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Schedule of Investments |
ACTIVE M EMERGING MARKETS EQUITY FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 93.8% (1) | ||
Austria – 0.2% | ||
Erste Group Bank A.G. | 7,007 | $284 |
Brazil – 8.0% | ||
Ambev S.A. ADR* | 618,784 | 1,733 |
Arcos Dorados Holdings, Inc., Class A | 34,200 | 434 |
B3 S.A. - Brasil Bolsa Balcao | 509,920 | 1,516 |
Banco BTG Pactual S.A.* | 117,700 | 906 |
Embraer S.A.* | 66,300 | 306 |
Hypera S.A.* | 23,000 | 166 |
Localiza Rent a Car S.A.* | 66,100 | 862 |
Lojas Renner S.A.* | 100,900 | 360 |
MercadoLibre, Inc.* | 962 | 1,512 |
NU Holdings Ltd., Class A* | 119,700 | 997 |
Petroleo Brasileiro S.A. ADR (New York Exchange) | 31,795 | 508 |
PRIO S.A. | 33,100 | 313 |
Raia Drogasil S.A. | 38,800 | 234 |
Smartfit Escola de Ginastica e Danca S.A.* | 22,900 | 122 |
TIM S.A. | 98,800 | 364 |
Vale S.A. | 60,800 | 964 |
11,297 | ||
China – 13.9% | ||
Aier Eye Hospital Group Co. Ltd., Class A | 33,300 | 74 |
Airtac International Group | 2,000 | 66 |
ANTA Sports Products Ltd. | 101,200 | 986 |
Baidu, Inc. ADR* | 5,352 | 637 |
Baidu, Inc., Class A* | 95,000 | 1,412 |
BYD Co. Ltd., Class H | 22,000 | 605 |
China International Capital Corp. Ltd., Class H | 281,200 | 412 |
Dongfeng Motor Group Co. Ltd., Class H | 1,000,352 | 498 |
Eastroc Beverage Group Co. Ltd., Class A | 15,300 | 393 |
Focus Media Information Technology Co. Ltd., Class A | 312,200 | 279 |
JD.com, Inc. ADR | 6,539 | 189 |
JD.com, Inc., Class A | 37,750 | 544 |
KE Holdings, Inc. ADR | 73,472 | 1,191 |
Kuaishou Technology* | 85,100 | 575 |
Meituan, Class B* | 27,320 | 288 |
MINISO Group Holding Ltd. ADR | 26,600 | 543 |
NARI Technology Co. Ltd., Class A | 102,239 | 321 |
NetEase, Inc. | 34,800 | 646 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 93.8% (1)continued | ||
China – 13.9%continued | ||
New Oriental Education & Technology Group, Inc. ADR* | 2,555 | $187 |
Nongfu Spring Co. Ltd., Class H | 29,800 | 172 |
PDD Holdings, Inc. ADR* | 8,940 | 1,308 |
Proya Cosmetics Co. Ltd., Class A | 13,800 | 193 |
Shenzhen Inovance Technology Co. Ltd., Class A | 40,892 | 362 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 7,700 | 316 |
Tencent Holdings Ltd. | 94,400 | 3,567 |
Topsports International Holdings Ltd. | 479,394 | 373 |
Trip.com Group Ltd. ADR* | 20,800 | 749 |
Want Want China Holdings Ltd. | 902,740 | 545 |
Weichai Power Co. Ltd., Class H | 128,000 | 214 |
WuXi AppTec Co. Ltd., Class A | 53,500 | 551 |
XPeng, Inc. ADR* | 31,108 | 454 |
Zijin Mining Group Co. Ltd., Class H | 612,000 | 1,000 |
19,650 | ||
Denmark – 0.3% | ||
Novo Nordisk A/S, Class B | 3,490 | 361 |
Egypt – 1.0% | ||
Commercial International Bank - Egypt (CIB) | 615,491 | 1,446 |
France – 0.4% | ||
Hermes International S.C.A. | 91 | 193 |
L'Oreal S.A. | 709 | 353 |
546 | ||
Greece – 0.6% | ||
National Bank of Greece S.A.* | 34,394 | 239 |
OPAP S.A. | 34,825 | 591 |
830 | ||
Hong Kong – 0.4% | ||
AIA Group Ltd. | 43,200 | 375 |
Techtronic Industries Co. Ltd. | 20,500 | 245 |
620 | ||
India – 17.1% | ||
ABB India Ltd. | 5,022 | 282 |
Ashok Leyland Ltd. | 41,085 | 90 |
Asian Paints Ltd. | 18,731 | 765 |
Axis Bank Ltd. | 19,448 | 257 |
Bajaj Finance Ltd. | 4,888 | 430 |
Bharat Electronics Ltd. | 287,526 | 636 |
Central Depository Services India Ltd. | 6,553 | 143 |
NORTHERN FUNDS QUARTERLY
REPORT 0 EQUITY FUNDS
Schedule of Investments |
ACTIVE M EMERGING MARKETS EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 93.8% (1)continued | ||
India – 17.1%continued | ||
CreditAccess Grameen Ltd.* | 14,579 | $280 |
DLF Ltd. | 45,603 | 398 |
HDFC Bank Ltd. | 110,546 | 2,268 |
HDFC Bank Ltd. ADR | 11,700 | 785 |
HDFC Life Insurance Co. Ltd. | 7,082 | 55 |
Hero MotoCorp Ltd. | 42,947 | 2,134 |
Hindalco Industries Ltd. | 81,080 | 598 |
ICICI Bank Ltd. ADR | 46,149 | 1,100 |
Indian Hotels Co. Ltd. | 164,960 | 868 |
Larsen & Toubro Ltd. | 47,998 | 2,032 |
MakeMyTrip Ltd.* | 10,340 | 486 |
Maruti Suzuki India Ltd. | 7,417 | 918 |
Max Healthcare Institute Ltd. | 52,015 | 428 |
PB Fintech Ltd.* | 23,667 | 226 |
Polycab India Ltd. | 12,358 | 813 |
Reliance Industries Ltd. | 34,453 | 1,069 |
Siemens Ltd. | 4,965 | 240 |
Sona Blw Precision Forgings Ltd. | 25,133 | 194 |
Tata Consultancy Services Ltd. | 76,422 | 3,480 |
Titan Co. Ltd. | 9,655 | 426 |
Triveni Turbine Ltd.* | 29,068 | 148 |
TVS Motor Co. Ltd. | 36,696 | 892 |
Varun Beverages Ltd. | 59,406 | 883 |
Zomato Ltd.* | 635,511 | 942 |
24,266 | ||
Indonesia – 3.6% | ||
Astra International Tbk PT | 3,629,454 | 1,330 |
Bank Central Asia Tbk PT | 896,900 | 547 |
Bank Mandiri Persero Tbk PT | 1,388,000 | 545 |
Bank Rakyat Indonesia Persero Tbk PT | 3,134,600 | 1,162 |
Sumber Alfaria Trijaya Tbk PT | 1,672,900 | 318 |
Telkom Indonesia Persero Tbk PT | 4,835,100 | 1,241 |
5,143 | ||
Italy – 0.2% | ||
Ferrari N.V. (New York Exchange) | 890 | 301 |
Japan – 0.2% | ||
Disco Corp. | 1,400 | 344 |
Malaysia – 0.4% | ||
CIMB Group Holdings Bhd. | 409,700 | 521 |
Mexico – 5.5% | ||
Alfa S.A.B. de C.V., Class A | 941,470 | 753 |
America Movil S.A.B. de C.V. ADR | 69,834 | 1,293 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 93.8% (1)continued | ||
Mexico – 5.5%continued | ||
Cemex S.A.B. de C.V. ADR (Participation Certificate)* | 77,300 | $599 |
Corp. Inmobiliaria Vesta S.A.B. de C.V. | 116,000 | 460 |
Fomento Economico Mexicano S.A.B. de C.V. ADR | 5,880 | 767 |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 173,300 | 1,746 |
Wal-Mart de Mexico S.A.B. de C.V. | 529,175 | 2,225 |
7,843 | ||
Netherlands – 0.2% | ||
ASM International N.V. | 224 | 117 |
ASML Holding N.V. | 154 | 116 |
233 | ||
Peru – 1.8% | ||
Cia de Minas Buenaventura S.A.A. ADR | 70,504 | 1,074 |
Credicorp Ltd. | 9,778 | 1,466 |
2,540 | ||
Philippines – 0.5% | ||
BDO Unibank, Inc. | 201,058 | 473 |
International Container Terminal Services, Inc. | 57,600 | 255 |
728 | ||
Poland – 0.8% | ||
Dino Polska S.A.* | 5,954 | 697 |
Powszechny Zaklad Ubezpieczen S.A. | 33,607 | 403 |
1,100 | ||
Russia – 0.0% | ||
Gazprom PJSC(2) (3) * | 66,340 | — |
LUKOIL PJSC(2) (3) | 9,885 | — |
Moscow Exchange MICEX-RTS PJSC(2) | 426,740 | — |
— | ||
Saudi Arabia – 1.6% | ||
Alinma Bank | 35,851 | 370 |
Dr. Sulaiman Al Habib Medical Services Group Co. | 1,877 | 142 |
Elm Co. | 1,745 | 379 |
Leejam Sports Co. JSC | 6,580 | 357 |
Riyadh Cables Group Co. | 13,766 | 340 |
Saudi Arabian Oil Co. | 74,886 | 659 |
2,247 | ||
South Africa – 4.8% | ||
Anglo American Platinum Ltd. | 23,458 | 1,233 |
EQUITY FUNDS 1 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 93.8% (1)continued | ||
South Africa – 4.8%continued | ||
Bid Corp. Ltd. | 44,379 | $1,035 |
Bidvest Group (The) Ltd. | 123,722 | 1,710 |
Clicks Group Ltd. | 12,274 | 219 |
FirstRand Ltd. | 144,014 | 578 |
Naspers Ltd., Class N | 1,004 | 172 |
Standard Bank Group Ltd. | 95,524 | 1,085 |
Truworths International Ltd. | 175,993 | 714 |
6,746 | ||
South Korea – 13.2% | ||
Amorepacific Corp. | 7,520 | 843 |
DB Insurance Co. Ltd. | 4,201 | 273 |
Hyundai Mobis Co. Ltd. | 4,136 | 757 |
Hyundai Motor Co. | 15,332 | 2,416 |
NAVER Corp.* | 3,110 | 538 |
NCSoft Corp. | 4,361 | 809 |
Orion Corp. | 8,895 | 798 |
Samsung Biologics Co. Ltd.* | 1,284 | 757 |
Samsung Electronics Co. Ltd. | 151,867 | 9,237 |
SK Hynix, Inc. | 20,895 | 2,281 |
18,709 | ||
Taiwan – 10.1% | ||
Accton Technology Corp. | 52,000 | 881 |
Alchip Technologies Ltd. | 8,300 | 879 |
ASE Technology Holding Co. Ltd. | 66,000 | 289 |
Delta Electronics, Inc. | 3,000 | 31 |
E Ink Holdings, Inc. | 5,000 | 32 |
Hon Hai Precision Industry Co. Ltd. | 404,796 | 1,377 |
MediaTek, Inc. | 20,000 | 659 |
Nien Made Enterprise Co. Ltd. | 12,500 | 144 |
Realtek Semiconductor Corp. | 44,000 | 673 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 459,000 | 8,834 |
United Microelectronics Corp. ADR | 38,920 | 329 |
Voltronic Power Technology Corp. | 900 | 50 |
Wiwynn Corp. | 2,000 | 118 |
14,296 | ||
Thailand – 2.2% | ||
Bumrungrad Hospital PCL NVDR | 62,300 | 405 |
Central Pattana PCL NVDR | 180,100 | 369 |
CP ALL PCL (Registered) | 514,300 | 844 |
Kasikornbank PCL (Registered) | 144,700 | 577 |
PTT Exploration & Production PCL (Registered) | 85,400 | 374 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 93.8% (1)continued | ||
Thailand – 2.2%continued | ||
PTT Exploration & Production PCL NVDR | 114,200 | $497 |
WHA Corp. PCL NVDR | 377,700 | 58 |
3,124 | ||
United Arab Emirates – 2.7% | ||
Aldar Properties PJSC | 421,179 | 613 |
Emaar Properties PJSC | 1,361,034 | 2,934 |
Salik Co. PJSC | 404,999 | 343 |
3,890 | ||
United Kingdom – 0.3% | ||
BAE Systems PLC | 30,955 | 438 |
United States – 3.7% | ||
Cadence Design Systems, Inc.* | 880 | 240 |
Cognizant Technology Solutions Corp., Class A | 1,200 | 90 |
Globant S.A.* | 735 | 175 |
Linde PLC | 1,025 | 421 |
Meta Platforms, Inc., Class A* | 1,300 | 460 |
Microsoft Corp. | 1,955 | 735 |
NVIDIA Corp. | 2,540 | 1,258 |
Parade Technologies Ltd. | 10,000 | 389 |
Tenaris S.A. ADR | 42,372 | 1,473 |
5,241 | ||
Zambia – 0.1% | ||
First Quantum Minerals Ltd. | 22,200 | 182 |
Total Common Stocks | ||
(Cost $111,650) | 132,926 | |
PREFERRED STOCKS – 2.3% (1) | ||
Brazil – 1.9% | ||
Itau Unibanco Holding S.A. ADR, 2.50%* | 392,855 | 2,730 |
South Korea – 0.4% | ||
Samsung Electronics Co. Ltd., 2.65%(4) | 9,755 | 471 |
Total Preferred Stocks | ||
(Cost $2,107) | 3,201 | |
RIGHTS – 0.0% | ||
Brazil – 0.0% | ||
Localiza Rent a Car S.A.* | 237 | 1 |
Total Rights | ||
(Cost $—) | 1 | |
NORTHERN FUNDS QUARTERLY REPORT 2 EQUITY FUNDS
Schedule of Investments |
ACTIVE M EMERGING MARKETS EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 4.4% | ||
iShares Core S&P 500 ETF | 3,400 | $1,624 |
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(5) (6) | 4,671,513 | 4,672 |
Total Investment Companies | ||
(Cost $6,233) | 6,296 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.1% | ||
U.S. Treasury Bill, | ||
5.21%, 4/11/24(7) (8) | $80 | $79 |
Total Short-Term Investments | ||
(Cost $79) | 79 | |
Total Investments – 100.6% | ||
(Cost $120,069) | 142,503 | |
Liabilities less Other Assets – (0.6%) | (814) | |
Net Assets – 100.0% | $141,689 |
(1) | Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities. |
(2) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(3) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of these restricted illiquid securities amounted to $0 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Gazprom PJSC | 11/29/21-12/21/21 | $301 |
LUKOIL PJSC | 4/26/21-1/18/22 | 785 |
(4) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
(5) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(6) | 7-day current yield as of December 31, 2023 is disclosed. |
(7) | Discount rate at the time of purchase. |
(8) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
ADR – American Depositary Receipt |
ETF – Exchange-Traded Fund |
MSCI – Morgan Stanley Capital International |
NVDR – Non-Voting Depositary Receipt |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
MSCI Emerging Markets Index (United States Dollar) | 45 | $2,326 | Long | 3/24 | $65 |
At December 31, 2023, the
Fund’s investments were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
United States Dollar | 23.0% |
Indian Rupee | 15.5 |
Korean Won | 13.5 |
Taiwan Dollar | 10.2 |
Hong Kong Dollar | 8.8 |
All other currencies less than 5% | 29.6 |
Total Investments | 100.6 |
Liabilities less Other Assets | (0.6) |
Net Assets | 100.0% |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2023 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 December 31, 2023 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 December 31, 2023:
EQUITY FUNDS 3 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Brazil | $5,184 | $6,113 | $— | $11,297 |
China | 5,258 | 14,392 | — | 19,650 |
Egypt | 1,446 | — | — | 1,446 |
India | 2,371 | 21,895 | — | 24,266 |
Italy | 301 | — | — | 301 |
Mexico | 7,843 | — | — | 7,843 |
Peru | 2,540 | — | — | 2,540 |
Saudi Arabia | 2,247 | — | — | 2,247 |
Taiwan | 329 | 13,967 | — | 14,296 |
United States | 4,852 | 389 | — | 5,241 |
Zambia | 182 | — | — | 182 |
All Other Countries(1) | — | 43,617 | — | 43,617 |
Total Common Stocks | 32,553 | 100,373 | — | 132,926 |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Preferred Stocks: | ||||
Brazil | $2,730 | $— | $— | $2,730 |
South Korea | — | 471 | — | 471 |
Total Preferred Stocks | 2,730 | 471 | — | 3,201 |
Rights | 1 | — | — | 1 |
Investment Companies | 6,296 | — | — | 6,296 |
Short-Term Investments | — | 79 | — | 79 |
Total Investments | $41,580 | $100,923 | $— | $142,503 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $65 | $— | $— | $65 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $3,597 | $112,080 | $111,005 | $174 | $4,672 | $4,671,513 |
NORTHERN FUNDS QUARTERLY REPORT 4 EQUITY FUNDS
Schedule of Investments |
ACTIVE M INTERNATIONAL EQUITY FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1) | ||
Australia – 0.8% | ||
AGL Energy Ltd. | 29,777 | $193 |
ALS Ltd. | 21,953 | 192 |
Beach Energy Ltd. | 179,474 | 195 |
Champion Iron Ltd. | 42,080 | 239 |
Charter Hall Group | 24,376 | 199 |
CSR Ltd. | 48,724 | 219 |
GrainCorp. Ltd., Class A | 32,453 | 161 |
JB Hi-Fi Ltd. | 7,722 | 279 |
OceanaGold Corp. | 140,759 | 270 |
Rio Tinto PLC | 6,346 | 471 |
Seven Group Holdings Ltd. | 16,084 | 403 |
Super Retail Group Ltd. | 28,009 | 300 |
Technology One Ltd. | 31,611 | 330 |
Ventia Services Group Pty. Ltd. | 102,574 | 219 |
3,670 | ||
Austria – 0.6% | ||
ams-OSRAM A.G.* | 178,777 | 451 |
Erste Group Bank A.G. | 28,460 | 1,155 |
Mondi PLC | 45,541 | 890 |
2,496 | ||
Belgium – 0.7% | ||
Ageas S.A./N.V. | 18,994 | 826 |
Anheuser-Busch InBev S.A./N.V. | 25,850 | 1,670 |
Proximus S.A.DP | 55,690 | 523 |
3,019 | ||
Brazil – 2.2% | ||
Atacadao S.A. | 217,457 | 555 |
Cia de Saneamento Basico do Estado de Sao Paulo S.A.B.ESP* | 46,854 | 716 |
MercadoLibre, Inc.* | 4,583 | 7,202 |
Telefonica Brasil S.A. | 96,803 | 1,064 |
Ultrapar Participacoes S.A. | 50,230 | 272 |
9,809 | ||
Burkina Faso – 0.1% | ||
Endeavour Mining PLC | 27,997 | 629 |
Canada – 5.1% | ||
Alamos Gold, Inc., Class A | 30,630 | 412 |
Alimentation Couche-Tard, Inc. | 16,497 | 972 |
ARC Resources Ltd. | 29,957 | 445 |
ATS Corp.* | 6,336 | 273 |
Barrick Gold Corp. | 53,021 | 958 |
Boardwalk Real Estate Investment Trust | 8,055 | 434 |
Bombardier, Inc., Class B* | 4,999 | 201 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
Canada – 5.1%continued | ||
Canadian Natural Resources Ltd. | 38,989 | $2,554 |
Canadian Pacific Kansas City Ltd. | 86,198 | 6,815 |
Canadian Pacific Kansas City Ltd. (Toronto Exchange) | 15,147 | 1,198 |
Celestica, Inc.* | 24,811 | 727 |
Dundee Precious Metals, Inc. | 44,670 | 286 |
Element Fleet Management Corp. | 18,527 | 301 |
EQB, Inc. | 3,668 | 242 |
Finning International, Inc. | 16,231 | 469 |
Headwater Exploration, Inc. | 64,758 | 305 |
Kinaxis, Inc.* | 1,599 | 179 |
NuVista Energy Ltd.* | 29,859 | 249 |
Parex Resources, Inc. | 15,764 | 297 |
Shopify, Inc., Class A* | 21,821 | 1,700 |
Stella-Jones, Inc. | 7,368 | 429 |
Superior Plus Corp. | 23,562 | 171 |
Thomson Reuters Corp. | 19,731 | 2,885 |
TransAlta Corp. | 18,308 | 152 |
Tricon Residential, Inc. | 23,121 | 210 |
Whitecap Resources, Inc. | 40,534 | 271 |
23,135 | ||
Chile – 0.0% | ||
Lundin Mining Corp. | 22,523 | 184 |
China – 0.4% | ||
Alibaba Group Holding Ltd. | 60,201 | 582 |
Baidu, Inc., Class A* | 7,476 | 111 |
Dongfeng Motor Group Co. Ltd., Class H | 447,848 | 223 |
Tencent Holdings Ltd. | 19,900 | 752 |
1,668 | ||
Denmark – 2.1% | ||
Bavarian Nordic A/S* | 10,553 | 278 |
ISS A/S | 10,338 | 197 |
Jyske Bank A/S (Registered) | 4,679 | 335 |
Novo Nordisk A/S, Class B | 78,851 | 8,156 |
Pandora A/S | 2,722 | 376 |
ROCKWOOL A/S, Class B | 849 | 249 |
9,591 | ||
Finland – 0.3% | ||
Konecranes OYJ | 7,604 | 342 |
Nokia OYJ | 199,550 | 686 |
TietoEVRY OYJ (Cboe DXE Exchange) | 7,383 | 176 |
1,204 |
EQUITY FUNDS 5 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
France – 9.8% | ||
Accor S.A. | 10,012 | $383 |
Air Liquide S.A. | 4,816 | 937 |
Alstom S.A. | 142,895 | 1,924 |
Arkema S.A. | 4,992 | 568 |
AXA S.A. | 98,826 | 3,226 |
BNP Paribas S.A. | 29,451 | 2,041 |
Carrefour S.A. | 108,648 | 1,989 |
Cie de Saint-Gobain S.A. | 18,889 | 1,397 |
Danone S.A. | 32,728 | 2,123 |
Dassault Systemes S.E. | 8,499 | 416 |
Eiffage S.A. | 4,183 | 449 |
Elis S.A. | 18,881 | 395 |
Engie S.A. | 103,356 | 1,817 |
Ipsen S.A. | 2,199 | 262 |
Kering S.A. | 4,795 | 2,128 |
Klepierre S.A. | 16,097 | 440 |
La Francaise des Jeux S.A.E.M. | 5,056 | 184 |
L'Oreal S.A. | 6,883 | 3,422 |
LVMH Moet Hennessy Louis Vuitton S.E. | 4,897 | 3,972 |
Orange S.A. | 90,707 | 1,032 |
Renault S.A. | 25,345 | 1,037 |
Rexel S.A. | 16,832 | 463 |
Safran S.A. | 21,518 | 3,796 |
Societe Generale S.A. | 50,320 | 1,342 |
Sopra Steria Group S.A.CA | 2,199 | 481 |
SPIE S.A. | 12,334 | 387 |
Technip Energies N.V. | 12,638 | 295 |
Teleperformance S.E. | 9,265 | 1,354 |
TotalEnergies S.E. | 36,450 | 2,476 |
Valeo S.E. | 89,085 | 1,377 |
Vallourec SACA* | 21,441 | 333 |
Verallia S.A. | 5,235 | 202 |
Vinci S.A. | 7,503 | 942 |
Virbac S.A.CA | 575 | 228 |
43,818 | ||
Germany – 6.0% | ||
adidas A.G. | 7,040 | 1,432 |
AIXTRON S.E. | 12,558 | 536 |
Allianz S.E. (Registered) | 5,845 | 1,561 |
Aurubis A.G. | 3,067 | 251 |
BASF S.E. | 22,153 | 1,193 |
Bayer A.G. (Registered) | 15,431 | 573 |
Bechtle A.G. | 7,039 | 353 |
CECONOMY A.G.* | 49,899 | 136 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
Germany – 6.0%continued | ||
Continental A.G. | 8,200 | $697 |
CTS Eventim A.G. & Co. KGaA | 4,421 | 305 |
Daimler Truck Holding A.G. | 32,907 | 1,236 |
Deutsche Telekom A.G. (Registered) | 92,517 | 2,222 |
Encavis A.G.* | 12,871 | 222 |
Evonik Industries A.G. | 41,949 | 857 |
Freenet A.G. | 11,809 | 330 |
Fresenius S.E. & Co. KGaA | 34,418 | 1,068 |
GEA Group A.G. | 7,888 | 328 |
Gerresheimer A.G. | 2,921 | 304 |
Heidelberg Materials A.G. | 17,625 | 1,575 |
HUGO BOSS A.G. | 4,830 | 360 |
Infineon Technologies A.G. | 12,763 | 532 |
KION Group A.G. | 4,504 | 192 |
Mercedes-Benz Group A.G. | 8,368 | 578 |
Rheinmetall A.G. | 659 | 209 |
RTL Group S.A. | 9,602 | 371 |
RWE A.G. | 26,057 | 1,185 |
SAP S.E. | 30,593 | 4,706 |
Scout24 S.E. | 3,705 | 262 |
Siemens Healthineers A.G.(2) | 43,331 | 2,518 |
SMA Solar Technology A.G.* | 2,360 | 158 |
TAG Immobilien A.G.* | 31,186 | 454 |
TeamViewer S.E.* | 11,644 | 180 |
26,884 | ||
Hong Kong – 1.0% | ||
CK Asset Holdings Ltd. | 134,159 | 671 |
Kerry Properties Ltd. | 79,500 | 145 |
Link REIT | 42,800 | 239 |
Prudential PLC | 208,976 | 2,353 |
United Laboratories International Holdings (The) Ltd. | 252,000 | 226 |
WH Group Ltd.(2) | 982,829 | 634 |
4,268 | ||
India – 1.1% | ||
HDFC Bank Ltd. | 71,022 | 1,457 |
ICICI Bank Ltd. ADR | 141,103 | 3,364 |
4,821 | ||
Ireland – 0.8% | ||
AIB Group PLC | 291 | 1 |
AIB Group PLC (London Exchange) | 152,541 | 648 |
Bank of Ireland Group PLC | 58,395 | 529 |
NORTHERN FUNDS QUARTERLY
REPORT 6 EQUITY FUNDS
Schedule of Investments |
ACTIVE M INTERNATIONAL EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
Ireland – 0.8%continued | ||
Bank of Ireland Group PLC (London Stock Exchange) | 75,112 | $683 |
Dalata Hotel Group PLC | 52,930 | 270 |
Glanbia PLC | 21,986 | 361 |
Ryanair Holdings PLC ADR* | 7,402 | 987 |
3,479 | ||
Israel – 0.1% | ||
Perion Network Ltd.* | 14,782 | 456 |
Italy – 3.9% | ||
Banco BPM S.p.A. | 78,380 | 414 |
BPER Banca | 223,380 | 747 |
Brunello Cucinelli S.p.A. | 2,134 | 209 |
Buzzi S.p.A. | 12,522 | 381 |
Coca-Cola HBC A.G. - CDI* | 13,636 | 400 |
Enel S.p.A. | 318,026 | 2,367 |
Eni S.p.A. | 115,864 | 1,967 |
ERG S.p.A. | 5,809 | 185 |
Ferrari N.V. | 16,900 | 5,696 |
Iren S.p.A. | 101,250 | 221 |
Leonardo S.p.A. | 16,756 | 276 |
Saras S.p.A. | 131,295 | 235 |
UniCredit S.p.A. | 156,925 | 4,257 |
17,355 | ||
Japan – 11.4% | ||
Adastria Co. Ltd. | 9,500 | 234 |
Advantest Corp. | 79,600 | 2,741 |
Alfresa Holdings Corp. | 22,043 | 374 |
Alps Alpine Co. Ltd. | 54,839 | 476 |
Amada Co. Ltd. | 57,440 | 597 |
Asics Corp. | 7,100 | 221 |
BayCurrent Consulting, Inc. | 6,200 | 217 |
BIPROGY, Inc. | 8,000 | 250 |
Citizen Watch Co. Ltd. | 36,100 | 215 |
Credit Saison Co. Ltd. | 18,300 | 336 |
Daicel Corp. | 37,300 | 360 |
Daido Steel Co. Ltd. | 46,500 | 493 |
Daihen Corp. | 6,700 | 306 |
Dai-ichi Life Holdings, Inc. | 48,929 | 1,039 |
DeNA Co. Ltd. | 24,690 | 241 |
DMG Mori Co. Ltd. | 10,000 | 191 |
Ebara Corp. | 5,600 | 330 |
Eisai Co. Ltd. | 5,086 | 254 |
FANUC Corp. | 63,700 | 1,874 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
Japan – 11.4%continued | ||
Fuji Soft, Inc. | 8,100 | $339 |
Fujikura Ltd. | 36,500 | 280 |
Fuyo General Lease Co. Ltd. | 2,800 | 243 |
Goldwin, Inc. | 2,300 | 165 |
Hakuhodo DY Holdings, Inc. | 49,010 | 374 |
Hino Motors Ltd.* | 65,974 | 216 |
Hitachi Zosen Corp. | 24,600 | 163 |
Honda Motor Co. Ltd. | 31,573 | 326 |
Horiba Ltd. | 3,400 | 265 |
INFRONEER Holdings, Inc. | 30,500 | 303 |
Internet Initiative Japan, Inc. | 25,600 | 522 |
Invincible Investment Corp. | 532 | 230 |
Isuzu Motors Ltd. | 64,174 | 823 |
J Front Retailing Co. Ltd. | 26,400 | 240 |
Japan Airlines Co. Ltd. | 26,983 | 531 |
Jeol Ltd. | 7,400 | 323 |
JGC Holdings Corp. | 49,160 | 566 |
Kaneka Corp. | 6,800 | 172 |
KDX Realty Investment Corp. | 153 | 174 |
Keyence Corp. | 7,420 | 3,253 |
Kirin Holdings Co. Ltd. | 57,883 | 847 |
Kubota Corp. | 78,710 | 1,181 |
Lasertec Corp. | 1,915 | 500 |
Makita Corp. | 26,687 | 734 |
Mebuki Financial Group, Inc. | 98,400 | 298 |
Mitsubishi Estate Co. Ltd. | 59,960 | 824 |
Mitsubishi Gas Chemical Co., Inc. | 35,600 | 570 |
Mitsubishi UFJ Financial Group, Inc. | 120,464 | 1,037 |
Morinaga Milk Industry Co. Ltd. | 10,200 | 197 |
MS&AD Insurance Group Holdings, Inc. | 30,895 | 1,212 |
Murata Manufacturing Co. Ltd. | 95,700 | 2,021 |
Nakanishi, Inc. | 13,700 | 230 |
Nichicon Corp. | 21,600 | 198 |
Nikon Corp. | 33,346 | 329 |
Nippon Accommodations Fund, Inc. | 41 | 175 |
Nippon Television Holdings, Inc. | 30,662 | 334 |
Nissan Motor Co. Ltd. | 228,408 | 892 |
Nissui Corp. | 57,000 | 307 |
Nomura Holdings, Inc. | 67,503 | 304 |
Ono Pharmaceutical Co. Ltd. | 35,028 | 626 |
Park24 Co. Ltd.* | 22,600 | 289 |
Rengo Co. Ltd. | 47,500 | 316 |
Resona Holdings, Inc. | 143,267 | 726 |
EQUITY FUNDS 7 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
Japan – 11.4%continued | ||
Resorttrust, Inc. | 11,400 | $197 |
Round One Corp. | 55,300 | 218 |
Sankyo Co. Ltd. | 6,700 | 390 |
Sankyu, Inc. | 6,000 | 220 |
Santen Pharmaceutical Co. Ltd. | 33,300 | 331 |
Sanwa Holdings Corp. | 23,200 | 351 |
Seven & i Holdings Co. Ltd. | 26,000 | 1,030 |
Shimamura Co. Ltd. | 2,800 | 313 |
Socionext, Inc. | 8,500 | 153 |
Stanley Electric Co. Ltd. | 27,509 | 515 |
Subaru Corp. | 35,892 | 655 |
Sumitomo Bakelite Co. Ltd. | 4,600 | 241 |
Sumitomo Electric Industries Ltd. | 68,603 | 871 |
Sumitomo Forestry Co. Ltd. | 9,200 | 273 |
Sumitomo Heavy Industries Ltd. | 16,743 | 421 |
Sumitomo Mitsui Financial Group, Inc. | 11,500 | 560 |
Sumitomo Mitsui Trust Holdings, Inc. | 61,594 | 1,181 |
Sumitomo Rubber Industries Ltd. | 38,801 | 420 |
T&D Holdings, Inc. | 90,151 | 1,431 |
Taiheiyo Cement Corp. | 15,871 | 326 |
Takeda Pharmaceutical Co. Ltd. | 74,822 | 2,148 |
Takeuchi Manufacturing Co. Ltd. | 9,900 | 300 |
THK Co. Ltd. | 28,406 | 555 |
Tokai Carbon Co. Ltd. | 24,700 | 179 |
Tokyo Seimitsu Co. Ltd. | 6,200 | 379 |
Tokyo Tatemono Co. Ltd. | 18,000 | 269 |
Tokyu Fudosan Holdings Corp. | 29,300 | 186 |
Toyo Suisan Kaisha Ltd. | 6,400 | 330 |
Toyo Tire Corp. | 18,300 | 305 |
Toyoda Gosei Co. Ltd. | 13,200 | 247 |
Tsuruha Holdings, Inc. | 6,197 | 567 |
Yamaguchi Financial Group, Inc. | 33,500 | 299 |
Yamato Holdings Co. Ltd. | 53,150 | 981 |
51,246 | ||
Jersey – 0.1% | ||
Arcadium Lithium PLC - CDI* | 29,903 | 228 |
Jordan – 0.1% | ||
Hikma Pharmaceuticals PLC | 12,353 | 282 |
Macau – 0.0% | ||
MGM China Holdings Ltd.* | 131,200 | 166 |
Malaysia – 0.1% | ||
CIMB Group Holdings Bhd. | 387,579 | 493 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
Mexico – 0.1% | ||
Fresnillo PLC | 42,029 | $318 |
Netherlands – 7.2% | ||
ABN AMRO Bank N.V. - C.V.A. | 73,363 | 1,102 |
Adyen N.V.* | 3,937 | 5,075 |
Akzo Nobel N.V. | 24,345 | 2,012 |
ASM International N.V. | 7,892 | 4,110 |
ASML Holding N.V. | 1,831 | 1,382 |
ASML Holding N.V. (Registered) | 5,065 | 3,834 |
ASR Nederland N.V. | 9,239 | 437 |
BE Semiconductor Industries N.V. | 3,227 | 486 |
Euronext N.V. | 3,013 | 262 |
Fugro N.V.* | 20,160 | 386 |
ING Groep N.V. | 178,714 | 2,675 |
Koninklijke Philips N.V.* | 151,951 | 3,549 |
NN Group N.V. | 25,955 | 1,027 |
OCI N.V. | 7,844 | 228 |
Pharming Group N.V.* | 163,568 | 186 |
Shell PLC | 102,685 | 3,336 |
Shell PLC (CBOE Exchange) | 63,964 | 2,102 |
VEON Ltd. ADR* | 6,908 | 136 |
32,325 | ||
Norway – 0.1% | ||
Norsk Hydro ASA | 19,067 | 128 |
Seadrill Ltd.* | 4,997 | 235 |
363 | ||
Russia – 0.0% | ||
Gazprom PJSC ADR(3) * | 54,380 | — |
LUKOIL PJSC ADR(3) * | 4,766 | — |
Mobile TeleSystems PJSC ADR(3) (4) * | 64,508 | — |
Sberbank of Russia PJSC(3) (4) | 186,456 | — |
— | ||
Singapore – 0.3% | ||
Frasers Logistics & Commercial Trust | 201,200 | 175 |
Sembcorp Industries Ltd. | 97,500 | 392 |
United Overseas Bank Ltd. | 44,800 | 964 |
1,531 | ||
South Africa – 0.3% | ||
Anglo American PLC | 23,501 | 590 |
MTN Group Ltd. | 71,706 | 452 |
Old Mutual Ltd. | 705,486 | 504 |
1,546 |
NORTHERN FUNDS QUARTERLY
REPORT 8 EQUITY FUNDS
Schedule of Investments |
ACTIVE M INTERNATIONAL EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
South Korea – 2.9% | ||
