Schedule of Investments |
INCOME EQUITY FUND | June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 98.9% | ||
Aerospace & Defense – 1.0% | ||
Lockheed Martin Corp. | 4,393 | $1,662 |
Air Freight & Logistics – 0.3% | ||
C.H. Robinson Worldwide, Inc. | 4,953 | 464 |
Automobiles – 0.7% | ||
Tesla, Inc.(1) * | 1,584 | 1,077 |
Banks – 2.0% | ||
Bank of America Corp. | 13,943 | 575 |
Citigroup, Inc. | 30,860 | 2,183 |
JPMorgan Chase & Co. | 3,451 | 537 |
3,295 | ||
Beverages – 0.5% | ||
Coca-Cola (The) Co. | 15,522 | 840 |
Biotechnology – 3.1% | ||
AbbVie, Inc. | 12,030 | 1,355 |
Amgen, Inc. | 8,159 | 1,989 |
Gilead Sciences, Inc. | 24,071 | 1,657 |
5,001 | ||
Capital Markets – 3.0% | ||
Ameriprise Financial, Inc. | 3,717 | 925 |
BlackRock, Inc. | 2,570 | 2,249 |
Jefferies Financial Group, Inc. | 7,418 | 254 |
Lazard Ltd., Class A | 17,534 | 793 |
LPL Financial Holdings, Inc. | 5,071 | 684 |
4,905 | ||
Chemicals – 2.0% | ||
CF Industries Holdings, Inc. | 18,162 | 934 |
Dow, Inc. | 14,123 | 894 |
Sherwin-Williams (The) Co. | 5,371 | 1,463 |
3,291 | ||
Communications Equipment – 1.6% | ||
Cisco Systems, Inc. | 48,864 | 2,590 |
Ubiquiti, Inc. | 39 | 12 |
2,602 | ||
Consumer Finance – 2.0% | ||
Ally Financial, Inc. | 5,666 | 282 |
American Express Co. | 13,555 | 2,240 |
Discover Financial Services | 3,362 | 398 |
Synchrony Financial | 8,711 | 422 |
3,342 | ||
Containers & Packaging – 0.6% | ||
International Paper Co. | 15,819 | 970 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.9%continued | ||
Distributors – 0.7% | ||
Genuine Parts Co. | 4,199 | $531 |
Pool Corp. | 1,183 | 543 |
1,074 | ||
Diversified Consumer Services – 0.4% | ||
H&R Block, Inc. | 24,663 | 579 |
Diversified Financial Services – 0.5% | ||
Berkshire Hathaway, Inc., Class B(1) * | 2,683 | 746 |
Diversified Telecommunication Services – 2.0% | ||
AT&T, Inc. | 37,280 | 1,073 |
Verizon Communications, Inc. | 40,509 | 2,270 |
3,343 | ||
Electric Utilities – 1.3% | ||
Avangrid, Inc. | 12,940 | 666 |
Exelon Corp. | 21,673 | 960 |
OGE Energy Corp. | 14,090 | 474 |
2,100 | ||
Electrical Equipment – 0.9% | ||
Emerson Electric Co. | 13,320 | 1,282 |
Rockwell Automation, Inc. | 733 | 209 |
1,491 | ||
Energy Equipment & Services – 0.6% | ||
Helmerich & Payne, Inc. | 29,842 | 974 |
Entertainment – 1.3% | ||
Activision Blizzard, Inc. | 17,199 | 1,642 |
Electronic Arts, Inc. | 2,783 | 400 |
World Wrestling Entertainment, Inc., Class A | 1,865 | 108 |
2,150 | ||
Equity Real Estate Investment Trusts – 4.5% | ||
American Tower Corp. | 4,238 | 1,145 |
Brandywine Realty Trust | 46,889 | 643 |
Corporate Office Properties Trust | 20,431 | 572 |
Cousins Properties, Inc. | 20,840 | 766 |
Extra Space Storage, Inc. | 2,166 | 355 |
Highwoods Properties, Inc. | 17,086 | 772 |
Iron Mountain, Inc. | 21,738 | 920 |
Mid-America Apartment Communities, Inc. | 5,744 | 967 |
SL Green Realty Corp. | 5,398 | 432 |
Weingarten Realty Investors | 22,097 | 708 |
7,280 |
NORTHERN FUNDS QUARTERLY REPORT 1 EQUITY FUNDS
Schedule of Investments |
INCOME EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.9%continued | ||
Food & Staples Retailing – 1.4% | ||
Walmart, Inc. | 16,277 | $2,295 |
Food Products – 0.5% | ||
General Mills, Inc. | 13,792 | 840 |
Health Care Equipment & Supplies – 1.6% | ||
Abbott Laboratories | 8,935 | 1,036 |
Baxter International, Inc. | 6,290 | 506 |
ResMed, Inc. | 4,432 | 1,093 |
2,635 | ||
Health Care Providers & Services – 1.0% | ||
Cardinal Health, Inc. | 14,239 | 813 |
UnitedHealth Group, Inc. | 2,254 | 902 |
1,715 | ||
Health Care Technology – 0.4% | ||
Cerner Corp. | 8,173 | 639 |
Hotels, Restaurants & Leisure – 0.3% | ||
Yum! Brands, Inc. | 4,127 | 475 |
Household Durables – 0.6% | ||
Leggett & Platt, Inc. | 2,475 | 128 |
Newell Brands, Inc. | 30,664 | 843 |
971 | ||
Household Products – 2.6% | ||
Clorox (The) Co. | 3,462 | 623 |
Colgate-Palmolive Co. | 18,838 | 1,532 |
Kimberly-Clark Corp. | 5,280 | 706 |
Procter & Gamble (The) Co. | 10,350 | 1,397 |
4,258 | ||
Independent Power & Renewable Electricity Producers – 0.1% | ||
Vistra Corp. | 11,106 | 206 |
Industrial Conglomerates – 1.2% | ||
3M Co. | 10,176 | 2,021 |
Insurance – 2.8% | ||
Aflac, Inc. | 17,722 | 951 |
Allstate (The) Corp. | 5,667 | 739 |
MetLife, Inc. | 16,321 | 977 |
Principal Financial Group, Inc. | 13,630 | 861 |
Prudential Financial, Inc. | 9,928 | 1,018 |
4,546 | ||
Interactive Media & Services – 4.2% | ||
Alphabet, Inc., Class A(1) * | 1,963 | 4,793 |
Facebook, Inc., Class A(1) * | 5,748 | 1,999 |
6,792 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.9%continued | ||
Internet & Direct Marketing Retail – 3.7% | ||
Amazon.com, Inc.(1) * | 1,466 | $5,043 |
eBay, Inc. | 14,918 | 1,048 |
6,091 | ||
IT Services – 3.8% | ||
Accenture PLC, Class A | 4,381 | 1,291 |
International Business Machines Corp. | 14,317 | 2,099 |
Mastercard, Inc., Class A | 4,246 | 1,550 |
Visa, Inc., Class A | 5,221 | 1,221 |
6,161 | ||
Leisure Products – 0.1% | ||
Polaris, Inc. | 1,528 | 209 |
Life Sciences Tools & Services – 0.1% | ||
Thermo Fisher Scientific, Inc. | 339 | 171 |
Machinery – 1.3% | ||
Cummins, Inc. | 3,117 | 760 |
Illinois Tool Works, Inc. | 6,398 | 1,430 |
2,190 | ||
Media – 1.4% | ||
Interpublic Group of (The) Cos., Inc. | 28,071 | 912 |
New York Times (The) Co., Class A | 618 | 27 |
Nexstar Media Group, Inc., Class A | 554 | 82 |
Omnicom Group, Inc. | 10,854 | 868 |
Sirius XM Holdings, Inc. | 73,226 | 479 |
2,368 | ||
Metals & Mining – 0.9% | ||
Newmont Corp. | 12,597 | 798 |
Southern Copper Corp. | 10,971 | 706 |
1,504 | ||
Mortgage Real Estate Investment Trusts – 0.5% | ||
Annaly Capital Management, Inc. | 88,814 | 789 |
Multiline Retail – 0.7% | ||
Target Corp. | 4,560 | 1,102 |
Multi-Utilities – 1.0% | ||
Public Service Enterprise Group, Inc. | 14,278 | 853 |
WEC Energy Group, Inc. | 8,434 | 750 |
1,603 | ||
Oil, Gas & Consumable Fuels – 2.8% | ||
Antero Midstream Corp. | 89,838 | 933 |
Cabot Oil & Gas Corp. | 7,131 | 125 |
Cimarex Energy Co. | 7,034 | 510 |
Equitrans Midstream Corp. | 99,110 | 843 |
EQUITY FUNDS 2 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.9%continued | ||
Oil, Gas & Consumable Fuels – 2.8%continued | ||
Targa Resources Corp. | 24,589 | $1,093 |
Williams (The) Cos., Inc. | 38,216 | 1,015 |
4,519 | ||
Personal Products – 0.0% | ||
Nu Skin Enterprises, Inc., Class A | 523 | 30 |
Pharmaceuticals – 5.4% | ||
Eli Lilly & Co. | 12,056 | 2,767 |
Johnson & Johnson | 20,884 | 3,440 |
Pfizer, Inc. | 66,637 | 2,610 |
8,817 | ||
Road & Rail – 1.1% | ||
Old Dominion Freight Line, Inc. | 3,558 | 903 |
Union Pacific Corp. | 4,160 | 915 |
1,818 | ||
Semiconductors & Semiconductor Equipment – 6.7% | ||
Analog Devices, Inc. | 6,284 | 1,082 |
Applied Materials, Inc. | 808 | 115 |
Broadcom, Inc. | 2,039 | 972 |
Intel Corp. | 6,130 | 344 |
KLA Corp. | 2,494 | 808 |
Lam Research Corp. | 3,047 | 1,983 |
Microchip Technology, Inc. | 5,282 | 791 |
NVIDIA Corp. | 272 | 218 |
QUALCOMM, Inc. | 16,261 | 2,324 |
Texas Instruments, Inc. | 12,221 | 2,350 |
10,987 | ||
Software – 8.5% | ||
Citrix Systems, Inc. | 4,988 | 585 |
Intuit, Inc. | 3,563 | 1,746 |
Microsoft Corp. | 31,491 | 8,531 |
Oracle Corp. | 28,530 | 2,221 |
SS&C Technologies Holdings, Inc. | 10,265 | 740 |
13,823 | ||
Specialty Retail – 3.4% | ||
Best Buy Co., Inc. | 5,150 | 592 |
Dick's Sporting Goods, Inc. | 807 | 81 |
Home Depot (The), Inc. | 9,400 | 2,997 |
Lowe's Cos., Inc. | 4,850 | 941 |
Tractor Supply Co. | 1,187 | 221 |
Williams-Sonoma, Inc. | 4,451 | 711 |
5,543 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.9%continued | ||
Technology Hardware, Storage & Peripherals – 8.4% | ||
Apple, Inc.(1) | 82,963 | $11,363 |
HP, Inc. | 29,109 | 879 |
NetApp, Inc. | 8,971 | 734 |
Seagate Technology Holdings PLC | 8,010 | 704 |
13,680 | ||
Tobacco – 2.6% | ||
Altria Group, Inc. | 38,661 | 1,843 |
Philip Morris International, Inc. | 24,055 | 2,384 |
4,227 | ||
Trading Companies & Distributors – 0.8% | ||
Fastenal Co. | 11,287 | 587 |
MSC Industrial Direct Co., Inc., Class A | 233 | 21 |
Watsco, Inc. | 2,654 | 761 |
1,369 | ||
Total Common Stocks | ||
(Cost $105,885) | 161,580 | |
INVESTMENT COMPANIES – 0.3% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(2) (3) | 476,510 | 477 |
Total Investment Companies | ||
(Cost $477) | 477 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.1% | ||
U.S. Treasury Bill, 0.06%, 7/15/21(4) (5) | $165 | $164 |
Total Short-Term Investments | ||
(Cost $165) | 164 | |
Total Investments – 99.3% | ||
(Cost $106,527) | 162,221 | |
Other Assets less Liabilities – 0.7% | 1,067 | |
NET ASSETS – 100.0% | $163,288 |
(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 June 30, 2021 is disclosed. |
(4) | Discount rate at the time of purchase. |
(5) | Security pledged as collateral to cover margin requirements for open futures contracts. |
NORTHERN FUNDS QUARTERLY REPORT 3 EQUITY FUNDS
Schedule of Investments |
INCOME EQUITY FUND continued | June 30, 2021 (UNAUDITED) |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
PLC - Public Limited Company |
S&P - Standard & Poor's |
Percentages shown are based on Net Assets.
At June 30, 2021, the Fund had open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 | 8 | $1,715 | Long | 9/21 | $9 |
At June 30, 2021, the Fund had open written call options as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000S) | VALUE (000S) |
Alphabet, Inc., Exp. Date 7/16/2021, Strike Price $2,700.00 | (19) | $(4,639) | $(1) |
Amazon.com, Inc., Exp. Date 7/16/2021, Strike Price $3,850.00 | (14) | (4,816) | (3) |
Apple, Inc., Exp. Date 7/16/2021, Strike Price $150.00 | (414) | (5,670) | (4) |
Berkshire Hathaway, Inc.,Exp. Date 7/16/2021, Strike Price $315.00 | (26) | (723) | —* |
Facebook, Inc., Exp. Date 7/16/2021, Strike Price $370.00 | (57) | (1,982) | (7) |
Tesla, Inc., Exp. Date 7/16/2021, Strike Price $750.00 | (15) | (1,020) | (12) |
Total Written Options Contracts | $(27) | ||
(Premiums Received (000s) $24) |
* | Amount rounds to less than one thousand. |
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).
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 June 30, 2021:
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Common Stocks(1) | $161,580 | $— | $— | $161,580 |
Investment Companies | 477 | — | — | 477 |
Short-Term Investments | — | 164 | — | 164 |
Total Investments | $162,057 | $164 | $— | $162,221 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $9 | $— | $— | $9 |
Liabilities | ||||
Written Options | (27) | — | — | (27) |
Total Other Financial Instruments | $(18) | $— | $— | $(18) |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in affiliated investments for the three months ended June 30, 2021, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $481 | $7,493 | $7,497 | $— | $477 | 476,510 |
EQUITY FUNDS 4 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
INTERNATIONAL EQUITY FUND | June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.3% (1) | ||
Australia – 5.6% | ||
AGL Energy Ltd. | 14,864 | $91 |
Aristocrat Leisure Ltd. | 22,707 | 734 |
Australia & New Zealand Banking Group Ltd. | 64,672 | 1,362 |
BHP Group Ltd. | 10,636 | 386 |
Brambles Ltd. | 17,162 | 147 |
Commonwealth Bank of Australia | 7,918 | 592 |
CSL Ltd. | 937 | 200 |
Endeavour Group Ltd.* | 9,297 | 44 |
Fortescue Metals Group Ltd. | 62,185 | 1,088 |
REA Group Ltd. | 2,651 | 336 |
Santos Ltd. | 16,973 | 91 |
Sonic Healthcare Ltd. | 3,893 | 112 |
Stockland | 39,756 | 140 |
Tabcorp Holdings Ltd. | 13,535 | 52 |
Telstra Corp. Ltd. | 119,723 | 338 |
Wesfarmers Ltd. | 7,712 | 342 |
Woolworths Group Ltd. | 9,297 | 266 |
6,321 | ||
Austria – 0.5% | ||
OMV A.G. | 10,131 | 578 |
Belgium – 1.7% | ||
Ageas S.A./N.V. | 9,785 | 543 |
Anheuser-Busch InBev S.A./N.V. | 8,795 | 633 |
Etablissements Franz Colruyt N.V. | 4,822 | 270 |
Proximus S.A.DP | 22,827 | 441 |
1,887 | ||
Canada – 9.7% | ||
Alimentation Couche-Tard, Inc., Class B | 1,197 | 44 |
AltaGas Ltd. | 7,730 | 162 |
Atco Ltd., Class I | 3,830 | 136 |
B2Gold Corp. | 74,859 | 314 |
Barrick Gold Corp. | 3,513 | 73 |
Canadian Apartment Properties REIT | 8,962 | 420 |
Canadian Natural Resources Ltd. | 27,670 | 1,004 |
Canadian Pacific Railway Ltd. | 13,780 | 1,060 |
Canadian Tire Corp. Ltd., Class A | 739 | 117 |
CGI, Inc.* | 8,447 | 766 |
Constellation Software, Inc. | 653 | 989 |
Fairfax Financial Holdings Ltd. | 2,202 | 966 |
Fortis, Inc. | 42 | 2 |
Hydro One Ltd. | 6,942 | 168 |
IGM Financial, Inc. | 6,811 | 240 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.3% (1)continued | ||
Canada – 9.7%continued | ||
Kinross Gold Corp. | 88,668 | $562 |
Loblaw Cos. Ltd. | 11,896 | 732 |
Manulife Financial Corp. | 56,790 | 1,118 |
National Bank of Canada | 6,986 | 523 |
Onex Corp. | 14,104 | 1,024 |
Quebecor, Inc., Class B | 2,035 | 54 |
TC Energy Corp. | 5,395 | 267 |
West Fraser Timber Co. Ltd. | 3,652 | 262 |
11,003 | ||
Denmark – 2.2% | ||
AP Moller - Maersk A/S, Class B | 184 | 529 |
Carlsberg A/S, Class B | 4,577 | 855 |
Novo Nordisk A/S, Class B | 5,717 | 478 |
Orsted A/S(2) | 259 | 36 |
Pandora A/S | 4,931 | 665 |
2,563 | ||
Finland – 0.2% | ||
Fortum OYJ | 6,983 | 193 |
France – 9.1% | ||
BNP Paribas S.A. | 23,378 | 1,464 |
Capgemini S.E. | 6,001 | 1,154 |
Carrefour S.A. | 8,786 | 173 |
Cie de Saint-Gobain | 7,140 | 471 |
Cie Generale des Etablissements Michelin S.C.A. | 6,970 | 1,112 |
Electricite de France S.A. | 11,503 | 157 |
Engie S.A. | 19,285 | 264 |
Eurofins Scientific S.E.* | 7,149 | 818 |
Ipsen S.A. | 1,894 | 197 |
La Francaise des Jeux S.A.E.M | 1,756 | 103 |
L'Oreal S.A. | 2,867 | 1,278 |
LVMH Moet Hennessy Louis Vuitton S.E. | 737 | 579 |
Publicis Groupe S.A. | 11,875 | 760 |
Sanofi | 10,745 | 1,126 |
TotalEnergies S.E. | 16,710 | 758 |
10,414 | ||
Germany – 7.8% | ||
Aroundtown S.A. | 36,594 | 285 |
Brenntag S.E. | 6,807 | 633 |
Covestro A.G.(2) | 12,919 | 834 |
Daimler A.G. (Registered) | 15,963 | 1,426 |
Deutsche Bank A.G. (Registered)* | 14,557 | 190 |
Deutsche Post A.G. (Registered) | 22,411 | 1,525 |
NORTHERN FUNDS QUARTERLY REPORT 5 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.3% (1)continued | ||
Germany – 7.8%continued | ||
E.ON S.E. | 22,366 | $259 |
Fresenius Medical Care A.G. & Co. KGaA | 4,309 | 358 |
HelloFresh S.E.* | 1,264 | 123 |
LEG Immobilien S.E. | 2,252 | 324 |
Merck KGaA | 5,994 | 1,151 |
RWE A.G. | 483 | 17 |
SAP S.E. | 5,307 | 749 |
Siemens A.G. (Registered) | 5,397 | 855 |
Uniper S.E. | 3,987 | 147 |
8,876 | ||
Hong Kong – 3.5% | ||
BOC Hong Kong Holdings Ltd. | 263,756 | 894 |
CK Asset Holdings Ltd. | 13,823 | 95 |
CK Infrastructure Holdings Ltd. | 24,316 | 145 |
CLP Holdings Ltd. | 21,913 | 217 |
Hang Seng Bank Ltd. | 7,809 | 156 |
Power Assets Holdings Ltd. | 12,085 | 74 |
Sun Hung Kai Properties Ltd. | 30,531 | 455 |
Swire Properties Ltd. | 186,742 | 557 |
WH Group Ltd.(2) | 403,129 | 362 |
Xinyi Glass Holdings Ltd. | 265,863 | 1,084 |
4,039 | ||
Ireland – 0.7% | ||
CRH PLC | 11,671 | 592 |
DCC PLC | 2,896 | 237 |
829 | ||
Israel – 0.7% | ||
Check Point Software Technologies Ltd.* | 6,732 | 782 |
Italy – 1.3% | ||
Enel S.p.A. | 35,265 | 328 |
Poste Italiane S.p.A. | 69,825 | 923 |
Snam S.p.A. | 23,765 | 137 |
Tenaris S.A. | 8,385 | 92 |
1,480 | ||
Japan – 20.4% | ||
Bridgestone Corp. | 16,810 | 765 |
Brother Industries Ltd. | 31,522 | 629 |
Chubu Electric Power Co., Inc. | 11,800 | 144 |
Dai Nippon Printing Co. Ltd. | 12,500 | 264 |
Daito Trust Construction Co. Ltd. | 1,820 | 199 |
Daiwa House Industry Co. Ltd. | 17,500 | 525 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.3% (1)continued | ||
Japan – 20.4%continued | ||
FUJIFILM Holdings Corp. | 800 | $59 |
Honda Motor Co. Ltd. | 16,200 | 519 |
Hoya Corp. | 9,100 | 1,206 |
Iida Group Holdings Co. Ltd. | 13,500 | 347 |
ITOCHU Corp. | 38,927 | 1,119 |
Japan Post Insurance Co. Ltd. | 25,000 | 461 |
KDDI Corp. | 29,919 | 933 |
Lawson, Inc. | 2,000 | 93 |
Marubeni Corp. | 8,900 | 77 |
Medipal Holdings Corp. | 33,600 | 642 |
MEIJI Holdings Co. Ltd. | 5,100 | 305 |
MINEBEA MITSUMI, Inc. | 200 | 5 |
Mitsubishi Corp. | 300 | 8 |
Mitsubishi Electric Corp. | 42,000 | 609 |
Mitsubishi Gas Chemical Co., Inc. | 13,300 | 282 |
Mitsubishi Heavy Industries Ltd. | 29,300 | 862 |
Mitsui & Co. Ltd. | 13,100 | 295 |
Nintendo Co. Ltd. | 1,400 | 815 |
Nippon Telegraph & Telephone Corp. | 23,934 | 623 |
Nippon Yusen K.K. | 11,400 | 577 |
Nitto Denko Corp. | 3,800 | 283 |
Obayashi Corp. | 28,500 | 226 |
Ono Pharmaceutical Co. Ltd. | 24,300 | 539 |
Otsuka Holdings Co. Ltd. | 5,000 | 207 |
Persol Holdings Co. Ltd. | 5,800 | 115 |
Resona Holdings, Inc. | 165,400 | 634 |
Rohm Co. Ltd. | 3,300 | 305 |
SCSK Corp. | 6,000 | 357 |
Secom Co. Ltd. | 3,300 | 251 |
Sekisui House Ltd. | 15,900 | 326 |
Seven & i Holdings Co. Ltd. | 4,600 | 219 |
Subaru Corp. | 14,800 | 292 |
Sumitomo Metal Mining Co. Ltd. | 1,100 | 43 |
Sumitomo Mitsui Financial Group, Inc. | 34,800 | 1,198 |
Sumitomo Realty & Development Co. Ltd. | 900 | 32 |
Suntory Beverage & Food Ltd. | 8,176 | 307 |
TDK Corp. | 2,400 | 292 |
Tokyo Electric Power Co. Holdings, Inc.* | 48,900 | 145 |
Tokyo Electron Ltd. | 3,400 | 1,464 |
TOPPAN, Inc. | 28,500 | 458 |
Tosoh Corp. | 45,244 | 780 |
Toyo Suisan Kaisha Ltd. | 15,100 | 581 |
EQUITY FUNDS 6 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.3% (1)continued | ||
Japan – 20.4%continued | ||
Toyota Motor Corp. | 20,200 | $1,763 |
Yamada Holdings Co. Ltd. | 2,800 | 13 |
23,193 | ||
Jordan – 0.1% | ||
Hikma Pharmaceuticals PLC | 4,903 | 166 |
Netherlands – 4.8% | ||
ASM International N.V. | 991 | 326 |
ASML Holding N.V. | 851 | 586 |
ING Groep N.V. | 51,486 | 681 |
Koninklijke Ahold Delhaize N.V. | 10,228 | 304 |
NN Group N.V. | 18,447 | 870 |
Randstad N.V. | 12,346 | 945 |
Royal Dutch Shell PLC, Class B | 89,095 | 1,731 |
5,443 | ||
New Zealand – 0.2% | ||
Fisher & Paykel Healthcare Corp. Ltd. | 11,559 | 251 |
Norway – 1.5% | ||
DNB ASA | 27,300 | 595 |
Norsk Hydro ASA | 67,124 | 429 |
Yara International ASA | 13,865 | 730 |
1,754 | ||
Singapore – 1.4% | ||
DBS Group Holdings Ltd. | 23,152 | 514 |
United Overseas Bank Ltd. | 53,600 | 1,031 |
1,545 | ||
Spain – 1.5% | ||
Banco Bilbao Vizcaya Argentaria S.A.* | 175,807 | 1,094 |
Endesa S.A. | 5,552 | 135 |
Iberdrola S.A. | 26,743 | 326 |
Naturgy Energy Group S.A. | 4,187 | 107 |
1,662 | ||
Sweden – 3.6% | ||
Electrolux AB, Class B | 1,482 | 41 |
Evolution AB | 189 | 30 |
Hexagon AB, Class B | 68,262 | 1,012 |
Husqvarna AB, Class B | 31,028 | 412 |
Industrivarden AB, Class A | 8,313 | 323 |
Industrivarden AB, Class C | 598 | 22 |
Investor AB, Class B | 53,716 | 1,237 |
Sandvik AB | 6,812 | 174 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.3% (1)continued | ||
Sweden – 3.6%continued | ||
SKF AB, Class B | 27,030 | $689 |
Volvo AB, Class B | 8,502 | 205 |
4,145 | ||
Switzerland – 10.0% | ||
ABB Ltd. (Registered) | 14,404 | 489 |
Adecco Group A.G. (Registered) | 13,781 | 937 |
Cie Financiere Richemont S.A., Class A (Registered) | 7,698 | 932 |
Coca-Cola HBC A.G. - CDI* | 14,464 | 523 |
Holcim Ltd.* | 11,059 | 664 |
Logitech International S.A. (Registered) | 4,596 | 557 |
Nestle S.A. (Registered) | 10,120 | 1,260 |
Novartis A.G. (Registered) | 16,505 | 1,504 |
Roche Holding A.G. (Genusschein) | 5,947 | 2,241 |
Sonova Holding A.G. (Registered) | 265 | 100 |
STMicroelectronics N.V. | 11,184 | 406 |
Swatch Group (The) A.G. (Bearer) | 2,947 | 1,012 |
Swisscom A.G. (Registered) | 1,407 | 803 |
11,428 | ||
United Kingdom – 10.8% | ||
3i Group PLC | 60,766 | 988 |
Anglo American PLC | 32,563 | 1,298 |
Aviva PLC | 8,348 | 47 |
BAE Systems PLC | 119,432 | 863 |
Barclays PLC | 511,846 | 1,214 |
Berkeley Group Holdings (The) PLC | 10,633 | 677 |
British American Tobacco PLC | 25,460 | 992 |
BT Group PLC* | 21,061 | 57 |
Bunzl PLC | 2,566 | 85 |
CNH Industrial N.V. | 27,546 | 455 |
Coca-Cola Europacific Partners PLC | 9,430 | 559 |
GlaxoSmithKline PLC | 70,267 | 1,380 |
Imperial Brands PLC | 29,247 | 630 |
J Sainsbury PLC | 108,221 | 407 |
Johnson Matthey PLC | 1,316 | 56 |
Kingfisher PLC | 20,193 | 102 |
Legal & General Group PLC | 7,123 | 25 |
Lloyds Banking Group PLC | 24,026 | 16 |
National Grid PLC | 22,111 | 282 |
Next PLC* | 2,060 | 224 |
Persimmon PLC | 8,322 | 341 |
Rio Tinto PLC | 6,706 | 552 |
Sage Group (The) PLC | 32,719 | 310 |
Schroders PLC | 345 | 17 |
NORTHERN FUNDS QUARTERLY REPORT 7 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.3% (1)continued | ||
United Kingdom – 10.8%continued | ||
Segro PLC | 8,250 | $125 |
SSE PLC | 439 | 9 |
United Utilities Group PLC | 12,664 | 171 |
Wm Morrison Supermarkets PLC | 14,203 | 48 |
WPP PLC | 25,299 | 343 |
12,273 | ||
Total Common Stocks | ||
(Cost $95,276) | 110,825 | |
PREFERRED STOCKS – 0.2% (1) | ||
Germany – 0.2% | ||
Henkel A.G. & Co. KGaA, 2.09%(3) | 1,260 | 133 |
Volkswagen A.G., 2.33%(3) | 189 | 47 |
180 | ||
Total Preferred Stocks | ||
(Cost $140) | 180 | |
INVESTMENT COMPANIES – 0.5% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(4) (5) | 619,483 | 619 |
Total Investment Companies | ||
(Cost $619) | 619 | |
Total Investments – 98.0% | ||
(Cost $96,035) | 111,624 | |
Other Assets less Liabilities – 2.0% | 2,223 | |
Net Assets – 100.0% | $113,847 |
(1) | Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities. |
(2) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds. |
(3) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
(4) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(5) | 7-day current yield as of June 30, 2021 is disclosed. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
A.G. – Aktiengesellschaft (German: Stock Corporation) |
AB – Aktiebolag (Sweden: Corporation) |
ASA – Aksjeselskap (Norway: Stock Company) |
CDI – CREST Depository Interest |
FTSE – Financial Times Stock Exchange |
N.V. – Naamloze Vennootschap (Dutch: Limited Liability Company) |
PLC – Public Limited Company |
REIT – Real Estate Investment Trust |
S&P – Standard & Poor's |
S.A. – Société Anonyme (French: Public Limited Company) |
S.E. – Societas Europaea (German: Public Company) |
TSX – Toronto Stock Exchange |
Percentages shown are based on Net Assets.
