking – 3.0%
Bank of America Corp.,
(Variable, U.S. SOFR + 1.29%), 5.08%, 1/20/27 (3)		10,000		9,775
Citigroup, Inc.,
(Variable, U.S. SOFR + 0.69%), 2.01%, 1/25/26 (3)		10,000		9,443
Citizens Bank N.A.,
(Variable, U.S. SOFR + 1.40%), 4.12%, 5/23/25 (3)		5,000		4,834
Huntington National Bank (The),
(Variable, U.S. SOFR + 1.21%), 4.01%, 5/16/25 (3)		5,000		4,874
JPMorgan Chase & Co.,
(Variable, U.S. SOFR + 0.98%), 3.85%, 6/14/25 (3)		5,000		4,912
(Floating, U.S. SOFR + 0.77%), 6.11%, 9/22/27 (1)		11,400		11,196
KeyBank N.A.,
4.70%, 1/26/26		1,250		1,185

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 10.9%     continued
Banking – 3.0%     continued
Santander Holdings U.S.A., Inc.,
(Variable, U.S. SOFR Compounded Index + 1.38%), 4.26%, 6/9/25 (3)		$9,500		$9,282
Truist Financial Corp.,
(Floating, U.S. SOFR + 0.40%), 5.74%, 6/9/25 (1)		5,000		4,889
Wells Fargo & Co.,
(Variable, CME Term SOFR 3M + 1.09%), 2.41%, 10/30/25 (3)		10,000		9,583
				69,973
Consumer Services – 0.3%
Yale University,
0.87%, 4/15/25		7,633		7,130
Electric Utilities – 0.6%
Black Hills Corp.,
1.04%, 8/23/24		5,700		5,449
NextEra Energy Capital Holdings, Inc.,
5.75%, 9/1/25		10,000		9,972
				15,421
Food – 0.4%
Tyson Foods, Inc.,
3.95%, 8/15/24		10,000		9,830
Insurance – 3.7%
Athene Global Funding,
1.20%, 10/13/23 (2)		15,000		14,978
0.95%, 1/8/24 (2)		20,700		20,402
Corebridge Financial, Inc.,
3.50%, 4/4/25		10,000		9,594
Jackson Financial, Inc.,
1.13%, 11/22/23		9,540		9,468
Metropolitan Life Global Funding I,
(Floating, U.S. SOFR + 0.30%), 5.64%, 9/27/24 (1) (2)		5,000		4,993
New York Life Global Funding,
0.90%, 10/29/24 (2)		8,600		8,149
(Floating, U.S. SOFR + 0.48%), 5.82%, 6/9/26 (1) (2)		10,000		9,917
Security Benefit Global Funding,
1.25%, 5/17/24		9,300		8,975
				86,476

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  290 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 10.9%     continued
Medical Equipment & Devices – 0.5%
Baxter International, Inc.,
1.32%, 11/29/24		$5,000		$4,733
Zimmer Biomet Holdings, Inc.,
1.45%, 11/22/24		7,600		7,217
				11,950
Semiconductors – 0.0%
Intel Corp.,
4.88%, 2/10/26		795		785
Specialty Finance – 1.4%
Air Lease Corp.,
0.80%, 8/18/24		10,000		9,535
Capital One Financial Corp.,
(Variable, U.S. SOFR + 0.69%), 1.34%, 12/6/24 (3)		9,490		9,375
(Floating, U.S. SOFR + 0.69%), 6.03%, 12/6/24 (1)		3,700		3,659
Synchrony Financial,
4.88%, 6/13/25		10,000		9,588
				32,157
Technology Services – 0.1%
Global Payments, Inc.,
1.50%, 11/15/24		3,450		3,277
Total Corporate Bonds
(Cost $263,539)				257,686
FOREIGN ISSUER BONDS – 12.4%
Banking – 10.1%
Banco Santander S.A.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 0.45%), 5.74%, 6/30/24 (3)		5,000		4,991
5.15%, 8/18/25		5,000		4,895
Bank of Montreal,
(Floating, U.S. SOFR Compounded Index + 0.62%), 5.96%, 9/15/26 (1)		14,600		14,427
Bank of Nova Scotia (The),
(Floating, U.S. SOFR + 0.61%), 5.95%, 9/15/26 (1)		14,770		14,548
Banque Federative du Credit Mutuel S.A.,
(Floating, U.S. SOFR Compounded Index + 0.41%), 5.75%, 2/4/25 (1) (2)		18,000		17,914

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 12.4%     continued
Banking – 10.1%     continued
Commonwealth Bank of Australia,
(Floating, U.S. SOFR + 0.40%), 5.68%, 7/7/25 (1) (2)		$5,000		$4,983
Cooperatieve Rabobank U.A.,
1.38%, 1/10/25		5,000		4,731
5.50%, 7/18/25		10,000		9,955
Credit Suisse A.G.,
3.63%, 9/9/24		5,000		4,866
DBS Group Holdings Ltd.,
1.17%, 11/22/24 (2)		15,000		14,262
(Floating, U.S. SOFR Compounded Index + 0.30%), 5.64%, 11/22/24 (1) (2)		5,000		4,983
Deutsche Bank A.G.,
(Floating, U.S. SOFR + 1.22%), 6.56%, 11/16/27 (1)		7,500		7,167
Federation des Caisses Desjardins du Quebec,
4.40%, 8/23/25 (2)		5,000		4,839
HSBC Holdings PLC,
(Variable, U.S. SOFR + 0.58%), 1.16%, 11/22/24 (3)		10,000		9,906
ING Groep N.V.,
(Floating, U.S. SOFR Compounded Index + 1.01%), 6.35%, 4/1/27 (1)		23,800		23,541
Macquarie Group Ltd.,
(Floating, U.S. SOFR + 0.71%), 6.01%, 10/14/25 (1) (2)		15,740		15,652
Mizuho Financial Group, Inc.,
(Floating, U.S. SOFR + 0.96%), 6.30%, 5/22/26 (1)		10,000		9,998
National Bank of Canada,
(Variable, U.S. SOFR + 1.01%), 3.75%, 6/9/25 (3)		9,160		8,985
Nationwide Building Society,
(Floating, U.S. SOFR + 1.29%), 6.63%, 2/16/28 (1) (2)		9,300		9,079
NatWest Markets PLC,
(Floating, U.S. SOFR + 0.76%), 6.11%, 9/29/26 (1) (2)		7,800		7,671
Royal Bank of Canada,
(Floating, U.S. SOFR Compounded Index + 0.59%), 5.93%, 11/2/26 (1)		10,000		9,854

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  291 
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 - 12.4%    continued
Banking – 10.1%    continued
Sumitomo Mitsui Financial Group, Inc.,
5.46%, 1/13/26		$10,000		$9,901
(Floating, U.S. SOFR + 0.88%), 6.16%, 1/14/27 (1)		9,880		9,842
Toronto-Dominion Bank (The),
(Floating, U.S. SOFR + 0.35%), 5.69%, 9/10/24 (1)		5,000		4,988
5.10%, 1/9/26		5,000		4,933
				236,911
Institutional Financial Services – 0.4%
Nomura Holdings, Inc.,
5.71%, 1/9/26		10,000		9,894
Oil & Gas Producers – 0.3%
TransCanada PipeLines Ltd.,
1.00%, 10/12/24		7,910		7,514
Specialty Finance – 0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
1.65%, 10/29/24		10,000		9,513
Transportation & Logistics – 0.8%
Canadian Pacific Railway Co.,
1.35%, 12/2/24		20,000		18,961
Transportation Equipment – 0.4%
Daimler Truck Finance North
America LLC,
1.63%, 12/13/24 (2)		5,350		5,083
(Floating, U.S. SOFR + 0.75%), 6.09%, 12/13/24 (1) (2)		5,000		4,992
				10,075
Total Foreign Issuer Bonds
(Cost $298,594)				292,868
U.S. GOVERNMENT OBLIGATIONS – 0.8%
U.S. Treasury Notes – 0.8%
4.75%, 7/31/25		20,000		19,867
Total U.S. Government Obligations
(Cost $19,912)				19,867

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS – 57.3%
Alabama – 3.8%
Alabama Federal Aid Highway Finance Authority Special Obligation Revenue Refunding GARVEE Bonds, Series B, Escrowed to Maturity,
5.00%, 9/1/25		$7,425		$7,586
Black Belt Energy Gas District Gas Supply Revenue Bonds, Subseries D2,
(Floating, U.S. SOFR + 1.40%), 4.96%, 6/1/27(1) (4)		20,000		19,978
Black Belt Energy Gas District Revenue Bonds, Gas Project No. 7-S,
4.00%, 12/1/23		2,100		2,098
4.00%, 12/1/24		3,000		2,977
Black Belt Energy Gas District Revenue Bonds, Series A, Gas Project No. 8,
4.00%, 12/1/23		1,600		1,598
Black Belt Energy Gas District Variable Revenue Bonds, Gas Project,
(Floating, SIFMA Municipal Swap Index Yield + 0.35%), 4.33%, 12/1/26(1) (4)		29,000		28,234
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%), 4.63%, 4/1/24(1) (4)		26,000		25,999
Southeast Energy Authority Revenue Bonds, A Cooperative District Commodity Supply Project No. 1, Series A,
4.00%, 10/1/23		425		425
				88,895
Alaska – 0.5%
Alaska State International Airports Revenue Refunding Bonds, Series C (AMT),
5.00%, 10/1/23		1,525		1,525
Alaska State Municipal Bond Bank Authority Revenue Refunding Bonds, Series One,
5.00%, 12/1/23		1,495		1,497
North Slope Borough G.O. Unlimited Bonds, Series C,
4.00%, 6/30/24		9,360		9,362

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  292 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Alaska – 0.5%    continued
Northern Tobacco Securitization Corp. Settlement Revenue Refunding Senior Bonds, Series A, Class 1,
5.00%, 6/1/24		$580		$583
				12,967
Arizona – 0.9%
Arizona State Health Facilities Authority Variable Revenue Bonds, Series B-RMK, Banner Health,
(Floating, SIFMA Municipal Swap Index Yield + 0.25%), 4.23%, 11/4/26(1) (4)		9,130		8,964
Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds,
4.00%, 11/1/23		600		600
Arizona State Sports & Tourism Authority Senior Lien Revenue Refunding Bonds, Multipurpose Stadium Facility Project (BAM Insured),
5.00%, 7/1/25		2,500		2,540
Arizona State Transportation Board Revenue GARVEE Bonds GANS, Series A,
5.00%, 7/1/25		1,055		1,078
Maricopa County IDA Variable Revenue Refunding Bonds, Series B, Banner Health,
(Floating, SIFMA Municipal Swap Index Yield + 0.57%), 4.55%, 10/18/24(1) (4)		7,495		7,477
				20,659
California – 4.2%
Bay Area Toll Authority Toll Bridge Variable Revenue Bonds, San Francisco Bay Area Toll,
(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 4.28%, 4/1/27(1) (4)		8,500		8,311
Bay Area Toll Authority Toll Bridge Variable Revenue Refunding Bonds, San Francisco Bay Area,
(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 4.43%, 4/1/26(1) (4)		8,750		8,557

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
California – 4.2%    continued
California State Infrastructure & Economic Development Bank Sustainability Variable Revenue Refunding Bonds, California Academy of Sciences,
(Floating, SIFMA Municipal Swap Index Yield + 0.35%), 4.33%, 8/1/24(1) (4)		$12,000		$11,886
California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Series A, Waste Management, Inc.,
4.13%, 10/1/25(4) (5)		4,000		3,971
California State Municipal Finance Authority Student Housing Revenue Bonds, Orchard Park Student Housing Project, Green Bonds (BAM Insured),
5.00%, 5/15/24		500		502
California State Public Works Board Lease Revenue Bonds, Various Capital Projects, Series D,
4.00%, 11/1/23		3,000		3,000
4.00%, 11/1/24		3,020		3,029
Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Green Bond,
5.00%, 5/15/25		420		425
Los Angeles Department of Airports Airport Senior Revenue Bonds (AMT), Private Activity,
5.00%, 5/15/25		1,890		1,914
Los Angeles Unified School District Sustainability G.O. Unlimited Bonds, Series QRR,
5.00%, 7/1/25		4,000		4,111
Metropolitan Water District of Southern California Variable Subordinate Revenue Bonds, Series C,
(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 4.12%, 5/21/24(1) (4)		7,000		6,977
Metropolitan Water District of Southern California Variable Subordinate Revenue Refunding Bonds, Series D,
(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 4.12%, 5/21/24(1) (4)		3,880		3,867

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  293 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND     continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
California – 4.2%    continued
Metropolitan Water District of Southern California Variable Subordinate Revenue Refunding Bonds, Series E,
(Floating, SIFMA Municipal Swap Index Yield + 0.14%), 4.12%, 5/21/24(1) (4)		$13,625		$13,585
Orange County Transportation Authority Revenue BANS, I-405 Improvement Project, Escrowed to Maturity,
5.00%, 10/15/24		10,000		10,144
Sacramento City Unified School District G.O. Unlimited Bonds, Measure H, Election of 2020 (BAM Insured),
5.00%, 8/1/24		3,000		3,029
Sacramento City Unified School District G.O. Unlimited Refunding Bonds (AGM Insured),
4.00%, 7/1/24		1,000		1,001
San Francisco City & County Airports Commission International Airport Revenue Refunding Bonds, Series H (AMT),
5.00%, 5/1/25		8,500		8,610
University Of California Revenue Refunding Bonds, Series B,
5.00%, 5/15/25		4,000		4,093
Vernon Electric System Revenue Bonds, Series A,
5.00%, 10/1/23		1,250		1,250
5.00%, 10/1/24		1,100		1,105
				99,367
Colorado – 1.7%
Colorado State COPS, Series A,
5.00%, 12/15/25		1,350		1,384
Colorado State Health Facilities Authority Variable Revenue Bonds, Intermountain Healthcare,
(Floating, SIFMA Municipal Swap Index Yield + 0.55%), 4.53%, 8/17/26(1) (4)		22,100		21,913
Denver City & County Airport Revenue Bonds, Series A (AMT),
5.00%, 11/15/24		1,375		1,385

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Colorado – 1.7%    continued
Denver City & County Airport Revenue Refunding Bonds, Series C,
5.00%, 11/15/25		$9,000		$9,227
E-470 Public Highway Authority Variable Revenue Refunding Bonds, Series B,
(Floating, U.S. SOFR + 0.35%), 3.91%, 9/1/24(1) (4)		5,880		5,858
				39,767
Connecticut – 2.2%
Connecticut State Forward Delivery G.O. Unlimited Bonds, Social Bonds,
5.00%, 7/15/24		1,525		1,538
Connecticut State G.O. Unlimited Bonds, Series B, Social Bonds,
4.00%, 6/1/24		2,350		2,351
Connecticut State G.O. Unlimited Refunding Bonds, Series D,
5.00%, 9/15/24		4,000		4,043
Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series A,
2.80%, 2/10/26(4) (5)		5,000		4,818
Connecticut State HFA Housing Mortgage Finance Program Variable Revenue Bonds, Series A4, Social Bonds,
(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 4.28%, 11/15/24(1) (4)		10,000		9,960
Connecticut State HFA Housing Mortgage Finance Program Variable Revenue Refunding Bonds, Series C, Social Bonds,
(Floating, SIFMA Municipal Swap Index Yield + 0.63%), 4.61%, 11/15/24(1) (4)		6,890		6,872
Connecticut State HFA Mortgage Finance Program Revenue Refunding Bonds (AMT), Series E-5, Social Bond,
5.00%, 5/15/24		2,775		2,784
5.00%, 11/15/24		2,335		2,351
Connecticut State Special Tax Obligation Revenue Bonds, Series B,
5.00%, 10/1/23		3,500		3,500
5.00%, 10/1/24		700		708

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  294 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Connecticut – 2.2%    continued
Connecticut State Special Tax Obligation Revenue Bonds, Series D,
5.00%, 11/1/23		$3,485		$3,487
5.00%, 11/1/24		2,475		2,504
Greenwich G.O. Unlimited Bonds,
5.00%, 1/15/24		6,315		6,335
				51,251
District of Columbia – 0.7%
District of Columbia Income Tax Secured Revenue Refunding Bonds, Series C,
5.00%, 12/1/24		3,740		3,793
Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/23		1,720		1,720
5.00%, 10/1/24		2,000		2,012
Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/24		10,000		10,059
				17,584
Florida – 2.1%
Duval County School Board COPS, Series A (AGM Insured),
5.00%, 7/1/25		3,000		3,054
Florida State Board of Education Lottery Revenue Refunding Bonds, Series A,
5.00%, 7/1/25		3,000		3,060
Florida State Board of Public Education G.O. Unlimited Refunding Bonds, Series A,
5.00%, 6/1/25		2,000		2,039
Florida State Board of Public Education G.O. Unlimited Refunding Bonds, Series B,
5.00%, 6/1/25		1,870		1,906
Florida State Department of Transportation Financing Corp. Revenue Bonds,
5.00%, 7/1/25		4,945		5,054
Hillsborough County Aviation Authority Revenue Bonds, Series A (AMT), Tampa International Airport,
5.00%, 10/1/25		1,500		1,520

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Florida – 2.1%    continued
Lee County Airport Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/23		$2,250		$2,250
Miami-Dade County Aviation Revenue Refunding Bonds, Series A,
5.00%, 10/1/23		2,500		2,500
Miami-Dade County G.O. Unlimited Bonds, Building Better Communities Program,
5.00%, 7/1/24		7,000		7,057
Miami-Dade County HFA MFH Revenue Variable Revenue Bonds, Quail Roost Transit Village I (HUD Sector 8 Program),
5.00%, 9/1/25(4) (5)		2,500		2,512
Miami-Dade County IDA Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management, Inc., Florida Project,
(Floating, SIFMA Municipal Swap Index Yield + 0.38%), 4.36%, 7/1/24(1) (4)		10,000		9,855
Orange County Water & Wastewater Revenue Bonds,
5.00%, 10/1/23		4,840		4,840
Seminole County Water & Sewer Revenue Refunding Bonds, Series A,
5.00%, 10/1/24		4,000		4,045
				49,692
Georgia – 0.4%
Atlanta G.O. Unlimited Bonds, Series A-1, Social Bonds,
5.00%, 12/1/25		775		796
Atlanta G.O. Unlimited Bonds, Series A-2,
5.00%, 12/1/25		1,575		1,618
Douglas County School District G.O. Unlimited Bonds (State Aid Withholding),
5.00%, 4/1/24		1,000		1,006
Georgia State G.O. Unlimited Bonds, Series A, Group 1,
5.00%, 8/1/25		4,000		4,093
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series B,
5.00%, 6/1/24		600		599

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  295 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND     continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%     continued
Georgia – 0.4%     continued
5.00%, 6/1/25		$700		$700
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series C,
4.00%, 12/1/23		750		749
Monroe County Development Authority Pollution Control Variable Revenue Refunding Bonds, Georgia Power Company Plant Scherer,
3.88%, 3/6/26(4) (5)		1,000		979
				10,540
Idaho – 0.1%
Idaho State Health Facilities Authority Revenue Refunding Bonds, Series D, Trinity Health,
5.00%, 12/1/24		1,520		1,537
Illinois – 0.9%
Chicago Midway Airport Revenue Refunding Bonds, Series A (AMT),
5.00%, 1/1/26		3,500		3,534
Chicago O’Hare International Airport Senior Lien Revenue Refunding Bonds (AMT),
5.00%, 1/1/24		2,000		2,002
5.00%, 1/1/25		1,000		1,007
Elgin Corporate Purpose G.O. Unlimited Refunding Bonds, Series A,
5.00%, 12/15/23		1,000		1,002
Illinois State Finance Authority Variable Revenue Refunding Bonds, Field Museum of Natural History, (Floating, U.S. SOFR + 1.20%),
4.92%, 9/1/25(1) (4)		9,860		9,806
Illinois State G.O. Unlimited Bonds, Series D,
5.00%, 11/1/24		1,020		1,028
Metropolitan Water Reclamation District of Greater Chicago G.O. Limited Refunding Bonds, Series C,
5.00%, 12/1/24		2,210		2,234
Metropolitan Water Reclamation District of Greater Chicago G.O. Unlimited Refunding Bonds, Series A,
5.00%, 12/1/25		1,000		1,023
				21,636

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%     continued
Indiana – 0.9%
Decatur Township Multi-School Building Corp. First Mortgage Multipurpose Revenue Refunding Bonds (State Intercept Program),
5.00%, 7/15/25		$1,545		$1,573
Indiana State Finance Authority Health System Revenue Bonds, Indiana University Health,
2.25%, 7/1/25(4) (5)		10,000		9,632
Indiana State Finance Authority Hospital Revenue Refunding Bonds, Series A, Indiana University Health,
5.00%, 12/1/24		1,420		1,435
Indiana State Finance Authority Revenue Refunding Bonds, Series A, Stadium Project,
5.00%, 2/1/25		1,025		1,041
Indiana State Finance Authority Variable Revenue Refunding Bonds, Deaconess Health System,
(Floating, SIFMA Municipal Swap Index Yield + 0.30%), 4.28%, 3/1/27(1) (4)		6,935		6,704
				20,385
Iowa – 0.4%
Ames G.O. Unlimited Refunding Bonds, Series A,
5.00%, 6/1/24		1,840		1,853
Des Moines Independent Community School District School Infrastructure Sales Revenue Refunding Bonds,
5.00%, 6/1/24		7,155		7,199
				9,052
Kansas – 0.2%
Maize G.O. Unlimited Bonds, Series A,
0.45%, 9/1/24		3,520		3,354
Topeka G.O. Unlimited Refunding Bonds, Series A,
4.00%, 8/15/25		1,925		1,929
				5,283
Kentucky – 0.4%
Asset/Liability Commission General Revenue Refunding Bonds, Series A,
5.00%, 11/1/23		4,350		4,353

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  296 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%     continued
Kentucky – 0.4%     continued
Kentucky State Public Energy Authority Revenue Bonds, Series B, Gas Supply,
4.00%, 1/1/25(4) (5)		$5,410		$5,359
				9,712
Louisiana – 0.6%
Louisiana State Gas & Fuels Tax Second Lien Variable Revenue Refunding Bonds, Series A,
(Floating, U.S. SOFR + 0.50%), 4.22%, 5/1/26(1) (4)		12,305		12,016
Louisiana State Local Government Environmental Facilities & Community Development Authority Insurance Revenue Bonds, Louisiana Insurance Guaranty Association,
5.00%, 8/15/25		3,000		3,052
				15,068
Maine – 0.1%
Maine State Housing Authority Mortgage Purchase Revenue Bonds, Series A, Social Bonds,
0.40%, 11/15/23		1,035		1,030
Portland G.O. Unlimited Refunding Bonds,
4.00%, 4/1/24		700		700
South Portland G.O. Limited Refunding Bonds,
4.00%, 7/15/24		900		902
				2,632
Maryland – 0.3%
Maryland State Community Development Administration Department Housing & Community Development Revenue Bonds, Series B,
0.35%, 3/1/24		500		492
0.40%, 9/1/24		1,100		1,061
Montgomery County G.O. Unlimited Bonds, Series A,
5.00%, 8/1/25		4,500		4,604
Washington Suburban Sanitary District Revenue Bonds (County Gtd.),
5.00%, 6/1/24		1,000		1,008
				7,165

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%     continued
Michigan – 1.3%
Michigan State Finance Authority Variable Revenue Refunding Bonds, Beaumont-Spectrum Consolidation,
(Floating, SIFMA Municipal Swap Index Yield + 0.75%), 4.73%, 4/15/27(1) (4)		$15,000		$14,709
Michigan State HDA Rental Housing Revenue Bonds, Series A,
3.35%, 4/1/26		655		638
Romulus Community School G.O. Unlimited Refunding Bonds , Series A (Q-SBLF Insured),
4.00%, 5/1/24		1,270		1,270
Traverse City Area Public Schools G.O. Unlimited Bonds, Series II,
3.00%, 5/1/24		3,375		3,347
Wayne County Airport Authority Revenue Refunding Bonds (AMT),
4.00%, 12/1/24(2)		11,730		11,661
				31,625
Minnesota – 2.8%
Lakeville Independent School District No. 194 G.O. Unlimited Refunding Bonds, Series C (School District Credit Program),
5.00%, 2/1/25		3,745		3,802
Metropolitan Council Minneapolis-Saint Paul Area G.O. Unlimited GANS, Series C,
0.45%, 12/1/23		8,160		8,092
Minnesota Municipal Gas Agency Commodity Supply Variable Revenue Bonds, Series B,
(Floating, U.S. SOFR + 1.00%), 4.56%, 12/1/27(1) (4)		40,000		39,127
Minnesota State G.O. Unlimited Bonds, Series B,
5.00%, 8/1/25		5,000		5,116
Minnesota State Rural Water Finance Authority Public Projects Construction Revenue Notes,
2.63%, 12/1/23		4,000		3,979
4.38%, 4/1/25		7,000		6,999
				67,115

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  297 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND     continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%     continued
Mississippi – 0.1%
Mississippi State Development Bank Special Obligation Revenue Bonds, Canton Public School District (AGM Insured), Prerefunded,
5.00%, 12/1/25(6)		$1,530		$1,570
Missouri – 0.0%
Saint Louis County Special Obligation Revenue Refunding Bonds, Series F,
5.00%, 12/1/23		715		716
Nevada – 0.5%
Clark County Airport Revenue Refunding Bonds (AMT), Jet Aviation Fuel Tax,
5.00%, 7/1/24		1,500		1,506
5.00%, 7/1/25		2,550		2,576
Clark County Airport Subordinate Revenue Refunding Bonds, Series B (AMT),
5.00%, 7/1/24		2,000		2,007
Clark County School District G.O. Limited Bonds, Series A,
5.00%, 6/15/24		6,935		6,978
				13,067
New Jersey – 1.0%
Clifton General Improvement G.O. Unlimited Refunding Bonds (BAM Insured),
3.00%, 8/15/24		500		494
Essex County G.O. Unlimited Bonds, Series A and C,
2.00%, 8/15/24		2,280		2,229
Fair Lawn G.O. Unlimited Bonds,
2.00%, 9/1/24		1,980		1,928
Gloucester County Improvement Authority Revenue Bonds, Rowan University Student Center Project,
0.60%, 3/1/24		2,400		2,345
Hudson County Improvement Authority Secured Lease Revenue Bonds, Hudson County Courthouse Project,
4.00%, 10/1/23		1,000		1,000
Jersey City Redevelopment Agency Revenue Bonds, Bayfront Redevelopment Project (Municipal Government Gtd.),
4.00%, 12/15/24		5,350		5,354

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
New Jersey – 1.0%     continued
New Jersey State Educational Facilities Authority Revenue Bonds, Higher Education Equipment Lease, 9/1/25(7)		$1,655		$1,689
New Jersey State Educational Facilities Authority Revenue Bonds, Series B,
5.00%, 3/1/24		5,000		5,024
New Jersey State Transportation Trust Fund Authority Revenue Refunding Bonds, Series A,
5.00%, 6/15/25		2,250		2,282
River Vale Township School District G.O. Unlimited Bonds (School Board Resource Fund Insured),
1.00%, 6/15/24		1,130		1,095
Waldwick New Jersey District G.O. Unlimited Bonds (School Board Resource Fund Insured),
1.00%, 7/15/24		595		574
				24,014
New Mexico – 0.3%
New Mexico State G.O. Unlimited Bonds,
5.00%, 3/1/26		6,140		6,326
New York – 5.9%
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		2,366
Long Island Power Authority Electric System Variable Revenue Refunding Bonds, Series C,
(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 4.43%, 9/1/25(1) (4)		11,500		11,431
Metropolitan Transportation Authority Revenue Refunding Bonds, Green Bonds, Series C-1,
5.00%, 11/15/23		3,000		3,002
Metropolitan Transportation Authority Variable Revenue Bonds, Subseries D-1,
(Floating, U.S. SOFR + 0.33%), 3.89%, 4/1/24(1) (4)		4,490		4,476

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  298 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
New York – 5.9%    continued
Metropolitan Transportation Authority Variable Revenue Refunding Bonds, Subseries G-1,
(Floating, U.S. SOFR + 0.43%), 3.99%, 11/1/26(1)		$1,320		$1,306
Metropolitan Transportation Authority Variable Revenue Tender Notes,
(Floating, U.S. SOFR + 0.65%), 4.21%, 4/1/26(1) (4)		40,000		39,235
Monroe County G.O. Limited Bonds,
5.00%, 6/1/25		3,360		3,439
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds, Subseries D,
5.00%, 11/1/23		8,000		8,006
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Refunding Bonds,
5.00%, 11/1/23		4,500		4,503
New York State Dormitory Authority Personal Income Tax Revenue Refunding Bonds, Series E, Bidding Group 1,
5.00%, 3/15/24		16,000		16,082
New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 235 (AMT), Social Bonds,
0.55%, 10/1/23		760		760
0.65%, 4/1/24		710		694
New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds (AMT), Terminal 4 John F. Kennedy International Airport,
5.00%, 12/1/23		1,000		1,001
New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,
5.00%, 12/1/23		1,000		1,001
Oneida County G.O. Limited BANS,
5.00%, 3/1/24		7,000		7,034