Classys, Inc. | 10,235 | $298 |
Coway Co. Ltd. | 10,568 | 468 |
Dentium Co. Ltd. | 2,813 | 285 |
Hankook Tire & Technology Co. Ltd. | 14,778 | 519 |
Hanmi Pharm Co. Ltd. | 1,019 | 279 |
HD Hyundai Electric Co. Ltd. | 2,953 | 188 |
Hyundai Mobis Co. Ltd. | 5,468 | 1,001 |
JYP Entertainment Corp. | 3,013 | 236 |
KB Financial Group, Inc. | 29,833 | 1,248 |
KT Corp. ADR | 68,833 | 925 |
LEENO Industrial, Inc. | 1,221 | 191 |
LOTTE Fine Chemical Co. Ltd. | 4,592 | 206 |
NongShim Co. Ltd. | 503 | 159 |
Samsung Electronics Co. Ltd. | 69,968 | 4,255 |
Samsung Engineering Co. Ltd.* | 14,010 | 314 |
Shinhan Financial Group Co. Ltd. | 43,277 | 1,345 |
SK Hynix, Inc. | 7,892 | 862 |
SOLUM Co. Ltd.* | 11,265 | 238 |
Youngone Corp. | 5,315 | 188 |
13,205 | ||
Spain – 1.4% | ||
Acerinox S.A. | 26,056 | 306 |
Aena S.M.E. S.A. | 7,528 | 1,367 |
Amadeus IT Group S.A. | 31,535 | 2,262 |
Bankinter S.A. | 63,094 | 404 |
Cia de Distribucion Integral Logista Holdings S.A. | 9,532 | 258 |
Iberdrola S.A. | 72,475 | 948 |
Indra Sistemas S.A. | 14,412 | 223 |
Laboratorios Farmaceuticos Rovi S.A. | 4,560 | 304 |
Merlin Properties Socimi S.A. | 38,704 | 429 |
6,501 | ||
Sweden – 2.8% | ||
Assa Abloy AB, Class B | 19,981 | 576 |
Atlas Copco AB, Class A | 144,218 | 2,483 |
Avanza Bank Holding AB | 10,072 | 233 |
Evolution AB | 50,213 | 6,010 |
Loomis AB | 6,471 | 172 |
Sandvik AB | 4,659 | 101 |
SKF AB, Class B | 69,694 | 1,392 |
Storskogen Group AB, Class B | 187,764 | 174 |
Telefonaktiebolaget LM Ericsson, Class B | 157,612 | 996 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
Sweden – 2.8%continued | ||
Trelleborg AB, Class B | 10,567 | $354 |
Wihlborgs Fastigheter AB | 28,147 | 265 |
12,756 | ||
Switzerland – 3.9% | ||
Accelleron Industries A.G. | 7,039 | 220 |
Adecco Group A.G. (Registered) | 28,125 | 1,384 |
Baloise Holding A.G. (Registered) | 1,286 | 202 |
Bucher Industries A.G. (Registered) | 471 | 198 |
Cie Financiere Richemont S.A., Class A (Registered) | 7,302 | 1,007 |
Flughafen Zurich A.G. (Registered) | 1,241 | 259 |
Galenica A.G. | 4,567 | 395 |
Julius Baer Group Ltd. | 4,675 | 263 |
Logitech International S.A. (Registered) | 1,523 | 145 |
Novartis A.G. (Registered) | 37,545 | 3,791 |
PSP Swiss Property A.G. (Registered) | 3,623 | 507 |
Sandoz Group A.G.* | 4,641 | 150 |
Siegfried Holding A.G. (Registered)* | 415 | 424 |
Sulzer A.G. (Registered) | 3,292 | 336 |
Swatch Group (The) A.G. (Bearer) | 4,025 | 1,097 |
Swissquote Group Holding S.A. (Registered) | 1,711 | 417 |
Temenos A.G. (Registered) | 17,172 | 1,603 |
UBS Group A.G. (Registered) | 159,229 | 4,946 |
17,344 | ||
Taiwan – 0.2% | ||
Catcher Technology Co. Ltd. | 85,376 | 539 |
Hon Hai Precision Industry Co. Ltd. | 165,931 | 564 |
1,103 | ||
Thailand – 0.2% | ||
Kasikornbank PCL (Registered) | 120,364 | 480 |
Kasikornbank PCL NVDR | 162,445 | 642 |
1,122 | ||
United Kingdom – 13.8% | ||
4imprint Group PLC | 4,893 | 284 |
AstraZeneca PLC | 42,286 | 5,695 |
Babcock International Group PLC | 74,409 | 374 |
BAE Systems PLC | 304,073 | 4,302 |
Balfour Beatty PLC | 62,567 | 264 |
Barclays PLC | 1,334,090 | 2,599 |
Beazley PLC | 37,387 | 248 |
Berkeley Group Holdings PLC | 12,869 | 767 |
BP PLC | 749,005 | 4,426 |
EQUITY FUNDS 9 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
United Kingdom – 13.8%continued | ||
British American Tobacco PLC | 116,461 | $3,399 |
British Land (The) Co. PLC | 116,634 | 591 |
BT Group PLC | 483,669 | 760 |
Bunzl PLC | 40,066 | 1,626 |
Burberry Group PLC | 34,857 | 633 |
CK Hutchison Holdings Ltd. | 142,759 | 768 |
Compass Group PLC | 127,807 | 3,492 |
Computacenter PLC | 12,503 | 444 |
ConvaTec Group PLC | 83,527 | 260 |
Croda International PLC | 6,068 | 390 |
CVS Group PLC | 11,159 | 239 |
DCC PLC | 2,662 | 195 |
Diageo PLC | 57,839 | 2,100 |
Dowlais Group PLC | 134,686 | 183 |
Drax Group PLC | 26,194 | 164 |
Dunelm Group PLC | 11,916 | 166 |
easyJet PLC* | 166,155 | 1,079 |
Harbour Energy PLC | 48,846 | 192 |
IG Group Holdings PLC | 32,482 | 316 |
IMI PLC | 11,017 | 236 |
Inchcape PLC | 32,198 | 293 |
J Sainsbury PLC | 122,732 | 472 |
JET2 PLC | 13,730 | 218 |
Kingfisher PLC | 384,900 | 1,191 |
Land Securities Group PLC | 53,991 | 483 |
Legal & General Group PLC | 345,688 | 1,102 |
LondonMetric Property PLC | 91,145 | 222 |
Man Group PLC/Jersey | 102,631 | 304 |
Marks & Spencer Group PLC | 123,086 | 427 |
Moneysupermarket.com Group PLC | 78,420 | 279 |
NatWest Group PLC | 245,785 | 686 |
OSB Group PLC | 57,177 | 337 |
Playtech PLC* | 30,723 | 175 |
QinetiQ Group PLC | 48,834 | 192 |
Reckitt Benckiser Group PLC | 38,671 | 2,668 |
RELX PLC | 11,956 | 474 |
RELX PLC (London Stock Exchange) | 26,300 | 1,041 |
Rolls-Royce Holdings PLC* | 1,163,701 | 4,432 |
Safestore Holdings PLC | 28,003 | 314 |
Sage Group (The) PLC | 274,100 | 4,089 |
Segro PLC | 44,628 | 502 |
Serco Group PLC | 156,475 | 322 |
Spectris PLC | 5,462 | 262 |
Standard Chartered PLC | 180,688 | 1,528 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.2% (1)continued | ||
United Kingdom – 13.8%continued | ||
Tate & Lyle PLC | 21,655 | $182 |
Taylor Wimpey PLC | 137,456 | 257 |
Tritax Big Box REIT PLC | 104,933 | 225 |
Unilever PLC | 36,427 | 1,763 |
Virgin Money UK PLC | 96,625 | 202 |
Weir Group (The) PLC | 9,074 | 218 |
WPP PLC | 123,392 | 1,173 |
62,225 | ||
United States – 15.3% | ||
Accenture PLC, Class A | 11,706 | 4,108 |
Aon PLC, Class A | 22,500 | 6,548 |
Arch Capital Group Ltd.* | 44,246 | 3,286 |
Atlassian Corp., Class A* | 23,987 | 5,706 |
CSL Ltd. | 3,519 | 686 |
EPAM Systems, Inc.* | 7,269 | 2,161 |
Experian PLC | 107,023 | 4,361 |
Ferguson PLC | 21,135 | 4,054 |
Globant S.A.* | 3,760 | 895 |
GSK PLC | 220,797 | 4,078 |
Holcim A.G.* | 10,535 | 827 |
ICON PLC* | 37,123 | 10,508 |
IMAX Corp.* | 9,812 | 147 |
International Game Technology PLC | 9,703 | 266 |
Linde PLC | 6,771 | 2,781 |
Medtronic PLC | 26,795 | 2,207 |
Nestle S.A. (Registered) | 28,214 | 3,266 |
Roche Holding A.G. (Genusschein) | 9,038 | 2,620 |
Sanofi S.A. | 13,391 | 1,328 |
Schneider Electric S.E. | 13,208 | 2,660 |
STERIS PLC | 14,801 | 3,254 |
Waste Connections, Inc. | 19,958 | 2,979 |
68,726 | ||
Total Common Stocks | ||
(Cost $329,211) | 427,966 | |
PREFERRED STOCKS – 1.0% (1) | ||
Brazil – 0.5% | ||
Banco Bradesco S.A. ADR* | 495,469 | 1,734 |
Raizen S.A., 0.66%(5) | 694,000 | 575 |
2,309 |
NORTHERN FUNDS QUARTERLY
REPORT 10 EQUITY FUNDS
Schedule of Investments |
ACTIVE M INTERNATIONAL EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
PREFERRED STOCKS – 1.0% (1)continued | ||
Germany – 0.5% | ||
Henkel A.G. & Co. KGaA, 2.57%(5) | 10,190 | $819 |
Volkswagen A.G., 8.25%(5) | 9,940 | 1,227 |
2,046 | ||
Total Preferred Stocks | ||
(Cost $3,760) | 4,355 | |
INVESTMENT COMPANIES – 3.2% | ||
iShares Core MSCI EAFE ETF | 4,697 | 330 |
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(6) (7) | 13,647,611 | 13,648 |
Vanguard FTSE Developed Markets ETF | 5,336 | 256 |
Total Investment Companies | ||
(Cost $14,179) | 14,234 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.0% | ||
U.S. Treasury Bill, | ||
5.25%, 4/11/24(8) (9) | $235 | $232 |
Total Short-Term Investments | ||
(Cost $232) | 232 | |
Total Investments – 99.4% | ||
(Cost $347,382) | 446,787 | |
Other Assets less Liabilities – 0.6% | 2,496 | |
Net Assets – 100.0% | $449,283 |
(1) | Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities. |
(2) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(3) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(4) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of these restricted illiquid securities amounted to approximately $0 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Mobile TeleSystems PJSC ADR | 1/28/22-2/11/22 | $498 |
Sberbank of Russia PJSC | 1/3/19-11/25/20 | 625 |
(5) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
(6) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(7) | 7-day current yield as of December 31, 2023 is disclosed. |
(8) | Discount rate at the time of purchase. |
(9) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
ADR – American Depositary Receipt |
CDI – CREST Depository Interest |
EAFE – Europe, Australasia and the Far East |
ETF – Exchange-Traded Fund |
FTSE – Financial Times Stock Exchange |
MSCI – Morgan Stanley Capital International |
NVDR – Non-Voting Depositary Receipt |
REIT – Real Estate Investment Trust |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
MSCI EAFE Index (United States Dollar) | 62 | $6,982 | Long | 3/24 | $224 |
At December 31, 2023, the
Fund’s investments were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
Euro | 29.7% |
United States Dollar | 19.2 |
British Pound | 18.3 |
Japanese Yen | 11.4 |
Swiss Franc | 5.5 |
All other currencies less than 5% | 15.3 |
Total Investments | 99.4 |
Other Assets less Liabilities | 0.6 |
Net Assets | 100.0% |
EQUITY FUNDS 11 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
Various inputs are used in determining the value of
the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2023 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 December 31, 2023 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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Australia | $270 | $3,400 | $— | $3,670 |
Brazil | 7,202 | 2,607 | — | 9,809 |
Burkina Faso | 629 | — | — | 629 |
Canada | 23,135 | — | — | 23,135 |
Chile | 184 | — | — | 184 |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
India | $3,364 | $1,457 | $— | $4,821 |
Ireland | 988 | 2,491 | — | 3,479 |
Israel | 456 | — | — | 456 |
Jersey | 228 | — | — | 228 |
Netherlands | 3,970 | 28,355 | — | 32,325 |
South Korea | 925 | 12,280 | — | 13,205 |
United States | 44,846 | 23,880 | — | 68,726 |
All Other Countries(1) | — | 267,299 | — | 267,299 |
Total Common Stocks | 86,197 | 341,769 | — | 427,966 |
Preferred Stocks: | ||||
Brazil | 1,734 | 575 | — | 2,309 |
Germany | — | 2,046 | — | 2,046 |
Total Preferred Stocks | 1,734 | 2,621 | — | 4,355 |
Investment Companies | 14,234 | — | — | 14,234 |
Short-Term Investments | — | 232 | — | 232 |
Total Investments | $102,165 | $344,622 | $— | $446,787 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $224 | $— | $— | $224 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $19,399 | $159,390 | $165,141 | $694 | $13,648 | $13,647,611 |
NORTHERN FUNDS QUARTERLY REPORT 12 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1) | ||
Brazil – 4.0% | ||
Ambev S.A.* | 931,060 | $2,625 |
Atacadao S.A. | 128,900 | 329 |
B3 S.A. - Brasil Bolsa Balcao | 1,142,995 | 3,399 |
Banco Bradesco S.A.* | 316,677 | 991 |
Banco BTG Pactual S.A.* | 231,800 | 1,784 |
Banco do Brasil S.A. | 169,044 | 1,931 |
Banco Santander Brasil S.A. | 70,236 | 462 |
BB Seguridade Participacoes S.A. | 137,901 | 954 |
CCR S.A. | 200,200 | 583 |
Centrais Eletricas Brasileiras S.A. | 238,300 | 2,053 |
Cia de Saneamento Basico do Estado de Sao Paulo S.A.B.ESP* | 67,371 | 1,029 |
Cia Siderurgica Nacional S.A. | 130,290 | 519 |
Cosan S.A. | 226,788 | 887 |
CPFL Energia S.A. | 39,800 | 315 |
Energisa S/A | 43,000 | 476 |
Eneva S.A.* | 163,900 | 458 |
Engie Brasil Energia S.A. | 40,147 | 374 |
Equatorial Energia S.A.(A Bolsa do Brasil Exchange) | 203,107 | 1,493 |
Hapvida Participacoes e Investimentos S.A.* | 962,384 | 877 |
Hypera S.A.* | 75,058 | 543 |
Klabin S.A. | 140,441 | 642 |
Localiza Rent a Car S.A.* | 179,914 | 2,346 |
Lojas Renner S.A.* | 192,346 | 686 |
Magazine Luiza S.A.* | 581,800 | 264 |
Natura & Co. Holding S.A.* | 177,601 | 610 |
Petroleo Brasileiro S.A. | 731,134 | 5,846 |
PRIO S.A. | 156,800 | 1,481 |
Raia Drogasil S.A. | 253,827 | 1,532 |
Rede D'Or Sao Luiz S.A.* | 114,800 | 676 |
Rumo S.A. | 255,594 | 1,206 |
Sendas Distribuidora S/A | 271,154 | 745 |
Suzano S.A.* | 156,185 | 1,776 |
Telefonica Brasil S.A. | 82,473 | 907 |
TIM S.A. | 155,595 | 574 |
TOTVS S.A.* | 96,955 | 670 |
Ultrapar Participacoes S.A. | 142,648 | 772 |
Vale S.A. | 668,413 | 10,599 |
Vibra Energia S.A.* | 229,300 | 1,072 |
WEG S.A. | 329,748 | 2,562 |
57,048 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Cayman Islands – 0.0% | ||
China Huishan Dairy Holdings Co. Ltd.(2) * | 1,922,380 | $— |
Chile – 0.4% | ||
Banco de Chile | 8,952,501 | 1,052 |
Banco de Credito e Inversiones S.A. | 14,257 | 386 |
Banco Santander Chile | 12,996,328 | 634 |
Cencosud S.A. | 260,964 | 490 |
Cia Sud Americana de Vapores S.A. | 3,271,831 | 201 |
Empresas CMPC S.A. | 212,116 | 409 |
Empresas Copec S.A. | 80,019 | 582 |
Enel Americas S.A. | 4,233,397 | 469 |
Enel Chile S.A. | 5,153,529 | 333 |
Falabella S.A.* | 177,706 | 444 |
Latam Airlines Group S.A.* | 37,532,161 | 407 |
5,407 | ||
China – 25.6% | ||
360 Security Technology, Inc., Class A* | 89,800 | 114 |
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 24,100 | 64 |
3peak, Inc., Class A | 1,475 | 30 |
3SBio, Inc.* | 379,000 | 365 |
AAC Technologies Holdings, Inc. | 131,000 | 389 |
Accelink Technologies Co. Ltd., Class A | 11,600 | 46 |
ACM Research Shanghai, Inc., Class A | 3,200 | 47 |
Advanced Micro-Fabrication Equipment, Inc. China, Class A | 7,398 | 160 |
AECC Aero-Engine Control Co. Ltd., Class A | 19,700 | 55 |
AECC Aviation Power Co. Ltd., Class A | 23,400 | 123 |
Agricultural Bank of China Ltd., Class A | 1,012,900 | 520 |
Agricultural Bank of China Ltd., Class H | 5,445,367 | 2,093 |
Aier Eye Hospital Group Co. Ltd., Class A | 99,776 | 222 |
AIMA Technology Group Co. Ltd., Class A | 12,600 | 44 |
Air China Ltd., Class A* | 125,200 | 130 |
Air China Ltd., Class H* | 406,705 | 257 |
Airtac International Group | 27,765 | 912 |
Akeso, Inc.* | 101,000 | 599 |
Alibaba Group Holding Ltd. | 3,195,480 | 30,882 |
Alibaba Health Information Technology Ltd.* | 1,064,000 | 576 |
Aluminum Corp. of China Ltd., Class A | 145,900 | 116 |
Aluminum Corp. of China Ltd., Class H | 803,435 | 402 |
EQUITY FUNDS 13 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Amlogic Shanghai Co. Ltd., Class A | 6,175 | $54 |
Angel Yeast Co. Ltd., Class A | 9,100 | 45 |
Anhui Conch Cement Co. Ltd., Class A | 47,700 | 152 |
Anhui Conch Cement Co. Ltd., Class H | 232,575 | 541 |
Anhui Gujing Distillery Co. Ltd., Class A | 5,400 | 177 |
Anhui Gujing Distillery Co. Ltd., Class B | 21,200 | 322 |
Anhui Honglu Steel Construction Group Co. Ltd., Class A | 10,280 | 31 |
Anhui Jianghuai Automobile Group Corp. Ltd., Class A* | 21,800 | 50 |
Anhui Kouzi Distillery Co. Ltd., Class A | 9,600 | 61 |
Anhui Yingjia Distillery Co. Ltd., Class A | 9,500 | 89 |
Anjoy Foods Group Co. Ltd., Class A | 4,100 | 61 |
Anker Innovations Technology Co. Ltd., Class A | 4,100 | 51 |
ANTA Sports Products Ltd. | 250,432 | 2,441 |
Apeloa Pharmaceutical Co. Ltd., Class A | 9,400 | 20 |
Asia - Potash International Investment Guangzhou Co. Ltd., Class A* | 11,600 | 43 |
ASR Microelectronics Co. Ltd., Class A* | 4,133 | 41 |
Asymchem Laboratories Tianjin Co. Ltd., Class A | 4,340 | 71 |
Autobio Diagnostics Co. Ltd., Class A | 8,000 | 64 |
Autohome, Inc. ADR | 13,624 | 382 |
Avary Holding Shenzhen Co. Ltd., Class A | 23,000 | 72 |
AVIC Industry-Finance Holdings Co. Ltd., Class A | 128,200 | 56 |
AviChina Industry & Technology Co. Ltd., Class H | 403,313 | 173 |
AVICOPTER PLC, Class A | 9,300 | 50 |
BAIC BluePark New Energy Technology Co. Ltd., Class A* | 53,800 | 46 |
Baidu, Inc., Class A* | 442,832 | 6,581 |
Bank of Beijing Co. Ltd., Class A | 267,900 | 171 |
Bank of Changsha Co. Ltd., Class A | 50,200 | 48 |
Bank of Chengdu Co. Ltd., Class A | 35,500 | 56 |
Bank of China Ltd., Class A | 427,900 | 241 |
Bank of China Ltd., Class H | 15,600,652 | 5,936 |
Bank of Communications Co. Ltd., Class A | 467,300 | 378 |
Bank of Communications Co. Ltd., Class H | 1,728,117 | 1,082 |
Bank of Hangzhou Co. Ltd., Class A | 81,220 | 115 |
Bank of Jiangsu Co. Ltd., Class A | 202,344 | 191 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Bank of Nanjing Co. Ltd., Class A | 129,396 | $135 |
Bank of Ningbo Co. Ltd., Class A | 72,850 | 206 |
Bank of Shanghai Co. Ltd., Class A | 168,471 | 142 |
Bank of Suzhou Co. Ltd., Class A | 26,200 | 24 |
Baoshan Iron & Steel Co. Ltd., Class A | 269,496 | 226 |
BeiGene Ltd.* | 135,734 | 1,891 |
Beijing Dabeinong Technology Group Co. Ltd., Class A | 40,700 | 34 |
Beijing Easpring Material Technology Co. Ltd., Class A | 6,500 | 35 |
Beijing E-Hualu Information Technology Co. Ltd., Class A* | 10,200 | 45 |
Beijing Enlight Media Co. Ltd., Class A | 44,400 | 51 |
Beijing Enterprises Holdings Ltd. | 88,271 | 307 |
Beijing Enterprises Water Group Ltd. | 833,886 | 186 |
Beijing Kingsoft Office Software, Inc., Class A | 5,789 | 258 |
Beijing New Building Materials PLC, Class A | 20,100 | 66 |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 15,500 | 42 |
Beijing Roborock Technology Co. Ltd., Class A | 1,353 | 54 |
Beijing Shiji Information Technology Co. Ltd., Class A* | 17,680 | 24 |
Beijing Tiantan Biological Products Corp. Ltd., Class A | 13,200 | 58 |
Beijing Tongrentang Co. Ltd., Class A | 17,800 | 135 |
Beijing United Information Technology Co. Ltd., Class A | 8,199 | 25 |
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 11,158 | 119 |
Beijing Yanjing Brewery Co. Ltd., Class A | 23,100 | 28 |
Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 589,000 | 408 |
Bethel Automotive Safety Systems Co. Ltd., Class A | 5,800 | 57 |
Betta Pharmaceuticals Co. Ltd., Class A | 6,300 | 46 |
BGI Genomics Co. Ltd., Class A | 900 | 6 |
Bilibili, Inc., Class Z* | 38,611 | 468 |
Bloomage Biotechnology Corp. Ltd., Class A | 4,950 | 47 |
BOC Aviation Ltd. | 37,000 | 283 |
BOC International China Co. Ltd., Class A | 28,600 | 41 |
NORTHERN FUNDS QUARTERLY
REPORT 14 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
BOE Technology Group Co. Ltd., Class A | 372,400 | $205 |
Bosideng International Holdings Ltd. | 698,000 | 313 |
Brilliance China Automotive Holdings Ltd. | 550,000 | 306 |
BTG Hotels Group Co. Ltd., Class A* | 18,600 | 41 |
BYD Co. Ltd., Class A | 20,000 | 558 |
BYD Co. Ltd., Class H | 206,199 | 5,666 |
BYD Electronic International Co. Ltd. | 150,500 | 704 |
By-health Co. Ltd., Class A | 24,200 | 58 |
C&D International Investment Group Ltd. | 138,327 | 294 |
Caitong Securities Co. Ltd., Class A | 58,910 | 64 |
Cambricon Technologies Corp. Ltd., Class A* | 4,731 | 90 |
Canmax Technologies Co. Ltd., Class A | 11,440 | 41 |
Cathay Biotech, Inc., Class A | 7,200 | 56 |
CECEP Solar Energy Co. Ltd., Class A | 45,600 | 36 |
CECEP Wind-Power Corp., Class A | 100,620 | 43 |
CETC Cyberspace Security Technology Co. Ltd., Class A | 12,900 | 41 |
CGN Power Co. Ltd., Class A | 120,800 | 53 |
CGN Power Co. Ltd., Class H | 2,056,000 | 537 |
Changchun High & New Technology Industry Group, Inc., Class A | 5,100 | 105 |
Changjiang Securities Co. Ltd., Class A | 97,000 | 73 |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 4,100 | 76 |
Chaozhou Three-Circle Group Co. Ltd., Class A | 27,200 | 113 |
Chengxin Lithium Group Co. Ltd., Class A | 8,300 | 27 |
Chifeng Jilong Gold Mining Co. Ltd., Class A* | 25,500 | 50 |
China Baoan Group Co. Ltd., Class A | 38,400 | 64 |
China Cinda Asset Management Co. Ltd., Class H | 1,881,000 | 188 |
China CITIC Bank Corp. Ltd., Class H | 1,772,286 | 834 |
China Coal Energy Co. Ltd., Class H | 423,000 | 384 |
China Communications Services Corp. Ltd., Class H | 409,035 | 169 |
China Construction Bank Corp., Class A | 102,900 | 94 |
China Construction Bank Corp., Class H | 18,906,693 | 11,311 |
China CSSC Holdings Ltd., Class A | 56,000 | 232 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
China Eastern Airlines Corp. Ltd., Class A* | 145,900 | $80 |
China Energy Engineering Corp. Ltd., Class A | 430,300 | 128 |
China Everbright Bank Co. Ltd., Class A | 562,500 | 230 |
China Everbright Bank Co. Ltd., Class H | 510,000 | 151 |
China Everbright Environment Group Ltd. | 750,629 | 244 |
China Feihe Ltd. | 641,000 | 350 |
China Film Co. Ltd., Class A* | 28,100 | 48 |
China Galaxy Securities Co. Ltd., Class A | 66,700 | 113 |
China Galaxy Securities Co. Ltd., Class H | 626,500 | 331 |
China Gas Holdings Ltd. | 539,095 | 532 |
China Great Wall Securities Co. Ltd., Class A | 36,100 | 41 |
China Greatwall Technology Group Co. Ltd., Class A | 30,000 | 43 |
China Hongqiao Group Ltd. | 430,500 | 353 |
China International Capital Corp. Ltd., Class A | 32,300 | 173 |
China International Capital Corp. Ltd., Class H | 294,800 | 432 |
China Jushi Co. Ltd., Class A | 51,222 | 71 |
China Life Insurance Co. Ltd., Class A | 35,600 | 142 |
China Life Insurance Co. Ltd., Class H | 1,456,544 | 1,882 |
China Literature Ltd.* | 74,800 | 278 |
China Longyuan Power Group Corp. Ltd., Class H | 670,473 | 508 |
China Medical System Holdings Ltd. | 252,000 | 446 |
China Meheco Co. Ltd., Class A | 22,960 | 36 |
China Mengniu Dairy Co. Ltd.* | 620,870 | 1,679 |
China Merchants Bank Co. Ltd., Class A | 243,879 | 960 |
China Merchants Bank Co. Ltd., Class H | 766,933 | 2,670 |
China Merchants Energy Shipping Co. Ltd., Class A | 109,700 | 91 |
China Merchants Port Holdings Co. Ltd. | 288,067 | 392 |
China Merchants Securities Co. Ltd., Class A | 91,910 | 177 |
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 94,300 | 127 |
China Minsheng Banking Corp. Ltd., Class A | 466,840 | 246 |
EQUITY FUNDS 15 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
China Minsheng Banking Corp. Ltd., Class H | 1,226,154 | $416 |
China National Building Material Co. Ltd., Class H | 804,000 | 343 |
China National Chemical Engineering Co. Ltd., Class A | 73,800 | 66 |
China National Medicines Corp. Ltd., Class A | 11,400 | 46 |
China National Nuclear Power Co. Ltd., Class A | 233,298 | 247 |
China National Software & Service Co. Ltd., Class A | 10,400 | 53 |
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 46,900 | 128 |
China Oilfield Services Ltd., Class H | 358,757 | 367 |
China Overseas Land & Investment Ltd. | 755,195 | 1,338 |
China Overseas Property Holdings Ltd. | 235,000 | 176 |
China Pacific Insurance Group Co. Ltd., Class A | 72,400 | 242 |
China Pacific Insurance Group Co. Ltd., Class H | 530,137 | 1,068 |
China Petroleum & Chemical Corp., Class A | 389,100 | 306 |
China Petroleum & Chemical Corp., Class H | 4,844,628 | 2,547 |
China Power International Development Ltd. | 1,016,000 | 373 |
China Railway Group Ltd., Class A | 257,500 | 207 |
China Railway Group Ltd., Class H | 843,827 | 376 |
China Railway Signal & Communication Corp. Ltd., Class A | 110,341 | 68 |
China Rare Earth Resources And Technology Co. Ltd., Class A | 14,300 | 56 |
China Resources Beer Holdings Co. Ltd. | 318,948 | 1,394 |
China Resources Gas Group Ltd. | 184,858 | 605 |
China Resources Land Ltd. | 631,432 | 2,278 |
China Resources Microelectronics Ltd., Class A | 19,967 | 126 |
China Resources Mixc Lifestyle Services Ltd. | 136,600 | 485 |
China Resources Pharmaceutical Group Ltd. | 318,000 | 209 |
China Resources Power Holdings Co. Ltd. | 383,735 | 768 |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 14,700 | 103 |
China Ruyi Holdings Ltd.* | 1,180,000 | 261 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
China Shenhua Energy Co. Ltd., Class A | 76,000 | $336 |
China Shenhua Energy Co. Ltd., Class H | 665,636 | 2,278 |
China Southern Airlines Co. Ltd., Class A* | 149,900 | 122 |
China Southern Airlines Co. Ltd., Class H* | 278,530 | 118 |
China State Construction Engineering Corp. Ltd., Class A | 487,180 | 331 |
China State Construction International Holdings Ltd. | 363,600 | 420 |
China Taiping Insurance Holdings Co. Ltd. | 259,504 | 223 |
China Three Gorges Renewables Group Co. Ltd., Class A | 290,400 | 179 |
China Tourism Group Duty Free Corp. Ltd., Class A | 21,900 | 258 |
China Tourism Group Duty Free Corp. Ltd., Class H | 24,100 | 236 |
China Tower Corp. Ltd., Class H | 8,774,000 | 920 |
China Traditional Chinese Medicine Holdings Co. Ltd. | 596,000 | 300 |
China United Network Communications Ltd., Class A | 335,800 | 207 |
China Vanke Co. Ltd., Class A | 108,300 | 159 |
China Vanke Co. Ltd., Class H | 419,772 | 387 |
China Yangtze Power Co. Ltd., Class A | 290,800 | 957 |
China Zhenhua Group Science & Technology Co. Ltd., Class A | 5,900 | 49 |
China Zheshang Bank Co. Ltd., Class A | 252,330 | 90 |
Chinasoft International Ltd.* | 542,000 | 415 |
Chongqing Brewery Co. Ltd., Class A | 5,300 | 50 |
Chongqing Changan Automobile Co. Ltd., Class A | 104,368 | 249 |
Chongqing Rural Commercial Bank Co. Ltd., Class A | 136,800 | 79 |
Chongqing Taiji Industry Group Co. Ltd., Class A* | 6,900 | 45 |
Chongqing Zhifei Biological Products Co. Ltd., Class A | 28,850 | 249 |
Chow Tai Fook Jewellery Group Ltd. | 381,800 | 562 |
CITIC Ltd. | 1,147,803 | 1,153 |
CITIC Securities Co. Ltd., Class A | 135,945 | 390 |
CITIC Securities Co. Ltd., Class H | 372,400 | 759 |
CMOC Group Ltd., Class A | 236,400 | 174 |
CMOC Group Ltd., Class H | 735,000 | 403 |
NORTHERN FUNDS QUARTERLY REPORT 16 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
CNGR Advanced Material Co. Ltd., Class A | 7,502 | $52 |
CNPC Capital Co. Ltd., Class A | 68,400 | 52 |
Contemporary Amperex Technology Co. Ltd., Class A | 51,940 | 1,193 |
COSCO SHIPPING Development Co. Ltd., Class A | 118,200 | 39 |
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 35,700 | 62 |
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 266,000 | 251 |
COSCO SHIPPING Holdings Co. Ltd., Class A | 135,580 | 183 |
COSCO SHIPPING Holdings Co. Ltd., Class H | 611,150 | 614 |
COSCO SHIPPING Ports Ltd. | 293,886 | 212 |
Country Garden Holdings Co. Ltd.* | 2,548,886 | 254 |
Country Garden Services Holdings Co. Ltd. | 452,000 | 390 |
CRRC Corp. Ltd., Class A | 287,200 | 213 |