At June 30, 2021, the Fund had open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
Euro Stoxx 50 (Euro) | 26 | $1,250 | Long | 9/21 | $(19) |
FTSE 100 Index (British Pound) | 5 | 483 | Long | 9/21 | (6) |
S&P/TSX 60 Index (Canadian Dollar) | 1 | 194 | Long | 9/21 | 2 |
SPI 200 Index (Australian Dollar) | 2 | 271 | Long | 9/21 | 2 |
Yen Denominated Nikkei 225 (Japanese Yen) | 5 | 647 | Long | 9/21 | (4) |
Total | $(25) |
EQUITY FUNDS 8 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
At June 30, 2021, the industry sectors for the Fund were:
INDUSTRY SECTOR | % OF NET ASSETS |
Communication Services | 4.8% |
Consumer Discretionary | 11.5 |
Consumer Staples | 9.7 |
Energy | 4.0 |
Financials | 18.4 |
Health Care | 11.1 |
Industrials | 14.3 |
Information Technology | 9.4 |
Materials | 8.1 |
Real Estate | 2.8 |
Short-Term Investments | 0.5 |
Utilities | 3.4 |
Total Investments | 98.0 |
Other Assets less Liabilities | 2.0 |
Net Assets | 100.0% |
At June 30, 2021, the Fund’s investments were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
Euro | 26.7% |
Japanese Yen | 20.4 |
British Pound | 12.2 |
Canadian Dollar | 9.7 |
Swiss Franc | 9.2 |
Australian Dollar | 5.6 |
All other currencies less than 5% | 14.2 |
Total Investments | 98.0 |
Other Assets less Liabilities | 2.0 |
Net Assets | 100.0% |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on June 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments.
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on June 30, 2021 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their categorization as Level 2 investments.
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund’s investments by the above fair value hierarchy as of June 30, 2021:
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Common Stocks: | ||||
Australia | $44 | $6,277 | $— | $6,321 |
Canada | 11,003 | — | — | 11,003 |
Hong Kong | 2,191 | 1,848 | — | 4,039 |
Israel | 782 | — | — | 782 |
United Kingdom | 559 | 11,714 | — | 12,273 |
All Other Countries(1) | — | 76,407 | — | 76,407 |
Total Common Stocks | 14,579 | 96,246 | — | 110,825 |
Preferred Stocks | — | 180 | — | 180 |
Investment Companies | 619 | — | — | 619 |
Total Investments | $15,198 | $96,426 | $— | $111,624 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $4 | $— | $— | $4 |
Liabilities | ||||
Futures Contracts | (29) | — | — | (29) |
Total Other Financial Instruments | $(25) | $— | $— | $(25) |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in affiliated investments for the three months ended June 30, 2021, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $1,617 | $3,148 | $4,146 | $— | $619 | 619,483 |
NORTHERN FUNDS QUARTERLY REPORT 9 EQUITY FUNDS
Schedule of Investments |
LARGE CAP CORE FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 99.4% | ||
Aerospace & Defense – 0.9% | ||
Lockheed Martin Corp. | 6,239 | $2,360 |
Northrop Grumman Corp. | 275 | 100 |
2,460 | ||
Air Freight & Logistics – 1.2% | ||
Expeditors International of Washington, Inc. | 4,609 | 583 |
United Parcel Service, Inc., Class B | 13,352 | 2,777 |
3,360 | ||
Automobiles – 1.1% | ||
Ford Motor Co.* | 53,224 | 791 |
Tesla, Inc.* | 3,519 | 2,392 |
3,183 | ||
Banks – 4.0% | ||
Bank of America Corp. | 64,793 | 2,671 |
Citigroup, Inc. | 39,920 | 2,824 |
Citizens Financial Group, Inc. | 8,680 | 398 |
JPMorgan Chase & Co. | 12,574 | 1,956 |
Wells Fargo & Co. | 75,796 | 3,433 |
11,282 | ||
Beverages – 0.7% | ||
Coca-Cola (The) Co. | 22,143 | 1,198 |
Molson Coors Beverage Co., Class B* | 7,955 | 427 |
Monster Beverage Corp.* | 3,010 | 275 |
1,900 | ||
Biotechnology – 1.3% | ||
Amgen, Inc. | 11,329 | 2,762 |
Regeneron Pharmaceuticals, Inc.* | 947 | 529 |
Vertex Pharmaceuticals, Inc.* | 1,707 | 344 |
3,635 | ||
Building Products – 0.6% | ||
Masco Corp. | 29,849 | 1,758 |
Capital Markets – 3.3% | ||
Affiliated Managers Group, Inc. | 6,175 | 952 |
Ameriprise Financial, Inc. | 2,859 | 712 |
Bank of New York Mellon (The) Corp. | 16,465 | 844 |
BlackRock, Inc. | 961 | 841 |
Goldman Sachs Group (The), Inc. | 8,000 | 3,036 |
Invesco Ltd. | 13,408 | 358 |
Jefferies Financial Group, Inc. | 56,718 | 1,940 |
Morgan Stanley | 7,399 | 678 |
9,361 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Chemicals – 1.1% | ||
Celanese Corp. | 3,564 | $540 |
Chemours (The) Co. | 24,527 | 854 |
Dow, Inc. | 4,172 | 264 |
Eastman Chemical Co. | 5,649 | 660 |
PPG Industries, Inc. | 5,180 | 879 |
3,197 | ||
Communications Equipment – 1.2% | ||
Cisco Systems, Inc. | 65,727 | 3,484 |
Consumer Finance – 1.0% | ||
Ally Financial, Inc. | 13,445 | 670 |
Capital One Financial Corp. | 2,482 | 384 |
SLM Corp. | 91,817 | 1,923 |
2,977 | ||
Containers & Packaging – 0.9% | ||
International Paper Co. | 17,985 | 1,103 |
Sealed Air Corp. | 23,329 | 1,382 |
2,485 | ||
Diversified Consumer Services – 0.2% | ||
H&R Block, Inc. | 19,911 | 468 |
Diversified Financial Services – 0.8% | ||
Berkshire Hathaway, Inc., Class B* | 8,306 | 2,308 |
Diversified Telecommunication Services – 1.3% | ||
AT&T, Inc. | 21,547 | 620 |
Verizon Communications, Inc. | 56,766 | 3,181 |
3,801 | ||
Electric Utilities – 1.0% | ||
Edison International | 987 | 57 |
Entergy Corp. | 196 | 20 |
Exelon Corp. | 33,717 | 1,494 |
FirstEnergy Corp. | 23,510 | 875 |
NRG Energy, Inc. | 12,291 | 495 |
2,941 | ||
Electrical Equipment – 0.9% | ||
Emerson Electric Co. | 8,580 | 826 |
Hubbell, Inc. | 4,574 | 854 |
Regal Beloit Corp. | 6,231 | 832 |
2,512 | ||
Electronic Equipment, Instruments & Components – 0.6% | ||
Arrow Electronics, Inc.* | 11,979 | 1,364 |
Zebra Technologies Corp., Class A* | 843 | 446 |
1,810 |
EQUITY FUNDS 10 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Energy Equipment & Services – 1.0% | ||
Baker Hughes Co. | 17,118 | $391 |
Helmerich & Payne, Inc. | 6,856 | 224 |
Schlumberger N.V. | 73,355 | 2,348 |
2,963 | ||
Entertainment – 1.5% | ||
Activision Blizzard, Inc. | 3,193 | 305 |
Electronic Arts, Inc. | 9,418 | 1,354 |
Netflix, Inc.* | 1,959 | 1,035 |
Take-Two Interactive Software, Inc.* | 3,421 | 605 |
Walt Disney (The) Co.* | 5,016 | 882 |
4,181 | ||
Equity Real Estate Investment Trusts – 1.9% | ||
Highwoods Properties, Inc. | 34,285 | 1,549 |
Iron Mountain, Inc. | 18,137 | 767 |
Kimco Realty Corp. | 53,692 | 1,119 |
SL Green Realty Corp. | 2,501 | 200 |
Weyerhaeuser Co. | 52,664 | 1,813 |
5,448 | ||
Food & Staples Retailing – 1.8% | ||
Albertsons Cos., Inc., Class A | 66,562 | 1,309 |
Kroger (The) Co. | 20,959 | 803 |
Sprouts Farmers Market, Inc.* | 39,374 | 978 |
Walmart, Inc. | 15,348 | 2,164 |
5,254 | ||
Food Products – 0.3% | ||
General Mills, Inc. | 12,037 | 733 |
Health Care Equipment & Supplies – 3.2% | ||
Abbott Laboratories | 27,989 | 3,245 |
Hologic, Inc.* | 8,263 | 551 |
IDEXX Laboratories, Inc.* | 1,956 | 1,235 |
Medtronic PLC | 20,498 | 2,545 |
ResMed, Inc. | 5,816 | 1,434 |
9,010 | ||
Health Care Providers & Services – 3.0% | ||
DaVita, Inc.* | 4,810 | 579 |
HCA Healthcare, Inc. | 5,835 | 1,206 |
Laboratory Corp. of America Holdings* | 3,562 | 983 |
McKesson Corp. | 6,155 | 1,177 |
UnitedHealth Group, Inc. | 11,774 | 4,715 |
8,660 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Hotels, Restaurants & Leisure – 1.4% | ||
Domino's Pizza, Inc. | 2,777 | $1,296 |
Marriott International, Inc., Class A* | 7,903 | 1,079 |
McDonald's Corp. | 4,582 | 1,058 |
Yum! Brands, Inc. | 4,687 | 539 |
3,972 | ||
Household Durables – 0.7% | ||
Lennar Corp., Class A | 8,891 | 883 |
Newell Brands, Inc. | 1,163 | 32 |
NVR, Inc.* | 96 | 477 |
Whirlpool Corp. | 3,034 | 662 |
2,054 | ||
Household Products – 0.8% | ||
Colgate-Palmolive Co. | 9,264 | 754 |
Procter & Gamble (The) Co. | 10,808 | 1,458 |
2,212 | ||
Independent Power & Renewable Electricity Producers – 0.6% | ||
AES (The) Corp. | 68,145 | 1,777 |
Industrial Conglomerates – 0.9% | ||
3M Co. | 13,338 | 2,649 |
Insurance – 2.3% | ||
Aflac, Inc. | 38,438 | 2,063 |
Allstate (The) Corp. | 16,819 | 2,194 |
Assured Guaranty Ltd. | 3,123 | 148 |
MetLife, Inc. | 33,803 | 2,023 |
6,428 | ||
Interactive Media & Services – 6.9% | ||
Alphabet, Inc., Class A* | 5,371 | 13,115 |
Facebook, Inc., Class A* | 18,940 | 6,586 |
19,701 | ||
Internet & Direct Marketing Retail – 4.5% | ||
Amazon.com, Inc.* | 3,086 | 10,616 |
eBay, Inc. | 27,601 | 1,938 |
Qurate Retail, Inc., Class A | 13,493 | 177 |
12,731 | ||
IT Services – 4.6% | ||
Accenture PLC, Class A | 11,064 | 3,261 |
Automatic Data Processing, Inc. | 6,207 | 1,233 |
Cognizant Technology Solutions Corp., Class A | 16,288 | 1,128 |
Gartner, Inc.* | 2,203 | 534 |
International Business Machines Corp. | 17,330 | 2,540 |
Jack Henry & Associates, Inc. | 285 | 47 |
NORTHERN FUNDS QUARTERLY REPORT 11 EQUITY FUNDS
Schedule of Investments |
LARGE CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
IT Services – 4.6%continued | ||
Mastercard, Inc., Class A | 2,750 | $1,004 |
Paychex, Inc. | 11,554 | 1,240 |
PayPal Holdings, Inc.* | 2,271 | 662 |
Visa, Inc., Class A | 6,329 | 1,480 |
13,129 | ||
Leisure Products – 0.2% | ||
Polaris, Inc. | 4,454 | 610 |
Life Sciences Tools & Services – 1.4% | ||
Mettler-Toledo International, Inc.* | 545 | 755 |
Thermo Fisher Scientific, Inc. | 3,988 | 2,012 |
Waters Corp.* | 3,528 | 1,219 |
3,986 | ||
Machinery – 2.0% | ||
Cummins, Inc. | 7,734 | 1,886 |
Parker-Hannifin Corp. | 6,397 | 1,964 |
Snap-on, Inc. | 7,768 | 1,736 |
5,586 | ||
Media – 1.3% | ||
Charter Communications, Inc., Class A* | 868 | 626 |
Comcast Corp., Class A | 9,411 | 537 |
Interpublic Group of (The) Cos., Inc. | 7,530 | 245 |
Nexstar Media Group, Inc., Class A | 3,067 | 453 |
Omnicom Group, Inc. | 24,281 | 1,942 |
3,803 | ||
Metals & Mining – 0.8% | ||
Newmont Corp. | 11,378 | 721 |
Reliance Steel & Aluminum Co. | 9,392 | 1,417 |
2,138 | ||
Multiline Retail – 1.0% | ||
Target Corp. | 12,282 | 2,969 |
Multi-Utilities – 0.8% | ||
Ameren Corp. | 15,954 | 1,277 |
Public Service Enterprise Group, Inc. | 16,854 | 1,007 |
2,284 | ||
Oil, Gas & Consumable Fuels – 2.0% | ||
Chevron Corp. | 8,645 | 905 |
Cimarex Energy Co. | 3,222 | 233 |
Continental Resources, Inc. | 10,302 | 392 |
EQT Corp.* | 25,164 | 560 |
Exxon Mobil Corp. | 2,530 | 160 |
Kinder Morgan, Inc. | 75,516 | 1,377 |
Occidental Petroleum Corp. | 14,233 | 445 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Oil, Gas & Consumable Fuels – 2.0%continued | ||
Targa Resources Corp. | 25,033 | $1,113 |
Williams (The) Cos., Inc. | 15,234 | 404 |
5,589 | ||
Personal Products – 1.0% | ||
Herbalife Nutrition Ltd.* | 18,042 | 951 |
Nu Skin Enterprises, Inc., Class A | 32,864 | 1,862 |
2,813 | ||
Pharmaceuticals – 4.1% | ||
Eli Lilly & Co. | 15,327 | 3,518 |
Johnson & Johnson | 31,013 | 5,109 |
Merck & Co., Inc. | 29,143 | 2,266 |
Organon & Co.* | 2,925 | 89 |
Pfizer, Inc. | 14,372 | 563 |
11,545 | ||
Professional Services – 0.6% | ||
Robert Half International, Inc. | 19,790 | 1,761 |
Real Estate Management & Development – 0.5% | ||
CBRE Group, Inc., Class A* | 15,906 | 1,364 |
Road & Rail – 0.9% | ||
Landstar System, Inc. | 10,135 | 1,602 |
Ryder System, Inc. | 13,581 | 1,009 |
2,611 | ||
Semiconductors & Semiconductor Equipment – 5.4% | ||
Applied Materials, Inc. | 12,939 | 1,843 |
Broadcom, Inc. | 5,971 | 2,847 |
Intel Corp. | 52,149 | 2,928 |
KLA Corp. | 6,047 | 1,960 |
Lam Research Corp. | 88 | 57 |
Microchip Technology, Inc. | 6,365 | 953 |
NVIDIA Corp. | 1,757 | 1,406 |
QUALCOMM, Inc. | 1,567 | 224 |
Texas Instruments, Inc. | 15,909 | 3,059 |
15,277 | ||
Software – 8.3% | ||
Adobe, Inc.* | 2,708 | 1,586 |
Citrix Systems, Inc. | 11,000 | 1,290 |
Microsoft Corp. | 65,675 | 17,791 |
Oracle Corp. | 37,657 | 2,931 |
23,598 | ||
Specialty Retail – 2.8% | ||
Best Buy Co., Inc. | 12,170 | 1,399 |
Dick's Sporting Goods, Inc. | 6,522 | 654 |
EQUITY FUNDS 12 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Specialty Retail – 2.8%continued | ||
Home Depot (The), Inc. | 8,095 | $2,581 |
L Brands, Inc. | 7,758 | 559 |
Lowe's Cos., Inc. | 7,227 | 1,402 |
O'Reilly Automotive, Inc.* | 267 | 151 |
Penske Automotive Group, Inc. | 1,119 | 85 |
Williams-Sonoma, Inc. | 6,765 | 1,080 |
7,911 | ||
Technology Hardware, Storage & Peripherals – 7.0% | ||
Apple, Inc. | 136,605 | 18,709 |
Dell Technologies, Inc., Class C* | 7,349 | 733 |
HP, Inc. | 16,693 | 504 |
19,946 | ||
Tobacco – 1.4% | ||
Altria Group, Inc. | 20,245 | 965 |
Philip Morris International, Inc. | 31,558 | 3,128 |
4,093 | ||
Trading Companies & Distributors – 0.4% | ||
MSC Industrial Direct Co., Inc., Class A | 4,795 | 430 |
United Rentals, Inc.* | 672 | 215 |
W.W. Grainger, Inc. | 1,035 | 453 |
1,098 | ||
Total Common Stocks | ||
(Cost $175,426) | 282,806 | |
INVESTMENT COMPANIES – 0.1% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(1) (2) | 346,942 | 347 |
Total Investment Companies | ||
(Cost $347) | 347 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.1% | ||
U.S. Treasury Bill, 0.06%, 7/15/21(3) (4) | $415 | $415 |
Total Short-Term Investments | ||
(Cost $415) | 415 | |
Total Investments – 99.6% | ||
(Cost $176,188) | 283,568 | |
Other Assets less Liabilities – 0.4% | 1,002 | |
NET ASSETS – 100.0% | $284,570 |
(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 June 30, 2021 is disclosed. |
(3) | Discount rate at the time of purchase. |
(4) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company) |
PLC - Public Limited Company |
S&P - Standard & Poor's |
Percentages shown are based on Net Assets.
At June 30, 2021, the Fund had open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 | 7 | $1,501 | Long | 9/21 | $11 |
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).
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).
NORTHERN FUNDS QUARTERLY REPORT 13 EQUITY FUNDS
Schedule of Investments |
LARGE CAP CORE FUND continued | June 30, 2021 (UNAUDITED) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's investments by the above fair value hierarchy as of June 30, 2021:
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Common Stocks(1) | $282,806 | $— | $— | $282,806 |
Investment Companies | 347 | — | — | 347 |
Short-Term Investments | — | 415 | — | 415 |
Total Investments | $283,153 | $415 | $— | $283,568 |
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $11 | $— | $— | $11 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in affiliated investments for the three months ended June 30, 2021, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $1,148 | $5,647 | $6,448 | $— | $347 | 346,942 |
EQUITY FUNDS 14 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
LARGE CAP VALUE FUND | June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 99.4% | ||
Aerospace & Defense – 1.2% | ||
Northrop Grumman Corp. | 2,260 | $821 |
Auto Components – 0.5% | ||
Gentex Corp. | 9,393 | 311 |
Banks – 10.4% | ||
Associated Banc-Corp | 8,475 | 174 |
Bank of America Corp. | 41,165 | 1,697 |
Citigroup, Inc. | 15,337 | 1,085 |
Citizens Financial Group, Inc. | 2,090 | 96 |
Huntington Bancshares, Inc. | 237 | 3 |
JPMorgan Chase & Co. | 5,812 | 904 |
KeyCorp | 127 | 3 |
PNC Financial Services Group (The), Inc. | 1,969 | 376 |
Regions Financial Corp. | 296 | 6 |
Sterling Bancorp | 13,608 | 337 |
U.S. Bancorp | 15,913 | 906 |
Wells Fargo & Co. | 28,636 | 1,297 |
6,884 | ||
Biotechnology – 2.1% | ||
Biogen, Inc.* | 1,762 | 610 |
Gilead Sciences, Inc. | 6,988 | 481 |
Regeneron Pharmaceuticals, Inc.* | 502 | 281 |
1,372 | ||
Building Products – 0.8% | ||
A.O. Smith Corp. | 5,390 | 388 |
Johnson Controls International PLC | 2,318 | 159 |
547 | ||
Capital Markets – 4.0% | ||
Bank of New York Mellon (The) Corp. | 13,320 | 682 |
Goldman Sachs Group (The), Inc. | 2,383 | 905 |
Invesco Ltd. | 6,932 | 185 |
Jefferies Financial Group, Inc. | 11,351 | 388 |
State Street Corp. | 5,770 | 475 |
2,635 | ||
Chemicals – 1.7% | ||
Dow, Inc. | 1,733 | 110 |
DuPont de Nemours, Inc. | 8,849 | 685 |
Eastman Chemical Co. | 3,072 | 358 |
1,153 | ||
Communications Equipment – 1.1% | ||
Cisco Systems, Inc. | 13,332 | 707 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Consumer Finance – 2.0% | ||
Ally Financial, Inc. | 7,448 | $371 |
Capital One Financial Corp. | 1,537 | 238 |
Santander Consumer U.S.A. Holdings, Inc. | 9,021 | 328 |
Synchrony Financial | 8,417 | 408 |
1,345 | ||
Containers & Packaging – 1.1% | ||
International Paper Co. | 6,641 | 407 |
Sonoco Products Co. | 5,157 | 345 |
752 | ||
Distributors – 0.6% | ||
Genuine Parts Co. | 3,079 | 389 |
Diversified Financial Services – 1.2% | ||
Berkshire Hathaway, Inc., Class B* | 2,745 | 763 |
Diversified Telecommunication Services – 1.8% | ||
AT&T, Inc. | 40,994 | 1,180 |
Electric Utilities – 3.0% | ||
Avangrid, Inc. | 6,291 | 324 |
Duke Energy Corp. | 5,857 | 578 |
Exelon Corp. | 10,428 | 462 |
OGE Energy Corp. | 5,472 | 184 |
Pinnacle West Capital Corp. | 2,278 | 187 |
PPL Corp. | 10,008 | 280 |
2,015 | ||
Electrical Equipment – 1.2% | ||
Acuity Brands, Inc. | 1,269 | 237 |
Eaton Corp. PLC | 1,767 | 262 |
Hubbell, Inc. | 1,089 | 204 |
Regal Beloit Corp. | 899 | 120 |
823 | ||
Electronic Equipment, Instruments & Components – 0.6% | ||
Amphenol Corp., Class A | 4,941 | 338 |
Zebra Technologies Corp., Class A* | 130 | 69 |
407 | ||
Energy Equipment & Services – 1.1% | ||
Baker Hughes Co. | 9,026 | 207 |
Helmerich & Payne, Inc. | 10,276 | 335 |
NOV, Inc.* | 11,217 | 172 |
714 |
NORTHERN FUNDS QUARTERLY REPORT 15 EQUITY FUNDS
Schedule of Investments |
LARGE CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Entertainment – 1.5% | ||
Lions Gate Entertainment Corp., Class A* | 6,374 | $132 |
Walt Disney (The) Co.* | 4,973 | 874 |
1,006 | ||
Equity Real Estate Investment Trusts – 3.0% | ||
Brixmor Property Group, Inc. | 627 | 15 |
Cousins Properties, Inc. | 4,732 | 174 |
Equity Residential | 6,119 | 471 |
Hudson Pacific Properties, Inc. | 403 | 11 |
Kilroy Realty Corp. | 4,980 | 347 |
Kimco Realty Corp. | 16,640 | 347 |
Weingarten Realty Investors | 6,058 | 194 |
Weyerhaeuser Co. | 12,440 | 428 |
1,987 | ||
Food & Staples Retailing – 2.8% | ||
Kroger (The) Co. | 6,622 | 254 |
Sprouts Farmers Market, Inc.* | 11,573 | 287 |
Walmart, Inc. | 9,567 | 1,349 |
1,890 | ||
Food Products – 2.4% | ||
Campbell Soup Co. | 6,794 | 310 |
Flowers Foods, Inc. | 10,264 | 249 |
General Mills, Inc. | 10,001 | 609 |
J.M. Smucker (The) Co. | 2,826 | 366 |
Tyson Foods, Inc., Class A | 1,261 | 93 |
1,627 | ||
Health Care Equipment & Supplies – 3.2% | ||
Abbott Laboratories | 8,980 | 1,041 |
Baxter International, Inc. | 1,827 | 147 |
Becton Dickinson and Co. | 1,315 | 320 |
Danaher Corp. | 635 | 170 |
Hill-Rom Holdings, Inc. | 40 | 5 |
Medtronic PLC | 1,772 | 220 |
Quidel Corp.* | 1,625 | 208 |
2,111 | ||
Health Care Providers & Services – 3.1% | ||
Anthem, Inc. | 909 | 347 |
CVS Health Corp. | 449 | 37 |
Humana, Inc. | 785 | 348 |
Laboratory Corp. of America Holdings* | 1,623 | 448 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Health Care Providers & Services – 3.1%continued | ||
UnitedHealth Group, Inc. | 1,657 | $663 |
Universal Health Services, Inc., Class B | 1,304 | 191 |
2,034 | ||
Health Care Technology – 0.6% | ||
Cerner Corp. | 5,140 | 402 |
Hotels, Restaurants & Leisure – 2.2% | ||
Domino's Pizza, Inc. | 790 | 369 |
Marriott International, Inc., Class A* | 678 | 93 |
McDonald's Corp. | 1,628 | 376 |
Wendy's (The) Co. | 7,706 | 180 |
Yum! Brands, Inc. | 3,734 | 429 |
1,447 | ||
Household Durables – 0.7% | ||
Lennar Corp., Class A | 206 | 20 |
NVR, Inc.* | 69 | 343 |
Whirlpool Corp. | 548 | 120 |
483 | ||
Household Products – 0.9% | ||
Procter & Gamble (The) Co. | 4,385 | 592 |
Industrial Conglomerates – 0.5% | ||
Carlisle Cos., Inc. | 1,898 | 363 |
Insurance – 4.3% | ||
Aflac, Inc. | 11,151 | 598 |
Alleghany Corp.* | 406 | 271 |
American International Group, Inc. | 1,550 | 74 |
Assured Guaranty Ltd. | 6,357 | 302 |
Loews Corp. | 6,738 | 368 |
MetLife, Inc. | 12,309 | 737 |
Prudential Financial, Inc. | 2,670 | 274 |
Travelers (The) Cos., Inc. | 1,399 | 209 |
2,833 | ||
Internet & Direct Marketing Retail – 0.1% | ||
Qurate Retail, Inc., Class A | 4,794 | 63 |
IT Services – 5.1% | ||
Accenture PLC, Class A | 2,071 | 611 |
Amdocs Ltd. | 4,165 | 322 |
Broadridge Financial Solutions, Inc. | 1,604 | 259 |
Cognizant Technology Solutions Corp., Class A | 5,045 | 349 |
Global Payments, Inc. | 680 | 128 |
International Business Machines Corp. | 5,357 | 785 |
Jack Henry & Associates, Inc. | 1,376 | 225 |
EQUITY FUNDS 16 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
IT Services – 5.1%continued | ||
Paychex, Inc. | 3,340 | $358 |
Visa, Inc., Class A | 1,435 | 336 |
3,373 | ||
Leisure Products – 0.2% | ||
Brunswick Corp. | 1,280 | 128 |
Polaris, Inc. | 39 | 5 |
133 | ||
Life Sciences Tools & Services – 2.1% | ||
PerkinElmer, Inc. | 314 | 48 |
Thermo Fisher Scientific, Inc. | 2,632 | 1,328 |
1,376 | ||
Machinery – 3.7% | ||
AGCO Corp. | 1,351 | 176 |
Cummins, Inc. | 1,213 | 296 |
Dover Corp. | 2,710 | 408 |
ITT, Inc. | 3,795 | 348 |
Parker-Hannifin Corp. | 1,781 | 547 |
Snap-on, Inc. | 1,572 | 351 |
Woodward, Inc. | 2,939 | 361 |
2,487 | ||
Media – 4.2% | ||
Comcast Corp., Class A | 22,910 | 1,306 |
Discovery, Inc., Class A* | 6,747 | 207 |
Fox Corp., Class A | 2,467 | 92 |
Interpublic Group of (The) Cos., Inc. | 11,302 | 367 |
John Wiley & Sons, Inc., Class A | 1,542 | 93 |
Liberty Media Corp.-Liberty SiriusXM, Class A* | 384 | 18 |
New York Times (The) Co., Class A | 8,567 | 373 |
Nexstar Media Group, Inc., Class A | 2,433 | 360 |
2,816 | ||
Metals & Mining – 1.6% | ||
Newmont Corp. | 12,110 | 767 |
Reliance Steel & Aluminum Co. | 2,153 | 325 |
1,092 | ||
Multiline Retail – 1.4% | ||
Target Corp. | 3,810 | 921 |
Multi-Utilities – 1.2% | ||
Public Service Enterprise Group, Inc. | 7,121 | 425 |
Sempra Energy | 2,620 | 347 |
772 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Oil, Gas & Consumable Fuels – 3.1% | ||
Exxon Mobil Corp. | 14,086 | $889 |
Kinder Morgan, Inc. | 32,321 | 589 |
Marathon Petroleum Corp. | 5,413 | 327 |
Occidental Petroleum Corp. | 8,373 | 262 |
2,067 | ||
Personal Products – 0.5% | ||
Nu Skin Enterprises, Inc., Class A | 5,514 | 312 |
Pharmaceuticals – 7.4% | ||
Bristol-Myers Squibb Co. | 16,598 | 1,109 |
Johnson & Johnson | 12,775 | 2,104 |
Merck & Co., Inc. | 4,012 | 312 |
Pfizer, Inc. | 35,056 | 1,373 |
4,898 | ||
Professional Services – 0.9% | ||
FTI Consulting, Inc.* | 1,299 | 178 |
ManpowerGroup, Inc. | 1,542 | 183 |
Science Applications International Corp. | 3,059 | 268 |
629 | ||
Real Estate Management & Development – 0.5% | ||
Jones Lang LaSalle, Inc.* | 1,779 | 348 |
Road & Rail – 1.2% | ||
Norfolk Southern Corp. | 1,250 | 332 |
Ryder System, Inc. | 4,271 | 317 |
Schneider National, Inc., Class B | 7,568 | 165 |
814 | ||
Semiconductors & Semiconductor Equipment – 4.5% | ||
Analog Devices, Inc. | 3,575 | 616 |
Applied Materials, Inc. | 827 | 118 |
Broadcom, Inc. | 716 | 342 |
Intel Corp. | 16,519 | 927 |
Maxim Integrated Products, Inc. | 3,286 | 346 |
Microchip Technology, Inc. | 783 | 117 |
Skyworks Solutions, Inc. | 961 | 184 |
Teradyne, Inc. | 2,500 | 335 |
2,985 | ||
Specialty Retail – 1.0% | ||
Best Buy Co., Inc. | 2,808 | 323 |
Dick's Sporting Goods, Inc. | 356 | 35 |
Williams-Sonoma, Inc. | 2,073 | 331 |
689 |
NORTHERN FUNDS QUARTERLY REPORT 17 EQUITY FUNDS
Schedule of Investments |
LARGE CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.4%continued | ||
Trading Companies & Distributors – 1.1% | ||
MSC Industrial Direct Co., Inc., Class A | 3,808 | $342 |
United Rentals, Inc.* | 1,263 | 403 |
745 | ||
Total Common Stocks | ||
(Cost $56,440) | 66,113 | |
INVESTMENT COMPANIES – 0.5% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(1) (2) | 347,337 | 347 |
Total Investment Companies | ||
(Cost $347) | 347 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.2% | ||
U.S. Treasury Bill, 0.06%, 7/15/21(3) (4) | $150 | $150 |
Total Short-Term Investments | ||
(Cost $150) | 150 | |
Total Investments – 100.1% | ||
(Cost $56,937) | 66,610 | |
Liabilities less Other Assets – (0.1%) | (85) | |
NET ASSETS – 100.0% | $66,525 |
(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 June 30, 2021 is disclosed. |
(3) | Discount rate at the time of purchase. |
(4) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
PLC - Public Limited Company |
S&P - Standard & Poor's |
Percentages shown are based on Net Assets.