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
New York – 5.9%    continued
Triborough Bridge & Tunnel Authority General Variable Revenue Refunding Bonds, Subseries B-4A-R,
(Floating, U.S. SOFR + 0.38%), 3.94%, 2/1/24(1) (4)		$3,915		$3,898
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue Refunding Bonds, MTA Bridges & Tunnels, Green Bonds,
5.00%, 11/15/24		11,000		11,149
5.00%, 11/15/25		3,500		3,590
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Variable Revenue Refunding Bonds, Series E, Green Bonds,
(Floating, U.S. SOFR + 1.05%), 4.61%, 4/1/26(1)		15,560		15,614
				138,587
North Carolina – 6.0%
Charlotte Airport Revenue Refunding Bonds, Series A,
5.00%, 7/1/24		4,000		4,035
Charlotte-Mecklenburg Hospital Authority Health Care System Variable Revenue Bonds, Series D, Atrium Health,
(Floating, SIFMA Municipal Swap Index Yield + 0.60%), 4.58%, 12/1/23(1) (4)		37,000		37,015
North Carolina State Capital Facilities Finance Agency Educational Facilities Taxable Revenue Bonds, Series B, Campbell University,
1.05%, 10/1/23		950		950
North Carolina State Limited Obligation Revenue Bonds, Series B, Build NC Programs,
5.00%, 5/1/26		3,520		3,637
North Carolina Turnpike Authority Triangle Expressway System Revenue BANS,Escrowed to Maturity,
5.00%, 2/1/24		30,340		30,386
University of North Carolina at Chapel Hill Revenue Bonds, Series B,
(Floating, U.S. SOFR + 0.65%), 4.21%, 6/1/25(1) (4)		30,000		29,845

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  299 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND     continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
North Carolina – 6.0%    continued
University of North Carolina at Chapel Hill Variable Revenue Refunding Bonds, Series 2019A, Remarketing Supplement,
(Floating, U.S. SOFR + 0.65%), 4.21%, 6/1/25(1) (4)		$11,500		$11,441
University of North Carolina at Chapel Hill Variable Revenue Refunding Bonds, Series 2019B, Remarketing Supplement,
(Floating, U.S. SOFR + 0.65%), 4.21%, 6/1/25(1) (4)		23,925		23,802
				141,111
North Dakota – 0.6%
Cass County Joint Water Resource District G.O. Unlimited Bonds, Series A,
0.48%, 5/1/24		12,990		12,565
University of North Dakota COPS, Series A (AGM Insured),
5.00%, 6/1/24		1,000		1,006
				13,571
Ohio – 0.7%
American Municipal Power-Ohio, Inc., Revenue Refunding Bonds, Combined Hydroelectric Projects,
5.00%, 2/15/24		1,190		1,193
Cincinnati G.O. Unlimited Bonds, Series A,
5.00%, 12/1/24		4,000		4,053
Columbus G.O. Unlimited Bonds, Series A,
5.00%, 7/1/24		3,500		3,531
Cuyahoga Metropolitan Housing Authority Multifamily Housing Variable Revenue Bonds, Carver Park Phase III (FHA Insured, HUD Sector 8 Program),
4.00%, 6/1/25(4) (5)		3,150		3,099
Cuyahoga Metropolitan Housing Authority Multifamily Housing Variable Revenue Bonds, Wade Park Apartments (FHA Insured, HUD Sector 8 Program),
4.75%, 12/1/25(4) (5)		2,000		1,998

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Ohio – 0.7%    continued
Ohio State Mental Health Capital Facilities Revenue Bonds, Mental Health Facilities Improvement,
5.00%, 2/1/25		$2,000		$2,031
				15,905
Oklahoma – 0.6%
Oklahoma County Independent School District No. 12 G.O. Unlimited Bonds, Edmond School District,
1.25%, 6/1/24		13,000		12,645
Oklahoma Municipal Power Authority Power Supply System Revenue Bonds, Series A (AGM Insured),
5.00%, 1/1/24		1,815		1,818
				14,463
Oregon – 0.4%
Oregon State Department of Transportation Highway User Tax Senior Lien Revenue Refunding Bonds, Series A, Prerefunded,
5.00%, 11/15/24(6)		5,500		5,570
Port of Portland Airport Revenue Bonds, Series 28 (AMT),
5.00%, 7/1/25		2,500		2,524
Union County Hospital Facility Authority Revenue Bonds, Grand Ronde Hospital Project,
5.00%, 7/1/24		125		125
5.00%, 7/1/25		125		126
				8,345
Pennsylvania – 4.7%
Allegheny County Higher Education Building Authority College Variable Revenue Refunding Bonds, Carnegie Mellon University,
(Floating, U.S. SOFR + 0.29%), 4.01%, 8/1/27(1) (4)		5,000		4,894
Allegheny County Hospital Development Authority UPMC Variable Revenue Bonds,
(Floating, SIFMA Municipal Swap Index Yield + 0.70%), 4.68%, 5/15/27(1) (4)		40,000		39,578

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  300 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Pennsylvania – 4.7%    continued
Bethlehem Area School District Authority Variable Revenue Refunding Bonds, Bethlehem Area School (State Aid Withholding),
(Floating, U.S. SOFR + 0.35%), 3.91%, 11/1/25(1) (4)		$4,415		$4,309
Centre County Hospital Authority Revenue Refunding Bonds, Mount Nittany Medical Center Project, Prerefunded,
5.00%, 11/15/25(6)		6,250		6,402
Delaware Valley Regional Financial Authority Variable Revenue Bonds, Series B,
(Floating, SIFMA Municipal Swap Index Yield + 0.40%), 4.38%, 3/1/26(1) (4)		7,000		6,920
Delaware Valley Regional Financial Authority Variable Revenue Bonds, Series C,
(Floating, U.S. SOFR + 0.49%), 4.05%, 3/1/27(1) (4)		11,000		10,650
Montgomery County IDA Health System Revenue Refunding Bonds, Albert Einstein Healthcare, Prerefunded,
5.25%, 1/15/25(6)		5,215		5,298
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%), 4.38%, 6/3/24(1) (4)		13,165		13,137
Pennsylvania State G.O. Unlimited Bonds,
5.00%, 10/1/24		6,010		6,077
Pennsylvania State Housing Finance Agency SFM Revenue Refunding Bonds, Series 136, Social Bonds,
5.00%, 4/1/24		750		753
Pennsylvania State Turnpike Commission Registration Fee Variable Revenue Refunding Bonds,
(Floating, SIFMA Municipal Swap Index Yield + 0.85%), 4.83%, 7/15/26(1) (4)		2,500		2,500

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Pennsylvania – 4.7%    continued
Pennsylvania State Turnpike Commission Revenue Refunding Bonds, Series C,
4.00%, 12/1/23		$6,000		$5,999
Philadelphia Airport Revenue Refunding Bonds (AMT), Private Activity,
5.00%, 7/1/24		1,200		1,204
Philadelphia School District G.O. Limited Bonds, Series A (State Aid Withholding),
5.00%, 9/1/24		630		635
Philadelphia School District G.O. Limited Bonds, Series B, Green Bonds (State Aid Withholding),
5.00%, 9/1/24		600		605
Philadelphia Water & Wastewater Revenue Refunding Bonds, Series B (AGM Insured),
5.00%, 9/1/25		2,000		2,045
				111,006
Puerto Rico – 0.2%
Puerto Rico HFA Multifamily Collateralized Variable Revenue Bonds, Mirador Las Casas Project (HUD Sector 8 Program),
5.00%, 3/1/26(4) (5)		4,250		4,335
South Carolina – 0.5%
Clover School District No. 2 G.O. Unlimited BANS (SCSDE Insured), 10/3/24(7)		10,000		10,107
Greenwood School District No. 50 G.O. Unlimited Bonds, Series B (SCSDE Insured),
3/1/25(7)		2,005		2,034
				12,141
Tennessee – 0.7%
Knox County Health Educational & Housing Facility Board Multifamily Housing Variable Revenue Bonds, Westview Towers Project (HUD Sector 8 Program),
3.95%, 12/1/25(4) (5)		3,500		3,409
Knoxville G.O. Unlimited Refunding Bonds,
5.00%, 5/1/25		7,235		7,375

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  301 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND     continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Tennessee – 0.7%    continued
Memphis Sanitary Sewerage System Revenue Refunding Bonds, Series B,
5.00%, 10/1/23		$1,100		$1,100
Metropolitan Nashville Airport Authority Subordinate Revenue Bonds, Series B (AMT),
5.00%, 7/1/25		1,200		1,212
Morristown G.O. Unlimited Refunding Bonds, Series A,
2.00%, 3/1/24		2,350		2,320
Tennergy Corp. Gas Revenue Bonds, Series A,
4.00%, 3/1/24		350		349
				15,765
Texas – 5.3%
Alvarado Independent School District Variable G.O. Unlimited Bonds (PSF, Gtd.),
2.75%, 8/15/25(4) (5)		2,000		1,949
Austin G.O. Limited Refunding Bonds,
9/1/25(7)		3,225		3,299
Austin Independent School District G.O. Unlimited Bonds,
5.00%, 8/1/25		5,000		5,101
Austin Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
5.00%, 8/1/24		1,750		1,767
Austin Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.), Prerefunded,
5.00%, 8/1/25(6)		2,035		2,079
Austin Water & Wastewater System Revenue Refunding Bonds,
5.00%, 11/15/25		1,000		1,023
Canadian River Municipal Water Authority Subordinate Lien Revenue Refunding Bonds, Conjunctive Use,
5.00%, 2/15/24		1,400		1,404
Carrollton-Farmers Branch Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
2.00%, 2/15/24		910		900
Central Texas Regional Mobility Authority Taxable Senior Lien Revenue Refunding Bonds, Series E,
0.84%, 1/1/24		500		494

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Texas – 5.3%    continued
Dallas & Fort Worth International Airport Revenue Refunding Bonds, Series A,
5.00%, 11/1/24		$1,000		$1,010
Dallas Certificates of Obligation G.O. Limited Bonds,
5.00%, 2/15/24		5,105		5,128
Dallas Equipment Acquisition Contract G.O. Limited Bonds,
5.00%, 2/15/24		5,375		5,399
Dallas Hotel Occupancy Tax Revenue Refunding Bonds,
5.00%, 8/15/24		1,500		1,510
Dallas Improvement G.O. Limited Refunding Bonds,
5.00%, 2/15/26		4,000		4,100
Dallas Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.), Prerefunded,
5.00%, 2/15/25(6)		7,500		7,613
Denton County Housing Finance Corp. Variable Revenue Bonds, Pathway on Woodrow Apartments,
5.00%, 2/1/25(4) (5)		3,500		3,524
Denton County Tax Notes G.O. Limited Bonds,
5.00%, 9/30/24		3,915		3,950
Fort Worth Independent School District G.O. Unlimited Bonds, Series A (PSF, Gtd.),
5.00%, 2/15/24		1,000		1,004
Frisco G.O. Limited Refunding Bonds,
2.00%, 2/15/24		6,320		6,253
Harris County Cultural Education Facilities Finance Corp. Medical Facilities Revenue Refunding Bonds, Baylor College of Medicine,
5.00%, 11/15/24		3,200		3,226
Harris County Flood Control District G.O. Limited Bonds, Series A, Sustainability Bond,
5.00%, 10/1/25		375		384
Harris County G.O. Limited Refunding Bonds, Series A,
5.00%, 10/1/23		3,060		3,060

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  302 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Texas – 5.3%    continued
Houston Hotel Occupancy Tax & Special Revenue Refunding Bonds, Convention & Entertainment,
5.00%, 9/1/24		$2,315		$2,329
Houston Housing Finance Corp. MFH Variable Revenue Bonds, Sunset Gardens Apartments (FHA Insured, HUD Sector 8 Program),
4.00%, 10/1/24(4) (5)		2,500		2,475
Las Varas Public Facility Corp. Texas MFH Variable Revenue Bonds, Palo Alto Apartments,
3.10%, 11/1/24(4) (5)		8,000		7,815
Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds (AMT),
5.00%, 11/1/23		1,650		1,650
Lubbock Electric Light & Power System Revenue Bonds,
5.00%, 4/15/24		875		879
North Texas State Municipal District Water System Revenue Refunding & Improvement Bonds,
5.00%, 9/1/26		5,000		5,020
San Antonio Electric & Gas Junior Lien Variable Revenue Bonds,
(Floating, SIFMA Municipal Swap Index Yield + 0.87%), 4.85%, 12/1/25(1) (4)		10,000		9,980
San Antonio G.O. Limited Bonds, 5.00%, 2/1/25		10,000		10,145
San Antonio Housing Trust Public Facility Corp. MFH Variable Revenue Bonds, Country Club Village,
4.00%, 8/1/25(4) (5)		1,500		1,482
Sinton Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
5.00%, 8/15/25		1,000		1,021
Texas State A & M Permanent University Fund Revenue Refunding Bonds, Series A, Board of Regents,
5.00%, 7/1/24		2,000		2,017
Texas State G.O. Unlimited Bonds (AMT),
6.00%, 8/1/24		1,420		1,441

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Texas – 5.3%    continued
Texas State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds,
5.00%, 12/15/23		$2,000		$1,999
Texas State Water Development Board Revenue Bonds, Master Trust,
4.00%, 10/15/23		2,000		2,000
Williamson County G.O. Unlimited Bonds, Prerefunded,
4.00%, 2/15/25(6)		10,000		10,026
				124,456
Utah – 0.1%
Salt Lake City Airport Revenue Bonds, Series A (AMT),
5.00%, 7/1/24		1,000		1,003
Utah State G.O. Unlimited Bonds,
5.00%, 7/1/24		2,000		2,018
				3,021
Virginia –0.9%
Alexandria G.O. Unlimited Bonds, Series A (State Aid Withholding),
5.00%, 12/15/24		6,525		6,618
Loudoun County G.O. Unlimited Bonds, Series A (State Aid Withholding),
5.00%, 12/1/23		5,315		5,324
5.00%, 12/1/24		4,400		4,458
Peninsula Ports Authority Coal Terminal Variable Revenue Refunding Bonds, Dominion Terminal Associates Project,
3.80%, 10/1/24(4) (5)		3,000		2,971
Virginia State Resources Authority Infrastructure Subordinate Revenue Refunding Bonds, Virginia Pooled Financing (Moral Obligation Insured),
5.00%, 11/1/23		1,000		1,001
				20,372

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  303 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND     continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Washington – 2.6%
Central Puget Sound Regional Transit Authority Sales & Use Tax Variable Revenue Bonds, Series 2015S, Green Bond,
(Floating, SIFMA Municipal Swap Index Yield + 0.20%), 4.18%, 11/1/26(1) (4)		$24,000		$23,562
Central Puget Sound Regional Transit Authority Sales Tax & Motor Vehicle Revenue Refunding Bonds, Series S-1, Green Bond,
5.00%, 11/1/23		4,300		4,303
5.00%, 11/1/24		8,000		8,097
Central Puget Sound Regional Transit Authority Variable Sales & Use TRB, Series S-2B, Green Bonds,
(Floating, SIFMA Municipal Swap Index Yield + 0.45%), 4.43%, 11/1/23(1) (4)		7,500		7,501
Seattle Municipal Light & Power Variable Revenue Refunding Bonds, Series B,
(Floating, SIFMA Municipal Swap Index Yield + 0.25%), 4.23%, 11/1/26(1) (4)		7,520		7,374
Washington State G.O. Unlimited Bonds, Series B, Bid Group 1,
5.00%, 2/1/25		3,300		3,354
Washington State G.O. Unlimited Refunding Bonds, Series R 2022-C, Bid Group 1,
5.00%, 7/1/25		7,000		7,154
				61,345
Wisconsin – 1.7%
Madison G.O. Unlimited Promissory Notes, Series A,
2.00%, 10/1/23		8,130		8,130
Madison G.O. Unlimited Refunding Promissory Notes, Series A,
4.00%, 10/1/23		7,100		7,100
Milwaukee Area Technical College District G.O. Unlimited Bonds, Series C,
2.00%, 6/1/24		2,580		2,530

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 57.3%    continued
Wisconsin – 1.7%    continued
PMA Levy & Aid Anticipation Revenue Notes, Series A, Anticipation Notes Program,
9/25/24(7)		$5,595		$5,646
Wisconsin G.O. Unlimited Refunding Bonds, Series 2,
5.00%, 11/1/23		1,100		1,101
Wisconsin State Health & Educational Facilities Authority Variable Revenue Refunding Bonds, Advocate Aurora Health,
(Floating, SIFMA Municipal Swap Index Yield + 0.65%), 4.63%, 7/31/24(1) (4)		5,000		5,000
Wisconsin State Housing & EDA Home Ownership Revenue Bonds, Social Bonds, Series A,
0.45%, 3/1/24		525		516
Wisconsin State Variable G.O. Unlimited Bonds, Series A,
(Floating, SIFMA Municipal Swap Index Yield + 0.42%), 4.40%, 5/1/25(1)		10,500		10,477
				40,500
Total Municipal Bonds
(Cost $1,370,484)				1,352,548
	NUMBER     OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 9.4%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(8) (9)		220,782,906		$220,783
Total Investment Companies
(Cost $220,783)				220,783
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 10.2%
Anne Arundel County Maryland G.O. Limited Refunding Bonds,
5.00%, 4/1/24		$10,000		$10,057
Austin G.O. Limited Refunding Bonds,
9/1/24(7)		5,925		5,986
California State G.O. Unlimited Refunding Bonds,
5.00%, 9/1/24		5,000		5,064

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  304 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 10.2%     continued
California State Infrastructure & Economic Development Bank Variable Revenue Refunding Bonds, J Paul Getty Trust,
0.39%, 1/1/24(4) (5)		$1,000		$991
California State Municipal Finance Authority Solid Waste Disposal Variable Revenue Bonds (AMT), Waste Management,
0.70%, 12/1/23(4) (5)		20,000		19,851
Central Plains Energy Project Gas Project Revenue Bonds, Project No. 4,
5.00%, 1/1/24(4) (5)		3,000		3,010
Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series B, Yale New Haven,
1.80%, 7/1/24(4) (5)		4,000		3,907
Connecticut State Health & Educational Facilities Authority Variable Revenue Bonds, Series X-2, Yale University,
0.25%, 2/9/24(4) (5)		8,500		8,371
Connecticut State Health & Educational Facilities Authority Variable Revenue Refunding Bonds, Series 2015-A,
0.38%, 7/12/24(4) (5)		14,790		14,278
Fort Bend Independent School District Variable G.O. Unlimited Bonds, Series A (PSF, Gtd.),
2.38%, 8/1/24(4) (5)		8,335		8,198
Greenwood School District No. 50 G.O. Unlimited Bonds, Series B (SCSDE Insured),
3/1/24(7)		5,085		5,105
Illinois State Finance Authority Revenue Refunding Bonds, Series A, University of Chicago Medical Center,
5.00%, 8/15/24		1,145		1,153
Indiana State Finance Authority Environmental Variable Revenue Refunding Bonds (AMT), Fulcrum Centerpoint LLC,
4.50%, 11/15/23(4) (5)		20,000		19,968
Indiana State Housing & Community Development Authority Collateralized Variable Revenue Bonds, RD Moving Forward Biggs Project,
2.00%, 4/1/24(4) (5)		1,000		988

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 10.2%     continued
Kentucky State Housing Corp. Multifamily Variable Revenue Bonds, Cambridge Square Project,
0.30%, 2/1/24(4) (5)		$4,000		$3,935
Las Varas Public Facility Corp. MFH Variable Revenue Bonds, Horizon Pointe Apartments,
0.40%, 5/1/24(4) (5)		20,000		19,300
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Subseries C,
4.00%, 12/1/23(4) (5)		2,500		2,499
Maine State Housing Authority Mortgage Purchase Variable Revenue Bonds, Series B, Social Bonds,
3.13%, 5/1/24(4) (5)		10,000		9,927
Maricopa County Individual Development Authority Solid Waste Disposal Revenue Bonds (AMT), Waste Management, Inc., Project,
3.38%, 6/3/24(4) (5)		1,000		993
Memphis Health Educational & Housing Facility Board MFH Variable Revenue Bonds, Tillman Cove Apartment (HUD Sector 8 Program),
0.55%, 6/1/24(4) (5)		10,000		9,658
Michigan State Strategic Fund Exempt Facilities Adjustable Revenue Bonds (AMT), Waste Management, Inc., Project,
0.58%, 8/1/24(4) (5)		3,000		2,905
Mobile IDB Pollution Control Variable Revenue Bonds, Alabama Power Barry Plant,
2.90%, 12/12/23(4) (5)		1,000		997
Multnomah County School District No. 1J Portland G.O. Unlimited Bonds (School Board Guaranty Program),
5.00%, 6/15/24		1,605		1,617
Nassau County Local Economic Assistance Corp. MFH Variable Revenue Bonds, Park Lake Hempstead,
0.30%, 11/1/23(4) (5)		10,000		9,968
Northern Energy Authority Commodity Supply Revenue Bonds, Series A,
4.00%, 7/1/24(4) (5)		7,000		6,980

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  305  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 - 10.2%     continued
Ohio State Housing Finance Agency MFH Variable Revenue Bonds, Post Oak Station (HUD Sector 8 Program),
3.35%, 7/1/24(4) (5)		$2,000		$1,967
Oregon State Housing & Community Services Department Housing Development Variable Revenue Bonds, Yaquina-Southfair Apartment Project (HUD Sector 8 Program),
0.47%, 12/1/23(4) (5)		5,000		4,955
Patriots Energy Group Financing Agency South Carolina Gas Supply Revenue Bonds, Series A,
4.00%, 2/1/24(4) (5)		8,200		8,176
Pennsylvania State Turnpike Commission Turnpike Variable Revenue Refunding Bonds, Series A-1,
(Floating, SIFMA Municipal Swap Index Yield + 0.60%), 4.58%, 12/1/23(1)		10,000		10,002
Philadelphia Water & Wastewater Revenue Refunding Bonds, Series B (AGM Insured),
5.00%, 9/1/24		2,000		2,021
Rhode Island Health & Educational Building Corp. Higher Education Facility Variable Taxable Revenue Refunding Bonds, Bryant University,
1.50%, 7/1/24(4) (5)		15,840		15,282
Sherman Certificates of Obligation G.O. Limited Bonds,
5.00%, 8/15/24		1,455		1,466
Vermont State G.O. Unlimited Refunding Bonds, Citizen Bonds,
5.00%, 8/15/24		4,555		4,600

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 10.2%     continued
Washington State Economic Development Finance Authority Environmental Facilities Variable Revenue Refunding Bonds (AMT), Mura Cascade,
3.90%, 12/8/23(4) (5)		$16,000		$15,961
Total Short-Term Investments
(Cost $243,363)				240,136
Total Investments – 101.0%
(Cost $2,417,775)				2,384,988
Liabilities less Other Assets – (1.0%)				(23,669	)
NET ASSETS – 100.0%				$2,361,319

⁽¹⁾  Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽³⁾  Variable or floating 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, 2023.

⁽⁴⁾  Maturity date represents the puttable date.

⁽⁵⁾  Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of September 30, 2023 is disclosed.

⁽⁶⁾  Maturity date represents the prerefunded date.

⁽⁷⁾  When-Issued Security. Coupon rate is not in effect at September 30, 2023.

⁽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, 2023 is disclosed.

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

1Y - 1 Year

3M - 3 Month

AGM - Assured Guaranty Municipal Corporation

AMT - Alternative Minimum Tax

BAM - Build America Mutual

BANS - Bond Anticipation Notes

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

COPS - Certificates of Participation

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  306  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

EDA - Economic Development Authority

FHA - Federal Housing Administration

G.O. - General Obligation

GANS - Grant Anticipation Notes

GARVEE - Grant Anticipation Revenue Vehicle

Gtd. - Guaranteed

HDA - Housing Develoment Authority

HFA - Housing Finance Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

IDB - Industrial Development Board

MFH - Multi-Family Housing

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SCSDE - South Carolina State Department of Education

SFM - Single Family Mortgage

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

TRB - Tax Revenue Bonds

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Asset-Backed Securities	0.0%
Corporate Bonds	10.9%
Foreign Issuer Bonds	12.4%
U.S. Government Obligations	0.8%
Municipal Bonds	57.3%
Investment Companies	9.4%
Short-Term Investments	10.2%

⁽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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Asset-backed securities	$	—	$	1,100		$—	$	1,100
Corporate Bonds(1)		—		257,686		—		257,686
Foreign Issuer Bonds(1)		—		292,868		—		292,868
U.S. Government Obligations		—		19,867		—		19,867
Municipal Bonds(1)		—		1,352,548		—		1,352,548
Investment Companies		220,783		—		—		220,783
Short-Term Investments		—		240,136		—		240,136
Total Investments	$	220,783	$	2,164,205		$—	$	2,384,988

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  307  FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS – 93.8%
Alabama – 0.7%
Alabama State Public School & College Authority Revenue Refunding Bonds, Series A, Social Bonds,
5.00%, 11/1/35		$1,540		$1,653
Black Belt Energy Gas District Alabama Gas Prepay Revenue Bonds, Series A-1, Project No. 5,
4.00%, 10/1/26(1) (2)		2,500		2,438
Southeast Energy Authority Commodity Supply Variable Revenue Bonds, Series A-1, Project No. 3,
5.50%, 12/1/29(1) (2)		1,000		1,026
				5,117
Arizona – 0.9%
Arizona Board of Regents State University System Revenue Refunding Bonds, Series B,
5.00%, 7/1/43		2,000		2,030
Arizona State IDA National Charter School Revolving Loan Fund Revenue Bonds, Equitable School Revenue, Social Bonds,
4.00%, 11/1/46		1,000		825
Phoenix Civic Improvement Corp. Junior Lien Airport Revenue Bonds, Series B (AMT),
3.25%, 7/1/49		1,670		1,139
Student & Academic Services LLC Lease Revenue Bonds, Northern Arizona Capital Facilities (BAM Insured),
5.00%, 6/1/44		2,000		1,991
Yavapai County IDA Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical,
3.13%, 8/1/43		1,000		699
				6,684
Arkansas – 0.4%
Little Rock School District G.O. Limited Refunding Bonds, Series A (AGM Insured State Aid Withholding),
2.00%, 2/1/34		2,610		2,015
2.25%, 2/1/41		1,000		645
				2,660

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
California – 7.9%
Alameda Corridor Transportation Authority Senior Lien Convertible Revenue Refunding CABS, Series A, (Step to 5.40% on 10/1/37),
0.00%, 10/1/50(3)		$1,500		$717
California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Green Bond, Series B-1,
4.00%, 8/1/31(1) (2)		5,000		4,717
California Housing Finance Agency Municipal Certificates Revenue Bonds, Series 2021-1, Class A Certificates,
3.50%, 11/20/35		3,370		2,955
California School Finance Authority Educational Facilities Revenue Bonds, Series A,
4.00%, 7/1/55		1,075		816
California State G.O. Unlimited Bonds, Series 2007, Unrefunded Balance,
5.75%, 5/1/30		75		75
California State Municipal Finance Authority Revenue Bonds, Humangood, California Obligated Group,
3.00%, 10/1/46		1,000		683
California State Municipal Finance Authority Student Housing Revenue Bonds, CHF-Davis I, LLC -West Village,
5.00%, 5/15/43		2,000		1,995
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		648
California State Various Purpose G.O. Unlimited Bonds,
5.25%, 10/1/39		5,000		5,144
Carlsbad Unified School District G.O. Unlimited Convertible CABS, Series B, Election,
6.00%, 5/1/34		2,500		2,529

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  308 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%     continued
California – 7.9%    continued
Coachella Valley Water District Revenue COPS, Series A, Oasis Project,
4.00%, 8/1/46		$3,385		$3,063
Los Angeles Department of Airports Airport Subordinated Revenue Refunding Bonds,
5.00%, 5/15/36		2,745		2,945
Los Angeles Department of Airports Revenue Refunding Bonds, Series B (AMT),
5.00%, 5/15/34		3,000		3,109
Los Angeles Department Of Water & Power System Revenue Bonds,
5.00%, 7/1/46		1,000		1,042
Los Angeles Department of Water & Power System Revenue Bonds, Series C,
5.00%, 7/1/39		1,000		1,052
Los Angeles Department of Water & Power System Revenue Refunding Bonds, Series D,
5.00%, 7/1/43		5,000		5,163
Newport Mesa Unified School District G.O. Unlimited Refunding CABS Bonds,
0.00%, 8/1/41(4)		2,000		845
Riverside County Transportation Commission Toll Senior Lien Revenue Refunding Bonds, RCTC 91 Express Lanes,
3.00%, 6/1/49		2,750		1,848
San Diego County Regional Airport Authority Subordinate Revenue Refunding Bonds, Series A,
5.00%, 7/1/49		4,135		4,258
San Francisco Bay Area Rapid Transit District G.O. Unlimited Bonds, Election of 2016, Green Bonds,
4.00%, 8/1/47		5,000		4,660
San Francisco City & County Airports Commission International Airport Revenue Bonds, Series A (AMT),
5.00%, 5/1/42		1,500		1,496

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
California – 7.9%    continued
San Francisco City & County Public Utilities Commission Water Revenue Bonds, Series B, Regional Water,
5.00%, 11/1/50		$5,000		$5,121
Solano County Community College G.O. Unlimited Bonds, Series A, District Election of 2012, (Step to 5.13% on 8/1/23),
5.13%, 8/1/41		3,200		3,378
				58,259
Colorado – 7.4%
Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding),
5.25%, 12/1/40		4,775		4,882
Adams County School District No. 1 Taxable G.O. Unlimited Refunding Bonds, Series B (State Aid Withholding), Prerefunded,
5.25%, 12/1/26(5)		225		235
Arapahoe County School District No. 6 Littleton G.O. Unlimited Bonds, Series A (State Aid Withholding),
5.50%, 12/1/43		5,000		5,271
Colorado State COPS,
6.00%, 12/15/39		5,000		5,689
Colorado State COPS, Series A,
4.00%, 12/15/37		10,000		9,504
Colorado State Educational & Cultural Facilities Authority Revenue Bonds, Series A, University of Denver Project,
5.00%, 3/1/40		2,500		2,544
Colorado State Health Facilities Authority Hospital Revenue Refunding Bonds, Adventist Health System Sunbelt,
4.00%, 11/15/41		1,000		926
Colorado State School of Mines Institutional Enterprise Revenue Bonds, Series B,
5.00%, 12/1/42		3,400		3,471
Denver City & County Airport Revenue Bonds, Series A (AMT),
5.00%, 11/15/37		2,000		2,055