CRRC Corp. Ltd., Class H | 769,000 | 338 |
CSC Financial Co. Ltd., Class A | 53,600 | 178 |
CSPC Innovation Pharmaceutical Co. Ltd., Class A | 12,600 | 65 |
CSPC Pharmaceutical Group Ltd. | 1,755,360 | 1,641 |
CSSC Science & Technology Co. Ltd., Class A | 19,600 | 51 |
Daqin Railway Co. Ltd., Class A | 194,400 | 198 |
Daqo New Energy Corp. ADR* | 10,877 | 289 |
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 17,092 | 60 |
Datang International Power Generation Co. Ltd., Class A | 57,100 | 19 |
DHC Software Co. Ltd., Class A | 4,700 | 4 |
Do-Fluoride New Materials Co. Ltd., Class A | 15,680 | 34 |
Dong-E-E-Jiao Co. Ltd., Class A | 3,800 | 26 |
Dongfang Electric Corp. Ltd., Class A | 31,200 | 64 |
Dongfeng Motor Group Co. Ltd., Class H | 491,169 | 244 |
Dongxing Securities Co. Ltd., Class A | 9,300 | 11 |
East Buy Holding Ltd.* | 90,000 | 320 |
East Money Information Co. Ltd., Class A | 175,424 | 347 |
Eastroc Beverage Group Co. Ltd., Class A | 2,600 | 67 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Ecovacs Robotics Co. Ltd., Class A | 8,100 | $47 |
Empyrean Technology Co. Ltd., Class A | 3,700 | 55 |
ENN Energy Holdings Ltd. | 155,679 | 1,144 |
ENN Natural Gas Co. Ltd., Class A | 31,600 | 75 |
Eoptolink Technology, Inc. Ltd., Class A | 7,700 | 53 |
Eve Energy Co. Ltd., Class A | 19,196 | 114 |
Everbright Securities Co. Ltd., Class A | 44,198 | 96 |
Everdisplay Optronics Shanghai Co. Ltd., Class A* | 140,978 | 48 |
Fangda Carbon New Material Co. Ltd., Class A* | 55,582 | 41 |
Far East Horizon Ltd. | 353,000 | 278 |
Farasis Energy Gan Zhou Co. Ltd., Class A* | 18,760 | 43 |
FAW Jiefang Group Co. Ltd., Class A* | 48,500 | 58 |
First Capital Securities Co. Ltd., Class A | 72,300 | 59 |
Flat Glass Group Co. Ltd., Class A | 23,600 | 89 |
Flat Glass Group Co. Ltd., Class H | 67,000 | 113 |
Focus Media Information Technology Co. Ltd., Class A | 172,400 | 154 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 48,458 | 259 |
Fosun International Ltd. | 428,865 | 252 |
Founder Securities Co. Ltd., Class A | 91,300 | 104 |
Foxconn Industrial Internet Co. Ltd., Class A | 143,800 | 305 |
Fujian Sunner Development Co. Ltd., Class A | 1,400 | 3 |
Fuyao Glass Industry Group Co. Ltd., Class A | 24,792 | 131 |
Fuyao Glass Industry Group Co. Ltd., Class H | 119,200 | 579 |
GalaxyCore, Inc., Class A | 18,282 | 53 |
Ganfeng Lithium Group Co. Ltd., Class A | 17,240 | 104 |
Ganfeng Lithium Group Co. Ltd., Class H | 78,720 | 296 |
G-bits Network Technology Xiamen Co. Ltd., Class A | 1,300 | 45 |
GCL Technology Holdings Ltd. | 4,245,000 | 673 |
GD Power Development Co. Ltd., Class A | 242,200 | 142 |
GDS Holdings Ltd., Class A* | 186,380 | 212 |
Geely Automobile Holdings Ltd. | 1,189,641 | 1,302 |
GEM Co. Ltd., Class A | 14,400 | 11 |
Gemdale Corp., Class A | 56,900 | 35 |
EQUITY FUNDS 17 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Genscript Biotech Corp.* | 232,000 | $589 |
GF Securities Co. Ltd., Class A | 77,893 | 157 |
GF Securities Co. Ltd., Class H | 162,200 | 194 |
Giant Network Group Co. Ltd., Class A | 20,700 | 32 |
GigaDevice Semiconductor, Inc., Class A | 8,880 | 116 |
Ginlong Technologies Co. Ltd., Class A | 4,450 | 44 |
GoerTek, Inc., Class A | 41,300 | 122 |
Goldwind Science & Technology Co. Ltd., Class A | 42,100 | 47 |
Gongniu Group Co. Ltd., Class A | 4,500 | 61 |
GoodWe Technologies Co. Ltd., Class A | 1,993 | 36 |
Gotion High-tech Co. Ltd., Class A* | 24,200 | 73 |
Great Wall Motor Co. Ltd., Class A | 21,600 | 77 |
Great Wall Motor Co. Ltd., Class H | 472,296 | 612 |
Gree Electric Appliances, Inc. of Zhuhai, Class A | 26,600 | 121 |
Greenland Holdings Corp. Ltd., Class A* | 107,900 | 35 |
Greentown China Holdings Ltd. | 240,500 | 245 |
GRG Banking Equipment Co. Ltd., Class A | 9,500 | 16 |
Guangdong Haid Group Co. Ltd., Class A | 22,400 | 142 |
Guangdong HEC Technology Holding Co. Ltd., Class A* | 48,500 | 50 |
Guangdong Investment Ltd. | 568,514 | 413 |
Guanghui Energy Co. Ltd., Class A | 80,900 | 81 |
Guangzhou Automobile Group Co. Ltd., Class A | 68,100 | 84 |
Guangzhou Automobile Group Co. Ltd., Class H | 545,664 | 253 |
Guangzhou Baiyun International Airport Co. Ltd., Class A* | 21,600 | 30 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 10,300 | 42 |
Guangzhou Haige Communications Group, Inc. Co., Class A | 40,500 | 73 |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 7,100 | 63 |
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 8,200 | 53 |
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 22,180 | 78 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A | 37,347 | $32 |
Guolian Securities Co. Ltd., Class A* | 13,800 | 21 |
Guosen Securities Co. Ltd., Class A | 81,200 | 98 |
Guotai Junan Securities Co. Ltd., Class A | 71,400 | 150 |
Guoyuan Securities Co. Ltd., Class A | 39,160 | 38 |
H World Group Ltd. ADR | 40,758 | 1,363 |
Haidilao International Holding Ltd. | 329,000 | 610 |
Haier Smart Home Co. Ltd., Class A | 62,397 | 185 |
Haier Smart Home Co. Ltd., Class H | 490,800 | 1,391 |
Hainan Airlines Holding Co. Ltd., Class A* | 459,200 | 89 |
Hainan Airport Infrastructure Co. Ltd., Class A* | 122,100 | 64 |
Haitian International Holdings Ltd. | 127,000 | 314 |
Haitong Securities Co. Ltd., Class A | 119,900 | 158 |
Haitong Securities Co. Ltd., Class H | 534,033 | 285 |
Hang Zhou Great Star Industrial Co. Ltd., Class A | 15,800 | 50 |
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 40,800 | 42 |
Hangzhou Chang Chuan Technology Co. Ltd., Class A | 8,600 | 46 |
Hangzhou First Applied Material Co. Ltd., Class A | 24,757 | 85 |
Hangzhou Lion Electronics Co. Ltd., Class A | 10,000 | 39 |
Hangzhou Oxygen Plant Group Co. Ltd., Class A | 11,900 | 49 |
Hangzhou Robam Appliances Co. Ltd., Class A | 7,600 | 23 |
Hangzhou Silan Microelectronics Co. Ltd., Class A | 17,200 | 55 |
Hangzhou Tigermed Consulting Co. Ltd., Class A | 1,200 | 9 |
Hansoh Pharmaceutical Group Co. Ltd. | 244,000 | 492 |
Haohua Chemical Science & Technology Co. Ltd., Class A | 11,700 | 50 |
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A | 15,400 | 49 |
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A | 10,500 | 31 |
Heilongjiang Agriculture Co. Ltd., Class A | 30,600 | 52 |
Henan Shenhuo Coal & Power Co. Ltd., Class A | 34,200 | 81 |
NORTHERN FUNDS QUARTERLY REPORT 18 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 34,300 | $129 |
Hengan International Group Co. Ltd. | 124,398 | 465 |
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 23,700 | 45 |
Hengli Petrochemical Co. Ltd., Class A* | 71,260 | 132 |
Hengtong Optic-electric Co. Ltd., Class A | 37,800 | 64 |
Hengyi Petrochemical Co. Ltd., Class A* | 57,330 | 54 |
Hesteel Co. Ltd., Class A | 142,400 | 43 |
Hisense Visual Technology Co. Ltd., Class A | 15,100 | 44 |
Hithink RoyalFlush Information Network Co. Ltd., Class A | 6,100 | 134 |
HLA Group Corp. Ltd., Class A | 53,800 | 56 |
Hongfa Technology Co. Ltd., Class A | 2,880 | 11 |
Horizon Construction Development Ltd.* | 13,074 | 8 |
Hoshine Silicon Industry Co. Ltd., Class A | 10,900 | 78 |
Hoymiles Power Electronics, Inc., Class A | 1,601 | 61 |
Hoyuan Green Energy Co. Ltd., Class A | 6,735 | 32 |
Hua Hong Semiconductor Ltd.* | 105,000 | 253 |
Huadian Power International Corp. Ltd., Class A | 84,100 | 61 |
Huadong Medicine Co. Ltd., Class A | 22,720 | 133 |
Huafon Chemical Co. Ltd., Class A | 11,300 | 11 |
Huagong Tech Co. Ltd., Class A | 10,600 | 44 |
Huaibei Mining Holdings Co. Ltd., Class A | 35,200 | 82 |
Hualan Biological Engineering, Inc., Class A | 26,070 | 81 |
Huaneng Power International, Inc., Class A* | 98,100 | 107 |
Huaneng Power International, Inc., Class H* | 872,501 | 462 |
Huatai Securities Co. Ltd., Class A | 76,100 | 149 |
Huatai Securities Co. Ltd., Class H | 261,000 | 329 |
Huaxi Securities Co. Ltd., Class A | 44,400 | 49 |
Huaxia Bank Co. Ltd., Class A | 156,390 | 124 |
Huayu Automotive Systems Co. Ltd., Class A | 42,200 | 97 |
Hubei Feilihua Quartz Glass Co. Ltd., Class A | 8,400 | 43 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 13,900 | $62 |
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 10,600 | 27 |
Huizhou Desay Sv Automotive Co. Ltd., Class A | 5,200 | 95 |
Humanwell Healthcare Group Co. Ltd., Class A | 22,400 | 78 |
Hunan Valin Steel Co. Ltd., Class A | 42,600 | 31 |
Hundsun Technologies, Inc., Class A | 23,645 | 96 |
Hwatsing Technology Co. Ltd., Class A | 1,706 | 45 |
Hygeia Healthcare Holdings Co. Ltd. | 70,800 | 320 |
Hygon Information Technology Co. Ltd., Class A | 24,003 | 240 |
IEIT Systems Co. Ltd., Class A | 17,856 | 83 |
Iflytek Co. Ltd., Class A | 24,300 | 159 |
Imeik Technology Development Co. Ltd., Class A | 1,800 | 75 |
Industrial & Commercial Bank of China Ltd., Class A | 699,900 | 471 |
Industrial & Commercial Bank of China Ltd., Class H | 12,827,023 | 6,261 |
Industrial Bank Co. Ltd., Class A | 248,200 | 568 |
Industrial Securities Co. Ltd., Class A | 126,400 | 104 |
Ingenic Semiconductor Co. Ltd., Class A | 4,200 | 38 |
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 580,400 | 119 |
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 29,200 | 59 |
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 29,500 | 16 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 77,100 | 290 |
Inner Mongolia Yitai Coal Co. Ltd., Class B* | 190,900 | 294 |
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A | 53,900 | 45 |
Innovent Biologics, Inc.* | 237,500 | 1,297 |
iQIYI, Inc. ADR* | 84,407 | 412 |
iRay Technology Co. Ltd., Class A | 1,359 | 62 |
Isoftstone Information Technology Group Co. Ltd., Class A* | 10,100 | 66 |
JA Solar Technology Co. Ltd., Class A | 41,916 | 122 |
Jason Furniture Hangzhou Co. Ltd., Class A | 8,450 | 42 |
JCET Group Co. Ltd., Class A | 14,600 | 61 |
EQUITY FUNDS 19 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
JD Health International, Inc.* | 218,700 | $1,091 |
JD Logistics, Inc.* | 391,300 | 488 |
JD.com, Inc., Class A | 460,866 | 6,643 |
Jiangsu Eastern Shenghong Co. Ltd., Class A | 89,900 | 122 |
Jiangsu Expressway Co. Ltd., Class H | 260,000 | 234 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 16,468 | 127 |
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 74,385 | 474 |
Jiangsu King's Luck Brewery JSC Ltd., Class A | 11,300 | 78 |
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A | 13,100 | 50 |
Jiangsu Pacific Quartz Co. Ltd., Class A | 4,900 | 60 |
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 34,400 | 43 |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 18,800 | 291 |
Jiangsu Yangnong Chemical Co. Ltd., Class A | 6,110 | 54 |
Jiangsu Yoke Technology Co. Ltd., Class A | 7,700 | 60 |
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 8,300 | 41 |
Jiangsu Zhongtian Technology Co. Ltd., Class A | 40,200 | 71 |
Jiangxi Copper Co. Ltd., Class A | 33,099 | 83 |
Jiangxi Copper Co. Ltd., Class H | 186,000 | 262 |
Jiangxi Special Electric Motor Co. Ltd., Class A* | 26,300 | 50 |
Jinduicheng Molybdenum Co. Ltd., Class A | 33,100 | 44 |
Jinko Solar Co. Ltd., Class A | 74,327 | 93 |
JiuGui Liquor Co. Ltd., Class A | 3,200 | 33 |
Jizhong Energy Resources Co. Ltd., Class A | 54,400 | 55 |
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 34,700 | 61 |
Jointown Pharmaceutical Group Co. Ltd., Class A | 48,603 | 48 |
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A* | 8,400 | 33 |
JOYY, Inc. ADR | 7,933 | 315 |
Juewei Food Co. Ltd., Class A | 6,300 | 24 |
Juneyao Airlines Co. Ltd., Class A* | 25,900 | 44 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Kangmei Pharmaceutical Co. Ltd.(2) * | 4,952 | $— |
Kanzhun Ltd. ADR | 44,157 | 733 |
KE Holdings, Inc. ADR | 129,878 | 2,105 |
Keda Industrial Group Co. Ltd., Class A | 29,800 | 44 |
Kingboard Holdings Ltd. | 139,500 | 333 |
Kingdee International Software Group Co. Ltd.* | 532,000 | 772 |
Kingnet Network Co. Ltd., Class A | 29,000 | 46 |
Kingsoft Corp. Ltd. | 194,303 | 600 |
Kuaishou Technology* | 458,300 | 3,096 |
Kuang-Chi Technologies Co. Ltd., Class A | 32,000 | 67 |
Kunlun Energy Co. Ltd. | 771,230 | 695 |
Kunlun Tech Co. Ltd., Class A* | 13,900 | 73 |
Kweichow Moutai Co. Ltd., Class A | 14,795 | 3,594 |
LB Group Co. Ltd., Class A | 29,400 | 71 |
Lenovo Group Ltd. | 1,432,000 | 1,996 |
Lens Technology Co. Ltd., Class A | 60,300 | 112 |
Lepu Medical Technology Beijing Co. Ltd., Class A | 17,300 | 39 |
Li Auto, Inc., Class A* | 225,430 | 4,223 |
Li Ning Co. Ltd. | 466,500 | 1,259 |
Liaoning Port Co. Ltd., Class A | 253,500 | 52 |
Lingyi iTech Guangdong Co., Class A | 49,900 | 47 |
Livzon Pharmaceutical Group, Inc., Class A | 10,600 | 52 |
Longfor Group Holdings Ltd. | 394,669 | 633 |
LONGi Green Energy Technology Co. Ltd., Class A | 81,769 | 263 |
Lufax Holding Ltd. ADR | 36,475 | 112 |
Luxi Chemical Group Co. Ltd., Class A | 17,200 | 24 |
Luxshare Precision Industry Co. Ltd., Class A | 85,305 | 413 |
Luzhou Laojiao Co. Ltd., Class A | 16,300 | 414 |
Mango Excellent Media Co. Ltd., Class A | 22,070 | 78 |
Maxscend Microelectronics Co. Ltd., Class A | 6,780 | 134 |
Meihua Holdings Group Co. Ltd., Class A | 45,200 | 61 |
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | 55,676 | 47 |
Meituan, Class B* | 996,418 | 10,502 |
Metallurgical Corp. of China Ltd., Class A | 198,300 | 85 |
Microport Scientific Corp.* | 163,100 | 175 |
NORTHERN FUNDS QUARTERLY REPORT 20 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Ming Yang Smart Energy Group Ltd., Class A | 30,600 | $54 |
MINISO Group Holding Ltd., Class A | 72,036 | 369 |
Minth Group Ltd. | 140,000 | 282 |
Montage Technology Co. Ltd., Class A | 13,959 | 115 |
Muyuan Foods Co. Ltd., Class A | 65,378 | 381 |
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 23,775 | 50 |
Nanjing Securities Co. Ltd., Class A | 49,300 | 55 |
NARI Technology Co. Ltd., Class A | 96,306 | 304 |
National Silicon Industry Group Co. Ltd., Class A* | 27,400 | 67 |
NAURA Technology Group Co. Ltd., Class A | 6,400 | 221 |
NavInfo Co. Ltd., Class A* | 33,500 | 42 |
NetEase, Inc. | 380,075 | 7,054 |
New China Life Insurance Co. Ltd., Class A | 18,600 | 81 |
New China Life Insurance Co. Ltd., Class H | 169,852 | 330 |
New Hope Liuhe Co. Ltd., Class A* | 63,200 | 83 |
New Oriental Education & Technology Group, Inc.* | 292,520 | 2,132 |
Ninestar Corp., Class A | 19,800 | 63 |
Ningbo Deye Technology Co. Ltd., Class A | 4,140 | 49 |
Ningbo Joyson Electronic Corp., Class A | 10,600 | 27 |
Ningbo Orient Wires & Cables Co. Ltd., Class A | 6,900 | 42 |
Ningbo Ronbay New Energy Technology Co. Ltd., Class A | 7,198 | 40 |
Ningbo Shanshan Co. Ltd., Class A | 25,600 | 49 |
Ningbo Tuopu Group Co. Ltd., Class A | 13,100 | 135 |
Ningxia Baofeng Energy Group Co. Ltd., Class A | 79,400 | 165 |
NIO, Inc. ADR* | 272,032 | 2,467 |
Nongfu Spring Co. Ltd., Class H | 397,000 | 2,287 |
North Industries Group Red Arrow Co. Ltd., Class A | 21,100 | 42 |
Offcn Education Technology Co. Ltd., Class A* | 84,800 | 49 |
Offshore Oil Engineering Co. Ltd., Class A | 50,500 | 42 |
OFILM Group Co. Ltd., Class A* | 34,800 | 43 |
Oppein Home Group, Inc., Class A | 6,220 | 61 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Orient Securities Co. Ltd., Class A | 102,839 | $126 |
Oriental Pearl Group Co. Ltd., Class A | 44,100 | 47 |
Ovctek China, Inc., Class A | 8,900 | 28 |
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A* | 82,300 | 38 |
PDD Holdings, Inc. ADR* | 117,360 | 17,171 |
People.cn Co. Ltd., Class A | 12,400 | 49 |
People's Insurance Co. Group of China (The) Ltd., Class A | 69,700 | 47 |
People's Insurance Co. Group of China (The) Ltd., Class H | 1,664,535 | 511 |
Perfect World Co. Ltd., Class A | 15,050 | 25 |
PetroChina Co. Ltd., Class A | 222,300 | 221 |
PetroChina Co. Ltd., Class H | 4,187,438 | 2,760 |
Pharmaron Beijing Co. Ltd., Class A | 19,125 | 78 |
PICC Property & Casualty Co. Ltd., Class H | 1,359,359 | 1,614 |
Ping An Bank Co. Ltd., Class A | 203,600 | 269 |
Ping An Healthcare and Technology Co. Ltd.* | 107,500 | 244 |
Ping An Insurance Group Co. of China Ltd., Class A | 120,935 | 686 |
Ping An Insurance Group Co. of China Ltd., Class H | 1,322,906 | 5,984 |
Piotech, Inc., Class A | 2,839 | 92 |
Poly Developments and Holdings Group Co. Ltd., Class A | 121,700 | 170 |
Pop Mart International Group Ltd. | 95,200 | 246 |
Postal Savings Bank of China Co. Ltd., Class A | 329,200 | 202 |
Postal Savings Bank of China Co. Ltd., Class H | 1,591,000 | 759 |
Power Construction Corp. of China Ltd., Class A | 161,700 | 112 |
Pylon Technologies Co. Ltd., Class A | 2,023 | 30 |
Qi An Xin Technology Group, Inc., Class A* | 7,306 | 41 |
Qifu Technology, Inc. ADR | 21,867 | 346 |
Qinghai Salt Lake Industry Co. Ltd., Class A* | 69,700 | 157 |
Range Intelligent Computing Technology Group Co. Ltd., Class A | 13,700 | 49 |
Raytron Technology Co. Ltd., Class A | 7,223 | 45 |
Risen Energy Co. Ltd., Class A | 15,400 | 38 |
Rockchip Electronics Co. Ltd., Class A | 5,300 | 47 |
EQUITY FUNDS 21 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Rongsheng Petrochemical Co. Ltd., Class A | 129,100 | $188 |
SAIC Motor Corp. Ltd., Class A | 97,593 | 186 |
Sailun Group Co. Ltd., Class A | 48,300 | 80 |
Sanan Optoelectronics Co. Ltd., Class A | 54,200 | 106 |
Sangfor Technologies, Inc., Class A* | 4,400 | 45 |
Sany Heavy Equipment International Holdings Co. Ltd. | 202,000 | 195 |
Sany Heavy Industry Co. Ltd., Class A | 82,000 | 160 |
Satellite Chemical Co. Ltd., Class A* | 43,761 | 91 |
SDIC Capital Co. Ltd., Class A | 96,000 | 91 |
SDIC Power Holdings Co. Ltd., Class A | 78,900 | 147 |
Seazen Holdings Co. Ltd., Class A* | 25,694 | 41 |
Seres Group Co. Ltd., Class A* | 16,300 | 175 |
SF Holding Co. Ltd., Class A | 50,600 | 289 |
SG Micro Corp., Class A | 5,850 | 73 |
Shaanxi Coal Industry Co. Ltd., Class A | 110,700 | 326 |
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | 32,550 | 45 |
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 6,956 | 17 |
Shandong Gold Mining Co. Ltd., Class A | 45,337 | 147 |
Shandong Gold Mining Co. Ltd., Class H | 122,000 | 232 |
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A | 11,800 | 50 |
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 27,340 | 106 |
Shandong Linglong Tyre Co. Ltd., Class A | 17,500 | 48 |
Shandong Nanshan Aluminum Co. Ltd., Class A | 171,500 | 71 |
Shandong Sun Paper Industry JSC Ltd., Class A | 32,500 | 56 |
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 500,516 | 488 |
Shanghai Aiko Solar Energy Co. Ltd., Class A | 24,500 | 61 |
Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 14,640 | 51 |
Shanghai Baosight Software Co. Ltd., Class A | 20,400 | 140 |
Shanghai Baosight Software Co. Ltd., Class B | 106,944 | 226 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 2,162 | $77 |
Shanghai Construction Group Co. Ltd., Class A | 87,900 | 29 |
Shanghai Electric Group Co. Ltd., Class A* | 161,200 | 95 |
Shanghai Electric Power Co. Ltd., Class A | 45,700 | 54 |
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 25,300 | 89 |
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 78,500 | 171 |
Shanghai Fudan Microelectronics Group Co. Ltd., Class A | 6,163 | 34 |
Shanghai Industrial Urban Development Group Ltd.* | 1 | — |
Shanghai International Airport Co. Ltd., Class A* | 17,200 | 79 |
Shanghai International Port Group Co. Ltd., Class A | 109,600 | 76 |
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 12,600 | 53 |
Shanghai Junshi Biosciences Co. Ltd., Class A* | 9,421 | 56 |
Shanghai Lingang Holdings Corp. Ltd., Class A | 2,580 | 4 |
Shanghai M&G Stationery, Inc., Class A | 10,400 | 55 |
Shanghai Moons' Electric Co. Ltd., Class A | 4,700 | 44 |
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 37,200 | 88 |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 133,747 | 195 |
Shanghai Pudong Development Bank Co. Ltd., Class A | 340,192 | 318 |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 25,752 | 76 |
Shanghai RAAS Blood Products Co. Ltd., Class A | 94,600 | 107 |
Shanghai Rural Commercial Bank Co. Ltd., Class A | 113,200 | 92 |
Shanghai United Imaging Healthcare Co. Ltd., Class A | 10,770 | 208 |
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 54,500 | 48 |
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 16,700 | 45 |
NORTHERN FUNDS QUARTERLY REPORT 22 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Shanxi Coal International Energy Group Co. Ltd., Class A | 20,300 | $50 |
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 79,120 | 110 |
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 36,200 | 112 |
Shanxi Meijin Energy Co. Ltd., Class A* | 56,000 | 53 |
Shanxi Securities Co. Ltd., Class A | 64,030 | 49 |
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 87,300 | 46 |
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 14,960 | 488 |
Shede Spirits Co. Ltd., Class A | 3,500 | 48 |
Shenergy Co. Ltd., Class A | 41,700 | 38 |
Shenghe Resources Holding Co. Ltd., Class A | 26,000 | 37 |
Shengyi Technology Co. Ltd., Class A | 26,300 | 68 |
Shennan Circuits Co. Ltd., Class A | 7,480 | 75 |
Shenwan Hongyuan Group Co. Ltd., Class A | 205,700 | 129 |
Shenzhen Capchem Technology Co. Ltd., Class A | 10,260 | 68 |
Shenzhen Dynanonic Co. Ltd., Class A | 3,840 | 33 |
Shenzhen Energy Group Co. Ltd., Class A | 58,255 | 53 |
Shenzhen Goodix Technology Co. Ltd., Class A* | 4,900 | 48 |
Shenzhen Inovance Technology Co. Ltd., Class A | 13,100 | 117 |
Shenzhen Kaifa Technology Co. Ltd., Class A | 16,100 | 37 |
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 11,360 | 43 |
Shenzhen Kedali Industry Co. Ltd., Class A | 3,500 | 42 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 14,500 | 595 |
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 9,800 | 108 |
Shenzhen Overseas Chinese Town Co. Ltd., Class A* | 112,400 | 49 |
Shenzhen S.C. New Energy Technology Corp., Class A | 6,000 | 62 |
Shenzhen S.E.D Industry Co. Ltd., Class A | 10,300 | 31 |
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 18,000 | 83 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Shenzhen Senior Technology Material Co. Ltd., Class A | 17,231 | $37 |
Shenzhen Sunlord Electronics Co. Ltd., Class A | 13,900 | 53 |
Shenzhen Transsion Holdings Co. Ltd., Class A | 10,391 | 202 |
Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 14,500 | 56 |
Shenzhou International Group Holdings Ltd. | 162,600 | 1,668 |
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 18,940 | 62 |
Sichuan Changhong Electric Co. Ltd., Class A | 61,100 | 46 |
Sichuan Chuantou Energy Co. Ltd., Class A | 56,000 | 119 |
Sichuan Hebang Biotechnology Co. Ltd., Class A | 135,700 | 45 |
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 13,800 | 56 |
Sichuan Road and Bridge Group Co. Ltd., Class A | 101,600 | 107 |
Sichuan Swellfun Co. Ltd., Class A | 4,700 | 39 |
Sieyuan Electric Co. Ltd., Class A | 11,000 | 81 |
Silergy Corp. | 65,000 | 1,058 |
Sinolink Securities Co. Ltd., Class A | 36,600 | 47 |
Sinoma International Engineering Co., Class A | 22,900 | 30 |
Sinoma Science & Technology Co. Ltd., Class A | 26,300 | 59 |
Sinomine Resource Group Co. Ltd., Class A | 9,800 | 51 |
Sinopec Shanghai Petrochemical Co. Ltd., Class A* | 115,300 | 46 |
Sinopharm Group Co. Ltd., Class H | 264,714 | 692 |
Sinotruk Hong Kong Ltd. | 124,000 | 244 |
Skshu Paint Co. Ltd., Class A* | 3,080 | 21 |
Smoore International Holdings Ltd. | 337,000 | 280 |
Songcheng Performance Development Co. Ltd., Class A | 24,100 | 34 |
SooChow Securities Co. Ltd., Class A | 45,943 | 47 |
Southwest Securities Co. Ltd., Class A | 103,600 | 60 |
Spring Airlines Co. Ltd., Class A* | 10,100 | 71 |
StarPower Semiconductor Ltd., Class A | 1,900 | 48 |
Sungrow Power Supply Co. Ltd., Class A | 15,400 | 190 |
EQUITY FUNDS 23 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Sunny Optical Technology Group Co. Ltd. | 140,125 | $1,288 |
Sunresin New Materials Co. Ltd., Class A | 4,800 | 36 |
Sunwoda Electronic Co. Ltd., Class A | 17,800 | 37 |
SUPCON Technology Co. Ltd., Class A | 8,381 | 53 |
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 25,700 | 66 |
Suzhou Maxwell Technologies Co. Ltd., Class A | 3,648 | 67 |
Suzhou TFC Optical Communication Co. Ltd., Class A | 4,500 | 58 |
TAL Education Group ADR* | 86,534 | 1,093 |
Tangshan Jidong Cement Co. Ltd., Class A | 41,000 | 37 |
TBEA Co. Ltd., Class A | 66,690 | 130 |
TCL Technology Group Corp., Class A* | 166,710 | 101 |
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 52,750 | 116 |
Tencent Holdings Ltd. | 1,309,289 | 49,466 |
Tencent Music Entertainment Group ADR* | 147,587 | 1,330 |
Thunder Software Technology Co. Ltd., Class A | 6,900 | 78 |
Tianfeng Securities Co. Ltd., Class A* | 107,300 | 47 |
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 11,300 | 50 |
Tianma Microelectronics Co. Ltd., Class A* | 25,400 | 38 |
Tianqi Lithium Corp., Class A | 18,800 | 148 |
Tianshan Aluminum Group Co. Ltd., Class A | 36,700 | 31 |
Tianshui Huatian Technology Co. Ltd., Class A | 27,200 | 33 |
Tingyi Cayman Islands Holding Corp. | 374,435 | 459 |
Titan Wind Energy Suzhou Co. Ltd., Class A* | 26,600 | 43 |
Tongcheng Travel Holdings Ltd.* | 230,400 | 428 |
TongFu Microelectronics Co. Ltd., Class A | 22,400 | 73 |
Tongkun Group Co. Ltd., Class A* | 24,900 | 53 |
Tongling Nonferrous Metals Group Co. Ltd., Class A | 159,700 | 74 |
Tongwei Co. Ltd., Class A | 46,600 | 164 |
Topchoice Medical Corp., Class A* | 4,700 | 51 |
Topsports International Holdings Ltd. | 333,000 | 259 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
TravelSky Technology Ltd., Class H | 194,000 | $337 |