At June 30, 2021, the Fund had open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 | 2 | $429 | Long | 9/21 | $8 |
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).
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 June 30, 2021:
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Common Stocks(1) | $66,113 | $— | $— | $66,113 |
Investment Companies | 347 | — | — | 347 |
Short-Term Investments | — | 150 | — | 150 |
Total Investments | $66,460 | $150 | $— | $66,610 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $8 | $— | $— | $8 |
(1) | Classifications as defined in the Schedule of Investments. |
EQUITY FUNDS 18 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
Transactions in affiliated investments for the three months ended June 30, 2021, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $377 | $1,105 | $1,135 | $— | $347 | 347,337 |
NORTHERN FUNDS QUARTERLY REPORT 19 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.0% | ||
Aerospace & Defense – 0.8% | ||
AAR Corp.* | 7,391 | $286 |
Aerojet Rocketdyne Holdings, Inc. | 14,560 | 703 |
AeroVironment, Inc.* | 5,776 | 579 |
Astronics Corp.* | 2,504 | 44 |
Astronics Corp., Class B* | 3,668 | 60 |
Ducommun, Inc.* | 3,254 | 178 |
Kaman Corp. | 5,362 | 270 |
Kratos Defense & Security Solutions, Inc.* | 17,968 | 512 |
Maxar Technologies, Inc. | 886 | 35 |
Mercury Systems, Inc.* | 9,546 | 633 |
Moog, Inc., Class A | 5,037 | 423 |
National Presto Industries, Inc. | 1,332 | 135 |
Park Aerospace Corp. | 2,783 | 42 |
Parsons Corp.* | 2,373 | 93 |
Vectrus, Inc.* | 4,385 | 209 |
4,202 | ||
Air Freight & Logistics – 0.2% | ||
Air T, Inc.* | 753 | 19 |
Atlas Air Worldwide Holdings, Inc.* | 4,567 | 311 |
Forward Air Corp. | 7,131 | 640 |
970 | ||
Airlines – 0.3% | ||
Allegiant Travel Co.* | 3,217 | 624 |
Copa Holdings S.A., Class A* | 6,525 | 491 |
Hawaiian Holdings, Inc.* | 10,043 | 245 |
SkyWest, Inc.* | 11,723 | 505 |
1,865 | ||
Auto Components – 1.5% | ||
Adient PLC* | 17,391 | 786 |
American Axle & Manufacturing Holdings, Inc.* | 7,068 | 73 |
BorgWarner, Inc. | 4,958 | 241 |
Dana, Inc. | 27,028 | 642 |
Dorman Products, Inc.* | 7,116 | 738 |
Fox Factory Holding Corp.* | 7,732 | 1,204 |
Gentherm, Inc.* | 8,629 | 613 |
Goodyear Tire & Rubber (The) Co.* | 55,643 | 954 |
LCI Industries | 7,368 | 968 |
Modine Manufacturing Co.* | 2,561 | 42 |
Motorcar Parts of America, Inc.* | 5,230 | 117 |
Patrick Industries, Inc. | 4,692 | 343 |
Shiloh Industries, Inc.(1) * | 2,100 | — |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Auto Components – 1.5%continued | ||
Standard Motor Products, Inc. | 4,563 | $198 |
Stoneridge, Inc.* | 4,709 | 139 |
Tenneco, Inc., Class A* | 9,641 | 186 |
Visteon Corp.* | 5,208 | 630 |
XPEL, Inc.* | 3,049 | 256 |
8,130 | ||
Automobiles – 0.2% | ||
Winnebago Industries, Inc. | 8,847 | 601 |
Workhorse Group, Inc.* | 20,683 | 343 |
944 | ||
Banks – 8.1% | ||
1st Source Corp. | 5,374 | 250 |
Allegiance Bancshares, Inc. | 2,339 | 90 |
Altabancorp | 4,529 | 196 |
Amalgamated Financial Corp. | 6,170 | 96 |
American National Bankshares, Inc. | 2,604 | 81 |
Ameris Bancorp | 14,292 | 724 |
Ames National Corp. | 2,507 | 61 |
Arrow Financial Corp. | 5,182 | 186 |
Associated Banc-Corp | 22,141 | 453 |
Atlantic Union Bankshares Corp. | 16,728 | 606 |
Banc of California, Inc. | 6,556 | 115 |
BancFirst Corp. | 4,513 | 282 |
Bancorp (The), Inc.* | 7,140 | 164 |
BancorpSouth Bank | 19,534 | 553 |
Bank First Corp. | 3,348 | 234 |
Bank of Hawaii Corp. | 6,869 | 579 |
Bank of Marin Bancorp | 3,624 | 116 |
Bank of NT Butterfield & Son (The) Ltd. | 9,878 | 350 |
Bank of South Carolina Corp. | 5,364 | 110 |
Bank7 Corp. | 9,046 | 156 |
BankFinancial Corp. | 1,787 | 20 |
BankUnited, Inc. | 13,656 | 583 |
Bankwell Financial Group, Inc. | 7,690 | 213 |
Banner Corp. | 8,682 | 471 |
Bar Harbor Bankshares | 1,937 | 55 |
BCB Bancorp, Inc. | 508 | 7 |
Berkshire Bancorp, Inc.* | 121 | 1 |
Boston Private Financial Holdings, Inc. | 11,985 | 177 |
Brookline Bancorp, Inc. | 23,044 | 345 |
Bryn Mawr Bank Corp. | 3,498 | 148 |
Burke & Herbert Bank & Trust Co. | 20 | 41 |
C&F Financial Corp. | 467 | 24 |
EQUITY FUNDS 20 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Banks – 8.1%continued | ||
Cadence BanCorp | 22,652 | $473 |
Cambridge Bancorp | 899 | 75 |
Camden National Corp. | 3,943 | 188 |
Capital City Bank Group, Inc. | 3,998 | 103 |
Cathay General Bancorp | 16,098 | 634 |
CBTX, Inc. | 3,740 | 102 |
Central Pacific Financial Corp. | 675 | 18 |
Century Bancorp, Inc., Class A | 2,490 | 284 |
CIT Group, Inc. | 14,584 | 752 |
Citizens & Northern Corp. | 774 | 19 |
City Holding Co. | 3,893 | 293 |
Columbia Banking System, Inc. | 13,283 | 512 |
Commercial National Financial Corp. | 121 | 3 |
Community Bank System, Inc. | 9,630 | 729 |
Community Financial (The) Corp. | 3,455 | 119 |
Community Trust Bancorp, Inc. | 2,938 | 119 |
ConnectOne Bancorp, Inc. | 2,356 | 62 |
Customers Bancorp, Inc.* | 7,254 | 283 |
CVB Financial Corp. | 20,872 | 430 |
Dime Community Bancshares, Inc. | 4,651 | 156 |
Eagle Bancorp, Inc. | 6,743 | 378 |
Eagle Financial Services, Inc. | 100 | 3 |
Eastern Bankshares, Inc. | 25,191 | 518 |
Enterprise Bancorp, Inc. | 2,022 | 66 |
Enterprise Financial Services Corp. | 5,503 | 255 |
Equity Bancshares, Inc., Class A* | 3,418 | 104 |
FB Financial Corp. | 2,445 | 91 |
Financial Institutions, Inc. | 4,428 | 133 |
Finward Bancorp | 689 | 31 |
First Bancorp | 7,850 | 321 |
First BanCorp (New York Exchange) | 30,494 | 363 |
First Bancorp (The), Inc. | 825 | 24 |
First Bancshares (The), Inc. | 4,919 | 184 |
First Busey Corp. | 11,491 | 283 |
First Commonwealth Financial Corp. | 29,559 | 416 |
First Community Bankshares, Inc. | 1,777 | 53 |
First Financial Bankshares, Inc. | 27,923 | 1,372 |
First Financial Corp. | 2,764 | 113 |
First Financial Northwest, Inc. | 699 | 11 |
First Foundation, Inc. | 5,309 | 120 |
First Hawaiian, Inc. | 19,224 | 545 |
First Internet Bancorp | 1,662 | 51 |
First Interstate BancSystem, Inc., Class A | 10,052 | 420 |
First Merchants Corp. | 10,676 | 445 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Banks – 8.1%continued | ||
First Mid Bancshares, Inc. | 37 | $2 |
First Northwest Bancorp | 521 | 9 |
First of Long Island (The) Corp. | 3,635 | 77 |
First Savings Financial Group, Inc. | 3,126 | 229 |
First United Corp. | 7,959 | 139 |
Flushing Financial Corp. | 4,414 | 95 |
FNB Corp. | 59,010 | 728 |
Fulton Financial Corp. | 29,237 | 461 |
German American Bancorp, Inc. | 5,454 | 203 |
Glacier Bancorp, Inc. | 15,628 | 861 |
Great Southern Bancorp, Inc. | 1,715 | 92 |
Great Western Bancorp, Inc. | 9,647 | 316 |
Hancock Whitney Corp. | 17,099 | 760 |
Hanmi Financial Corp. | 3,790 | 72 |
Hawthorn Bancshares, Inc. | 1,402 | 32 |
Heartland Financial U.S.A., Inc. | 5,911 | 278 |
Heritage Financial Corp. | 8,306 | 208 |
Hilltop Holdings, Inc. | 14,689 | 535 |
Home BancShares, Inc. | 28,504 | 703 |
HomeTrust Bancshares, Inc. | 1,342 | 37 |
Hope Bancorp, Inc. | 22,426 | 318 |
Independent Bank Corp. | 6,906 | 521 |
Independent Bank Group, Inc. | 10,601 | 784 |
International Bancshares Corp. | 12,561 | 539 |
Investar Holding Corp. | 10,430 | 239 |
Investors Bancorp, Inc. | 61,498 | 877 |
Lakeland Bancorp, Inc. | 7,540 | 132 |
Lakeland Financial Corp. | 4,841 | 298 |
Landmark Bancorp, Inc. | 1,327 | 36 |
Malvern Bancorp, Inc.* | 9 | — |
Mercantile Bank Corp. | 5,228 | 158 |
Metropolitan Bank Holding Corp.* | 200 | 12 |
MidWestOne Financial Group, Inc. | 564 | 16 |
National Bank Holdings Corp., Class A | 6,425 | 242 |
National Bankshares, Inc. | 1,755 | 61 |
NBT Bancorp, Inc. | 10,737 | 386 |
Nicolet Bankshares, Inc.* | 3,099 | 218 |
Northrim BanCorp, Inc. | 1,649 | 71 |
Norwood Financial Corp. | 1,084 | 28 |
OceanFirst Financial Corp. | 9,536 | 199 |
OFG Bancorp | 6,948 | 154 |
Ohio Valley Banc Corp. | 745 | 18 |
Old National Bancorp | 28,039 | 494 |
Old Second Bancorp, Inc. | 2,613 | 32 |
NORTHERN FUNDS QUARTERLY REPORT 21 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Banks – 8.1%continued | ||
Pacific Premier Bancorp, Inc. | 20,275 | $857 |
Park National Corp. | 3,044 | 357 |
Peapack-Gladstone Financial Corp. | 4,259 | 132 |
Penns Woods Bancorp, Inc. | 150 | 4 |
Peoples Bancorp, Inc. | 1,699 | 50 |
Peoples Financial Corp. | 236 | 4 |
Peoples Financial Services Corp. | 413 | 18 |
Preferred Bank | 3,911 | 247 |
Premier Financial Bancorp, Inc. | 8,223 | 139 |
Primis Financial Corp. | 669 | 10 |
QCR Holdings, Inc. | 1,623 | 78 |
Renasant Corp. | 12,295 | 492 |
Republic Bancorp, Inc., Class A | 4,135 | 191 |
Republic First Bancorp, Inc.* | 3,187 | 13 |
Sandy Spring Bancorp, Inc. | 5,278 | 233 |
Seacoast Banking Corp. of Florida | 10,821 | 370 |
ServisFirst Bancshares, Inc. | 13,098 | 890 |
Shore Bancshares, Inc. | 691 | 12 |
Sierra Bancorp | 810 | 21 |
Silvergate Capital Corp., Class A* | 3,315 | 376 |
Simmons First National Corp., Class A | 14,678 | 431 |
South State Corp. | 12,483 | 1,021 |
Southern BancShares NC, Inc. | 5 | 26 |
Southern First Bancshares, Inc.* | 4,590 | 235 |
Southside Bancshares, Inc. | 5,055 | 193 |
Spirit of Texas Bancshares, Inc. | 4,719 | 108 |
Stock Yards Bancorp, Inc. | 6,372 | 324 |
Texas Capital Bancshares, Inc.* | 7,142 | 453 |
Tompkins Financial Corp. | 3,473 | 269 |
Towne Bank | 10,289 | 313 |
TriCo Bancshares | 5,072 | 216 |
Triumph Bancorp, Inc.* | 6,479 | 481 |
Trustmark Corp. | 12,934 | 398 |
UMB Financial Corp. | 8,869 | 825 |
Umpqua Holdings Corp. | 32,483 | 599 |
Union Bankshares, Inc. | 5,790 | 210 |
United Bancorp, Inc. | 498 | 7 |
United Bankshares, Inc. | 19,045 | 695 |
United Community Banks, Inc. | 15,328 | 491 |
Univest Financial Corp. | 5,330 | 141 |
Valley National Bancorp | 58,734 | 789 |
Veritex Holdings, Inc. | 8,287 | 293 |
Virginia National Bankshares Corp. | 105 | 4 |
Washington Trust Bancorp, Inc. | 3,261 | 167 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Banks – 8.1%continued | ||
WesBanco, Inc. | 15,264 | $544 |
West BanCorp, Inc. | 2,798 | 78 |
Westamerica BanCorp | 6,194 | 359 |
44,975 | ||
Beverages – 0.3% | ||
Celsius Holdings, Inc.* | 6,497 | 494 |
Coca-Cola Consolidated, Inc. | 1,593 | 641 |
MGP Ingredients, Inc. | 3,455 | 234 |
National Beverage Corp. | 6,954 | 328 |
1,697 | ||
Biotechnology – 7.6% | ||
89bio, Inc.* | 7,277 | 136 |
Abeona Therapeutics, Inc.* | 1,200 | 2 |
ACADIA Pharmaceuticals, Inc.* | 20,020 | 488 |
Adamas Pharmaceuticals, Inc.* | 7,545 | 40 |
ADMA Biologics, Inc.* | 22,321 | 36 |
Adverum Biotechnologies, Inc.* | 12,333 | 43 |
Akebia Therapeutics, Inc.* | 24,361 | 92 |
Akero Therapeutics, Inc.* | 4,153 | 103 |
Albireo Pharma, Inc.* | 7,574 | 266 |
Alector, Inc.* | 6,697 | 139 |
Alkermes PLC* | 26,782 | 657 |
Allogene Therapeutics, Inc.* | 11,402 | 297 |
Altimmune, Inc.* | 13,346 | 131 |
Amicus Therapeutics, Inc.* | 63,001 | 607 |
AnaptysBio, Inc.* | 11,208 | 291 |
Anavex Life Sciences Corp.* | 11,604 | 265 |
Anika Therapeutics, Inc.* | 5,546 | 240 |
Anixa Biosciences, Inc.* | 3,567 | 14 |
Annexon, Inc.* | 6,099 | 137 |
Applied Molecular Transport, Inc.* | 6,595 | 302 |
Applied Therapeutics, Inc.* | 1,808 | 38 |
Aprea Therapeutics, Inc.* | 3,708 | 18 |
Aptevo Therapeutics, Inc.* | 5,531 | 124 |
Arcturus Therapeutics Holdings, Inc.* | 8,851 | 300 |
Arcus Biosciences, Inc.* | 10,399 | 286 |
Arcutis Biotherapeutics, Inc.* | 4,906 | 134 |
Ardelyx, Inc.* | 9,301 | 70 |
Arrowhead Pharmaceuticals, Inc.* | 19,068 | 1,579 |
Assembly Biosciences, Inc.* | 9,820 | 38 |
Atara Biotherapeutics, Inc.* | 11,811 | 184 |
Atreca, Inc., Class A* | 4,377 | 37 |
Avrobio, Inc.* | 4,449 | 40 |
EQUITY FUNDS 22 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Biotechnology – 7.6%continued | ||
Beyondspring, Inc.* | 4,837 | $50 |
BioCryst Pharmaceuticals, Inc.* | 8,762 | 139 |
Bioxcel Therapeutics, Inc.* | 7,716 | 224 |
Bluebird Bio, Inc.* | 11,269 | 360 |
Blueprint Medicines Corp.* | 11,422 | 1,005 |
Calithera Biosciences, Inc.* | 2,212 | 5 |
Calyxt, Inc.* | 20,612 | 83 |
Capricor Therapeutics, Inc.* | 23,578 | 121 |
CareDx, Inc.* | 10,840 | 992 |
CASI Pharmaceuticals, Inc.* | 37,663 | 58 |
Catabasis Pharmaceuticals, Inc.* | 15,112 | 32 |
Catalyst Biosciences, Inc.* | 17,459 | 76 |
Catalyst Pharmaceuticals, Inc.* | 34,533 | 199 |
Celcuity, Inc.* | 9,194 | 221 |
Celldex Therapeutics, Inc.* | 5,217 | 174 |
Centogene N.V.* | 5,190 | 54 |
ChemoCentryx, Inc.* | 7,137 | 96 |
Clovis Oncology, Inc.* | 500 | 3 |
Coherus Biosciences, Inc.* | 11,714 | 162 |
Concert Pharmaceuticals, Inc.* | 20,813 | 88 |
Constellation Pharmaceuticals, Inc.* | 4,110 | 139 |
Cortexyme, Inc.* | 3,049 | 162 |
Crinetics Pharmaceuticals, Inc.* | 4,837 | 91 |
Cue Biopharma, Inc.* | 4,153 | 48 |
Curis, Inc.* | 11,480 | 93 |
Cytokinetics, Inc.* | 12,074 | 239 |
Deciphera Pharmaceuticals, Inc.* | 2,502 | 92 |
Denali Therapeutics, Inc.* | 16,692 | 1,309 |
DermTech, Inc.* | 7,118 | 296 |
DiaMedica Therapeutics, Inc.* | 21,056 | 94 |
Dicerna Pharmaceuticals, Inc.* | 16,737 | 625 |
Dyadic International, Inc.* | 16,460 | 59 |
Dynavax Technologies Corp.* | 19,064 | 188 |
Eagle Pharmaceuticals, Inc.* | 2,149 | 92 |
Eiger BioPharmaceuticals, Inc.* | 20,040 | 171 |
Emergent BioSolutions, Inc.* | 10,525 | 663 |
Enanta Pharmaceuticals, Inc.* | 5,556 | 245 |
Esperion Therapeutics, Inc.* | 11,646 | 246 |
Essa Pharma, Inc.* | 4,375 | 125 |
Evelo Biosciences, Inc.* | 9,413 | 129 |
Fate Therapeutics, Inc.* | 13,974 | 1,213 |
Flexion Therapeutics, Inc.* | 9,753 | 80 |
Frequency Therapeutics, Inc.* | 4,098 | 41 |
G1 Therapeutics, Inc.* | 11,767 | 258 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Biotechnology – 7.6%continued | ||
Galmed Pharmaceuticals Ltd.* | 209 | $1 |
Geron Corp.* | 7,700 | 11 |
GlycoMimetics, Inc.* | 7,284 | 17 |
Gossamer Bio, Inc.* | 8,008 | 65 |
Halozyme Therapeutics, Inc.* | 23,574 | 1,070 |
Harpoon Therapeutics, Inc.* | 5,932 | 82 |
Homology Medicines, Inc.* | 10,336 | 75 |
Ideaya Biosciences, Inc.* | 5,366 | 113 |
IGM Biosciences, Inc.* | 6,012 | 500 |
ImmuCell Corp.* | 2,514 | 24 |
Immunic, Inc.* | 7,815 | 96 |
ImmunoGen, Inc.* | 15,743 | 104 |
Insmed, Inc.* | 17,236 | 491 |
Intellia Therapeutics, Inc.* | 11,883 | 1,924 |
Invitae Corp.* | 39,439 | 1,330 |
Ironwood Pharmaceuticals, Inc.* | 43,281 | 557 |
Kadmon Holdings, Inc.* | 29,851 | 116 |
KalVista Pharmaceuticals, Inc.* | 18,655 | 447 |
Karyopharm Therapeutics, Inc.* | 12,037 | 124 |
Keros Therapeutics, Inc.* | 2,652 | 113 |
Kindred Biosciences, Inc.* | 8,526 | 78 |
Krystal Biotech, Inc.* | 3,094 | 210 |
Kura Oncology, Inc.* | 17,730 | 370 |
La Jolla Pharmaceutical Co.* | 1,889 | 8 |
Lexicon Pharmaceuticals, Inc.* | 3,347 | 15 |
Ligand Pharmaceuticals, Inc.* | 4,590 | 602 |
MacroGenics, Inc.* | 10,996 | 295 |
Magenta Therapeutics, Inc.* | 10,083 | 99 |
MediciNova, Inc.* | 27,967 | 119 |
MeiraGTx Holdings PLC* | 13,802 | 214 |
Merrimack Pharmaceuticals, Inc.* | 261 | 2 |
Merus N.V.* | 12,616 | 266 |
MiMedx Group, Inc.* | 16,968 | 212 |
Minerva Neurosciences, Inc.* | 2,542 | 6 |
Mirati Therapeutics, Inc.* | 258 | 42 |
Mirum Pharmaceuticals, Inc.* | 13,541 | 234 |
Molecular Templates, Inc.* | 13,891 | 109 |
Monopar Therapeutics, Inc.* | 13,197 | 78 |
Morphic Holding, Inc.* | 4,949 | 284 |
Myriad Genetics, Inc.* | 20,081 | 614 |
Natera, Inc.* | 4,209 | 478 |
Neoleukin Therapeutics, Inc.* | 8,304 | 77 |
NeuroBo Pharmaceuticals, Inc.* | 7,267 | 24 |
Nkarta, Inc.* | 6,299 | 200 |
NORTHERN FUNDS QUARTERLY REPORT 23 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Biotechnology – 7.6%continued | ||
Nurix Therapeutics, Inc.* | 4,375 | $116 |
Olema Pharmaceuticals, Inc.* | 4,906 | 137 |
OPKO Health, Inc.* | 94,237 | 382 |
Organogenesis Holdings, Inc.* | 8,883 | 148 |
ORIC Pharmaceuticals, Inc.* | 6,894 | 122 |
Oyster Point Pharma, Inc.* | 3,410 | 59 |
PDL BioPharma, Inc.* | 24,608 | 61 |
Precision BioSciences, Inc.* | 11,667 | 146 |
ProQR Therapeutics N.V.* | 154 | 1 |
Protagonist Therapeutics, Inc.* | 5,830 | 262 |
Protara Therapeutics, Inc.* | 2,076 | 20 |
Prothena Corp. PLC* | 9,209 | 473 |
Radius Health, Inc.* | 8,494 | 155 |
RAPT Therapeutics, Inc.* | 5,042 | 160 |
Repare Therapeutics, Inc.* | 3,977 | 124 |
Replimune Group, Inc.* | 8,500 | 327 |
Rezolute, Inc.* | 11,535 | 165 |
Rhythm Pharmaceuticals, Inc.* | 9,262 | 181 |
Rocket Pharmaceuticals, Inc.* | 621 | 28 |
Sage Therapeutics, Inc.* | 11,972 | 680 |
Sangamo Therapeutics, Inc.* | 23,430 | 280 |
Savara, Inc.* | 3,800 | 6 |
Scholar Rock Holding Corp.* | 5,932 | 171 |
Shattuck Labs, Inc.* | 4,508 | 131 |
Sierra Oncology, Inc.* | 14,288 | 279 |
Sinovac Biotech Ltd.(1) * | 1,587 | — |
Solid Biosciences, Inc.* | 61 | — |
Sorrento Therapeutics, Inc.* | 28,830 | 279 |
Spectrum Pharmaceuticals, Inc.* | 16,231 | 61 |
Spero Therapeutics, Inc.* | 6,662 | 93 |
SpringWorks Therapeutics, Inc.* | 8,616 | 710 |
Syndax Pharmaceuticals, Inc.* | 12,635 | 217 |
TCR2 Therapeutics, Inc.* | 14,692 | 241 |
TG Therapeutics, Inc.* | 10,316 | 400 |
Translate Bio, Inc.* | 6,762 | 186 |
Travere Therapeutics, Inc.* | 13,786 | 201 |
Trillium Therapeutics, Inc.* | 19,895 | 193 |
Turning Point Therapeutics, Inc.* | 9,970 | 778 |
Twist Bioscience Corp.* | 7,874 | 1,049 |
Ultragenyx Pharmaceutical, Inc.* | 12,472 | 1,189 |
UroGen Pharma Ltd.* | 7,653 | 117 |
Vanda Pharmaceuticals, Inc.* | 10,706 | 230 |
Vaxcyte, Inc.* | 5,701 | 128 |
Vericel Corp.* | 8,414 | 442 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Biotechnology – 7.6%continued | ||
Viking Therapeutics, Inc.* | 2,902 | $17 |
Viridian Therapeutics, Inc.* | 8,353 | 153 |
Voyager Therapeutics, Inc.* | 10,460 | 43 |
Windtree Therapeutics, Inc.* | 14,087 | 32 |
X4 Pharmaceuticals, Inc.* | 11,418 | 74 |
XBiotech, Inc.* | 6,970 | 115 |
Xenon Pharmaceuticals, Inc.* | 8,453 | 157 |
XOMA Corp.* | 8,660 | 294 |
ZIOPHARM Oncology, Inc.* | 35,332 | 93 |
Zymeworks, Inc.* | 7,795 | 270 |
42,246 | ||
Building Products – 1.2% | ||
AAON, Inc. | 8,514 | 533 |
American Woodmark Corp.* | 2,921 | 239 |
Apogee Enterprises, Inc. | 6,986 | 284 |
Caesarstone Ltd. | 6,170 | 91 |
Cornerstone Building Brands, Inc.* | 262 | 5 |
CSW Industrials, Inc. | 2,694 | 319 |
Gibraltar Industries, Inc.* | 7,085 | 541 |
Griffon Corp. | 10,835 | 278 |
Insteel Industries, Inc. | 6,120 | 197 |
JELD-WEN Holding, Inc.* | 13,490 | 354 |
Masonite International Corp.* | 5,388 | 602 |
PGT Innovations, Inc.* | 13,897 | 323 |
Quanex Building Products Corp. | 6,083 | 151 |
Resideo Technologies, Inc.* | 24,925 | 748 |
Simpson Manufacturing Co., Inc. | 8,935 | 987 |
UFP Industries, Inc. | 12,705 | 944 |
6,596 | ||
Capital Markets – 1.8% | ||
Apollo Investment Corp. | 12,526 | 171 |
Artisan Partners Asset Management, Inc., Class A | 8,711 | 443 |
Associated Capital Group, Inc., Class A | 2,828 | 110 |
B. Riley Financial, Inc. | 1,727 | 130 |
BGC Partners, Inc., Class A | 52,979 | 300 |
Blucora, Inc.* | 9,414 | 163 |
Cohen & Steers, Inc. | 5,578 | 458 |
Cowen, Inc., Class A | 291 | 12 |
Diamond Hill Investment Group, Inc. | 948 | 159 |
Donnelley Financial Solutions, Inc.* | 1 | — |
Evercore, Inc., Class A | 6,870 | 967 |
Federated Hermes, Inc. | 17,133 | 581 |
Freedom Holding Corp.* | 5,339 | 348 |
EQUITY FUNDS 24 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Capital Markets – 1.8%continued | ||
FS K.K.R Capital Corp. | 20,488 | $441 |
GAMCO Investors, Inc., Class A | 5,069 | 127 |
Hamilton Lane, Inc., Class A | 5,432 | 495 |
Hercules Capital, Inc. | 22,011 | 376 |
Houlihan Lokey, Inc. | 8,060 | 659 |