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  309 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Colorado – 7.4%    continued
5.00%, 11/15/47		$1,500		$1,493
4.13%, 11/15/53		1,000		849
Denver City & County Airport System Subordinate Revenue Refunding Bonds (AMT), Series A,
5.00%, 12/1/43		2,000		1,992
Denver City & County Dedicated Tax Revenue CABS, Series A-2,
0.00%, 8/1/37(4)		2,750		1,330
0.00%, 8/1/39(4)		2,805		1,192
Denver City & County Dedicated Tax Revenue Refunding & Improvement Bonds, Series A,
5.00%, 8/1/42		1,500		1,513
Denver City & County Dedicated TRB, Series A,
4.00%, 8/1/51		5,000		4,243
Jefferson County School District No. R-001 G.O. Unlimited Bonds (State Aid Withholding),
5.00%, 12/15/37		5,000		5,203
Windy Gap Firming Project Water Activity Enterprise Revenue Bonds,
5.00%, 7/15/46		2,000		2,053
				54,445
Connecticut – 0.8%
Connecticut State Special Tax Obligation Revenue Bonds, Series A, Transportation Infrastructure,
5.00%, 8/1/34		3,000		3,041
University of Connecticut Revenue Bonds, Series A,
5.25%, 11/15/47		3,000		3,082
				6,123
District of Columbia – 2.6%
District of Columbia G.O. Unlimited Bonds, Series A,
5.00%, 6/1/43		5,000		5,099
District of Columbia G.O. Unlimited Bonds, Series C,
5.00%, 6/1/38		1,000		1,003

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
District Of Columbia – 2.6%    continued
District of Columbia Water & Sewer Authority Public Utility Subordinate Revenue Bonds, Series A, Green Bonds,
5.00%, 10/1/45		$2,500		$2,505
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding Bonds, Series A, Dulles Metrorail & Capital Improvement,
5.00%, 10/1/44		2,000		2,016
Metropolitan Washington Airports Authority System Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/43		4,000		3,930
Washington Metropolitan Area Transit Authority Gross Revenue Bonds,
5.00%, 7/1/38		1,800		1,830
5.00%, 7/1/43		3,000		3,035
				19,418
Florida – 6.9%
Broward County Airport System Revenue Bonds (AMT),
5.00%, 10/1/42		2,500		2,493
Davie Educational Facilities Revenue Refunding Bonds, Nova Southeastern University Project,
5.00%, 4/1/48		2,000		1,952
Florida Insurance Assistance Interlocal Agency Revenue Bonds, Series A-1,
5.00%, 9/1/25		1,000		1,012
Florida State Development Finance Corp. Educational Facility Revenue Bonds, Mater Academy Project, Series A,
5.00%, 6/15/50		2,000		1,791
Greater Orlando Aviation Authority Airport Facilities Priority Subordinated Revenue Bonds, Series A (AMT),
5.00%, 10/1/42		1,965		1,959
Hillsborough County Aviation Authority Customer Facilities Charge Revenue Bonds, Series A, Tampa International Airport,
5.00%, 10/1/44		2,500		2,483

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  310 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Florida – 6.9%    continued
Lee County Local Optional Gas TRB,
5.25%, 8/1/49		$3,500		$3,570
Miami-Dade County Aviation Revenue Refunding Bonds,
5.00%, 10/1/41		450		449
Miami-Dade County Aviation Revenue Refunding Bonds (AMT),
5.00%, 10/1/27		2,000		1,999
Miami-Dade County Aviation Revenue Refunding Bonds, Series A (AMT),
5.00%, 10/1/38		5,000		4,942
Miami-Dade County Seaport Revenue Refunding Bonds, Subseries A-2 (AGM Insured),
3.00%, 10/1/50		10,500		6,766
Miami-Dade County Water & Sewer System Revenue Bonds, Series A,
4.00%, 10/1/37		2,500		2,352
Pasco County School Board COPS, Series A (BAM Insured),
5.00%, 8/1/43		3,000		3,087
Seminole County Special Obligation Revenue Refunding Bonds,
5.00%, 10/1/52		1,325		1,329
South Broward Hospital District Revenue Refunding Bonds, Series A,
4.00%, 5/1/44		3,500		3,053
Tampa Bay Water Regional Water Supply Authority Utility System Revenue Bonds,
5.00%, 10/1/38		5,000		5,000
Tampa Bay Water Regional Water Supply Authority Utility System Revenue Refunding Bonds, Series A,
4.00%, 10/1/35		5,000		4,757
5.00%, 10/1/36		1,750		1,784
				50,778
Georgia – 2.5%
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series A,
4.00%, 9/1/27(1) (2)		10,000		9,736
5.00%, 5/15/43		500		481
Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project,
5.00%, 7/1/52		1,500		1,474

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Georgia – 2.5%    continued
5.50%, 7/1/60		$2,500		$2,470
Municipal Electric Authority of Georgia Revenue Bonds, Plant Vogtle Units 3 & 4 Project (AGM Insured),
5.00%, 7/1/52		2,500		2,514
Walton Industrial Building Authority Revenue Bonds, Walton County Jail Facility Project,
4.00%, 2/1/52		2,500		2,163
				18,838
Hawaii – 0.8%
Hawaii State Airports System Revenue Bonds, Series A (AMT),
5.00%, 7/1/48		4,000		3,981
Honolulu City & County G.O. Unlimited Bonds, Series A,
5.00%, 9/1/43		2,000		2,047
				6,028
Idaho – 0.3%
Idaho State Housing & Finance Association Sales TRB, Transportation Expansion & Mitigation,
5.00%, 8/15/47		2,500		2,567
Illinois – 4.1%
Chicago Midway Airport Second Lien Revenue Refunding Bonds, Series B,
5.25%, 1/1/34		2,500		2,500
Chicago O’Hare International Airport Senior Lien General Revenue Refunding Bonds, Series B,
5.00%, 1/1/41		3,100		3,092
Chicago Wastewater Transmission Second Lien Revenue Refunding Bonds, Series B (AGM Insured),
5.00%, 1/1/36		500		532
Chicago Water Second Lien Revenue Bonds, Series A (AGM Insured),
5.25%, 11/1/53		2,000		2,049
Illinois State Educational Facilities Authority Revenue Bonds, Field Museum of Natural History,
3.90%, 11/1/36		1,740		1,602

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  311 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Illinois – 4.1%    continued
Illinois State Finance Authority Academic Facilities Lease Revenue Bonds, University of Illinois at Urbana-Champaign,
5.00%, 10/1/49		$1,250		$1,187
Illinois State Finance Authority Revenue Refunding Bonds, Northshore University Health System,
3.25%, 8/15/49		2,500		1,684
Illinois State Finance Authority Revenue Refunding Bonds, Series A, Lake Forest College,
5.25%, 10/1/52		500		451
Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center,
5.00%, 11/15/38		1,500		1,467
Illinois State Municipal Electric Agency Power Supply Revenue Refunding Bonds, Series A,
4.00%, 2/1/33		4,750		4,506
Illinois State Toll Highway Authority Senior Revenue Bonds, Series A,
5.25%, 1/1/43		3,000		3,154
Joliet Waterworks & Sewage Senior Lien Revenue BANS,
5.00%, 1/1/24		2,000		2,001
Sangamon County School District No. 186 Springfield G.O. Unlimited Bonds (AGM Insured),
5.00%, 6/1/26		1,200		1,227
Schaumburg G.O. Unlimited Refunding Bonds, Series A,
4.00%, 12/1/41		5,000		4,559
				30,011
Indiana – 0.7%
Fishers Sewage Works Revenue Bonds (BAM Insured),
3.00%, 7/1/51		1,000		656
Indiana Finance Authority Environmental Facilities Variable Revenue Refunding Bonds (AMT), Indianapolis Power & Light Co. Project,
0.95%, 4/1/26(1) (2)		1,500		1,321

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Indiana – 0.7%    continued
Indiana Finance Authority Environmental Facilities Variable Revenue Refunding Bonds, Indianapolis Power & Light Co. Project,
0.75%, 4/1/26(1) (2)		$1,125		$983
Indianapolis Local Public Improvement Bond Bank Revenue Bonds, Indianapolis Airport Authority Project,
5.00%, 1/1/44		2,000		2,021
				4,981
Iowa – 0.3%
Pefa, Inc., Iowa Gas Project Revenue Bonds,
5.00%, 9/1/26(1) (2)		2,500		2,494
Kansas – 0.1%
Manhattan G.O. Unlimited Temporary Notes, Series 2021-01,
0.20%, 6/15/24		890		854
Kentucky – 3.7%
Carroll County Environmental Facilities Revenue Bonds (AMT), Kentucky Utilities Co. Project,
1.75%, 9/1/26(1) (2)		1,500		1,338
Carroll County Environmental Facilities Revenue Refunding Bonds (AMT), Kentucky Utilities Company,
2.13%, 10/1/34		5,200		3,664
Fayette County School District Finance Corp. Revenue Bonds, Series A (State Intercept Program),
4.00%, 5/1/38		5,000		4,504
Kentucky State Public Energy Authority Gas Supply Variable Revenue Bonds, Series C, Gas Supply,
4.00%, 2/1/28(1) (2)		10,000		9,633
Louisville & Jefferson County Metro Government Health System Revenue Refunding Bonds, Norton Healthcare, Inc.,
5.00%, 10/1/26		600		617

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  312 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Kentucky – 3.7%    continued
Louisville & Jefferson County Metro Government PCR Refunding Bonds, Gas & Electric,
2.00%, 10/1/33		$10,000		$7,370
				27,126
Louisiana – 2.8%
Lake Charles Harbor & Terminal District Variable Revenue Bonds (AMT), Big Lake Fuels,
1.00%, 12/1/24(1) (2)		5,000		4,741
Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Refunding Bonds, Entergy Louisiana LLC Project,
2.50%, 4/1/36		7,250		5,479
Louisiana Public Facilities Authority Revenue Refunding Bonds, Ochsner Clinic, Unrefunded Balance,
5.00%, 5/15/47		2,000		1,888
Louisiana State Gas & Fuels First Lien Revenue Refunding Bonds, Series A, Prerefunded,
4.50%, 5/1/25(5)		2,500		2,525
Louisiana State Gas & Fuels Tax Second Lien Revenue Refunding Bonds, Series C,
5.00%, 5/1/45		1,000		1,009
Shreveport Water & Sewer Revenue Bonds, Series B (BAM Insured),
5.00%, 12/1/41		5,000		5,022
				20,664
Maine – 0.0%
Maine State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Series A (AGM Insured),
5.00%, 7/1/25		100		102
Maryland – 0.4%
Maryland State Department of Transportation Consolidated Transportation Revenue Bonds,
2.50%, 10/1/33		1,850		1,546

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Maryland – 0.4%    continued
Maryland State Health & Higher Educational Facilities Authority Revenue Refunding Bonds, Lifebridge Health,
5.00%, 7/1/44		$1,100		$1,066
				2,612
Massachusetts – 4.3%
Lincoln School G.O. Unlimited Bonds,
3.50%, 3/1/44		3,810		3,118
Massachusetts State Bay Transportation Authority Sales Tax Revenue Refunding CABS, Series A,
0.00%, 7/1/29(4)		2,500		1,939
Massachusetts State Bay Transportation Authority Sales TRB, Senior Series B,
5.25%, 7/1/33		1,900		2,120
Massachusetts State Housing Finance Agency Revenue Bonds, Series H,
4.40%, 12/1/46		1,000		867
Massachusetts State Port Authority Revenue Bonds, Series A,
5.00%, 7/1/40		2,725		2,754
Massachusetts State Port Authority Revenue Bonds, Series C (AMT),
5.00%, 7/1/44		2,000		1,999
Massachusetts State School Building Authority Senior Lien Sales TRB, Series B,
5.00%, 11/15/36		1,500		1,544
5.00%, 11/15/39		2,500		2,554
Massachusetts State School Building Authority Subordinated Sales TRB, Series A,
5.00%, 2/15/44		4,000		4,094
Massachusetts State Transportation Fund Rail Enhancement & Accelerated Revenue Bonds,
5.00%, 6/1/42		5,000		5,101
Massachusetts State Transportation Fund Revenue Bonds, Accelerated Bridge Program,
5.00%, 6/1/44		1,500		1,504
Massachusetts State Transportation Fund Sustainability Revenue Bonds, Rail Enhancement Program,
5.00%, 6/1/50		2,500		2,588

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  313 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Massachusetts – 4.3%    continued
Massachusetts State Water Resources Authority General Revenue Bonds, Series B,
5.00%, 8/1/43		$1,455		$1,488
				31,670
Michigan – 2.0%
Kalamazoo Public School G.O. Unlimited Bonds, Series I (AGM Insured),
5.00%, 5/1/26		2,525		2,600
Michigan State Building Authority Facilities Program Revenue Refunding Bonds, Series I,
5.00%, 4/15/38		2,000		2,025
Michigan State Finance Authority Revenue Refunding Bonds, Series H-1, Partially Prerefunded,
5.00%, 10/1/39		5,000		4,914
Michigan State HDA SFM Revenue Bonds, Series A, Social Bonds,
4.10%, 6/1/43		1,875		1,686
Walled Lake Consolidated School District G.O. Unlimited Bonds (Q-SBLF Insured),
5.00%, 5/1/50		1,000		1,019
Wayne County Airport Authority Revenue Refunding Bonds, Series G,
5.00%, 12/1/34		2,625		2,651
				14,895
Minnesota – 1.0%
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		288
Minnesota Municipal Gas Agency Commodity Supply Revenue Bonds, Series A,
4.00%, 12/1/27(1) (2)		5,000		4,860
Minnesota State G.O. Unlimited Bonds, Series B,
5.00%, 8/1/25		2,320		2,374
				7,522

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
Mississippi – 0.1%
Mississippi State Business Finance Corp. Revenue Bonds, System Energy Resources, Inc., Project,
2.38%, 6/1/44		$1,000		$569
Missouri – 1.6%
Greene County Reorganized School District No. R-3 Republic G.O. Unlimited Bonds, (State Aid Direct Deposit Program),
5.00%, 3/1/38		1,000		1,058
Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B,
5.00%, 5/1/33		1,000		1,013
5.00%, 5/1/45		3,395		3,439
Metropolitan Saint Louis Sewer District Wastewater System Revenue Refunding & Improvement Bonds, Series B, Prerefunded,
5.00%, 5/1/25(5)		1,605		1,631
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds, Series A, Saint Louis University,
5.00%, 10/1/38		2,500		2,530
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		1,273
Springfield School District No. R-12 G.O. Unlimited Bonds, School Building (State Aid Direct Deposit Program),
5.00%, 3/1/38		625		660
				11,604
Montana – 0.0%
Montana Board of Housing Single Family Program Revenue Refunding Bonds, Series A (FHA INS HUD VA Insured),
3.90%, 12/1/48		55		46

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  314 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
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		$1,014
5.00%, 11/15/37		1,000		1,009
Nebraska State Public Power District Revenue Refunding Bonds, Series A,
5.00%, 7/1/28		1,250		1,313
Omaha Public Power District Electric Revenue Refunding Bonds, Series A,
5.00%, 2/1/42		4,250		4,353
Omaha Public Power District Electric System Revenue Refunding Bonds, Series C,
5.00%, 2/1/43		1,000		1,003
				8,692
Nevada – 0.9%
Clark County Airport System Subordinate Lien Revenue Refunding Bonds Series A-2,
4.25%, 7/1/36		5,000		4,844
Clark County School District Building G.O. Limited Bonds, Series A,
4.00%, 6/15/36		2,000		1,884
				6,728
New Jersey – 1.0%
New Jersey State EDA Revenue School Facilities Construction Revenue Bonds,
5.00%, 6/15/34		500		524
New Jersey State G.O. Unlimited Bonds, Covid-19 Go Emergency Bonds,
5.00%, 6/1/25		2,500		2,548
New Jersey State Transportation Trust Fund Authority Revenue Bonds, Transportation Program,
5.25%, 6/15/43		4,500		4,583
				7,655
New Mexico – 0.2%
New Mexico State Mortgage Finance Authority Revenue Bonds, Series C (GNMA, FNMA, FHLMC Insured),
4.00%, 9/1/52		990		789

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
New Mexico – 0.2%    continued
New Mexico State Mortgage Finance Authority Revenue Bonds, Series D, Class I (GNMA, FNMA, FHLMC Insured),
4.30%, 9/1/52		$1,000		$834
				1,623
New York – 14.1%
New York City Housing Development Corp. MFH Revenue Bonds, Sustainable Neighborhood Bonds,
3.00%, 11/1/39		1,370		1,061
New York City Housing Development Corp. MFH Revenue Refunding Bonds, Sustainable Neighborhood Bonds,
3.00%, 11/1/44		1,535		1,086
New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series EE,
5.00%, 6/15/39		1,800		1,840
New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series GG,
5.00%, 6/15/39		2,000		2,014
New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Sub-Series EE,
5.00%, 6/15/45		5,000		5,150
New York City Transitional Finance Authority Building Aid Revenue Bonds, Series S-3 (State Aid Withholding),
5.00%, 7/15/43		3,000		3,062
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds,
5.00%, 8/1/40		250		255
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, Fiscal 2017,
5.00%, 2/1/43		8,310		8,357

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  315 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
New York – 14.1%    continued
New York City Transitional Finance Authority Future Tax Subordinate Revenue Bonds,
3.00%, 5/1/48		$4,750		$3,303
New York City Transitional Finance Authority Subordinate Revenue Bonds, Series A-3,
3.00%, 5/1/45		5,000		3,589
New York City Transitional Finance Authority Subordinate Revenue Bonds, Series C-3,
5.00%, 5/1/41		3,450		3,509
New York G.O. Unlimited Bonds, Series A, Fiscal 2024,
5.00%, 8/1/51		1,500		1,524
New York G.O. Unlimited Refunding Bonds, Subseries F-1,
5.00%, 8/1/25		500		511
New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program (AGM Insured), Prerefunded,
5.00%, 10/1/28(5)		5		5
New York State Dormitory Authority Non State Supported Debt Revenue Bonds, School Districts Financing Program, Unrefunded Balance (AGC State Aid Withholding),
5.25%, 10/1/23		165		165
New York State Dormitory Authority Non State Supported Debt Revenue Bonds, Series A-2, Columbia University,
5.00%, 10/1/46		500		523
New York State Dormitory Authority Non State Supported Debt Revenue Refunding Bonds, Series B, Columbia University,
5.00%, 10/1/38		4,500		4,726
New York State Dormitory Authority Sales Tax Revenue Refunding Bonds, Series E, Group 2,
5.00%, 3/15/36		600		625

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
New York – 14.1%    continued
New York State Dormitory Authority State Personal Income Tax Revenue Refunding Bonds, Series A,
5.25%, 3/15/38		$5,000		$5,216
5.25%, 3/15/39		2,500		2,602
5.00%, 3/15/49		3,000		3,051
New York State Dormitory Authority State Personal Income TRB, Series A, Unrefunded Balance,
5.00%, 2/15/43		2,000		2,013
New York State Environmental Facilities Corp. State Clean Water & Drinking Water Subordinated Revenue Refunding SRF Bonds,
4.00%, 6/15/46		5,000		4,558
New York State Housing Finance Agency Affordable Housing Revenue Bonds, Series E (SonyMA, FNMA Insured),
4.15%, 11/1/47		1,000		875
New York State Liberty Development Corp. Liberty Revenue Refunding Bonds, Series 1,
2.25%, 2/15/41		7,055		4,533
New York State Mortgage Agency Homeowner Revenue Bonds, Series 242, Social Bonds (SonyMA Insured),
3.25%, 10/1/47		5,000		3,611
New York State Mortgage Agency Homeowner Revenue Refunding Bonds, Series 233, Social Bonds,
2.05%, 4/1/33		1,555		1,207
New York State Thruway Authority Personal Income Tax Revenue Refunding Bonds, Series A, Bidding Group 5,
4.00%, 3/15/51		5,000		4,292
New York State Thruway Authority Revenue Bonds, Series J,
5.00%, 1/1/27		50		50
New York State Transportation Development Corp. Special Facilities Revenue Refunding Bonds, Terminal 4 John F. Kennedy International Airport,
5.00%, 12/1/31		550		577

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  316 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
New York – 14.1%    continued
New York State Urban Development Corp. Personal Income TRB, Series A-1,
5.00%, 3/15/43		$3,000		$3,006
New York State Urban Development Corp. Revenue Refunding Bonds, State Personal Income Tax,
5.00%, 3/15/47		4,500		4,568
Port Authority of New York & New Jersey Consolidated Revenue Bonds,
5.00%, 9/1/39		5,000		5,016
Port Authority of New York & New Jersey Consolidated Revenue Refunding Bonds, Series 186 (AMT),
5.00%, 10/15/44		3,000		2,959
Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 207 (AMT),
5.00%, 9/15/28		1,000		1,027
Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 277 (AMT),
2.00%, 10/1/32		2,000		1,503
Sales Tax Asset Receivable Corp. Revenue Refunding Bonds, Series A, Fiscal 2015, Prerefunded,
5.00%, 10/15/24(5)		500		507
Triborough Bridge & Tunnel Authority Payroll Mobility Tax Revenue BANS, Series A,
5.00%, 8/15/24		3,000		3,028
Utility Debt Securitization Authority Restructuring Revenue Refunding Bonds,
5.00%, 12/15/37		2,500		2,525
Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds,
5.00%, 12/15/39		2,500		2,565
Utility Debt Securitization Authority Revenue Bonds, Restructuring Bonds, Series TE,
5.00%, 12/15/41		3,500		3,500
				104,094

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%    continued
North Carolina – 0.3%
North Carolina Capital Facilities Finance Agency Educational Revenue Bonds, Wake Forest University,
5.00%, 1/1/48		$1,000		$1,021
North Carolina State Housing Finance Agency Home Ownership Revenue Bonds, Series 44,
3.00%, 7/1/46		915		647
North Carolina State Turnpike Authority Senior Lien Revenue Bonds, Triangle Expressway (AGM Insured),
5.00%, 1/1/49		500		501
				2,169
North Dakota – 0.1%
Grand Forks Health Care System Revenue Refunding Bonds, Altru Health System (AGM Insured),
3.00%, 12/1/46		1,500		999
Ohio – 0.3%
Northeast Ohio Medical University General Receipts Revenue Refunding Bonds, Series A,
4.00%, 12/1/45		225		181
Ohio State Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System,
4.00%, 1/1/36		1,000		971
Washington Local School District Lucas County G.O. Unlimited Bonds, Series A (School District Credit Program),
3.13%, 12/1/51		2,000		1,317
				2,469
Oregon – 2.1%
Clackamas County School District No. 12 North Clackamas G.O. Unlimited CABS, Series A, (School Board Guaranty Program),
0.00%, 6/15/38(4)		7,500		3,393
Clackamas County School District No. 62C Oregon City G.O. Unlimited CABS, Series A (School Board Guaranty Program),
0.00%, 6/15/37(4)		1,000		509

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  317 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%     continued
Oregon – 2.1%     continued
Oregon State Health & Science University Revenue Refunding Bonds, Series B,
5.00%, 7/1/38		$2,035		$2,062
Port of Portland International Airport Revenue Bonds,
5.00%, 7/1/49		2,010		2,011
Salem Hospital Facility Authority Revenue Refunding Bonds, Multi Model Salem Health Projects,
5.00%, 5/15/44		3,500		3,373
Union County Hospital Facility Authority Revenue Bonds, Grand Ronde Hospital Project,
5.00%, 7/1/52		750		645
Washington County School District No. 48J Beaverton G.O. Unlimited CABS, Series A (School Board Guaranty Program),
0.00%, 6/15/48(4)		5,000		1,315
Washington Multnomah & Yamhill Counties Hillsboro School District No. 1J G.O. Unlimited Bonds (School Board Guaranty Program),
5.00%, 6/15/35		2,000		2,072
				15,380
Pennsylvania – 2.9%
Commonwealth Financing Authority Tobacco Master Settlement Payment Revenue Bonds (AGM Insured),
4.00%, 6/1/39		5,000		4,532
Delaware County Regional Water Quality Control Authority Sewer Revenue Bonds,
5.00%, 5/1/32		820		834
5.00%, 5/1/35		865		877
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds, University of Pennsylvania Health System,
5.00%, 8/15/49		5,000		5,036
Pennsylvania State Turnpike Commission Oil Franchise Tax Subordinate Revenue Bonds, Series B,
5.00%, 12/1/43		2,500		2,525

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%     continued
Pennsylvania – 2.9%     continued
Pennsylvania State Turnpike Commission Revenue Bonds, Series A-2,
5.00%, 12/1/48		$2,000		$2,023
Pennsylvania State Turnpike Commission Turnpike Revenue Bonds, Series B,
5.00%, 12/1/40		1,525		1,538
Pennsylvania State University Revenue Bonds, Series A,
5.00%, 9/1/45		2,000		2,056
Pennsylvania Turnpike Commission Turnpike Revenue Refunding Bonds, Series B,
5.00%, 12/1/46		1,700		1,744
				21,165
Rhode Island – 0.6%
Rhode Island Turnpike & Bridge Authority Motor Fuel TRB, Series A,
4.00%, 10/1/44		5,265		4,508
South Carolina – 1.5%
Charleston Educational Excellence Financing Corp. Revenue Refunding Bonds, Charleston County School District Project,
5.00%, 12/1/24		1,000		1,012
5.00%, 12/1/26		1,125		1,168
Patriots Energy Group Gas System Revenue Refunding Bonds, Series A,
4.00%, 6/1/51		2,500		2,004
Piedmont Municipal Power Agency Electric Revenue Bonds, Series 2004 (BHAC-CR MBIA Insured),
5.38%, 1/1/25		5,605		5,692
University of South Carolina Athletic Facilities Revenue Refunding Bonds, Series A,
5.00%, 5/1/52		1,000		1,008
				10,884
Tennessee – 1.1%
Tennergy Corp. Gas Revenue Bonds, Series A,
4.00%, 9/1/28(1) (2)		5,000		4,786

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  318 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%     continued
Tennessee – 1.1%     continued
Tennessee Housing Development Agency Residential Financing Program Revenue Bonds, Series 1B,
3.38%, 7/1/38		$50		$48
Tennessee Housing Development Agency Residential Financing Program Revenue Bonds, Series 2B,
3.95%, 1/1/38		75		74
Tennessee State Energy Acquisition Corp. Variable Revenue Refunding Bonds, Series A-1, Gas Project,
5.00%, 5/1/28(1) (2)		3,270		3,262
				8,170
Texas – 6.8%
Austin Electric Utility System Revenue Refunding Bonds, Series A,
5.00%, 11/15/28		500		509
5.00%, 11/15/35		2,500		2,523
Bexar County Hospital District Certificates of Obligation G.O. Limited Bonds,
5.00%, 2/15/26		625		641
Clifton Higher Education Finance Corp. Revenue Bonds, Series A, Idea Public Schools,
4.00%, 8/15/51		1,200		909
Collin County G.O. Limited Bonds,
5.00%, 2/15/25		2,060		2,091
Dallas-Fort Worth International Airport Revenue Refunding Bonds, Series B,
5.00%, 11/1/25		550		563
5.00%, 11/1/47		525		530
El Paso Municipal Drainage Utility System Revenue Bonds,
5.00%, 3/1/38		1,215		1,267
Harris County Cultural Education Facilities Finance Corp. Variable Revenue Bonds, Series A, Texas Medical Center,
0.90%, 5/15/25(1) (2)		2,500		2,343
Harris County Flood Control District G.O. Limited Bonds, Series A, Sustainability Bonds,
5.00%, 9/15/31		1,475		1,602

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%     continued
Texas – 6.8%     continued
Jarrell Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
4.25%, 2/15/53		$5,000		$4,628
Klein Independent School District G.O. Unlimited Refunding Bonds, Series B,
5.00%, 8/1/25		2,725		2,782
Leander Independent School District Current Interest Bonds G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.),
5.00%, 8/15/26		3,000		3,056
Lower Colorado River Authority Transmission Contract Revenue Bonds, LCRA Transmission Services Corp.,
5.00%, 5/15/51		3,435		3,439
Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds, LCRA Transmission Services,
5.00%, 5/15/46		2,500		2,509
Mansfield Independent School District G.O. Unlimited Refunding Bonds, Series A (PSF, Gtd.),
5.00%, 2/15/35		2,440		2,470
North Texas Tollway Authority Revenue Refunding Bonds,
4.25%, 1/1/49		1,500		1,311
North Texas Tollway Authority Revenue Refunding Bonds, Series A, Second Tier,
5.00%, 1/1/34		1,275		1,282
Port Houston Authority First Lien Revenue Bonds,
5.00%, 10/1/25		475		486
Port Houston Authority Revenue Bonds,
5.00%, 10/1/51		2,500		2,527
Rankin Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
5.00%, 2/15/26		500		513
Rockwall Independent School District G.O. Unlimited Bonds, Series A (PSF, Gtd.),
5.00%, 2/15/52		2,445		2,492
San Antonio Electric & Gas Revenue Bonds, Series A,
5.00%, 2/1/37		670		710

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  319 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

TAX-EXEMPT FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%     continued
Texas – 6.8%     continued
Southwest Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
5.00%, 2/1/25		$885		$898
Tarrant County Cultural Education Facilities Finance Corp. Revenue Bonds, Series A, Christus Health,
4.00%, 7/1/53		2,000		1,609
University of Texas Permanent University Fund Revenue Bonds, Series B,
4.00%, 7/1/41		5,000		4,606
Wink Loving Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
5.00%, 2/15/26		2,185		2,191
				50,487
Utah – 0.6%
Intermountain Power Agency Supply Revenue Bonds, Series A,
5.00%, 7/1/26		1,250		1,293
Salt Lake City Airport Revenue Bonds, Series A (AMT),
5.00%, 7/1/42		3,000		2,948
				4,241
Virginia – 1.4%
Fairfax County Sewer Revenue Bonds, Series A,
5.00%, 7/15/46		2,415		2,524
Rockingham County EDA Facilities Revenue Refunding Bonds, Sentara RMH Medical Center,
3.00%, 11/1/46		2,000		1,404
Virginia State College Building Authority Educational Facilities Revenue Bonds, 21st Century College and Equipment,
5.00%, 2/1/38		825		880
Virginia State Port Authority Commonwealth Fund Revenue Bonds, Series A,
5.25%, 7/1/48		2,500		2,666
Virginia State Small Business Financing Authority Revenue Refunding Bonds, National Senior Campuses,
3.38%, 1/1/51		3,000		1,942

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%     continued
Virginia – 1.4%     continued
Virginia State Small Business Financing Authority Senior Lien Revenue Bonds (AMT), Elizabeth River,
3.00%, 1/1/41		$1,000		$720
				10,136
Washington – 4.5%
Clark County Public Utility District No. 1 Electric Revenue Refunding Bonds,
5.00%, 1/1/25		1,320		1,337
Grant County Public Utility District No. 2 Electric Revenue Refunding Bonds, Series U,
4.00%, 1/1/26		3,000		3,013
Snohomish County Public Utility District No. 1 Electric System Revenue Bonds,
5.00%, 12/1/40		560		565
Snohomish County Public Utility District No. 1 Electric System Revenue Bonds, Series A,
5.00%, 12/1/47		5,000		5,131
Washington State COPS, Series A,
5.00%, 7/1/26		1,000		1,031
Washington State G.O. Unlimited Bonds, Series B,
5.00%, 2/1/37		5,000		5,043
Washington State G.O. Unlimited Bonds, Series C, Bidding Group 3,
5.00%, 2/1/45		2,000		2,081
Washington State Health Care Facilities Authority Revenue Refunding Bonds, Providence Health & Services,
5.00%, 10/1/38		5,000		4,890
Washington State Housing Finance Commission Social Certificate Revenue Bonds, Series A-1,
3.50%, 12/20/35		966		835
Washington State Motor Fuel Tax G.O. Unlimited Bonds, Series E,
5.00%, 2/1/38		2,000		2,003
Washington State University Revenue Refunding Bonds,
5.00%, 4/1/40		1,320		1,322
Washington State Various Purpose G.O. Unlimited Bonds, Series A,
5.00%, 8/1/39		1,500		1,550

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  320 
  NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
MUNICIPAL BONDS - 93.8%     continued
Washington – 4.5%     continued
Washington State Various Purpose G.O. Unlimited Bonds, Series D,
5.00%, 2/1/33		$4,515		$4,527
				33,328
Wisconsin – 1.9%
University Hospitals & Clinics Authority Revenue Refunding Bonds, Series A,
4.25%, 4/1/48		2,775		2,431
Wisconsin State G.O. Unlimited Bonds, Series A,
5.00%, 5/1/25		5,000		5,091
5.00%, 5/1/40		3,000		3,030
Wisconsin State G.O. Unlimited Refunding Bonds, Series 2,
5.00%, 5/1/38		1,000		1,076
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Marquette University,
5.00%, 10/1/35		1,025		1,048
Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds, Milwaukee Regional Medical Center,
4.13%, 4/1/46		1,500		1,292
				13,968
Total Municipal Bonds
(Cost $785,761)				692,763
	NUMBER     OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 2.4%
Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.14%(6) (7)		17,804,877		$17,805
Total Investment Companies
(Cost $17,805)				17,805
	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS – 2.2%
Broward County School District Revenue TANS,
5.00%, 6/28/24		$4,000		$4,032

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
SHORT-TERM INVESTMENTS - 2.2%     continued
Central Plains Energy Project Gas Project Revenue Bonds, Project No. 4,
5.00%, 1/1/24(1) (2)		$2,500		$2,508
Indianapolis Local Public Improvement Bank Revenue Bonds, Series B, Waterworks Project (NATL Insured),
5.25%, 1/1/24		2,000		2,006
Jarrell Independent School District G.O. Unlimited Bonds (PSF, Gtd.),
5.00%, 2/15/24		850		853
Mckinney Independent School District G.O. Unlimited Refunding Bonds (PSF, Gtd.),
5.00%, 2/15/24		3,500		3,512
Patriots Energy Group Financing Agency South Carolina Gas Supply Revenue Bonds, Series A,
4.00%, 2/1/24(1) (2)		2,000		1,994
Quincy G.O. Limited BANS,
5.00%, 7/5/24		1,500		1,512
Total Short-Term Investments
(Cost $16,448)				16,417
Total Investments – 98.4%
(Cost $820,014)				726,985
Other Assets less Liabilities – 1.6%				11,641
NET ASSETS – 100.0%				$738,626

⁽¹⁾  Maturity date represents the puttable date.