Trina Solar Co. Ltd., Class A | 28,251 | 114 |
Trip.com Group Ltd.* | 107,873 | 3,880 |
Tsinghua Tongfang Co. Ltd., Class A* | 42,000 | 43 |
Tsingtao Brewery Co. Ltd., Class A | 8,300 | 87 |
Tsingtao Brewery Co. Ltd., Class H | 123,767 | 829 |
Unigroup Guoxin Microelectronics Co. Ltd., Class A* | 10,479 | 100 |
Uni-President China Holdings Ltd. | 278,000 | 198 |
Unisplendour Corp. Ltd., Class A* | 32,948 | 90 |
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 23,900 | 51 |
Verisilicon Microelectronics Shanghai Co. Ltd., Class A* | 5,183 | 36 |
Vipshop Holdings Ltd. ADR* | 68,411 | 1,215 |
Walvax Biotechnology Co. Ltd., Class A | 20,500 | 68 |
Wanda Film Holding Co. Ltd., Class A* | 31,200 | 57 |
Wanhua Chemical Group Co. Ltd., Class A | 35,900 | 390 |
Want Want China Holdings Ltd. | 909,870 | 550 |
Weibo Corp. ADR | 14,790 | 162 |
Weichai Power Co. Ltd., Class A | 93,300 | 180 |
Weichai Power Co. Ltd., Class H | 369,812 | 619 |
Weihai Guangwei Composites Co. Ltd., Class A | 12,640 | 47 |
Wens Foodstuffs Group Co. Ltd., Class A | 82,200 | 232 |
Western Mining Co. Ltd., Class A | 37,500 | 75 |
Western Securities Co. Ltd., Class A | 61,100 | 55 |
Western Superconducting Technologies Co. Ltd., Class A | 8,653 | 65 |
Will Semiconductor Co. Ltd. Shanghai, Class A | 13,935 | 209 |
Wingtech Technology Co. Ltd., Class A* | 14,600 | 87 |
Wintime Energy Group Co. Ltd., Class A* | 307,400 | 59 |
Wuchan Zhongda Group Co. Ltd., Class A | 54,900 | 34 |
Wuhan Guide Infrared Co. Ltd., Class A | 42,825 | 44 |
Wuliangye Yibin Co. Ltd., Class A | 46,000 | 909 |
WUS Printed Circuit Kunshan Co. Ltd., Class A | 28,180 | 88 |
WuXi AppTec Co. Ltd., Class A | 33,892 | 349 |
WuXi AppTec Co. Ltd., Class H | 67,911 | 694 |
NORTHERN FUNDS QUARTERLY
REPORT 24 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Wuxi Autowell Technology Co. Ltd., Class A | 3,201 | $41 |
Wuxi Biologics Cayman, Inc.* | 751,500 | 2,839 |
XCMG Construction Machinery Co. Ltd., Class A | 159,500 | 123 |
Xiamen C & D, Inc., Class A | 40,800 | 55 |
Xiamen Faratronic Co. Ltd., Class A | 3,200 | 42 |
Xiamen Tungsten Co. Ltd., Class A | 21,200 | 51 |
Xiaomi Corp., Class B* | 3,011,800 | 5,996 |
Xinjiang Daqo New Energy Co. Ltd., Class A | 19,509 | 81 |
Xinyi Solar Holdings Ltd. | 914,318 | 537 |
XPeng, Inc., Class A* | 212,858 | 1,554 |
Xtep International Holdings Ltd. | 284,500 | 160 |
Yadea Group Holdings Ltd. | 230,000 | 403 |
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 7,600 | 39 |
Yankuang Energy Group Co. Ltd., Class A | 30,350 | 85 |
Yankuang Energy Group Co. Ltd., Class H | 464,707 | 882 |
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 15,500 | 61 |
Yealink Network Technology Corp. Ltd., Class A | 8,540 | 36 |
Yifeng Pharmacy Chain Co. Ltd., Class A | 10,858 | 61 |
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 20,200 | 95 |
Yintai Gold Co. Ltd., Class A | 38,800 | 82 |
Yonghui Superstores Co. Ltd., Class A* | 116,100 | 46 |
YongXing Special Materials Technology Co. Ltd., Class A | 5,720 | 42 |
Yonyou Network Technology Co. Ltd., Class A | 42,835 | 107 |
Youngor Fashion Co. Ltd. | 48,800 | 45 |
YTO Express Group Co. Ltd., Class A | 41,800 | 72 |
Yuan Longping High-tech Agriculture Co. Ltd., Class A* | 20,800 | 41 |
Yuexiu Property Co. Ltd. | 298,180 | 243 |
Yum China Holdings, Inc. | 81,410 | 3,454 |
Yunda Holding Co. Ltd., Class A | 41,450 | 44 |
Yunnan Aluminium Co. Ltd., Class A | 26,200 | 45 |
Yunnan Baiyao Group Co. Ltd., Class A | 21,700 | 150 |
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | 2,700 | 26 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Yunnan Chihong Zinc&Germanium Co. Ltd., Class A | 68,200 | $49 |
Yunnan Energy New Material Co. Ltd., Class A | 11,400 | 91 |
Yunnan Tin Co. Ltd., Class A | 15,600 | 31 |
Yunnan Yuntianhua Co. Ltd., Class A | 20,000 | 44 |
Yutong Bus Co. Ltd., Class A | 27,900 | 52 |
Zai Lab Ltd.* | 187,160 | 511 |
Zangge Mining Co. Ltd., Class A | 18,500 | 66 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 7,093 | 242 |
Zhaojin Mining Industry Co. Ltd., Class H | 257,500 | 322 |
Zhefu Holding Group Co. Ltd., Class A | 87,100 | 42 |
Zhejiang Century Huatong Group Co. Ltd., Class A* | 110,860 | 81 |
Zhejiang China Commodities City Group Co. Ltd., Class A | 86,100 | 89 |
Zhejiang Chint Electrics Co. Ltd., Class A | 28,994 | 88 |
Zhejiang Dahua Technology Co. Ltd., Class A | 31,600 | 82 |
Zhejiang Dingli Machinery Co. Ltd., Class A | 8,340 | 60 |
Zhejiang Expressway Co. Ltd., Class H | 380,625 | 254 |
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 23,210 | 48 |
Zhejiang Huayou Cobalt Co. Ltd., Class A | 20,515 | 95 |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 17,200 | 107 |
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 7,700 | 26 |
Zhejiang Juhua Co. Ltd., Class A | 32,100 | 74 |
Zhejiang Leapmotor Technology Co. Ltd.* | 101,500 | 463 |
Zhejiang Longsheng Group Co. Ltd., Class A | 50,300 | 60 |
Zhejiang NHU Co. Ltd., Class A | 42,448 | 101 |
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 18,600 | 77 |
Zhejiang Supor Co. Ltd., Class A | 4,700 | 35 |
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 19,250 | 43 |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 22,500 | 46 |
EQUITY FUNDS 25 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
China – 25.6%continued | ||
Zhejiang Zheneng Electric Power Co. Ltd., Class A* | 112,600 | $73 |
Zheshang Securities Co. Ltd., Class A | 41,500 | 61 |
ZhongAn Online P&C Insurance Co. Ltd., Class H* | 129,900 | 296 |
Zhongji Innolight Co. Ltd., Class A | 8,500 | 135 |
Zhongjin Gold Corp. Ltd., Class A | 45,400 | 64 |
Zhongsheng Group Holdings Ltd. | 156,000 | 376 |
Zhongtai Securities Co. Ltd., Class A | 59,500 | 57 |
Zhuzhou CRRC Times Electric Co. Ltd., Class A | 17,880 | 91 |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 87,274 | 250 |
Zhuzhou Kibing Group Co. Ltd., Class A | 24,300 | 23 |
Zijin Mining Group Co. Ltd., Class A | 243,400 | 428 |
Zijin Mining Group Co. Ltd., Class H | 1,070,162 | 1,749 |
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 111,600 | 103 |
ZTE Corp., Class A | 42,800 | 160 |
ZTE Corp., Class H | 145,317 | 324 |
ZTO Express Cayman, Inc. ADR | 83,901 | 1,785 |
367,700 | ||
Colombia – 0.1% | ||
Bancolombia S.A. | 52,736 | 453 |
Interconexion Electrica S.A. ESP | 92,541 | 370 |
823 | ||
Czech Republic – 0.2% | ||
CEZ A.S. | 31,746 | 1,360 |
Komercni Banka A.S. | 15,052 | 488 |
Moneta Money Bank A.S. | 71,263 | 298 |
2,146 | ||
Egypt – 0.1% | ||
Commercial International Bank - Egypt (CIB) | 501,387 | 1,178 |
Eastern Co. S.A.E. | 208,358 | 191 |
EFG Holding S.A.E.* | 213,806 | 113 |
1,482 | ||
Greece – 0.5% | ||
Alpha Services and Holdings S.A.* | 438,281 | 744 |
Eurobank Ergasias Services and Holdings S.A.* | 510,507 | 906 |
FF Group(2) * | 18,664 | — |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Greece – 0.5%continued | ||
Hellenic Telecommunications Organization S.A. | 37,919 | $540 |
JUMBO S.A. | 22,869 | 635 |
Motor Oil Hellas Corinth Refineries S.A. | 13,583 | 356 |
Mytilineos S.A. | 19,555 | 792 |
National Bank of Greece S.A.* | 153,360 | 1,064 |
OPAP S.A. | 36,424 | 618 |
Piraeus Financial Holdings S.A.* | 135,958 | 479 |
Public Power Corp. S.A.* | 41,264 | 508 |
6,642 | ||
Hong Kong – 0.1% | ||
Kingboard Laminates Holdings Ltd. | 192,500 | 166 |
Nine Dragons Paper Holdings Ltd.* | 357,923 | 176 |
Orient Overseas International Ltd. | 24,000 | 336 |
Sino Biopharmaceutical Ltd. | 2,032,750 | 909 |
Vinda International Holdings Ltd. | 53,000 | 155 |
1,742 | ||
Hungary – 0.2% | ||
MOL Hungarian Oil & Gas PLC | 88,593 | 722 |
OTP Bank Nyrt. | 46,704 | 2,127 |
Richter Gedeon Nyrt. | 27,688 | 698 |
3,547 | ||
India – 16.2% | ||
ABB India Ltd. | 10,792 | 606 |
Adani Enterprises Ltd. | 34,023 | 1,162 |
Adani Green Energy Ltd.* | 62,296 | 1,191 |
Adani Ports & Special Economic Zone Ltd. | 104,886 | 1,287 |
Adani Power Ltd.* | 155,395 | 977 |
Ambuja Cements Ltd. | 114,728 | 718 |
APL Apollo Tubes Ltd. | 32,655 | 602 |
Apollo Hospitals Enterprise Ltd. | 19,781 | 1,355 |
Ashok Leyland Ltd. | 288,414 | 629 |
Asian Paints Ltd. | 75,365 | 3,079 |
Astral Ltd. | 22,133 | 507 |
AU Small Finance Bank Ltd. | 34,993 | 331 |
Aurobindo Pharma Ltd. | 53,780 | 700 |
Avenue Supermarts Ltd.* | 31,976 | 1,568 |
Axis Bank Ltd. | 447,759 | 5,923 |
Bajaj Auto Ltd. | 13,346 | 1,089 |
Bajaj Finance Ltd. | 53,525 | 4,707 |
Bajaj Finserv Ltd. | 75,175 | 1,521 |
Bajaj Holdings & Investment Ltd. | 5,288 | 488 |
NORTHERN FUNDS QUARTERLY REPORT 26 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
India – 16.2%continued | ||
Balkrishna Industries Ltd. | 14,703 | $453 |
Bandhan Bank Ltd. | 149,394 | 432 |
Bank of Baroda | 204,717 | 567 |
Berger Paints India Ltd. | 57,473 | 417 |
Bharat Electronics Ltd. | 718,372 | 1,590 |
Bharat Forge Ltd. | 49,386 | 734 |
Bharat Petroleum Corp. Ltd. | 149,186 | 807 |
Bharti Airtel Ltd. | 441,474 | 5,469 |
Britannia Industries Ltd. | 21,315 | 1,366 |
CG Power & Industrial Solutions Ltd. | 120,758 | 658 |
Cholamandalam Investment and Finance Co. Ltd. | 82,396 | 1,246 |
Cipla Ltd. | 103,109 | 1,544 |
Coal India Ltd. | 302,686 | 1,365 |
Colgate-Palmolive India Ltd. | 26,845 | 815 |
Container Corp. of India Ltd. | 54,031 | 557 |
Cummins India Ltd. | 27,382 | 645 |
Dabur India Ltd. | 122,402 | 819 |
Divi's Laboratories Ltd. | 23,480 | 1,101 |
DLF Ltd. | 121,594 | 1,060 |
Dr. Reddy's Laboratories Ltd. | 21,304 | 1,484 |
Eicher Motors Ltd. | 26,881 | 1,336 |
GAIL India Ltd. | 452,870 | 881 |
Godrej Consumer Products Ltd. | 80,547 | 1,094 |
Godrej Properties Ltd.* | 24,805 | 600 |
Grasim Industries Ltd. | 51,819 | 1,327 |
Havells India Ltd. | 50,647 | 832 |
HCL Technologies Ltd. | 186,079 | 3,274 |
HDFC Asset Management Co. Ltd. | 16,768 | 645 |
HDFC Bank Ltd. | 550,724 | 11,298 |
HDFC Life Insurance Co. Ltd. | 190,046 | 1,476 |
Hero MotoCorp Ltd. | 21,599 | 1,073 |
Hindalco Industries Ltd. | 241,714 | 1,782 |
Hindustan Aeronautics Ltd. | 39,353 | 1,326 |
Hindustan Petroleum Corp. Ltd.* | 111,478 | 534 |
Hindustan Unilever Ltd. | 161,544 | 5,168 |
ICICI Bank Ltd. | 1,017,593 | 12,170 |
ICICI Lombard General Insurance Co. Ltd. | 46,093 | 786 |
ICICI Prudential Life Insurance Co. Ltd. | 68,523 | 440 |
IDFC First Bank Ltd.* | 678,676 | 724 |
Indian Hotels Co. Ltd. | 167,589 | 882 |
Indian Oil Corp. Ltd. | 564,982 | 880 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
India – 16.2%continued | ||
Indian Railway Catering & Tourism Corp. Ltd. | 47,224 | $503 |
Indraprastha Gas Ltd. | 59,121 | 297 |
IndusInd Bank Ltd. | 56,439 | 1,083 |
Info Edge India Ltd. | 13,928 | 860 |
Infosys Ltd. | 651,787 | 12,066 |
InterGlobe Aviation Ltd.* | 26,520 | 945 |
ITC Ltd. | 587,845 | 3,260 |
Jindal Steel & Power Ltd. | 70,110 | 629 |
Jio Financial Services Ltd.* | 623,734 | 1,744 |
JSW Steel Ltd. | 120,095 | 1,269 |
Jubilant Foodworks Ltd. | 71,493 | 485 |
Kotak Mahindra Bank Ltd. | 214,645 | 4,918 |
Larsen & Toubro Ltd. | 132,264 | 5,599 |
LTIMindtree Ltd. | 17,428 | 1,316 |
Lupin Ltd. | 40,338 | 640 |
Macrotech Developers Ltd. | 47,327 | 582 |
Mahindra & Mahindra Ltd. | 183,133 | 3,801 |
Marico Ltd. | 102,163 | 673 |
Maruti Suzuki India Ltd. | 26,703 | 3,303 |
Max Healthcare Institute Ltd. | 154,756 | 1,275 |
Mphasis Ltd. | 14,831 | 487 |
MRF Ltd. | 366 | 570 |
Muthoot Finance Ltd. | 23,698 | 420 |
Nestle India Ltd. | 6,639 | 2,119 |
NTPC Ltd. | 857,148 | 3,198 |
Oil & Natural Gas Corp. Ltd. | 617,609 | 1,520 |
One 97 Communications Ltd.* | 44,237 | 337 |
Page Industries Ltd. | 1,209 | 559 |
Persistent Systems Ltd. | 9,816 | 871 |
Petronet LNG Ltd. | 153,593 | 411 |
PI Industries Ltd. | 16,387 | 692 |
Pidilite Industries Ltd. | 30,058 | 980 |
Polycab India Ltd. | 8,834 | 581 |
Power Finance Corp. Ltd. | 291,543 | 1,337 |
Power Grid Corp. of India Ltd. | 914,305 | 2,603 |
REC Ltd. | 258,431 | 1,281 |
Reliance Industries Ltd. | 597,676 | 18,548 |
Samvardhana Motherson International Ltd. | 475,793 | 582 |
SBI Cards & Payment Services Ltd. | 57,539 | 524 |
SBI Life Insurance Co. Ltd. | 88,580 | 1,524 |
Shree Cement Ltd. | 1,654 | 569 |
Shriram Finance Ltd. | 55,260 | 1,361 |
EQUITY FUNDS 27 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
India – 16.2%continued | ||
Siemens Ltd. | 17,488 | $845 |
Sona Blw Precision Forgings Ltd. | 81,932 | 634 |
SRF Ltd. | 28,446 | 847 |
State Bank of India | 350,590 | 2,700 |
Sun Pharmaceutical Industries Ltd. | 188,518 | 2,849 |
Supreme Industries Ltd. | 12,719 | 694 |
Suzlon Energy Ltd.* | 1,731,333 | 793 |
Tata Communications Ltd. | 22,411 | 476 |
Tata Consultancy Services Ltd. | 179,593 | 8,177 |
Tata Consumer Products Ltd. | 109,858 | 1,434 |
Tata Elxsi Ltd. | 6,891 | 724 |
Tata Motors Ltd. | 326,230 | 3,054 |
Tata Motors Ltd., Class A | 89,738 | 559 |
Tata Power (The) Co. Ltd. | 283,531 | 1,131 |
Tata Steel Ltd. | 1,439,993 | 2,413 |
Tech Mahindra Ltd. | 105,361 | 1,609 |
Titan Co. Ltd. | 69,758 | 3,079 |
Torrent Pharmaceuticals Ltd. | 20,101 | 557 |
Trent Ltd. | 35,591 | 1,305 |
Tube Investments of India Ltd. | 21,127 | 898 |
TVS Motor Co. Ltd. | 46,659 | 1,134 |
UltraTech Cement Ltd. | 22,685 | 2,861 |
United Spirits Ltd. | 57,392 | 770 |
UPL Ltd. | 88,543 | 624 |
Varun Beverages Ltd. | 89,327 | 1,327 |
Vedanta Ltd. | 182,501 | 567 |
Wipro Ltd. | 256,588 | 1,451 |
Yes Bank Ltd.* | 2,453,204 | 631 |
Zomato Ltd.* | 1,013,223 | 1,502 |
232,064 | ||
Indonesia – 1.8% | ||
Adaro Energy Indonesia Tbk PT | 2,675,720 | 413 |
Amman Mineral Internasional PT* | 1,280,200 | 545 |
Aneka Tambang Tbk | 1,384,100 | 154 |
Astra International Tbk PT | 3,978,960 | 1,458 |
Bank Central Asia Tbk PT | 10,901,260 | 6,649 |
Bank Mandiri Persero Tbk PT | 7,337,520 | 2,878 |
Bank Negara Indonesia Persero Tbk PT | 2,935,518 | 1,023 |
Bank Rakyat Indonesia Persero Tbk PT | 13,395,265 | 4,966 |
Barito Pacific Tbk PT | 5,521,595 | 476 |
Charoen Pokphand Indonesia Tbk PT | 1,455,135 | 475 |
GoTo Gojek Tokopedia Tbk PT* | 165,879,300 | 923 |
Indah Kiat Pulp & Paper Tbk PT | 484,000 | 262 |
Indofood CBP Sukses Makmur Tbk PT | 422,400 | 290 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Indonesia – 1.8%continued | ||
Indofood Sukses Makmur Tbk PT | 819,371 | $343 |
Kalbe Farma Tbk PT | 4,166,580 | 435 |
Merdeka Copper Gold Tbk PT* | 1,969,563 | 347 |
Sarana Menara Nusantara Tbk PT | 3,989,100 | 256 |
Semen Indonesia Persero Tbk PT | 600,468 | 249 |
Sumber Alfaria Trijaya Tbk PT | 3,688,800 | 702 |
Telkom Indonesia Persero Tbk PT | 9,748,362 | 2,502 |
Unilever Indonesia Tbk PT | 1,408,940 | 323 |
United Tractors Tbk PT | 264,171 | 388 |
26,057 | ||
Kuwait – 0.7% | ||
Agility Public Warehousing Co. K.S.C.* | 316,535 | 524 |
Boubyan Bank K.S.C.P. | 280,259 | 547 |
Gulf Bank K.S.C.P. | 394,124 | 361 |
Kuwait Finance House K.S.C.P. | 1,597,455 | 3,773 |
Mabanee Co. KPSC | 127,350 | 349 |
Mobile Telecommunications Co. K.S.C.P. | 386,409 | 637 |
National Bank of Kuwait S.A.K.P. | 1,481,332 | 4,308 |
10,499 | ||
Luxembourg – 0.0% | ||
Reinet Investments S.C.A. | 26,227 | 669 |
Malaysia – 1.3% | ||
AMMB Holdings Bhd. | 325,737 | 284 |
Axiata Group Bhd. | 491,003 | 254 |
CELCOMDIGI Bhd. | 669,400 | 594 |
CIMB Group Holdings Bhd. | 1,261,017 | 1,605 |
Dialog Group Bhd. | 665,544 | 300 |
Gamuda Bhd. | 370,719 | 370 |
Genting Bhd. | 416,300 | 418 |
Genting Malaysia Bhd. | 560,900 | 328 |
Hong Leong Bank Bhd. | 130,098 | 535 |
IHH Healthcare Bhd. | 407,300 | 535 |
Inari Amertron Bhd. | 479,100 | 313 |
IOI Corp. Bhd. | 503,140 | 430 |
Kuala Lumpur Kepong Bhd. | 92,792 | 440 |
Malayan Banking Bhd. | 1,070,476 | 2,071 |
Malaysia Airports Holdings Bhd. | 156,896 | 251 |
Maxis Bhd. | 469,951 | 394 |
MISC Bhd. | 273,360 | 433 |
MR DIY Group M Bhd. | 598,200 | 189 |
Nestle Malaysia Bhd. | 14,800 | 378 |
Petronas Chemicals Group Bhd. | 551,700 | 859 |
NORTHERN FUNDS QUARTERLY
REPORT 28 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Malaysia – 1.3%continued | ||
Petronas Dagangan Bhd. | 58,700 | $279 |
Petronas Gas Bhd. | 159,500 | 604 |
PPB Group Bhd. | 122,200 | 385 |
Press Metal Aluminium Holdings Bhd. | 730,300 | 765 |
Public Bank Bhd. | 2,866,305 | 2,674 |
QL Resources Bhd. | 226,450 | 281 |
RHB Bank Bhd. | 279,856 | 332 |
Sime Darby Bhd. | 556,428 | 284 |
Sime Darby Plantation Bhd. | 364,665 | 354 |
Telekom Malaysia Bhd. | 235,186 | 284 |
Tenaga Nasional Bhd. | 514,750 | 1,125 |
18,348 | ||
Mexico – 2.7% | ||
Alfa S.A.B. de C.V., Class A | 617,337 | 494 |
America Movil S.A.B. de C.V., Class B | 3,702,949 | 3,432 |
Arca Continental S.A.B. de C.V. | 101,941 | 1,115 |
Banco del Bajio S.A. | 157,300 | 527 |
Cemex S.A.B. de C.V., Class CPO* | 2,975,152 | 2,314 |
Coca-Cola Femsa S.A.B. de C.V. | 100,422 | 954 |
Fibra Uno Administracion S.A. de C.V. | 569,401 | 1,023 |
Fomento Economico Mexicano S.A.B. de C.V., Class UBD | 382,043 | 4,982 |
Gruma S.A.B. de C.V., Class B | 36,485 | 668 |
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 57,600 | 609 |
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 76,932 | 1,349 |
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | 36,326 | 1,067 |
Grupo Bimbo S.A.B. de C.V., Class A | 260,154 | 1,315 |
Grupo Carso S.A.B. de C.V., Class A1 | 110,906 | 1,236 |
Grupo Financiero Banorte S.A.B. de C.V., Class O | 509,604 | 5,135 |
Grupo Financiero Inbursa S.A.B. de C.V., Class O* | 360,733 | 988 |
Grupo Mexico S.A.B. de C.V., Class B | 611,539 | 3,399 |
Industrias Penoles S.A.B. de C.V.* | 39,344 | 574 |
Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 309,027 | 692 |
Operadora De Sites Mexicanos S.A.B. de C.V., Class A | 230,300 | 323 |
Orbia Advance Corp. S.A.B. de C.V. | 198,580 | 440 |
Prologis Property Mexico S.A. de C.V. | 125,900 | 597 |
Promotora y Operadora de Infraestructura S.A.B. de C.V. | 37,320 | 403 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Mexico – 2.7%continued | ||
Southern Copper Corp. | 16,704 | $1,438 |
Wal-Mart de Mexico S.A.B. de C.V. | 1,029,327 | 4,327 |
39,401 | ||
Peru – 0.2% | ||
Cia de Minas Buenaventura S.A.A. ADR | 43,939 | 670 |
Credicorp Ltd. | 13,289 | 1,992 |
2,662 | ||
Philippines – 0.6% | ||
Aboitiz Equity Ventures, Inc. | 300,529 | 245 |
Ayala Corp. | 49,017 | 602 |
Ayala Land, Inc. | 1,324,060 | 824 |
Bank of the Philippine Islands | 390,155 | 731 |
BDO Unibank, Inc. | 466,666 | 1,098 |
International Container Terminal Services, Inc. | 200,750 | 889 |
JG Summit Holdings, Inc. | 506,483 | 349 |
Jollibee Foods Corp. | 88,723 | 403 |
Manila Electric Co. | 53,290 | 384 |
Metropolitan Bank & Trust Co. | 334,109 | 309 |
PLDT, Inc. | 14,985 | 347 |
SM Investments Corp. | 48,682 | 766 |
SM Prime Holdings, Inc. | 1,994,613 | 1,185 |
Universal Robina Corp. | 150,210 | 321 |
8,453 | ||
Poland – 0.9% | ||
Allegro.eu S.A.* | 103,691 | 879 |
Bank Polska Kasa Opieki S.A. | 36,048 | 1,393 |
Budimex S.A. | 2,643 | 420 |
CD Projekt S.A. | 12,588 | 368 |
Cyfrowy Polsat S.A.* | 45,645 | 143 |
Dino Polska S.A.* | 9,624 | 1,126 |
KGHM Polska Miedz S.A. | 27,424 | 855 |
LPP S.A. | 218 | 897 |
mBank S.A.* | 3,050 | 414 |
ORLEN S.A. | 113,970 | 1,897 |
PGE Polska Grupa Energetyczna S.A.* | 185,380 | 409 |
Powszechna Kasa Oszczednosci Bank Polski S.A.* | 171,704 | 2,195 |
Powszechny Zaklad Ubezpieczen S.A. | 118,709 | 1,426 |
Santander Bank Polska S.A. | 7,063 | 879 |
13,301 |
EQUITY FUNDS 29 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Qatar – 0.9% | ||
Barwa Real Estate Co. | 434,475 | $345 |
Commercial Bank PSQC (The) | 649,951 | 1,107 |
Dukhan Bank | 361,695 | 395 |
Industries Qatar QSC | 297,568 | 1,069 |
Masraf Al Rayan QSC | 1,072,328 | 782 |
Mesaieed Petrochemical Holding Co. | 906,792 | 445 |
Ooredoo QPSC | 156,808 | 491 |
Qatar Electricity & Water Co. QSC | 90,276 | 466 |
Qatar Fuel QSC | 118,022 | 538 |
Qatar Gas Transport Co. Ltd. | 472,773 | 457 |
Qatar International Islamic Bank QSC | 186,187 | 547 |
Qatar Islamic Bank S.A.Q. | 325,562 | 1,922 |
Qatar National Bank QPSC | 908,132 | 4,123 |
12,687 | ||
Romania – 0.0% | ||
NEPI Rockcastle N.V.* | 97,720 | 675 |
Russia – 0.0% | ||
Alrosa PJSC(2) (3) | 695,290 | — |
Gazprom PJSC(2) * | 3,218,050 | — |
Gazprom PJSC ADR(2) * | 134 | — |
Inter RAO UES PJSC(2) | 10,354,623 | — |
LUKOIL PJSC(2) | 112,883 | — |
Magnit PJSC(2) | 2,287 | — |
MMC Norilsk Nickel PJSC(2) (3) | 17,106 | — |
Mobile TeleSystems PJSC ADR(2) * | 121,420 | — |
Moscow Exchange MICEX-RTS PJSC(2) | 419,576 | — |
Novatek PJSC GDR (Registered)(2) * | 24,702 | — |
Novolipetsk Steel PJSC(2) * | 408,255 | — |
Ozon Holdings PLC ADR(2) * | 13,658 | — |
PhosAgro PJSC(2) * | 224 | — |
PhosAgro PJSC GDR (Registered)(2) * | 34,779 | — |
Polymetal International PLC(2) * | 97,434 | — |
Polyus PJSC(2) (3) * | 9,359 | — |
Rosneft Oil Co. PJSC(2) | 318,005 | — |
Sberbank of Russia PJSC(2) (3) | 2,882,082 | — |
Sberbank of Russia PJSC (Moscow Exchange)(2) (3) | 56,000 | — |
Severstal PAO(2) (3) * | 55,330 | — |
Severstal PAO GDR (Registered)(2) (3) * | 1,839 | — |
Surgutneftegas PJSC(2) | 1,902,467 | — |
Surgutneftegas PJSC ADR(2) * | 4,629 | — |
Tatneft PJSC(2) | 386,254 | — |
TCS Group Holding PLC GDR (Registered)(2) * | 32,689 | — |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Russia – 0.0%continued | ||
United Co. RUSAL International PJSC(2) * | 832,063 | $— |
VK IPJSC(2) * | 30,900 | — |
VTB Bank PJSC(2) (3) * | 800,566,738 | — |
VTB Bank PJSC GDR(2) (3) (4) * | 11,036 | — |
VTB Bank PJSC GDR (Registered)(2) (3) * | 43,343 | — |
X5 Retail Group N.V. GDR (Registered)(2) * | 32,705 | — |
Yandex N.V., Class A(2) * | 83,223 | — |
— | ||
Saudi Arabia – 4.0% | ||
ACWA Power Co. | 18,050 | 1,237 |
Advanced Petrochemical Co. | 21,640 | 226 |
Al Rajhi Bank | 384,853 | 8,877 |
Alinma Bank | 192,565 | 1,985 |
Almarai Co. JSC | 49,283 | 733 |
Arab National Bank | 132,706 | 895 |
Arabian Internet & Communications Services Co. | 4,926 | 460 |
Bank AlBilad | 98,073 | 1,189 |
Bank Al-Jazira* | 83,390 | 416 |
Banque Saudi Fransi | 116,037 | 1,238 |
Bupa Arabia for Cooperative Insurance Co. | 16,208 | 922 |
Co for Cooperative Insurance (The) | 14,452 | 502 |
Dallah Healthcare Co. | 6,261 | 287 |
Dar Al Arkan Real Estate Development Co.* | 99,651 | 377 |
Dr. Sulaiman Al Habib Medical Services Group Co. | 17,192 | 1,302 |
Elm Co. | 4,824 | 1,048 |
Etihad Etisalat Co. | 74,353 | 973 |
Jarir Marketing Co. | 115,105 | 478 |
Mobile Telecommunications Co. Saudi Arabia | 92,294 | 347 |
Mouwasat Medical Services Co. | 19,396 | 578 |
Nahdi Medical Co. | 8,295 | 303 |
National Industrialization Co.* | 69,290 | 229 |
Power & Water Utility Co. for Jubail & Yanbu | 13,840 | 239 |
Rabigh Refining & Petrochemical Co.* | 87,208 | 240 |
Riyad Bank | 288,672 | 2,194 |
SABIC Agri-Nutrients Co. | 45,831 | 1,689 |
Sahara International Petrochemical Co. | 73,044 | 663 |
Saudi Arabian Mining Co.* | 253,670 | 3,284 |
NORTHERN FUNDS QUARTERLY
REPORT 30 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Saudi Arabia – 4.0%continued | ||
Saudi Arabian Oil Co. | 523,148 | $4,604 |
Saudi Aramco Base Oil Co. | 9,835 | 381 |
Saudi Awwal Bank | 197,783 | 1,999 |
Saudi Basic Industries Corp. | 176,860 | 3,938 |
Saudi Electricity Co. | 166,267 | 842 |
Saudi Industrial Investment Group | 75,278 | 446 |
Saudi Investment Bank (The) | 90,812 | 386 |
Saudi Kayan Petrochemical Co.* | 137,915 | 403 |
Saudi National Bank (The) | 577,300 | 5,950 |
Saudi Research & Media Group* | 6,644 | 304 |
Saudi Tadawul Group Holding Co. | 9,161 | 456 |
Saudi Telecom Co. | 393,221 | 4,236 |
Savola Group (The) | 49,584 | 495 |
Yanbu National Petrochemical Co. | 56,509 | 573 |
57,924 | ||
South Africa – 2.8% | ||
Absa Group Ltd. | 167,167 | 1,492 |
Anglo American Platinum Ltd. | 13,012 | 684 |
Aspen Pharmacare Holdings Ltd. | 74,725 | 831 |
Bid Corp. Ltd. | 65,972 | 1,539 |
Bidvest Group (The) Ltd. | 57,689 | 797 |
Capitec Bank Holdings Ltd. | 17,098 | 1,889 |
Clicks Group Ltd. | 47,205 | 841 |
Discovery Ltd. | 104,659 | 822 |
Exxaro Resources Ltd. | 49,283 | 550 |
FirstRand Ltd. | 991,521 | 3,980 |
Gold Fields Ltd. | 175,377 | 2,576 |
Harmony Gold Mining Co. Ltd. | 111,823 | 735 |
Impala Platinum Holdings Ltd. | 177,417 | 886 |
Kumba Iron Ore Ltd. | 13,180 | 443 |
MTN Group Ltd. | 333,083 | 2,101 |
Naspers Ltd., Class N | 36,587 | 6,263 |
Nedbank Group Ltd. | 86,531 | 1,022 |
Northam Platinum Holdings Ltd. | 70,939 | 544 |
Old Mutual Ltd. | 915,939 | 655 |
OUTsurance Group Ltd. | 156,159 | 361 |
Pepkor Holdings Ltd. | 389,476 | 418 |
Remgro Ltd. | 100,574 | 893 |
Sanlam Ltd. | 346,575 | 1,380 |
Sasol Ltd. | 113,253 | 1,136 |
Shoprite Holdings Ltd. | 98,893 | 1,486 |
Sibanye Stillwater Ltd. | 573,850 | 775 |
Standard Bank Group Ltd. | 263,389 | 2,991 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
South Africa – 2.8%continued | ||
Vodacom Group Ltd. | 123,360 | $715 |
Woolworths Holdings Ltd. | 190,348 | 752 |
39,557 | ||
South Korea – 11.9% | ||
Amorepacific Corp. | 5,753 | 645 |
Celltrion Pharm, Inc.* | 3,789 | 270 |
Celltrion, Inc. | 30,985 | 4,836 |
CJ CheilJedang Corp. | 1,534 | 385 |
CosmoAM&T Co. Ltd.* | 4,839 | 550 |
Coway Co. Ltd. | 10,973 | 486 |
DB Insurance Co. Ltd. | 9,236 | 599 |
Doosan Bobcat, Inc. | 10,448 | 407 |
Doosan Enerbility Co. Ltd.* | 87,958 | 1,082 |
Ecopro B.M. Co. Ltd. | 9,597 | 2,127 |
Ecopro Co. Ltd. | 3,919 | 1,954 |
F&F Co. Ltd./New | 3,287 | 227 |
GS Holdings Corp. | 9,432 | 299 |
Hana Financial Group, Inc. | 57,398 | 1,930 |
Hankook Tire & Technology Co. Ltd. | 14,371 | 505 |
Hanmi Pharm Co. Ltd. | 1,465 | 400 |
Hanmi Semiconductor Co. Ltd. | 8,336 | 397 |
Hanon Systems | 39,733 | 224 |
Hanwha Aerospace Co. Ltd. | 6,955 | 670 |
Hanwha Ocean Co. Ltd.* | 10,687 | 207 |
Hanwha Solutions Corp.* | 21,904 | 662 |