Main Street Capital Corp. | 10,963 | 450 |
Moelis & Co., Class A | 11,731 | 667 |
Piper Sandler Cos. | 4,017 | 520 |
PJT Partners, Inc., Class A | 4,546 | 325 |
Prospect Capital Corp. | 51,627 | 433 |
Pzena Investment Management, Inc., Class A | 4,621 | 51 |
Safeguard Scientifics, Inc.* | 826 | 6 |
Saratoga Investment Corp. | 4,223 | 113 |
Siebert Financial Corp.* | 919 | 4 |
Sixth Street Specialty Lending, Inc. | 10,111 | 224 |
StoneCastle Financial Corp. | 3,639 | 80 |
StoneX Group, Inc.* | 4,261 | 259 |
Victory Capital Holdings, Inc., Class A | 12,435 | 402 |
Virtus Investment Partners, Inc. | 1,187 | 330 |
Westwood Holdings Group, Inc. | 496 | 11 |
WisdomTree Investments, Inc. | 4,036 | 25 |
9,840 | ||
Chemicals – 2.1% | ||
Advanced Emissions Solutions, Inc.* | 838 | 6 |
American Vanguard Corp. | 4,002 | 70 |
Amyris, Inc.* | 12,266 | 201 |
Avient Corp. | 16,042 | 789 |
Balchem Corp. | 6,581 | 864 |
Cabot Corp. | 11,634 | 662 |
Chase Corp. | 2,575 | 264 |
Element Solutions, Inc. | 33,466 | 782 |
Ferro Corp.* | 12,102 | 261 |
FutureFuel Corp. | 7,054 | 68 |
GCP Applied Technologies, Inc.* | 9,787 | 228 |
H.B. Fuller Co. | 13,178 | 838 |
Hawkins, Inc. | 8,250 | 270 |
Ingevity Corp.* | 8,478 | 690 |
Innospec, Inc. | 4,935 | 447 |
Koppers Holdings, Inc.* | 8,542 | 276 |
Kraton Corp.* | 4,954 | 160 |
Kronos Worldwide, Inc. | 700 | 10 |
Livent Corp.* | 29,213 | 566 |
LSB Industries, Inc.* | 19 | — |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Chemicals – 2.1%continued | ||
Minerals Technologies, Inc. | 7,839 | $617 |
Orion Engineered Carbons S.A.* | 8,740 | 166 |
Quaker Chemical Corp. | 3,960 | 939 |
Sensient Technologies Corp. | 9,158 | 793 |
Stepan Co. | 4,987 | 600 |
Tredegar Corp. | 6,521 | 90 |
Trinseo S.A. | 10,424 | 624 |
Tronox Holdings PLC, Class A | 6,756 | 151 |
11,432 | ||
Commercial Services & Supplies – 1.8% | ||
ABM Industries, Inc. | 12,892 | 572 |
ACCO Brands Corp. | 20,762 | 179 |
Brady Corp., Class A | 10,478 | 587 |
Brink's (The) Co. | 9,921 | 762 |
Casella Waste Systems, Inc., Class A* | 8,947 | 568 |
CECO Environmental Corp.* | 206 | 1 |
Cimpress PLC* | 5,283 | 573 |
CompX International, Inc. | 1 | — |
CoreCivic, Inc.* | 22,505 | 236 |
Covanta Holding Corp. | 22,807 | 402 |
Deluxe Corp. | 7,361 | 352 |
Ennis, Inc. | 4,775 | 103 |
Healthcare Services Group, Inc. | 15,610 | 493 |
Heritage-Crystal Clean, Inc.* | 508 | 15 |
Herman Miller, Inc. | 14,133 | 666 |
HNI Corp. | 8,343 | 367 |
Interface, Inc. | 9,636 | 147 |
KAR Auction Services, Inc.* | 26,692 | 468 |
Kimball International, Inc., Class B | 3,682 | 48 |
Knoll, Inc. | 7,531 | 196 |
Matthews International Corp., Class A | 5,352 | 192 |
NL Industries, Inc. | 100 | 1 |
Pitney Bowes, Inc. | 29,108 | 255 |
Quad/Graphics, Inc.* | 254 | 1 |
R.R. Donnelley & Sons Co.* | 1 | — |
SP Plus Corp.* | 4,529 | 139 |
Steelcase, Inc., Class A | 17,115 | 259 |
Team, Inc.* | 483 | 3 |
Tetra Tech, Inc. | 11,596 | 1,415 |
UniFirst Corp. | 3,033 | 712 |
Viad Corp.* | 4,561 | 227 |
Virco Mfg. Corp.* | 1,676 | 6 |
VSE Corp. | 4,716 | 233 |
10,178 |
NORTHERN FUNDS QUARTERLY REPORT 25 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Communications Equipment – 1.0% | ||
ADTRAN, Inc. | 9,824 | $203 |
Applied Optoelectronics, Inc.* | 5,804 | 49 |
AudioCodes Ltd. | 5,523 | 183 |
Aviat Networks, Inc.* | 2,996 | 98 |
BK Technologies Corp. | 1,835 | 6 |
CalAmp Corp.* | 2,461 | 31 |
Calix, Inc.* | 6,758 | 321 |
Clearfield, Inc.* | 4,684 | 175 |
CommScope Holding Co., Inc.* | 37,663 | 803 |
Comtech Telecommunications Corp. | 7,170 | 173 |
Digi International, Inc.* | 9,001 | 181 |
EMCORE Corp.* | 12,695 | 117 |
Extreme Networks, Inc.* | 13,970 | 156 |
Harmonic, Inc.* | 13,082 | 111 |
Infinera Corp.* | 17,187 | 175 |
Inseego Corp.* | 3,235 | 33 |
Ituran Location and Control Ltd. | 4,071 | 111 |
KVH Industries, Inc.* | 6,178 | 76 |
NETGEAR, Inc.* | 5,981 | 229 |
NetScout Systems, Inc.* | 14,721 | 420 |
PCTEL, Inc.* | 14,020 | 92 |
Plantronics, Inc.* | 6,954 | 290 |
Radware Ltd.* | 7,520 | 232 |
Silicom Ltd.* | 5,262 | 232 |
UTStarcom Holdings Corp.* | 1 | — |
ViaSat, Inc.* | 9,828 | 490 |
Viavi Solutions, Inc.* | 40,274 | 711 |
5,698 | ||
Construction & Engineering – 1.2% | ||
API Group Corp.(2) * | 31,157 | 651 |
Arcosa, Inc. | 10,230 | 601 |
Argan, Inc. | 4,104 | 196 |
Comfort Systems U.S.A., Inc. | 10,092 | 795 |
Dycom Industries, Inc.* | 5,758 | 429 |
EMCOR Group, Inc. | 10,544 | 1,299 |
Fluor Corp.* | 25,024 | 443 |
Granite Construction, Inc. | 11,015 | 457 |
Great Lakes Dredge & Dock Corp.* | 4,135 | 60 |
IES Holdings, Inc.* | 1,476 | 76 |
Matrix Service Co.* | 3,570 | 38 |
MYR Group, Inc.* | 3,319 | 302 |
Northwest Pipe Co.* | 5,235 | 148 |
NV5 Global, Inc.* | 2,756 | 260 |
Primoris Services Corp. | 7,161 | 211 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Construction & Engineering – 1.2%continued | ||
Sterling Construction Co., Inc.* | 7,763 | $187 |
Tutor Perini Corp.* | 2,067 | 29 |
WillScot Mobile Mini Holdings Corp.* | 27,112 | 756 |
6,938 | ||
Construction Materials – 0.2% | ||
Summit Materials, Inc., Class A* | 26,977 | 940 |
U.S. Concrete, Inc.* | 3,194 | 236 |
United States Lime & Minerals, Inc. | 1,409 | 196 |
1,372 | ||
Consumer Finance – 0.8% | ||
Curo Group Holdings Corp. | 193 | 3 |
Encore Capital Group, Inc.* | 7,077 | 335 |
Enova International, Inc.* | 5,073 | 174 |
EZCORP, Inc., Class A* | 2,900 | 17 |
FirstCash, Inc. | 8,309 | 635 |
Green Dot Corp., Class A* | 11,622 | 545 |
LendingClub Corp.* | 9,389 | 170 |
Navient Corp. | 34,846 | 674 |
Nelnet, Inc., Class A | 7,037 | 529 |
PRA Group, Inc.* | 10,543 | 406 |
PROG Holdings, Inc. | 14,922 | 718 |
Regional Management Corp. | 300 | 14 |
World Acceptance Corp.* | 1,716 | 275 |
4,495 | ||
Containers & Packaging – 0.3% | ||
Greif, Inc., Class A | 5,079 | 308 |
Myers Industries, Inc. | 3,648 | 77 |
O-I Glass, Inc.* | 23,511 | 384 |
Silgan Holdings, Inc. | 11,649 | 483 |
UFP Technologies, Inc.* | 3,815 | 219 |
1,471 | ||
Distributors – 0.1% | ||
Core-Mark Holding Co., Inc. | 9,851 | 444 |
Weyco Group, Inc. | 3,226 | 72 |
516 | ||
Diversified Consumer Services – 0.8% | ||
2U, Inc.* | 11,932 | 497 |
Adtalem Global Education, Inc.* | 13,235 | 472 |
Afya Ltd., Class A* | 17,646 | 455 |
American Public Education, Inc.* | 5,334 | 151 |
Graham Holdings Co., Class B | 960 | 609 |
Grand Canyon Education, Inc.* | 7,690 | 692 |
EQUITY FUNDS 26 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Diversified Consumer Services – 0.8%continued | ||
Houghton Mifflin Harcourt Co.* | 20,066 | $221 |
Laureate Education, Inc., Class A* | 20,753 | 301 |
Perdoceo Education Corp.* | 9,982 | 122 |
Regis Corp.* | 9,036 | 85 |
Strategic Education, Inc. | 4,401 | 335 |
Stride, Inc.* | 6,608 | 212 |
WW International, Inc.* | 7,993 | 289 |
Zovio, Inc.* | 16 | — |
4,441 | ||
Diversified Financial Services – 0.1% | ||
A-Mark Precious Metals, Inc. | 5,101 | 237 |
Banco Latinoamericano de Comercio Exterior S.A., Class E | 7,766 | 119 |
California First Leasing Corp. | 1,558 | 29 |
Cannae Holdings, Inc.* | 13,391 | 454 |
839 | ||
Diversified Telecommunication Services – 0.6% | ||
Anterix, Inc.* | 5,005 | 300 |
ATN International, Inc. | 2,889 | 131 |
Bandwidth, Inc., Class A* | 3,251 | 448 |
Cincinnati Bell, Inc.* | 7,518 | 116 |
Cogent Communications Holdings, Inc. | 7,953 | 612 |
Consolidated Communications Holdings, Inc.* | 12,083 | 106 |
IDT Corp., Class B* | 5,201 | 192 |
Iridium Communications, Inc.* | 21,876 | 875 |
Liberty Latin America Ltd., Class C* | 16,292 | 230 |
LICT Corp.* | 6 | 141 |
3,151 | ||
Electric Utilities – 0.7% | ||
ALLETE, Inc. | 12,644 | 885 |
MGE Energy, Inc. | 8,837 | 658 |
Otter Tail Corp. | 10,738 | 524 |
PNM Resources, Inc. | 15,192 | 741 |
Portland General Electric Co. | 19,584 | 902 |
3,710 | ||
Electrical Equipment – 0.7% | ||
Allied Motion Technologies, Inc. | 4,380 | 151 |
Atkore, Inc.* | 9,262 | 658 |
AZZ, Inc. | 4,963 | 257 |
Encore Wire Corp. | 4,096 | 310 |
EnerSys | 8,340 | 815 |
GrafTech International Ltd. | 29,433 | 342 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Electrical Equipment – 0.7%continued | ||
Powell Industries, Inc. | 4,638 | $144 |
Preformed Line Products Co. | 1,994 | 148 |
Thermon Group Holdings, Inc.* | 3,319 | 57 |
TPI Composites, Inc.* | 6,099 | 295 |
Ultralife Corp.* | 846 | 7 |
Vicor Corp.* | 6,126 | 648 |
3,832 | ||
Electronic Equipment, Instruments & Components – 2.5% | ||
Advanced Energy Industries, Inc. | 6,971 | 786 |
Arlo Technologies, Inc.* | 3,150 | 21 |
Avnet, Inc. | 15,777 | 632 |
Badger Meter, Inc. | 5,704 | 560 |
Bel Fuse, Inc., Class B | 2,854 | 41 |
Belden, Inc. | 7,441 | 376 |
Benchmark Electronics, Inc. | 9,244 | 263 |
CTS Corp. | 5,143 | 191 |
Daktronics, Inc.* | 2,559 | 17 |
ePlus, Inc.* | 5,144 | 446 |
Fabrinet* | 8,222 | 788 |
FARO Technologies, Inc.* | 3,753 | 292 |
Frequency Electronics, Inc.* | 6,758 | 66 |
Hollysys Automation Technologies Ltd. | 9,246 | 138 |
II-VI, Inc.* | 16,595 | 1,205 |
Insight Enterprises, Inc.* | 9,112 | 911 |
Itron, Inc.* | 8,857 | 886 |
Kimball Electronics, Inc.* | 5,368 | 117 |
Knowles Corp.* | 14,968 | 295 |
Methode Electronics, Inc. | 7,243 | 356 |
nLight, Inc.* | 11,607 | 421 |
Novanta, Inc.* | 7,154 | 964 |
OSI Systems, Inc.* | 5,442 | 553 |
PAR Technology Corp.* | 3,629 | 254 |
PC Connection, Inc. | 6,667 | 309 |
Plexus Corp.* | 6,246 | 571 |
Rogers Corp.* | 3,630 | 729 |
Sanmina Corp.* | 13,470 | 525 |
ScanSource, Inc.* | 4,800 | 135 |
TTM Technologies, Inc.* | 12,856 | 184 |
Vishay Intertechnology, Inc. | 21,667 | 489 |
Vishay Precision Group, Inc.* | 6,945 | 236 |
Wayside Technology Group, Inc. | 5,770 | 144 |
13,901 |
NORTHERN FUNDS QUARTERLY REPORT 27 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Energy Equipment & Services – 1.0% | ||
Bristow Group, Inc.* | 2,268 | $58 |
Cactus, Inc., Class A | 11,256 | 413 |
ChampionX Corp.* | 33,160 | 851 |
Dawson Geophysical Co.* | 16,436 | 43 |
DMC Global, Inc.* | 2,206 | 124 |
Dril-Quip, Inc.* | 6,539 | 221 |
ENGlobal Corp.* | 6,201 | 19 |
Exterran Corp.* | 8,734 | 42 |
Geospace Technologies Corp.* | 9,097 | 74 |
Gulf Island Fabrication, Inc.* | 5,334 | 24 |
Helix Energy Solutions Group, Inc.* | 38,160 | 218 |
Helmerich & Payne, Inc. | 18,091 | 590 |
MIND Technology, Inc.* | 3,700 | 7 |
Nabors Industries Ltd.* | 1,858 | 212 |
Natural Gas Services Group, Inc.* | 6,526 | 67 |
NexTier Oilfield Solutions, Inc.* | 21,313 | 101 |
Oceaneering International, Inc.* | 17,607 | 274 |
Patterson-UTI Energy, Inc. | 41,605 | 414 |
ProPetro Holding Corp.* | 5,315 | 49 |
RPC, Inc.* | 7,973 | 40 |
Solaris Oilfield Infrastructure, Inc., Class A | 7,129 | 69 |
TechnipFMC PLC* | 74,113 | 671 |
TETRA Technologies, Inc.* | 12,106 | 53 |
Tidewater, Inc.* | 9,460 | 114 |
Transocean Ltd.* | 100,322 | 453 |
U.S. Silica Holdings, Inc.* | 9,033 | 104 |
5,305 | ||
Entertainment – 0.3% | ||
IMAX Corp.* | 6,960 | 150 |
Liberty Media Corp.-Liberty Braves, Class C* | 20,339 | 565 |
Lions Gate Entertainment Corp., Class A* | 13,669 | 283 |
LiveXLive Media, Inc.* | 5,784 | 27 |
Madison Square Garden Entertainment Corp.* | 3,572 | 300 |
Marcus (The) Corp.* | 2,354 | 50 |
Reading International, Inc., Class A* | 4,251 | 29 |
Sciplay Corp., Class A* | 23,578 | 400 |
1,804 | ||
Equity Real Estate Investment Trusts – 6.0% | ||
Acadia Realty Trust | 16,922 | 372 |
Agree Realty Corp. | 10,445 | 736 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Equity Real Estate Investment Trusts – 6.0%continued | ||
Alexander & Baldwin, Inc. | 12,703 | $233 |
Alexander's, Inc. | 675 | 181 |
American Assets Trust, Inc. | 8,841 | 330 |
American Finance Trust, Inc. | 19,848 | 168 |
Apple Hospitality REIT, Inc. | 41,368 | 631 |
Armada Hoffler Properties, Inc. | 5,384 | 72 |
Bluerock Residential Growth REIT, Inc. | 9,023 | 92 |
Braemar Hotels & Resorts, Inc.* | 4,823 | 30 |
Brandywine Realty Trust | 32,903 | 451 |
Broadstone Net Lease, Inc. | 23,865 | 559 |
Brookfield Property REIT, Inc., Class A | 15,732 | 297 |
BRT Apartments Corp. | 3,060 | 53 |
CareTrust REIT, Inc. | 18,591 | 432 |
CatchMark Timber Trust, Inc., Class A | 14,836 | 174 |
Cedar Realty Trust, Inc. | 8,497 | 143 |
Centerspace | 2,005 | 158 |
Chatham Lodging Trust* | 6,946 | 89 |
CIM Commercial Trust Corp. | 934 | 8 |
City Office REIT, Inc. | 14,297 | 178 |
Columbia Property Trust, Inc. | 21,940 | 382 |
Community Healthcare Trust, Inc. | 4,448 | 211 |
CorEnergy Infrastructure Trust, Inc. | 1,462 | 10 |
CorePoint Lodging, Inc.* | 12,266 | 131 |
Corporate Office Properties Trust | 18,959 | 531 |
CTO Realty Growth, Inc. | 3,955 | 212 |
DiamondRock Hospitality Co.* | 43,889 | 426 |
DigitalBridge Group, Inc.* | 88,195 | 697 |
Diversified Healthcare Trust | 37,810 | 158 |
Easterly Government Properties, Inc. | 13,897 | 293 |
EastGroup Properties, Inc. | 7,544 | 1,241 |
Empire State Realty Trust, Inc., Class A | 25,370 | 304 |
EPR Properties* | 12,463 | 657 |
Equity Commonwealth | 19,755 | 518 |
Essential Properties Realty Trust, Inc. | 16,583 | 448 |
Four Corners Property Trust, Inc. | 15,463 | 427 |
Franklin Street Properties Corp. | 16,025 | 84 |
GEO Group (The), Inc. | 25,908 | 184 |
Getty Realty Corp. | 7,316 | 228 |
Gladstone Commercial Corp. | 7,214 | 163 |
Gladstone Land Corp. | 15,568 | 375 |
Global Medical REIT, Inc. | 9,766 | 144 |
Global Net Lease, Inc. | 19,328 | 358 |
Healthcare Realty Trust, Inc. | 28,169 | 851 |
Hersha Hospitality Trust* | 8,591 | 92 |
EQUITY FUNDS 28 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Equity Real Estate Investment Trusts – 6.0%continued | ||
Hudson Pacific Properties, Inc. | 24,793 | $690 |
Independence Realty Trust, Inc. | 17,068 | 311 |
Indus Realty Trust, Inc. | 3,615 | 237 |
Industrial Logistics Properties Trust | 11,002 | 288 |
Innovative Industrial Properties, Inc. | 3,331 | 636 |
iStar, Inc. | 18,471 | 383 |
JBG SMITH Properties | 20,948 | 660 |
Kite Realty Group Trust | 15,911 | 350 |
Lexington Realty Trust | 44,784 | 535 |
LTC Properties, Inc. | 8,246 | 317 |
Macerich (The) Co. | 27,878 | 509 |
Mack-Cali Realty Corp. | 14,792 | 254 |
Monmouth Real Estate Investment Corp. | 19,393 | 363 |
National Health Investors, Inc. | 8,281 | 555 |
National Storage Affiliates Trust | 11,121 | 562 |
New Senior Investment Group, Inc. | 15,581 | 137 |
NexPoint Residential Trust, Inc. | 3,894 | 214 |
One Liberty Properties, Inc. | 6,319 | 179 |
Outfront Media, Inc.* | 28,323 | 681 |
Pebblebrook Hotel Trust | 25,326 | 596 |
Pennsylvania Real Estate Investment Trust* | 371 | 1 |
Physicians Realty Trust | 37,247 | 688 |
Piedmont Office Realty Trust, Inc., Class A | 23,603 | 436 |
Plymouth Industrial REIT, Inc. | 5,859 | 117 |
PotlatchDeltic Corp. | 12,820 | 681 |
Preferred Apartment Communities, Inc., Class A | 600 | 6 |
PS Business Parks, Inc. | 4,010 | 594 |
Retail Opportunity Investments Corp. | 21,774 | 384 |
Retail Properties of America, Inc., Class A | 35,089 | 402 |
Retail Value, Inc. | 3,173 | 69 |
RLJ Lodging Trust | 34,226 | 521 |
RPT Realty | 16,207 | 210 |
Sabra Health Care REIT, Inc. | 40,271 | 733 |
Saul Centers, Inc. | 2,379 | 108 |
Service Properties Trust | 32,177 | 405 |
SITE Centers Corp. | 22,978 | 346 |
Sotherly Hotels, Inc.* | 2,334 | 7 |
STAG Industrial, Inc. | 27,858 | 1,043 |
Summit Hotel Properties, Inc.* | 13,482 | 126 |
Sunstone Hotel Investors, Inc.* | 44,683 | 555 |
Tanger Factory Outlet Centers, Inc. | 15,238 | 287 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Equity Real Estate Investment Trusts – 6.0%continued | ||
Terreno Realty Corp. | 13,566 | $875 |
UMH Properties, Inc. | 8,454 | 184 |
Urban Edge Properties | 21,578 | 412 |
Urstadt Biddle Properties, Inc., Class A | 8,986 | 174 |
Washington Real Estate Investment Trust | 14,745 | 339 |
Weingarten Realty Investors | 23,874 | 766 |
Whitestone REIT | 10,730 | 88 |
33,526 | ||
Food & Staples Retailing – 0.9% | ||
Andersons (The), Inc. | 4,166 | 127 |
BJ's Wholesale Club Holdings, Inc.* | 20,270 | 964 |
Chefs' Warehouse (The), Inc.* | 1,575 | 50 |
Grocery Outlet Holding Corp.* | 14,584 | 505 |
Ingles Markets, Inc., Class A | 5,769 | 336 |
Performance Food Group Co.* | 24,310 | 1,179 |
PriceSmart, Inc. | 4,320 | 393 |
Rite Aid Corp.* | 8,565 | 140 |
SpartanNash Co. | 7,251 | 140 |
Sprouts Farmers Market, Inc.* | 25,358 | 630 |
United Natural Foods, Inc.* | 7,327 | 271 |
Village Super Market, Inc., Class A | 1,471 | 35 |
Weis Markets, Inc. | 4,874 | 252 |
5,022 | ||
Food Products – 1.2% | ||
Adecoagro S.A.* | 1,368 | 14 |
Alico, Inc. | 6,440 | 229 |
B&G Foods, Inc. | 13,863 | 455 |
Bridgford Foods Corp.* | 3,905 | 51 |
Calavo Growers, Inc. | 2,990 | 190 |
Cal-Maine Foods, Inc. | 7,729 | 280 |
Farmer Bros. Co.* | 6,412 | 81 |
Fresh Del Monte Produce, Inc. | 4,310 | 142 |
Hain Celestial Group (The), Inc.* | 14,054 | 564 |
Hostess Brands, Inc.* | 25,018 | 405 |
J&J Snack Foods Corp. | 3,505 | 611 |
John B. Sanfilippo & Son, Inc. | 1,422 | 126 |
Lancaster Colony Corp. | 4,081 | 790 |
Landec Corp.* | 3,059 | 34 |
Sanderson Farms, Inc. | 4,624 | 869 |
Seaboard Corp. | 133 | 515 |
Seneca Foods Corp., Class A* | 3,840 | 196 |
Simply Good Foods (The) Co.* | 17,069 | 623 |
NORTHERN FUNDS QUARTERLY REPORT 29 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Food Products – 1.2%continued | ||
Tootsie Roll Industries, Inc. | 10,913 | $370 |
TreeHouse Foods, Inc.* | 8,618 | 384 |
6,929 | ||
Gas Utilities – 0.9% | ||
Chesapeake Utilities Corp. | 4,470 | 538 |
New Jersey Resources Corp. | 20,889 | 827 |
Northwest Natural Holding Co. | 8,011 | 421 |
ONE Gas, Inc. | 12,021 | 891 |
RGC Resources, Inc. | 921 | 23 |
South Jersey Industries, Inc. | 20,594 | 534 |
Southwest Gas Holdings, Inc. | 12,123 | 802 |
Spire, Inc. | 11,838 | 855 |
4,891 | ||
Health Care Equipment & Supplies – 3.9% | ||
Accelerate Diagnostics, Inc.* | 10,517 | 85 |
Accuray, Inc.* | 1,300 | 6 |
Alphatec Holdings, Inc.* | 18,668 | 286 |
AngioDynamics, Inc.* | 11,304 | 307 |
Apollo Endosurgery, Inc.* | 48,090 | 389 |
Apyx Medical Corp.* | 4,253 | 44 |
AtriCure, Inc.* | 10,508 | 834 |
Atrion Corp. | 263 | 163 |
Avanos Medical, Inc.* | 12,640 | 460 |
Axogen, Inc.* | 6,232 | 135 |
Axonics, Inc.* | 8,126 | 515 |
Bellerophon Therapeutics, Inc.* | 7,859 | 38 |
Beyond Air, Inc.* | 14,828 | 96 |
BioLife Solutions, Inc.* | 10,867 | 484 |
BioSig Technologies, Inc.* | 9,491 | 37 |
Cardiovascular Systems, Inc.* | 12,577 | 536 |
Cerus Corp.* | 49,955 | 295 |
Chembio Diagnostics, Inc.* | 13,839 | 41 |
CONMED Corp. | 6,040 | 830 |
CryoLife, Inc.* | 9,324 | 265 |
CryoPort, Inc.* | 5,949 | 375 |
Cutera, Inc.* | 7,818 | 383 |
Daxor Corp.* | 37 | — |
Electromed, Inc.* | 5,043 | 57 |
Establishment Labs Holdings, Inc.* | 5,022 | 439 |
FONAR Corp.* | 9,642 | 170 |
Heska Corp.* | 4,138 | 951 |
Inmode Ltd.* | 6,673 | 632 |
Inogen, Inc.* | 2,735 | 178 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Health Care Equipment & Supplies – 3.9%continued | ||
Integer Holdings Corp.* | 8,177 | $770 |
Intersect ENT, Inc.* | 11,872 | 203 |
IntriCon Corp.* | 13,185 | 296 |
Invacare Corp.* | 14,461 | 117 |
iRadimed Corp.* | 7,647 | 225 |
Kewaunee Scientific Corp.* | 2,502 | 36 |
Lantheus Holdings, Inc.* | 13,187 | 364 |
LeMaitre Vascular, Inc. | 10,133 | 618 |
LENSAR, Inc.* | 1,867 | 16 |
LivaNova PLC* | 10,096 | 849 |
Meridian Bioscience, Inc.* | 14,023 | 311 |
Merit Medical Systems, Inc.* | 13,220 | 855 |
Mesa Laboratories, Inc. | 817 | 222 |
Misonix, Inc.* | 7,912 | 175 |
Natus Medical, Inc.* | 6,973 | 181 |
Neogen Corp.* | 20,612 | 949 |