⁽²⁾  Variable or floating rate security. These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. Rate as of September 30, 2023 is disclosed.

⁽³⁾  Step coupon bond. Rate as of September 30, 2023 is disclosed.

⁽⁴⁾  Zero coupon bond.

⁽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, 2023 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

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  321 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS
TAX-EXEMPT FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

BANS - Bond Anticipation Notes

BHAC - Berkshire Hathaway Assurance Corporation

CABS - Capital Appreciation Bonds

CHF - Collegiate Housing Foundation

COPS - Certificates of Participation

CR - Custody Receipt

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

Gtd. - Guaranteed

HDA - Housing Develoment Authority

HUD - Housing and Urban Development

IDA - Industrial Development Authority

INS - Insured

LCRA - Lower Colorado River Authority

MBIA - Municipal Bonds Insurance Association

MFH - Multi-Family Housing

NATL - National Public Finance Guarantee Corporation

PCR - Pollution Control Revenue

PSF - Permanent School Fund

Q-SBLF - Qualified School Bond Loan Fund

SFM - Single Family Mortgage

SonyMA - State of New York Mortgage Agency

SRF - Special Revenue Fund

TANS - Tax Anticipation Notes

TRB - Tax Revenue Bonds

VA - Veterans Affairs

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Municipal Bonds		93.8	%
Investment Companies		2.4	%
Short-Term Investments		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 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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Municipal Bonds(1)	$	—	$	692,763		$—	$	692,763
Investment Companies		17,805		—		—		17,805
Short-Term Investments		—		16,417		—		16,417
Total Investments	$	17,805	$	709,180		$—	$	726,985

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  322 
  NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
ULTRA-SHORT FIXED INCOME FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES – 11.2%
Auto Loan – 0.2%
Ford Credit Auto Owner Trust, Series 2023-B, Class A2A
5.57%, 6/15/26		$2,800		$2,792
Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A2A
5.47%, 9/15/25(1)		1,114		1,110
				3,902
Automobile – 2.3%
Bank of America Auto Trust, Series 2023-1A, Class A3
5.53%, 2/15/28(1)		2,100		2,099
CarMax Auto Owner Trust, Series 2019-4, Class B
2.32%, 7/15/25		1,700		1,687
Ford Credit Auto Lease Trust, Series 2022-A, Class A3
3.23%, 5/15/25		1,328		1,318
Ford Credit Auto Owner Trust, Series 2020-A, Class A4
1.35%, 7/15/25		594		588
Ford Credit Auto Owner Trust, Series 2022-D, Class A2A
5.37%, 8/15/25		3,773		3,766
Ford Credit Auto Owner Trust, Series 2023-A, Class A2A
5.14%, 3/15/26		1,705		1,699
GM Financial Automobile Leasing Trust, Series 2021-3, Class A3
0.39%, 10/21/24		589		586
GM Financial Automobile Leasing Trust, Series 2022-2, Class A3
3.42%, 6/20/25		2,072		2,047
GM Financial Consumer Automobile Receivables Trust, Series 2020-1, Class A4
1.90%, 3/17/25		511		510
GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class A3
0.51%, 4/16/26		2,544		2,471
GM Financial Consumer Automobile Receivables Trust, Series 2021-3, Class A3
0.48%, 6/16/26		5,477		5,294

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 11.2%     continued
Automobile – 2.3%     continued
GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A2A
5.74%, 9/16/26		$1,150		$1,149
Hyundai Auto Receivables Trust, Series 2022-A, Class A2A
1.81%, 2/18/25(1)		718		715
Hyundai Auto Receivables Trust, Series 2022-C, Class A2A
5.35%, 11/17/25		3,975		3,966
Mercedes-Benz Auto Lease Trust, Series 2021-B, Class A4
0.51%, 3/15/27		1,805		1,764
Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A2
5.26%, 10/15/25		3,145		3,138
Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A2
5.09%, 1/15/26		914		911
Nissan Auto Lease Trust, Series 2021-A, Class A3
0.52%, 8/15/24		495		494
Santander Drive Auto Receivables Trust, Series 2023-1, Class A2
5.36%, 5/15/26		3,486		3,480
Santander Drive Auto Receivables Trust, Series 2023-3, Class A2
6.08%, 8/17/26		3,600		3,598
Toyota Auto Receivables Owner Trust, Series 2022-D, Class A2A
5.27%, 1/15/26		1,982		1,977
World Omni Auto Receivables Trust, Series 2021-B, Class A3
0.42%, 6/15/26		2,149		2,080
World Omni Auto Receivables Trust, Series 2021-D, Class A3
0.81%, 10/15/26		507		488
				45,825
Credit Card – 7.3%
American Express Credit Account Master Trust, Series 2022-1, Class A
2.21%, 3/15/27		13,900		13,229
American Express Credit Account Master Trust, Series 2022-2, Class A
3.39%, 5/15/27		16,050		15,489

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  323 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

ULTRA-SHORT FIXED INCOME FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 11.2%     continued
Credit Card – 7.3%     continued
BA Credit Card Trust, Series 2021-A1, Class A
0.44%, 9/15/26		$4,500		$4,371
Capital One Multi-Asset Execution Trust, Series 2021-A1, Class A1
0.55%, 7/15/26		34,140		32,734
Capital One Multi-Asset Execution Trust, Series 2023-A1, Class A
4.42%, 5/15/28		8,000		7,803
Chase Issuance Trust, Series 2023-A1, Class A
5.16%, 9/15/28		4,000		3,991
Discover Card Execution Note Trust, Series 2021-A1, Class A1
0.58%, 9/15/26		14,400		13,690
Discover Card Execution Note Trust, Series 2023-A1, Class A
4.31%, 3/15/28		4,290		4,176
Golden Credit Card Trust, Series 2022-2A, Class A
(Floating, U.S. SOFR + 0.25%), 5.57%, 1/15/26(1) (2)		22,600		22,587
Synchrony Card Funding LLC
5.54%, 7/15/29		1,250		1,248
Trillium Credit Card Trust II, Series 2021-2A, Class A
(Floating, U.S. 30 Day Average SOFR + 0.22%), 5.53%, 10/26/26(1) (2)		25,000		24,996
				144,314
Other – 1.4%
Dell Equipment Finance Trust, Series 2021-2, Class A3
0.53%, 12/22/26(1)		3,072		3,031
Hpefs Equipment Trust, Series 2022-3A, Class A2
5.26%, 8/20/29(1)		2,510		2,503
MMAF Equipment Finance LLC, Series 2022-B, Class A2
5.57%, 9/9/25(1)		1,747		1,740

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
ASSET-BACKED SECURITIES - 11.2%     continued
Other – 1.4%     continued
Verizon Master Trust, Series 2021-1, Class A
0.50%, 5/20/27		$20,640		$19,936
				27,210
Total Asset-Backed Securities
(Cost $225,817)				221,251
CORPORATE BONDS – 39.8%
Aerospace & Defense – 0.4%
Boeing (The) Co.,
1.95%, 2/1/24		7,958		7,848
Apparel & Textile Products – 0.2%
VF Corp.,
2.40%, 4/23/25		3,609		3,401
Asset Management – 1.5%
Charles Schwab (The) Corp.,
(Floating, U.S. SOFR Compounded Index + 1.05%), 6.39%, 3/3/27 (2)		20,000		19,791
FS KKR Capital Corp.,
1.65%, 10/12/24		9,830		9,340
				29,131
Automotive – 2.4%
American Honda Finance Corp.,
(Floating, CME Term SOFR 3M + 0.54%), 5.84%, 1/12/24 (2)		6,000		6,000
Aptiv PLC/Aptiv Corp.,
2.40%, 2/18/25		4,830		4,596
General Motors Financial Co., Inc.,
(Floating, U.S. SOFR + 0.76%), 6.10%, 3/8/24 (2)		7,400		7,398
1.20%, 10/15/24		1,000		950
(Floating, U.S. SOFR + 0.62%), 5.92%, 10/15/24 (2)		250		249
3.50%, 11/7/24		4,000		3,884
Hyundai Capital America,
0.80%, 1/8/24 (1)		7,400		7,296
0.88%, 6/14/24 (1)		9,900		9,547
5.95%, 9/21/26 (1)		4,000		3,989
Nissan Motor Acceptance Co. LLC,
1.13%, 9/16/24 (1)		4,200		3,987
				47,896

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  324 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 39.8%     continued
Banking – 7.2%
Bank of America Corp.,
(Floating, U.S. SOFR + 0.73%), 6.06%, 10/24/24 (2)		$8,652		$8,654
Citigroup, Inc.,
(Floating, U.S. SOFR + 0.67%), 6.01%, 5/1/25 (2)		3,418		3,412
(Floating, U.S. SOFR + 0.69%), 6.02%, 1/25/26 (2)		12,100		12,051
(Floating, U.S. SOFR + 1.28%), 6.62%, 2/24/28 (2)		21,000		20,962
Fifth Third Bank N.A.,
(Variable, U.S. SOFR Compounded Index + 1.23%), 5.85%, 10/27/25 (3)		15,900		15,642
JPMorgan Chase & Co.,
(Floating, CME Term SOFR 3M + 1.11%), 6.39%, 1/10/25 (2)		1,305		1,307
(Floating, U.S. SOFR + 0.77%), 6.11%, 9/22/27 (2)		15,100		14,830
(Floating, U.S. SOFR + 1.18%), 6.52%, 2/24/28 (2)		13,000		12,983
KeyBank N.A.,
(Variable, U.S. SOFR Compounded Index + 0.32%), 5.66%, 6/14/24 (2)		3,700		3,641
4.15%, 8/8/25		3,800		3,578
KeyCorp,
(Variable, U.S. SOFR Compounded Index + 1.25%), 3.88%, 5/23/25 (3)		7,700		7,423
Truist Financial Corp.,
(Floating, U.S. SOFR + 0.40%), 5.74%, 6/9/25 (2)		25,000		24,445
Wells Fargo & Co.,
(Floating, U.S. SOFR + 1.32%), 6.64%, 4/25/26 (2)		14,700		14,784
				143,712
Chemicals – 0.5%
Avery Dennison Corp.,
0.85%, 8/15/24		3,000		2,870
Ecolab, Inc.,
0.90%, 12/15/23		1,500		1,485
Sherwin-Williams (The) Co.,
4.05%, 8/8/24		2,700		2,658

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 39.8%     continued
Chemicals – 0.5%     continued
Westlake Corp.,
0.88%, 8/15/24		$2,375		$2,272
				9,285
Containers & Packaging – 0.1%
Graphic Packaging International LLC,
0.82%, 4/15/24(1)		2,022		1,960
Diversified Industrials – 0.2%
Parker-Hannifin Corp.,
3.65%, 6/15/24		3,940		3,879
Electric Utilities – 3.4%
Black Hills Corp.,
1.04%, 8/23/24		3,180		3,040
Consolidated Edison, Inc.,
0.65%, 12/1/23		8,100		8,032
DTE Energy Co.,
4.22%, 11/1/24		3,300		3,238
Entergy Louisiana LLC,
0.62%, 11/17/23		6,876		6,832
Mississippi Power Co.,
(Floating, U.S. SOFR + 0.30%), 5.65%, 6/28/24 (2)		8,000		7,966
NextEra Energy Capital Holdings, Inc.,
(Floating, U.S. SOFR Compounded Index + 0.40%), 5.74%, 11/3/23 (2)		17,160		17,159
Public Service Enterprise Group, Inc.,
0.84%, 11/8/23		350		348
Southern (The) Co.,
0.60%, 2/26/24		1,580		1,546
Vistra Operations Co. LLC,
5.13%, 5/13/25 (1)		15,600		15,201
WEC Energy Group, Inc.,
0.80%, 3/15/24		4,420		4,316
				67,678
Entertainment Content – 0.4%
Take-Two Interactive Software, Inc.,
3.30%, 3/28/24		508		501
3.55%, 4/14/25		1,400		1,350
Warnermedia Holdings, Inc.,
3.43%, 3/15/24		6,200		6,121
				7,972

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  325 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

ULTRA-SHORT FIXED INCOME FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 39.8%     continued
Food – 0.3%
Cargill, Inc.,
0.40%, 2/2/24 (1)		$175		$172
General Mills, Inc.,
5.24%, 11/18/25		1,940		1,922
McCormick & Co., Inc.,
3.25%, 11/15/25		5,000		4,754
				6,848
Health Care Facilities & Services – 0.1%
HCA, Inc.,
5.00%, 3/15/24		2,100		2,089
Home Construction – 0.1%
Lennar Corp.,
4.88%, 12/15/23		2,850		2,840
Institutional Financial Services – 3.6%
Blackstone Private Credit Fund,
2.70%, 1/15/25		7,920		7,502
Goldman Sachs Group (The), Inc.,
3.50%, 4/1/25		1,500		1,444
(Floating, U.S. SOFR + 0.81%), 6.15%, 3/9/27 (2)		25,000		24,715
Morgan Stanley,
(Variable, U.S. SOFR + 0.56%), 1.16%, 10/21/25 (3)		3,385		3,195
(Floating, U.S. SOFR + 0.95%), 6.29%, 2/18/26 (2)		20,000		20,020
Nasdaq, Inc.,
5.65%, 6/28/25		10,000		9,969
National Securities Clearing Corp.,
0.40%, 12/7/23 (1)		3,000		2,971
State Street Corp.,
5.27%, 8/3/26		2,070		2,051
				71,867
Insurance – 9.5%
Athene Global Funding,
1.20%, 10/13/23 (1)		16,900		16,875
(Floating, ICE LIBOR USD 3M + 0.73%), 6.27%, 1/8/24 (1) (2)		35,000		34,929
Brighthouse Financial Global Funding,
(Floating, U.S. SOFR + 0.76%), 6.05%, 4/12/24 (1) (2)		1,300		1,294
1.75%, 1/13/25 (1)		700		660
Corebridge Financial, Inc.,
3.50%, 4/4/25		12,900		12,377

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 39.8%     continued
Insurance – 9.5%     continued
Corebridge Global Funding,
0.45%, 12/8/23 (1)		$13,230		$13,075
GA Global Funding Trust,
(Floating, U.S. SOFR + 0.50%), 5.84%, 9/13/24 (1) (2)		20,000		19,727
Jackson Financial, Inc.,
1.13%, 11/22/23		11,450		11,363
Jackson National Life Global Funding,
1.75%, 1/12/25 (1)		15,220		14,290
Metropolitan Life Global Funding I,
(Floating, U.S. SOFR + 0.32%), 5.60%, 1/7/24 (1) (2)		14,700		14,701
Northwestern Mutual Global Funding,
(Floating, U.S. SOFR + 0.33%), 5.67%, 3/25/24 (1) (2)		11,030		11,030
Protective Life Global Funding,
0.63%, 10/13/23 (1)		15,800		15,776
0.78%, 7/5/24 (1)		13,300		12,781
Security Benefit Global Funding,
1.25%, 5/17/24		9,300		8,975
				187,853
Leisure Facilities & Services – 0.2%
Starbucks Corp.,
4.75%, 2/15/26		3,730		3,675
Machinery – 0.9%
Caterpillar Financial Services Corp.,
4.35%, 5/15/26		5,600		5,474
CNH Industrial Capital LLC,
3.95%, 5/23/25		6,090		5,902
Stanley Black & Decker, Inc.,
6.27%, 3/6/26		5,870		5,908
				17,284
Medical Equipment & Devices – 1.6%
Baxter International, Inc.,
(Floating, U.S. SOFR Compounded Index + 0.44%), 5.78%, 11/29/24 (2)		11,570		11,498
Boston Scientific Corp.,
3.45%, 3/1/24		3,000		2,967
Stryker Corp.,
0.60%, 12/1/23		4,660		4,618
3.50%, 3/15/26		7,000		6,672

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  326 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 39.8%     continued
Medical Equipment & Devices – 1.6%     continued
Zimmer Biomet Holdings, Inc.,
1.45%, 11/22/24		$6,600		$6,268
				32,023
Oil & Gas Producers – 0.4%
Continental Resources, Inc.,
3.80%, 6/1/24		1,000		984
Enterprise Products Operating LLC,
5.05%, 1/10/26		2,230		2,206
Williams (The) Cos., Inc.,
5.40%, 3/2/26		5,110		5,070
				8,260
Real Estate Investment Trusts – 0.1%
Public Storage Operating Co.,
(Floating, U.S. SOFR Compounded Index + 0.60%), 5.93%, 7/25/25(2)		1,730		1,732
Retail - Consumer Staples – 0.8%
7-Eleven, Inc.,
0.80%, 2/10/24 (1)		14,000		13,734
Walmart, Inc.,
4.00%, 4/15/26		1,785		1,738
				15,472
Retail - Discretionary – 0.5%
AutoNation, Inc.,
4.50%, 10/1/25		1,000		966
AutoZone, Inc.,
5.05%, 7/15/26		2,980		2,936
Ross Stores, Inc.,
4.60%, 4/15/25		5,323		5,217
				9,119
Semiconductors – 0.0%
Intel Corp.,
4.88%, 2/10/26		795		785
Software – 0.2%
Oracle Corp.,
5.80%, 11/10/25		4,030		4,045
Specialty Finance – 3.4%
Air Lease Corp.,
4.25%, 2/1/24		7,500		7,448
0.80%, 8/18/24		5,100		4,863
Ally Financial, Inc.,
3.88%, 5/21/24		2,646		2,597

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
CORPORATE BONDS - 39.8%     continued
Specialty Finance – 3.4%     continued
American Express Co.,
(Floating, U.S. SOFR Compounded Index + 0.65%), 5.99%, 11/4/26 (2)		$27,996		$27,743
Aviation Capital Group LLC,
5.50%, 12/15/24 (1)		10,000		9,831
Synchrony Financial,
4.25%, 8/15/24		6,063		5,921
4.88%, 6/13/25		9,047		8,674
				67,077
Steel – 0.3%
Nucor Corp.,
3.95%, 5/23/25		5,340		5,180
Technology Services – 0.5%
Fidelity National Information Services, Inc.,
0.60%, 3/1/24		2,300		2,248
Global Payments, Inc.,
1.50%, 11/15/24		7,630		7,247
				9,495
Telecommunications – 0.8%
AT&T, Inc.,
(Floating, CME Term SOFR 3M + 1.44%), 6.85%, 6/12/24 (2)		3,619		3,640
1.70%, 3/25/26		2,831		2,569
Sprint LLC,
7.13%, 6/15/24		3,500		3,521
Verizon Communications, Inc.,
(Floating, U.S. SOFR Compounded Index + 0.79%), 6.13%, 3/20/26 (2)		6,696		6,728
				16,458
Transportation & Logistics – 0.2%
Ryder System, Inc.,
3.65%, 3/18/24		4,000		3,956
Total Corporate Bonds
(Cost $801,517)				788,820

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  327 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

ULTRA-SHORT FIXED INCOME FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS – 41.8%
Asset Management – 0.5%
UBS A.G.,
0.45%, 2/9/24 (1)		$455		$446
(Floating, U.S. SOFR + 0.36%), 5.70%, 2/9/24 (1) (2)		9,000		9,001
				9,447
Automotive – 2.1%
BMW U.S. Capital LLC,
(Floating, U.S. SOFR Compounded Index + 0.53%), 6.11%, 4/1/24 (1) (2)		7,633		7,638
(Floating, U.S. SOFR Compounded Index + 0.38%), 5.72%, 8/12/24 (1) (2)		10,200		10,192
5.30%, 8/11/25 (1)		2,900		2,885
Kia Corp.,
2.38%, 2/14/25 (1)		7,080		6,752
Mercedes-Benz Finance North America LLC,
5.38%, 8/1/25 (1)		2,410		2,400
Volkswagen Group of America Finance LLC,
(Floating, U.S. SOFR + 0.95%), 6.29%, 6/7/24 (1) (2)		10,860		10,875
				40,742
Banking – 33.7%
Australia & New Zealand Banking Group Ltd.,
5.09%, 12/8/25		5,140		5,090
Banco Santander S.A.,
3.89%, 5/24/24		400		394
(Floating, U.S. SOFR + 1.24%), 6.58%, 5/24/24 (2)		15,400		15,471
5.15%, 8/18/25		6,200		6,070
Bank of Montreal,
(Floating, U.S. SOFR Compounded Index + 0.62%), 5.96%, 9/15/26 (2)		25,800		25,493
Bank of New Zealand,
(Floating, U.S. SOFR + 0.81%), 6.15%, 1/27/27 (1) (2)		21,000		20,903
Bank of Nova Scotia (The),
(Floating, U.S. SOFR + 0.38%), 5.72%, 7/31/24 (2)		20,000		19,956

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 41.8%     continued
Banking – 33.7%     continued
(Floating, U.S. SOFR Compounded Index + 0.55%), 5.89%, 3/2/26 (2)		$30,000		$29,693
Banque Federative du Credit Mutuel S.A.,
(Floating, U.S. SOFR Compounded Index + 0.41%), 5.75%, 2/4/25 (1) (2)		35,000		34,832
BNP Paribas S.A.,
4.25%, 10/15/24		13,084		12,814
Commonwealth Bank of Australia,
(Floating, U.S. SOFR + 0.40%), 5.68%, 7/7/25 (1) (2)		7,800		7,774
(Floating, U.S. SOFR + 0.52%), 5.86%, 6/15/26 (1) (2)		24,500		24,391
Cooperatieve Rabobank U.A.,
(Floating, U.S. SOFR Compounded Index + 0.38%), 5.66%, 1/10/25 (2)		9,700		9,678
Credit Agricole S.A.,
3.25%, 10/4/24 (1)		7,000		6,812
Credit Suisse A.G.,
3.63%, 9/9/24		3,500		3,406
7.95%, 1/9/25		5,517		5,615
Danske Bank A/S,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.10%), 6.47%, 1/9/26 (1) (3)		4,135		4,127
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.18%), 6.26%, 9/22/26 (1) (3)		4,060		4,059
DBS Group Holdings Ltd.,
(Floating, U.S. SOFR Compounded Index + 0.30%), 5.64%, 11/22/24 (1) (2)		15,000		14,950
Deutsche Bank A.G.,
0.96%, 11/8/23		7,300		7,256
(Floating, U.S. SOFR + 1.22%), 6.56%, 11/16/27 (2)		7,500		7,166
Federation des Caisses Desjardins du Quebec,
(Floating, U.S. SOFR + 0.43%), 5.77%, 5/21/24 (1) (2)		22,400		22,374
(Variable, U.S. SOFR Compounded Index + 1.09%), 5.28%, 1/23/26 (1) (3)		14,030		13,823

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  328 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 41.8%     continued
Banking – 33.7%     continued
HSBC Holdings PLC,
(Floating, CME Term SOFR 3M + 1.64%), 7.05%, 9/12/26 (2)		$22,816		$23,022
ING Groep N.V.,
(Floating, U.S. SOFR Compounded Index + 1.01%), 6.35%, 4/1/27 (2)		27,000		26,706
Lloyds Banking Group PLC,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.75%), 4.72%, 8/11/26 (3)		7,700		7,488
Macquarie Group Ltd.,
(Floating, U.S. SOFR + 0.71%), 6.01%, 10/14/25 (1) (2)		25,960		25,815
Mitsubishi UFJ Financial Group, Inc.,
(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.70%), 4.79%, 7/18/25 (3)		10,000		9,884
(Floating, U.S. SOFR + 0.94%), 6.28%, 2/20/26 (2)		3,000		3,002
National Australia Bank Ltd.,
(Floating, U.S. SOFR + 0.86%), 6.20%, 6/9/25 (1) (2)		13,950		14,018
National Bank of Canada,
0.75%, 8/6/24		12,500		11,937
(Variable, U.S. SOFR + 1.01%), 3.75%, 6/9/25 (3)		7,070		6,935
Nationwide Building Society,
0.55%, 1/22/24 (1)		5,000		4,918
(Floating, U.S. SOFR + 1.29%), 6.63%, 2/16/28 (1) (2)		10,700		10,446
NatWest Markets PLC,
(Floating, U.S. SOFR + 0.53%), 5.87%, 8/12/24 (1) (2)		10,700		10,666
(Floating, U.S. SOFR + 0.76%), 6.11%, 9/29/26 (1) (2)		32,900		32,358
Nordea Bank Abp,
(Floating, U.S. SOFR + 0.96%), 6.30%, 6/6/25 (1) (2)		12,200		12,232
Royal Bank of Canada,
(Floating, U.S. SOFR Compounded Index + 0.57%), 5.91%, 4/27/26 (2)		20,900		20,670
(Floating, U.S. SOFR Compounded Index + 0.59%), 5.93%, 11/2/26 (2)		15,000		14,780

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 41.8%     continued
Banking – 33.7%     continued
Skandinaviska Enskilda Banken AB,
(Floating, U.S. SOFR + 0.96%), 6.30%, 6/9/25 (1) (2)		$20,000		$20,033
Societe Generale S.A.,
2.63%, 10/16/24 (1)		14,505		13,941
Sumitomo Mitsui Financial Group, Inc.,
0.51%, 1/12/24		2,500		2,463
(Floating, U.S. SOFR + 0.88%), 6.16%, 1/14/27 (2)		5,840		5,818
Svenska Handelsbanken AB,
(Floating, U.S. SOFR + 0.91%), 6.25%, 6/10/25 (1) (2)		27,484		27,534
Swedbank AB,
6.14%, 9/12/26 (1)		7,000		6,971
Toronto-Dominion Bank (The),
0.55%, 3/4/24		1,000		978
3.77%, 6/6/25		7,700		7,447
5.53%, 7/17/26		5,000		4,964
(Floating, U.S. SOFR + 0.59%), 5.93%, 9/10/26 (2)		20,000		19,751
Westpac Banking Corp.,
1.02%, 11/18/24		280		266
(Floating, U.S. SOFR + 0.30%), 5.64%, 11/18/24 (2)		2,972		2,963
(Floating, U.S. SOFR + 1.00%), 6.34%, 8/26/25 (2)		13,230		13,330
(Floating, U.S. SOFR + 0.52%), 5.86%, 6/3/26 (2)		4,200		4,177
				667,660
Biotechnology & Pharmaceuticals – 0.1%
GlaxoSmithKline Capital PLC,
0.53%, 10/1/23		1,015		1,015
Electric Utilities – 0.2%
Enel Finance International N.V.,
4.25%, 6/15/25(1)		4,400		4,272
Industrial Support Services – 0.8%
Element Fleet Management Corp.,
1.60%, 4/6/24 (1)		5,800		5,661
6.27%, 6/26/26 (1)		9,720		9,687
				15,348
Institutional Financial Services – 1.1%
LSEGA Financing PLC,
0.65%, 4/6/24 (1)		14,900		14,490

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  329 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

ULTRA-SHORT FIXED INCOME FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
FOREIGN ISSUER BONDS - 41.8%     continued
Institutional Financial Services – 1.1%     continued
Sumitomo Mitsui Trust Bank Ltd.,
(Floating, U.S. SOFR + 0.44%), 5.78%, 9/16/24 (1) (2)		$7,855		$7,835
				22,325
Metals & Mining – 0.3%
Glencore Funding LLC,
4.13%, 3/12/24(1)		7,000		6,940
Oil & Gas Producers – 1.6%
Enbridge, Inc.,
(Floating, U.S. SOFR Compounded Index + 0.63%), 5.97%, 2/16/24 (2)		14,180		14,180
Saudi Arabian Oil Co.,
1.25%, 11/24/23 (1)		8,196		8,132
TransCanada PipeLines Ltd.,
1.00%, 10/12/24		9,070		8,616
				30,928
Specialty Finance – 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
3.15%, 2/15/24		5,000		4,943
1.65%, 10/29/24		9,100		8,656
Avolon Holdings Funding Ltd.,
5.25%, 5/15/24 (1)		4,957		4,910
				18,509
Telecommunications – 0.3%
Rogers Communications, Inc.,
4.10%, 10/1/23		6,900		6,900
Transportation & Logistics – 0.2%
Canadian Pacific Railway Co.,
1.35%, 12/2/24		5,060		4,797
Total Foreign Issuer Bonds
(Cost $838,058)				828,883
U.S. GOVERNMENT AGENCIES – 0.6% (4)
Fannie Mae – 0.4%
Fannie Mae REMICS, Series 2021-47, Class A,
3.00%, 11/25/32		4,360		4,253
Pool #FM3019,
3.50%, 2/1/35		2,168		2,037

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 0.6% (4)     continued
Fannie Mae – 0.4%     continued
Pool #MA3932,
3.50%, 2/1/35		$1,932		$1,815
				8,105
Freddie Mac – 0.1%
Pool #ZS8641,
2.50%, 2/1/32		3,167		2,858
Government National Mortgage Association – 0.1%
Government National Mortgage Association, Series 2013-149, Class MA,
2.50%, 5/20/40		1,452		1,386
Total U.S. Government Agencies
(Cost $13,356)				12,349
U.S. GOVERNMENT OBLIGATIONS – 3.5%
U.S. Treasury Notes – 3.5%
2.50%, 4/30/24		15,000		14,745
3.00%, 6/30/24		5,000		4,909
3.00%, 7/31/24		10,000		9,796
0.75%, 11/15/24		5,000		4,749
4.75%, 7/31/25		10,000		9,934
4.50%, 8/15/26		10,000		9,876
4.63%, 9/15/26		15,000		14,926
				68,935
Total U.S. Government Obligations
(Cost $69,736)				68,935
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 2.6%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(5) (6)		52,173,782		$52,174
Total Investment Companies
(Cost $52,174)				52,174
Total Investments – 99.5%
(Cost $2,000,658)				1,972,412
Other Assets less Liabilities – 0.5%				10,262
NET ASSETS – 100.0%				$1,982,674

⁽¹⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

⁽²⁾  Variable or floating rate security. Rate as of September 30, 2023 is disclosed.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  330 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

⁽³⁾  Variable or floating 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, 2023.