HD Hyundai Co. Ltd. | 8,434 | 413 |
HD Hyundai Heavy Industries Co. Ltd. | 4,354 | 435 |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 8,332 | 780 |
HLB, Inc.* | 23,569 | 924 |
HMM Co. Ltd. | 48,225 | 732 |
Hotel Shilla Co. Ltd. | 5,984 | 302 |
HYBE Co. Ltd. | 4,087 | 738 |
Hyundai Engineering & Construction Co. Ltd. | 15,622 | 422 |
Hyundai Glovis Co. Ltd. | 3,686 | 547 |
Hyundai Mipo Dockyard Co. Ltd. | 4,921 | 323 |
Hyundai Mobis Co. Ltd. | 12,038 | 2,204 |
Hyundai Motor Co. | 26,887 | 4,237 |
Hyundai Steel Co. | 17,030 | 481 |
Industrial Bank of Korea | 55,191 | 508 |
JYP Entertainment Corp. | 5,985 | 469 |
Kakao Corp. | 61,059 | 2,563 |
KakaoBank Corp. | 33,414 | 735 |
EQUITY FUNDS 31 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
South Korea – 11.9%continued | ||
Kakaopay Corp.* | 5,888 | $224 |
Kangwon Land, Inc. | 19,018 | 236 |
KB Financial Group, Inc. | 75,255 | 3,148 |
Kia Corp. | 51,310 | 3,974 |
Korea Aerospace Industries Ltd. | 14,842 | 575 |
Korea Electric Power Corp. | 50,459 | 740 |
Korea Investment Holdings Co. Ltd. | 8,202 | 389 |
Korea Zinc Co. Ltd. | 1,697 | 654 |
Korean Air Lines Co. Ltd. | 36,190 | 670 |
Krafton, Inc.* | 5,693 | 855 |
KT Corp. | 12,790 | 341 |
KT&G Corp. | 20,253 | 1,365 |
Kum Yang Co. Ltd.* | 6,299 | 530 |
Kumho Petrochemical Co. Ltd. | 3,183 | 328 |
L&F Co. Ltd. | 4,934 | 776 |
LG Chem Ltd. | 9,648 | 3,716 |
LG Corp. | 18,547 | 1,234 |
LG Display Co. Ltd. | 47,199 | 461 |
LG Electronics, Inc. | 20,885 | 1,644 |
LG Energy Solution Ltd.* | 9,183 | 3,029 |
LG H&H Co. Ltd. | 1,926 | 529 |
LG Innotek Co. Ltd. | 2,900 | 537 |
LG Uplus Corp. | 41,046 | 326 |
Lotte Chemical Corp. | 3,780 | 449 |
Meritz Financial Group, Inc.* | 20,434 | 936 |
Mirae Asset Securities Co. Ltd. | 47,497 | 281 |
NAVER Corp. | 25,759 | 4,458 |
NCSoft Corp. | 2,844 | 528 |
Netmarble Corp.* | 5,232 | 235 |
NH Investment & Securities Co. Ltd. | 31,852 | 255 |
Orion Corp. | 4,407 | 395 |
Pearl Abyss Corp.* | 6,307 | 189 |
POSCO Chemical Co. Ltd. | 6,081 | 1,680 |
Posco DX Co. Ltd. | 10,822 | 620 |
POSCO Holdings, Inc. | 14,110 | 5,437 |
Posco International Corp. | 10,470 | 504 |
Samsung Biologics Co. Ltd.* | 3,494 | 2,060 |
Samsung C&T Corp. | 16,414 | 1,649 |
Samsung Electro-Mechanics Co. Ltd. | 10,995 | 1,303 |
Samsung Electronics Co. Ltd. | 937,445 | 57,015 |
Samsung Engineering Co. Ltd.* | 31,661 | 710 |
Samsung Fire & Marine Insurance Co. Ltd. | 6,094 | 1,243 |
Samsung Heavy Industries Co. Ltd.* | 129,497 | 776 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
South Korea – 11.9%continued | ||
Samsung Life Insurance Co. Ltd. | 15,734 | $843 |
Samsung SDI Co. Ltd. | 10,796 | 3,930 |
Samsung SDS Co. Ltd. | 7,595 | 1,002 |
Samsung Securities Co. Ltd. | 11,820 | 352 |
Shinhan Financial Group Co. Ltd. | 86,046 | 2,674 |
SK Biopharmaceuticals Co. Ltd.* | 6,317 | 491 |
SK Bioscience Co. Ltd.* | 5,017 | 279 |
SK Hynix, Inc. | 107,168 | 11,701 |
SK IE Technology Co. Ltd.* | 5,586 | 340 |
SK Innovation Co. Ltd.* | 11,853 | 1,284 |
SK Square Co. Ltd.* | 19,394 | 790 |
SK Telecom Co. Ltd. | 10,820 | 420 |
SK, Inc. | 7,187 | 990 |
SKC Co. Ltd. | 3,696 | 259 |
S-Oil Corp. | 8,775 | 471 |
Woori Financial Group, Inc. | 119,684 | 1,206 |
Yuhan Corp.* | 11,500 | 613 |
170,324 | ||
Taiwan – 15.2% | ||
Accton Technology Corp. | 99,000 | 1,677 |
Acer, Inc. | 531,800 | 929 |
Advantech Co. Ltd. | 92,661 | 1,121 |
Alchip Technologies Ltd. | 14,873 | 1,576 |
ASE Technology Holding Co. Ltd. | 601,928 | 2,640 |
Asia Cement Corp. | 459,567 | 620 |
Asustek Computer, Inc. | 138,546 | 2,203 |
AUO Corp.* | 1,218,172 | 719 |
Catcher Technology Co. Ltd. | 115,111 | 726 |
Cathay Financial Holding Co. Ltd.* | 1,877,002 | 2,794 |
Chailease Holding Co. Ltd. | 301,804 | 1,894 |
Chang Hwa Commercial Bank Ltd. | 1,041,012 | 607 |
Cheng Shin Rubber Industry Co. Ltd. | 363,184 | 530 |
China Airlines Ltd. | 542,000 | 382 |
China Development Financial Holding Corp.* | 3,153,143 | 1,288 |
China Steel Corp. | 2,324,156 | 2,042 |
Chunghwa Telecom Co. Ltd. | 749,493 | 2,928 |
Compal Electronics, Inc. | 798,759 | 1,039 |
CTBC Financial Holding Co. Ltd. | 3,464,878 | 3,196 |
Delta Electronics, Inc. | 382,343 | 3,894 |
E Ink Holdings, Inc. | 168,000 | 1,075 |
E.Sun Financial Holding Co. Ltd. | 2,776,254 | 2,330 |
Eclat Textile Co. Ltd. | 32,182 | 588 |
eMemory Technology, Inc. | 13,000 | 1,030 |
NORTHERN FUNDS QUARTERLY REPORT 32 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Taiwan – 15.2%continued | ||
Eva Airways Corp. | 538,000 | $550 |
Evergreen Marine Corp. Taiwan Ltd. | 201,556 | 942 |
Far Eastern New Century Corp. | 585,789 | 594 |
Far EasTone Telecommunications Co. Ltd. | 350,345 | 910 |
Feng TAY Enterprise Co. Ltd. | 107,199 | 610 |
First Financial Holding Co. Ltd. | 2,149,034 | 1,917 |
Formosa Chemicals & Fibre Corp. | 695,499 | 1,410 |
Formosa Petrochemical Corp. | 213,487 | 560 |
Formosa Plastics Corp. | 753,682 | 1,943 |
Fubon Financial Holding Co. Ltd. | 1,538,085 | 3,243 |
Gigabyte Technology Co. Ltd. | 100,000 | 863 |
Global Unichip Corp. | 17,000 | 959 |
Globalwafers Co. Ltd. | 43,000 | 820 |
Hon Hai Precision Industry Co. Ltd. | 2,450,942 | 8,336 |
Hotai Motor Co. Ltd. | 60,118 | 1,383 |
Hua Nan Financial Holdings Co. Ltd. | 1,753,210 | 1,274 |
Innolux Corp.* | 1,696,822 | 789 |
Inventec Corp. | 528,314 | 905 |
Largan Precision Co. Ltd. | 19,835 | 1,850 |
Lite-On Technology Corp. | 394,964 | 1,499 |
MediaTek, Inc. | 298,334 | 9,826 |
Mega Financial Holding Co. Ltd. | 2,212,275 | 2,821 |
Micro-Star International Co. Ltd. | 141,000 | 934 |
momo.com, Inc. | 14,960 | 248 |
Nan Ya Plastics Corp. | 936,951 | 2,026 |
Nan Ya Printed Circuit Board Corp. | 46,000 | 375 |
Nanya Technology Corp. | 250,071 | 634 |
Nien Made Enterprise Co. Ltd. | 34,000 | 390 |
Novatek Microelectronics Corp. | 113,850 | 1,915 |
Pegatron Corp. | 395,594 | 1,122 |
PharmaEssentia Corp.* | 45,000 | 506 |
Pou Chen Corp. | 426,093 | 428 |
Powerchip Semiconductor Manufacturing Corp. | 604,000 | 577 |
President Chain Store Corp. | 107,220 | 941 |
Quanta Computer, Inc. | 530,576 | 3,861 |
Realtek Semiconductor Corp. | 95,457 | 1,460 |
Ruentex Development Co. Ltd.* | 289,784 | 356 |
Shanghai Commercial & Savings Bank (The) Ltd. | 758,904 | 1,156 |
Shin Kong Financial Holding Co. Ltd.* | 2,485,907 | 716 |
SinoPac Financial Holdings Co. Ltd. | 2,075,290 | 1,330 |
Synnex Technology International Corp. | 244,940 | 559 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Taiwan – 15.2%continued | ||
Taishin Financial Holding Co. Ltd. | 2,214,418 | $1,306 |
Taiwan Business Bank | 1,126,400 | 502 |
Taiwan Cement Corp. | 1,342,310 | 1,522 |
Taiwan Cooperative Financial Holding Co. Ltd. | 2,028,675 | 1,762 |
Taiwan High Speed Rail Corp. | 395,000 | 395 |
Taiwan Mobile Co. Ltd. | 343,076 | 1,101 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4,835,749 | 93,066 |
Unimicron Technology Corp. | 270,000 | 1,539 |
Uni-President Enterprises Corp. | 952,150 | 2,308 |
United Microelectronics Corp. | 2,211,043 | 3,759 |
Vanguard International Semiconductor Corp. | 177,000 | 469 |
Voltronic Power Technology Corp. | 13,000 | 722 |
Walsin Lihwa Corp. | 557,986 | 701 |
Wan Hai Lines Ltd. | 148,005 | 265 |
Winbond Electronics Corp. | 617,984 | 611 |
Wistron Corp. | 512,000 | 1,639 |
Wiwynn Corp. | 19,000 | 1,122 |
WPG Holdings Ltd. | 304,290 | 807 |
Ya Hsin Industrial Co. Ltd.(2) * | 121,548 | — |
Yageo Corp. | 66,525 | 1,289 |
Yang Ming Marine Transport Corp. | 315,000 | 526 |
Yuanta Financial Holding Co. Ltd. | 2,005,108 | 1,800 |
Zhen Ding Technology Holding Ltd. | 117,850 | 418 |
218,995 | ||
Thailand – 1.7% | ||
Advanced Info Service PCL (Registered) | 194,000 | 1,233 |
Advanced Info Service PCL NVDR | 40,899 | 260 |
Airports of Thailand PCL NVDR | 843,800 | 1,475 |
Asset World Corp. PCL NVDR | 1,691,900 | 176 |
Bangkok Dusit Medical Services PCL NVDR | 2,194,200 | 1,784 |
Bangkok Expressway & Metro PCL NVDR (Registered) | 1,416,098 | 330 |
Banpu PCL NVDR | 1,776,300 | 353 |
Berli Jucker PCL NVDR | 176,400 | 129 |
BTS Group Holdings PCL NVDR | 1,413,300 | 300 |
Bumrungrad Hospital PCL NVDR | 117,487 | 764 |
Central Pattana PCL NVDR | 399,800 | 819 |
Central Retail Corp. PCL NVDR (Registered) | 358,858 | 430 |
Charoen Pokphand Foods PCL NVDR | 759,057 | 435 |
CP ALL PCL (Registered) | 905,200 | 1,485 |
EQUITY FUNDS 33 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Thailand – 1.7%continued | ||
CP ALL PCL NVDR | 245,536 | $402 |
CP Axtra PCL NVDR | 415,100 | 328 |
Delta Electronics Thailand PCL NVDR | 612,200 | 1,574 |
Energy Absolute PCL NVDR | 331,600 | 429 |
Global Power Synergy PCL NVDR | 152,500 | 216 |
Gulf Energy Development PCL NVDR (Registered) | 578,450 | 753 |
Home Product Center PCL NVDR | 1,185,904 | 406 |
Indorama Ventures PCL NVDR | 298,247 | 238 |
Intouch Holdings PCL NVDR | 189,700 | 397 |
Kasikornbank PCL NVDR | 112,200 | 443 |
Krung Thai Bank PCL (Registered) | 563,250 | 304 |
Krung Thai Bank PCL NVDR | 80,993 | 44 |
Krungthai Card PCL NVDR | 185,600 | 236 |
Land & Houses PCL NVDR | 1,607,700 | 384 |
Minor International PCL NVDR | 664,630 | 574 |
Muangthai Capital PCL NVDR (Registered) | 142,000 | 186 |
Osotspa PCL NVDR | 249,200 | 160 |
PTT Exploration & Production PCL (Registered) | 242,500 | 1,062 |
PTT Exploration & Production PCL NVDR | 30,943 | 135 |
PTT Global Chemical PCL (Registered) | 189,814 | 214 |
PTT Global Chemical PCL NVDR | 253,576 | 286 |
PTT Oil & Retail Business PCL NVDR (Registered) | 548,000 | 306 |
PTT PCL (Registered) | 1,835,000 | 1,922 |
PTT PCL NVDR | 130,000 | 136 |
SCB X PCL (Registered) | 145,800 | 453 |
SCB X PCL NVDR | 21,776 | 68 |
SCG Packaging PCL NVDR | 230,000 | 242 |
Siam Cement (The) PCL (Registered) | 51,000 | 457 |
Siam Cement (The) PCL NVDR | 103,798 | 930 |
Thai Oil PCL (Registered) | 106,110 | 167 |
Thai Oil PCL NVDR | 108,708 | 171 |
TMBThanachart Bank PCL NVDR | 4,932,700 | 241 |
True Corp. PCL NVDR (Registered) | 2,069,223 | 305 |
24,142 | ||
Turkey – 0.6% | ||
Akbank T.A.S. | 599,029 | 743 |
Anadolu Efes Biracilik Ve Malt Sanayii A.S.(5) | 1 | — |
Aselsan Elektronik Sanayi Ve Ticaret A.S. | 283,863 | 433 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
Turkey – 0.6%continued | ||
BIM Birlesik Magazalar A.S. | 89,486 | $913 |
Eregli Demir ve Celik Fabrikalari T.A.S.* | 267,616 | 373 |
Ford Otomotiv Sanayi A.S. | 14,626 | 367 |
Haci Omer Sabanci Holding A.S. | 200,804 | 412 |
Hektas Ticaret T.A.S.* | 258,023 | 176 |
Is Gayrimenkul Yatirim Ortakligi A.S.* | 1 | — |
KOC Holding A.S. | 153,495 | 739 |
Koza Altin Isletmeleri A.S. | 223,270 | 148 |
Pegasus Hava Tasimaciligi A.S.* | 8,351 | 184 |
Sasa Polyester Sanayi A.S.* | 263,390 | 326 |
Tofas Turk Otomobil Fabrikasi A.S. | 22,948 | 163 |
Turk Hava Yollari A.O.* | 108,431 | 841 |
Turkcell Iletisim Hizmetleri A.S. | 232,279 | 442 |
Turkiye Is Bankasi A.S., Class C | 667,169 | 530 |
Turkiye Petrol Rafinerileri A.S. | 189,231 | 918 |
Turkiye Sise ve Cam Fabrikalari A.S. | 259,698 | 404 |
Ulker Biskuvi Sanayi A.S.* | — | — |
Yapi ve Kredi Bankasi A.S. | 663,699 | 441 |
8,553 | ||
United Arab Emirates – 1.2% | ||
Abu Dhabi Commercial Bank PJSC | 577,047 | 1,442 |
Abu Dhabi Islamic Bank PJSC | 291,091 | 802 |
Abu Dhabi National Oil Co. for Distribution PJSC | 608,429 | 613 |
Aldar Properties PJSC | 758,522 | 1,104 |
Americana Restaurants International PLC | 514,145 | 438 |
Dubai Islamic Bank PJSC | 575,588 | 897 |
Emaar Properties PJSC | 1,302,766 | 2,808 |
Emirates NBD Bank PJSC | 372,812 | 1,757 |
Emirates Telecommunications Group Co. PJSC | 683,717 | 3,656 |
First Abu Dhabi Bank PJSC | 868,315 | 3,302 |
Multiply Group PJSC* | 792,647 | 686 |
17,505 | ||
United Kingdom – 0.1% | ||
Anglogold Ashanti PLC | 82,371 | 1,586 |
Pepco Group N.V.* | 33,446 | 222 |
1,808 | ||
United States – 0.2% | ||
JBS S/A | 152,936 | 782 |
NORTHERN FUNDS QUARTERLY
REPORT 34 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.2% (1)continued | ||
United States – 0.2%continued | ||
Legend Biotech Corp. ADR* | 14,343 | $863 |
Parade Technologies Ltd. | 15,000 | 584 |
2,229 | ||
Total Common Stocks | ||
(Cost $960,559) | 1,352,390 | |
PREFERRED STOCKS – 2.4% (1) | ||
Brazil – 1.6% | ||
Banco Bradesco S.A.* | 1,041,694 | 3,627 |
Centrais Eletricas Brasileiras S.A., Class B, 3.33%(6) | 49,641 | 475 |
Cia Energetica de Minas Gerais, 0.51%(6) | 274,409 | 647 |
Companhia Paranaense de Energia, Class B, 6.92%* | 168,200 | 359 |
Gerdau S.A., 8.60%(6) | 227,539 | 1,101 |
Itau Unibanco Holding S.A.* | 952,598 | 6,624 |
Itausa S.A.* | 1,070,353 | 2,275 |
Petroleo Brasileiro S.A., 2.71%(6) | 934,361 | 7,142 |
22,250 | ||
Chile – 0.1% | ||
Sociedad Quimica y Minera de Chile S.A., Class B, 0.99%(6) | 28,040 | 1,676 |
Colombia – 0.1% | ||
Bancolombia S.A., 12.72%(6) | 86,576 | 667 |
Russia – 0.0% | ||
Surgutneftegas PJSC, 1.36%(2) (6) | 1,903,637 | — |
South Korea – 0.6% | ||
Hyundai Motor Co., 1.39%(6) | 4,481 | 395 |
Hyundai Motor Co. (2nd Preferred), 1.37%(6) | 7,300 | 646 |
LG Chem Ltd., 3.25%(6) | 1,600 | 384 |
Samsung Electronics Co. Ltd., 2.50%(6) | 161,544 | 7,790 |
9,215 | ||
Total Preferred Stocks | ||
(Cost $22,675) | 33,808 | |
RIGHTS – 0.0% | ||
Brazil – 0.0% | ||
Localiza Rent a Car S.A.* | 645 | 3 |
NUMBER OF SHARES | VALUE (000S) | |
RIGHTS – 0.0%continued | ||
Taiwan – 0.0% | ||
Mega Financial Holding Co. Ltd.* | 46,075 | $9 |
Total Rights | ||
(Cost $—) | 12 | |
INVESTMENT COMPANIES – 3.4% | ||
iShares Core MSCI Emerging Markets ETF | 190,000 | 9,610 |
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(7) (8) | 39,851,413 | 39,851 |
Total Investment Companies | ||
(Cost $48,790) | 49,461 | |
Total Investments – 100.0% | ||
(Cost $1,032,024) | 1,435,671 | |
Other Assets less Liabilities – 0.0% | 641 | |
Net Assets – 100.0% | $1,436,312 |
(1) | Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities. |
(2) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(3) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of these restricted illiquid securities amounted to $0 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Alrosa PJSC | 5/30/14-8/20/20 | $775 |
MMC Norilsk Nickel PJSC | 2/26/10-6/17/21 | 3,018 |
Polyus PJSC | 11/30/17-3/25/21 | 1,046 |
Sberbank of Russia PJSC | 5/7/09-6/17/21 | 5,525 |
Sberbank of Russia PJSC (Moscow Exchange) | 3/7/07-8/29/08 | 193 |
Severstal PAO | 2/26/10-3/25/21 | 815 |
Severstal PAO GDR (Registered) | 7/30/09 | 12 |
VTB Bank PJSC | 4/21/16-8/20/20 | 818 |
VTB Bank PJSC GDR | 5/11/07-10/28/09 | 80 |
VTB Bank PJSC GDR (Registered) | 4/2/09-7/30/09 | 91 |
(4) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(5) | Value rounds to less than one thousand. |
(6) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
EQUITY FUNDS 35 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
(7) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(8) | 7-day current yield as of December 31, 2023 is disclosed. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
ADR – American Depositary Receipt |
CPO – Certificado de Participación Ordinario |
ETF – Exchange-Traded Fund |
GDR – Global Depositary Receipt |
MSCI – Morgan Stanley Capital International |
NVDR – Non-Voting Depositary Receipt |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
outstanding forward foreign currency exchange contracts as follows:
COUNTERPARTY | CONTRACTS TO DELIVER CURRENCY | AMOUNT (LOCAL CURRENCY) (000s) | IN EXCHANGE FOR CURRENCY | AMOUNT (LOCAL CURRENCY) (000s) | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
Citibank | United States Dollar
| 423 | Hong Kong Dollar | 3,297 | 3/20/24 | $—* |
Subtotal Appreciation | —* | |||||
BNP | Taiwan Dollar
| 27,549 | United States Dollar | 885 | 3/20/24 | (28) |
BNY Mellon | Hong Kong Dollar
| 16,539 | United States Dollar | 2,122 | 3/20/24 | —* |
Citibank | Indian Rupee
| 24,953 | United States Dollar | 298 | 3/20/24 | —* |
Citibank | Korean Won
| 577,400 | United States Dollar | 440 | 3/20/24 | (8) |
Morgan Stanley | South African Rand
| 1,583 | United States Dollar | 85 | 3/20/24 | (1) |
Toronto-Dominion Bank | Brazilian Real
| 6,964 | United States Dollar | 1,390 | 3/20/24 | (33) |
Subtotal Depreciation | (70) | |||||
Total | $(70) |
* | Amount rounds to less than one thousand. |
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
MSCI Emerging Markets Index (United States Dollar) | 952 | $49,204 | Long | 3/24 | $2,142 |
At December 31, 2023, the Fund’s investments
were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
Hong Kong Dollar | 18.9% |
Indian Rupee | 16.2 |
Taiwan Dollar | 15.4 |
Korean Won | 12.5 |
United States Dollar | 6.2 |
Brazilian Real | 5.6 |
All other currencies less than 5% | 25.2 |
Total Investments | 100.0 |
Other Assets less Liabilities | 0.0 |
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 December 31, 2023 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 December 31, 2023 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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Chile | $5,407 | $— | $— | $5,407 |
China | 35,099 | 332,601 | — | 367,700 |
Egypt | 1,482 | — | — | 1,482 |
Mexico | 39,401 | — | — | 39,401 |
Peru | 2,662 | — | — | 2,662 |
Qatar | 12,687 | — | — | 12,687 |
Saudi Arabia | 57,924 | — | — | 57,924 |
United States | 863 | 1,366 | — | 2,229 |
All Other Countries(1) | — | 862,898 | — | 862,898 |
Total Common Stocks | 155,525 | 1,196,865 | — | 1,352,390 |
Preferred Stocks: | ||||
Chile | 1,676 | — | — | 1,676 |
All Other Countries(1) | — | 32,132 | — | 32,132 |
Total Preferred Stocks | 1,676 | 32,132 | — | 33,808 |
NORTHERN FUNDS QUARTERLY
REPORT 36 EQUITY FUNDS
Schedule of Investments |
EMERGING MARKETS EQUITY INDEX FUND continued | December 31, 2023 (UNAUDITED) |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Rights: | ||||
Brazil | $3 | $— | $— | $3 |
Taiwan | — | 9 | — | 9 |
Total Rights | 3 | 9 | — | 12 |
Investment Companies | 49,461 | — | — | 49,461 |
Total Investments | $206,665 | $1,229,006 | $— | $1,435,671 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $2,142 | $— | $— | $2,142 |
Liabilities | ||||
Forward Foreign Currency Exchange Contracts | — | (70) | — | (70) |
Total Other Financial Instruments | $2,142 | $(70) | $— | $2,072 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in affiliated
investments for the nine months ended December 31, 2023, 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) | $47,001 | $366,333 | $373,483 | $1,294 | $39,851 | $39,851,413 |
EQUITY FUNDS 37 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
GLOBAL REAL ESTATE INDEX FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1) | ||
Australia – 4.7% | ||
Abacus Group | 244,463 | $191 |
Abacus Storage King | 311,189 | 239 |
Arena REIT | 182,516 | 459 |
BWP Trust | 271,281 | 651 |
Centuria Industrial REIT | 295,770 | 653 |
Centuria Office REIT | 229,252 | 209 |
Charter Hall Long Wale REIT | 357,000 | 911 |
Charter Hall Retail REIT | 285,786 | 701 |
Charter Hall Social Infrastructure REIT | 183,466 | 372 |
Dexus | 578,176 | 3,010 |
Dexus Industria REIT | 128,147 | 243 |
Goodman Group | 923,931 | 15,864 |
GPT Group (The) | 1,046,377 | 3,293 |
Growthpoint Properties Australia Ltd. | 138,415 | 219 |
HealthCo REIT | 239,465 | 239 |
HomeCo Daily Needs REIT | 898,077 | 744 |
Ingenia Communities Group | 224,779 | 679 |
Lifestyle Communities Ltd. | 48,152 | 595 |
Mirvac Group | 2,120,969 | 3,004 |
National Storage REIT | 682,732 | 1,066 |
Region RE Ltd. | 615,641 | 944 |
Scentre Group | 2,799,067 | 5,677 |
Stockland | 1,285,164 | 3,895 |
Vicinity Ltd. | 2,103,047 | 2,910 |
Waypoint REIT Ltd. | 333,354 | 552 |
47,320 | ||
Austria – 0.1% | ||
CA Immobilien Anlagen A.G. | 20,149 | 722 |
IMMOFINANZ A.G.* | 19,853 | 462 |
1,184 | ||
Belgium – 0.9% | ||
Aedifica S.A. | 25,888 | 1,815 |
Cofinimmo S.A. | 20,021 | 1,583 |
Intervest Offices & Warehouses N.V. | 15,160 | 346 |
Montea N.V. | 7,630 | 727 |
Retail Estates N.V. | 6,171 | 440 |
Shurgard Self Storage Ltd. | 14,993 | 745 |
Warehouses De Pauw - C.V.A. | 94,357 | 2,962 |
Xior Student Housing N.V. | 15,436 | 506 |
9,124 | ||
Brazil – 0.3% | ||
Allos S.A. | 229,259 | 1,240 |
Iguatemi S.A. | 120,900 | 601 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
Brazil – 0.3%continued | ||
JHSF Participacoes S.A. | 200,963 | $228 |
LOG Commercial Properties e Participacoes S.A. | 20,500 | 96 |
Multiplan Empreendimentos Imobiliarios S.A.* | 154,372 | 897 |
3,062 | ||
Canada – 1.3% | ||
Allied Properties Real Estate Investment Trust | 35,057 | 534 |
Artis Real Estate Investment Trust | 22,970 | 115 |
Boardwalk Real Estate Investment Trust | 12,449 | 670 |
BSR Real Estate Investment Trust | 19,288 | 229 |
Canadian Apartment Properties REIT | 43,885 | 1,616 |
Choice Properties Real Estate Investment Trust | 87,132 | 917 |
Crombie Real Estate Investment Trust | 28,281 | 294 |
CT Real Estate Investment Trust | 29,047 | 321 |
Dream Industrial Real Estate Investment Trust | 70,673 | 745 |
First Capital Real Estate Investment Trust | 54,303 | 629 |
Granite Real Estate Investment Trust | 17,086 | 984 |
H&R Real Estate Investment Trust | 71,072 | 531 |
InterRent Real Estate Investment Trust | 37,739 | 377 |
Killam Apartment Real Estate Investment Trust | 30,874 | 418 |
Minto Apartment Real Estate Investment Trust | 10,902 | 133 |
Morguard North American Residential Real Estate Investment Trust | 9,382 | 105 |
Nexus Industrial REIT | 17,801 | 109 |
NorthWest Healthcare Properties Real Estate Investment Trust | 65,543 | 255 |
Primaris Real Estate Investment Trust | 22,543 | 235 |
RioCan Real Estate Investment Trust | 80,719 | 1,134 |
Slate Grocery REIT, Class U | 17,305 | 158 |
SmartCentres Real Estate Investment Trust | 39,842 | 748 |
StorageVault Canada, Inc. | 135,058 | 533 |
Tricon Residential, Inc. | 142,465 | 1,297 |
13,087 | ||
Chile – 0.1% | ||
Parque Arauco S.A. | 348,898 | 562 |
Plaza S.A.* | 207,684 | 294 |
856 |
NORTHERN FUNDS QUARTERLY
REPORT 38 EQUITY FUNDS
Schedule of Investments |
GLOBAL REAL ESTATE INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
China – 2.1% | ||
Agile Group Holdings Ltd.* | 1,231,226 | $134 |
C&D International Investment Group Ltd. | 406,162 | 863 |
China Jinmao Holdings Group Ltd. | 3,410,042 | 327 |
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 299,800 | 403 |
China Overseas Grand Oceans Group Ltd. | 1,007,500 | 331 |
China Overseas Land & Investment Ltd. | 2,062,042 | 3,654 |
China Resources Land Ltd. | 1,732,155 | 6,249 |
China South City Holdings Ltd. | 3,132,000 | 121 |
China Vanke Co. Ltd., Class A | 328,140 | 483 |
China Vanke Co. Ltd., Class H | 1,211,341 | 1,118 |
Country Garden Holdings Co. Ltd.* | 6,916,672 | 688 |
Gemdale Corp., Class A | 148,500 | 92 |
Gemdale Properties & Investment Corp. Ltd. | 3,134,000 | 112 |
Greentown China Holdings Ltd. | 616,500 | 627 |
Guangzhou R&F Properties Co. Ltd., Class H* | 927,802 | 135 |
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 102,100 | 104 |
Hopson Development Holdings Ltd.* | 638,873 | 333 |
Longfor Group Holdings Ltd. | 1,079,071 | 1,731 |
LVGEM China Real Estate Investment Co. Ltd.* | 668,000 | 67 |
Midea Real Estate Holding Ltd. | 149,000 | 102 |
Poly Developments and Holdings Group Co. Ltd., Class A | 401,600 | 560 |
Poly Property Group Co. Ltd. | 1,154,000 | 234 |
Powerlong Real Estate Holdings Ltd.* | 681,000 | 63 |
Radiance Holdings Group Co. Ltd.* | 424,000 | 206 |
Redco Properties Group Ltd.(2) * | 468,000 | 74 |
Seazen Group Ltd.* | 1,361,904 | 221 |
Seazen Holdings Co. Ltd., Class A* | 77,900 | 125 |
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B | 142,216 | 116 |
Shanghai Lingang Holdings Corp. Ltd., Class A | 76,200 | 108 |
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 48,400 | 131 |
Shenzhen Investment Ltd. | 1,551,191 | 228 |
Shui On Land Ltd. | 2,128,277 | 197 |
Sino-Ocean Group Holding Ltd.* | 1,672,000 | 94 |
SOHO China Ltd.* | 1,142,256 | 110 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
China – 2.1%continued | ||
Yanlord Land Group Ltd.* | 305,600 | $134 |
Yuexiu Property Co. Ltd. | 877,674 | 714 |
20,989 | ||
Egypt – 0.1% | ||
Heliopolis Housing | 248,106 | 83 |
Talaat Moustafa Group | 492,541 | 385 |
468 | ||
Finland – 0.1% | ||
Citycon OYJ* | 45,854 | 263 |
Kojamo OYJ | 67,925 | 902 |
1,165 | ||
France – 1.5% | ||
Altarea S.C.A. | 2,345 | 207 |
Carmila S.A.* | 35,448 | 611 |
Covivio S.A./France | 27,247 | 1,473 |
Gecina S.A. | 24,715 | 3,018 |
ICADE | 19,026 | 750 |
Klepierre S.A. | 117,548 | 3,214 |
Mercialys S.A. | 48,104 | 530 |
Nexity S.A. | 23,241 | 435 |
Unibail-Rodamco-Westfield* | 63,693 | 4,692 |
14,930 | ||
Germany – 2.0% | ||
Aroundtown S.A.* | 501,850 | 1,371 |
Grand City Properties S.A.* | 37,729 | 424 |
Hamborner REIT A.G. | 40,802 | 307 |
LEG Immobilien S.E.* | 39,875 | 3,492 |
Sirius Real Estate Ltd. | 730,712 | 876 |
TAG Immobilien A.G.* | 95,520 | 1,391 |
VIB Vermoegen A.G.* | 4,594 | 71 |
Vonovia S.E. | 396,184 | 12,484 |
20,416 | ||
Greece – 0.0% | ||
LAMDA Development S.A.* | 40,165 | 300 |
Guernsey, C.I. – 0.1% | ||
Balanced Commercial Property Trust Ltd. | 397,624 | 366 |
Hong Kong – 3.7% | ||
Champion REIT | 1,317,846 | 413 |
CK Asset Holdings Ltd. | 1,053,000 | 5,266 |
Cosmopolitan International Holdings Ltd.* | 210,600 | 82 |
EQUITY FUNDS 39 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
Hong Kong – 3.7%continued | ||
Far East Consortium International Ltd. | 736,506 | $131 |
Fortune Real Estate Investment Trust | 832,000 | 528 |
Hang Lung Group Ltd. | 445,000 | 607 |
Hang Lung Properties Ltd. | 959,452 | 1,331 |
Henderson Land Development Co. Ltd. | 779,555 | 2,410 |
Hongkong Land Holdings Ltd. | 591,518 | 2,055 |