NuVasive, Inc.* | 9,445 | 640 |
OraSure Technologies, Inc.* | 18,029 | 183 |
Orthofix Medical, Inc.* | 6,523 | 262 |
OrthoPediatrics Corp.* | 3,161 | 200 |
Pro-Dex, Inc.* | 5,339 | 163 |
Pulse Biosciences, Inc.* | 17,697 | 290 |
Retractable Technologies, Inc.* | 17,052 | 197 |
Rockwell Medical, Inc.* | 5,100 | 5 |
SeaSpine Holdings Corp.* | 17,104 | 351 |
Semler Scientific, Inc.* | 3,949 | 441 |
SI-BONE, Inc.* | 6,604 | 208 |
Sientra, Inc.* | 113 | 1 |
SmileDirectClub, Inc.* | 21,260 | 185 |
Soliton, Inc.* | 13,616 | 306 |
STAAR Surgical Co.* | 8,673 | 1,323 |
STERIS PLC | 1,966 | 406 |
Surgalign Holdings, Inc.* | 4,038 | 6 |
Surmodics, Inc.* | 5,429 | 294 |
Tactile Systems Technology, Inc.* | 1,991 | 104 |
TransMedics Group, Inc.* | 9,992 | 332 |
Utah Medical Products, Inc. | 3,298 | 280 |
Vapotherm, Inc.* | 3,263 | 77 |
Varex Imaging Corp.* | 6,055 | 162 |
Zynex, Inc.* | 8,968 | 139 |
21,773 | ||
Health Care Providers & Services – 3.6% | ||
1Life Healthcare, Inc.* | 19,490 | 644 |
Acadia Healthcare Co., Inc.* | 14,810 | 929 |
EQUITY FUNDS 30 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Health Care Providers & Services – 3.6%continued | ||
Addus HomeCare Corp.* | 4,020 | $351 |
AMN Healthcare Services, Inc.* | 10,115 | 981 |
Apollo Medical Holdings, Inc.* | 9,758 | 613 |
Brookdale Senior Living, Inc.* | 40,343 | 319 |
Capital Senior Living Corp.* | 35 | 2 |
Castle Biosciences, Inc.* | 2,669 | 196 |
Community Health Systems, Inc.* | 20,815 | 321 |
CorVel Corp.* | 5,123 | 688 |
Covetrus, Inc.* | 21,408 | 578 |
Cross Country Healthcare, Inc.* | 15,819 | 261 |
Cryo-Cell International, Inc.* | 750 | 7 |
Ensign Group (The), Inc. | 12,711 | 1,102 |
Enzo Biochem, Inc.* | 7,284 | 23 |
Five Star Senior Living, Inc.* | 3,314 | 19 |
Fulgent Genetics, Inc.* | 6,228 | 574 |
Global Cord Blood Corp.* | 6,346 | 34 |
Hanger, Inc.* | 6,922 | 175 |
HealthEquity, Inc.* | 12,814 | 1,031 |
Joint (The) Corp.* | 3,837 | 322 |
LHC Group, Inc.* | 5,763 | 1,154 |
Magellan Health, Inc.* | 6,644 | 626 |
ModivCare, Inc.* | 3,434 | 584 |
National HealthCare Corp. | 4,345 | 304 |
National Research Corp. | 3,538 | 162 |
Ontrak, Inc.* | 6,150 | 200 |
Option Care Health, Inc.* | 99 | 2 |
Owens & Minor, Inc. | 10,071 | 426 |
Patterson Cos., Inc. | 23,245 | 706 |
Pennant Group (The), Inc.* | 5,367 | 220 |
PetIQ, Inc.* | 7,148 | 276 |
Premier, Inc., Class A | 12,313 | 428 |
Progyny, Inc.* | 10,474 | 618 |
R1 RCM, Inc.* | 20,406 | 454 |
RadNet, Inc.* | 9,282 | 313 |
Select Medical Holdings Corp. | 24,358 | 1,029 |
Surgery Partners, Inc.* | 12,793 | 852 |
Tenet Healthcare Corp.* | 20,533 | 1,376 |
Tivity Health, Inc.* | 10,251 | 270 |
Triple-S Management Corp.* | 10,601 | 236 |
U.S. Physical Therapy, Inc. | 3,436 | 398 |
19,804 | ||
Health Care Technology – 1.2% | ||
Allscripts Healthcare Solutions, Inc.* | 36,281 | 671 |
American Well Corp., Class A* | 32,483 | 409 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Health Care Technology – 1.2%continued | ||
CareCloud, Inc.* | 13,493 | $114 |
Computer Programs and Systems, Inc. | 9,221 | 306 |
Evolent Health, Inc., Class A* | 20,075 | 424 |
HealthStream, Inc.* | 4,785 | 134 |
Inovalon Holdings, Inc., Class A* | 13,821 | 471 |
Inspire Medical Systems, Inc.* | 4,189 | 810 |
NextGen Healthcare, Inc.* | 11,447 | 190 |
Omnicell, Inc.* | 9,374 | 1,420 |
OptimizeRx Corp.* | 5,220 | 323 |
Phreesia, Inc.* | 2,473 | 152 |
Schrodinger, Inc.* | 7,557 | 571 |
Simulations Plus, Inc. | 4,666 | 256 |
Tabula Rasa HealthCare, Inc.* | 4,153 | 208 |
Vocera Communications, Inc.* | 6,863 | 273 |
6,732 | ||
Hotels, Restaurants & Leisure – 2.0% | ||
Arcos Dorados Holdings, Inc., Class A* | 37,309 | 223 |
BBQ Holdings, Inc.* | 174 | 3 |
Biglari Holdings, Inc., Class B* | 860 | 137 |
BJ's Restaurants, Inc.* | 5,545 | 272 |
Bowl America, Inc., Class A* | 492 | 4 |
Brinker International, Inc.* | 5,700 | 353 |
Carrols Restaurant Group, Inc.* | 300 | 2 |
Chuy's Holdings, Inc.* | 2,743 | 102 |
Cracker Barrel Old Country Store, Inc. | 5,094 | 756 |
Dave & Buster's Entertainment, Inc.* | 10,795 | 438 |
Denny's Corp.* | 15,386 | 254 |
Despegar.com Corp.* | 7,242 | 96 |
Dine Brands Global, Inc.* | 2,219 | 198 |
Drive Shack, Inc.* | 8,625 | 29 |
El Pollo Loco Holdings, Inc.* | 15 | — |
Everi Holdings, Inc.* | 12,087 | 301 |
Fiesta Restaurant Group, Inc.* | 1,335 | 18 |
Golden Entertainment, Inc.* | 1,684 | 75 |
Hilton Grand Vacations, Inc.* | 14,752 | 611 |
International Game Technology PLC* | 15,517 | 372 |
Jack in the Box, Inc. | 4,405 | 491 |
Monarch Casino & Resort, Inc.* | 932 | 62 |
Nathan's Famous, Inc. | 1,507 | 107 |
Papa John's International, Inc. | 5,135 | 536 |
Red Robin Gourmet Burgers, Inc.* | 4,400 | 146 |
Red Rock Resorts, Inc., Class A* | 12,296 | 523 |
Ruth's Hospitality Group, Inc.* | 3,046 | 70 |
Scientific Games Corp.* | 16,135 | 1,250 |
NORTHERN FUNDS QUARTERLY REPORT 31 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Hotels, Restaurants & Leisure – 2.0%continued | ||
Shake Shack, Inc., Class A* | 4,879 | $522 |
Texas Roadhouse, Inc. | 13,167 | 1,267 |
Town Sports International Holdings, Inc.* | 2,621 | — |
Travel + Leisure Co. | 15,550 | 924 |
Wingstop, Inc. | 5,688 | 897 |
11,039 | ||
Household Durables – 1.7% | ||
Beazer Homes U.S.A., Inc.* | 5,187 | 100 |
Cavco Industries, Inc.* | 1,953 | 434 |
Century Communities, Inc. | 3,721 | 248 |
Ethan Allen Interiors, Inc. | 4,433 | 122 |
Flexsteel Industries, Inc. | 4,687 | 189 |
GoPro, Inc., Class A* | 15,619 | 182 |
Hamilton Beach Brands Holding Co., Class A | 2,899 | 65 |
Helen of Troy Ltd.* | 4,955 | 1,130 |
Hooker Furniture Corp. | 1,660 | 58 |
Installed Building Products, Inc. | 4,791 | 586 |
iRobot Corp.* | 5,884 | 550 |
KB Home | 16,240 | 661 |
La-Z-Boy, Inc. | 9,887 | 366 |
LGI Homes, Inc.* | 4,276 | 692 |
Lifetime Brands, Inc. | 587 | 9 |
M/I Homes, Inc.* | 4,233 | 248 |
MDC Holdings, Inc. | 11,995 | 607 |
Meritage Homes Corp.* | 6,707 | 631 |
Nobility Homes, Inc. | 876 | 32 |
Skyline Champion Corp.* | 10,583 | 564 |
Sonos, Inc.* | 17,546 | 618 |
Taylor Morrison Home Corp.* | 24,700 | 653 |
Tri Pointe Homes, Inc.* | 23,744 | 509 |
Universal Electronics, Inc.* | 3,746 | 182 |
VOXX International Corp.* | 1,446 | 20 |
9,456 | ||
Household Products – 0.5% | ||
Central Garden & Pet Co.* | 200 | 11 |
Central Garden & Pet Co., Class A* | 7,970 | 385 |
Energizer Holdings, Inc. | 11,269 | 484 |
Oil-Dri Corp. of America | 3,095 | 106 |
Spectrum Brands Holdings, Inc. | 9,998 | 850 |
WD-40 Co. | 2,758 | 707 |
2,543 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Independent Power & Renewable Electricity Producers – 0.4% | ||
Atlantica Sustainable Infrastructure PLC | 19,357 | $720 |
Brookfield Renewable Corp., Class A | 8,309 | 348 |
Clearway Energy, Inc., Class A | 1,131 | 29 |
Clearway Energy, Inc., Class C | 17,743 | 470 |
Ormat Technologies, Inc. | 9,472 | 659 |
2,226 | ||
Industrial Conglomerates – 0.1% | ||
Raven Industries, Inc. | 7,461 | 432 |
Insurance – 1.9% | ||
Ambac Financial Group, Inc.* | 8,441 | 132 |
American Equity Investment Life Holding Co. | 21,966 | 710 |
AMERISAFE, Inc. | 3,533 | 211 |
Argo Group International Holdings Ltd. | 9,753 | 505 |
Assured Guaranty Ltd. | 10,739 | 510 |
Atlantic American Corp. | 6,792 | 29 |
Brighthouse Financial, Inc.* | 12,728 | 580 |
Citizens, Inc.* | 6,196 | 33 |
CNO Financial Group, Inc. | 40,830 | 964 |
Donegal Group, Inc., Class A | 5,400 | 79 |
Employers Holdings, Inc. | 9,617 | 412 |
Enstar Group Ltd.* | 1,757 | 420 |
Fidelity National Financial, Inc. | 1,707 | 74 |
Genworth Financial, Inc., Class A* | 70,088 | 273 |
Greenlight Capital Re Ltd., Class A* | 14,699 | 134 |
Independence Holding Co. | 4,586 | 212 |
Investors Title Co. | 692 | 121 |
James River Group Holdings Ltd. | 5,885 | 221 |
Kansas City Life Insurance Co. | 1,868 | 83 |
Kinsale Capital Group, Inc. | 3,907 | 644 |
MBIA, Inc.* | 19,856 | 218 |
Mercury General Corp. | 4,489 | 292 |
National Western Life Group, Inc., Class A | 957 | 215 |
Palomar Holdings, Inc.* | 3,708 | 280 |
ProAssurance Corp. | 13,273 | 302 |
RLI Corp. | 8,246 | 862 |
Safety Insurance Group, Inc. | 2,567 | 201 |
Selective Insurance Group, Inc. | 11,377 | 923 |
SiriusPoint Ltd.* | 15,911 | 160 |
SiriusPoint Ltd. (OTC US Exchange)(3) * | 463 | 1 |
State Auto Financial Corp. | 4,840 | 83 |
Stewart Information Services Corp. | 3,179 | 180 |
United Fire Group, Inc. | 4,671 | 130 |
EQUITY FUNDS 32 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Insurance – 1.9%continued | ||
Universal Insurance Holdings, Inc. | 4,946 | $69 |
White Mountains Insurance Group Ltd. | 157 | 180 |
10,443 | ||
Interactive Media & Services – 0.3% | ||
Cargurus, Inc.* | 16,036 | 421 |
Cars.com, Inc.* | 6,293 | 90 |
EverQuote, Inc., Class A* | 4,662 | 152 |
Liberty TripAdvisor Holdings, Inc., Class A* | 6,201 | 25 |
QuinStreet, Inc.* | 17,418 | 324 |
Travelzoo* | 5,357 | 79 |
Yelp, Inc.* | 16,153 | 646 |
1,737 | ||
Internet & Direct Marketing Retail – 0.6% | ||
1-800-Flowers.com, Inc., Class A* | 8,770 | 280 |
Liquidity Services, Inc.* | 5,236 | 133 |
Overstock.com, Inc.* | 4,821 | 445 |
PetMed Express, Inc. | 4,787 | 152 |
Quotient Technology, Inc.* | 6,947 | 75 |
Revolve Group, Inc.* | 12,198 | 840 |
Shutterstock, Inc. | 1,341 | 132 |
Stamps.com, Inc.* | 3,209 | 643 |
Stitch Fix, Inc., Class A* | 11,151 | 672 |
3,372 | ||
IT Services – 1.3% | ||
Actua Corp.(1) * | 8,828 | — |
BM Technologies, Inc.* | 1,134 | 14 |
Brightcove, Inc.* | 9,262 | 133 |
Cass Information Systems, Inc. | 3,083 | 126 |
Computer Services, Inc. | 4,050 | 228 |
Computer Task Group, Inc.* | 140 | 1 |
Conduent, Inc.* | 28,170 | 211 |
CSG Systems International, Inc. | 7,734 | 365 |
EVERTEC, Inc. | 11,695 | 511 |
Evo Payments, Inc., Class A* | 7,818 | 217 |
ExlService Holdings, Inc.* | 6,300 | 669 |
GTT Communications, Inc.* | 16,079 | 39 |
Hackett Group (The), Inc. | 10,003 | 180 |
I3 Verticals, Inc., Class A* | 4,071 | 123 |
Information Services Group, Inc. | 11,023 | 65 |
LiveRamp Holdings, Inc.* | 10,341 | 484 |
Maximus, Inc. | 15,859 | 1,395 |
Perficient, Inc.* | 8,149 | 655 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
IT Services – 1.3%continued | ||
StarTek, Inc.* | 835 | $6 |
Switch, Inc., Class A | 6,344 | 134 |
Sykes Enterprises, Inc.* | 7,634 | 410 |
TTEC Holdings, Inc. | 4,282 | 441 |
Tucows, Inc., Class A* | 1,705 | 137 |
Unisys Corp.* | 4,568 | 116 |
Verra Mobility Corp.* | 25,950 | 399 |
7,059 | ||
Leisure Products – 0.5% | ||
Acushnet Holdings Corp. | 6,673 | 330 |
American Outdoor Brands, Inc.* | 2,656 | 93 |
Callaway Golf Co.* | 16,842 | 568 |
Clarus Corp. | 5,413 | 139 |
Escalade, Inc. | 5,211 | 120 |
Johnson Outdoors, Inc., Class A | 3,349 | 405 |
Malibu Boats, Inc., Class A* | 4,004 | 294 |
Marine Products Corp. | 7,809 | 120 |
Smith & Wesson Brands, Inc. | 10,621 | 368 |
Sturm Ruger & Co., Inc. | 2,776 | 250 |
Vista Outdoor, Inc.* | 6,951 | 322 |
3,009 | ||
Life Sciences Tools & Services – 0.9% | ||
Champions Oncology, Inc.* | 4,406 | 45 |
Codexis, Inc.* | 10,004 | 227 |
Fluidigm Corp.* | 16,180 | 100 |
Harvard Bioscience, Inc.* | 17,208 | 143 |
Luminex Corp. | 9,592 | 353 |
Medpace Holdings, Inc.* | 5,623 | 993 |
NanoString Technologies, Inc.* | 10,911 | 707 |
NeoGenomics, Inc.* | 20,087 | 907 |
Pacific Biosciences of California, Inc.* | 23,942 | 837 |
Personalis, Inc.* | 7,563 | 192 |
Quanterix Corp.* | 7,518 | 441 |
4,945 | ||
Machinery – 4.0% | ||
Alamo Group, Inc. | 2,352 | 359 |
Albany International Corp., Class A | 6,461 | 577 |
Altra Industrial Motion Corp. | 14,397 | 936 |
Astec Industries, Inc. | 5,770 | 363 |
Barnes Group, Inc. | 11,794 | 604 |
Chart Industries, Inc.* | 8,786 | 1,286 |
CIRCOR International, Inc.* | 2,467 | 80 |
Columbus McKinnon Corp. | 3,276 | 158 |
NORTHERN FUNDS QUARTERLY REPORT 33 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Machinery – 4.0%continued | ||
Conrad Industries, Inc.* | 100 | $2 |
Douglas Dynamics, Inc. | 4,546 | 185 |
Eastern (The) Co. | 1,665 | 50 |
Enerpac Tool Group Corp. | 12,541 | 334 |
EnPro Industries, Inc. | 4,031 | 392 |
ESCO Technologies, Inc. | 5,707 | 535 |
Evoqua Water Technologies Corp.* | 14,958 | 505 |
Federal Signal Corp. | 16,085 | 647 |
Franklin Electric Co., Inc. | 9,583 | 773 |
Gorman-Rupp (The) Co. | 6,591 | 227 |
Graham Corp. | 2,512 | 35 |
Greenbrier (The) Cos., Inc. | 5,159 | 225 |
Helios Technologies, Inc. | 4,001 | 312 |
Hillenbrand, Inc. | 14,638 | 645 |
Hurco Cos., Inc. | 1,123 | 39 |
Hyster-Yale Materials Handling, Inc. | 2,391 | 174 |
John Bean Technologies Corp. | 6,139 | 876 |
Kadant, Inc. | 1,968 | 347 |
Kennametal, Inc. | 17,894 | 643 |
Kornit Digital Ltd.* | 6,990 | 869 |
L.B. Foster Co., Class A* | 1,584 | 29 |
Lindsay Corp. | 2,080 | 344 |
Lydall, Inc.* | 148 | 9 |
Meritor, Inc.* | 17,189 | 403 |
Miller Industries, Inc. | 3,185 | 126 |
Mueller Industries, Inc. | 11,880 | 514 |
Mueller Water Products, Inc., Class A | 34,105 | 492 |
Omega Flex, Inc. | 1,628 | 239 |
Proto Labs, Inc.* | 5,696 | 523 |
RBC Bearings, Inc.* | 4,972 | 991 |
Rexnord Corp. | 21,363 | 1,069 |
Shyft Group (The), Inc. | 3,505 | 131 |
SPX Corp.* | 10,850 | 663 |
SPX FLOW, Inc. | 10,114 | 660 |
Standex International Corp. | 4,170 | 396 |
Taylor Devices, Inc.* | 1,662 | 19 |
Tennant Co. | 4,016 | 321 |
Terex Corp. | 11,376 | 542 |
Titan International, Inc.* | 11,906 | 101 |
TriMas Corp.* | 9,908 | 300 |
Trinity Industries, Inc. | 19,172 | 516 |
Twin Disc, Inc.* | 356 | 5 |
Wabash National Corp. | 6,758 | 108 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Machinery – 4.0%continued | ||
Watts Water Technologies, Inc., Class A | 6,124 | $894 |
Welbilt, Inc.* | 21,182 | 490 |
22,063 | ||
Marine – 0.5% | ||
Atlas Corp. | 45,080 | 642 |
Danaos Corp. | 3,686 | 283 |
Golden Ocean Group Ltd. | 21,714 | 240 |
Kirby Corp.* | 10,341 | 627 |
Matson, Inc. | 10,504 | 672 |
Star Bulk Carriers Corp. | 17,978 | 413 |
2,877 | ||
Media – 1.3% | ||
AMC Networks, Inc., Class A* | 7,970 | 532 |
Boston Omaha Corp., Class A* | 1 | — |
Cardlytics, Inc.* | 4,848 | 615 |
comScore, Inc.* | 11,616 | 58 |
Cumulus Media, Inc., Class A* | 300 | 4 |
Daily Journal Corp.* | 332 | 112 |
EW Scripps (The) Co., Class A | 9,722 | 198 |
Gannett Co., Inc.* | 12,191 | 67 |
Gray Television, Inc. | 23,772 | 556 |
iHeartMedia, Inc., Class A* | 18,296 | 493 |
John Wiley & Sons, Inc., Class A | 9,645 | 581 |
Loral Space & Communications, Inc. | 654 | 26 |
Magnite, Inc.* | 12,159 | 412 |
Marchex, Inc., Class B* | 179 | 1 |
Meredith Corp.* | 10,156 | 441 |
MSG Networks, Inc., Class A* | 8,933 | 130 |
Nexstar Media Group, Inc., Class A | 6,603 | 977 |
Saga Communications, Inc., Class A | 1,396 | 30 |
Scholastic Corp. | 7,170 | 272 |
Sinclair Broadcast Group, Inc., Class A | 11,464 | 381 |
TechTarget, Inc.* | 4,387 | 340 |
TEGNA, Inc. | 41,593 | 780 |
7,006 | ||
Metals & Mining – 1.3% | ||
Allegheny Technologies, Inc.* | 32,683 | 681 |
Alpha Metallurgical Resources, Inc.* | 4,298 | 110 |
Arconic Corp.* | 19,490 | 694 |
Carpenter Technology Corp. | 11,479 | 462 |
Coeur Mining, Inc.* | 48,365 | 430 |
Commercial Metals Co. | 23,737 | 729 |
Compass Minerals International, Inc. | 8,874 | 526 |
EQUITY FUNDS 34 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Metals & Mining – 1.3%continued | ||
Constellium S.E.* | 27,720 | $525 |
Ferroglobe PLC* | 22,656 | 139 |
Ferroglobe Representation & Warranty Insurance Trust(1) * | 9,916 | — |
Fortitude Gold Corp. | 2,348 | 16 |
Gold Resource Corp. | 8,089 | 21 |
Haynes International, Inc. | 2,371 | 84 |
Hecla Mining Co. | 66,955 | 498 |
Kaiser Aluminum Corp. | 3,022 | 373 |
Materion Corp. | 7,084 | 534 |
McEwen Mining, Inc.* | 23,720 | 33 |
Nexa Resources S.A. | 22,291 | 196 |
Olympic Steel, Inc. | 3,230 | 95 |
Schnitzer Steel Industries, Inc., Class A | 2,938 | 144 |
Synalloy Corp.* | 100 | 1 |
Universal Stainless & Alloy Products, Inc.* | 1,504 | 15 |
Warrior Met Coal, Inc. | 12,211 | 210 |
Worthington Industries, Inc. | 12,528 | 766 |
7,282 | ||
Mortgage Real Estate Investment Trusts – 1.0% | ||
ACRES Commercial Realty Corp.* | 136 | 2 |
Apollo Commercial Real Estate Finance, Inc. | 33,215 | 530 |
Arbor Realty Trust, Inc. | 25,986 | 463 |
Arlington Asset Investment Corp., Class A* | 10 | — |
ARMOUR Residential REIT, Inc. | 7,473 | 85 |
Blackstone Mortgage Trust, Inc., Class A | 25,462 | 812 |
BrightSpire Capital, Inc. | 11,919 | 112 |
Capstead Mortgage Corp. | 26,855 | 165 |
Chimera Investment Corp. | 34,994 | 527 |
Dynex Capital, Inc. | 3,644 | 68 |
Ellington Residential Mortgage REIT | 540 | 6 |
Granite Point Mortgage Trust, Inc. | 6,103 | 90 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 13,821 | 776 |
Invesco Mortgage Capital, Inc. | 23,185 | 91 |
Ladder Capital Corp. | 27,383 | 316 |
New Residential Investment Corp. | 63,772 | 675 |
New York Mortgage Trust, Inc. | 46,078 | 206 |
Ready Capital Corp. | 4,562 | 72 |
Redwood Trust, Inc. | 11,649 | 141 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Mortgage Real Estate Investment Trusts – 1.0%continued | ||
Two Harbors Investment Corp. | 34,195 | $259 |
Western Asset Mortgage Capital Corp. | 1,107 | 4 |
5,400 | ||
Multiline Retail – 0.4% | ||
Big Lots, Inc. | 8,945 | 590 |
Dillard's, Inc., Class A | 1,538 | 278 |
Macy's, Inc.* | 57,623 | 1,093 |
1,961 | ||
Multi-Utilities – 0.3% | ||
Avista Corp. | 13,954 | 595 |
NorthWestern Corp. | 11,879 | 715 |
Unitil Corp. | 3,654 | 194 |
1,504 | ||
Oil, Gas & Consumable Fuels – 2.8% | ||
Adams Resources & Energy, Inc. | 4,747 | 131 |
Alto Ingredients, Inc.* | 9,940 | 61 |
Antero Resources Corp.* | 31,288 | 470 |
Arch Resources, Inc.* | 2,367 | 135 |
Ardmore Shipping Corp.* | 23,527 | 99 |
Bonanza Creek Energy, Inc. | 2,275 | 107 |
California Resources Corp.* | 13,789 | 416 |
Callon Petroleum Co.* | 4,557 | 263 |
Chesapeake Energy Corp. | 16,175 | 840 |
Clean Energy Fuels Corp.* | 14,369 | 146 |
CNX Resources Corp.* | 27,300 | 373 |
Comstock Resources, Inc.* | 9,230 | 62 |
CONSOL Energy, Inc.* | 5,414 | 100 |
Contango Oil & Gas Co.* | 11,023 | 48 |
CVR Energy, Inc. | 7,398 | 133 |
Delek U.S. Holdings, Inc. | 12,219 | 264 |
Denbury, Inc.* | 8,220 | 631 |
DHT Holdings, Inc. | 35,919 | 233 |
Diamondback Energy, Inc. | 1,460 | 137 |
Dorian LPG Ltd.* | 1,334 | 19 |
Earthstone Energy, Inc., Class A* | 13,429 | 149 |
Equitrans Midstream Corp. | 66,784 | 568 |
Evolution Petroleum Corp. | 17,822 | 88 |
Frontline Ltd. | 29,617 | 267 |
Golar LNG Ltd.* | 22,893 | 303 |
Goodrich Petroleum Corp.* | 1,100 | 16 |
Green Plains, Inc.* | 15,960 | 537 |
Hallador Energy Co.* | 12,397 | 33 |
International Seaways, Inc. | 10,211 | 196 |
NORTHERN FUNDS QUARTERLY REPORT 35 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Oil, Gas & Consumable Fuels – 2.8%continued | ||
Kosmos Energy Ltd.* | 67,263 | $233 |
Laredo Petroleum, Inc.* | 706 | 66 |
Magnolia Oil & Gas Corp., Class A* | 22,804 | 356 |
Matador Resources Co. | 18,031 | 649 |
Meta Materials, Inc.* | 1,350 | 10 |
Murphy Oil Corp. | 25,060 | 583 |
NACCO Industries, Inc., Class A | 2,782 | 72 |
Navigator Holdings Ltd.* | 15,734 | 172 |
Navios Maritime Acquisition Corp. | 600 | 2 |
Nordic American Tankers Ltd. | 13,985 | 46 |
Northern Oil and Gas, Inc. | 3,671 | 76 |
Overseas Shipholding Group, Inc., Class A* | 8,366 | 18 |
Ovintiv, Inc. | 42,486 | 1,337 |
Par Pacific Holdings, Inc.* | 304 | 5 |
PBF Energy, Inc., Class A* | 16,608 | 254 |
PDC Energy, Inc. | 14,246 | 652 |
Peabody Energy Corp.* | 5,607 | 45 |