⁽⁴⁾  The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽⁵⁾  Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds.

⁽⁶⁾  7-day current yield as of September 30, 2023 is disclosed.

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

1Y - 1 Year

3M - 3 Month

CME - Chicago Mercantile Exchange

CMT - Constant Maturity

Fannie Mae - Federal National Mortgage Association

Freddie Mac - Federal Home Loan Mortgage Corporation

ICE - Intercontinental Exchange

LIBOR - London Interbank Offered Rate

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

USD - United States Dollar

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
Asset-Backed Securities		11.2	%
Corporate Bonds		39.8	%
Foreign Issuer Bonds		41.8	%
U.S. Government Agencies		0.6	%
U.S. Government Obligations		3.5	%
Investment Companies		2.6	%

⁽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 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, 2023:

INVESTMENTS	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Asset-backed securities(1)	$	—	$	221,251	$	—	$	221,251
Corporate Bonds(1)		—		788,820		—		788,820
Foreign Issuer Bonds(1)		—		828,883		—		828,883
U.S. Government Agencies(1)		—		12,349		—		12,349
U.S. Government Obligations		—		68,935		—		68,935
Investment Companies		52,174		—		—		52,174
Total Investments	$	52,174	$	1,920,238	$	—	$	1,972,412

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  331 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

U.S. GOVERNMENT FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 1.9% (1)
Fannie Mae – 0.6%
Pool #555649,
7.50%, 10/1/32		$12		$12
Pool #BH9277,
3.50%, 2/1/48		120		105
Pool #FS3063,
4.50%, 10/1/52		184		169
				286
Freddie Mac – 1.1%
Pool #RA8880,
5.50%, 4/1/53		96		93
Pool #SD1360,
5.50%, 7/1/52		107		103
Pool #SD1710,
5.00%, 10/1/52		191		180
Pool #SD2665,
6.00%, 4/1/53		96		96
Pool #ZS7735,
2.00%, 1/1/32		1		1
				473
Government National Mortgage Association – 0.2%
Government National Mortgage Association, Series 2017-95, Class QG,
2.50%, 8/20/46		75		66
Government National Mortgage Association I – 0.0%
Pool #676682,
4.50%, 6/15/25		10		10
Pool #782618,
4.50%, 4/15/24		1		1
Pool #783245,
5.00%, 9/15/24		1		1
Pool #783489,
5.00%, 6/15/25(2)		1		—
				12
Total U.S. Government Agencies
(Cost $893)				837
U.S. GOVERNMENT OBLIGATIONS – 97.2%
U.S. Treasury Inflation Indexed Notes – 2.2%
0.50%, 4/15/24		116		138
0.13%, 7/15/24		111		140
0.13%, 10/15/24		120		139
0.25%, 1/15/25		111		138

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 97.2%     continued
U.S. Treasury Inflation Indexed Notes – 2.2%     continued
0.38%, 7/15/25		$111		$137
0.13%, 4/15/26		126		137
0.13%, 4/15/27		137		136
0.13%, 7/15/30		2		2
				967
U.S. Treasury Notes – 95.0%
0.25%, 5/15/24		374		362
1.75%, 6/30/24		225		219
1.75%, 7/31/24		638		619
1.88%, 8/31/24		637		617
2.13%, 9/30/24		133		129
2.25%, 10/31/24		632		611
2.25%, 11/15/24		675		652
4.50%, 11/30/24		1,833		1,815
2.50%, 1/31/25		623		600
2.75%, 2/28/25		618		597
2.88%, 4/30/25		618		596
0.25%, 5/31/25		145		134
2.88%, 5/31/25		587		565
0.25%, 7/31/25		677		620
0.25%, 9/30/25		133		121
0.38%, 11/30/25		128		116
0.38%, 12/31/25		159		144
2.63%, 12/31/25		119		113
4.00%, 2/15/26		6,285		6,152
0.75%, 3/31/26		320		289
2.25%, 3/31/26		371		348
0.88%, 6/30/26		302		272
1.88%, 6/30/26		295		273
0.63%, 7/31/26		299		266
1.50%, 8/15/26		3,000		2,735
0.75%, 8/31/26		293		261
1.13%, 10/31/26		211		189
1.50%, 1/31/27		265		239
0.63%, 3/31/27		92		80
0.50%, 5/31/27		257		221
0.38%, 9/30/27		311		262
2.25%, 11/15/27		226		205
0.63%, 11/30/27		236		200
3.88%, 11/30/27		5,088		4,932
0.75%, 1/31/28		229		194
3.63%, 4/30/28		700		667
1.25%, 5/31/28		215		185

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  332 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 97.2%    continued
U.S. Treasury Notes – 95.0%    continued
3.63%, 5/31/28		$2,000		$1,917
4.00%, 6/30/28		750		730
2.88%, 8/15/28		595		549
1.13%, 8/31/28		208		176
4.38%, 8/31/28		750		743
3.13%, 11/15/28		588		547
2.88%, 4/30/29		2,129		1,944
4.00%, 2/28/30		1,500		1,447
4.13%, 8/31/30		4,600		4,465
3.50%, 2/15/33		2,930		2,688
3.38%, 5/15/33		300		272
				42,078
Total U.S. Government Obligations
(Cost $45,198)				43,045
	NUMBER   OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 0.3%
Northern Institutional Funds - U.S. Government Portfolio (Shares),
5.14%(3) (4)		120,921		$121
Total Investment Companies
(Cost $121)				121
Total Investments – 99.4%
(Cost $46,212)				44,003
Other Assets less Liabilities – 0.6%				254
NET ASSETS – 100.0%				$44,257

⁽¹⁾  The obligations of certain U.S. government-sponsored entities are neither issued nor guaranteed by the United States Treasury.

⁽²⁾  Value rounds to less than one thousand.

⁽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, 2023 is disclosed.

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, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
U.S. Government Agencies	1.9	%
U.S. Government Obligations	97.2	%
Investment Companies	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, 2023:

INVESTMENTS	LEVEL 1 (000S)	LEVEL 2 (000S)	LEVEL 3 (000S)	TOTAL (000S)
U.S. Government Agencies(1)	$  —	$      837	$—	$      837
U.S. Government Obligations(1)	—	43,045	—	43,045
Investment Companies	121	—	—	121
Total Investments	$121	$43,882	$—	$44,003

⁽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

U.S. GOVERNMENT MONEY MARKET FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 17.7% (1)
Federal Farm Credit Bank – 7.2%
FFCB Discount Notes,
5.22%, 10/23/23(2)		$20,000		$19,937
5.28%, 12/4/23(2)		10,000		9,907
5.31%, 12/11/23(2)		25,000		24,741
5.35%, 12/18/23(2)		12,000		11,863
5.35%, 12/26/23(2)		15,000		14,811
FFCB Notes,
(Floating, U.S. Federal Funds + 0.02%), 5.35%, 10/2/23(3)		45,000		45,000
(Floating, U.S. Federal Funds + 0.12%), 5.45%, 10/2/23(3)		60,000		60,000
(Floating, U.S. Federal Funds + 0.13%), 5.46%, 10/2/23(3)		150,000		149,983
(Floating, U.S. Federal Funds + 0.14%), 5.47%, 10/2/23(3)		35,000		35,000
(Floating, U.S. SOFR + 0.03%), 5.34%, 10/2/23(3)		5,000		5,000
(Floating, U.S. SOFR + 0.06%), 5.37%, 10/2/23(3)		30,000		30,000
(Floating, U.S. SOFR + 0.07%), 5.38%, 10/2/23(3)		115,000		115,000
(Floating, U.S. SOFR + 0.14%), 5.45%, 10/2/23(3)		155,000		155,000
(Floating, U.S. SOFR + 0.15%), 5.46%, 10/2/23(3)		30,000		30,000
(Floating, U.S. SOFR + 0.16%), 5.47%, 10/2/23(3)		195,000		195,000
(Floating, U.S. SOFR + 0.16%), 10/6/23(3) (4)		30,000		30,000
(Floating, U.S. SOFR + 0.17%), 5.48%, 10/2/23(3)		145,000		145,000
(Floating, U.S. SOFR + 0.17%), 5.49%, 10/2/23(3)		30,000		30,000
(Floating, U.S. SOFR + 0.17%), 5.43%, 10/3/23(3)		100,000		100,000
(Floating, U.S. SOFR + 0.18%), 5.49%, 10/2/23(3)		165,000		165,000
(Floating, U.S. SOFR + 0.19%), 5.50%, 10/2/23(3)		45,000		45,000
				1,416,242
Federal Home Loan Bank – 10.5%
FHLB Bonds,
5.40%, 3/27/24		60,000		60,000
5.54%, 4/24/24		25,000		25,000
5.33%, 4/26/24		45,000		45,000
5.35%, 4/26/24		55,000		55,000

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 17.7% (1)    continued
Federal Home Loan Bank – 10.5%    continued
5.27%, 5/3/24		$130,000		$130,000
5.30%, 5/17/24		165,000		165,000
5.37%, 5/21/24		50,000		50,000
5.33%, 5/24/24		65,000		65,000
5.40%, 5/30/24		100,000		100,000
5.31%, 6/14/24		100,000		100,000
5.44%, 6/21/24		50,000		50,000
5.60%, 6/26/24		83,000		83,000
5.62%, 7/23/24		140,000		140,000
5.58%, 8/19/24		110,000		110,000
5.62%, 8/26/24		80,000		80,000
5.64%, 9/13/24		150,000		150,000
5.58%, 10/28/24		120,000		120,000
FHLB Discount Notes,
5.25%, 10/20/23(2)		50,000		49,864
5.51%, 7/12/24(2)		150,000		150,000
FHLB Notes,
(Floating, U.S. SOFR + 0.08%), 5.39%, 10/2/23(3)		125,000		125,000
(Floating, U.S. SOFR + 0.12%), 5.43%, 10/2/23(3)		70,000		70,000
(Floating, U.S. SOFR + 0.12%), 5.44%, 10/2/23(3)		50,000		50,000
(Floating, U.S. SOFR + 0.14%), 5.45%, 10/2/23(3)		50,000		50,000
(Floating, U.S. SOFR + 0.16%), 5.47%, 10/2/23(3)		55,000		55,000
				2,077,864
Total U.S. Government Agencies
(Cost $3,494,106)				3,494,106

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  334 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS – 1.1%
U.S. Treasury Floating Rate Notes – 1.1%
(Floating, U.S. Treasury 3M Bill MMY - 0.08%), 5.33%, 10/2/23(3)		$50,000		$49,978
(Floating, U.S. Treasury 3M Bill MMY + 0.04%), 5.44%, 10/2/23(3)		175,000		175,000
				224,978
Total U.S. Government Obligations
(Cost $224,978)				224,978
Investments, at Amortized Cost
( $3,719,084)				3,719,084
REPURCHASE AGREEMENTS – 81.2% (5)
Bank of America Securities LLC, dated 9/29/23, repurchase price $700,309,
5.30%, 10/2/23		700,000		700,000
Barclays Capital, Inc., dated 9/29/23, repurchase price $1,330,588,
5.30%, 10/2/23		1,330,000		1,330,000
Canadian Imperial Bank of Commerce, dated 9/29/23, repurchase price $550,813,
5.32%, 10/6/23		550,000		550,000
Citigroup Global Markets, Inc., dated 9/29/23, repurchase price $809,657,
5.30%, 10/2/23		809,300		809,300
Federal Reserve Bank of New York, dated 9/29/23, repurchase price $10,504,638,
5.30%, 10/2/23		10,500,000		10,500,000
Goldman Sachs & Co., dated 9/29/23, repurchase price $500,221,
5.30%, 10/2/23		500,000		500,000
JPMorgan Securities LLC, dated 9/29/23, repurchase price $753,322,
5.32%, 10/6/23		750,000		750,000

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS - 81.2% (5)     continued
NatWest Markets PLC, dated 9/29/23, repurchase price $500,221,
5.31%, 10/2/23		$500,000		$500,000
Royal Bank of Canada, New York Branch, dated 9/29/23, repurchase price $452,138,
5.35%, 10/6/23		450,000		450,000
				16,089,300
Total Repurchase Agreements
(Cost $16,089,300)				16,089,300
Total Investments – 100.0%
(Cost $19,808,384)				19,808,384
Other Assets less Liabilities – 0.0%				865
NET ASSETS – 100.0%				$19,809,249

⁽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 or floating rate security. Rate as of September 30, 2023 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⁾  When-Issued Security. Coupon rate is not in effect at September 30, 2023.

⁽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		$36,730	1.10%—4.10%	10/13/26—1/27/42
FHLMC		$1,218,962	0.00%—7.00%	3/15/31—9/1/53
FNMA		$784,339	0.00%—8.00%	6/1/25—9/1/53
GNMA		$1,024,225	1.50%—8.00%	10/20/30—6/15/64
U.S. Treasury Bonds		$643,319	0.00%—3.88%	11/15/23—5/15/53
U.S. Treasury Notes		$12,528,522	0.00%—4.63%	1/31/24—1/15/33
Total	$	16,236,097

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

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  335 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS
U.S. GOVERNMENT MONEY MARKET FUND    continued	SEPTEMBER 30, 2023 (UNAUDITED)

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

MMY – Money Market Yield

SOFR – Secured Overnight Financing Rate

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
U.S. Government Agencies	17.7%
U.S. Government Obligations	1.1%
Repurchase Agreements	81.2%

⁽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, 2023:

	LEVEL 1 (000S)	LEVEL 2 (000S)	LEVEL 3 (000S)	TOTAL (000S)
Investments held by U.S. Government Money Market Fund(1)	$—	$19,808,384	$—	$19,808,384

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  336 
NORTHERN FUNDS SEMIANNUAL REPORT

	SCHEDULE OF INVESTMENTS
U.S. GOVERNMENT SELECT MONEY MARKET FUND	SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES – 19.8% (1)
Federal Farm Credit Bank – 9.4%
FFCB Discount Notes,
5.22%, 10/23/23(2)		$5,000		$4,984
5.24%, 11/24/23(2)		5,000		4,961
5.31%, 12/11/23(2)		5,000		4,948
5.35%, 12/18/23(2)		4,000		3,954
5.35%, 12/22/23(2)		5,000		4,940
5.35%, 12/26/23(2)		5,000		4,937
FFCB Notes,
(Floating, U.S. Federal Funds + 0.02%), 5.35%, 10/2/23(3)		5,000		5,000
(Floating, U.S. Federal Funds + 0.12%), 5.45%, 10/2/23(3)		10,000		10,000
(Floating, U.S. Federal Funds + 0.13%), 5.46%, 10/2/23(3)		25,000		24,998
(Floating, U.S. Federal Funds + 0.14%), 5.47%, 10/2/23(3)		5,000		5,000
(Floating, U.S. SOFR + 0.03%), 5.34%, 10/2/23(3)		25,000		25,000
(Floating, U.S. SOFR + 0.06%), 5.37%, 10/2/23(3)		25,000		25,001
(Floating, U.S. SOFR + 0.07%), 5.38%, 10/2/23(3)		20,000		20,000
(Floating, U.S. SOFR + 0.14%), 5.45%, 10/2/23(3)		30,000		30,000
(Floating, U.S. SOFR + 0.15%), 5.46%, 10/2/23(3)		5,000		5,000
(Floating, U.S. SOFR + 0.16%), 5.47%, 10/2/23(3)		45,000		45,000
(Floating, U.S. SOFR + 0.16%), 10/6/23(3) (4)		5,000		5,000
(Floating, U.S. SOFR + 0.17%), 5.48%, 10/2/23(3)		30,000		30,000
(Floating, U.S. SOFR + 0.17%), 5.49%, 10/2/23(3)		5,000		5,000
(Floating, U.S. SOFR + 0.17%), 5.43%, 10/3/23(3)		20,000		20,000
(Floating, U.S. SOFR + 0.18%), 5.49%, 10/2/23(3)		50,000		50,000
(Floating, U.S. SOFR + 0.19%), 5.50%, 10/2/23(3)		10,000		10,000
				343,723
Federal Home Loan Bank – 10.4%
FHLB Bonds,
5.40%, 3/27/24		10,000		10,000
5.54%, 4/24/24		5,000		5,000
5.33%, 4/26/24		10,000		10,000

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT AGENCIES - 19.8% (1)     continued
Federal Home Loan Bank – 10.4%     continued
5.35%, 4/26/24		$10,000		$10,000
5.27%, 5/3/24		20,000		20,000
5.30%, 5/17/24		30,000		30,000
5.37%, 5/21/24		10,000		10,000
5.33%, 5/24/24		5,000		5,000
5.40%, 5/30/24		20,000		20,000
5.31%, 6/14/24		25,000		25,000
5.44%, 6/21/24		15,000		15,000
5.60%, 6/26/24		18,000		18,000
5.62%, 7/23/24		45,000		45,000
5.58%, 8/19/24		25,000		25,000
5.64%, 9/13/24		30,000		30,000
5.58%, 10/28/24		20,000		20,000
FHLB Discount Notes,
5.25%, 10/20/23(2)		10,000		9,973
5.51%, 7/12/24(2)		25,000		25,000
FHLB Notes,
(Floating, U.S. SOFR + 0.08%), 5.39%, 10/2/23(3)		15,000		15,000
(Floating, U.S. SOFR + 0.12%), 5.43%, 10/2/23(3)		15,000		15,000
(Floating, U.S. SOFR + 0.12%), 5.44%, 10/2/23(3)		10,000		10,000
(Floating, U.S. SOFR + 0.16%), 5.47%, 10/2/23(3)		10,000		10,000
				382,973
Total U.S. Government Agencies
(Cost $726,696)				726,696
U.S. GOVERNMENT OBLIGATIONS – 1.2%
U.S. Treasury Floating Rate Notes – 1.2%
(Floating, U.S. Treasury 3M Bill MMY - 0.08%), 5.33%, 10/2/23(3)		20,000		19,993
(Floating, U.S. Treasury 3M Bill MMY + 0.04%), 5.44%, 10/2/23(3)		25,000		25,000
				44,993
Total U.S. Government Obligations
(Cost $44,993)				44,993
Investments, at Amortized Cost
( $771,689)				771,689

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  337 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

U.S. GOVERNMENT SELECT MONEY MARKET FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
REPURCHASE AGREEMENTS – 78.3% (5)
Bank of America N.A., dated 9/29/23, repurchase price $250,110,
5.30%, 10/2/23		$250,000		$250,000
Bank of America Securities LLC, dated 9/29/23, repurchase price $100,044,
5.30%, 10/2/23		100,000		100,000
Barclays Capital, Inc., dated 9/29/23, repurchase price $850,375,
5.30%, 10/2/23		850,000		850,000
Citigroup Global Markets, Inc., dated 9/29/23, repurchase price $427,289,
5.30%, 10/2/23		427,100		427,100
Federal Reserve Bank of New York, dated 9/29/23, repurchase price $950,420,
5.30%, 10/2/23		950,000		950,000
JPMorgan Securities LLC, dated 9/29/23, repurchase price $150,664,
5.32%, 10/6/23		150,000		150,000
Royal Bank of Canada, New York Branch, dated 9/29/23, repurchase price $150,556,
5.34%, 10/6/23		150,000		150,000
				2,877,100
Total Repurchase Agreements
(Cost $2,877,100)				2,877,100
Total Investments – 99.3%
(Cost $3,648,789)				3,648,789
Other Assets less Liabilities – 0.7%				24,801
NET ASSETS – 100.0%				$3,673,590

⁽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 or floating rate security. Rate as of September 30, 2023 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⁾  When-Issued Security. Coupon rate is not in effect at September 30, 2023.

⁽⁵⁾  The nature and terms of the collateral received for the repurchase agreements are as follows:

Name	FAIR VALUE (000S)		COUPON RATES	MATURITY DATES
FHLMC		$157,123	2.00%—6.50%	9/1/32—9/1/53
FNMA		$403,357	2.00%—7.00%	1/1/32—9/1/53
GNMA		$496,647	2.00%—7.00%	7/20/30—8/15/64
U.S. Treasury Bonds		$454,490	2.25%—3.00%	5/15/41—11/15/45
U.S. Treasury Notes		$1,414,709	0.25%—3.00%	6/30/24—2/15/32
Total		$2,926,326

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

MMY – Money Market Yield

SOFR – Secured Overnight Financing Rate

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
U.S. Government Agencies	19.8%
U.S. Government Obligations	1.2%
Repurchase Agreements	78.3%

⁽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.

FIXED INCOME AND MONEY MARKET FUNDS  338 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (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, 2023:

	LEVEL 1 (000S)		LEVEL 2 (000S)		LEVEL 3 (000S)		TOTAL (000S)
Investments held by U.S. Government Select Money Market Fund(1)		$—		$3,648,789		$—		$3,648,789

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  339 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

U.S. TREASURY INDEX FUND

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS – 99.4%
U.S. Treasury Bonds – 19.4%
6.00%, 2/15/26		$10		$10
6.50%, 11/15/26		35		37
6.38%, 8/15/27		65		69
6.13%, 11/15/27		75		79
5.50%, 8/15/28		50		52
5.25%, 11/15/28		100		103
6.13%, 8/15/29		50		54
6.25%, 5/15/30		75		82
5.38%, 2/15/31		100		105
4.50%, 2/15/36		60		60
4.75%, 2/15/37		25		25
5.00%, 5/15/37		50		52
4.38%, 2/15/38		50		48
4.50%, 5/15/38		45		44
3.50%, 2/15/39		50		43
4.25%, 5/15/39		50		47
4.50%, 8/15/39		50		48
4.38%, 11/15/39		50		48
4.63%, 2/15/40		100		98
1.13%, 5/15/40		300		172
4.38%, 5/15/40		65		62
1.13%, 8/15/40		350		199
3.88%, 8/15/40		100		89
1.38%, 11/15/40		425		251
4.25%, 11/15/40		100		93
1.88%, 2/15/41		550		355
4.75%, 2/15/41		145		143
2.25%, 5/15/41		335		230
4.38%, 5/15/41		140		132
1.75%, 8/15/41		550		342
3.75%, 8/15/41		100		87
2.00%, 11/15/41		400		260
3.13%, 11/15/41		145		114
2.38%, 2/15/42		400		276
3.13%, 2/15/42		100		78
3.00%, 5/15/42		155		119
3.25%, 5/15/42		225		179
2.75%, 8/15/42		130		95
3.38%, 8/15/42		150		122
2.75%, 11/15/42		165		120
4.00%, 11/15/42		300		266
3.13%, 2/15/43		205		159
3.88%, 2/15/43		250		218

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 99.4%    continued
U.S. Treasury Bonds – 19.4%    continued
2.88%, 5/15/43		$225		$167
3.88%, 5/15/43		100		87
3.63%, 8/15/43		100		83
4.38%, 8/15/43		200		187
3.75%, 11/15/43		230		195
3.63%, 2/15/44		150		125
3.38%, 5/15/44		150		120
3.13%, 8/15/44		225		172
3.00%, 11/15/44		155		116
2.50%, 2/15/45		150		102
3.00%, 5/15/45		125		93
2.88%, 8/15/45		175		127
3.00%, 11/15/45		80		59
2.50%, 2/15/46		150		101
2.50%, 5/15/46		200		134
2.25%, 8/15/46		175		111
2.88%, 11/15/46		100		72
3.00%, 2/15/47		200		147
3.00%, 5/15/47		150		110
2.75%, 8/15/47		200		140
2.75%, 11/15/47		200		139
3.00%, 2/15/48		290		212
3.13%, 5/15/48		225		168
3.00%, 8/15/48		300		219
3.38%, 11/15/48		300		235
3.00%, 2/15/49		350		256
2.88%, 5/15/49		300		214
2.25%, 8/15/49		350		218
2.38%, 11/15/49		325		208
2.00%, 2/15/50		415		242
1.25%, 5/15/50		450		212
1.38%, 8/15/50		450		220
1.63%, 11/15/50		500		262
1.88%, 2/15/51		525		294
2.38%, 5/15/51		500		317
2.00%, 8/15/51		525		303
1.88%, 11/15/51		450		251
2.25%, 2/15/52		500		307
2.88%, 5/15/52		425		301
3.00%, 8/15/52		380		277
4.00%, 11/15/52		400		354
3.63%, 2/15/53		425		351

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  340 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 99.4%    continued
U.S. Treasury Bonds – 19.4%    continued
3.63%, 5/15/53		$335		$277
4.13%, 8/15/53		250		227
				13,777
U.S. Treasury Notes – 80.0%
0.63%, 10/15/24		400		381
1.50%, 10/31/24		200		192
2.25%, 10/31/24		150		145
0.75%, 11/15/24		500		475
2.25%, 11/15/24		450		435
1.50%, 11/30/24		300		287
2.13%, 11/30/24		200		193
4.50%, 11/30/24		400		396
1.00%, 12/15/24		250		237
1.75%, 12/31/24		200		191
2.25%, 12/31/24		250		241
4.25%, 12/31/24		250		247
1.13%, 1/15/25		350		332
1.38%, 1/31/25		200		190
2.50%, 1/31/25		200		193
4.13%, 1/31/25		250		246
1.50%, 2/15/25		400		380
2.00%, 2/15/25		325		311
1.13%, 2/28/25		250		236
2.75%, 2/28/25		215		208
4.63%, 2/28/25		300		297
1.75%, 3/15/25		300		285
0.50%, 3/31/25		300		280
2.63%, 3/31/25		150		144
3.88%, 3/31/25		300		294
2.63%, 4/15/25		350		337
0.38%, 4/30/25		300		278
2.88%, 4/30/25		200		193
4.13%, 4/30/25		200		196
2.13%, 5/15/25		400		381
2.75%, 5/15/25		375		361
0.25%, 5/31/25		300		277
2.88%, 5/31/25		175		169
4.25%, 5/31/25		300		296
2.88%, 6/15/25		350		337
0.25%, 6/30/25		300		276
2.75%, 6/30/25		150		144
4.63%, 6/30/25		400		397
0.25%, 7/31/25		350		320