Hysan Development Co. Ltd. | 340,045 | 674 |
Kerry Properties Ltd. | 320,099 | 584 |
Link REIT | 1,383,026 | 7,734 |
Shun Tak Holdings Ltd.* | 630,000 | 81 |
Sino Land Co. Ltd. | 2,007,959 | 2,189 |
Sun Hung Kai Properties Ltd. | 782,425 | 8,420 |
Swire Properties Ltd. | 623,200 | 1,257 |
Wharf Real Estate Investment Co. Ltd. | 898,317 | 3,056 |
Yuexiu Real Estate Investment Trust | 1,285,477 | 207 |
37,025 | ||
India – 1.3% | ||
Anant Raj Ltd. | 45,792 | 162 |
Brigade Enterprises Ltd. | 64,554 | 696 |
Brookfield India Real Estate Trust | 107,237 | 303 |
DLF Ltd. | 332,544 | 2,900 |
Embassy Office Parks REIT | 287,450 | 1,121 |
Godrej Properties Ltd.* | 66,650 | 1,611 |
Indiabulls Real Estate Ltd.* | 216,203 | 226 |
Macrotech Developers Ltd. | 131,281 | 1,613 |
Mahindra Lifespace Developers Ltd. | 41,022 | 268 |
Mindspace Business Parks REIT | 115,484 | 449 |
NESCO Ltd. | 10,038 | 106 |
Nexus Select Trust | 254,338 | 415 |
Phoenix Mills (The) Ltd. | 52,448 | 1,416 |
Prestige Estates Projects Ltd. | 77,902 | 1,102 |
Sunteck Realty Ltd. | 22,794 | 122 |
12,510 | ||
Indonesia – 0.1% | ||
Ciputra Development Tbk PT | 4,956,636 | 376 |
Lippo Karawaci Tbk PT* | 17,425,210 | 110 |
Pakuwon Jati Tbk PT | 9,567,540 | 282 |
Rimo International Lestari Tbk PT(2) * | 42,545,100 | — |
Summarecon Agung Tbk PT | 6,194,296 | 232 |
1,000 | ||
Ireland – 0.0% | ||
Irish Residential Properties REIT PLC | 220,316 | 269 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
Israel – 0.7% | ||
Africa Israel Residences Ltd. | 3,169 | $168 |
Amot Investments Ltd. | 129,626 | 716 |
Aura Investments Ltd. | 70,285 | 202 |
Azrieli Group Ltd. | 23,376 | 1,535 |
Blue Square Real Estate Ltd. | 2,832 | 186 |
Electra Real Estate Ltd. | 13,026 | 149 |
Israel Canada T.R Ltd. | 73,144 | 219 |
Isras Investment Co. Ltd. | 902 | 189 |
Mega Or Holdings Ltd. | 12,566 | 297 |
Melisron Ltd. | 12,884 | 1,000 |
Mivne Real Estate KD Ltd. | 327,449 | 968 |
Prashkovsky Investments and Construction Ltd. | 3,627 | 81 |
REIT 1 Ltd. | 107,944 | 507 |
Sella Capital Real Estate Ltd. | 123,208 | 292 |
Summit Real Estate Holdings Ltd. | 22,951 | 342 |
YH Dimri Construction & Development Ltd. | 4,381 | 315 |
7,166 | ||
Italy – 0.0% | ||
Cromwell European Real Estate Investment Trust | 163,271 | 256 |
Japan – 9.5% | ||
Activia Properties, Inc. | 380 | 1,046 |
Advance Logistics Investment Corp. | 343 | 308 |
Advance Residence Investment Corp. | 740 | 1,657 |
Aeon Mall Co. Ltd. | 49,566 | 622 |
AEON REIT Investment Corp. | 922 | 924 |
Comforia Residential REIT, Inc. | 368 | 826 |
CRE Logistics REIT, Inc. | 298 | 328 |
Daiwa House Industry Co. Ltd. | 320,600 | 9,686 |
Daiwa House REIT Investment Corp. | 1,266 | 2,257 |
Daiwa Office Investment Corp. | 158 | 744 |
Daiwa Securities Living Investments Corp. | 1,106 | 817 |
Frontier Real Estate Investment Corp. | 271 | 831 |
Fukuoka REIT Corp. | 353 | 428 |
Global One Real Estate Investment Corp. | 562 | 436 |
GLP J-REIT | 2,565 | 2,550 |
Goldcrest Co. Ltd. | 8,800 | 138 |
Hankyu Hanshin REIT, Inc. | 357 | 351 |
Heiwa Real Estate Co. Ltd. | 16,000 | 427 |
Heiwa Real Estate REIT, Inc. | 557 | 531 |
NORTHERN FUNDS QUARTERLY REPORT 40 EQUITY FUNDS
Schedule of Investments |
GLOBAL REAL ESTATE INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
Japan – 9.5%continued | ||
Hoshino Resorts REIT, Inc. | 131 | $525 |
Hulic Co. Ltd. | 209,540 | 2,188 |
Hulic REIT, Inc. | 717 | 757 |
Ichigo Office REIT Investment Corp. | 521 | 305 |
Ichigo, Inc. | 138,500 | 331 |
Industrial & Infrastructure Fund Investment Corp. | 1,074 | 1,061 |
Invincible Investment Corp. | 3,596 | 1,553 |
Japan Excellent, Inc. | 650 | 578 |
Japan Hotel REIT Investment Corp. | 2,472 | 1,212 |
Japan Logistics Fund, Inc. | 488 | 989 |
Japan Metropolitan Fund Invest | 3,822 | 2,759 |
Japan Prime Realty Investment Corp. | 466 | 1,156 |
Japan Real Estate Investment Corp. | 699 | 2,891 |
Katitas Co. Ltd. | 28,800 | 446 |
KDX Realty Investment Corp. | 2,224 | 2,534 |
Keihanshin Building Co. Ltd. | 15,300 | 154 |
LaSalle Logiport REIT | 1,013 | 1,090 |
Leopalace21 Corp.* | 101,200 | 306 |
Mirai Corp. | 992 | 305 |
Mitsubishi Estate Co. Ltd. | 607,880 | 8,351 |
Mitsubishi Estate Logistics REIT Investment Corp. | 258 | 685 |
Mitsui Fudosan Co. Ltd. | 480,962 | 11,756 |
Mitsui Fudosan Logistics Park, Inc. | 314 | 1,017 |
Mori Hills REIT Investment Corp. | 844 | 838 |
Mori Trust REIT, Inc. | 1,376 | 707 |
Nippon Accommodations Fund, Inc. | 268 | 1,147 |
Nippon Building Fund, Inc. | 824 | 3,564 |
Nippon Prologis REIT, Inc. | 1,240 | 2,386 |
NIPPON REIT Investment Corp. | 247 | 588 |
Nomura Real Estate Holdings, Inc. | 58,700 | 1,540 |
Nomura Real Estate Master Fund, Inc. | 2,320 | 2,710 |
NTT UD REIT Investment Corp. | 770 | 680 |
One REIT, Inc. | 130 | 244 |
Orix JREIT, Inc. | 1,429 | 1,686 |
SAMTY Co. Ltd. | 15,000 | 259 |
Samty Residential Investment Corp. | 194 | 151 |
Sekisui House REIT, Inc. | 2,284 | 1,247 |
SOSiLA Logistics REIT, Inc. | 366 | 311 |
Star Asia Investment Corp. | 1,272 | 519 |
Starts Proceed Investment Corp. | 130 | 185 |
Sumitomo Realty & Development Co. Ltd. | 154,025 | 4,565 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
Japan – 9.5%continued | ||
Sun Frontier Fudousan Co. Ltd. | 14,800 | $171 |
Takara Leben Real Estate Investment Corp. | 375 | 268 |
TKP Corp.* | 10,400 | 132 |
Tokyo Tatemono Co. Ltd. | 100,500 | 1,501 |
Tokyu REIT, Inc. | 484 | 584 |
Tosei Corp. | 14,000 | 198 |
United Urban Investment Corp. | 1,489 | 1,520 |
95,557 | ||
Kuwait – 0.2% | ||
Commercial Real Estate Co. K.S.C. | 811,647 | 269 |
Kuwait Real Estate Co. KSC | 399,828 | 267 |
Mabanee Co. KPSC | 348,538 | 956 |
National Real Estate Co. KPSC* | 617,449 | 133 |
Salhia Real Estate Co. K.S.C.P. | 233,404 | 326 |
1,951 | ||
Malaysia – 0.2% | ||
Axis Real Estate Investment Trust | 762,314 | 297 |
Eco World Development Group Bhd. | 603,800 | 138 |
IOI Properties Group Bhd. | 778,800 | 296 |
Matrix Concepts Holdings Bhd. | 350,900 | 126 |
Sime Darby Property Bhd. | 1,306,100 | 177 |
SP Setia Bhd. Group | 897,869 | 156 |
Sunway Real Estate Investment Trust | 983,000 | 330 |
UEM Sunrise Bhd. | 637,700 | 113 |
1,633 | ||
Mexico – 0.8% | ||
Concentradora Fibra Danhos S.A. de C.V. | 177,553 | 218 |
Corp. Inmobiliaria Vesta S.A.B. de C.V. | 451,200 | 1,789 |
FIBRA Macquarie Mexico | 412,220 | 808 |
Fibra Uno Administracion S.A. de C.V. | 1,555,633 | 2,794 |
Prologis Property Mexico S.A. de C.V. | 378,414 | 1,794 |
TF Administradora Industrial S de RL de C.V. | 418,400 | 895 |
8,298 | ||
Netherlands – 0.1% | ||
Eurocommercial Properties N.V. | 24,055 | 592 |
NSI N.V. | 10,980 | 227 |
Vastned Retail N.V. | 6,166 | 137 |
Wereldhave N.V. | 17,629 | 282 |
1,238 |
EQUITY FUNDS 41 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
New Zealand – 0.1% | ||
Goodman Property Trust | 610,943 | $881 |
Kiwi Property Group Ltd. | 805,646 | 445 |
1,326 | ||
Norway – 0.1% | ||
Entra ASA | 38,977 | 442 |
Philippines – 0.6% | ||
AREIT, Inc. | 414,300 | 250 |
Ayala Land, Inc. | 3,669,981 | 2,283 |
Megaworld Corp. | 4,879,001 | 173 |
MREIT, Inc. | 676,000 | 150 |
Robinsons Land Corp. | 1,027,296 | 296 |
SM Prime Holdings, Inc. | 5,437,453 | 3,230 |
6,382 | ||
Qatar – 0.1% | ||
Barwa Real Estate Co. | 1,173,054 | 933 |
United Development Co. QSC | 944,423 | 276 |
1,209 | ||
Romania – 0.2% | ||
NEPI Rockcastle N.V.* | 270,148 | 1,865 |
Russia – 0.0% | ||
LSR Group PJSC(2) | 30,351 | — |
Saudi Arabia – 0.3% | ||
Al Rajhi REIT | 124,450 | 295 |
Alandalus Property Co. | 26,751 | 142 |
Arriyadh Development Co. | 45,456 | 256 |
Dar Al Arkan Real Estate Development Co.* | 291,450 | 1,104 |
Emaar Economic City* | 224,250 | 475 |
Jadwa REIT Saudi Fund | 97,268 | 348 |
Retal Urban Development Co. | 86,947 | 197 |
Riyad REIT Fund | 77,756 | 184 |
Saudi Real Estate Co.* | 83,604 | 355 |
3,356 | ||
Singapore – 3.0% | ||
AIMS APAC REIT | 346,182 | 342 |
CapitaLand Ascendas REIT | 2,010,834 | 4,604 |
CapitaLand Ascott Trust | 1,429,314 | 1,071 |
CapitaLand China Trust | 637,827 | 449 |
Capitaland India Trust | 590,355 | 509 |
CapitaLand Integrated Commercial Trust | 2,868,014 | 4,461 |
CDL Hospitality Trusts | 465,652 | 391 |
City Developments Ltd. | 266,600 | 1,340 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
Singapore – 3.0%continued | ||
Digital Core REIT Management Pte Ltd. | 430,100 | $277 |
ESR-LOGOS REIT | 3,750,974 | 910 |
Far East Hospitality Trust | 562,203 | 283 |
Frasers Centrepoint Trust | 562,009 | 961 |
Frasers Hospitality Trust | 431,800 | 162 |
Frasers Logistics & Commercial Trust | 1,634,546 | 1,421 |
Hong Fok Corp. Ltd. | 164,700 | 113 |
Keppel DC REIT | 730,434 | 1,077 |
Keppel REIT | 1,225,520 | 862 |
Lendlease Global Commercial REIT | 953,066 | 465 |
Mapletree Industrial Trust | 1,159,432 | 2,201 |
Mapletree Logistics Trust | 1,863,226 | 2,449 |
Mapletree Pan Asia Commercial Trust | 1,259,961 | 1,493 |
Parkway Life Real Estate Investment Trust | 212,200 | 592 |
Sasseur Real Estate Investment Trust | 299,700 | 156 |
SPH REIT | 606,500 | 407 |
Starhill Global REIT | 778,590 | 310 |
Suntec Real Estate Investment Trust | 1,110,991 | 1,033 |
UOL Group Ltd. | 253,397 | 1,201 |
29,540 | ||
South Africa – 0.4% | ||
Burstone Group Limited | 338,251 | 147 |
Equites Property Fund Ltd. | 436,589 | 332 |
Fortress Real Estate Investments Ltd.* | 640,694 | 483 |
Fortress Real Estate Investments Ltd., Class B* | 453,630 | 176 |
Growthpoint Properties Ltd. | 1,826,052 | 1,164 |
Hyprop Investments Ltd. | 182,158 | 310 |
Redefine Properties Ltd. | 3,729,870 | 784 |
Resilient REIT Ltd. | 153,948 | 373 |
Vukile Property Fund Ltd. | 458,011 | 353 |
4,122 | ||
South Korea – 0.1% | ||
ESR Kendall Square REIT Co. Ltd. | 76,209 | 216 |
JR Global REIT | 98,449 | 311 |
LOTTE REIT Co. Ltd. | 62,016 | 152 |
SK D&D Co. Ltd. | 4,890 | 112 |
SK REITs Co. Ltd. | 66,981 | 207 |
998 | ||
Spain – 0.3% | ||
Aedas Homes S.A. | 6,611 | 133 |
Inmobiliaria Colonial Socimi S.A. | 150,086 | 1,089 |
NORTHERN FUNDS QUARTERLY
REPORT 42 EQUITY FUNDS
Schedule of Investments |
GLOBAL REAL ESTATE INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
Spain – 0.3%continued | ||
Lar Espana Real Estate Socimi S.A. | 26,044 | $177 |
Merlin Properties Socimi S.A. | 176,111 | 1,954 |
3,353 | ||
Sweden – 1.8% | ||
Atrium Ljungberg AB, Class B | 27,065 | 621 |
Castellum AB* | 211,858 | 3,029 |
Catena AB | 17,629 | 828 |
Cibus Nordic Real Estate AB publ | 26,662 | 353 |
Corem Property Group AB, Class B | 257,171 | 272 |
Dios Fastigheter AB | 54,262 | 465 |
Fabege AB | 125,920 | 1,351 |
Fastighets AB Balder, Class B* | 355,809 | 2,541 |
Hufvudstaden AB, Class A | 58,953 | 830 |
NP3 Fastigheter AB | 15,353 | 355 |
Nyfosa AB | 77,194 | 739 |
Pandox AB | 49,898 | 744 |
Platzer Fastigheter Holding AB, Class B | 30,788 | 259 |
Sagax AB, Class B | 106,127 | 2,912 |
Samhallsbyggnadsbolaget i Norden AB | 565,812 | 287 |
Wallenstam AB, Class B | 188,077 | 1,023 |
Wihlborgs Fastigheter AB | 150,556 | 1,414 |
18,023 | ||
Switzerland – 1.2% | ||
Allreal Holding A.G. (Registered) | 8,236 | 1,475 |
Intershop Holding A.G. | 569 | 416 |
IWG PLC* | 396,131 | 953 |
Mobimo Holding A.G. (Registered) | 4,021 | 1,249 |
PSP Swiss Property A.G. (Registered) | 24,680 | 3,456 |
Swiss Prime Site A.G. (Registered) | 41,331 | 4,422 |
11,971 | ||
Taiwan – 0.4% | ||
Cathay Real Estate Development Co. Ltd. | 278,000 | 164 |
Chong Hong Construction Co. Ltd. | 98,000 | 250 |
Farglory Land Development Co. Ltd. | 128,000 | 237 |
Highwealth Construction Corp. | 678,194 | 886 |
Huaku Development Co. Ltd. | 128,000 | 402 |
Kindom Development Co. Ltd. | 174,900 | 221 |
Prince Housing & Development Corp. | 502,000 | 181 |
Ruentex Development Co. Ltd.* | 829,955 | 1,018 |
Sakura Development Co. Ltd. | 115,918 | 183 |
3,542 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
Thailand – 0.6% | ||
Amata Corp. PCL NVDR | 458,235 | $359 |
AP Thailand PCL (Registered) | 441,405 | 146 |
AP Thailand PCL NVDR | 861,304 | 285 |
Central Pattana PCL (Registered) | 581,626 | 1,193 |
Central Pattana PCL NVDR | 500,998 | 1,026 |
Land & Houses PCL NVDR | 4,592,100 | 1,096 |
Origin Property PCL NVDR | 475,400 | 118 |
Pruksa Holding PCL NVDR | 239,100 | 85 |
Quality Houses PCL NVDR | 4,349,400 | 285 |
Sansiri PCL NVDR | 6,961,466 | 360 |
SC Asset Corp. PCL (Registered) | 747,984 | 72 |
SC Asset Corp. PCL NVDR(3) | 4,424 | — |
Supalai PCL (Registered) | 280,445 | 153 |
Supalai PCL NVDR | 397,500 | 216 |
WHA Corp. PCL NVDR | 4,536,500 | 703 |
6,097 | ||
Turkey – 0.1% | ||
Is Gayrimenkul Yatirim Ortakligi A.S.* | 181,528 | 95 |
Peker Gayrimenkul Yatirim Ortakligi A.S.* | 230,333 | 256 |
Torunlar Gayrimenkul Yatirim Ortakligi A.S. | 101,903 | 110 |
Ziraat Gayrimenkul Yatirim Ortakligi A.S. | 528,732 | 102 |
563 | ||
United Arab Emirates – 0.3% | ||
Aldar Properties PJSC | 2,071,492 | 3,016 |
Deyaar Development PJSC* | 598,845 | 112 |
RAK Properties PJSC* | 504,129 | 160 |
3,288 | ||
United Kingdom – 3.5% | ||
Assura PLC | 1,651,958 | 1,013 |
Big Yellow Group PLC | 101,490 | 1,577 |
British Land (The) Co. PLC | 476,781 | 2,418 |
CLS Holdings PLC | 96,008 | 124 |
Custodian Property Income REIT PLC | 223,786 | 249 |
Derwent London PLC | 51,969 | 1,556 |
Empiric Student Property PLC | 320,747 | 387 |
Grainger PLC | 386,136 | 1,299 |
Great Portland Estates PLC | 112,346 | 600 |
Hammerson PLC | 2,026,130 | 730 |
Home REIT PLC(2) | 484,349 | 216 |
Impact Healthcare REIT PLC | 181,679 | 208 |
Land Securities Group PLC | 383,713 | 3,435 |
EQUITY FUNDS 43 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
United Kingdom – 3.5%continued | ||
LondonMetric Property PLC | 575,284 | $1,401 |
LXI REIT PLC | 890,499 | 1,184 |
Picton Property Income Ltd. | 315,890 | 278 |
Primary Health Properties PLC | 732,282 | 965 |
PRS REIT (The) PLC | 287,116 | 315 |
Safestore Holdings PLC | 119,748 | 1,344 |
Segro PLC | 629,405 | 7,084 |
Shaftesbury Capital PLC | 804,540 | 1,411 |
Supermarket Income REIT PLC | 687,417 | 759 |
Target Healthcare REIT PLC | 315,312 | 346 |
Tritax Big Box REIT PLC | 1,026,809 | 2,201 |
UK Commercial Property REIT Ltd. | 421,383 | 332 |
UNITE Group (The) PLC | 202,243 | 2,682 |
Urban Logistics REIT PLC | 252,612 | 409 |
Warehouse REIT PLC | 188,728 | 221 |
Workspace Group PLC | 78,625 | 567 |
35,311 | ||
United States – 54.7% | ||
Acadia Realty Trust | 52,200 | 887 |
Agree Realty Corp. | 52,604 | 3,311 |
Alexander & Baldwin, Inc. | 40,044 | 762 |
Alexander's, Inc. | 1,073 | 229 |
Alexandria Real Estate Equities, Inc. | 89,009 | 11,284 |
American Assets Trust, Inc. | 25,397 | 572 |
American Homes 4 Rent, Class A | 175,475 | 6,310 |
Americold Realty Trust, Inc. | 145,594 | 4,407 |
Apartment Income REIT Corp. | 81,483 | 2,830 |
Apartment Investment and Management Co., Class A* | 74,286 | 582 |
Apple Hospitality REIT, Inc. | 116,459 | 1,934 |
AvalonBay Communities, Inc. | 76,763 | 14,372 |
Boston Properties, Inc. | 80,374 | 5,640 |
Brandywine Realty Trust | 94,616 | 511 |
Brixmor Property Group, Inc. | 161,838 | 3,766 |
Broadstone Net Lease, Inc. | 101,332 | 1,745 |
Camden Property Trust | 57,589 | 5,718 |
CareTrust REIT, Inc. | 55,021 | 1,231 |
CBL & Associates Properties, Inc. | 6,148 | 150 |
Centerspace | 8,351 | 486 |
Chatham Lodging Trust | 25,684 | 275 |
Community Healthcare Trust, Inc. | 13,997 | 373 |
COPT Defense Properties | 62,076 | 1,591 |
Cousins Properties, Inc. | 83,483 | 2,033 |
CubeSmart | 121,229 | 5,619 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
United States – 54.7%continued | ||
DiamondRock Hospitality Co. | 116,491 | $1,094 |
Digital Realty Trust, Inc. | 163,696 | 22,030 |
DigitalBridge Group, Inc. | 88,990 | 1,561 |
Diversified Healthcare Trust | 93,414 | 349 |
Douglas Emmett, Inc. | 90,795 | 1,317 |
Eagle Hospitality Trust(2) * | 496,400 | — |
Easterly Government Properties, Inc. | 50,793 | 683 |
EastGroup Properties, Inc. | 24,685 | 4,531 |
Elme Communities | 48,433 | 707 |
Empire State Realty Trust, Inc., Class A | 73,530 | 712 |
Equinix, Inc. | 50,672 | 40,811 |
Equity Commonwealth | 58,678 | 1,127 |
Equity Commonwealth - (Fractional Shares)(2) | 75,000 | — |
Equity LifeStyle Properties, Inc. | 95,505 | 6,737 |
Equity Residential | 194,574 | 11,900 |
Essex Property Trust, Inc. | 34,659 | 8,593 |
Extra Space Storage, Inc. | 114,225 | 18,314 |
Federal Realty Investment Trust | 39,520 | 4,073 |
First Industrial Realty Trust, Inc. | 71,202 | 3,750 |
Four Corners Property Trust, Inc. | 49,239 | 1,246 |
FRP Holdings, Inc.* | 4,284 | 269 |
Getty Realty Corp. | 26,114 | 763 |
Gladstone Commercial Corp. | 19,169 | 254 |
Global Medical REIT, Inc. | 33,803 | 375 |
Global Net Lease, Inc. | 105,767 | 1,052 |
Healthcare Realty Trust, Inc. | 207,637 | 3,578 |
Healthpeak Properties, Inc. | 295,068 | 5,842 |
Highwoods Properties, Inc. | 56,395 | 1,295 |
Host Hotels & Resorts, Inc. | 384,123 | 7,479 |
Howard Hughes Holdings, Inc.* | 19,248 | 1,647 |
Hudson Pacific Properties, Inc. | 70,705 | 658 |
Independence Realty Trust, Inc. | 121,448 | 1,858 |
Innovative Industrial Properties, Inc. | 15,387 | 1,551 |
InvenTrust Properties Corp. | 37,275 | 945 |
Invitation Homes, Inc. | 330,646 | 11,278 |
Iron Mountain, Inc. | 157,676 | 11,034 |
JBG SMITH Properties | 52,016 | 885 |
Kennedy-Wilson Holdings, Inc. | 61,796 | 765 |
Kilroy Realty Corp. | 59,755 | 2,381 |
Kimco Realty Corp. | 333,937 | 7,116 |
Kite Realty Group Trust | 117,856 | 2,694 |
LTC Properties, Inc. | 22,889 | 735 |
LXP Industrial Trust | 161,345 | 1,601 |
NORTHERN FUNDS QUARTERLY
REPORT 44 EQUITY FUNDS
Schedule of Investments |
GLOBAL REAL ESTATE INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
United States – 54.7%continued | ||
Macerich (The) Co. | 115,395 | $1,781 |
Medical Properties Trust, Inc. | 323,292 | 1,587 |
Mid-America Apartment Communities, Inc. | 63,005 | 8,472 |
National Health Investors, Inc. | 23,913 | 1,336 |
National Storage Affiliates Trust | 46,242 | 1,918 |
NETSTREIT Corp. | 36,131 | 645 |
NexPoint Residential Trust, Inc. | 12,949 | 446 |
NNN REIT, Inc. | 98,256 | 4,235 |
Omega Healthcare Investors, Inc. | 131,891 | 4,044 |
One Liberty Properties, Inc. | 10,362 | 227 |
Paramount Group, Inc. | 88,073 | 455 |
Park Hotels & Resorts, Inc. | 116,034 | 1,775 |
Peakstone Realty Trust | 19,914 | 397 |
Pebblebrook Hotel Trust | 65,286 | 1,043 |
Phillips Edison & Co., Inc. | 62,997 | 2,298 |
Physicians Realty Trust | 127,530 | 1,697 |
Piedmont Office Realty Trust, Inc., Class A | 68,062 | 484 |
Plymouth Industrial REIT, Inc. | 21,256 | 512 |
Prologis, Inc. | 500,328 | 66,694 |
Public Storage | 85,585 | 26,103 |
Realty Income Corp. | 383,291 | 22,009 |
Regency Centers Corp. | 89,649 | 6,006 |
Retail Opportunity Investments Corp. | 68,779 | 965 |
Rexford Industrial Realty, Inc. | 111,214 | 6,239 |
RLJ Lodging Trust | 84,240 | 987 |
RPT Realty | 47,483 | 609 |
Ryman Hospitality Properties, Inc. | 30,993 | 3,411 |
Sabra Health Care REIT, Inc. | 127,326 | 1,817 |
Saul Centers, Inc. | 7,283 | 286 |
Seritage Growth Properties, Class A* | 20,043 | 187 |
Service Properties Trust | 91,338 | 780 |
Simon Property Group, Inc. | 176,960 | 25,242 |
SITE Centers Corp. | 100,486 | 1,370 |
SL Green Realty Corp. | 34,409 | 1,554 |
Spirit Realty Capital, Inc. | 77,236 | 3,374 |
St. Joe (The) Co. | 19,251 | 1,159 |
STAG Industrial, Inc. | 96,723 | 3,797 |
Summit Hotel Properties, Inc. | 58,686 | 394 |
Sun Communities, Inc. | 67,194 | 8,980 |
Sunstone Hotel Investors, Inc. | 108,932 | 1,169 |
Tanger, Inc. | 57,287 | 1,588 |
Terreno Realty Corp. | 45,096 | 2,826 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.7% (1)continued | ||
United States – 54.7%continued | ||
UDR, Inc. | 168,887 | $6,467 |
UMH Properties, Inc. | 31,755 | 486 |
Universal Health Realty Income Trust | 7,322 | 317 |
Urban Edge Properties | 64,864 | 1,187 |
Ventas, Inc. | 217,386 | 10,835 |
Veris Residential, Inc. | 41,887 | 659 |
Vornado Realty Trust | 88,361 | 2,496 |
Welltower, Inc. | 280,551 | 25,297 |
Whitestone REIT | 25,455 | 313 |
WP Carey, Inc. | 115,476 | 7,484 |
Xenia Hotels & Resorts, Inc. | 57,444 | 782 |
549,429 | ||
Total Common Stocks | ||
(Cost $714,128) | 980,987 | |
INVESTMENT COMPANIES – 1.4% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(4) (5) | 13,702,203 | 13,702 |
Total Investment Companies | ||
(Cost $13,702) | 13,702 | |
Total Investments – 99.1% | ||
(Cost $727,830) | 994,689 | |
Other Assets less Liabilities – 0.9% | 9,375 | |
Net Assets – 100.0% | $1,004,064 |
(1) | Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities. |
(2) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(3) | Value rounds to less than one thousand. |
(4) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(5) | 7-day current yield as of December 31, 2023 is disclosed. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
EAFE – Europe, Australasia and the Far East |
MSCI – Morgan Stanley Capital International |
NVDR – Non-Voting Depositary Receipt |
REIT – Real Estate Investment Trust |
S&P – Standard & Poor's |
EQUITY FUNDS 45 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
TSX – Toronto Stock Exchange |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
outstanding forward foreign currency exchange contracts as follows:
COUNTERPARTY | CONTRACTS TO DELIVER CURRENCY | AMOUNT (LOCAL CURRENCY) (000s) | IN EXCHANGE FOR CURRENCY | AMOUNT (LOCAL CURRENCY) (000s) | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
BNP | United States Dollar
| 196 | Singapore Dollar | 259 | 3/20/24 | $1 |
BNY Mellon | United States Dollar
| 523 | Hong Kong Dollar | 4,073 | 3/20/24 | —* |
Citibank | United States Dollar
| 246 | Australian Dollar | 366 | 3/20/24 | 4 |
Citibank | United States Dollar
| 910 | Euro | 840 | 3/20/24 | 20 |
Citibank | United States Dollar
| 586 | Japanese Yen | 81,928 | 3/21/24 | 3 |
Citibank | United States Dollar
| 13 | Swedish Krona | 129 | 3/20/24 | —* |
Toronto-Dominion Bank | United States Dollar
| 367 | British Pound | 288 | 3/20/24 | —* |
Toronto-Dominion Bank | United States Dollar
| 319 | Swiss Franc | 274 | 3/20/24 | 10 |
Subtotal Appreciation | 38 | |||||
BNP | Taiwan Dollar
| 17,120 | United States Dollar | 550 | 3/20/24 | (18) |
BNY Mellon | Hong Kong Dollar
| 5,891 | United States Dollar | 756 | 3/20/24 | —* |
Citibank | British Pound
| 644 | United States Dollar | 820 | 3/20/24 | (1) |
Citibank | Canadian Dollar
| 240 | United States Dollar | 179 | 3/20/24 | (2) |
Citibank | Euro
| 1,951 | United States Dollar | 2,142 | 3/20/24 | (19) |
Citibank | Indian Rupee
| 25,000 | United States Dollar | 299 | 3/20/24 | —* |
Citibank | Korean Won
| 570,170 | United States Dollar | 435 | 3/20/24 | (8) |
Citibank | Norwegian Krone
| 860 | United States Dollar | 82 | 3/20/24 | (3) |
Citibank | Swiss Franc
| 820 | United States Dollar | 953 | 3/20/24 | (31) |
Toronto-Dominion Bank | Brazilian Real
| 1,400 | United States Dollar | 279 | 3/20/24 | (7) |
Toronto-Dominion Bank | Japanese Yen
| 55,130 | United States Dollar | 395 | 3/21/24 | (1) |
Subtotal Depreciation | (90) | |||||
Total | $(52) |
* | Amount rounds to less than one thousand. |
At December 31, 2023, the Fund had open futures
contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 (United States Dollar) | 1 | $241 | Long | 3/24 | $(1) |
E-Mini S&P MidCap 400 (United States Dollar) | 44 | 12,362 | Long | 3/24 | 350 |
MSCI EAFE Index (United States Dollar) | 52 | 5,856 | Long | 3/24 | 134 |
MSCI Emerging Markets Index (United States Dollar) | 59 | 3,049 | Long | 3/24 | 83 |
S&P/TSX 60 Index (Canadian Dollar) | 10 | 1,918 | Long | 3/24 | 41 |
Total | $607 |
At December 31, 2023, the
Fund’s investments were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
United States Dollar | 56.4% |
Japanese Yen | 9.5 |
Hong Kong Dollar | 5.4 |
Euro | 5.1 |
All other currencies less than 5% | 22.7 |
Total Investments | 99.1 |
Other Assets less Liabilities | 0.9 |
Net Assets | 100.0% |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in
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 December 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in
NORTHERN FUNDS QUARTERLY REPORT 46 EQUITY FUNDS
Schedule of Investments |
GLOBAL REAL ESTATE INDEX FUND continued | December 31, 2023 (UNAUDITED) |
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 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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Canada | $13,087 | $— | $— | $13,087 |
Chile | 856 | — | — | 856 |
China | — | 20,915 | 74 | 20,989 |
Egypt | 468 | — | — | 468 |
Israel | 7,166 | — | — | 7,166 |
Mexico | 8,298 | — | — | 8,298 |
Qatar | 1,209 | — | — | 1,209 |
Saudi Arabia | 3,356 | — | — | 3,356 |
Thailand | 285 | 5,812 | — | 6,097 |
United Kingdom | — | 35,095 | 216 | 35,311 |
United States | 549,429 | — | — | 549,429 |
All Other Countries(1) | — | 334,721 | — | 334,721 |
Total Common Stocks | 584,154 | 396,543 | 290 | 980,987 |
Investment Companies | 13,702 | — | — | 13,702 |
Total Investments | $597,856 | $396,543 | $290 | $994,689 |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Forward Foreign Currency Exchange Contracts | $— | $38 | $— | $38 |
Futures Contracts | 608 | — | — | 608 |
Liabilities | ||||
Forward Foreign Currency Exchange Contracts | — | (90) | — | (90) |
Futures Contracts | (1) | — | — | (1) |
Total Other Financial Instruments | $607 | $(52) | $— | $555 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $8,972 | $143,039 | $138,309 | $527 | $13,702 | $13,702,203 |
EQUITY FUNDS 47 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
GLOBAL SUSTAINABILITY INDEX FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1) | ||