Penn Virginia Corp.* | 5,205 | 123 |
PrimeEnergy Resources Corp.* | 1,558 | 72 |
Range Resources Corp.* | 36,773 | 616 |
Renewable Energy Group, Inc.* | 9,811 | 612 |
REX American Resources Corp.* | 4,001 | 361 |
Riviera Resources, Inc.(3) * | 6,246 | 1 |
Scorpio Tankers, Inc. | 12,831 | 283 |
SFL Corp. Ltd. | 20,985 | 161 |
SM Energy Co. | 14,056 | 346 |
Southwestern Energy Co.* | 109,090 | 619 |
Teekay Corp.* | 6,791 | 25 |
Teekay Tankers Ltd., Class A* | 1,000 | 14 |
Uranium Energy Corp.* | 4,700 | 13 |
VAALCO Energy, Inc.* | 15,452 | 50 |
Voc Energy Trust | 2,500 | 12 |
Whiting Petroleum Corp.* | 6,497 | 354 |
World Fuel Services Corp. | 12,628 | 401 |
15,464 | ||
Paper & Forest Products – 0.3% | ||
Clearwater Paper Corp.* | 3,700 | 107 |
Domtar Corp.* | 11,623 | 639 |
Glatfelter Corp. | 7,954 | 111 |
Neenah, Inc. | 5,006 | 251 |
Resolute Forest Products, Inc. | 12,015 | 147 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Paper & Forest Products – 0.3%continued | ||
Schweitzer-Mauduit International, Inc. | 9,250 | $373 |
Verso Corp., Class A | 8,126 | 144 |
1,772 | ||
Personal Products – 0.5% | ||
Edgewell Personal Care Co. | 11,083 | 487 |
Inter Parfums, Inc. | 3,670 | 264 |
Mannatech, Inc. | 3,951 | 109 |
Medifast, Inc. | 3,802 | 1,076 |
Natural Alternatives International, Inc.* | 729 | 12 |
Nature's Sunshine Products, Inc. | 3,623 | 63 |
Nu Skin Enterprises, Inc., Class A | 13,780 | 781 |
United-Guardian, Inc. | 502 | 7 |
USANA Health Sciences, Inc.* | 2,359 | 242 |
3,041 | ||
Pharmaceuticals – 1.2% | ||
Aerie Pharmaceuticals, Inc.* | 6,793 | 109 |
Amneal Pharmaceuticals, Inc.* | 35,482 | 182 |
Amphastar Pharmaceuticals, Inc.* | 12,766 | 257 |
ANI Pharmaceuticals, Inc.* | 3,586 | 126 |
Arvinas, Inc.* | 279 | 21 |
Baudax Bio, Inc.* | 5,890 | 4 |
BioDelivery Sciences International, Inc.* | 2,711 | 10 |
Cara Therapeutics, Inc.* | 10,431 | 149 |
Cassava Sciences, Inc.* | 1,169 | 100 |
Collegium Pharmaceutical, Inc.* | 15,797 | 373 |
Corcept Therapeutics, Inc.* | 29,900 | 658 |
CorMedix, Inc.* | 3,180 | 22 |
Cumberland Pharmaceuticals, Inc.* | 232 | 1 |
Eloxx Pharmaceuticals, Inc.* | 700 | 1 |
Endo International PLC* | 34,020 | 159 |
Evofem Biosciences, Inc.* | 2,852 | 3 |
Fulcrum Therapeutics, Inc.* | 5,339 | 56 |
Harrow Health, Inc.* | 16,905 | 157 |
Innoviva, Inc.* | 27,378 | 367 |
Intra-Cellular Therapies, Inc.* | 13,370 | 546 |
Kala Pharmaceuticals, Inc.* | 7,415 | 39 |
Kaleido Biosciences, Inc.* | 14,235 | 106 |
Lannett Co., Inc.* | 16,617 | 78 |
Mallinckrodt PLC* | 9,730 | 3 |
Ocular Therapeutix, Inc.* | 395 | 6 |
Omeros Corp.* | 15,724 | 233 |
Opiant Pharmaceuticals, Inc.* | 10,056 | 139 |
Optinose, Inc.* | 249 | 1 |
EQUITY FUNDS 36 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Pharmaceuticals – 1.2%continued | ||
Oramed Pharmaceuticals, Inc.* | 471 | $6 |
Otonomy, Inc.* | 400 | 1 |
Pacira BioSciences, Inc.* | 11,513 | 699 |
Paratek Pharmaceuticals, Inc.* | 11,893 | 81 |
Phibro Animal Health Corp., Class A | 9,579 | 277 |
Prestige Consumer Healthcare, Inc.* | 12,374 | 645 |
Provention Bio, Inc.* | 8,304 | 70 |
Relmada Therapeutics, Inc.* | 2,076 | 66 |
Satsuma Pharmaceuticals, Inc.* | 3,331 | 23 |
scPharmaceuticals, Inc.* | 12,604 | 77 |
Supernus Pharmaceuticals, Inc.* | 9,929 | 306 |
Taro Pharmaceutical Industries Ltd.* | 7,637 | 550 |
Verrica Pharmaceuticals, Inc.* | 8,008 | 90 |
WaVe Life Sciences Ltd.* | 5,323 | 35 |
Zynerba Pharmaceuticals, Inc.* | 16,629 | 88 |
6,920 | ||
Professional Services – 1.9% | ||
ASGN, Inc.* | 9,944 | 964 |
Barrett Business Services, Inc. | 3,801 | 276 |
CBIZ, Inc.* | 23,219 | 761 |
CRA International, Inc. | 3,941 | 337 |
Exponent, Inc. | 11,676 | 1,042 |
Forrester Research, Inc.* | 6,452 | 295 |
Franklin Covey Co.* | 4,919 | 159 |
FTI Consulting, Inc.* | 6,970 | 952 |
GP Strategies Corp.* | 1,059 | 17 |
Heidrick & Struggles International, Inc. | 6,566 | 292 |
Huron Consulting Group, Inc.* | 3,844 | 189 |
ICF International, Inc. | 3,832 | 337 |
Insperity, Inc. | 7,588 | 686 |
KBR, Inc. | 25,836 | 986 |
Kelly Services, Inc., Class A* | 4,941 | 118 |
Kforce, Inc. | 6,914 | 435 |
Korn Ferry | 11,258 | 817 |
ManTech International Corp., Class A | 6,053 | 524 |
Mistras Group, Inc.* | 1,067 | 10 |
Resources Connection, Inc. | 7,843 | 113 |
TrueBlue, Inc.* | 7,431 | 209 |
Upwork, Inc.* | 19,129 | 1,115 |
Where Food Comes From, Inc.* | 275 | 4 |
Willdan Group, Inc.* | 2,920 | 110 |
10,748 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Real Estate Management & Development – 0.6% | ||
Altisource Asset Management Corp.* | 512 | $10 |
American Realty Investors, Inc.* | 1,744 | 16 |
Cushman & Wakefield PLC* | 21,459 | 375 |
eXp World Holdings, Inc.* | 10,474 | 406 |
Forestar Group, Inc.* | 10,712 | 224 |
FRP Holdings, Inc.* | 1,132 | 63 |
Kennedy-Wilson Holdings, Inc. | 20,535 | 408 |
Newmark Group, Inc., Class A | 22,904 | 275 |
Rafael Holdings, Inc., Class B* | 5,779 | 295 |
RE/MAX Holdings, Inc., Class A | 6,062 | 202 |
Realogy Holdings Corp.* | 12,654 | 230 |
Redfin Corp.* | 13,385 | 849 |
RMR Group (The), Inc., Class A | 81 | 3 |
Stratus Properties, Inc.* | 114 | 3 |
Tejon Ranch Co.* | 8,144 | 124 |
Transcontinental Realty Investors, Inc.* | 405 | 14 |
3,497 | ||
Road & Rail – 0.7% | ||
ArcBest Corp. | 5,382 | 313 |
Avis Budget Group, Inc.* | 11,220 | 874 |
Covenant Logistics Group, Inc.* | 6,472 | 134 |
Heartland Express, Inc. | 15,218 | 261 |
Marten Transport Ltd. | 10,657 | 176 |
P.A.M. Transportation Services, Inc.* | 1,308 | 69 |
Patriot Transportation Holding, Inc. | 465 | 5 |
Ryder System, Inc. | 9,016 | 670 |
Saia, Inc.* | 5,176 | 1,084 |
U.S.A. Truck, Inc.* | 500 | 8 |
Universal Logistics Holdings, Inc. | 4,446 | 103 |
Werner Enterprises, Inc. | 9,606 | 428 |
4,125 | ||
Semiconductors & Semiconductor Equipment – 2.8% | ||
ACM Research, Inc., Class A* | 3,708 | 379 |
Alpha & Omega Semiconductor Ltd.* | 5,517 | 168 |
Ambarella, Inc.* | 6,162 | 657 |
Amkor Technology, Inc. | 21,614 | 512 |
Axcelis Technologies, Inc.* | 11,523 | 466 |
Canadian Solar, Inc.* | 9,867 | 442 |
CEVA, Inc.* | 4,842 | 229 |
Cohu, Inc.* | 5,021 | 185 |
CyberOptics Corp.* | 2,292 | 94 |
Diodes, Inc.* | 8,835 | 705 |
DSP Group, Inc.* | 2,465 | 37 |
NORTHERN FUNDS QUARTERLY REPORT 37 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Semiconductors & Semiconductor Equipment – 2.8%continued | ||
FormFactor, Inc.* | 14,412 | $525 |
Ichor Holdings Ltd.* | 2,473 | 133 |
Impinj, Inc.* | 4,187 | 216 |
Kopin Corp.* | 14,152 | 116 |
Kulicke & Soffa Industries, Inc. | 12,294 | 752 |
Lattice Semiconductor Corp.* | 23,294 | 1,309 |
MACOM Technology Solutions Holdings, Inc.* | 10,123 | 649 |
MagnaChip Semiconductor Corp.* | 1,772 | 42 |
MaxLinear, Inc.* | 12,768 | 543 |
Nova Measuring Instruments Ltd.* | 3,094 | 318 |
NVE Corp. | 1,985 | 147 |
Onto Innovation, Inc.* | 9,162 | 669 |
PDF Solutions, Inc.* | 15,204 | 276 |
Photronics, Inc.* | 6,937 | 92 |
Power Integrations, Inc. | 9,998 | 820 |
Rambus, Inc.* | 20,203 | 479 |
Semtech Corp.* | 12,681 | 872 |
Silicon Laboratories, Inc.* | 7,826 | 1,199 |
SMART Global Holdings, Inc.* | 7,669 | 366 |
Synaptics, Inc.* | 6,853 | 1,066 |
Ultra Clean Holdings, Inc.* | 12,845 | 690 |
Veeco Instruments, Inc.* | 10,038 | 241 |
15,394 | ||
Software – 5.3% | ||
ACI Worldwide, Inc.* | 22,129 | 822 |
Agilysys, Inc.* | 5,598 | 318 |
Alarm.com Holdings, Inc.* | 6,436 | 545 |
Altair Engineering, Inc., Class A* | 7,480 | 516 |
American Software, Inc., Class A | 6,859 | 151 |
Appfolio, Inc., Class A* | 3,504 | 495 |
Appian Corp.* | 6,170 | 850 |
Avaya Holdings Corp.* | 22,414 | 603 |
Aware, Inc.* | 683 | 3 |
Benefitfocus, Inc.* | 5,043 | 71 |
Blackbaud, Inc.* | 9,610 | 736 |
Blackline, Inc.* | 9,192 | 1,023 |
Bottomline Technologies DE, Inc.* | 7,628 | 283 |
Box, Inc., Class A* | 25,369 | 648 |
Cerence, Inc.* | 5,966 | 637 |
ChannelAdvisor Corp.* | 1,934 | 47 |
Cloudera, Inc.* | 47,772 | 758 |
Cognyte Software Ltd.* | 12,549 | 307 |
CommVault Systems, Inc.* | 7,592 | 593 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Software – 5.3%continued | ||
Cornerstone OnDemand, Inc.* | 10,730 | $553 |
Digimarc Corp.* | 4,957 | 166 |
Digital Turbine, Inc.* | 14,763 | 1,122 |
Domo, Inc., Class B* | 5,329 | 431 |
Ebix, Inc. | 6,870 | 233 |
eGain Corp.* | 2,854 | 33 |
Envestnet, Inc.* | 8,562 | 649 |
Everbridge, Inc.* | 5,966 | 812 |
FireEye, Inc.* | 27,704 | 560 |
InterDigital, Inc. | 7,434 | 543 |
J2 Global, Inc.* | 8,713 | 1,198 |
LivePerson, Inc.* | 13,311 | 842 |
MicroStrategy, Inc., Class A* | 1,385 | 920 |
Mimecast Ltd.* | 11,228 | 596 |
Model N, Inc.* | 7,358 | 252 |
Momentive Global, Inc.* | 23,075 | 486 |
New Relic, Inc.* | 8,750 | 586 |
OneSpan, Inc.* | 12,448 | 318 |
PagerDuty, Inc.* | 12,728 | 542 |
Park City Group, Inc.* | 33 | — |
Progress Software Corp. | 8,865 | 410 |
Q2 Holdings, Inc.* | 9,049 | 928 |
QAD, Inc., Class B | 706 | 61 |
Qualys, Inc.* | 6,372 | 642 |
Rapid7, Inc.* | 7,851 | 743 |
Riot Blockchain, Inc.* | 10,348 | 390 |
Sailpoint Technologies Holdings, Inc.* | 14,791 | 755 |
Sapiens International Corp. N.V. | 10,074 | 265 |
SecureWorks Corp., Class A* | 5,710 | 106 |
ShotSpotter, Inc.* | 4,377 | 213 |
SPS Commerce, Inc.* | 8,290 | 828 |
Synchronoss Technologies, Inc.* | 1,500 | 5 |
Tenable Holdings, Inc.* | 12,302 | 509 |
Upland Software, Inc.* | 2,604 | 107 |
Varonis Systems, Inc.* | 16,156 | 931 |
Verint Systems, Inc.* | 12,549 | 566 |
VirnetX Holding Corp.* | 398 | 2 |
Vonage Holdings Corp.* | 43,462 | 626 |
Workiva, Inc.* | 6,834 | 761 |
Xperi Holding Corp. | 18,368 | 408 |
Zix Corp.* | 3,383 | 24 |
29,528 | ||
Specialty Retail – 2.8% | ||
Aaron's (The) Co., Inc. | 7,461 | 239 |
EQUITY FUNDS 38 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Specialty Retail – 2.8%continued | ||
Abercrombie & Fitch Co., Class A* | 10,862 | $504 |
Academy Sports & Outdoors, Inc.* | 10,341 | 426 |
American Eagle Outfitters, Inc. | 30,632 | 1,150 |
America's Car-Mart, Inc.* | 2,111 | 299 |
Asbury Automotive Group, Inc.* | 3,277 | 562 |
At Home Group, Inc.* | 11,004 | 405 |
Bed Bath & Beyond, Inc.* | 21,148 | 704 |
Big 5 Sporting Goods Corp. | 6,597 | 169 |
Boot Barn Holdings, Inc.* | 4,283 | 360 |
Buckle (The), Inc. | 5,971 | 297 |
Caleres, Inc. | 9,214 | 251 |
Camping World Holdings, Inc., Class A | 7,159 | 293 |
Cato (The) Corp., Class A | 1,673 | 28 |
Chico's FAS, Inc.* | 7,973 | 52 |
Children's Place (The), Inc.* | 4,936 | 459 |
Citi Trends, Inc.* | 5,987 | 521 |
Conn's, Inc.* | 2,429 | 62 |
Designer Brands, Inc., Class A* | 7,137 | 118 |
Express, Inc.* | 4,300 | 28 |
Genesco, Inc.* | 3,420 | 218 |
Group 1 Automotive, Inc. | 3,918 | 605 |
GrowGeneration Corp.* | 9,016 | 434 |
Guess?, Inc. | 9,302 | 246 |
Haverty Furniture Cos., Inc. | 4,564 | 195 |
Hibbett, Inc.* | 4,599 | 412 |
Lumber Liquidators Holdings, Inc.* | 8,089 | 171 |
Monro, Inc. | 6,804 | 432 |
Murphy U.S.A., Inc. | 4,923 | 657 |
National Vision Holdings, Inc.* | 12,896 | 659 |
ODP (The) Corp.* | 6,668 | 320 |
Rent-A-Center, Inc. | 9,721 | 516 |
Sally Beauty Holdings, Inc.* | 24,687 | 545 |
Shoe Carnival, Inc. | 5,640 | 404 |
Signet Jewelers Ltd.* | 8,801 | 711 |
Sleep Number Corp.* | 4,057 | 446 |
Sonic Automotive, Inc., Class A | 9,957 | 446 |
Urban Outfitters, Inc.* | 9,895 | 408 |
Winmark Corp. | 1,026 | 197 |
Zumiez, Inc.* | 7,198 | 353 |
15,302 | ||
Technology Hardware, Storage & Peripherals – 0.3% | ||
3D Systems Corp.* | 13,319 | 532 |
AstroNova, Inc.* | 12,866 | 179 |
Avid Technology, Inc.* | 5,786 | 226 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Technology Hardware, Storage & Peripherals – 0.3%continued | ||
Diebold Nixdorf, Inc.* | 7,843 | $101 |
Immersion Corp.* | 7,850 | 69 |
Stratasys Ltd.* | 8,992 | 233 |
Super Micro Computer, Inc.* | 7,791 | 274 |
TransAct Technologies, Inc.* | 376 | 5 |
1,619 | ||
Textiles, Apparel & Luxury Goods – 0.9% | ||
Crocs, Inc.* | 13,458 | 1,568 |
Culp, Inc. | 198 | 3 |
Delta Apparel, Inc.* | 5,509 | 163 |
Fossil Group, Inc.* | 1,728 | 25 |
G-III Apparel Group Ltd.* | 8,222 | 270 |
Kontoor Brands, Inc. | 8,126 | 458 |
Movado Group, Inc. | 3,284 | 103 |
Oxford Industries, Inc. | 4,955 | 490 |
Rocky Brands, Inc. | 4,478 | 249 |
Steven Madden Ltd. | 16,605 | 727 |
Superior Group of Cos., Inc. | 4,274 | 102 |
Unifi, Inc.* | 692 | 17 |
Vera Bradley, Inc.* | 5,660 | 70 |
Wolverine World Wide, Inc. | 16,698 | 562 |
4,807 | ||
Thrifts & Mortgage Finance – 1.6% | ||
Axos Financial, Inc.* | 13,815 | 641 |
Capitol Federal Financial, Inc. | 24,826 | 292 |
ESSA Bancorp, Inc. | 924 | 15 |
Essent Group Ltd. | 20,427 | 918 |
Federal Agricultural Mortgage Corp., Class C | 1,324 | 131 |
Flagstar Bancorp, Inc. | 8,619 | 364 |
FS Bancorp, Inc. | 116 | 8 |
Guaranty Federal Bancshares, Inc. | 3,817 | 93 |
Hingham Institution For Savings (The) | 690 | 200 |
Home Bancorp, Inc. | 3,070 | 117 |
HomeStreet, Inc. | 4,275 | 174 |
Kearny Financial Corp. | 21,431 | 256 |
Kentucky First Federal Bancorp | 724 | 5 |
Lake Shore Bancorp, Inc. | 300 | 5 |
Meridian Bancorp, Inc. | 9,761 | 200 |
Meta Financial Group, Inc. | 10,324 | 523 |
MGIC Investment Corp. | 61,470 | 836 |
Mr Cooper Group, Inc.* | 10,857 | 359 |
NASB Financial, Inc. | 907 | 61 |
NMI Holdings, Inc., Class A* | 12,477 | 281 |
NORTHERN FUNDS QUARTERLY REPORT 39 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Thrifts & Mortgage Finance – 1.6%continued | ||
Northeast Community Bancorp, Inc. | 897 | $14 |
Northfield Bancorp, Inc. | 16,252 | 267 |
Ocwen Financial Corp.* | 25 | 1 |
PennyMac Financial Services, Inc. | 6,885 | 425 |
Premier Financial Corp. | 10,223 | 290 |
Provident Bancorp, Inc. | 18 | — |
Prudential Bancorp, Inc. | 1,050 | 15 |
Radian Group, Inc. | 35,671 | 794 |
Severn Bancorp, Inc. | 1,292 | 15 |
TrustCo Bank Corp. NY | 1,798 | 62 |
Walker & Dunlop, Inc. | 8,220 | 858 |
Waterstone Financial, Inc. | 3,743 | 74 |
Western New England Bancorp, Inc. | 4,227 | 34 |
WSFS Financial Corp. | 14,121 | 658 |
8,986 | ||
Tobacco – 0.1% | ||
Universal Corp. | 5,769 | 329 |
Vector Group Ltd. | 9,290 | 131 |
460 | ||
Trading Companies & Distributors – 1.5% | ||
Applied Industrial Technologies, Inc. | 9,407 | 857 |
Beacon Roofing Supply, Inc.* | 14,115 | 752 |
BlueLinx Holdings, Inc.* | 3,360 | 169 |
Boise Cascade Co. | 8,726 | 509 |
CAI International, Inc. | 6,107 | 342 |
EVI Industries, Inc.* | 1,645 | 47 |
GATX Corp. | 6,960 | 616 |
Global Industrial Co. | 6,789 | 249 |
GMS, Inc.* | 8,625 | 415 |
H&E Equipment Services, Inc. | 3,335 | 111 |
Herc Holdings, Inc.* | 5,035 | 564 |
Lawson Products, Inc.* | 4,227 | 226 |
McGrath RentCorp | 6,232 | 508 |
Morgan Group Holding Co.* | 64 | — |
MRC Global, Inc.* | 16,785 | 158 |
NOW, Inc.* | 11,043 | 105 |
Rush Enterprises, Inc., Class A | 16,149 | 698 |
Textainer Group Holdings Ltd.* | 3,226 | 109 |
Titan Machinery, Inc.* | 787 | 24 |
Transcat, Inc.* | 4,188 | 237 |
Triton International Ltd. | 13,033 | 682 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.0%continued | ||
Trading Companies & Distributors – 1.5%continued | ||
WESCO International, Inc.* | 9,128 | $939 |
Willis Lease Finance Corp.* | 1,750 | 75 |
8,392 | ||
Transportation Infrastructure – 0.1% | ||
Macquarie Infrastructure Corp. | 12,728 | 487 |
Water Utilities – 0.5% | ||
American States Water Co. | 8,400 | 668 |
Artesian Resources Corp., Class A | 4,357 | 160 |
Cadiz, Inc.* | 15,687 | 213 |
California Water Service Group | 10,918 | 607 |
Consolidated Water Co. Ltd. | 9,897 | 116 |
Middlesex Water Co. | 6,168 | 504 |
SJW Group | 5,542 | 351 |
York Water (The) Co. | 3,620 | 164 |
2,783 | ||
Wireless Telecommunication Services – 0.2% | ||
Shenandoah Telecommunications Co. | 9,851 | 478 |
Spok Holdings, Inc. | 13,337 | 128 |
Telephone and Data Systems, Inc. | 18,799 | 426 |
1,032 | ||
Total Common Stocks | ||
(Cost $307,574) | 537,936 | |
PREFERRED STOCKS – 0.0% | ||
Industrial Conglomerates – 0.0% | ||
Steel Partners Holdings L.P.,6.00% | 2,675 | 63 |
Oil, Gas & Consumable Fuels – 0.0% | ||
Torchlight Energy Prf.(3) * | 2,700 | 3 |
Total Preferred Stocks | ||
(Cost $68) | 66 | |
RIGHTS – 0.1% | ||
Biotechnology – 0.1% | ||
Achillion Pharmaceuticals, Inc. (Contingent Value Rights)(3) * | 23,500 | 13 |
Alder Biopharmaceuticals, Inc. (Contingent Value Rights)(3) * | 8,800 | 8 |
Progenics Pharmaceuticals, Inc. (Contingent Value Rights)(1) * | 10,111 | — |
Sinovac Biotech Ltd.(1) * | 1,587 | — |
EQUITY FUNDS 40 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
RIGHTS - 0.1%continued | ||
Biotechnology – 0.1%continued | ||
Stemline Therapeutics, Inc. (Contingent Value Rights)(3) (4) (5) * | 17,190 | $6 |
Tobira Therapeutics, Inc. (Contingent Value Rights)(3) (4) (5) * | 16,926 | 129 |
156 | ||
Diversified Financial Services – 0.0% | ||
NewStar Financial, Inc. (Contingent Value Rights)(1) * | 1,580 | — |
Health Care Equipment & Supplies – 0.0% | ||
American Medical Alert Corp.(1) * | 13,109 | — |
Media – 0.0% | ||
Media General, Inc. (Contingent Value Rights)(1) (4) (5) * | 11,792 | — |
Pharmaceuticals – 0.0% | ||
Dova Pharmaceuticals, Inc. (Contingent Value Rights)(3) * | 4,020 | 2 |
Total Rights | ||
(Cost $147) | 158 | |
OTHER – 0.0% | ||
Escrow Diamond Resorts Inc.(1) (4) (5) * | 10,616 | — |
Total Other | ||
(Cost $—) | — |
NUMBER OF WARRANTS | VALUE (000S) | |
WARRANTS – 0.0% | ||
Air T Funding* | 2,121 | $— |
Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67* | 743 | 8 |
Tidewater, Inc., Class A* | 10 | — |
Tidewater, Inc., Class B* | 11 | — |
Total Warrants | ||
(Cost $—) | 8 |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 2.7% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(6) (7) | 15,121,435 | $15,121 |
Total Investment Companies | ||
(Cost $15,121) | 15,121 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.2% | ||
U.S. Treasury Bill, 0.06%, 7/15/21(8) (9) | $1,237 | $1,237 |
Total Short-Term Investments | ||
(Cost $1,237) | 1,237 | |
Total Investments – 100.0% | ||
(Cost $324,147) | 554,526 | |
Other Assets less Liabilities – 0.0% | 144 | |
NET ASSETS – 100.0% | $554,670 |
(1) | Level 3 asset that is worthless, bankrupt or has been delisted. |
(2) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Northern Funds. |
(3) | Level 3 asset. |
(4) | Restricted security that has been deemed illiquid. At June 30, 2021, the value of these restricted illiquid securities amounted to approximately $135,000 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Escrow Diamond Resorts Inc., 0.00% | 6/7/21 | $— |
Media General, Inc. (Contingent Value Rights), 0.00% | 1/18/17 | — |
Stemline Therapeutics, Inc. (Contingent Value Rights), 0.00% | 6/12/20 | 6 |
Tobira Therapeutics, Inc. (Contingent Value Rights), 0.00% | 11/2/16 | 131 |
(5) | Restricted security. |
(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 June 30, 2021 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: |
L.P. - Limited Partnership |
NORTHERN FUNDS QUARTERLY REPORT 41 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued | June 30, 2021 (UNAUDITED) |
N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company) |
PLC - Public Limited Company |
REIT - Real Estate Investment Trust |
S.A. - Société Anonyme (French: Public Limited Company) |
S.E. - Societas Europaea (German: Public Company) |
Percentages shown are based on Net Assets.
At June 30, 2021, the Fund had open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini Russell 2000 Index | 138 | $15,924 | Long | 9/21 | $(99) |
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).