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 99.4%    continued
U.S. Treasury Notes – 80.0%    continued
2.88%, 7/31/25		$225		$216
4.75%, 7/31/25		250		248
2.00%, 8/15/25		450		425
3.13%, 8/15/25		250		241
0.25%, 8/31/25		250		228
2.75%, 8/31/25		150		144
5.00%, 8/31/25		200		200
3.50%, 9/15/25		300		291
0.25%, 9/30/25		375		341
3.00%, 9/30/25		200		192
5.13%, 9/30/25		300		300
4.25%, 10/15/25		250		246
0.25%, 10/31/25		350		317
3.00%, 10/31/25		200		192
2.25%, 11/15/25		445		420
4.50%, 11/15/25		300		297
0.38%, 11/30/25		355		322
2.88%, 11/30/25		150		144
0.38%, 12/31/25		400		362
2.63%, 12/31/25		300		285
3.88%, 1/15/26		300		293
0.38%, 1/31/26		350		315
2.63%, 1/31/26		150		142
1.63%, 2/15/26		250		232
4.00%, 2/15/26		400		392
0.50%, 2/28/26		500		450
2.50%, 2/28/26		100		95
4.63%, 3/15/26		300		298
0.75%, 3/31/26		400		362
2.25%, 3/31/26		250		235
3.75%, 4/15/26		300		292
0.75%, 4/30/26		250		225
2.38%, 4/30/26		225		211
1.63%, 5/15/26		450		414
3.63%, 5/15/26		300		291
0.75%, 5/31/26		300		269
2.13%, 5/31/26		175		163
4.13%, 6/15/26		300		294
0.88%, 6/30/26		350		315
1.88%, 6/30/26		125		116
4.50%, 7/15/26		300		297
0.63%, 7/31/26		350		312
1.88%, 7/31/26		200		185

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  341 
FIXED INCOME AND MONEY MARKET FUNDS

SCHEDULE OF INVESTMENTS

U.S. TREASURY INDEX FUND    continued

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 99.4%    continued
U.S. Treasury Notes – 80.0%    continued
1.50%, 8/15/26		$520		$474
4.50%, 8/15/26		300		296
0.75%, 8/31/26		150		134
1.38%, 8/31/26		200		181
4.63%, 9/15/26		300		299
0.88%, 9/30/26		450		402
1.63%, 9/30/26		150		137
1.13%, 10/31/26		400		358
1.63%, 10/31/26		200		182
2.00%, 11/15/26		315		290
1.25%, 11/30/26		375		336
1.63%, 11/30/26		150		136
1.25%, 12/31/26		350		314
1.75%, 12/31/26		200		182
1.50%, 1/31/27		575		518
2.25%, 2/15/27		310		286
1.13%, 2/28/27		100		89
1.88%, 2/28/27		300		273
0.63%, 3/31/27		180		156
2.50%, 3/31/27		350		325
0.50%, 4/30/27		275		237
2.75%, 4/30/27		350		327
2.38%, 5/15/27		250		231
0.50%, 5/31/27		250		215
2.63%, 5/31/27		350		325
0.50%, 6/30/27		200		171
3.25%, 6/30/27		400		380
0.38%, 7/31/27		250		212
2.75%, 7/31/27		375		349
2.25%, 8/15/27		350		320
0.50%, 8/31/27		250		213
3.13%, 8/31/27		350		330
0.38%, 9/30/27		300		253
4.13%, 9/30/27		350		343
0.50%, 10/31/27		300		254
4.13%, 10/31/27		250		245
2.25%, 11/15/27		300		273
0.63%, 11/30/27		400		339
3.88%, 11/30/27		350		339
0.63%, 12/31/27		450		381
3.88%, 12/31/27		250		242
0.75%, 1/31/28		500		424
3.50%, 1/31/28		250		239

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 99.4%    continued
U.S. Treasury Notes – 80.0%    continued
2.75%, 2/15/28		$400		$370
1.13%, 2/29/28		450		387
4.00%, 2/29/28		300		292
1.25%, 3/31/28		400		345
3.63%, 3/31/28		300		288
1.25%, 4/30/28		400		344
3.63%, 4/30/28		350		334
2.88%, 5/15/28		425		394
1.25%, 5/31/28		450		386
3.63%, 5/31/28		325		311
1.25%, 6/30/28		400		343
4.00%, 6/30/28		300		292
1.00%, 7/31/28		450		380
4.13%, 7/31/28		175		171
2.88%, 8/15/28		590		545
1.13%, 8/31/28		200		169
4.38%, 8/31/28		325		322
1.25%, 9/30/28		450		382
4.63%, 9/30/28		300		300
1.38%, 10/31/28		400		341
3.13%, 11/15/28		375		349
1.50%, 11/30/28		350		300
1.38%, 12/31/28		450		382
1.75%, 1/31/29		300		259
2.63%, 2/15/29		400		362
1.88%, 2/28/29		300		261
2.38%, 3/31/29		400		356
2.88%, 4/30/29		250		228
2.38%, 5/15/29		400		355
2.75%, 5/31/29		300		272
3.25%, 6/30/29		325		302
2.63%, 7/31/29		300		269
1.63%, 8/15/29		300		255
3.13%, 8/31/29		300		276
3.88%, 9/30/29		275		264
4.00%, 10/31/29		200		193
1.75%, 11/15/29		225		191
3.88%, 11/30/29		200		192
3.88%, 12/31/29		250		239
3.50%, 1/31/30		250		234
1.50%, 2/15/30		425		352
4.00%, 2/28/30		200		193
3.63%, 3/31/30		250		236

See Notes to the Financial Statements.

FIXED INCOME AND MONEY MARKET FUNDS  342 
NORTHERN FUNDS SEMIANNUAL REPORT

SEPTEMBER 30, 2023 (UNAUDITED)

	PRINCIPAL AMOUNT (000S)		VALUE (000S)
U.S. GOVERNMENT OBLIGATIONS - 99.4%    continued
U.S. Treasury Notes – 80.0%    continued
3.50%, 4/30/30		$250		$234
0.63%, 5/15/30		500		387
3.75%, 5/31/30		250		237
3.75%, 6/30/30		200		190
4.00%, 7/31/30		150		144
0.63%, 8/15/30		735		564
4.13%, 8/31/30		250		243
4.63%, 9/30/30		250		250
0.88%, 11/15/30		775		603
1.13%, 2/15/31		750		592
1.63%, 5/15/31		740		601
1.25%, 8/15/31		800		625
1.38%, 11/15/31		800		627
1.88%, 2/15/32		750		609
2.88%, 5/15/32		700		614
2.75%, 8/15/32		700		606
4.13%, 11/15/32		650		627
3.50%, 2/15/33		700		642
3.38%, 5/15/33		675		612
4.00%, 8/15/33		500		472
				56,892
Total U.S. Government Obligations
(Cost $81,672)				70,669
	NUMBER OF SHARES		VALUE (000S)
INVESTMENT COMPANIES – 0.1%
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.14%(1) (2)		80,551		$81
Total Investment Companies
(Cost $81)				81
Total Investments – 99.5%
(Cost $81,753)				70,750
Other Assets less Liabilities – 0.5%				384
NET ASSETS – 100.0%				$71,134

⁽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, 2023 is disclosed.

Percentages shown are based on Net Assets.

At September 30, 2023, the security types for the Fund were:

SECURITY TYPE(1)	% OF NET ASSETS
U.S. Government Obligations	99.4%
Investment Companies	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, 2023:

INVESTMENTS	LEVEL 1 (000S)	LEVEL 2 (000S)	LEVEL 3 (000S)	TOTAL   (000S)
U.S. Government Obligations(1)	$—	$70,669	$—	$70,669
Investment Companies	81	—	—	81
Total Investments	$81	$70,669	$—	$70,750

⁽¹⁾  Classifications as defined in the Schedule of Investments.

See Notes to the Financial Statements.

NORTHERN FUNDS SEMIANNUAL REPORT  343 
FIXED INCOME AND MONEY MARKET FUNDS

FIXED INCOME AND MONEY MARKET 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, 2023, 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, Limited Term Tax-Exempt, Limited Term U.S. Government, Multi-Manager Emerging Markets Debt Opportunity, Multi-Manager High Yield Opportunity, Short Bond, 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 Fund, which is a non-diversified portfolio. 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.

Each Fund is authorized to issue one class of shares designated as the “Shares” class. The Ultra-Short Fixed Income Fund is authorized to issue a second class of shares designated as Siebert Williams Shank Shares, which commenced operations on September 13, 2022.

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 under Rule 2a-7 of the 1940 Act.

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 of each Fund 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. The NAV calculation time and cut-off time for submitting purchase, redemption and exchange requests is at 4:00 P.M. Central time with respect to the U.S. Government Money Market Fund and U.S. Government Select Money Market Fund.

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 last quoted sale price, or the official 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 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. 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 closing NAV. Shares of closed-end funds and exchange-traded funds are valued at their closing market price. Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Exchange-traded futures and options are valued at the settlement price as established each day 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

FIXED INCOME AND MONEY MARKET FUNDS  344 
NORTHERN FUNDS SEMIANNUAL REPORT

	FIXED INCOME AND MONEY MARKET FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

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.

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. Where the Trust’s Board of Trustees (“Board”) believes the extent of any deviation from a Fund’s amortized cost price per share may result in material dilution or other unfair results to investors or existing shareholders, the Board will consider what action should be initiated, which may include fair valuing securities in accordance with policies and procedures established by, and subject to oversight of, the Board.

The Board has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Accordingly, any securities for which market quotations are not readily available or for which the available price has been determined to not represent a reliable, current market value are valued at fair value as determined in good faith by NTI. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. NTI, 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 on behalf of 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 NTI 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 NTI to price a Fund’s 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 or to seek exposure to certain countries or currencies (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 futures contract positions and investment strategies utilized during the six months ended September 30, 2023, were as follows:

	CONTRACT POSITION	INVESTMENT   STRATEGY
Core Bond	Long and Short	Hedging/Liquidity
Fixed Income	Long and Short	Hedging/Liquidity
Multi-Manager High Yield Opportunity	Long and Short	Hedging/Liquidity/Speculation
Short Bond	Long and Short	Hedging/Liquidity

At September 30, 2023, the aggregate market value of assets pledged related to each Fund’s investment in futures contracts for the Core Bond, Fixed Income and Short Bond Funds was approximately $174,000, $139,000 and $304,000, respectively. At September 30, 2023, the aggregate fair value of cash to cover margin requirements for open positions for the Multi-Manager

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High Yield Opportunity Fund was approximately $27,000. 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 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 a 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, 2023 for the Multi-Manager Emerging Markets Debt Opportunity Fund, approximately $120,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities.

F) CREDIT DEFAULT SWAP AGREEMENTS To the extent consistent with their investment objectives and strategies, certain Funds may invest in credit default swap (“CDS”) agreements for hedging purposes or to gain credit exposure. A Fund may enter into CDS 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 in the event of a credit default event on the referenced obligation or an underlying security comprising the referenced index. In the event of a credit default event, as defined under the terms of each particular swap agreement, if a 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 a 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 CDS 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 a Fund is the protection seller, if any, and serve as an indicator of the current

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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 CDS 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 CDS sold and, conversely, increasing market values for CDS 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 CDS agreement as a buyer of protection, a Fund may pay an upfront premium to enter into the agreement. When selling protection, a Fund may receive this upfront premium paid from the buyer. During the term of the CDS 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 CDS agreements, with any interest payments already having been made being recognized as realized gain or loss on CDS agreements. This treatment will occur until the CDS is sold or reaches its expiration. Any upfront payments made or received upon entering into a CDS 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 CDS agreements. Unrealized appreciation (depreciation) on bilateral CDS agreements and variation margin on centrally cleared CDS agreements, if any, is included in the Statements of Assets and Liabilities of the Multi-Manager High Yield 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 High Yield 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 a Fund and its counterparties to mitigate credit risk. Further information on the impact of these positions on the Funds’ financial statements can

be found in Note 10. With respect to CDS agreements that were outstanding as of September 30, 2023 for the Multi-Manager High Yield Opportunity Fund, approximately $42,000 was pledged by the Fund and is included in Due from broker on the Statements of Assets and Liabilities and approximately $5,000 received by the Fund and is included in Due to broker on the Statements of Assets and Liabilities.

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, 2023, 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-advisers of the Multi-Manager Emerging Markets Debt Opportunity Fund consider the creditworthiness of each counterparty to a swap agreement in evaluating potential credit risk. The sub-advisers 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

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NOTES TO THE FINANCIAL STATEMENTS     continued

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. There were no outstanding bilateral interest rate swap or centrally cleared interest rate swap agreements at September 30, 2023. Further information on the impact of these positions on the Fund’s financial statements can be found in Note 10.

H) SHORT SALES The Multi-Manager High Yield Opportunity Fund entered into two short sales in error. The short positions at September 30, 2023 resulted in unrealized gain of less than $1,000.

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. When-issued securities at September 30, 2023, 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.

Certain Funds have 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, 2023.

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 issued in connection with a restructuring under Chapter 11 of the U.S. Bankruptcy Code (commonly known as “debtor-in-possession” or “DIP” financings). DIP 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 DIP 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 DIP 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

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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, 2023, 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 Fund did not enter into such joint repurchase agreements during the period. There were no outstanding joint repurchase agreements at September 30, 2023.

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, 2023, the U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund 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	Bank of America		$     700,000		$     (700,000)	$-
	Barclays		1,330,000		(1,330,000)	-
	Canadian Imperial Bank		550,000		(550,000)	-
	Citigroup		809,300		(809,300)	-
	Federal Reserve Bank of New York		10,500,000		(10,500,000)	-
	Goldman Sachs		500,000		(500,000)	-
	JPMorgan		750,000		(750,000)	-
	NatWest Markets PLC		500,000		(500,000)	-
	Royal Bank of Canada		450,000		(450,000)	-
	Total		$16,089,300		$(16,089,300)	$-
U.S. Government Select Money Market	Bank of America		$     350,000		$     (350,000)	$-
	Barclays		850,000		(850,000)	-
	Citigroup		427,100		(427,100)	-
	Federal Reserve Bank of New York		950,000		(950,000)	-
	JPMorgan		150,000		(150,000)	-
	Royal Bank of Canada		150,000		(150,000)	-
	Total		$  2,877,100		$  (2,877,100)	$-

* Collateral received is reflected up to the fair value of the repurchase agreement. Refer to the Schedules of Investments.    

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

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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 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 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, 2023, were as follows:

Amounts in thousands	REDEMPTION FEES
High Yield Fixed Income	$1

Redemption fees for the fiscal year ended March 31, 2023, were as follows:

Amounts in thousands	REDEMPTION FEES
High Yield Fixed Income	$17

The amounts described above are included in Payments for Shares Redeemed in Note 8—Capital Share Transactions. The impact from redemption fees paid to the Fund was less than $0.001 per share for both fiscal periods. There were no redemption fees for the six months ended September 30, 2023 and for the fiscal year ended March 31, 2023 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
Limited Term Tax-Exempt	Daily	Monthly
Limited Term U.S. Government	Daily	Monthly
Multi-Manager Emerging Markets Debt Opportunity	Quarterly	Quarterly
Multi-Manager High Yield Opportunity	Monthly	Monthly
Short Bond	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, capital loss carryforwards and paydowns. These reclassifications have no impact on the net assets or the NAVs per share of the Funds.

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At March 31, 2023, the following reclassifications were recorded:

Amounts in thousands	UNDISTRIBUTED NET INVESTMENT INCOME (LOSS)				ACCUMULATED UNDISTRIBUTED NET REALIZED GAINS (LOSSES)				CAPITAL   STOCK
Bond Index		$	2,432			$	(2,432	)		$	—
Core Bond			194				(194	)			—
Fixed Income			928				(928	)			—
High Yield Fixed Income			2,124				(2,124	)			—
Intermediate Tax-Exempt			2				—				(2	)
Limited Term Tax-Exempt			1				(1	)			—
Limited Term U.S. Government			4				(4	)			—
Multi-Manager Emerging Markets Debt Opportunity			(2,784	)			2,784				—
Multi-Manager High Yield Opportunity			276				(276	)			—
Short Bond			290				(290	)			—
Tax-Advantaged Ultra-Short Fixed Income			17				(17	)			—
Ultra-Short Fixed Income			1,161				(1,161	)			—
U.S. Government			1				(1	)			—
U.S. Government Money Market			137				(137	)			—
U.S. Government Select Money Market			32				(32	)			—

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.

Capital losses incurred that will be carried forward indefinitely are as follows:

Amounts in thousands	SHORT-TERM CAPITAL LOSS CARRYFORWARD		LONG-TERM CAPITAL LOSS CARRYFORWARD
Arizona Tax-Exempt		$    3,067		$    3,405
Bond Index		23,235		61,573
California Intermediate Tax-Exempt		4,970		8,240
California Tax-Exempt		1,961		2,268
Core Bond		13,566		7,166
Fixed Income		31,980		27,739
High Yield Fixed Income		146,372		575,498
High Yield Municipal		15,097		46,235
Intermediate Tax-Exempt		47,934		38,426
Limited Term Tax-Exempt		9,254		5,340
Limited Term U.S. Government		5,349		1,677

Amounts in thousands	SHORT-TERM CAPITAL LOSS CARRYFORWARD		LONG-TERM CAPITAL LOSS CARRYFORWARD
Multi-Manager Emerging Markets Debt Opportunity		$ 7,102		$ 22,833
Multi-Manager High Yield Opportunity		2,309		58,450
Short Bond		3,170		18,140
Tax-Advantaged Ultra-Short Fixed Income		19,324		12,479
Tax-Exempt		50,667		46,114
Ultra-Short Fixed Income		11,770		10,754
U.S. Government		4,112		141
U.S. Treasury Index		367		912

At March 31, 2023, 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		$   51		$       —		$ —		$    (5,870	)
Bond Index		—		1,322		—		(216,774	)
California Intermediate Tax-Exempt		127		—		—		(20,788	)
California Tax-Exempt		89		—		—		(8,884	)
Core Bond		—		39		—		(8,080	)
Fixed Income		—		276		—		(38,541	)
High Yield Fixed Income		—		4,751		—		(374,290)
High Yield Municipal		623		—		—		(73,745	)
Intermediate Tax-Exempt		—		—		—		(88,248	)
Limited Term Tax-Exempt		81		—		—		(11,242	)
Limited Term U.S. Government		—		36		—		(855	)
Multi-Manager Emerging Markets Debt Opportunity		—		291		—		(13,448	)
Multi-Manager High Yield Opportunity		—		517		—		(14,224	)
Short Bond		—		111		—		(10,803	)
Tax-Advantaged Ultra-Short Fixed Income		1,135		—		—		(40,800	)
Tax-Exempt		317		—		—		(73,026	)
Ultra-Short Fixed Income		—		2,009		—		(54,617	)
U.S. Government		—		105		—		(851	)
U.S. Government Money Market		—		66,120		—		—

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NOTES TO THE FINANCIAL STATEMENTS     continued

	UNDISTRIBUTED
Amounts in    thousands	TAX-EXEMPT INCOME		ORDINARY INCOME*		LONG-TERM CAPITAL GAINS		UNREALIZED GAINS (LOSSES)
U.S. Government Select Money Market		$   –		$12,645		$  –		$        –
U.S. Treasury Index		–		38		–		(8,118	)

* 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, 2023, was as follows:

	DISTRIBUTIONS FROM
Amounts in thousands	TAX-EXEMPT INCOME		ORDINARY INCOME*		LONG-TERM CAPITAL GAINS
Arizona Tax-Exempt		$  2,857		$        63		$–
Bond Index		–		60,053		–
California Intermediate Tax-Exempt		8,199		264		–
California Tax-Exempt		4,390		151		–
Core Bond		–		4,214		–
Fixed Income		–		18,411		–
High Yield Fixed Income		–		216,986		–
High Yield Municipal		23,481		465		–
Intermediate Tax-Exempt		50,999		1,202		–
Limited Term Tax-Exempt		9,809		353		–
Limited Term U.S. Government		–		1,126		–
Multi-Manager Emerging Markets Debt Opportunity		–		1,582		–
Multi-Manager High Yield Opportunity		–		11,421		–
Short Bond		–		7,357		–
Tax-Advantaged Ultra-Short Fixed Income		25,115		19,456		–
Tax-Exempt		35,509		534		–
Ultra-Short Fixed Income		–		62,599		–
U.S. Government		–		1,001		–
U.S. Government Money Market		–		338,661		–
U.S. Government Select Money Market		–		65,084		–
U.S. Treasury Index		–		1,476		–

* 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, 2022, was as follows:

	DISTRIBUTIONS FROM
Amounts in thousands	TAX-EXEMPT INCOME		ORDINARY INCOME*		LONG-TERM CAPITAL GAINS
Arizona Tax-Exempt		$  3,476		$        12		$          –
Bond Index		–		64,057		14,456
California Intermediate Tax-Exempt		10,468		93		–
California Tax-Exempt		4,388		93		674
Core Bond		–		3,651		–
Fixed Income		–		18,928		–
High Yield Fixed Income		–		195,599		–
High Yield Municipal		22,557		195		–
Intermediate Tax-Exempt		51,349		8,785		4,226
Limited Term Tax-Exempt		7,450		4,642		3,566
Limited Term U.S. Government		–		134		–
Multi-Manager Emerging Markets Debt Opportunity		–		5,912		–
Multi-Manager High Yield Opportunity		–		8,578		–
Short Bond		–		5,291		–
Tax-Advantaged Ultra-Short Fixed Income		12,110		11,860		438
Tax-Exempt		36,804		9,760		–
Ultra-Short Fixed Income		–		23,404		5,175
U.S. Government		–		191		23
U.S. Government Money Market		–		1,084		–
U.S. Government Select Money Market		–		8,325		–
U.S. Treasury Index		–		1,310		798

* Ordinary income includes taxable market discount income and short-term capital gains, if any.

As of March 31, 2023, 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

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greater price volatility and have smaller market capitalizations. As a result, the risks presented by investments in these countries are heightened.

On a daily basis a Fund may hold a cash surplus. Maintaining cash positions may also subject the Funds to additional risks, such as increased counterparty risk exposure to the custodian bank holding the assets held in cash.

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, 2023.

Service Plan expenses, if any, are included in the Statements of Operations under Shareholder servicing fees for the six months ended September 30, 2023.

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, 2022, 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 Adjusted Term Secured Overnight Financing Rate (SOFR) (but in no event less than 0 percent) on the date of borrowing exceeds such Federal Funds Rate, the amount by which it so exceeds, plus (iii) 1.00 percent per annum. In addition, there is an annual commitment fee of 0.15 percent on the average undrawn portion of the credit line under the Credit Facility, payable quarterly in arrears, which is included in Other expenses on the Statements of Operations, and on maturity or termination of the Credit Facility.

During the six months ended September 30, 2023, the following Fund had borrowings with the average loan amounts and weighted average interest rates as disclosed below:

Amounts in thousands	DOLLAR AMOUNT	RATE
High Yield Municipal	$500		6.07	%

No other Funds had any borrowings or incurred any interest expense for the six months ended September 30, 2023. There were no outstanding loan amounts at September 30, 2023.

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).

With respect to the Limited Term U.S. Government, Fixed Income, U.S. Government and Short Bond Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses, except for acquired fund fees and expenses arising from the Fund’s investment in other non-money market mutual funds or exchange-traded funds managed by NTI; (ii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class. Further with respect to these Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class in an amount equal to the acquired fund fees and expenses arising from the Fund’s investment in other non-money market mutual funds or exchange-traded funds managed by NTI. The reimbursement will not apply to those Funds that do not charge an advisory fee as a result of contractual or voluntary fee waivers.

With respect to the Bond Index Fund, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses, including any acquired fund fees and expenses, of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding extraordinary expenses. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

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NOTES TO THE FINANCIAL STATEMENTS     continued

For all other Funds, NTI has contractually agreed to reimburse a portion of the operating expenses of the Fund or Class so that after such reimbursement the total annual fund operating expenses of the Fund or Class expressed as a percentage of average daily net assets shall not exceed the corresponding amount set forth below, excluding (i) acquired fund fees and expenses; (ii) the compensation paid to each Trustee of the Trust that is not an “interested person” (as defined in the 1940 Act); (iii) expenses of third party consultants engaged by the Board of Trustees; (iv) membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum; (v) expenses in connection with the negotiation and renewal of the revolving credit facility; and (vi) extraordinary expenses and interest. NTI shall first reimburse management fees payable by the Fund or Class and then reimburse other operating expenses of the Fund or Class to the extent the amount of difference between the respective Fund’s or Class’s operating expenses and its Expense Limit exceeds the management fees payable by the Fund or Class.

With respect to each Fund that invests in a money market mutual fund managed by NTI that complies with Rule 2a-7 under the 1940 Act (an "Affiliated Money Market Fund"), NTI has contractually agreed to reimburse the management fees payable by the Fund in an amount equal to the net management fee (defined as the Affiliated Money Market Fund’s contractual management fee less any contractual and voluntary fee waivers provided by the Affiliated Money Market Fund) NTI earned on the amount invested by the Fund in the Affiliated Money Market Fund. The reimbursement will not apply to those Funds that do not charge a management fee as a result of contractual or voluntary fee waivers.

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, if any, is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations. There were no voluntary reimbursement receivables at September 30, 2023.

At September 30, 2023, 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	0.0600%	0.0749%
High Yield Fixed Income	0.5800%	0.6000%
U.S. Government Money Market	0.3300%	0.3500%
U.S. Government Select Money Market	0.3300%	0.3500%
U.S. Treasury Index	0.1300%	0.1500%

	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 Municipal	0.56%	0.543%	0.527%	0.58%
Intermediate
Tax-Exempt	0.43%	0.417%	0.404%	0.45%
Limited Term Tax-Exempt	0.43%	0.417%	0.404%	0.45%
Limited Term U.S. Government	0.38%	0.369%	0.358%	0.40%
Multi-Manager Emerging Markets Debt Opportunity	0.85%	0.825%	0.80%	0.88%
Multi-Manager High Yield Opportunity	0.65%	0.631%	0.612%	0.67%
Short Bond	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%

Prior to August 1, 2023, the annual management fees and contractual expense limitations for the Funds below were based on the following annual rates as set forth in the table below.

	CONTRACTUAL ANNUAL MANAGEMENT FEES			CONTRACTUAL  EXPENSE LIMITATION
	FIRST $1.5 BILLION	NEXT  $1 BILLION	OVER  $2.5 BILLION
Multi-Manager High Yield Opportunity	0.83%	0.805%	0.781%	0.85%

The contractual reimbursement arrangements described above may not be terminated before July 31, 2024 without the approval of the Board of Trustees. The contractual reimbursement arrangements will continue automatically for periods of one-year (each such one-year period, a “Renewal Year”). The arrangements

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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.

NTI may reimburse additional expenses or waive all or a portion of the management fees for the Funds, including, from time to time 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. NTI did not voluntarily reimburse any Funds during the six months ended September 30, 2023.

Amounts waived or reimbursed by NTI pursuant to voluntary or contractual agreements may not be recouped by NTI at any time in the future for prior fiscal years.

Pursuant to the Management Agreement with the Trust, NTI is responsible for performing and overseeing investment management services to the Funds.

The Multi-Manager Emerging Markets Debt Opportunity and Multi-Manager High Yield Opportunity Funds are managed by NTI and the Sub-Advisers. In addition to selecting the overall investment strategies of the Funds, NTI oversees and monitors the selection and performance of any 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, 2023, Ashmore Investment Management Limited, Global Evolution USA, LLC and MetLife Investment Management, LLC are the Sub-Advisers for the Multi-Manager Emerging Markets Debt Opportunity Fund.

As of September 30, 2023, BlackRock Investment Management, LLC, Nomura Corporate Research and Asset Management Inc. and Polen Capital Credit, LLC 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 the 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 U.S. Government Money Market Fund and the U.S. Government Select Money Market Fund have an arrangement with the custodian, whereby the Funds receive a return on uninvested cash balances.

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 Northern Institutional Funds U.S. Government Portfolio (the "Portfolio") 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, 2023, the Funds, excluding the U.S. Government Money Market and U.S. Government Select Money Market Funds, held an investment in the Northern Institutional Funds U.S. Government 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%. Prior to August 1, 2023, NTI reimbursed each Fund for a portion of the management fees attributable to

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NOTES TO THE FINANCIAL STATEMENTS     continued

and payable by the Funds for advisory services on any assets invested in an affiliated money market fund. Effective August 1, 2023, NTI reimbursed each Fund the management fees payable to the Fund in an amount equal to the net management fee NTI earned on the amount invested by the Fund in an Affiliated Money Market Fund, as described in Note 5. 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, 2023, the Funds did not engage in any purchases and/or sales of securities from an affiliated entity.

During the six months ended September 30, 2023, the Multi-Manager Emerging Markets Debt Opportunity Fund received reimbursements from NTI of less than $1,000 in connection with settlement fees pursuant to the European Union’s Central Securities Depositories Regulation. These amounts are included in Interest income on the Funds’ Statements of Operations.

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, 2023, the High Yield Fixed Income and Multi-Manager Emerging Markets Debt Opportunity Funds each received amounts from Northern Trust of approximately $2,000 and $2,000, respectively, and the Multi-Manager High Yield Opportunity Fund received an amount from Northern Trust of less than $1,000. These amounts are included in Interest income on the Funds’ Statements of Operations.

As of September 30, 2023, The Northern Trust Company Pension Trust, an affiliated fund managed by an affiliate of the investment adviser owned 26.9% of Multi-Manager Emerging Markets Debt Opportunity Fund.