Australia – 1.5% | ||
ANZ Group Holdings Ltd. | 190,118 | $3,349 |
APA Group | 88,437 | 514 |
Aristocrat Leisure Ltd. | 37,237 | 1,032 |
ASX Ltd. | 12,148 | 521 |
Aurizon Holdings Ltd. | 118,540 | 306 |
BlueScope Steel Ltd. | 28,451 | 453 |
Brambles Ltd. | 88,014 | 815 |
Cochlear Ltd. | 4,128 | 839 |
Coles Group Ltd. | 85,674 | 939 |
Computershare Ltd. | 34,605 | 575 |
Dexus | 62,636 | 326 |
EBOS Group Ltd. | 9,694 | 218 |
Endeavour Group Ltd. | 90,276 | 320 |
Fortescue Ltd. | 108,132 | 2,139 |
Goodman Group | 108,304 | 1,860 |
GPT Group (The) | 135,091 | 425 |
IDP Education Ltd. | 15,396 | 210 |
IGO Ltd. | 45,163 | 277 |
Macquarie Group Ltd. | 23,392 | 2,915 |
Mineral Resources Ltd. | 11,243 | 534 |
Mirvac Group | 278,131 | 394 |
Northern Star Resources Ltd. | 73,718 | 690 |
Orica Ltd. | 29,015 | 314 |
Pilbara Minerals Ltd. | 182,037 | 488 |
QBE Insurance Group Ltd. | 94,125 | 949 |
Ramsay Health Care Ltd. | 11,115 | 398 |
REA Group Ltd. | 3,439 | 423 |
Scentre Group | 319,620 | 648 |
SEEK Ltd. | 23,034 | 418 |
Sonic Healthcare Ltd. | 29,048 | 634 |
Stockland | 155,867 | 472 |
Suncorp Group Ltd. | 81,579 | 768 |
Telstra Group Ltd. | 263,220 | 709 |
Transurban Group | 195,844 | 1,825 |
Vicinity Ltd. | 222,804 | 308 |
Woodside Energy Group Ltd. | 119,849 | 2,539 |
30,544 | ||
Austria – 0.1% | ||
Mondi PLC | 31,162 | 609 |
OMV A.G. | 9,527 | 419 |
Verbund A.G. | 4,435 | 412 |
1,440 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
Belgium – 0.1% | ||
KBC Group N.V. | 15,948 | $1,035 |
Liberty Global Ltd., Class C* | 16,383 | 305 |
Umicore S.A. | 13,782 | 379 |
1,719 | ||
Brazil – 0.3% | ||
MercadoLibre, Inc.* | 2,872 | 4,514 |
Wheaton Precious Metals Corp. | 28,527 | 1,407 |
5,921 | ||
Burkina Faso – 0.0% | ||
Endeavour Mining PLC | 12,070 | 271 |
Canada – 3.2% | ||
Agnico Eagle Mines Ltd. | 31,961 | 1,752 |
Algonquin Power & Utilities Corp. | 38,820 | 245 |
Alimentation Couche-Tard, Inc. | 49,376 | 2,908 |
Bank of Montreal | 46,438 | 4,595 |
Bank of Nova Scotia (The) | 76,350 | 3,717 |
Brookfield Corp. | 88,138 | 3,535 |
CAE, Inc.* | 20,250 | 437 |
Cameco Corp. | 27,140 | 1,170 |
Canadian Apartment Properties REIT | 5,947 | 219 |
Canadian National Railway Co. | 35,500 | 4,462 |
Canadian Tire Corp. Ltd., Class A | 3,245 | 345 |
Dollarama, Inc. | 18,125 | 1,306 |
Enbridge, Inc. | 135,361 | 4,873 |
FirstService Corp. | 2,595 | 420 |
Fortis, Inc. | 31,731 | 1,305 |
Gildan Activewear, Inc. | 11,066 | 366 |
Hydro One Ltd. | 20,953 | 628 |
Intact Financial Corp. | 11,133 | 1,713 |
Ivanhoe Mines Ltd., Class A* | 39,105 | 379 |
Keyera Corp. | 14,856 | 359 |
Kinross Gold Corp. | 75,858 | 459 |
Magna International, Inc. | 17,196 | 1,016 |
Metro, Inc. | 14,926 | 773 |
National Bank of Canada | 21,571 | 1,644 |
Nutrien Ltd. | 31,344 | 1,766 |
Open Text Corp. | 17,146 | 721 |
Parkland Corp. | 9,169 | 296 |
Pembina Pipeline Corp. | 34,111 | 1,174 |
RB Global, Inc. | 11,551 | 773 |
RioCan Real Estate Investment Trust | 5,248 | 74 |
Rogers Communications, Inc., Class B | 22,671 | 1,061 |
Shopify, Inc., Class A* | 76,663 | 5,968 |
NORTHERN FUNDS QUARTERLY REPORT 48 EQUITY FUNDS
Schedule of Investments |
GLOBAL SUSTAINABILITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
Canada – 3.2%continued | ||
Sun Life Financial, Inc. | 37,480 | $1,944 |
TELUS Corp. (Toronto Exchange) | 32,163 | 572 |
Thomson Reuters Corp. | 10,162 | 1,486 |
Toromont Industries Ltd. | 5,312 | 465 |
Toronto-Dominion Bank (The) | 115,726 | 7,478 |
West Fraser Timber Co. Ltd. | 3,666 | 314 |
62,718 | ||
Chile – 0.0% | ||
Antofagasta PLC | 25,038 | 536 |
Lundin Mining Corp. | 42,769 | 350 |
886 | ||
China – 0.4% | ||
BOC Hong Kong Holdings Ltd. | 236,000 | 639 |
NXP Semiconductors N.V. | 16,437 | 3,775 |
Prosus N.V.* | 92,592 | 2,761 |
7,175 | ||
Denmark – 1.6% | ||
AP Moller - Maersk A/S, Class A | 308 | 546 |
AP Moller - Maersk A/S, Class B | 190 | 342 |
Chr Hansen Holding A/S | 6,616 | 555 |
Coloplast A/S, Class B | 8,755 | 1,001 |
DSV A/S | 11,778 | 2,072 |
Genmab A/S* | 4,211 | 1,341 |
Novo Nordisk A/S, Class B | 207,898 | 21,504 |
Novozymes A/S, Class B | 12,925 | 712 |
Orsted A/S | 12,160 | 671 |
Pandora A/S | 5,326 | 736 |
ROCKWOOL A/S, Class B | 579 | 169 |
Vestas Wind Systems A/S* | 63,758 | 2,027 |
31,676 | ||
Finland – 0.3% | ||
Elisa OYJ | 8,395 | 389 |
Kesko OYJ, Class B | 16,640 | 330 |
Metso OYJ | 43,077 | 437 |
Neste OYJ | 27,003 | 959 |
Nokia OYJ | 346,224 | 1,189 |
Stora Enso OYJ (Registered) | 38,470 | 532 |
UPM-Kymmene OYJ | 33,944 | 1,277 |
Wartsila OYJ Abp | 30,464 | 444 |
5,557 | ||
France – 3.1% | ||
Aeroports de Paris S.A. | 2,289 | 296 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
France – 3.1%continued | ||
AXA S.A. | 114,833 | $3,748 |
BNP Paribas S.A. | 66,877 | 4,634 |
Bouygues S.A. | 11,645 | 440 |
Carrefour S.A. | 36,097 | 661 |
Cie Generale des Etablissements Michelin S.C.A. | 42,477 | 1,526 |
Credit Agricole S.A. | 72,909 | 1,035 |
Danone S.A. | 41,141 | 2,668 |
Dassault Systemes S.E. | 42,030 | 2,058 |
Eiffage S.A. | 4,721 | 507 |
Gecina S.A. | 3,291 | 402 |
Getlink S.E. | 22,412 | 410 |
Hermes International S.C.A. | 2,022 | 4,291 |
Kering S.A. | 4,771 | 2,117 |
Klepierre S.A.* | 14,401 | 394 |
L'Oreal S.A. | 15,387 | 7,651 |
LVMH Moet Hennessy Louis Vuitton S.E. | 17,589 | 14,267 |
Orange S.A. | 116,544 | 1,326 |
SEB S.A.(2) | 1 | — |
Societe Generale S.A. | 46,781 | 1,247 |
Teleperformance S.E. | 3,814 | 557 |
TotalEnergies S.E. | 145,983 | 9,916 |
Worldline S.A.(3) * | 15,419 | 268 |
60,419 | ||
Germany – 1.2% | ||
adidas A.G. | 10,237 | 2,082 |
Bayerische Motoren Werke A.G. | 20,499 | 2,280 |
Beiersdorf A.G. | 6,304 | 944 |
Brenntag S.E. | 9,053 | 831 |
Commerzbank A.G. | 66,524 | 790 |
Covestro A.G.* | 12,256 | 713 |
Deutsche Boerse A.G. | 11,970 | 2,464 |
Deutsche Lufthansa A.G. (Registered)* | 37,573 | 334 |
Deutsche Post A.G. | 63,204 | 3,131 |
Evonik Industries A.G. | 15,276 | 312 |
GEA Group A.G. | 9,865 | 411 |
Heidelberg Materials A.G. | 8,734 | 780 |
HelloFresh S.E.* | 9,923 | 157 |
Henkel A.G. & Co. KGaA | 6,546 | 470 |
Knorr-Bremse A.G. | 4,728 | 307 |
LEG Immobilien S.E.* | 4,487 | 393 |
Merck KGaA | 8,179 | 1,301 |
EQUITY FUNDS 49 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
Germany – 1.2%continued | ||
Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered) | 8,709 | $3,606 |
Puma S.E. | 6,772 | 377 |
Symrise A.G. | 8,433 | 928 |
Vonovia S.E. | 46,480 | 1,465 |
Zalando S.E.(3) * | 14,523 | 344 |
24,420 | ||
Hong Kong – 0.6% | ||
AIA Group Ltd. | 725,800 | 6,304 |
Hang Seng Bank Ltd. | 46,178 | 537 |
HKT Trust & HKT Ltd. | 220,000 | 263 |
Hong Kong & China Gas Co. Ltd. | 690,463 | 531 |
MTR Corp. Ltd. | 113,626 | 443 |
Prudential PLC | 175,091 | 1,971 |
Sino Land Co. Ltd. | 245,603 | 268 |
Swire Pacific Ltd., Class A | 27,500 | 232 |
Swire Properties Ltd. | 92,878 | 187 |
WH Group Ltd.(3) | 553,000 | 357 |
11,093 | ||
Ireland – 0.1% | ||
Kerry Group PLC, Class A | 10,272 | 891 |
Kingspan Group PLC | 9,770 | 844 |
Smurfit Kappa Group PLC | 16,602 | 655 |
2,390 | ||
Israel – 0.0% | ||
Bank Leumi Le-Israel B.M. | 95,851 | 781 |
Italy – 0.5% | ||
Assicurazioni Generali S.p.A. | 63,543 | 1,340 |
Coca-Cola HBC A.G. - CDI* | 14,192 | 417 |
Enel S.p.A. | 517,719 | 3,853 |
FinecoBank Banca Fineco S.p.A. | 40,171 | 604 |
Mediobanca Banca di Credito Finanziario S.p.A. | 34,696 | 429 |
Moncler S.p.A. | 13,265 | 818 |
Nexi S.p.A.* | 35,529 | 291 |
Poste Italiane S.p.A. | 33,292 | 378 |
Prysmian S.p.A. | 16,759 | 764 |
Terna - Rete Elettrica Nazionale | 86,726 | 724 |
9,618 | ||
Japan – 6.4% | ||
Advantest Corp. | 48,800 | 1,680 |
Aeon Co. Ltd. | 42,000 | 937 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
Japan – 6.4%continued | ||
Ajinomoto Co., Inc. | 27,700 | $1,070 |
ANA Holdings, Inc.* | 10,400 | 225 |
Asahi Kasei Corp. | 80,300 | 594 |
Astellas Pharma, Inc. | 116,400 | 1,396 |
Azbil Corp. | 7,100 | 234 |
Bridgestone Corp. | 36,000 | 1,487 |
Brother Industries Ltd. | 14,000 | 223 |
Dai Nippon Printing Co. Ltd. | 13,200 | 389 |
Daifuku Co. Ltd. | 20,500 | 413 |
Daiichi Sankyo Co. Ltd. | 117,000 | 3,239 |
Daikin Industries Ltd. | 16,800 | 2,729 |
Daiwa House Industry Co. Ltd. | 37,600 | 1,136 |
Daiwa Securities Group, Inc. | 85,700 | 574 |
Eisai Co. Ltd. | 16,005 | 801 |
FANUC Corp. | 60,800 | 1,789 |
Fast Retailing Co. Ltd. | 11,100 | 2,752 |
Fuji Electric Co. Ltd. | 7,700 | 330 |
FUJIFILM Holdings Corp. | 23,700 | 1,420 |
Fujitsu Ltd. | 11,100 | 1,676 |
Hankyu Hanshin Holdings, Inc. | 14,600 | 464 |
Hirose Electric Co. Ltd. | 2,000 | 226 |
Hitachi Construction Machinery Co. Ltd. | 7,400 | 195 |
Hitachi Ltd. | 59,100 | 4,271 |
Hoya Corp. | 22,400 | 2,786 |
Hulic Co. Ltd. | 27,300 | 285 |
Ibiden Co. Ltd. | 7,300 | 402 |
Inpex Corp. | 60,800 | 819 |
Isuzu Motors Ltd. | 37,200 | 477 |
ITOCHU Corp. | 75,800 | 3,094 |
JFE Holdings, Inc. | 36,700 | 567 |
JSR Corp. | 10,900 | 311 |
Kao Corp. | 29,900 | 1,229 |
KDDI Corp. | 94,900 | 3,013 |
Kikkoman Corp. | 8,400 | 513 |
Komatsu Ltd. | 58,700 | 1,529 |
Kubota Corp. | 63,900 | 959 |
Kyowa Kirin Co. Ltd. | 18,800 | 316 |
LY Corp. | 169,700 | 600 |
Marubeni Corp. | 90,300 | 1,421 |
MatsukiyoCocokara & Co. | 22,100 | 391 |
Mazda Motor Corp. | 36,400 | 386 |
McDonald's Holdings Co. Japan Ltd. | 5,600 | 243 |
MEIJI Holdings Co. Ltd. | 14,200 | 337 |
NORTHERN FUNDS QUARTERLY
REPORT 50 EQUITY FUNDS
Schedule of Investments |
GLOBAL SUSTAINABILITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
Japan – 6.4%continued | ||
Mitsubishi Chemical Group Corp. | 82,700 | $505 |
Mitsubishi Estate Co. Ltd. | 71,000 | 975 |
Mitsui Chemicals, Inc. | 10,900 | 322 |
Mitsui Fudosan Co. Ltd. | 56,700 | 1,386 |
Mizuho Financial Group, Inc. | 153,500 | 2,625 |
MS&AD Insurance Group Holdings, Inc. | 27,200 | 1,067 |
NEC Corp. | 15,400 | 909 |
Nintendo Co. Ltd. | 66,200 | 3,459 |
NIPPON EXPRESS HOLDINGS, Inc. | 4,700 | 267 |
Nippon Paint Holdings Co. Ltd. | 57,800 | 466 |
Nippon Prologis REIT, Inc. | 141 | 271 |
Nissin Foods Holdings Co. Ltd. | 12,600 | 439 |
Nitori Holdings Co. Ltd. | 5,100 | 681 |
Nitto Denko Corp. | 9,100 | 678 |
Nomura Holdings, Inc. | 193,600 | 873 |
Nomura Real Estate Holdings, Inc. | 7,800 | 205 |
Nomura Research Institute Ltd. | 24,476 | 709 |
NTT Data Group Corp. | 41,100 | 580 |
Omron Corp. | 10,700 | 497 |
Ono Pharmaceutical Co. Ltd. | 25,400 | 454 |
Open House Group Co. Ltd. | 5,000 | 148 |
Oriental Land Co. Ltd. | 69,100 | 2,567 |
ORIX Corp. | 74,900 | 1,403 |
Osaka Gas Co. Ltd. | 23,700 | 495 |
Pan Pacific International Holdings Corp. | 24,000 | 571 |
Panasonic Corp. | 139,600 | 1,369 |
Rakuten Group, Inc. | 91,900 | 408 |
Recruit Holdings Co. Ltd. | 91,800 | 3,919 |
Renesas Electronics Corp.* | 92,700 | 1,664 |
Ricoh Co. Ltd. | 35,500 | 272 |
SCSK Corp. | 10,100 | 200 |
Secom Co. Ltd. | 13,300 | 956 |
Seiko Epson Corp. | 17,100 | 255 |
Sekisui Chemical Co. Ltd. | 26,200 | 377 |
Sekisui House Ltd. | 37,900 | 840 |
Seven & i Holdings Co. Ltd. | 47,800 | 1,893 |
SG Holdings Co. Ltd. | 19,400 | 278 |
Sharp Corp.* | 15,900 | 113 |
Shimadzu Corp. | 15,700 | 437 |
Shimizu Corp. | 36,000 | 239 |
Shin-Etsu Chemical Co. Ltd. | 116,100 | 4,851 |
Shionogi & Co. Ltd. | 16,900 | 814 |
SoftBank Corp. | 183,800 | 2,291 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
Japan – 6.4%continued | ||
Sompo Holdings, Inc. | 18,900 | $923 |
Sony Group Corp. | 80,300 | 7,609 |
Sumitomo Chemical Co. Ltd. | 88,200 | 215 |
Sumitomo Electric Industries Ltd. | 44,200 | 561 |
Sumitomo Metal Mining Co. Ltd. | 15,400 | 462 |
Sumitomo Mitsui Financial Group, Inc. | 80,900 | 3,941 |
Sumitomo Mitsui Trust Holdings, Inc. | 41,800 | 802 |
Suntory Beverage & Food Ltd. | 8,800 | 290 |
Sysmex Corp. | 10,742 | 597 |
T&D Holdings, Inc. | 31,000 | 492 |
TDK Corp. | 24,600 | 1,166 |
Terumo Corp. | 42,500 | 1,387 |
TIS, Inc. | 14,500 | 319 |
Tobu Railway Co. Ltd. | 12,500 | 335 |
Tokio Marine Holdings, Inc. | 114,800 | 2,866 |
Tokyo Electron Ltd. | 30,000 | 5,333 |
Tokyo Gas Co. Ltd. | 23,800 | 546 |
Tokyu Corp. | 31,000 | 378 |
Toray Industries, Inc. | 94,000 | 489 |
TOTO Ltd. | 8,500 | 224 |
Unicharm Corp. | 26,000 | 939 |
USS Co. Ltd. | 13,400 | 269 |
West Japan Railway Co. | 14,000 | 583 |
Yamaha Corp. | 8,400 | 194 |
Yamaha Motor Co. Ltd. | 57,600 | 513 |
Yamato Holdings Co. Ltd. | 16,800 | 310 |
Yaskawa Electric Corp. | 15,500 | 644 |
Yokogawa Electric Corp. | 15,200 | 289 |
ZOZO, Inc. | 9,000 | 202 |
126,534 | ||
Netherlands – 1.6% | ||
Akzo Nobel N.V. | 10,966 | 906 |
ASML Holding N.V. | 25,676 | 19,386 |
ING Groep N.V. | 231,016 | 3,458 |
JDE Peet's N.V. | 5,419 | 146 |
Koninklijke Ahold Delhaize N.V. | 61,322 | 1,761 |
Koninklijke KPN N.V. | 213,015 | 733 |
NN Group N.V. | 17,451 | 690 |
Universal Music Group N.V. | 51,890 | 1,482 |
Wolters Kluwer N.V. | 15,700 | 2,231 |
30,793 | ||
New Zealand – 0.1% | ||
Mercury NZ Ltd. | 49,203 | 205 |
EQUITY FUNDS 51 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
New Zealand – 0.1%continued | ||
Meridian Energy Ltd. | 86,397 | $303 |
Spark New Zealand Ltd. | 117,507 | 385 |
Xero Ltd.* | 9,188 | 700 |
1,593 | ||
Norway – 0.3% | ||
Aker BP ASA | 20,690 | 601 |
DNB Bank ASA | 59,043 | 1,254 |
Equinor ASA | 56,775 | 1,799 |
Gjensidige Forsikring ASA | 13,218 | 244 |
Mowi ASA | 29,864 | 535 |
Norsk Hydro ASA | 85,129 | 573 |
Orkla ASA | 46,178 | 358 |
Salmar ASA | 4,459 | 249 |
Telenor ASA | 38,244 | 439 |
6,052 | ||
Portugal – 0.0% | ||
Banco Espirito Santo S.A. (Registered)(4) * | 29,034 | — |
Galp Energia SGPS S.A. | 28,758 | 423 |
Jeronimo Martins SGPS S.A. | 18,402 | 468 |
891 | ||
Singapore – 0.3% | ||
CapitaLand Integrated Commercial Trust | 302,173 | 470 |
CapitaLand Investment Ltd. | 178,658 | 426 |
City Developments Ltd. | 32,900 | 166 |
Keppel Corp. Ltd. | 93,000 | 497 |
Singapore Exchange Ltd. | 59,100 | 439 |
STMicroelectronics N.V. | 43,121 | 2,164 |
United Overseas Bank Ltd. | 79,600 | 1,713 |
5,875 | ||
South Africa – 0.1% | ||
Anglo American PLC | 80,690 | 2,025 |
Spain – 0.5% | ||
ACS Actividades de Construccion y Servicios S.A. | 13,012 | 578 |
Amadeus IT Group S.A. | 28,838 | 2,068 |
Iberdrola S.A. | 382,896 | 5,008 |
Naturgy Energy Group S.A. | 8,125 | 242 |
Redeia Corp. S.A. | 27,334 | 450 |
Repsol S.A. | 81,794 | 1,213 |
9,559 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
Sweden – 0.8% | ||
Alfa Laval AB | 18,343 | $736 |
Assa Abloy AB, Class B | 63,570 | 1,831 |
Atlas Copco AB, Class A | 171,245 | 2,949 |
Atlas Copco AB, Class B | 99,612 | 1,477 |
Beijer Ref AB | 25,449 | 341 |
Boliden AB | 16,753 | 523 |
Epiroc AB, Class A | 48,627 | 976 |
Epiroc AB, Class B | 16,527 | 289 |
EQT AB | 22,761 | 647 |
Essity AB, Class B | 38,931 | 965 |
Hennes & Mauritz AB, Class B | 40,806 | 716 |
Holmen AB, Class B | 5,160 | 218 |
Husqvarna AB, Class B | 23,947 | 197 |
Nibe Industrier AB, Class B | 96,721 | 684 |
Sandvik AB | 68,011 | 1,472 |
SKF AB, Class B | 22,242 | 444 |
Svenska Cellulosa AB S.C.A., Class B | 38,642 | 579 |
Svenska Handelsbanken AB, Class A | 92,970 | 1,009 |
Tele2 AB, Class B | 34,159 | 294 |
Telia Co. AB | 140,419 | 358 |
16,705 | ||
Switzerland – 2.2% | ||
ABB Ltd. (Registered) | 102,461 | 4,553 |
Baloise Holding A.G. (Registered) | 2,954 | 463 |
Banque Cantonale Vaudoise (Registered) | 1,920 | 248 |
Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate) | 62 | 745 |
Chocoladefabriken Lindt & Spruengli A.G. (Registered) | 7 | 849 |
Clariant A.G. (Registered)* | 14,457 | 214 |
DSM-Firmenich A.G. | 11,772 | 1,199 |
Geberit A.G. (Registered) | 2,130 | 1,369 |
Givaudan S.A. (Registered) | 582 | 2,421 |
Julius Baer Group Ltd. | 13,139 | 738 |
Kuehne + Nagel International A.G. (Registered) | 3,427 | 1,181 |
Logitech International S.A. (Registered) | 10,299 | 977 |
Lonza Group A.G. (Registered) | 4,729 | 1,990 |
Novartis A.G. (Registered) | 130,599 | 13,187 |
SGS S.A. (Registered) | 9,627 | 831 |
SIG Group A.G.* | 19,535 | 450 |
Sika A.G. (Registered) | 9,665 | 3,158 |
Sonova Holding A.G. (Registered) | 3,212 | 1,050 |
NORTHERN FUNDS QUARTERLY REPORT 52 EQUITY FUNDS
Schedule of Investments |
GLOBAL SUSTAINABILITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
Switzerland – 2.2%continued | ||
Swiss Life Holding A.G. (Registered) | 1,854 | $1,289 |
Swisscom A.G. (Registered) | 1,664 | 1,001 |
Temenos A.G. (Registered) | 4,091 | 382 |
VAT Group A.G. | 1,676 | 841 |
Zurich Insurance Group A.G. | 9,337 | 4,881 |
44,017 | ||
United Kingdom – 3.3% | ||
3i Group PLC | 62,037 | 1,910 |
abrdn PLC | 119,989 | 273 |
Admiral Group PLC | 16,359 | 559 |
Ashtead Group PLC | 27,785 | 1,925 |
Associated British Foods PLC | 21,470 | 647 |
AstraZeneca PLC | 98,620 | 13,283 |
Auto Trader Group PLC(3) | 57,851 | 531 |
Barratt Developments PLC | 61,836 | 442 |
Berkeley Group Holdings PLC | 7,003 | 417 |
BT Group PLC | 410,058 | 644 |
Burberry Group PLC | 22,205 | 403 |
Coca-Cola Europacific Partners PLC | 12,997 | 867 |
Croda International PLC | 9,237 | 594 |
DCC PLC | 6,149 | 451 |
HSBC Holdings PLC | 1,240,423 | 10,019 |
Informa PLC | 88,888 | 882 |
Intertek Group PLC | 10,472 | 566 |
J Sainsbury PLC | 104,126 | 401 |
Kingfisher PLC | 122,711 | 380 |
Legal & General Group PLC | 388,971 | 1,240 |
Lloyds Banking Group PLC | 4,027,355 | 2,439 |
National Grid PLC | 233,095 | 3,147 |
Ocado Group PLC* | 37,575 | 361 |
Phoenix Group Holdings PLC | 55,033 | 374 |
Reckitt Benckiser Group PLC | 45,452 | 3,136 |
RELX PLC | 120,161 | 4,766 |
Sage Group (The) PLC | 63,923 | 954 |
Schroders PLC | 48,683 | 266 |
Segro PLC | 75,811 | 853 |
Spirax-Sarco Engineering PLC | 4,688 | 626 |
St. James's Place PLC | 34,654 | 301 |
Taylor Wimpey PLC | 226,074 | 423 |
Tesco PLC | 446,106 | 1,650 |
Unilever PLC | 159,028 | 7,694 |
Vodafone Group PLC | 1,469,078 | 1,276 |
WPP PLC | 70,948 | 674 |
65,374 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
United States – 69.2% | ||
3M Co. | 34,982 | $3,824 |
Accenture PLC, Class A | 39,990 | 14,033 |
Adobe, Inc.* | 28,997 | 17,300 |
AECOM | 8,252 | 763 |
Aflac, Inc. | 36,024 | 2,972 |
Agilent Technologies, Inc. | 18,514 | 2,574 |
Akamai Technologies, Inc.* | 9,533 | 1,128 |
Align Technology, Inc.* | 4,605 | 1,262 |
Allegion PLC | 5,718 | 724 |
Allstate (The) Corp. | 16,676 | 2,334 |
Ally Financial, Inc. | 17,260 | 603 |
Alphabet, Inc., Class A* | 377,665 | 52,756 |
Alphabet, Inc., Class C* | 332,495 | 46,859 |
Amcor PLC | 93,184 | 898 |
American Express Co. | 39,891 | 7,473 |
American Tower Corp. | 29,671 | 6,405 |
American Water Works Co., Inc. | 12,317 | 1,626 |
Ameriprise Financial, Inc. | 6,569 | 2,495 |
Amgen, Inc. | 34,053 | 9,808 |
Annaly Capital Management, Inc. | 31,858 | 617 |
ANSYS, Inc.* | 5,495 | 1,994 |
Applied Materials, Inc. | 53,294 | 8,637 |
Aptiv PLC* | 17,985 | 1,614 |
Arch Capital Group Ltd.* | 23,800 | 1,768 |
Assurant, Inc. | 3,317 | 559 |
Atmos Energy Corp. | 9,624 | 1,115 |
Autodesk, Inc.* | 13,546 | 3,298 |
Automatic Data Processing, Inc. | 26,253 | 6,116 |
AutoZone, Inc.* | 1,138 | 2,942 |
Avantor, Inc.* | 43,005 | 982 |
Avery Dennison Corp. | 5,122 | 1,035 |
Axon Enterprise, Inc.* | 4,476 | 1,156 |
Baker Hughes Co. | 64,614 | 2,208 |
Ball Corp. | 19,983 | 1,149 |
Bank of New York Mellon (The) Corp. | 49,685 | 2,586 |
Best Buy Co., Inc. | 12,534 | 981 |
Biogen, Inc.* | 9,172 | 2,373 |
Bio-Techne Corp. | 10,206 | 787 |
BlackRock, Inc. | 9,508 | 7,719 |
Booking Holdings, Inc.* | 2,276 | 8,073 |
BorgWarner, Inc. | 14,995 | 538 |
Boston Properties, Inc. | 9,482 | 665 |
Bristol-Myers Squibb Co. | 132,889 | 6,819 |
Broadridge Financial Solutions, Inc. | 7,443 | 1,531 |
EQUITY FUNDS 53 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
United States – 69.2%continued | ||
Brookfield Renewable Corp., Class A | 9,060 | $261 |
Builders FirstSource, Inc.* | 7,853 | 1,311 |
Bunge Global S.A. | 9,450 | 954 |
Burlington Stores, Inc.* | 4,102 | 798 |
C.H. Robinson Worldwide, Inc. | 7,440 | 643 |
Cadence Design Systems, Inc.* | 17,357 | 4,728 |
Campbell Soup Co. | 12,553 | 543 |
CarMax, Inc.* | 10,117 | 776 |
Carrier Global Corp. | 53,540 | 3,076 |
Caterpillar, Inc. | 32,496 | 9,608 |
Cboe Global Markets, Inc. | 6,741 | 1,204 |
CBRE Group, Inc., Class A* | 19,643 | 1,829 |
Cencora, Inc. | 10,940 | 2,247 |
Ceridian HCM Holding, Inc.* | 9,505 | 638 |
Charles Schwab (The) Corp. | 95,823 | 6,593 |
Cheniere Energy, Inc. | 15,337 | 2,618 |
Church & Dwight Co., Inc. | 15,737 | 1,488 |
Cigna Group (The) | 18,855 | 5,646 |
Cintas Corp. | 5,851 | 3,526 |
Citizens Financial Group, Inc. | 29,606 | 981 |
Clorox (The) Co. | 7,869 | 1,122 |
CMS Energy Corp. | 18,978 | 1,102 |
Coca-Cola (The) Co. | 261,679 | 15,421 |
Colgate-Palmolive Co. | 50,055 | 3,990 |
Comcast Corp., Class A | 262,139 | 11,495 |
Conagra Brands, Inc. | 30,557 | 876 |
Consolidated Edison, Inc. | 22,030 | 2,004 |
Cooper (The) Cos., Inc. | 3,136 | 1,187 |
CRH PLC | 45,139 | 3,111 |
Crown Castle, Inc. | 27,619 | 3,181 |
CSX Corp. | 127,778 | 4,430 |
Cummins, Inc. | 8,953 | 2,145 |
Danaher Corp. | 44,702 | 10,341 |
Darling Ingredients, Inc.* | 10,379 | 517 |
DaVita, Inc.* | 3,463 | 363 |
Deckers Outdoor Corp.* | 1,642 | 1,098 |
Delta Air Lines, Inc. | 10,274 | 413 |
Dexcom, Inc.* | 24,729 | 3,069 |
Digital Realty Trust, Inc. | 19,143 | 2,576 |
Discover Financial Services | 15,892 | 1,786 |
DocuSign, Inc.* | 12,986 | 772 |
Dover Corp. | 8,963 | 1,379 |
Eaton Corp. PLC | 25,439 | 6,126 |
eBay, Inc. | 33,770 | 1,473 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
United States – 69.2%continued | ||
Ecolab, Inc. | 16,371 | $3,247 |
Edison International | 24,458 | 1,748 |
Edwards Lifesciences Corp.* | 38,528 | 2,938 |
Electronic Arts, Inc. | 16,437 | 2,249 |
Elevance Health, Inc. | 15,024 | 7,085 |
Eli Lilly & Co. | 51,377 | 29,949 |
Emerson Electric Co. | 36,434 | 3,546 |
Equinix, Inc. | 5,955 | 4,796 |
Equitable Holdings, Inc. | 22,321 | 743 |
Essential Utilities, Inc. | 15,670 | 585 |
Eversource Energy | 22,062 | 1,362 |
Exelon Corp. | 63,177 | 2,268 |
Expeditors International of Washington, Inc. | 9,411 | 1,197 |
FactSet Research Systems, Inc. | 2,410 | 1,150 |
Fair Isaac Corp.* | 1,589 | 1,850 |
Fastenal Co. | 36,426 | 2,359 |
Ferguson PLC | 13,000 | 2,510 |
Fidelity National Information Services, Inc. | 37,601 | 2,259 |
Fiserv, Inc.* | 38,912 | 5,169 |
Fortive Corp. | 22,380 | 1,648 |
Fortune Brands Innovations, Inc. | 8,075 | 615 |
Fox Corp., Class A | 10,560 | 313 |
Fox Corp., Class B | 15,362 | 425 |
Franklin Resources, Inc. | 19,915 | 593 |
Gartner, Inc.* | 5,036 | 2,272 |
Gen Digital, Inc. | 35,570 | 812 |
General Mills, Inc. | 36,822 | 2,399 |
Genuine Parts Co. | 8,914 | 1,235 |
Gilead Sciences, Inc. | 79,292 | 6,423 |
Graco, Inc. | 10,657 | 925 |
Halliburton Co. | 56,805 | 2,053 |
Hartford Financial Services Group (The), Inc. | 19,605 | 1,576 |
Hasbro, Inc. | 8,478 | 433 |
HCA Healthcare, Inc. | 13,009 | 3,521 |
Healthpeak Properties, Inc. | 34,591 | 685 |
Hewlett Packard Enterprise Co. | 80,912 | 1,374 |
HF Sinclair Corp. | 10,279 | 571 |
Hilton Worldwide Holdings, Inc. | 16,709 | 3,043 |
Hologic, Inc.* | 15,650 | 1,118 |
Home Depot (The), Inc. | 63,666 | 22,063 |
Hormel Foods Corp. | 18,341 | 589 |
NORTHERN FUNDS QUARTERLY
REPORT 54 EQUITY FUNDS
Schedule of Investments |
GLOBAL SUSTAINABILITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
United States – 69.2%continued | ||
HP, Inc. | 57,034 | $1,716 |
HubSpot, Inc.* | 3,007 | 1,746 |
Humana, Inc. | 7,897 | 3,615 |
Huntington Bancshares, Inc. | 92,421 | 1,176 |
IDEX Corp. | 4,863 | 1,056 |
IDEXX Laboratories, Inc.* | 5,301 | 2,942 |
Illinois Tool Works, Inc. | 19,291 | 5,053 |
Illumina, Inc.* | 10,086 | 1,404 |
Ingersoll Rand, Inc. | 25,983 | 2,010 |
Insulet Corp.* | 4,438 | 963 |
Intel Corp. | 266,678 | 13,401 |
Intercontinental Exchange, Inc. | 36,457 | 4,682 |
International Business Machines Corp. | 58,035 | 9,492 |
International Flavors & Fragrances, Inc. | 16,189 | 1,311 |
International Paper Co. | 20,967 | 758 |
Interpublic Group of (The) Cos., Inc. | 24,681 | 806 |
Intuit, Inc. | 17,863 | 11,165 |
Iron Mountain, Inc. | 18,533 | 1,297 |
J.M. Smucker (The) Co. | 6,845 | 865 |
James Hardie Industries PLC - CDI* | 27,663 | 1,068 |
Jazz Pharmaceuticals PLC* | 3,832 | 471 |
JB Hunt Transport Services, Inc. | 5,208 | 1,040 |
Johnson & Johnson | 153,238 | 24,019 |
Johnson Controls International PLC | 43,151 | 2,487 |
Kellanova | 17,613 | 985 |
Keurig Dr. Pepper, Inc. | 66,259 | 2,208 |
Keysight Technologies, Inc.* | 11,256 | 1,791 |
Kimberly-Clark Corp. | 21,463 | 2,608 |
Kinder Morgan, Inc. | 126,034 | 2,223 |
Knight-Swift Transportation Holdings, Inc. | 10,257 | 591 |
Kroger (The) Co. | 43,073 | 1,969 |
L3Harris Technologies, Inc. | 11,918 | 2,510 |
Laboratory Corp. of America Holdings | 5,555 | 1,263 |
Lam Research Corp. | 8,425 | 6,599 |
Lamb Weston Holdings, Inc. | 9,307 | 1,006 |
Lear Corp. | 3,762 | 531 |
Lennox International, Inc. | 2,002 | 896 |
Linde PLC | 31,090 | 12,769 |
LKQ Corp. | 17,058 | 815 |
Lowe's Cos., Inc. | 36,737 | 8,176 |
LPL Financial Holdings, Inc. | 4,811 | 1,095 |
Lululemon Athletica, Inc.* | 7,354 | 3,760 |
LyondellBasell Industries N.V., Class A | 16,354 | 1,555 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
United States – 69.2%continued | ||
Marathon Petroleum Corp. | 25,940 | $3,848 |
MarketAxess Holdings, Inc. | 2,417 | 708 |
Marsh & McLennan Cos., Inc. | 31,483 | 5,965 |
Martin Marietta Materials, Inc. | 3,965 | 1,978 |
Marvell Technology, Inc. | 54,994 | 3,317 |
Masco Corp. | 14,137 | 947 |
Mastercard, Inc., Class A | 53,585 | 22,855 |
McCormick & Co., Inc. (Non Voting) | 16,012 | 1,096 |
McDonald's Corp. | 46,390 | 13,755 |