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 June 30, 2021:
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Common Stocks: | ||||
Banks | $44,895 | $80 | $— | $44,975 |
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Biotechnology | $42,185 | $61 | $— | $42,246 |
Diversified Telecommunication Services | 3,010 | 141 | — | 3,151 |
Insurance | 10,442 | — | 1 | 10,443 |
Oil, Gas & Consumable Fuels | 15,463 | — | 1 | 15,464 |
Real Estate Management & Development | 3,487 | 10 | — | 3,497 |
Thrifts & Mortgage Finance | 8,972 | 14 | — | 8,986 |
All Other Industries(1) | 409,174 | — | — | 409,174 |
Total Common Stocks | 537,628 | 306 | 2 | 537,936 |
Preferred Stocks: | ||||
Industrial Conglomerates | 63 | — | — | 63 |
Oil, Gas & Consumable Fuels | — | — | 3 | 3 |
Total Preferred Stocks | 63 | — | 3 | 66 |
Rights | — | — | 158 | 158 |
Warrants | 8 | — | — | 8 |
Investment Companies | 15,121 | — | — | 15,121 |
Short-Term Investments | — | 1,237 | — | 1,237 |
Total Investments | $552,820 | $1,543 | $163 | $554,526 |
OTHER FINANCIAL INSTRUMENTS | ||||
Liabilities | ||||
Futures Contracts | $(99) | $— | $— | $(99) |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in affiliated investments for the three months ended June 30, 2021, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $16,121 | $12,278 | $13,277 | $— | $15,121 | 15,121,435 |
EQUITY FUNDS 42 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
SMALL CAP VALUE FUND | June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.8% | ||
Aerospace & Defense – 1.0% | ||
AAR Corp.* | 64,464 | $2,498 |
Kaman Corp. | 125,696 | 6,335 |
Maxar Technologies, Inc. | 135,606 | 5,414 |
Moog, Inc., Class A | 181,193 | 15,231 |
29,478 | ||
Air Freight & Logistics – 0.1% | ||
Echo Global Logistics, Inc.* | 109,913 | 3,379 |
Airlines – 0.5% | ||
Hawaiian Holdings, Inc.* | 283,584 | 6,911 |
Mesa Air Group, Inc.* | 34,559 | 322 |
SkyWest, Inc.* | 125,601 | 5,410 |
Spirit Airlines, Inc.* | 27,343 | 832 |
13,475 | ||
Auto Components – 1.2% | ||
Dana, Inc. | 452,772 | 10,758 |
Goodyear Tire & Rubber (The) Co.* | 821,677 | 14,092 |
Modine Manufacturing Co.* | 172,953 | 2,869 |
Standard Motor Products, Inc. | 151,871 | 6,583 |
Visteon Corp.* | 4,225 | 511 |
34,813 | ||
Automobiles – 0.1% | ||
Workhorse Group, Inc.* | 208,609 | 3,461 |
Banks – 17.3% | ||
1st Source Corp. | 17,978 | 835 |
Amalgamated Financial Corp. | 52,787 | 825 |
Arrow Financial Corp. | 15,603 | 561 |
Atlantic Union Bankshares Corp. | 155,709 | 5,640 |
BancFirst Corp. | 114,957 | 7,177 |
Bancorp (The), Inc.* | 104,568 | 2,406 |
BancorpSouth Bank | 669,225 | 18,959 |
Bank of NT Butterfield & Son (The) Ltd. | 55,450 | 1,966 |
BankFinancial Corp. | 109,353 | 1,251 |
BankUnited, Inc. | 185,292 | 7,910 |
Banner Corp. | 66,630 | 3,612 |
Berkshire Hills Bancorp, Inc. | 80,626 | 2,210 |
Boston Private Financial Holdings, Inc. | 136,184 | 2,009 |
Brookline Bancorp, Inc. | 212,950 | 3,184 |
Cadence BanCorp | 149,443 | 3,120 |
Cathay General Bancorp | 216,095 | 8,506 |
Central Pacific Financial Corp. | 83,494 | 2,176 |
CIT Group, Inc. | 118,016 | 6,088 |
City Holding Co. | 122,312 | 9,203 |
Civista Bancshares, Inc. | 26,647 | 589 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Banks – 17.3%continued | ||
CNB Financial Corp. | 68,571 | $1,565 |
Columbia Banking System, Inc. | 202,358 | 7,803 |
Community Trust Bancorp, Inc. | 157,764 | 6,371 |
ConnectOne Bancorp, Inc. | 65,903 | 1,725 |
Customers Bancorp, Inc.* | 51,529 | 2,009 |
CVB Financial Corp. | 460,828 | 9,488 |
Dime Community Bancshares, Inc. | 32,785 | 1,102 |
Eagle Bancorp, Inc. | 90,271 | 5,062 |
Enterprise Financial Services Corp. | 99,997 | 4,639 |
Financial Institutions, Inc. | 71,796 | 2,154 |
First Bancorp | 88,193 | 3,608 |
First BanCorp (New York Exchange) | 897,099 | 10,693 |
First Bancshares (The), Inc. | 35,553 | 1,331 |
First Busey Corp. | 24,146 | 595 |
First Business Financial Services, Inc. | 32,920 | 891 |
First Commonwealth Financial Corp. | 309,446 | 4,354 |
First Community Bankshares, Inc. | 29,409 | 878 |
First Financial Bancorp | 286,432 | 6,768 |
First Financial Corp. | 115,775 | 4,726 |
First Interstate BancSystem, Inc., Class A | 51,887 | 2,170 |
First Merchants Corp. | 261,438 | 10,894 |
First Mid Bancshares, Inc. | 27,749 | 1,124 |
First Midwest Bancorp, Inc. | 457,929 | 9,081 |
First of Long Island (The) Corp. | 39,619 | 841 |
Fulton Financial Corp. | 750,596 | 11,844 |
German American Bancorp, Inc. | 63,146 | 2,349 |
Glacier Bancorp, Inc. | 65,297 | 3,597 |
Great Southern Bancorp, Inc. | 42,375 | 2,284 |
Great Western Bancorp, Inc. | 104,071 | 3,412 |
Hancock Whitney Corp. | 334,932 | 14,884 |
Heartland Financial U.S.A., Inc. | 133,878 | 6,291 |
Heritage Financial Corp. | 79,885 | 1,999 |
Hilltop Holdings, Inc. | 149,875 | 5,455 |
Home BancShares, Inc. | 440,821 | 10,879 |
Hope Bancorp, Inc. | 673,051 | 9,544 |
Horizon Bancorp, Inc. | 72,724 | 1,268 |
Independent Bank Corp. | 169,445 | 12,793 |
Independent Bank Corp. (NASDAQ Exchange) | 36,371 | 790 |
Independent Bank Group, Inc. | 43,740 | 3,236 |
International Bancshares Corp. | 157,788 | 6,775 |
Investors Bancorp, Inc. | 639,326 | 9,117 |
Lakeland Bancorp, Inc. | 317,123 | 5,543 |
Lakeland Financial Corp. | 154,559 | 9,527 |
NORTHERN FUNDS QUARTERLY REPORT 43 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Banks – 17.3%continued | ||
Mercantile Bank Corp. | 26,923 | $813 |
Metropolitan Bank Holding Corp.* | 13,782 | 830 |
NBT Bancorp, Inc. | 246,133 | 8,853 |
OceanFirst Financial Corp. | 234,585 | 4,889 |
OFG Bancorp | 136,625 | 3,022 |
Old National Bancorp | 431,592 | 7,600 |
Old Second Bancorp, Inc. | 49,318 | 612 |
Pacific Premier Bancorp, Inc. | 152,468 | 6,448 |
Park National Corp. | 39,294 | 4,614 |
Peapack-Gladstone Financial Corp. | 37,585 | 1,168 |
Pinnacle Financial Partners, Inc. | 52,200 | 4,609 |
Preferred Bank | 39,359 | 2,490 |
QCR Holdings, Inc. | 26,207 | 1,260 |
Renasant Corp. | 161,475 | 6,459 |
Republic Bancorp, Inc., Class A | 31,063 | 1,433 |
S&T Bancorp, Inc. | 219,383 | 6,867 |
Sandy Spring Bancorp, Inc. | 109,161 | 4,817 |
Sierra Bancorp | 132,360 | 3,369 |
Simmons First National Corp., Class A | 380,514 | 11,164 |
SmartFinancial, Inc. | 25,281 | 607 |
South State Corp. | 120,687 | 9,867 |
Southside Bancshares, Inc. | 84,686 | 3,238 |
Summit Financial Group, Inc. | 21,553 | 474 |
Texas Capital Bancshares, Inc.* | 155,300 | 9,860 |
Tompkins Financial Corp. | 43,987 | 3,412 |
Towne Bank | 196,988 | 5,992 |
TriCo Bancshares | 142,031 | 6,048 |
TriState Capital Holdings, Inc.* | 49,579 | 1,011 |
Trustmark Corp. | 183,973 | 5,666 |
UMB Financial Corp. | 239,501 | 22,288 |
Umpqua Holdings Corp. | 441,203 | 8,140 |
United Community Banks, Inc. | 337,013 | 10,788 |
Univest Financial Corp. | 74,657 | 1,969 |
Valley National Bancorp | 1,036,191 | 13,916 |
Veritex Holdings, Inc. | 86,235 | 3,054 |
WesBanco, Inc. | 231,713 | 8,256 |
505,589 | ||
Biotechnology – 4.5% | ||
AnaptysBio, Inc.* | 67,374 | 1,747 |
Anika Therapeutics, Inc.* | 40,550 | 1,755 |
AquaBounty Technologies, Inc.* | 130,286 | 698 |
Arcus Biosciences, Inc.* | 170,841 | 4,691 |
Arena Pharmaceuticals, Inc.* | 138,947 | 9,476 |
Avid Bioservices, Inc.* | 71,496 | 1,834 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Biotechnology – 4.5%continued | ||
BioCryst Pharmaceuticals, Inc.* | 534,761 | $8,455 |
Blueprint Medicines Corp.* | 68,574 | 6,032 |
Catalyst Pharmaceuticals, Inc.* | 322,587 | 1,855 |
Chimerix, Inc.* | 135,897 | 1,087 |
Curis, Inc.* | 107,588 | 868 |
Cytokinetics, Inc.* | 83,582 | 1,654 |
Eagle Pharmaceuticals, Inc.* | 15,316 | 656 |
Emergent BioSolutions, Inc.* | 162,559 | 10,240 |
Gritstone bio, Inc.* | 143,736 | 1,312 |
Hookipa Pharma, Inc.* | 30,554 | 280 |
ImmunityBio, Inc.* | 579,891 | 8,281 |
Infinity Pharmaceuticals, Inc.* | 104,192 | 312 |
Jounce Therapeutics, Inc.* | 116,765 | 794 |
Kezar Life Sciences, Inc.* | 107,059 | 581 |
Kura Oncology, Inc.* | 77,896 | 1,624 |
Ligand Pharmaceuticals, Inc.* | 46,814 | 6,142 |
Lineage Cell Therapeutics, Inc.* | 388,605 | 1,108 |
MannKind Corp.* | 717,199 | 3,909 |
Myriad Genetics, Inc.* | 389,956 | 11,925 |
Oncocyte Corp.* | 105,588 | 606 |
Oncternal Therapeutics, Inc.* | 164,435 | 781 |
OPKO Health, Inc.* | 2,050,435 | 8,304 |
PDL BioPharma, Inc.* | 1,029,654 | 2,543 |
Portage Biotech, Inc.* | 14,202 | 298 |
Prothena Corp. PLC* | 64,184 | 3,300 |
REGENXBIO, Inc.* | 49,950 | 1,941 |
Replimune Group, Inc.* | 71,632 | 2,752 |
Sangamo Therapeutics, Inc.* | 169,112 | 2,024 |
Sutro Biopharma, Inc.* | 130,226 | 2,421 |
Turning Point Therapeutics, Inc.* | 140,287 | 10,945 |
Vanda Pharmaceuticals, Inc.* | 170,449 | 3,666 |
Viking Therapeutics, Inc.* | 292,540 | 1,752 |
VistaGen Therapeutics, Inc.* | 223,558 | 704 |
XBiotech, Inc.* | 83,179 | 1,377 |
XOMA Corp.* | 13,246 | 450 |
131,180 | ||
Building Products – 0.8% | ||
Apogee Enterprises, Inc. | 44,116 | 1,797 |
Caesarstone Ltd. | 90,935 | 1,342 |
Gibraltar Industries, Inc.* | 12,490 | 953 |
Griffon Corp. | 90,327 | 2,315 |
JELD-WEN Holding, Inc.* | 99,314 | 2,608 |
EQUITY FUNDS 44 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Building Products – 0.8%continued | ||
Resideo Technologies, Inc.* | 298,723 | $8,962 |
UFP Industries, Inc. | 89,754 | 6,672 |
24,649 | ||
Capital Markets – 0.6% | ||
B. Riley Financial, Inc. | 38,360 | 2,896 |
BGC Partners, Inc., Class A | 639,954 | 3,628 |
Donnelley Financial Solutions, Inc.* | 56,988 | 1,881 |
Federated Hermes, Inc. | 181,537 | 6,156 |
StoneX Group, Inc.* | 31,102 | 1,887 |
16,448 | ||
Chemicals – 3.1% | ||
American Vanguard Corp. | 175,865 | 3,079 |
Avient Corp. | 202,363 | 9,948 |
H.B. Fuller Co. | 275,103 | 17,499 |
Hawkins, Inc. | 35,320 | 1,157 |
Innospec, Inc. | 122,159 | 11,069 |
Kraton Corp.* | 115,625 | 3,734 |
Minerals Technologies, Inc. | 263,256 | 20,710 |
PQ Group Holdings, Inc. | 362,898 | 5,574 |
Sensient Technologies Corp. | 110,498 | 9,565 |
Stepan Co. | 31,391 | 3,775 |
Tronox Holdings PLC, Class A | 218,076 | 4,885 |
90,995 | ||
Commercial Services & Supplies – 1.7% | ||
ABM Industries, Inc. | 138,591 | 6,146 |
ACCO Brands Corp. | 545,394 | 4,707 |
BrightView Holdings, Inc.* | 174,328 | 2,810 |
CECO Environmental Corp.* | 93,560 | 670 |
Ennis, Inc. | 273,137 | 5,878 |
HNI Corp. | 80,363 | 3,534 |
KAR Auction Services, Inc.* | 220,981 | 3,878 |
Matthews International Corp., Class A | 30,774 | 1,107 |
NL Industries, Inc. | 47,875 | 311 |
Steelcase, Inc., Class A | 246,046 | 3,718 |
UniFirst Corp. | 62,084 | 14,567 |
Viad Corp.* | 42,420 | 2,115 |
49,441 | ||
Communications Equipment – 0.6% | ||
ADTRAN, Inc. | 188,307 | 3,888 |
Comtech Telecommunications Corp. | 40,522 | 979 |
Digi International, Inc.* | 147,175 | 2,960 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Communications Equipment – 0.6%continued | ||
NETGEAR, Inc.* | 176,474 | $6,762 |
NetScout Systems, Inc.* | 135,695 | 3,873 |
18,462 | ||
Construction & Engineering – 0.9% | ||
Arcosa, Inc. | 132,118 | 7,761 |
Dycom Industries, Inc.* | 12,012 | 895 |
EMCOR Group, Inc. | 100,617 | 12,395 |
Matrix Service Co.* | 210,465 | 2,210 |
Primoris Services Corp. | 100,451 | 2,956 |
Sterling Construction Co., Inc.* | 46,482 | 1,122 |
27,339 | ||
Construction Materials – 0.4% | ||
Summit Materials, Inc., Class A* | 370,921 | 12,927 |
Consumer Finance – 1.3% | ||
Encore Capital Group, Inc.* | 149,995 | 7,108 |
Enova International, Inc.* | 124,624 | 4,263 |
Navient Corp. | 321,211 | 6,209 |
Nelnet, Inc., Class A | 91,408 | 6,877 |
PROG Holdings, Inc. | 170,027 | 8,183 |
Regional Management Corp. | 18,574 | 865 |
World Acceptance Corp.* | 23,956 | 3,839 |
37,344 | ||
Containers & Packaging – 0.2% | ||
Myers Industries, Inc. | 292,926 | 6,151 |
Distributors – 0.1% | ||
Core-Mark Holding Co., Inc. | 80,005 | 3,601 |
Diversified Consumer Services – 0.6% | ||
Adtalem Global Education, Inc.* | 302,447 | 10,779 |
American Public Education, Inc.* | 25,582 | 725 |
Laureate Education, Inc., Class A* | 315,865 | 4,583 |
Regis Corp.* | 174,711 | 1,636 |
17,723 | ||
Diversified Financial Services – 0.2% | ||
Alerus Financial Corp. | 28,420 | 825 |
Cannae Holdings, Inc.* | 131,265 | 4,451 |
Marlin Business Services Corp. | 8,303 | 189 |
5,465 | ||
Diversified Telecommunication Services – 0.5% | ||
Alaska Communications Systems Group, Inc.* | 88,988 | 296 |
ATN International, Inc. | 30,557 | 1,390 |
NORTHERN FUNDS QUARTERLY REPORT 45 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Diversified Telecommunication Services – 0.5%continued | ||
Consolidated Communications Holdings, Inc.* | 119,746 | $1,053 |
Iridium Communications, Inc.* | 276,576 | 11,060 |
13,799 | ||
Electric Utilities – 1.0% | ||
ALLETE, Inc. | 103,085 | 7,214 |
Otter Tail Corp. | 207,872 | 10,146 |
PNM Resources, Inc. | 137,064 | 6,685 |
Portland General Electric Co. | 87,096 | 4,013 |
28,058 | ||
Electrical Equipment – 1.1% | ||
Array Technologies, Inc.* | 181,537 | 2,832 |
AZZ, Inc. | 53,662 | 2,779 |
Encore Wire Corp. | 92,522 | 7,012 |
EnerSys | 132,220 | 12,922 |
LSI Industries, Inc. | 43,518 | 348 |
Powell Industries, Inc. | 30,634 | 948 |
Preformed Line Products Co. | 13,164 | 977 |
Thermon Group Holdings, Inc.* | 176,771 | 3,012 |
30,830 | ||
Electronic Equipment, Instruments & Components – 3.4% | ||
Arlo Technologies, Inc.* | 317,788 | 2,151 |
Belden, Inc. | 22,960 | 1,161 |
Benchmark Electronics, Inc. | 427,759 | 12,174 |
CTS Corp. | 363,046 | 13,491 |
ePlus, Inc.* | 14,604 | 1,266 |
Hollysys Automation Technologies Ltd. | 78,254 | 1,166 |
Insight Enterprises, Inc.* | 170,840 | 17,086 |
Kimball Electronics, Inc.* | 41,514 | 903 |
Knowles Corp.* | 440,955 | 8,705 |
Methode Electronics, Inc. | 61,625 | 3,033 |
OSI Systems, Inc.* | 29,824 | 3,031 |
PC Connection, Inc. | 253,821 | 11,744 |
Plexus Corp.* | 20,776 | 1,899 |
Sanmina Corp.* | 190,880 | 7,437 |
ScanSource, Inc.* | 41,978 | 1,181 |
TTM Technologies, Inc.* | 215,532 | 3,082 |
Vishay Intertechnology, Inc. | 417,924 | 9,424 |
Vishay Precision Group, Inc.* | 20,841 | 709 |
99,643 | ||
Energy Equipment & Services – 1.3% | ||
Archrock, Inc. | 252,388 | 2,249 |
ChampionX Corp.* | 410,457 | 10,528 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Energy Equipment & Services – 1.3%continued | ||
Helix Energy Solutions Group, Inc.* | 298,802 | $1,706 |
Nabors Industries Ltd.* | 17,154 | 1,960 |
National Energy Services Reunited Corp.* | 145,368 | 2,072 |
Newpark Resources, Inc.* | 434,464 | 1,503 |
Oceaneering International, Inc.* | 205,362 | 3,198 |
Oil States International, Inc.* | 218,144 | 1,712 |
ProPetro Holding Corp.* | 301,159 | 2,759 |
RPC, Inc.* | 682,059 | 3,376 |
Transocean Ltd.* | 1,287,468 | 5,819 |
36,882 | ||
Equity Real Estate Investment Trusts – 8.5% | ||
Agree Realty Corp. | 125,411 | 8,840 |
American Assets Trust, Inc. | 199,319 | 7,433 |
Brandywine Realty Trust | 365,122 | 5,006 |
CareTrust REIT, Inc. | 234,791 | 5,454 |
Centerspace | 19,315 | 1,524 |
City Office REIT, Inc. | 76,983 | 957 |
Corporate Office Properties Trust | 225,781 | 6,320 |
Cousins Properties, Inc. | 278,603 | 10,247 |
DiamondRock Hospitality Co.* | 434,225 | 4,212 |
DigitalBridge Group, Inc.* | 954,733 | 7,542 |
Easterly Government Properties, Inc. | 123,210 | 2,597 |
Essential Properties Realty Trust, Inc. | 150,898 | 4,080 |
Farmland Partners, Inc. | 49,620 | 598 |
Getty Realty Corp. | 96,033 | 2,991 |
Global Net Lease, Inc. | 148,629 | 2,750 |
Healthcare Realty Trust, Inc. | 223,616 | 6,753 |
Independence Realty Trust, Inc. | 179,241 | 3,268 |
Industrial Logistics Properties Trust | 108,490 | 2,836 |
Innovative Industrial Properties, Inc. | 22,028 | 4,208 |
Kite Realty Group Trust | 79,292 | 1,745 |
Lexington Realty Trust | 668,501 | 7,989 |
LTC Properties, Inc. | 120,995 | 4,645 |
Monmouth Real Estate Investment Corp. | 76,912 | 1,440 |
National Health Investors, Inc. | 170,808 | 11,453 |
One Liberty Properties, Inc. | 160,000 | 4,542 |
Physicians Realty Trust | 360,323 | 6,655 |
Piedmont Office Realty Trust, Inc., Class A | 511,490 | 9,447 |
PotlatchDeltic Corp. | 272,404 | 14,478 |
Retail Opportunity Investments Corp. | 224,101 | 3,958 |
Retail Properties of America, Inc., Class A | 427,624 | 4,896 |
EQUITY FUNDS 46 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Equity Real Estate Investment Trusts – 8.5%continued | ||
RLJ Lodging Trust | 328,758 | $5,007 |
RPT Realty | 719,614 | 9,341 |
Sabra Health Care REIT, Inc. | 429,754 | 7,821 |
SITE Centers Corp. | 346,777 | 5,222 |
STAG Industrial, Inc. | 546,374 | 20,451 |
Sunstone Hotel Investors, Inc.* | 1,099,801 | 13,659 |
Terreno Realty Corp. | 138,865 | 8,960 |
Urban Edge Properties | 225,370 | 4,305 |
Washington Real Estate Investment Trust | 230,776 | 5,308 |
Weingarten Realty Investors | 219,967 | 7,054 |
Xenia Hotels & Resorts, Inc.* | 130,169 | 2,438 |
248,430 | ||
Food & Staples Retailing – 0.9% | ||
Andersons (The), Inc. | 327,527 | 9,999 |
Ingles Markets, Inc., Class A | 58,008 | 3,380 |
PriceSmart, Inc. | 21,962 | 1,999 |
Rite Aid Corp.* | 121,105 | 1,974 |
SpartanNash Co. | 78,463 | 1,515 |
United Natural Foods, Inc.* | 106,375 | 3,934 |
Village Super Market, Inc., Class A | 38,159 | 897 |
Weis Markets, Inc. | 73,554 | 3,800 |
27,498 | ||
Food Products – 0.5% | ||
Alico, Inc. | 12,437 | 443 |
B&G Foods, Inc. | 106,407 | 3,490 |
Fresh Del Monte Produce, Inc. | 84,355 | 2,773 |
Hostess Brands, Inc.* | 255,830 | 4,142 |
Seneca Foods Corp., Class A* | 12,492 | 638 |
Simply Good Foods (The) Co.* | 82,050 | 2,996 |
14,482 | ||
Gas Utilities – 0.5% | ||
New Jersey Resources Corp. | 155,679 | 6,160 |
Northwest Natural Holding Co. | 60,230 | 3,163 |
South Jersey Industries, Inc. | 210,976 | 5,471 |
14,794 | ||
Health Care Equipment & Supplies – 1.4% | ||
AngioDynamics, Inc.* | 330,491 | 8,966 |
Asensus Surgical, Inc.* | 340,634 | 1,080 |
Avanos Medical, Inc.* | 313,056 | 11,386 |
Integer Holdings Corp.* | 64,910 | 6,115 |
Invacare Corp.* | 55,948 | 452 |
Lantheus Holdings, Inc.* | 108,227 | 2,991 |
Meridian Bioscience, Inc.* | 69,946 | 1,551 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Health Care Equipment & Supplies – 1.4%continued | ||
Mesa Laboratories, Inc. | 9,937 | $2,695 |
Natus Medical, Inc.* | 78,383 | 2,036 |
Orthofix Medical, Inc.* | 34,380 | 1,379 |
Varex Imaging Corp.* | 63,752 | 1,710 |
40,361 | ||
Health Care Providers & Services – 2.5% | ||
Brookdale Senior Living, Inc.* | 340,832 | 2,693 |
Covetrus, Inc.* | 261,223 | 7,053 |
Fulgent Genetics, Inc.* | 35,244 | 3,251 |
Magellan Health, Inc.* | 151,248 | 14,248 |
MEDNAX, Inc.* | 73,413 | 2,213 |
ModivCare, Inc.* | 16,175 | 2,751 |
National HealthCare Corp. | 72,659 | 5,079 |
Option Care Health, Inc.* | 220,431 | 4,821 |
Owens & Minor, Inc. | 107,858 | 4,566 |
Patterson Cos., Inc. | 262,499 | 7,977 |
Tenet Healthcare Corp.* | 187,722 | 12,575 |
Triple-S Management Corp.* | 253,544 | 5,646 |
72,873 | ||
Health Care Technology – 0.5% | ||
Allscripts Healthcare Solutions, Inc.* | 455,886 | 8,438 |
Computer Programs and Systems, Inc. | 23,851 | 793 |
Evolent Health, Inc., Class A* | 120,080 | 2,536 |
HealthStream, Inc.* | 44,459 | 1,242 |
NextGen Healthcare, Inc.* | 108,713 | 1,804 |
14,813 | ||
Hotels, Restaurants & Leisure – 1.3% | ||
Boyd Gaming Corp.* | 41,841 | 2,573 |
Caesars Entertainment, Inc.* | 49,959 | 5,183 |
Carrols Restaurant Group, Inc.* | 219,889 | 1,321 |
Century Casinos, Inc.* | 172,173 | 2,312 |
El Pollo Loco Holdings, Inc.* | 196,985 | 3,603 |
International Game Technology PLC* | 220,894 | 5,293 |
Monarch Casino & Resort, Inc.* | 63,728 | 4,217 |
Papa John's International, Inc. | 41,349 | 4,318 |
Penn National Gaming, Inc.* | 43,134 | 3,299 |
RCI Hospitality Holdings, Inc. | 15,161 | 1,004 |
Red Rock Resorts, Inc., Class A* | 36,963 | 1,571 |
Wingstop, Inc. | 24,206 | 3,816 |
38,510 | ||
Household Durables – 1.8% | ||
Beazer Homes U.S.A., Inc.* | 198,784 | 3,835 |
Century Communities, Inc. | 64,713 | 4,306 |
NORTHERN FUNDS QUARTERLY REPORT 47 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Household Durables – 1.8%continued | ||
Ethan Allen Interiors, Inc. | 192,280 | $5,307 |
Hooker Furniture Corp. | 115,155 | 3,989 |
KB Home | 135,553 | 5,520 |
M/I Homes, Inc.* | 46,758 | 2,743 |
Meritage Homes Corp.* | 67,645 | 6,364 |
Taylor Morrison Home Corp.* | 327,296 | 8,647 |
Tri Pointe Homes, Inc.* | 609,632 | 13,064 |
53,775 | ||
Household Products – 0.0% | ||
Central Garden & Pet Co., Class A* | 25,322 | 1,223 |
Independent Power & Renewable Electricity Producers – 0.0% | ||
Ormat Technologies, Inc. | 19,942 | 1,387 |
Insurance – 3.1% | ||
American Equity Investment Life Holding Co. | 485,091 | 15,678 |
American National Group, Inc. | 13,755 | 2,043 |
AMERISAFE, Inc. | 110,239 | 6,580 |
Argo Group International Holdings Ltd. | 53,947 | 2,796 |
CNO Financial Group, Inc. | 697,951 | 16,486 |
Donegal Group, Inc., Class A | 38,966 | 568 |
Employers Holdings, Inc. | 307,860 | 13,176 |
Enstar Group Ltd.* | 35,903 | 8,578 |
Hanover Insurance Group (The), Inc. | 16,719 | 2,268 |
Kemper Corp. | 95,343 | 7,046 |
Safety Insurance Group, Inc. | 28,956 | 2,267 |
Selective Insurance Group, Inc. | 101,028 | 8,198 |
Stewart Information Services Corp. | 39,387 | 2,233 |
United Fire Group, Inc. | 145,285 | 4,029 |
91,946 | ||
Interactive Media & Services – 0.0% | ||
DHI Group, Inc.* | 88,217 | 298 |
Internet & Direct Marketing Retail – 0.1% | ||
Lands' End, Inc.* | 53,800 | 2,208 |
IT Services – 0.6% | ||
Marathon Digital Holdings, Inc.* | 181,380 | 5,690 |
Sykes Enterprises, Inc.* | 217,165 | 11,662 |
17,352 | ||
Leisure Products – 0.6% | ||
Acushnet Holdings Corp. | 105,138 | 5,194 |
Callaway Golf Co.* | 214,696 | 7,242 |
Vista Outdoor, Inc.* | 96,076 | 4,446 |
16,882 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Life Sciences Tools & Services – 0.3% | ||
Harvard Bioscience, Inc.* | 63,766 | $531 |
Pacific Biosciences of California, Inc.* | 214,693 | 7,508 |
8,039 | ||
Machinery – 2.7% | ||
Alamo Group, Inc. | 31,366 | 4,789 |
Altra Industrial Motion Corp. | 148,108 | 9,630 |
Astec Industries, Inc. | 37,459 | 2,358 |
Barnes Group, Inc. | 137,237 | 7,033 |
Chart Industries, Inc.* | 28,187 | 4,124 |
Columbus McKinnon Corp. | 72,797 | 3,512 |
EnPro Industries, Inc. | 8,495 | 825 |
Hillenbrand, Inc. | 155,212 | 6,842 |
Hyster-Yale Materials Handling, Inc. | 39,160 | 2,858 |
Kadant, Inc. | 38,027 | 6,696 |
Kennametal, Inc. | 82,368 | 2,959 |
L.B. Foster Co., Class A* | 28,302 | 528 |
Manitowoc (The) Co., Inc.* | 33,885 | 830 |
Miller Industries, Inc. | 18,949 | 747 |
Rexnord Corp. | 40,904 | 2,047 |
SPX FLOW, Inc. | 16,716 | 1,091 |
Standex International Corp. | 92,597 | 8,788 |
Terex Corp. | 154,312 | 7,348 |
Timken (The) Co. | 30,638 | 2,469 |
Wabash National Corp. | 22,678 | 363 |
Watts Water Technologies, Inc., Class A | 21,793 | 3,180 |
79,017 | ||
Marine – 0.2% | ||
Costamare, Inc. | 117,765 | 1,391 |
Matson, Inc. | 61,554 | 3,939 |
5,330 | ||
Media – 1.9% | ||
EW Scripps (The) Co., Class A | 745,419 | 15,199 |