7. INVESTMENT TRANSACTIONS

For the six months ended September 30, 2023, 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		$            –	$	1,383		$            –	$    8,547
Bond Index		541,156		127,069		406,697	82,136
California Intermediate Tax-Exempt		–		7,661		–	31,881
California Tax-Exempt		–		11,418		–	23,061
Core Bond		20,337		11,408		31,815	10,972
Fixed Income		80,660		48,610		147,746	59,539
High Yield Fixed Income		–		375,934		–	746,301
High Yield Municipal		–		18,949		–	73,827
Intermediate Tax-Exempt		–		49,921		–	212,839
Limited Term Tax-Exempt		–		5,966		–	54,090
Limited Term U.S. Government		12,367		–		23,672	–
Multi-Manager Emerging Markets Debt Opportunity		–		61,352		–	25,813
Multi-Manager High Yield Opportunity		–		36,289		–	42,559
Short Bond		103,120		13,262		88,058	57,571
Tax-Advantaged Ultra-Short Fixed Income		19,907		200,141,028		–	281,614
Tax-Exempt		–		96,901		–	127,486
Ultra-Short Fixed Income		34,779		168,594		52,067	527,529
U.S. Government		12,117		–		14,355	–
U.S. Treasury Index		9,001		–		14,396	–

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.

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At September 30, 2023, 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		$   107		$    (8,991	)		$    (8,884	)		$     73,030
Bond Index		1,464		(331,059	)		(329,595	)		2,564,221
California Intermediate Tax-Exempt		–		(28,802	)		(28,802	)		273,286
California Tax-Exempt		1,972		(17,645	)		(15,673	)		164,117
Core Bond		195		(12,846	)		(12,651	)		107,516
Fixed Income		180		(53,075	)		(52,895	)		434,326
High Yield Fixed Income		8,651		(329,532	)		(320,881	)		2,729,875
High Yield Municipal		314		(77,550	)		(77,236	)		381,339
Intermediate Tax-Exempt		2,900		(138,232	)		(135,332	)		1,456,093
Limited Term Tax-Exempt		134		(23,148	)		(23,014	)		505,407
Limited Term U.S. Government		–		(1,737	)		(1,737	)		43,219

Amounts in   thousands	UNREALIZED APPRECIATION		UNREALIZED DEPRECIATION			NET APPRECIATION (DEPRECIATION)			COST BASIS OF INVESTMENTS
Multi-Manager Emerging Markets Debt Opportunity		$   610		$  (15,849	)		$  (15,239	)		$   136,071
Multi-Manager High Yield Opportunity		3,199		(18,256	)		(15,057	)		218,144
Short Bond		188		(10,603	)		(10,415	)		310,935
Tax-Advantaged Ultra-Short Fixed Income		125		(32,961	)		(32,836	)		2,417,824
Tax-Exempt		271		(93,300	)		(93,029	)		820,014
Ultra-Short Fixed Income		731		(29,071	)		(28,340	)		2,000,752
U.S. Government		–		(2,218	)		(2,218	)		46,221
U.S. Government Money Market		–		–			–			19,808,384
U.S. Government Select Money Market		–		–			–			3,648,789
U.S. Treasury Index		–		(11,191	)		(11,191	)		81,941

8. CAPITAL SHARE TRANSACTIONS

Transactions in Shares class for the six months ended September 30, 2023, 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		403		$    3,858		78		$   743		(1,327	)		$   (12,661	)		(846	)		$   (8,060	)
Bond Index		43,080		392,074		729		6,624		(23,918	)		(217,712	)		19,891			180,986
California Intermediate Tax-Exempt		3,057		29,775		61		594		(4,223	)		(41,130	)		(1,105	)		(10,761	)
California Tax-Exempt		1,488		15,407		72		742		(2,043	)		(21,204	)		(483	)		(5,055	)
Core Bond		214		1,894		69		613		(1,493	)		(13,204	)		(1,210	)		(10,697	)
Fixed Income		512		4,488		342		3,015		(9,024	)		(79,686	)		(8,170	)		(72,183	)
High Yield Fixed Income		17,283		99,421		1,726		9,906		(88,951	)		(512,968	)		(69,942	)		(403,641	)
High Yield Municipal		6,303		46,076		143		1,037		(13,841	)		(100,480	)		(7,395	)		(53,367	)
Intermediate Tax-Exempt		16,119		156,755		248		2,408		(29,064	)		(282,350	)		(12,697	)		(123,187	)
Limited Term Tax-Exempt		1,647		16,151		87		851		(7,568	)		(74,260	)		(5,834	)		(57,258	)
Limited Term U.S. Government		36		330		15		136		(1,313	)		(12,093	)		(1,262	)		(11,627	)
Multi-Manager Emerging Markets Debt Opportunity		5,610		40,360		388		2,744		(523	)		(3,643	)		5,475			39,461
Multi-Manager High Yield Opportunity		2,189		17,950		255		2,072		(3,205	)		(26,215	)		(761	)		(6,193	)
Short Bond		914		16,339		99		1,776		(2,946	)		(52,557	)		(1,933	)		(34,442	)

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FIXED INCOME AND MONEY MARKET FUNDS

FIXED INCOME AND MONEY MARKET 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
Tax-Advantaged Ultra-Short Fixed Income		41,553		$	417,153		489		$	4,905		(44,692)		$	(447,898)		(2,650)		$	(25,840)
Tax-Exempt		14,931			141,609		293			2,782		(16,177)			(153,794)		(953)			(9,403)
Ultra-Short Fixed Income		15,127			152,759		1,860			18,766		(60,903)			(615,172)		(43,916)			(443,647)
U.S. Government		133			1,169		46			402		(512)			(4,461)		(333)			(2,890)
U.S. Government Money Market		42,300,585			42,300,585		51,723			51,723		(41,127,662)			(41,127,662)		1,224,646			1,224,646
U.S. Government Select Money Market		9,549,318			9,549,318		11,461			11,461		(9,397,152)			(9,397,152)		163,627			163,627
U.S. Treasury Index		249			4,792		48			925		(591)			(11,246)		(294)			(5,529)
Transactions in Shares class for the fiscal year ended March 31, 2023, 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		2,718		$	26,442		166		$	1,604		(8,943)		$	(86,681)		(6,059)		$	(58,635)
Bond Index		65,462			617,405		1,123			10,488		(99,064)			(930,080)		(32,479)			(302,187)
California Intermediate Tax-Exempt		11,463			112,322		159			1,550		(31,492)			(306,913)		(19,870)			(193,041)
California Tax-Exempt		7,310			75,845		139			1,442		(10,339)			(107,165)		(2,890)			(29,878)
Core Bond		2,317			20,723		119			1,082		(9,314)			(84,898)		(6,878)			(63,093)
Fixed Income		21,000			189,506		625			5,650		(39,057)			(355,197)		(17,432)			(160,041)
High Yield Fixed Income		237,153			1,374,742		4,011			23,142		(353,138)			(2,036,197)		(111,974)			(638,313)
High Yield Municipal		41,174			313,462		390			2,920		(82,302)			(615,686)		(40,738)			(299,304)
Intermediate Tax-Exempt		79,732			776,959		618			6,013		(189,134)			(1,842,900)		(108,784)			(1,059,928)
Limited Term Tax-Exempt		39,207			383,789		167			1,643		(56,420)			(554,498)		(17,046)			(169,066)
Limited Term U.S. Government		2,455			22,826		23			213		(1,634)			(15,171)		844			7,868
Multi-Manager Emerging Markets Debt Opportunity		2,673			19,139		226			1,582		(3,329)			(22,902)		(430)			(2,181)
Multi-Manager High Yield Opportunity		18,738			154,529		360			2,960		(12,910)			(106,745)		6,188			50,744
Short Bond		4,682			83,930		126			2,247		(9,150)			(163,718)		(4,342)			(77,541)
Tax-Advantaged Ultra-Short Fixed Income		103,113			1,025,105		757			7,534		(265,015)			(2,636,314)		(161,145)			(1,603,675)
Tax-Exempt		43,629			422,181		652			6,251		(125,530)			(1,206,801)		(81,249)			(778,369)
Ultra-Short Fixed Income		113,250			1,132,193		2,669			26,669		(194,879)			(1,947,080)		(78,960)			(788,218)
U.S. Government		1,376			12,202		69			612		(746)			(6,578)		699			6,236
U.S. Government Money Market		88,606,747			88,606,747		30,721			30,721		(90,266,202)			(90,266,202)		(1,628,734)			(1,628,734)
U.S. Government Select Money Market		17,304,789			17,304,789		7,084			7,084		(17,529,164)			(17,529,164)		(217,291)			(217,291)
U.S. Treasury Index		846			16,711		75			1,471		(940)			(18,590)		(19)			(408)
Transactions in Siebert Williams Shank Shares for the six months ended September 30, 2023, 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
Ultra-Short Fixed Income		–			–		60			526		–			–		60			526

FIXED INCOME AND MONEY MARKET FUNDS  358 
NORTHERN FUNDS SEMIANNUAL REPORT

	FIXED INCOME AND MONEY MARKET FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

Transactions in Siebert Williams Shank Shares for the fiscal year ended March 31, 2023, 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
Ultra-Short Fixed Income*	3,005	29,994	47	469	–	(4)	3,052	30,459
*   Commenced class operations on September 13, 2022.

9. INVESTMENTS IN AFFILIATES

Transactions in affiliated investments for the six months ended September 30, 2023, 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)		$  2,527		$  10,717		$  12,721		$–		$–		$   42		$   523		523,427
Bond Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		47,883		262,523		283,198		–		–		1,047		27,208		27,208,277
California Intermediate Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		2,633		51,075		42,455		–		–		285		11,253		11,252,850
California Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		2,746		35,106		28,524		–		–		252		9,328		9,327,762
Core Bond	Northern Institutional Funds - U.S. Government Portfolio (Shares)		3,291		20,516		22,662		–		–		56		1,145		1,145,361
Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		12,483		93,056		100,459		–		–		181		5,080		5,079,882
High Yield Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		60,479		432,377		433,514		–		–		1,338		59,342		59,342,460
High Yield Municipal	Northern Institutional Funds - U.S. Government Portfolio (Shares)		4,884		74,268		77,345		–		–		364		1,807		1,807,417
Intermediate Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		3,750		236,480		212,603		–		–		893		27,627		27,626,958
Limited Term Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		20,468		75,763		77,336		–		–		287		18,895		18,895,261

NORTHERN FUNDS SEMIANNUAL REPORT  359 
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
Limited Term U.S. Government	Northern Institutional Funds - U.S. Government Portfolio (Shares)		$    280		$    5,020		$    5,167	$–	$–		$     7		$     133		132,744
Multi-Manager Emerging Markets Debt Opportunity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		5,597		57,929		56,351	–	–		165		7,175		7,175,322
Multi-Manager High Yield Opportunity	Northern Institutional Funds - U.S. Government Portfolio (Shares)		11,170		66,425		68,872	–	–		189		8,723		8,723,020
Short Bond	Northern Institutional Funds - U.S. Government Portfolio (Shares)		1,288		83,819		84,132	–	–		111		975		974,619
Tax-Advantaged Ultra-Short Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		91,209		604,362		474,788	–	–		2,943		220,783		220,782,906
Tax-Exempt	Northern Institutional Funds - U.S. Government Portfolio (Shares)		10,292		171,389		163,876	–	–		509		17,805		17,804,877
Ultra-Short Fixed Income	Northern Institutional Funds - U.S. Government Portfolio (Shares)		69,179		503,436		520,441	–	–		1,753		52,174		52,173,782
U.S. Government	Northern Institutional Funds - U.S. Government Portfolio (Shares)		2,039		4,429		6,347	–	–		14		121		120,921
U.S. Treasury Index	Northern Institutional Funds - U.S. Government Portfolio (Shares)		1,789		6,265		7,973	–	–		9		81		80,551

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, 2023:

		ASSETS				LIABILITIES
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF ASSETS LOCATION	VALUE			STATEMENTS OF LIABILITIES LOCATION	VALUE
Core Bond	Interest rate contracts	Net Assets - Net unrealized appreciation		$187	*	Net Assets - Net unrealized depreciation	$	(18	)*
Fixed Income	Interest rate contracts	Net Assets - Net unrealized appreciation		93	*	Net Assets - Net unrealized depreciation		(24	)*
Multi-Manager Emerging Markets Debt Opportunity	Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		36		Unrealized depreciation on forward foreign currency exchange contracts		(4	)

FIXED INCOME AND MONEY MARKET FUNDS  360 
NORTHERN FUNDS SEMIANNUAL REPORT

	FIXED INCOME AND MONEY MARKET FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

		ASSETS				LIABILITIES
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF ASSETS LOCATION	VALUE			STATEMENTS OF LIABILITIES LOCATION	VALUE
Multi-Manager High Yield Opportunity	Interest rate contracts	Net Assets - Net unrealized appreciation		$  –		Net Assets - Net unrealized depreciation	$	(16)	*
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		4		Unrealized depreciation on forward foreign currency exchange contracts		–
	Credit contracts	Unrealized appreciation on credit default swap agreements		–		Unrealized depreciation on credit default swap agreements		–*	*,***
Short Bond	Interest rate contracts	Net Assets - Net unrealized appreciation		123	*	Net Assets - Net unrealized depreciation		(106)	*

* 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.

** Amount rounds to less than one thousand.

*** 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.

As of September 30, 2023, 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
Multi-Manager Emerging Markets Debt Opportunity Fund	BNP		$3		$–		$–		$3
	Merrill Lynch		5		(3)		–		2
	Morgan Stanley		–*		–*		–		–
	Standard Chartered Bank		28		–		–		28
	Total		$36		$(3)		$–		$33
Multi-Manager High Yield Opportunity Fund	Barclays		2		–		–		2
	Morgan Stanley		2		–		–		2
	Total		$ 4		$–		$–		$4
				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 Fund	Merrill Lynch		$(3)		$3		$–		$–

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FIXED INCOME AND MONEY MARKET 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 LIABILITIES PRESENTED IN STATEMENTS OF ASSETS AND LIABILITIES	FINANCIAL INSTRUMENTS	CASH COLLATERAL PLEDGED	NET   AMOUNT
	Morgan Stanley	$(1)	$–*	$ –	$(1)
	Total	$(4)	$3	$ –	$(1)
*   Amount rounds to less than one thousand. 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, 2023:

		AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE
Core Bond	Interest rate contracts	Net realized gains (losses) on futures contracts		$  71
Fixed Income	Interest rate contracts	Net realized gains (losses) on futures contracts		(19)
Multi-Manager Emerging Markets Debt Opportunity	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		53
Multi-Manager High Yield Opportunity	Interest rate contracts	Net realized gains (losses) on futures contracts		(222)
	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts		16
	Credit contracts	Net realized gains (losses) on credit default swap agreements		16
Short Bond	Interest rate contracts	Net realized gains (losses) on futures contracts		(398)
		CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON              DERIVATIVE CONTRACTS
Amounts in thousands	CONTRACT TYPE	STATEMENTS OF OPERATIONS LOCATION	VALUE
Core Bond	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts		$   291
Fixed Income	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts		116
Multi-Manager Emerging Markets Debt Opportunity	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		61
Multi-Manager High Yield Opportunity	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts		109
	Foreign exchange contracts	Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		4
	Credit contracts	Net change in unrealized appreciation (depreciation) on credit default swap agreements		(13)
Short Bond	Interest rate contracts	Net change in unrealized appreciation (depreciation) on futures contracts		(135)
Volume of derivative activity for the six months ended September 30, 2023*:

	FOREIGN EXCHANGE CONTRACTS		EQUITY CONTRACTS		CREDIT CONTRACTS		INTEREST RATE CONTRACTS
	NUMBER OF TRADES	AVERAGE NOTIONAL AMOUNT**	NUMBER OF TRADES	AVERAGE NOTIONAL AMOUNT**	NUMBER OF TRADES	AVERAGE NOTIONAL AMOUNT**	NUMBER OF TRADES	AVERAGE   NOTIONAL   AMOUNT**
Core Bond	–	$    –	–	$    –	–	$    –	4	$  7,363
Fixed Income	–	–	–	–	–	–	41	8,386
Multi-Manager Emerging Markets Debt Opportunity	37	349	–	–	–	–	–	–

FIXED INCOME AND MONEY MARKET FUNDS  362 
NORTHERN FUNDS SEMIANNUAL REPORT

	FIXED INCOME AND MONEY MARKET FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

FOREIGN EXCHANGE CONTRACTS

EQUITY CONTRACTS

CREDIT CONTRACTS

INTEREST RATE CONTRACTS

NUMBER OF TRADES

AVERAGE NOTIONAL AMOUNT**

NUMBER OF TRADES

AVERAGE NOTIONAL AMOUNT**

NUMBER OF TRADES

AVERAGE NOTIONAL AMOUNT**

NUMBER OF TRADES

AVERAGE   NOTIONAL   AMOUNT**

Multi-Manager High Yield Opportunity

7

$111

3

$921

2

$400

14

$       481

Short Bond

–

–

–

–

–

–

4

36,246

*   Activity for the period is measured by number of trades during the period and average notional amount for forward foreign currency exchange, swaps credit rate and 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 March 2021, the UK Financial Conduct Authority (“FCA”) announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848 to December 31, 2024. Management does not believe this update has a material impact on the Funds’ financial statements and disclosures.

In July 2023, the SEC adopted amendments to certain rules that govern money market funds under the 1940 Act. The amendments are intended to improve the resiliency and transparency of money market funds, and address concerns raised by the large outflows from non-government money market funds experienced during the COVID-19 pandemic. Management is evaluating the impact of the amendments.

13. EUROPEAN INSTABILITY

Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a response to Russia’s invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia’s military invasion. These sanctions, as well as any other economic consequences related to the invasion or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian or other Eastern European investments, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. These and any related events could significantly impact a Fund’s performance and the value of an investment in the Fund, even beyond any direct exposure the Fund may have to Russian issuers or adjoining geographic regions. Funds that track an index (an Index Fund) may experience challenges liquidating positions in Russian securities that have been removed from its underlying index and/or sampling the underlying index to continue to seek the Index Fund’s respective investment goal. Such circumstances may lead to increased tracking error between an Index Fund’s performance and the performance of its respective underlying index.

14. 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  363 
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, 2023 through September 30, 2023.

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 4/1/2023 - 9/30/2023 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 350), 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 355), 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 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.46	%		$	1,000.00		$	962.50		$	2.26
Hypothetical (5% return before expenses)		0.46	%		$	1,000.00		$	1,022.76		$	2.33
BOND INDEX
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.07	%		$	1,000.00		$	958.70		$	0.34
Hypothetical (5% return before expenses)		0.07	%		$	1,000.00		$	1,024.72		$	0.36
CALIFORNIA INTERMEDIATE TAX-EXEMPT
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.45	%		$	1,000.00		$	967.40		$	2.22
Hypothetical (5% return before expenses)		0.45	%		$	1,000.00		$	1,022.81		$	2.28
CALIFORNIA TAX-EXEMPT
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.46	%		$	1,000.00		$	965.30		$	2.27
Hypothetical (5% return before expenses)		0.46	%		$	1,000.00		$	1,022.76		$	2.33
CORE BOND
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.41	%		$	1,000.00		$	957.90		$	2.01
Hypothetical (5% return before expenses)		0.41	%		$	1,000.00		$	1,023.01		$	2.08

* 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, 2023. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2023 through September 30, 2023, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

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NORTHERN FUNDS SEMIANNUAL REPORT

	FIXED INCOME AND MONEY MARKET FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

FIXED INCOME
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.45	%		$	1,000.00		$	960.50		$	2.21
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 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.60	%		$	1,000.00		$	1,025.30		$	3.05
Hypothetical (5% return before expenses)		0.60	%		$	1,000.00		$	1,022.06		$	3.04
HIGH YIELD MUNICIPAL
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.58	%		$	1,000.00		$	964.00		$	2.86
Hypothetical (5% return before expenses)		0.58	%		$	1,000.00		$	1,022.16		$	2.94
INTERMEDIATE TAX-EXEMPT
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.45	%		$	1,000.00		$	969.30		$	2.22
Hypothetical (5% return before expenses)		0.45	%		$	1,000.00		$	1,022.81		$	2.28
LIMITED TERM TAX-EXEMPT
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.45	%		$	1,000.00		$	983.80		$	2.24
Hypothetical (5% return before expenses)		0.45	%		$	1,000.00		$	1,022.81		$	2.28
LIMITED TERM U.S. GOVERNMENT
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.42	%		$	1,000.00		$	991.70		$	2.10
Hypothetical (5% return before expenses)		0.42	%		$	1,000.00		$	1,022.96		$	2.13

MULTI-MANAGER EMERGING MARKETS DEBT OPPORTUNITY
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.89	%		$	1,000.00		$	1,001.20		$	4.46
Hypothetical (5% return before expenses)		0.89	%		$	1,000.00		$	1,020.61		$	4.51
MULTI-MANAGER HIGH YIELD OPPORTUNITY
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.79	%		$	1,000.00		$	1,022.50		$	4.01
Hypothetical (5% return before expenses)		0.79	%		$	1,000.00		$	1,021.11		$	4.00
SHORT BOND
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.40	%		$	1,000.00		$	1,004.20		$	2.01
Hypothetical (5% return before expenses)		0.40	%		$	1,000.00		$	1,023.06		$	2.03
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.25	%		$	1,000.00		$	1,016.50		$	1.26
Hypothetical (5% return before expenses)		0.25	%		$	1,000.00		$	1,023.82		$	1.27
TAX-EXEMPT
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.45	%		$	1,000.00		$	964.00		$	2.22
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 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.25	%		$	1,000.00		$	1,030.00		$	1.27
Hypothetical (5% return before expenses)		0.25	%		$	1,000.00		$	1,023.82		$	1.27

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FIXED INCOME AND MONEY MARKET FUNDS

FIXED INCOME AND MONEY MARKET FUNDS
FUND EXPENSES    (continued)	SEPTEMBER 30, 2023 (UNAUDITED)

Siebert Williams Shank Shares
Actual		0.25	%		$	1,000.00		$	1,030.00		$	1.27
Hypothetical (5% return before expenses)		0.25	%		$	1,000.00		$	1,023.82		$	1.27
U.S. GOVERNMENT
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.42	%		$	1,000.00		$	979.80		$	2.08
Hypothetical (5% return before expenses)		0.42	%		$	1,000.00		$	1,022.96		$	2.13
U.S. GOVERNMENT MONEY MARKET
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.35	%		$	1,000.00		$	1,024.50		$	1.78
Hypothetical (5% return before expenses)		0.35	%		$	1,000.00		$	1,023.31		$	1.78
U.S. GOVERNMENT SELECT MONEY MARKET
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.35	%		$	1,000.00		$	1,024.50		$	1.78
Hypothetical (5% return before expenses)		0.35	%		$	1,000.00		$	1,023.31		$	1.78
U.S. TREASURY INDEX
SHARES	EXPENSE RATIO			BEGINNING ACCOUNT VALUE 4/1/2023			ENDING ACCOUNT VALUE 9/30/2023			EXPENSES   PAID*   4/1/2023-   9/30/2023
Actual		0.16	%		$	1,000.00		$	954.90		$	0.78
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, 2023. Expenses are equal to the Funds’ annualized expense ratio for the period April 1, 2023 through September 30, 2023, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

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		FIXED INCOME AND MONEY MARKET FUNDS
APPROVAL OF MANAGEMENT AGREEMENT AND   SUB-ADVISORY AGREEMENTS	SEPTEMBER 30, 2023 (UNAUDITED)

All Northern Funds Fixed Income Funds and Money Market Funds except Multi-Manager High Yield Opportunity and Multi-Manager Emerging Markets Debt Opportunity Funds

At an in-person meeting held on May 17-18, 2023 (the “Annual Contract Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of Northern Funds (the “Trust”), including all of the Trustees who are not “interested persons” (the “Independent Trustees”), as defined in the Investment Company Act of 1940 (the “1940 Act”) voting separately, reviewed and approved the continuance for an additional one-year period of the investment management agreements (collectively, the “Management Agreement”) between Northern Trust Investments, Inc. (“Northern”) and the Trust, on behalf of each of Arizona Tax-Exempt Fund, Bond Index Fund, California Intermediate Tax-Exempt Fund, California Tax-Exempt Fund, Core Bond Fund, Fixed Income Fund, High Yield Fixed Income Fund, High Yield Municipal Fund, Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund, Limited Term U.S. Government Fund, Short Bond Fund, Tax-Advantaged Ultra-Short Fixed Income Fund, Tax-Exempt Fund, Ultra-Short Fixed Income Fund, U.S. Government Fund and U.S. Treasury Index Fund (collectively, the “Fixed Income Funds”); and U.S. Government Money Market Fund and U.S. Government Select Money Market Fund (collectively, the “Money Market Funds” and, together with the Fixed Income Funds, each a “Fund” and collectively, the “Funds”).

In advance of, and at the Annual Contract Meeting, the Trustees received, considered and discussed a variety of information relating to the Management Agreement, Northern, and Northern’s affiliates. This information included written materials and verbal presentations at an in-person Board meeting held on March 1-2, 2023 (the “March Meeting”) and an executive session of the Independent Trustees held via video conference on April 13, 2023 (the “April Meeting”). 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 asked questions of and requested additional information from Northern. 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 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 discussed with independent legal counsel Northern’s reports, presentations and other information that had been provided to them at the March and April Meetings and at the Annual Contract 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 Trustees reviewed and assessed, among other things, information relating to: (i) the nature, extent and quality of the services provided by Northern; (ii) the Funds’ investment performance over different time periods, including in comparison to the investment performance of a universe of comparable peer funds (“Performance Universe”) selected by an independent third-party provider of mutual fund data (“Data Provider”), and against the Funds’ respective benchmark indexes; (iii) the contractual management fee rates (before fee waivers and expense reimbursements), actual advisory fee rates (after fee waivers and expense reimbursements), and total expense ratios (after fee waivers and expense reimbursements) of the Funds, including in comparison to those borne by a group of comparable peer funds (the “Expense Group”) selected by the Data Provider; (iv) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Funds; (v) the existence and sharing of potential economies of scale; (vi) any fall-out benefits to Northern and its affiliates as a result of Northern’s relationship with the Funds; and (vii) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern’s and its affiliates’ risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Funds, including Northern’s staffing for the Funds and the experience of the portfolio managers, credit research and other personnel, as well as Northern’s and its affiliates’ financial resources and Northern’s ability to attract and retain portfolio management talent; (iv) Northern’s and its affiliates’ investments in technology to benefit the Funds; (v) information about purchases and redemptions of each Fund’s shares; (vi) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (vii) the nature of the Funds’ shareholders.

The Trustees were provided with a description of the methodology used by the Data Provider to determine the similarity of the Funds with the funds included in their respective Performance Universes and Expense Groups. In considering the Management Agreement, the Trustees also considered 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. The Trustees considered the information provided to the Board about the Funds together and with respect to each Fund separately as the Board deemed appropriate.

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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 and its affiliates to the Funds, including both the investment advisory services, and separately the administrative and other non-advisory services. 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.

The Trustees considered, in evaluating whether to approve the Management Agreement, that subject to the supervision of the Board of Trustees, Northern is responsible for the management of the investment operations of each Fund and the composition of each Fund’s assets, including the day-to-day portfolio management of each Fund. The Trustees discussed that, under the Management Agreement, Northern was responsible for, among other things: (i) furnishing a continuous investment program for each Fund; (ii) determining what investments or securities will be purchased, retained or sold by each Fund, what portion of each Fund’s assets will be invested or held uninvested as cash; (iii) trading the assets of each Fund with broker-dealers selected by Northern, including using Northern’s best judgment to obtain the best overall terms available in executing Fund transactions; (iv) reviewing and preparing Fund regulatory documents; and (v) monitoring for anticipated purchases and redemptions of Fund shares. The Trustees considered that each of the Money Market Funds were operated as money market funds and were managed to maintain a stable net asset value in accordance with Rule 2a-7 under the 1940 Act.

The Trustees considered the strength of Northern’s and its affiliates’ risk management processes, including Northern’s and its affiliates’ significant commitments to address regulatory compliance requirements applicable to the Funds, and in particular the regular reporting on stress testing of the Funds, noting enhancements to such stress testing over the past year. They considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern’s and the Funds’ compliance programs. The Trustees noted that on a regular basis they received and reviewed information from the Trust’s Chief Compliance Officer regarding the Funds’ compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act, including related to compliance with Rule 2a-7 for the Money Market Funds. They considered the quality of Northern’s compliance oversight program with respect to all of the Funds’ service providers, as well as Northern’s responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Funds, and the quality of Northern’s

communications with, and services to, shareholders of the Funds. The Trustees reviewed the administrative services provided to the Funds by Northern and its affiliates, including its oversight of the Funds’ day-to-day custodial, transfer agency and fund accounting operations. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result of regulatory, market and other developments, and considered Northern’s initiatives on behalf of the Funds to address those 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 and initiatives.

The Trustees considered the qualifications, background and responsibilities of Northern’s senior management and investment personnel. They 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 its investment approach with respect to the Funds. The Trustees also considered the strong financial position and stability of Northern Trust, the corporate parent of Northern and its affiliates.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to the Funds and their shareholders.

Performance

The Trustees considered the investment performance of each of the Funds, including whether it had operated within its respective investment objective, as well as its compliance with its investment restrictions. For the Money Market Funds, the Trustees also took into account the changing 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 reviewed information on the Funds’ investment performance for one-, three-, five- and ten- year periods ended January 31, 2023. The Trustees compared the investment performance of each Fund to its respective Performance Universe. The Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees also reviewed the Funds’ performance relative to their respective benchmark indexes.

The Trustees noted that the performance for the following Funds were not in the top three quintiles for the one- and three-year periods and/or the one- and five-year periods:

• Core Bond Fund was in the second quintile for the one-year period, and fourth quintile for the three- and five-year periods. It also slightly underperformed its benchmark index in all three periods.

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	FIXED INCOME AND MONEY MARKET FUNDS
SEPTEMBER 30, 2023 (UNAUDITED)

• California Intermediate Tax-Exempt Fund was in the fifth quintile for the one-year period, fourth quintile for the three-year period, and third quintile for the five-year period. It also underperformed its benchmark index in all three periods.

• High Yield Fixed Income Fund was in the fourth quintile for the one-year, third quintile for the three-year period, and second quintile for the five-year period. It also slightly underperformed its benchmark index in all three periods.

• High Yield Municipal Fund was in the fifth quintile for the one-, three, and five-year periods. It also underperformed its benchmark index in all three periods.

• Intermediate Tax-Exempt Fund was in the fourth quintile for the one-, three-, and five-year periods. It also underperformed its benchmark index in all three periods.

• Tax-Advantaged Ultra-Short Fixed Income Fund was in the fourth quintile for the one-year period, and fifth quintile for the three- and five-year periods. It also moderately underperformed its benchmark index for the one-year period, and slightly underperformed its benchmark index for the three- and five-year periods.

• Tax-Exempt Fund was in the fourth quintile for the one-, three-, and five-year periods. It also underperformed its benchmark index in all three periods.

• Ultra-Short Fixed Income Fund was in the fourth quintile for the one- and three-year periods, and second quintile for the five-year period. It outperformed its benchmark index for all three periods.

The Trustees noted that Core Bond Fund had good one-year relative performance despite lower intermediate term performance, and had only slightly underperformed its benchmark index.

For the California Intermediate Tax-Exempt, High Yield Municipal, Intermediate Tax-Exempt, and Tax-Exempt Funds, Northern explained that the Funds’ longer duration profile and security selection in the Funds were the primary detractors from Fund performance relative to peers and relative to the Funds’ respective benchmark indexes. Northern explained that it planned to opportunistically reposition the Funds to more closely align with their respective benchmark indexes, while seeking to maintain a bias towards higher quality (other than High Yield Municipal Fund, which does not apply high quality bias). Northern committed to renewing the Funds’ current annual expense limitations.

The Trustees noted that, despite lower relative one-year performance for High Yield Fixed Income Fund, it had better intermediate term relative performance, and had only slightly underperformed its benchmark index.

For the Tax-Advantaged Ultra-Short Fixed Income Fund, Northern noted that the Fund is included in a Performance Universe that includes taxable funds, which significantly impacts relative performance as the Fund holds over 50% of its portfolio in tax-exempt securities. Northern stated that it believes the Fund’s blended benchmark index is more comparable for evaluating Fund performance, and reported that the Fund’s performance before expenses for the three- and five- year periods is comparable to its blended benchmark index. Northern committed to renewing the Fund’s current annual expense limitation.

For the Ultra-Short Fixed Income Fund, Northern noted that the Fund’s longer duration detracted from performance relative to its peer group. In particular, the Fund’s one-year duration, consistent with its benchmark index, was longer than the approximately half-year duration of most of its peers, which resulted in underperformance versus peers in the rising interest rate environment. The Trustees noted that the Fund had exceeded its benchmark index for the one-, three- and five-year periods. Northern committed to renewing the Fund’s current annual expense limitation.

The Trustees considered Northern’s explanations of the Funds’ performance and reviewed the differences in investment parameters of certain Funds and their peers. They considered the Funds’ investment performance relative to the investor base that the Funds are intended to serve, and noted the potential impact on performance of the relative risk parameters of the Funds. In addition, the Trustees reviewed the consistency of Northern’s investment strategy for each Fund and processes to address performance issues, including changes implemented by Northern to resolve performance issues. The Trustees considered Northern’s explanations for the reasons for tracking differences of the Bond Index Fund and U.S. Treasury Index Fund, both with investment objectives to track an underlying index, and concluded that each of them was appropriately tracking its respective underlying index. The Trustees noted that Northern’s quarterly performance reviews had assisted them in evaluating performance issues with respect to any Funds that were underperforming. The Trustees further noted the enhancements implemented by Northern over the past year with respect to the Money Market Funds in monitoring performance and various portfolio metrics relative to peers.

The Trustees concluded that, based on the information received, each Fund’s performance was generally satisfactory, noting the resources that Northern dedicated to improving the Funds’ performance and monitoring any underperformance, as applicable.

Fee Rates, Costs of Services and Profitability

The Trustees evaluated each Fund’s contractual management fee rate (before fee waivers and expense reimbursements) and actual advisory fee rate (after fee waivers and expense reimbursements);

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FIXED INCOME AND MONEY MARKET FUNDS

APPROVAL OF MANAGEMENT AGREEMENT AND

SUB-ADVISORY AGREEMENTS     (continued)

each Fund’s total operating expense ratio; and Northern’s contractual commitments to limit total annual fund operating expenses with respect to each Fund. The Trustees considered the effect of changing interest rates on the Money Market Funds, and the fee waivers and expense reimbursements undertaken by Northern during the current and prior year. The Trustees considered that the Fixed Income Funds (but not the Money Market Funds) were sweeping uninvested cash daily into a Northern-affiliated money market portfolio, and that Northern was in each case reimbursing back to the investing Fund or waiving, as the case may be, a portion of the management fee attributable to any assets invested in the applicable money market portfolio. In addition, the Trustees considered actions taken in past years to reduce Fund expenses.

The Trustees reviewed information on the contractual management fee rate paid by each Fund under the Management Agreement and each Fund’s total operating expense ratio compared to its respective Expense Group. The Trustees noted that the Management Agreement encompassed the provision of both advisory and administrative services by Northern and its affiliates, which may result in Northern’s actual advisory fee rate appearing to be higher when compared to certain Expense Group peers whose actual advisory fee rates do not encompass any administrative services. The Trustees also considered each Fund’s respective peer retail share class within each Fund’s respective investment classification (“Objective Median”), as measured by the Data Provider, noting that the majority of the Funds only offer a single share class, whereas many of the competitors offered multiple share classes.

The Trustees considered that Northern had reimbursed expenses and/or waived fees for many of the Funds. The Trustees noted that the Fixed Income Funds’ total expense ratios (after fee waivers and expense reimbursements) were generally in the first or second quintile of their respective Expense Group.

Northern explained that the Money Market Funds appeared to have higher fees when compared to their Expense Group because of the differing shareholder report dates used by the Data Provider in deriving expense data for the Expense Group. As money market funds generally started decreasing fee waivers following the interest rate increases that began in March 2022, money market funds with shareholder report periods later in the calendar year, such as the Money Market Funds, had lower levels of fee waivers when compared to other Expense Group money market funds with shareholder report periods earlier in the calendar year, due to the Money Market Funds having had a longer period of time without fee waivers. Northern reported that it had separately reviewed the expense ratios included in the prospectuses of the Expense Group money market funds, and stated that the Money Market Funds’ expense ratios were within the range of the Expense Group money market funds.

The Trustees noted that contractual management fee rates and/or actual advisory fee rates for the following Funds were in the fourth or fifth quintiles of the Funds’ respective Expense Groups:

• Fixed Income Fund, Short Bond Fund, Tax-Advantaged Ultra-Short Fixed Income Fund, Tax-Exempt Fund, and Ultra-Short Fixed Income Fund, whose actual advisory fee rates were in the fourth or fifth quintile; and

• High-Yield Municipal Fund, whose contractual management fee rate was in the fourth quintile;

• Intermediate Tax-Exempt Fund, Limited Term Tax-Exempt Fund, U.S. Government Money Market Fund, and U.S. Government Select Money Market Fund, whose contractual management fee rates and actual advisory fee rates were fourth or fifth quintile.

The Trustees noted that a significant majority of these Fixed Income Funds had total expenses after fee waivers and expense reimbursements in the top two quintiles, and considered Northern’s explanation of the effect of shareholder report periods on the Expense Group data for the Money Market Funds. The Trustees also noted Northern’s commitment to renew annual expense limitations for the Funds.

The Trustees considered the fees charged by Northern to other similarly managed, comparable private institutional accounts to the fees charged for the Funds. The Trustees considered the difference in, and level of complexity of, services provided by Northern to the private institutional accounts compared to the Funds, including (i) regulatory, operational and compliance differences; (ii) differences in board and committee support; and (iii) differences in management. These comparisons assisted the Trustees in evaluating the reasonableness of the management fee rates paid by the Funds compared to those charged to the private institutional accounts.

Upon further consideration and discussion of the foregoing, the Trustees concluded that the compensation payable by each Fund under the Management Agreement was fair and reasonable in light of the services provided.

The Trustees received information describing the Funds’ management fee rate structure. In addition, the Trustees considered the amount of assets in each 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, 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, and the overall methodology has remained consistent with that used in the Funds’ profitability report presentations from prior years.

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The Trustees discussed information provided by the Data Provider 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 and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern’s expense reimbursements during the year. They considered the nature of the Funds and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Funds.

Based upon its consideration of all these factors, the Trustees concluded that Northern’s profitability was not excessive in view of the nature, extent and quality of services provided to each Fund.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Funds grow and whether fee rate levels reflected these economies of scale for the benefit of shareholders.

They considered Northern’s discussion of the Funds’ management fee rate structure and considered Northern’s view that the Funds were sharing in economies of scale through the level at which the Funds’ management fee rates are set and through Northern’s contractual expense reimbursements to limit total annual fund operating expenses for each Fund. The Trustees considered that the Funds (other than Bond Index Fund, High Yield Fixed Income Fund, U.S. Government Money Market Fund, U.S. Government Select Money Market Fund, and U.S. Treasury Index Fund) had breakpoints, so that shareholders would receive reduced fee rates as the Funds grew, and that three Funds had reached a breakpoint as of January 31, 2023. The Trustees agreed that breakpoints were not necessary for the Bond Index Fund, High Yield Fixed Income Fund, and U.S. Government Select Money Market Fund and U.S. Treasury Index Fund at this time based on their current management fee rates and contractual expense limitations. The Trustees considered the voluntary fee waivers and expense reimbursements made by Northern for the Money Market Funds to support the Money Market Funds’ yield in the current and prior year. Based on the foregoing, the Trustees determined that the Funds’ current management fee rate structures were reasonable.

Fall Out and Other Benefits to Northern

The Trustees 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 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 considered the extent to which Northern benefited from receipt of research products and services generated by the Funds.

Conclusion

After deliberation and based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the compensation payable under the Management Agreement is fair and reasonable in light of the services provided and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuance of the Management Agreement on behalf of each Fund.

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Northern Funds Multi-Manager High Yield Opportunity and Multi-Manager Emerging Markets Debt Opportunity Funds

At an in-person meeting held on May 17-18, 2023 (the “Annual Contract Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of Northern Funds (the “Trust”), including all of the Trustees who are not “interested persons” as defined in the Investment the Company Act of 1940 (the “Independent Trustees”) voting separately, reviewed and approved the continuance for an additional one-year period of (i) the investment management agreement (the “Multi-Manager Management Agreement”) between Northern Trust Investments, Inc. (“Northern”) and the Trust, on behalf of each of the Multi-Manager High Yield Opportunity Fund and Multi-Manager Emerging Markets Debt Opportunity Fund (each a “Multi-Manager Fixed Income Fund” and collectively, the “Multi-Manager Fixed Income Funds”); and (ii) the sub-advisory agreements (“Sub-Advisory Agreements”) between Northern and each sub-adviser to the Multi-Manager Fixed Income Funds.

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, Northern, and Northern’s affiliates, and information relating to the Sub-Advisory Agreements and each sub-adviser. This information included written materials and verbal presentations at an in-person Board meeting held on March 1-2, 2023 (the “March Meeting”) and an executive session of the Independent Trustees held via video conference on April 13, 2023 (the “April Meeting”). 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 asked questions of and requested additional information from Northern. 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.

1. Management Agreement

In evaluating the Multi-Manager Management Agreement, the Trustees discussed with independent legal counsel Northern’s reports, presentations and other information that had been provided to them at the March and April Meetings and at the Annual Contract 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 Multi-Manager Management Agreement was an on-going one throughout the year.

The Trustees reviewed and assessed, among other things, information relating to: (i) the nature, extent and quality of the services provided by Northern; (ii) the Multi-Manager Fixed Income Funds’ investment performance over different time periods, including in comparison to the investment performance of a universe of comparable peer funds (“Performance Universe”) selected by an independent third-party provider of mutual fund data (“Data Provider”), and against the Funds’ respective benchmark indexes; (iii) the contractual management fee rates (before fee waivers and expense reimbursements), actual advisory fee rates (after fee waivers and expense reimbursements), and total expense ratios (after fee waivers and expense reimbursements) of the Multi-Manager Fixed Income Funds, including in comparison to those borne by a group of comparable peer funds (“Expense Group”) selected by the Data Provider; (iv) the cost of the services and profits realized by Northern and its affiliates from their relationship with the Multi-Manager Fixed Income Funds; (v) the existence and sharing of potential economies of scale; (vi) any fall-out benefits to Northern and its affiliates as a result of Northern’s relationship with the Multi-Manager Fixed Income Funds; and (vii) other factors deemed relevant by the Trustees.

In addition, the Board reviewed, among other things, materials relating to: (i) compliance reports; (ii) information about Northern’s and its affiliates’ risk management processes, stress testing, credit research, business continuity and cyber-security programs; (iii) the qualifications of Northern and its affiliates to provide services to the Multi-Manager Fixed Income Funds, including Northern’s staffing for the Multi-Manager Fixed Income Funds and the experience of the portfolio managers and other personnel, as well as Northern’s and its affiliates’ financial resources and Northern’s ability to attract and retain portfolio management talent; (iv) Northern’s and its affiliates investments in technology to benefit the Multi-Manager Fixed Income Funds; (v) information about purchases and redemptions of each Multi-Manager Fixed Income Fund’s shares; (vi) policies adopted by Northern regarding brokerage, including soft dollars, trade allocations and other matters; and (vii) the nature of the Multi-Manager Fixed Income Funds’ shareholders.

The Trustees were provided with a description of the methodology used by the Data Provider to determine the similarity of the Multi-Manager Fixed Income Funds with the funds included in their respective Performance Universes and Expense Groups. In considering the Multi-Manager Management Agreement, the Trustees also considered 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 Fixed Income 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. The Trustees considered the

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information provided to them about the Multi-Manager Fixed Income Funds together and with respect to each Multi-Manager Fixed Income Fund separately as the Board deemed appropriate.

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 and its affiliates to the Multi-Manager Fixed Income Funds, including both the investment advisory services, and separately the administrative and other non-advisory services. These services include acting as the Multi-Manager Fixed Income Funds’ administrator and sub-administrator, custodian and transfer agent and providing other services necessary for the operation of the Multi-Manager Fixed Income 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 Fixed Income Funds. They considered that Northern provided overall general investment management services to the Multi-Manager Fixed Income Funds, and 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 responsible for, among other things: (i) selecting each Multi-Manager Fixed Income Fund’s investment strategies; (ii) allocating and reallocating assets among the sub-advisers consistent with each Multi-Manager Fixed Income 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 Fixed Income Fund’s investment objectives, policies and restrictions. The Trustees noted that Northern also managed the cash portion of each Multi-Manager Fixed Income Fund, in addition to providing the foregoing services.

In addition, the Trustees considered that Northern selects the sub-advisers to manage the Multi-Manager Fixed Income 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 Fixed Income 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 strategy with the other sub-advisers managing assets of the same Multi-Manager Fixed Income Fund. The Trustees considered that the prospectuses for the Multi-Manager Fixed Income 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 Fixed Income Fund. The Trustees

considered that at the time of the Annual Contract Meeting, Northern supervised a significant number of sub-advisers. The Trustees considered Northern’s expertise in managing multi-manager strategies and its investments in the multi-manager business.

The Trustees considered the strength of Northern’s and its affiliates’ risk management processes, including Northern’s and its affiliates’ significant commitments to address regulatory compliance requirements applicable to the Multi-Manager Fixed Income Funds, and in particular the regular reporting on stress testing of the Multi-Manager Fixed Income Funds, noting enhancements to such stress testing over the past year. 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 considered information regarding the effectiveness and resources of the compliance team, including maintaining and monitoring Northern’s and the Multi-Manager Fixed Income Funds’ compliance programs. The Trustees noted that on a regular basis they received and reviewed information from the Trust’s Chief Compliance Officer (“CCO”) regarding the Multi-Manager Fixed Income Funds’ compliance policies and procedures pursuant to Rule 38a-1 under the 1940 Act. They considered the quality of Northern’s compliance oversight program with respect to all of the Multi-Manager Fixed Income Funds’ service providers as well as Northern’s responses to any compliance or operational matters raised during the year.

The Trustees considered ongoing expenditures made by Northern and its affiliates to continue improving the quality and scope of their services to the Multi-Manager Fixed Income Funds, and the quality of Northern’s communications with, and services to, shareholders of the Multi-Manager Fixed Income Funds. The Trustees reviewed the administrative services provided to the Multi-Manager Fixed Income Funds by Northern and its affiliates, including its oversight of the Multi-Manager Fixed Income Funds’ day-to-day custodial, transfer agency and fund accounting operations. The Trustees noted that the scope of services provided by Northern, and the undertakings required of Northern in connection with those services, had expanded over time as a result of regulatory, market and other developments, and considered Northern’s initiatives on behalf of the Multi-Manager Fixed Income Funds to address those developments. In this regard, the Trustees also noted Northern’s initiatives undertaken in the past few years with respect to the Multi-Manager Fixed Income Funds and their shareholders, including to address additional regulatory and reporting requirements and initiatives.

The Trustees considered the qualifications, background and responsibilities of Northern’s senior management and investment personnel. They 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 its investment approach with respect to the

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Multi-Manager Fixed Income Funds. The Trustees considered the strong financial position and stability of Northern Trust, the corporate parent of Northern and its affiliates.

Following consideration of such information, the Board was satisfied with the nature, extent and quality of services provided by Northern and its affiliates to each of the Multi-Manager Fixed Income Funds and their shareholders.

Performance

The Trustees considered the investment performance of each of the Multi-Manager Fixed Income Funds, including whether it had operated within its respective investment objective, as well as its compliance with its investment restrictions. For Multi-Manager Fixed Income Funds that had been in existence for the applicable periods, the Trustees received information on the Multi-Manager Fixed Income Funds’ investment performance for one, two, three, four, five and ten years ended January 31, 2023, as well as performance for the month, quarter and year-to-date ended January 31, 2023. The Trustees compared the investment performance of the Multi-Manager Fixed Income Funds to the performance of their respective Performance Universe. The Multi-Manager Fixed Income Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees also reviewed the Funds’ performance relative to their respective benchmark indexes.

The Trustees considered the performance of each of the Multi-Manager Fixed Income Funds against their respective Performance Universe for the one-, three- and five- year periods ended January 31, 2023. The Trustees noted that the Multi-Manager High Yield Opportunity Fund had performance in the third quintile for the one- and five-year periods, and performance in the second quintile for the three-year period ended January 31, 2023. The Trustees noted that the Multi-Manager Emerging Markets Debt Opportunity Fund had performance in the third quintile for the one-year period and performance in the fifth quintile for the three- and five-year periods ended January 31, 2023.

The Trustees considered the performance of the Multi-Manager Fixed Income Funds against their respective benchmark indexes for the one-, three- and five-year periods ended January 31, 2023, noting that the Multi-Manager High Yield Opportunity Fund had outperformed its benchmark index for the one- and three-year periods and underperformed its benchmark index for the five-year period, and that Multi-Manager Emerging Markets Debt Opportunity Fund had outperformed its benchmark index for the one-year period and underperformed its benchmark index for the three- and five-year periods.

The Trustees considered Northern’s explanations of the Multi-Manager Fixed Income Funds’ performance and reviewed the consistency of Northern’s investment strategy for the

Multi-Manager Fixed Income Funds. The Trustees reviewed Northern’s processes to address performance issues, including changes implemented by Northern to resolve performance issues. They considered Northern’s continual monitoring of sub-advisers and their performance during the year, which included due diligence meetings. The Trustees noted that Northern’s quarterly performance reviews had assisted them in evaluating performance issues with respect to any Multi-Manager Fixed Income Funds that were underperforming.

The Trustees concluded that, based on the information received, each of the Multi-Manager Fixed Income Funds’ performance was satisfactory, and that the resources dedicated by Northern to improving the Multi-Manager Fixed Income Funds’ performance and monitoring their underperformance was also satisfactory.

Fee Rates, Costs of Services and Profitability

The Trustees evaluated each Multi-Manager Fixed Income Funds’ contractual management fee rate (before fee waivers and expense reimbursements) and actual advisory fee rate (after fee waivers and expense reimbursements); each Multi-Manager Fixed Income Funds’ total operating expense ratio; and Northern’s contractual commitments to limit total annual fund operating expenses with respect to each Multi-Manager Fixed Income Fund. The Trustees considered actions taken by Northern to reduce Fund expenses, such as service provider and management fee reductions on the Multi-Manager Fixed Income Funds over recent years. Additionally, the Trustees considered Northern’s reduction in the contractual management fee rate and expense limitation for the Multi-Manager High Yield Opportunity Fund. The Trustees considered that the Multi-Manager Fixed Income Funds were sweeping uninvested cash daily into a Northern-affiliated money market portfolio, and that Northern was in each case reimbursing back to the investing Multi-Manager Fixed Income Fund or waiving, as the case may be, a portion of the management fee attributable to any assets invested in the applicable money market portfolio.

The Trustees reviewed information on the contractual management fee rate paid by each Multi-Manager Fixed Income Fund under the Multi-Manager Management Agreement and each Multi-Manager Fixed Income Fund’s total operating expense ratio compared to its respective Expense Group. The Trustees noted that the Management Agreement encompassed the provision of both advisory and administrative services by Northern and its affiliates, which may result in Northern’s actual advisory fee rate appearing to be higher when compared to certain Expense Group peers whose actual advisory fee rates do not encompass any administrative services. The Trustees also considered each Multi-Manager Fixed Income Fund’s respective peer retail share class within each of its respective investment classification (“Objective Median”), as measured by the Data Provider, noting that the additional data was useful because the Multi-Manager Fixed Income Funds only offer a single share class, whereas many of the competitors offer multiple share classes.

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The Multi-Manager Fixed Income Funds were ranked by the Data Provider in quintiles, ranging from first to fifth, where first is the best quintile position and fifth is the worst. The Trustees noted that the total expenses (after fee waivers and expense reimbursements) for Multi-Manager Emerging Markets Debt Opportunity Fund was in the second quintile of its Expense Group, and Multi-Manager High Yield Opportunity Fund (before the reduction in the contractual management fee rate and expense limitation noted above) was in the third quintile of its Expense Group. The Trustees noted that the contractual management fee rates and actual advisory fee rates for the Multi-Manager Fixed Income Funds were higher than their respective Expense Groups. Northern stated that it believed that the total annual operating expenses after reimbursements for the Multi-Manager Fixed Income Funds was reasonable relative to the Funds’ peers.

The Trustees considered the fees charged by Northern to other similarly managed, comparable private institutional accounts to the fees charged for the Multi-Manager High Yield Opportunities Fund. The Trustees considered the difference in, and level of complexity of, services provided by Northern to the private institutional accounts compared to the Fund, including (i) regulatory, operational and compliance differences; (ii) differences in board and committee support; and (iii) differences in management. These comparisons assisted the Trustees in evaluating the reasonableness of the management fee rates paid by the Fund compared to those charged to the private institutional accounts.

Upon further consideration and discussion of the foregoing, the Trustees concluded that the compensation payable by the Fund under the Multi-Manager Management Agreement was fair and reasonable in light of the services provided.

The Trustees received information describing the Multi-Manager Fixed Income Funds’ management fee rate structure, the amount retained by Northern after payment of the sub advisory fees, and Northern’s role under the Multi-Manager Management Agreement in overseeing the sub-advisers. The Trustees considered that each of the Multi-Manager Fixed Income Funds utilized multiple sub-advisers. In addition, the Trustees considered the amount of assets in each Multi-Manager Fixed Income 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, both before and after distribution and certain non-distribution costs. The Trustees 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, if any, as required by the Multi-Manager Fixed Income Funds’ exemptive order. The Trustees considered Northern’s assumptions and methodology for allocating costs to each Multi-Manager Fixed Income Fund, recognizing that cost allocation methodologies are inherently subjective and not

audited, and the overall methodology has remained consistent with that used in the Multi-Manager Fixed Income Funds’ profitability report presentations from prior years.

The Trustees discussed information provided by the Data Provider 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 and may be impacted by numerous factors, including the type of funds managed, business mix, cost allocation methodologies and other factors. The Trustees considered Northern’s expense reimbursements during the year. They considered the nature of the Multi-Manager Fixed Income Funds and the high quality of the services provided by Northern and its affiliates, and that Northern and its affiliates appeared to have the resources necessary to fulfill its obligations under its management and other agreements with the Multi-Manager Fixed Income Funds.

Based upon its consideration of all these factors, the Trustees concluded that Northern’s profitability was not excessive in view of the nature, extent and quality of services provided to each Multi-Manager Fixed Income Fund.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Multi-Manager Fixed Income Funds grow and whether fee rate levels reflected these economies of scale for the benefit of shareholders. The Trustees noted that the management fee for all of the Multi-Manager Fixed Income Funds have breakpoints, thus ensuring that as a Multi-Manager Fixed Income Fund’s assets grew, its shareholders would receive reduced fee rates. They considered management’s discussion of the Multi-Manager Fixed Income Funds’ fee rate structure and considered Northern’s view that the Multi-Manager Fixed Income Funds were sharing in economies of scale through the level at which the Funds’ management fee rates are set and through Northern’s contractual expense reimbursements to limit total annual fund operating expenses for each of the Multi-Manager Fixed Income Funds.

Based on the foregoing, the Trustees determined that the Multi-Manager Fixed Income Funds’ current management fee rate structures were reasonable.

Fall Out and Other Benefits to Northern

The Trustees 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 considered that many of the Multi-Manager Fixed Income 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

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and its affiliates benefit from their ability to leverage resources over a larger asset base. The Trustees considered 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. The Trustees also considered the extent to which Northern benefitted from receipt of research products and services generated by the Funds.

Conclusion

After deliberation and based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the compensation payable under the Multi-Manager Management Agreement is fair and reasonable in light of the services provided and such other matters as the Board considered relevant in the exercise of reasonable business judgment. After full consideration of the above factors as well as other factors, the Board, including the Independent Trustees, unanimously approved the continuance of the Multi-Manager Management Agreement on behalf of each Multi-Manager Fixed Income Fund.

2. Sub-Advisory Agreements

The Trustees considered the Sub-Advisory Agreements for the Multi-Manager Fixed Income 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 Fixed Income Fund; (vi) information with respect to each sub-adviser’s risk management and cybersecurity programs, 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 Fixed Income 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 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 Fixed Income Fund. The Trustees 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 Fixed Income Funds.

Fees, Expenses and Performance

The Trustees considered that the sub-advisers were each paid sub-advisory fees by Northern out of Northern’s management fees and not by the Multi-Manager Fixed Income Funds. The Trustees 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 management fees and fees paid to the sub-adviser by its other accounts with similar strategies, if any. Finally, the Trustees 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 Fixed Income Fund, they did not consider the sub-advisers’ projected profitability, which they did not consider particularly relevant given that Northern paid the sub-advisers out of its own management fees and thus 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 index. It was noted that each sub-adviser had a different style, and that these styles would outperform or underperform in various markets.

For the Multi-Manager High Yield Opportunity Fund, the Trustees noted that Polen Capital Credit, LLC (“Polen Capital”) outperformed in the one-, three-, and five-year periods, and underperformed in the quarter ended December 31, 2022, compared to the Fund’s benchmark index. The Trustees also noted that Nomura Corporate Research and Asset Management, Inc. (“Nomura”) outperformed in the one-, three-, five-year periods, and the quarter ended December 31, 2022, as compared to the Fund’s benchmark index. Northern noted that both Polen Capital and Nomura had strong performance relative to the benchmark

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index. Northern stated that Neuberger Berman would be replaced with BlackRock in early 2023, and therefore its sub-advisory contract was not considered for renewal.

For the Multi-Manager Emerging Markets Debt Opportunity Fund, the Trustees noted that Ashmore Investment Management (“Ashmore”) had underperformed in the one-, three-, and five-year periods and outperformed in the quarter ended December 31, 2022, compared to the Multi-Manager Emerging Markets Debt Opportunity Fund’s blended benchmark index. Northern reported that Ashmore’s corporate debt allocation to high yield Chinese real estate companies had been the main detractor to Ashmore’s performance in the Fund in 2022, but that the positioning contributed positively to Ashmore’s outperformance in the Fund for the fourth quarter. Northern stated that Ashmore’s performance was within expectations given the market environment and recommended the continuation of Ashmore’s Sub-Advisory Agreement with respect to the Fund. Northern also noted that the addition of MetLife investment Management (“MIM”) as a third sub-adviser to the Fund in June 2022 had reduced Ashmore’s allocation from 50% to 35%.

The Trustees considered that Global Evolution USA (“Global Evolution”) had outperformed in the one-, three-, sub-adviser since-inception date of October, 2017, and for the quarter ended December 31, 2022, compared to the blended benchmark index for the Multi-Manager Emerging Markets Debt Opportunity Fund. The Trustees also noted that MetLife Investment Management (“MIM”) had underperformed its benchmark index since becoming a sub-adviser in June, 2022, but had outperformed for the quarter ended December 31, 2022.

The Trustees concluded, based upon the information provided, that the sub advisers’ performance was generally satisfactory and, where there had been ongoing sub adviser underperformance, Northern had acted quickly to make changes to improve overall 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 Fixed Income 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 Fixed Income Funds primarily at the management fee level given that Northern pays the sub-advisers out of its own management fees, including Northern’s contractual expense limitations for the Multi-Manager Fixed Income Funds.

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 Fixed Income 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 considered the other relationships that certain of the sub-advisers had with Northern, including sub-advisory and/or custodial relationships.

Conclusion

Based on the Trustees’ deliberations and the recommendations by Northern, the Trustees concluded that the fees paid by each sub-adviser on a Fund-by-Fund basis for the Multi-Manager Fixed Income Funds were fair and reasonable in light of the services provided by each of them. The Trustees concluded that the sub-advisory agreements with respect to the Multi-Manager Fixed Income Funds should be reapproved for an additional one-year period.

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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 SEC each month and post their complete schedules of portfolio holdings on the Northern Funds’ web site at 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 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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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 reports 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 Rule 30a-2(a) under the 1940 Act and 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 Rule 30a-2(b) under the 1940 Act and 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: November 30, 2023

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: November 30, 2023

By	/s/ Randal E. Rein
	Randal E. Rein, Treasurer
	(Principal Financial and Accounting Officer)

Date: November 30, 2023