Gray Television, Inc. | 153,401 | 3,589 |
Hemisphere Media Group, Inc.* | 82,517 | 974 |
Meredith Corp.* | 108,799 | 4,726 |
Scholastic Corp. | 141,323 | 5,355 |
Sinclair Broadcast Group, Inc., Class A | 126,149 | 4,191 |
TEGNA, Inc. | 1,153,613 | 21,642 |
55,676 | ||
Metals & Mining – 2.0% | ||
Allegheny Technologies, Inc.* | 97,974 | 2,043 |
Arconic Corp.* | 252,744 | 9,003 |
Carpenter Technology Corp. | 191,183 | 7,689 |
EQUITY FUNDS 48 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Metals & Mining – 2.0%continued | ||
Coeur Mining, Inc.* | 535,243 | $4,753 |
Commercial Metals Co. | 473,071 | 14,533 |
Gold Resource Corp. | 116,343 | 300 |
Haynes International, Inc. | 20,792 | 736 |
Hecla Mining Co. | 1,157,645 | 8,613 |
Materion Corp. | 72,530 | 5,465 |
Ramaco Resources, Inc.* | 70,965 | 390 |
Ryerson Holding Corp.* | 63,329 | 925 |
Schnitzer Steel Industries, Inc., Class A | 80,439 | 3,945 |
Warrior Met Coal, Inc. | 86,414 | 1,486 |
59,881 | ||
Mortgage Real Estate Investment Trusts – 1.1% | ||
Arbor Realty Trust, Inc. | 240,530 | 4,286 |
Blackstone Mortgage Trust, Inc., Class A | 303,573 | 9,681 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 185,896 | 10,438 |
Ready Capital Corp. | 425,861 | 6,759 |
31,164 | ||
Multiline Retail – 0.2% | ||
Big Lots, Inc. | 64,823 | 4,279 |
Dillard's, Inc., Class A | 9,628 | 1,741 |
6,020 | ||
Multi-Utilities – 0.8% | ||
Avista Corp. | 116,534 | 4,972 |
Black Hills Corp. | 164,800 | 10,816 |
NorthWestern Corp. | 99,269 | 5,978 |
Unitil Corp. | 44,874 | 2,377 |
24,143 | ||
Oil, Gas & Consumable Fuels – 5.2% | ||
Antero Resources Corp.* | 554,158 | 8,329 |
Berry Corp. | 313,369 | 2,106 |
Bonanza Creek Energy, Inc. | 180,835 | 8,512 |
California Resources Corp.* | 164,412 | 4,955 |
Clean Energy Fuels Corp.* | 333,826 | 3,388 |
CNX Resources Corp.* | 411,112 | 5,616 |
Comstock Resources, Inc.* | 385,134 | 2,569 |
Delek U.S. Holdings, Inc. | 142,900 | 3,090 |
DHT Holdings, Inc. | 819,149 | 5,316 |
Diamond S Shipping, Inc.* | 67,206 | 669 |
Earthstone Energy, Inc., Class A* | 49,599 | 549 |
Equitrans Midstream Corp. | 824,825 | 7,019 |
Frontline Ltd. | 765,064 | 6,886 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Oil, Gas & Consumable Fuels – 5.2%continued | ||
Green Plains, Inc.* | 222,919 | $7,495 |
International Seaways, Inc. | 47,922 | 919 |
Matador Resources Co. | 120,414 | 4,336 |
Ovintiv, Inc. | 704,887 | 22,183 |
Par Pacific Holdings, Inc.* | 54,959 | 924 |
PDC Energy, Inc. | 199,655 | 9,142 |
Peabody Energy Corp.* | 368,332 | 2,921 |
Penn Virginia Corp.* | 37,658 | 889 |
Range Resources Corp.* | 473,041 | 7,928 |
Renewable Energy Group, Inc.* | 150,406 | 9,376 |
REX American Resources Corp.* | 15,857 | 1,430 |
Scorpio Tankers, Inc. | 90,648 | 1,999 |
SM Energy Co. | 225,778 | 5,561 |
Southwestern Energy Co.* | 913,384 | 5,179 |
Teekay Tankers Ltd., Class A* | 105,952 | 1,528 |
Whiting Petroleum Corp.* | 95,733 | 5,222 |
World Fuel Services Corp. | 181,710 | 5,766 |
151,802 | ||
Paper & Forest Products – 0.3% | ||
Clearwater Paper Corp.* | 27,440 | 795 |
Glatfelter Corp. | 225,547 | 3,151 |
Neenah, Inc. | 43,840 | 2,200 |
Schweitzer-Mauduit International, Inc. | 40,326 | 1,628 |
7,774 | ||
Personal Products – 0.2% | ||
Edgewell Personal Care Co. | 111,569 | 4,898 |
Nature's Sunshine Products, Inc. | 32,353 | 562 |
5,460 | ||
Pharmaceuticals – 0.7% | ||
Cara Therapeutics, Inc.* | 81,363 | 1,161 |
Citius Pharmaceuticals, Inc.* | 212,432 | 739 |
Endo International PLC* | 467,765 | 2,189 |
Intra-Cellular Therapies, Inc.* | 68,554 | 2,799 |
Lannett Co., Inc.* | 67,015 | 313 |
Prestige Consumer Healthcare, Inc.* | 161,344 | 8,406 |
Supernus Pharmaceuticals, Inc.* | 91,365 | 2,813 |
Taro Pharmaceutical Industries Ltd.* | 48,667 | 3,502 |
21,922 | ||
Professional Services – 2.0% | ||
Barrett Business Services, Inc. | 30,972 | 2,249 |
CBIZ, Inc.* | 220,276 | 7,218 |
GP Strategies Corp.* | 45,395 | 714 |
ICF International, Inc. | 75,762 | 6,657 |
NORTHERN FUNDS QUARTERLY REPORT 49 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Professional Services – 2.0%continued | ||
KBR, Inc. | 202,881 | $7,740 |
Kforce, Inc. | 73,559 | 4,629 |
Korn Ferry | 318,455 | 23,104 |
ManTech International Corp., Class A | 53,721 | 4,649 |
Resources Connection, Inc. | 53,211 | 764 |
TrueBlue, Inc.* | 16,164 | 454 |
58,178 | ||
Real Estate Management & Development – 0.5% | ||
Kennedy-Wilson Holdings, Inc. | 188,830 | 3,752 |
RE/MAX Holdings, Inc., Class A | 29,633 | 988 |
Realogy Holdings Corp.* | 228,557 | 4,164 |
St. Joe (The) Co. | 114,220 | 5,095 |
13,999 | ||
Road & Rail – 0.7% | ||
ArcBest Corp. | 156,937 | 9,132 |
Schneider National, Inc., Class B | 295,595 | 6,435 |
Werner Enterprises, Inc. | 102,365 | 4,558 |
20,125 | ||
Semiconductors & Semiconductor Equipment – 2.0% | ||
Amkor Technology, Inc. | 579,556 | 13,718 |
AXT, Inc.* | 67,863 | 745 |
Canadian Solar, Inc.* | 101,886 | 4,569 |
Cohu, Inc.* | 115,361 | 4,244 |
Diodes, Inc.* | 176,928 | 14,113 |
Onto Innovation, Inc.* | 66,122 | 4,830 |
Photronics, Inc.* | 484,380 | 6,399 |
Rambus, Inc.* | 360,349 | 8,544 |
57,162 | ||
Software – 0.4% | ||
Ebix, Inc. | 110,204 | 3,736 |
InterDigital, Inc. | 36,083 | 2,635 |
Xperi Holding Corp. | 207,589 | 4,617 |
10,988 | ||
Specialty Retail – 3.2% | ||
Aaron's (The) Co., Inc. | 85,013 | 2,720 |
Abercrombie & Fitch Co., Class A* | 107,912 | 5,010 |
Bed Bath & Beyond, Inc.* | 275,258 | 9,163 |
Boot Barn Holdings, Inc.* | 78,994 | 6,640 |
Buckle (The), Inc. | 81,782 | 4,069 |
Children's Place (The), Inc.* | 26,095 | 2,428 |
Citi Trends, Inc.* | 42,979 | 3,739 |
Dick's Sporting Goods, Inc. | 32,531 | 3,259 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Specialty Retail – 3.2%continued | ||
Genesco, Inc.* | 115,606 | $7,362 |
Group 1 Automotive, Inc. | 47,792 | 7,381 |
Haverty Furniture Cos., Inc. | 186,293 | 7,966 |
Lithia Motors, Inc. | 22,386 | 7,693 |
ODP (The) Corp.* | 202,578 | 9,726 |
Shoe Carnival, Inc. | 87,251 | 6,246 |
Sleep Number Corp.* | 22,676 | 2,493 |
Sonic Automotive, Inc., Class A | 129,746 | 5,805 |
Zumiez, Inc.* | 42,873 | 2,100 |
93,800 | ||
Technology Hardware, Storage & Peripherals – 0.0% | ||
3D Systems Corp.* | 22,278 | 890 |
Textiles, Apparel & Luxury Goods – 0.4% | ||
G-III Apparel Group Ltd.* | 86,285 | 2,835 |
Movado Group, Inc. | 113,417 | 3,569 |
Oxford Industries, Inc. | 28,302 | 2,798 |
Rocky Brands, Inc. | 12,149 | 676 |
Superior Group of Cos., Inc. | 25,444 | 608 |
10,486 | ||
Thrifts & Mortgage Finance – 2.7% | ||
Axos Financial, Inc.* | 187,731 | 8,709 |
Capitol Federal Financial, Inc. | 54,387 | 641 |
ESSA Bancorp, Inc. | 18,432 | 302 |
Essent Group Ltd. | 38,593 | 1,735 |
Home Bancorp, Inc. | 14,967 | 570 |
HomeStreet, Inc. | 76,999 | 3,137 |
Luther Burbank Corp. | 87,974 | 1,043 |
Meridian Bancorp, Inc. | 21,270 | 435 |
Meta Financial Group, Inc. | 44,357 | 2,246 |
Mr Cooper Group, Inc.* | 152,803 | 5,052 |
NMI Holdings, Inc., Class A* | 25,524 | 574 |
Northwest Bancshares, Inc. | 522,821 | 7,131 |
PennyMac Financial Services, Inc. | 131,639 | 8,125 |
Premier Financial Corp. | 34,913 | 992 |
Provident Financial Services, Inc. | 142,601 | 3,264 |
Radian Group, Inc. | 367,785 | 8,183 |
Southern Missouri Bancorp, Inc. | 15,166 | 682 |
TrustCo Bank Corp. NY | 64,475 | 2,216 |
Walker & Dunlop, Inc. | 63,314 | 6,609 |
Washington Federal, Inc. | 218,286 | 6,937 |
WSFS Financial Corp. | 203,888 | 9,499 |
78,082 |
EQUITY FUNDS 50 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 95.8%continued | ||
Tobacco – 0.4% | ||
Universal Corp. | 231,794 | $13,205 |
Trading Companies & Distributors – 2.8% | ||
Applied Industrial Technologies, Inc. | 31,521 | 2,870 |
Beacon Roofing Supply, Inc.* | 67,593 | 3,599 |
Boise Cascade Co. | 154,446 | 9,012 |
CAI International, Inc. | 17,190 | 963 |
DXP Enterprises, Inc.* | 103,783 | 3,456 |
GATX Corp. | 69,756 | 6,171 |
GMS, Inc.* | 70,061 | 3,373 |
Herc Holdings, Inc.* | 49,956 | 5,599 |
McGrath RentCorp | 103,329 | 8,428 |
Rush Enterprises, Inc., Class A | 84,521 | 3,655 |
Textainer Group Holdings Ltd.* | 53,879 | 1,819 |
Triton International Ltd. | 270,350 | 14,150 |
WESCO International, Inc.* | 179,847 | 18,492 |
81,587 | ||
Wireless Telecommunication Services – 0.3% | ||
Telephone and Data Systems, Inc. | 261,501 | 5,926 |
United States Cellular Corp.* | 111,029 | 4,031 |
9,957 | ||
Total Common Stocks | ||
(Cost $1,946,512) | 2,802,651 | |
OTHER – 0.0% | ||
Escrow DLB Oil & Gas, Inc.(1) * | 2,100 | — |
Escrow Spirit MTA REIT(2) * | 17,083 | 4 |
Total Other | ||
(Cost $5) | 4 |
NUMBER OF WARRANTS | VALUE (000S) | |
WARRANTS – 0.0% | ||
Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67* | 6,861 | $69 |
Total Warrants | ||
(Cost $—) | 69 |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 3.9% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(3) (4) | 112,838,938 | $112,839 |
Total Investment Companies | ||
(Cost $112,839) | 112,839 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.2% | ||
U.S. Treasury Bill, 0.06%, 7/15/21(5) (6) | $6,689 | $6,689 |
U.S. Treasury Bills, 0.04%, 1/27/22(5) (6) | 100 | 100 |
Total Short-Term Investments | ||
(Cost $6,789) | 6,789 | |
Total Investments – 99.9% | ||
(Cost $2,066,145) | 2,922,352 | |
Other Assets less Liabilities – 0.1% | 2,718 | |
NET ASSETS – 100.0% | $2,925,070 |
(1) | Level 3 asset that is worthless, bankrupt or has been delisted. |
(2) | Level 3 asset. |
(3) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(4) | 7-day current yield as of June 30, 2021 is disclosed. |
(5) | Discount rate at the time of purchase. |
(6) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
PLC - Public Limited Company |
REIT - Real Estate Investment Trust |
S&P - Standard & Poor's |
Percentages shown are based on Net Assets.
At June 30, 2021, the Fund had open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini Russell 2000 Index | 820 | $94,620 | Long | 09/21 | $(616) |
E-Mini S&P 500 | 110 | 23,587 | Long | 09/21 | 288 |
Total | $(328) |
NORTHERN FUNDS QUARTERLY REPORT 51 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued | June 30, 2021 (UNAUDITED) |
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 June 30, 2021:
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Common Stocks: | ||||
Biotechnology | $128,637 | $2,543 | $— | $131,180 |
All Other Industries(1) | 2,671,471 | — | — | 2,671,471 |
Total Common Stocks | 2,800,108 | 2,543 | — | 2,802,651 |
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Other | $— | $— | $4 | $4 |
Warrants | 69 | — | — | 69 |
Investment Companies | 112,839 | — | — | 112,839 |
Short-Term Investments | — | 6,789 | — | 6,789 |
Total Investments | $2,913,016 | $9,332 | $4 | $2,922,352 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $288 | $— | $— | $288 |
Liabilities | ||||
Futures Contracts | (616) | — | — | (616) |
Total Other Financial Instruments | $(328) | $— | $— | $(328) |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in affiliated investments for the three months ended June 30, 2021, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $52,523 | $159,305 | $98,989 | $— | $112,839 | 112,838,938 |
EQUITY FUNDS 52 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
U.S. QUALITY ESG FUND | June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 99.5% | ||
Aerospace & Defense – 0.3% | ||
Hexcel Corp.* | 15,162 | $946 |
Air Freight & Logistics – 0.6% | ||
Expeditors International of Washington, Inc. | 14,905 | 1,887 |
Automobiles – 1.4% | ||
Tesla, Inc.* | 7,217 | 4,905 |
Banks – 4.0% | ||
Bank of America Corp. | 67,610 | 2,788 |
Citigroup, Inc. | 51,864 | 3,669 |
Comerica, Inc. | 5,190 | 370 |
JPMorgan Chase & Co. | 28,972 | 4,506 |
Regions Financial Corp. | 38,898 | 785 |
Zions Bancorp N.A. | 29,615 | 1,566 |
13,684 | ||
Beverages – 0.6% | ||
Coca-Cola (The) Co. | 40,910 | 2,214 |
Biotechnology – 3.3% | ||
AbbVie, Inc. | 18,327 | 2,065 |
Amgen, Inc. | 16,020 | 3,905 |
Biogen, Inc.* | 3,007 | 1,041 |
Gilead Sciences, Inc. | 26,548 | 1,828 |
Moderna, Inc.* | 2,209 | 519 |
Vertex Pharmaceuticals, Inc.* | 9,741 | 1,964 |
11,322 | ||
Building Products – 1.2% | ||
Johnson Controls International PLC | 28,508 | 1,957 |
Lennox International, Inc. | 653 | 229 |
Trane Technologies PLC | 11,081 | 2,040 |
4,226 | ||
Capital Markets – 3.5% | ||
Affiliated Managers Group, Inc. | 4,092 | 631 |
Ameriprise Financial, Inc. | 7,472 | 1,860 |
Bank of New York Mellon (The) Corp. | 39,070 | 2,001 |
BlackRock, Inc. | 2,871 | 2,512 |
Goldman Sachs Group (The), Inc. | 7,103 | 2,696 |
LPL Financial Holdings, Inc. | 3,118 | 421 |
State Street Corp. | 22,409 | 1,844 |
11,965 | ||
Chemicals – 1.0% | ||
PPG Industries, Inc. | 5,840 | 991 |
Sherwin-Williams (The) Co. | 8,272 | 2,254 |
3,245 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Communications Equipment – 0.9% | ||
Cisco Systems, Inc. | 34,175 | $1,811 |
Motorola Solutions, Inc. | 5,175 | 1,122 |
2,933 | ||
Construction & Engineering – 0.9% | ||
AECOM* | 22,656 | 1,435 |
Quanta Services, Inc. | 18,405 | 1,667 |
3,102 | ||
Consumer Finance – 1.6% | ||
Ally Financial, Inc. | 34,218 | 1,705 |
American Express Co. | 21,891 | 3,617 |
5,322 | ||
Distributors – 0.5% | ||
Pool Corp. | 3,812 | 1,748 |
Diversified Consumer Services – 0.4% | ||
Terminix Global Holdings, Inc.* | 31,681 | 1,512 |
Diversified Financial Services – 0.8% | ||
Berkshire Hathaway, Inc., Class B* | 4,313 | 1,198 |
Voya Financial, Inc. | 22,940 | 1,411 |
2,609 | ||
Diversified Telecommunication Services – 0.5% | ||
AT&T, Inc. | 21,985 | 633 |
Verizon Communications, Inc. | 20,411 | 1,143 |
1,776 | ||
Electric Utilities – 0.6% | ||
Exelon Corp. | 43,983 | 1,949 |
Electrical Equipment – 1.1% | ||
Acuity Brands, Inc. | 9,631 | 1,801 |
Rockwell Automation, Inc. | 7,176 | 2,053 |
3,854 | ||
Electronic Equipment, Instruments & Components – 0.3% | ||
Zebra Technologies Corp., Class A* | 1,653 | 875 |
Energy Equipment & Services – 0.2% | ||
Schlumberger N.V. | 23,661 | 757 |
Entertainment – 1.2% | ||
Activision Blizzard, Inc. | 5,996 | 572 |
Electronic Arts, Inc. | 6,704 | 964 |
Lions Gate Entertainment Corp., Class A* | 65,752 | 1,361 |
World Wrestling Entertainment, Inc., Class A | 22,256 | 1,289 |
4,186 |
NORTHERN FUNDS QUARTERLY REPORT 53 EQUITY FUNDS
Schedule of Investments |
U.S. QUALITY ESG FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Equity Real Estate Investment Trusts – 3.5% | ||
American Tower Corp. | 13,298 | $3,592 |
AvalonBay Communities, Inc. | 4,633 | 967 |
Boston Properties, Inc. | 3,063 | 351 |
Equinix, Inc. | 2,995 | 2,404 |
Kilroy Realty Corp. | 25,061 | 1,745 |
Prologis, Inc. | 16,106 | 1,925 |
Simon Property Group, Inc. | 3,112 | 406 |
Weyerhaeuser Co. | 14,606 | 503 |
11,893 | ||
Food Products – 0.8% | ||
General Mills, Inc. | 29,585 | 1,803 |
Kellogg Co. | 14,353 | 923 |
2,726 | ||
Health Care Equipment & Supplies – 1.9% | ||
Abbott Laboratories | 2,573 | 298 |
Edwards Lifesciences Corp.* | 7,861 | 814 |
Hologic, Inc.* | 16,460 | 1,098 |
IDEXX Laboratories, Inc.* | 3,333 | 2,105 |
Quidel Corp.* | 1,368 | 175 |
ResMed, Inc. | 4,745 | 1,170 |
West Pharmaceutical Services, Inc. | 2,630 | 945 |
6,605 | ||
Health Care Providers & Services – 3.5% | ||
Amedisys, Inc.* | 4,864 | 1,191 |
Cardinal Health, Inc. | 26,979 | 1,540 |
Cigna Corp. | 5,536 | 1,312 |
DaVita, Inc.* | 4,929 | 594 |
HCA Healthcare, Inc. | 1,468 | 304 |
Henry Schein, Inc.* | 21,835 | 1,620 |
Humana, Inc. | 3,798 | 1,681 |
Molina Healthcare, Inc.* | 3,774 | 955 |
Quest Diagnostics, Inc. | 8,241 | 1,088 |
UnitedHealth Group, Inc. | 4,343 | 1,739 |
12,024 | ||
Health Care Technology – 0.7% | ||
Cerner Corp. | 23,437 | 1,832 |
Veeva Systems, Inc., Class A* | 1,506 | 468 |
2,300 | ||
Hotels, Restaurants & Leisure – 0.6% | ||
Domino's Pizza, Inc. | 1,505 | 702 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Hotels, Restaurants & Leisure – 0.6%continued | ||
Marriott International, Inc., Class A* | 6,337 | $865 |
Yum! Brands, Inc. | 3,732 | 430 |
1,997 | ||
Household Durables – 0.4% | ||
Newell Brands, Inc. | 27,433 | 754 |
Tempur Sealy International, Inc. | 11,644 | 456 |
1,210 | ||
Household Products – 2.5% | ||
Clorox (The) Co. | 5,622 | 1,011 |
Colgate-Palmolive Co. | 28,209 | 2,295 |
Kimberly-Clark Corp. | 8,955 | 1,198 |
Procter & Gamble (The) Co. | 29,718 | 4,010 |
8,514 | ||
Industrial Conglomerates – 0.2% | ||
3M Co. | 2,970 | 590 |
Insurance – 3.2% | ||
Aflac, Inc. | 34,678 | 1,861 |
Allstate (The) Corp. | 11,479 | 1,497 |
American International Group, Inc. | 7,162 | 341 |
Aon PLC, Class A | 4,946 | 1,181 |
Hanover Insurance Group (The), Inc. | 3,714 | 504 |
Lincoln National Corp. | 9,986 | 628 |
Loews Corp. | 5,952 | 325 |
Marsh & McLennan Cos., Inc. | 2,211 | 311 |
MetLife, Inc. | 31,762 | 1,901 |
Prudential Financial, Inc. | 11,431 | 1,171 |
Travelers (The) Cos., Inc. | 7,085 | 1,061 |
10,781 | ||
Interactive Media & Services – 6.9% | ||
Alphabet, Inc., Class A* | 5,075 | 12,392 |
Alphabet, Inc., Class C* | 2,448 | 6,136 |
Facebook, Inc., Class A* | 14,375 | 4,998 |
23,526 | ||
Internet & Direct Marketing Retail – 3.6% | ||
Amazon.com, Inc.* | 2,718 | 9,350 |
eBay, Inc. | 22,797 | 1,601 |
Etsy, Inc.* | 5,799 | 1,194 |
12,145 | ||
IT Services – 5.7% | ||
Accenture PLC, Class A | 13,083 | 3,857 |
Broadridge Financial Solutions, Inc. | 4,373 | 706 |
EQUITY FUNDS 54 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
IT Services – 5.7%continued | ||
Cognizant Technology Solutions Corp., Class A | 2,300 | $159 |
International Business Machines Corp. | 29,747 | 4,361 |
Jack Henry & Associates, Inc. | 1,558 | 255 |
Mastercard, Inc., Class A | 20,651 | 7,540 |
Visa, Inc., Class A | 8,606 | 2,012 |
Western Union (The) Co. | 25,263 | 580 |
19,470 | ||
Life Sciences Tools & Services – 2.2% | ||
Agilent Technologies, Inc. | 14,955 | 2,211 |
Mettler-Toledo International, Inc.* | 1,477 | 2,046 |
Thermo Fisher Scientific, Inc. | 2,367 | 1,194 |
Waters Corp.* | 5,775 | 1,996 |
7,447 | ||
Machinery – 1.6% | ||
AGCO Corp. | 3,771 | 492 |
Cummins, Inc. | 5,911 | 1,441 |
Illinois Tool Works, Inc. | 8,063 | 1,803 |
Woodward, Inc. | 14,064 | 1,728 |
5,464 | ||
Media – 1.8% | ||
Comcast Corp., Class A | 7,585 | 432 |
Discovery, Inc., Class A* | 8,583 | 263 |
Interpublic Group of (The) Cos., Inc. | 52,894 | 1,718 |
New York Times (The) Co., Class A | 34,342 | 1,496 |
Omnicom Group, Inc. | 7,946 | 636 |
Sirius XM Holdings, Inc. | 251,182 | 1,643 |
6,188 | ||
Metals & Mining – 0.3% | ||
Newmont Corp. | 18,595 | 1,179 |
Multiline Retail – 0.3% | ||
Target Corp. | 4,642 | 1,122 |
Oil, Gas & Consumable Fuels – 0.4% | ||
Antero Midstream Corp. | 79,524 | 826 |
APA Corp. | 30,505 | 660 |
1,486 | ||
Pharmaceuticals – 3.5% | ||
Bristol-Myers Squibb Co. | 8,701 | 581 |
Eli Lilly & Co. | 13,571 | 3,115 |
Johnson & Johnson | 16,520 | 2,721 |
Merck & Co., Inc. | 53,181 | 4,136 |
Organon & Co.* | 5,318 | 161 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Pharmaceuticals – 3.5%continued | ||
Pfizer, Inc. | 14,825 | $581 |
Zoetis, Inc. | 3,359 | 626 |
11,921 | ||
Professional Services – 1.3% | ||
ManpowerGroup, Inc. | 14,232 | 1,692 |
Nielsen Holdings PLC | 40,461 | 998 |
Robert Half International, Inc. | 19,609 | 1,745 |
4,435 | ||
Real Estate Management & Development – 0.8% | ||
CBRE Group, Inc., Class A* | 21,471 | 1,841 |
Jones Lang LaSalle, Inc.* | 3,871 | 756 |
2,597 | ||
Road & Rail – 0.2% | ||
CSX Corp. | 18,519 | 594 |
Semiconductors & Semiconductor Equipment – 5.6% | ||
Applied Materials, Inc. | 22,708 | 3,234 |
Enphase Energy, Inc.* | 3,660 | 672 |
First Solar, Inc.* | 4,676 | 423 |
Intel Corp. | 41,386 | 2,323 |
Lam Research Corp. | 1,209 | 787 |
NVIDIA Corp. | 6,589 | 5,272 |
QUALCOMM, Inc. | 1,783 | 255 |
SolarEdge Technologies, Inc.* | 2,085 | 576 |
Texas Instruments, Inc. | 29,591 | 5,690 |
19,232 | ||
Software – 10.3% | ||
Adobe, Inc.* | 3,957 | 2,317 |
Autodesk, Inc.* | 3,605 | 1,052 |
Cadence Design Systems, Inc.* | 10,679 | 1,461 |
Citrix Systems, Inc. | 15,189 | 1,781 |
Intuit, Inc. | 7,500 | 3,676 |
Manhattan Associates, Inc.* | 4,892 | 709 |
Microsoft Corp. | 70,117 | 18,995 |
Oracle Corp. | 24,875 | 1,936 |
Teradata Corp.* | 24,381 | 1,218 |
VMware, Inc., Class A* | 6,957 | 1,113 |
Zoom Video Communications, Inc., Class A* | 2,218 | 859 |
35,117 | ||
Specialty Retail – 4.1% | ||
Best Buy Co., Inc. | 16,223 | 1,865 |
Foot Locker, Inc. | 3,563 | 220 |
NORTHERN FUNDS QUARTERLY REPORT 55 EQUITY FUNDS
Schedule of Investments |
U.S. QUALITY ESG FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Specialty Retail – 4.1%continued | ||
Home Depot (The), Inc. | 20,169 | $6,432 |
Lowe's Cos., Inc. | 18,560 | 3,600 |
Tractor Supply Co. | 1,132 | 211 |
Williams-Sonoma, Inc. | 10,681 | 1,705 |
14,033 | ||
Technology Hardware, Storage & Peripherals – 6.3% | ||
Apple, Inc. | 145,153 | 19,880 |
HP, Inc. | 53,404 | 1,612 |
21,492 | ||
Textiles, Apparel & Luxury Goods – 1.3% | ||
Carter's, Inc. | 7,666 | 791 |
Hanesbrands, Inc. | 87,573 | 1,635 |
NIKE, Inc., Class B | 13,466 | 2,080 |
4,506 | ||
Trading Companies & Distributors – 1.1% | ||
Fastenal Co. | 36,106 | 1,878 |
W.W. Grainger, Inc. | 3,971 | 1,739 |
3,617 | ||
Total Common Stocks | ||
(Cost $257,267) | 339,228 | |
INVESTMENT COMPANIES – 0.2% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 0.00%(1) (2) | 646,586 | 647 |
Total Investment Companies | ||
(Cost $647) | 647 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.1% | ||
U.S. Treasury Bill, 0.06%, 7/15/21(3) (4) | $405 | $405 |
Total Short-Term Investments | ||
(Cost $405) | 405 | |
Total Investments – 99.8% | ||
(Cost $258,319) | 340,280 | |
Other Assets less Liabilities – 0.2% | 704 | |
NET ASSETS – 100.0% | $340,984 |
(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 June 30, 2021 is disclosed. |
(3) | Discount rate at the time of purchase. |
(4) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
N.V. - Naamloze Vennootschap (Dutch: Limited Liability Company) |
PLC - Public Limited Company |
S&P - Standard & Poor's |
Percentages shown are based on Net Assets.
At June 30, 2021, the Fund had open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 | 2 | $4,289 | Long | 9/21 | $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).
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 June 30, 2021:
INVESTMENTS | LEVEL 1 (000S) | LEVEL 2 (000S) | LEVEL 3 (000S) | TOTAL (000S) |
Common Stocks(1) | $339,228 | $— | $— | $339,228 |
Investment Companies | 647 | — | — | 647 |
Short-Term Investments | — | 405 | — | 405 |
Total Investments | $339,875 | $405 | $— | $340,280 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $7 | $— | $— | $7 |
(1) | Classifications as defined in the Schedule of Investments. |
EQUITY FUNDS 56 NORTHERN FUNDS QUARTERLY REPORT
June 30, 2021 (UNAUDITED) |
Transactions in affiliated investments for the three months ended June 30, 2021, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $283 | $21,802 | $21,438 | $— | $647 | 646,586 |
NORTHERN FUNDS QUARTERLY REPORT 57 EQUITY FUNDS