Merck & Co., Inc. | 161,526 | 17,610 |
Mettler-Toledo International, Inc.* | 1,396 | 1,693 |
Microsoft Corp. | 449,394 | 168,990 |
Molina Healthcare, Inc.* | 3,665 | 1,324 |
Moody's Corp. | 10,525 | 4,111 |
Morgan Stanley | 79,145 | 7,380 |
Nasdaq, Inc. | 21,869 | 1,271 |
NetApp, Inc. | 13,297 | 1,172 |
Newmont Corp. | 51,913 | 2,149 |
Newmont Corp. - CDI | 21,492 | 888 |
NIKE, Inc., Class B | 77,965 | 8,465 |
Norfolk Southern Corp. | 14,461 | 3,418 |
Northern Trust Corp.(5) | 13,224 | 1,116 |
Nucor Corp. | 15,892 | 2,766 |
NVIDIA Corp. | 157,262 | 77,879 |
NVR, Inc.* | 206 | 1,442 |
Old Dominion Freight Line, Inc. | 6,266 | 2,540 |
Omnicom Group, Inc. | 12,625 | 1,092 |
ONEOK, Inc. | 36,878 | 2,590 |
Otis Worldwide Corp. | 26,467 | 2,368 |
Owens Corning | 5,651 | 838 |
Paychex, Inc. | 20,619 | 2,456 |
Paylocity Holding Corp.* | 2,886 | 476 |
Pentair PLC | 10,344 | 752 |
PepsiCo, Inc. | 87,569 | 14,873 |
Phillips 66 | 28,403 | 3,782 |
PNC Financial Services Group (The), Inc. | 25,195 | 3,901 |
Pool Corp. | 2,475 | 987 |
PPG Industries, Inc. | 14,881 | 2,225 |
Principal Financial Group, Inc. | 15,351 | 1,208 |
Procter & Gamble (The) Co. | 150,064 | 21,990 |
Progressive (The) Corp. | 37,283 | 5,938 |
Prologis, Inc. | 58,833 | 7,842 |
Prudential Financial, Inc. | 22,992 | 2,384 |
EQUITY FUNDS 55 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
United States – 69.2%continued | ||
PTC, Inc.* | 7,679 | $1,343 |
PulteGroup, Inc. | 14,091 | 1,454 |
Quanta Services, Inc. | 9,292 | 2,005 |
Quest Diagnostics, Inc. | 7,056 | 973 |
Raymond James Financial, Inc. | 12,439 | 1,387 |
Regions Financial Corp. | 60,172 | 1,166 |
Repligen Corp.* | 3,372 | 606 |
Rivian Automotive, Inc., Class A* | 41,875 | 982 |
Robert Half, Inc. | 6,755 | 594 |
Rockwell Automation, Inc. | 7,271 | 2,257 |
S&P Global, Inc. | 20,737 | 9,135 |
Salesforce, Inc.* | 61,977 | 16,309 |
SBA Communications Corp. | 6,922 | 1,756 |
Schlumberger N.V. | 90,680 | 4,719 |
Schneider Electric S.E. | 34,694 | 6,986 |
Seagate Technology Holdings PLC | 12,423 | 1,061 |
Sempra | 40,016 | 2,990 |
ServiceNow, Inc.* | 13,025 | 9,202 |
Sherwin-Williams (The) Co. | 15,570 | 4,856 |
Sirius XM Holdings, Inc. | 44,052 | 241 |
Snap, Inc., Class A* | 64,833 | 1,098 |
Splunk, Inc.* | 10,094 | 1,538 |
State Street Corp. | 20,236 | 1,567 |
Steel Dynamics, Inc. | 9,876 | 1,166 |
STERIS PLC | 6,253 | 1,375 |
Swiss Re A.G. | 19,281 | 2,169 |
Synchrony Financial | 26,731 | 1,021 |
Synopsys, Inc.* | 9,705 | 4,997 |
T. Rowe Price Group, Inc. | 14,616 | 1,574 |
Take-Two Interactive Software, Inc.* | 10,697 | 1,722 |
Targa Resources Corp. | 13,457 | 1,169 |
Target Corp. | 29,410 | 4,189 |
Teleflex, Inc. | 3,026 | 754 |
Tenaris S.A. | 29,510 | 513 |
Tesla, Inc.* | 181,877 | 45,193 |
Texas Instruments, Inc. | 57,777 | 9,849 |
TJX (The) Cos., Inc. | 72,885 | 6,837 |
Toro (The) Co. | 6,669 | 640 |
Tractor Supply Co. | 6,903 | 1,484 |
Trane Technologies PLC | 14,581 | 3,556 |
TransUnion | 12,277 | 844 |
Travelers (The) Cos., Inc. | 14,588 | 2,779 |
Trimble, Inc.* | 16,012 | 852 |
Truist Financial Corp. | 84,339 | 3,114 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% (1)continued | ||
United States – 69.2%continued | ||
Twilio, Inc., Class A* | 10,927 | $829 |
U.S. Bancorp | 97,651 | 4,226 |
Ulta Beauty, Inc.* | 3,113 | 1,525 |
Union Pacific Corp. | 38,817 | 9,534 |
United Parcel Service, Inc., Class B | 46,046 | 7,240 |
United Rentals, Inc. | 4,357 | 2,498 |
Vail Resorts, Inc. | 2,499 | 533 |
Valero Energy Corp. | 22,511 | 2,926 |
Verizon Communications, Inc. | 267,678 | 10,091 |
VF Corp. | 22,020 | 414 |
Visa, Inc., Class A | 102,323 | 26,640 |
W.W. Grainger, Inc. | 2,871 | 2,379 |
Walt Disney (The) Co. | 116,515 | 10,520 |
Waste Management, Inc. | 25,777 | 4,617 |
Waters Corp.* | 3,759 | 1,238 |
Welltower, Inc. | 32,778 | 2,956 |
West Pharmaceutical Services, Inc. | 4,662 | 1,642 |
Western Digital Corp.* | 20,449 | 1,071 |
Westrock Co. | 15,936 | 662 |
Weyerhaeuser Co. | 46,568 | 1,619 |
Williams (The) Cos., Inc. | 77,633 | 2,704 |
Willis Towers Watson PLC | 6,589 | 1,589 |
Workday, Inc., Class A* | 13,213 | 3,648 |
Xylem, Inc. | 15,269 | 1,746 |
Yum! Brands, Inc. | 17,846 | 2,332 |
Zimmer Biomet Holdings, Inc. | 13,228 | 1,610 |
Zoetis, Inc. | 29,317 | 5,786 |
Zscaler, Inc.* | 5,582 | 1,237 |
1,370,352 | ||
Total Common Stocks | ||
(Cost $1,402,672) | 1,936,398 | |
PREFERRED STOCKS – 0.1% (1) | ||
Germany – 0.1% | ||
Bayerische Motoren Werke A.G., 9.8%(6) | 3,614 | 359 |
Henkel A.G. & Co. KGaA, 2.57%(6) | 10,780 | 867 |
1,226 | ||
Total Preferred Stocks | ||
(Cost $1,084) | 1,226 | |
NORTHERN FUNDS QUARTERLY
REPORT 56 EQUITY FUNDS
Schedule of Investments |
GLOBAL SUSTAINABILITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
RIGHTS – 0.0% | ||
United States – 0.0% | ||
Contra Abiomed, Inc. (Contingent Value Rights)(4) (7) * | 2,380 | $— |
Total Rights | ||
(Cost $—) | — | |
INVESTMENT COMPANIES – 1.5% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(8) (9) | 30,328,061 | 30,328 |
Total Investment Companies | ||
(Cost $30,328) | 30,328 | |
Total Investments – 99.4% | ||
(Cost $1,434,084) | 1,967,952 | |
Other Assets less Liabilities – 0.6% | 11,028 | |
Net Assets – 100.0% | $1,978,980 |
(1) | Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities. |
(2) | Value rounds to less than one thousand. |
(3) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(4) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(5) | Investment in affiliate. |
(6) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
(7) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of this restricted illiquid security amounted to approximately $0 or 0.0% of net assets. Additional information on this restricted illiquid security is as follows: |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Contra Abiomed, Inc. (Contingent Value Rights) | 12/23/2022 | $— |
(8) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(9) | 7-day current yield as of December 31, 2023 is disclosed. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
CDI – CREST Depository Interest |
FTSE – Financial Times Stock Exchange |
REIT – Real Estate Investment Trust |
S&P – Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
outstanding forward foreign currency exchange contracts as follows:
COUNTERPARTY | CONTRACTS TO DELIVER CURRENCY | AMOUNT (LOCAL CURRENCY) (000s) | IN EXCHANGE FOR CURRENCY | AMOUNT (LOCAL CURRENCY) (000s) | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
Bank of Montreal | United States Dollar
| 640 | Japanese Yen | 89,400 | 3/21/24 | $2 |
Citibank | United States Dollar
| 1,261 | British Pound | 990 | 3/20/24 | 2 |
Citibank | United States Dollar
| 871 | Canadian Dollar | 1,167 | 3/20/24 | 11 |
Citibank | United States Dollar
| 157 | Danish Krone | 1,061 | 3/20/24 | 1 |
Citibank | United States Dollar
| 1,409 | Euro | 1,283 | 3/20/24 | 13 |
Citibank | United States Dollar
| 180 | Swedish Krona | 1,832 | 3/20/24 | 2 |
Citibank | United States Dollar
| 229 | Swiss Franc | 197 | 3/20/24 | 7 |
Morgan Stanley | United States Dollar
| 767 | Euro | 700 | 3/20/24 | 8 |
Toronto-Dominion Bank | United States Dollar
| 2,383 | Japanese Yen | 332,891 | 3/21/24 | 8 |
Subtotal Appreciation | 54 | |||||
BNY Mellon | British Pound
| 300 | United States Dollar | 381 | 3/20/24 | (2) |
BNY Mellon | Hong Kong Dollar
| 913 | United States Dollar | 117 | 3/20/24 | —* |
Citibank | Australian Dollar
| 391 | United States Dollar | 263 | 3/20/24 | (4) |
JPMorgan Chase | Euro
| 350 | United States Dollar | 386 | 3/20/24 | (1) |
Morgan Stanley | Euro
| 300 | United States Dollar | 329 | 3/20/24 | (3) |
Toronto-Dominion Bank | Japanese Yen
| 142,900 | United States Dollar | 1,015 | 3/21/24 | (11) |
Subtotal Depreciation | (21) | |||||
Total | $33 |
* | Amount rounds to less than one thousand. |
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 (United States Dollar) | 117 | $28,197 | Long | 3/24 | $898 |
Euro Stoxx 50 (Euro) | 95 | 4,764 | Long | 3/24 | (20) |
EQUITY FUNDS 57 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
FTSE 100 Index (British Pound) | 12 | $1,186 | Long | 3/24 | $28 |
S&P/TSX 60 Index (Canadian Dollar) | 1 | 192 | Long | 3/24 | 6 |
SPI 200 Index (Australian Dollar) | 7 | 905 | Long | 3/24 | 19 |
Topix Index (Japanese Yen) | 18 | 3,020 | Long | 3/24 | 32 |
Total | $963 |
At December 31, 2023, the
Fund’s investments were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
United States Dollar | 70.5% |
Euro | 8.1 |
Japanese Yen | 6.4 |
All other currencies less than 5% | 14.4 |
Total Investments | 99.4 |
Other Assets less Liabilities | 0.6 |
Net Assets | 100.0% |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2023 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 December 31, 2023 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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Belgium | $305 | $1,414 | $— | $1,719 |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Brazil | $5,921 | $— | $— | $5,921 |
Canada | 62,718 | — | — | 62,718 |
Chile | 350 | 536 | — | 886 |
China | 3,775 | 3,400 | — | 7,175 |
Israel | 781 | — | — | 781 |
United Kingdom | 867 | 64,507 | — | 65,374 |
United States | 1,355,617 | 14,735 | — | 1,370,352 |
All Other Countries(1) | — | 421,472 | — | 421,472 |
Total Common Stocks | 1,430,334 | 506,064 | — | 1,936,398 |
Preferred Stocks | — | 1,226 | — | 1,226 |
Investment Companies | 30,328 | — | — | 30,328 |
Total Investments | $1,460,662 | $507,290 | $— | $1,967,952 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Forward Foreign Currency Exchange Contracts | $— | $54 | $— | $54 |
Futures Contracts | 983 | — | — | 983 |
Liabilities | ||||
Forward Foreign Currency Exchange Contracts | — | (21) | — | (21) |
Futures Contracts | (20) | — | — | (20) |
Total Other Financial Instruments | $963 | $33 | $— | $996 |
(1) | Classifications as defined in the Schedule of Investments. |
NORTHERN FUNDS QUARTERLY
REPORT 58 EQUITY FUNDS
Schedule of Investments |
GLOBAL SUSTAINABILITY INDEX FUND continued | December 31, 2023 (UNAUDITED) |
Transactions in affiliated
investments for the nine months ended December 31, 2023, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S) | NET REALIZED GAINS (LOSSES) (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $21,567 | $251,201 | $242,440 | $— | $— | $1,141 | $30,328 | $30,328,061 |
Northern Trust Corp. | 955 | 217 | 41 | 10 | (25) | 28 | 1,116 | 13,224 |
Total | $22,522 | $251,418 | $242,481 | $10 | $(25) | $1,169 | $31,444 | 30,341,285 |
EQUITY FUNDS 59 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
GLOBAL TACTICAL ASSET ALLOCATION FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 100.3% | ||
FlexShares® Credit-Scored U.S. Corporate Bond Index Fund(1) | 47,097 | $2,259 |
FlexShares® Credit-Scored U.S. Long Corporate Bond Index Fund(1) | 2,326 | 104 |
FlexShares® Developed Markets ex-U.S. Quality Low Volatility Index Fund(1) | 79,928 | 2,075 |
FlexShares® Disciplined Duration MBS Index Fund(1) | 189,454 | 3,895 |
FlexShares® Global Quality Real Estate Index Fund(1) | 36,851 | 2,056 |
FlexShares® High Yield Value-Scored Bond Index Fund(1) | 274,960 | 11,238 |
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund(1) | 302,003 | 7,136 |
FlexShares® International Quality Dividend Index Fund(1) | 179,669 | 4,183 |
FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund(1) | 60,864 | 4,156 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund(1) | 81,310 | 4,149 |
FlexShares® Morningstar Global Upstream Natural Resources Index Fund(1) | 124,630 | 5,104 |
FlexShares® Morningstar U.S. Market Factor Tilt Index Fund(1) | 60,493 | 11,038 |
FlexShares® Quality Dividend Index Fund(1) | 178,710 | 10,996 |
FlexShares® STOXX Global Broad Infrastructure Index Fund(1) | 38,621 | 2,066 |
FlexShares® U.S. Quality Low Volatility Index Fund(1) | 98,412 | 5,531 |
FlexShares® Ultra-Short Income Fund(1) | 26,953 | 2,022 |
iShares 10+ Year Investment Grade Corporate Bond ETF | 52,301 | 2,756 |
iShares 1-3 Year Treasury Bond ETF | 45,806 | 3,758 |
iShares 1-5 Year Investment Grade Corporate Bond ETF | 49,797 | 2,553 |
iShares 20+ Year Treasury Bond ETF | 20,562 | 2,033 |
iShares 3-7 Year Treasury Bond ETF | 17,466 | 2,046 |
iShares 5-10 Year Investment Grade Corporate Bond ETF | 21,885 | 1,138 |
iShares 7-10 Year Treasury Bond ETF | 20,259 | 1,953 |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES - 100.3%continued | ||
iShares MBS ETF | 82,096 | $7,724 |
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(1) (2) | 602,137 | 602 |
Total Investment Companies | ||
(Cost $95,493) | 102,571 | |
Total Investments – 100.3% | ||
(Cost $95,493) | 102,571 | |
Liabilities less Other Assets – (0.3%) | (305) | |
NET ASSETS – 100.0% | $102,266 |
(1) | Investment in affiliated fund. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds and FlexShares Trust. |
(2) | 7-day current yield as of December 31, 2023 is disclosed. |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
ETF - Exchange-Traded Fund |
MBS - Mortgage Backed Securities |
TIPS - Treasury Inflation Protected Securities |
Percentages shown are based on Net
Assets.
NORTHERN FUNDS QUARTERLY
REPORT 60 EQUITY FUNDS
Schedule of Investments |
GLOBAL TACTICAL ASSET ALLOCATION FUND continued |
At December 31, 2023, the asset class weightings
for the Fund were:
ASSET CLASS | WEIGHT | INVESTMENT VEHICLE |
U.S. Equity | 10.8% | FlexShares® Morningstar U.S. Market Factor Tilt Index Fund |
U.S. Equity | 10.7 | FlexShares® Quality Dividend Index Fund |
U.S. Equity | 5.4 | FlexShares® U.S. Quality Low Volatility Index Fund |
Non U.S. Equity - Developed | 4.1 | FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund |
Non U.S. Equity - Developed | 4.0 | FlexShares® International Quality Dividend Index Fund |
Non U.S. Equity - Developed | 2.0 | FlexShares® Developed Markets ex-U.S. Quality Low Volatility Index Fund |
Non U.S. Equity - Emerging Markets | 4.0 | FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund |
Global Real Estate | 2.0 | FlexShares® Global Quality Real Estate Index Fund |
U.S. Bonds - High Yield | 11.0 | FlexShares® High Yield Value-Scored Bond Index Fund |
U.S. Bonds - Investment Grade | 7.5 | iShares MBS ETF |
U.S. Bonds - Investment Grade | 3.8 | FlexShares® Disciplined Duration MBS Index Fund |
U.S. Bonds - Investment Grade | 3.7 | iShares 1-3 Year Treasury Bond ETF |
U.S. Bonds - Investment Grade | 2.7 | iShares 10+ Year Investment Grade Corporate Bond ETF |
U.S. Bonds - Investment Grade | 2.5 | iShares 1-5 Year Investment Grade Corporate Bond ETF |
U.S. Bonds - Investment Grade | 2.2 | FlexShares® Credit-Scored U.S. Corporate Bond Index Fund |
U.S. Bonds - Investment Grade | 2.0 | FlexShares® Ultra-Short Income Fund |
U.S. Bonds - Investment Grade | 2.0 | iShares 20+ Year Treasury Bond ETF |
U.S. Bonds - Investment Grade | 2.0 | iShares 3-7 Year Treasury Bond ETF |
U.S. Bonds - Investment Grade | 1.9 | iShares 7-10 Year Treasury Bond ETF |
U.S. Bonds - Investment Grade | 1.1 | iShares 5-10 Year Investment Grade Corporate Bond ETF |
U.S. Bonds - Investment Grade | 0.1 | FlexShares® Credit-Scored U.S. Long Corporate Bond Index Fund |
U.S. Bonds - Inflation Protected | 7.0 | FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund |
Global Infrastructure | 2.0 | FlexShares® STOXX Global Broad Infrastructure Index Fund |
Commodities/Natural Resources | 4.9 | FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
Cash | 0.6 | Northern Institutional Funds - U.S. Government Portfolio (Shares) |
Total | 100.0% |
At December 31, 2023, the security types for the
Fund were:
Security Type | % of Net Assets |
Investment Companies | 100.3% |
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Investment Companies | $102,571 | $— | $— | $102,571 |
EQUITY FUNDS 61 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
Transactions in affiliated
investments for the nine months ended December 31, 2023, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S) | NET REALIZED GAINS (LOSSES) (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
FlexShares® Credit-Scored U.S. Corporate Bond Index Fund | $1,928 | $457 | $150 | $46 | $(22) | $76 | $2,259 | $47,097 |
FlexShares® Credit-Scored U.S. Long Corporate Bond Index Fund | 205 | 9 | 111 | 37 | (36) | 5 | 104 | 2,326 |
FlexShares® Developed Markets ex-U.S. Quality Low Volatility Index Fund | 2,522 | 143 | 637 | 97 | (50) | 68 | 2,075 | 79,928 |
FlexShares® Disciplined Duration MBS Index Fund | 4,127 | 2,415 | 2,761 | 264 | (150) | 76 | 3,895 | 189,454 |
FlexShares® Global Quality Real Estate Index Fund | 2,026 | 268 | 355 | 235 | (118) | 56 | 2,056 | 36,851 |
FlexShares® High Yield Value-Scored Bond Index Fund | 9,063 | 3,294 | 1,160 | 310 | (269) | 810 | 11,238 | 274,960 |
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund | 5,175 | 2,749 | 603 | (83) | (102) | 232 | 7,136 | 302,003 |
FlexShares® International Quality Dividend Index Fund | 5,541 | 289 | 1,881 | 429 | (195) | 257 | 4,183 | 179,669 |
FlexShares® Morningstar Developed Markets ex-U.S. Factor Tilt Index Fund | 5,589 | 338 | 2,036 | 423 | (158) | 144 | 4,156 | 60,864 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund | 4,060 | 2,201 | 2,282 | 450 | (280) | 139 | 4,149 | 81,310 |
FlexShares® Morningstar Global Upstream Natural Resources Index Fund | 5,802 | 2,116 | 2,506 | (429) | 121 | 205 | 5,104 | 124,630 |
FlexShares® Morningstar U.S. Market Factor Tilt Index Fund | 10,582 | 1,529 | 2,715 | 1,784 | (142) | 139 | 11,038 | 60,493 |
FlexShares® Quality Dividend Index Fund | 9,492 | 2,489 | 2,210 | 1,264 | (39) | 196 | 10,996 | 178,710 |
FlexShares® STOXX Global Broad Infrastructure Index Fund | 2,044 | 180 | 220 | 77 | (15) | 49 | 2,066 | 38,621 |
FlexShares® U.S. Quality Low Volatility Index Fund | 7,603 | 386 | 2,978 | 493 | 27 | 78 | 5,531 | 98,412 |
FlexShares® Ultra-Short Income Fund | 4,103 | 315 | 2,407 | (5) | 16 | 149 | 2,022 | 26,953 |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | 142 | 37,953 | 37,493 | — | — | 21 | 602 | 602,137 |
Total | $80,004 | $57,131 | $62,505 | $5,392 | $(1,412) | $2,700 | $78,610 | 2,384,418 |
NORTHERN FUNDS QUARTERLY REPORT 62 EQUITY FUNDS
Schedule of Investments |
INCOME EQUITY FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 99.1% | ||
Aerospace & Defense – 1.1% | ||
Lockheed Martin Corp. | 3,736 | $1,693 |
Automobiles – 0.7% | ||
Tesla, Inc.(1) * | 4,278 | 1,063 |
Banks – 1.8% | ||
Citigroup, Inc. | 33,825 | 1,740 |
JPMorgan Chase & Co. | 6,478 | 1,102 |
2,842 | ||
Beverages – 1.3% | ||
Coca-Cola (The) Co. | 28,492 | 1,679 |
PepsiCo, Inc. | 1,678 | 285 |
1,964 | ||
Biotechnology – 3.9% | ||
AbbVie, Inc. | 16,483 | 2,554 |
Amgen, Inc. | 6,402 | 1,844 |
Gilead Sciences, Inc. | 20,664 | 1,674 |
6,072 | ||
Broadline Retail – 2.7% | ||
Amazon.com, Inc.(1) * | 24,640 | 3,744 |
eBay, Inc. | 8,073 | 352 |
4,096 | ||
Building Products – 0.5% | ||
A.O. Smith Corp. | 9,855 | 812 |
Capital Markets – 3.6% | ||
Ameriprise Financial, Inc. | 2,003 | 761 |
Bank of New York Mellon (The) Corp. | 17,914 | 932 |
Blue Owl Capital, Inc. | 34,138 | 509 |
Janus Henderson Group PLC | 14,980 | 451 |
Jefferies Financial Group, Inc. | 12,269 | 496 |
Lazard, Inc. | 13,841 | 482 |
State Street Corp. | 11,142 | 863 |
TPG, Inc. | 11,945 | 516 |
Virtu Financial, Inc., Class A | 22,852 | 463 |
5,473 | ||
Chemicals – 1.4% | ||
CF Industries Holdings, Inc. | 7,737 | 615 |
Linde PLC | 121 | 50 |
LyondellBasell Industries N.V., Class A | 8,313 | 790 |
NewMarket Corp. | 289 | 158 |
Scotts Miracle-Gro (The) Co. | 7,418 | 473 |
2,086 | ||
Communications Equipment – 1.4% | ||
Cisco Systems, Inc. | 43,638 | 2,205 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Consumer Finance – 0.7% | ||
Ally Financial, Inc. | 14,907 | $520 |
OneMain Holdings, Inc. | 9,973 | 491 |
1,011 | ||
Consumer Staples Distribution & Retail – 0.2% | ||
Costco Wholesale Corp. | 512 | 338 |
Containers & Packaging – 0.5% | ||
Packaging Corp. of America | 4,952 | 807 |
Distributors – 0.0% | ||
Pool Corp. | 26 | 10 |
Diversified Consumer Services – 0.1% | ||
H&R Block, Inc. | 4,113 | 199 |
Diversified Telecommunication Services – 0.7% | ||
AT&T, Inc. | 61,945 | 1,039 |
Electric Utilities – 1.1% | ||
Constellation Energy Corp. | 4,758 | 556 |
Exelon Corp. | 18,185 | 653 |
OGE Energy Corp. | 12,662 | 442 |
1,651 | ||
Electrical Equipment – 0.9% | ||
Rockwell Automation, Inc. | 3,067 | 952 |
Vertiv Holdings Co., Class A | 9,047 | 435 |
1,387 | ||
Financial Services – 2.2% | ||
Berkshire Hathaway, Inc., Class B* | 2,839 | 1,012 |
Corebridge Financial, Inc. | 21,490 | 465 |
Equitable Holdings, Inc. | 7,800 | 260 |
Fidelity National Information Services, Inc. | 15,154 | 910 |
MGIC Investment Corp. | 13,518 | 261 |
Visa, Inc., Class A | 406 | 106 |
Western Union (The) Co. | 37,644 | 449 |
3,463 | ||
Food Products – 0.5% | ||
General Mills, Inc. | 11,401 | 743 |
Gas Utilities – 0.3% | ||
UGI Corp. | 20,236 | 498 |
Ground Transportation – 1.1% | ||
Old Dominion Freight Line, Inc. | 1,903 | 771 |
Union Pacific Corp. | 3,538 | 869 |
1,640 | ||
Health Care Equipment & Supplies – 0.5% | ||
Abbott Laboratories | 7,704 | 848 |
EQUITY FUNDS 63 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Health Care Providers & Services – 1.5% | ||
Cardinal Health, Inc. | 7,880 | $795 |
Cencora, Inc. | 1,539 | 316 |
UnitedHealth Group, Inc. | 2,179 | 1,147 |
2,258 | ||
Health Care Real Estate Investment Trusts – 0.3% | ||
Omega Healthcare Investors, Inc. | 14,449 | 443 |
Hotel & Resort Real Estate Investment Trusts – 0.5% | ||
Host Hotels & Resorts, Inc. | 17,466 | 340 |
Park Hotels & Resorts, Inc. | 29,002 | 444 |
784 | ||
Hotels, Restaurants & Leisure – 1.5% | ||
McDonald's Corp. | 458 | 136 |
Starbucks Corp. | 18,494 | 1,776 |
Yum! Brands, Inc. | 3,315 | 433 |
2,345 | ||
Household Products – 2.6% | ||
Clorox (The) Co. | 5,071 | 723 |
Kimberly-Clark Corp. | 7,415 | 901 |
Procter & Gamble (The) Co. | 15,853 | 2,323 |
3,947 | ||
Industrial Conglomerates – 0.7% | ||
3M Co. | 10,562 | 1,155 |
Insurance – 3.2% | ||
Aflac, Inc. | 10,905 | 900 |
Allstate (The) Corp. | 4,396 | 615 |
First American Financial Corp. | 4,559 | 294 |
MetLife, Inc. | 13,293 | 879 |
Old Republic International Corp. | 7,954 | 234 |
Principal Financial Group, Inc. | 9,109 | 716 |
Prudential Financial, Inc. | 8,684 | 901 |
Unum Group | 9,378 | 424 |
4,963 | ||
Interactive Media & Services – 3.9% | ||
Alphabet, Inc., Class A(1) * | 32,060 | 4,478 |
Meta Platforms, Inc., Class A(1) * | 4,492 | 1,590 |
6,068 | ||
IT Services – 1.5% | ||
Accenture PLC, Class A | 2,839 | 996 |
Cognizant Technology Solutions Corp., Class A | 9,070 | 685 |
International Business Machines Corp. | 4,192 | 686 |
2,367 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Machinery – 1.3% | ||
Illinois Tool Works, Inc. | 5,266 | $1,380 |
Otis Worldwide Corp. | 6,575 | 588 |
1,968 | ||
Media – 2.2% | ||
Comcast Corp., Class A | 50,687 | 2,223 |
Interpublic Group of (The) Cos., Inc. | 18,884 | 616 |
Nexstar Media Group, Inc. | 476 | 74 |
Omnicom Group, Inc. | 5,454 | 472 |
3,385 | ||
Metals & Mining – 0.3% | ||
Southern Copper Corp. | 5,976 | 514 |
Mortgage Real Estate Investment Trusts – 0.6% | ||
Rithm Capital Corp. | 42,470 | 454 |
Starwood Property Trust, Inc. | 21,783 | 458 |
912 | ||
Multi-Utilities – 1.6% | ||
Consolidated Edison, Inc. | 8,433 | 767 |
Dominion Energy, Inc. | 18,845 | 886 |
Public Service Enterprise Group, Inc. | 13,838 | 846 |
2,499 | ||
Office Real Estate Investment Trusts – 0.2% | ||
Highwoods Properties, Inc. | 10,164 | 233 |
Oil, Gas & Consumable Fuels – 3.5% | ||
Coterra Energy, Inc. | 12,685 | 324 |
Devon Energy Corp. | 17,634 | 799 |
Diamondback Energy, Inc. | 2,265 | 351 |
Exxon Mobil Corp. | 28,435 | 2,843 |
Pioneer Natural Resources Co. | 4,461 | 1,003 |
Texas Pacific Land Corp. | 52 | 82 |
5,402 | ||
Pharmaceuticals – 5.4% | ||
Bristol-Myers Squibb Co. | 37,508 | 1,924 |
Eli Lilly & Co. | 4,326 | 2,522 |
Johnson & Johnson | 18,829 | 2,951 |
Merck & Co., Inc. | 5,016 | 547 |
Pfizer, Inc. | 10,906 | 314 |
8,258 | ||
Professional Services – 2.6% | ||
Automatic Data Processing, Inc. | 7,875 | 1,835 |
Broadridge Financial Solutions, Inc. | 2,802 | 576 |
NORTHERN FUNDS QUARTERLY
REPORT 64 EQUITY FUNDS
Schedule of Investments |
INCOME EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Professional Services – 2.6%continued | ||
Paychex, Inc. | 7,117 | $848 |
Robert Half, Inc. | 9,129 | 803 |
4,062 | ||
Residential Real Estate Investment Trusts – 0.6% | ||
Equity Residential | 7,131 | 436 |
Mid-America Apartment Communities, Inc. | 3,921 | 527 |
963 | ||
Retail Real Estate Investment Trusts – 1.2% | ||
Brixmor Property Group, Inc. | 19,677 | 458 |
NNN REIT, Inc. | 11,050 | 476 |
Simon Property Group, Inc. | 6,794 | 969 |
1,903 | ||
Semiconductors & Semiconductor Equipment – 10.1% | ||
Applied Materials, Inc. | 617 | 100 |
Broadcom, Inc. | 3,070 | 3,427 |
KLA Corp. | 2,119 | 1,232 |
Lam Research Corp. | 2,549 | 1,996 |
Microchip Technology, Inc. | 10,436 | 941 |
NVIDIA Corp.(1) | 7,889 | 3,907 |
QUALCOMM, Inc. | 13,752 | 1,989 |
Skyworks Solutions, Inc. | 4,356 | 490 |
Texas Instruments, Inc. | 8,195 | 1,397 |
15,479 | ||
Software – 8.9% | ||
Bentley Systems, Inc., Class B | 8,852 | 462 |
Dolby Laboratories, Inc., Class A | 1,163 | 100 |
Intuit, Inc. | 3,581 | 2,238 |
Microsoft Corp. | 27,235 | 10,242 |
Oracle Corp. | 5,681 | 599 |
13,641 | ||
Specialized Real Estate Investment Trusts – 1.7% | ||
Digital Realty Trust, Inc. | 1,992 | 268 |
EPR Properties | 9,281 | 450 |
Iron Mountain, Inc. | 10,090 | 706 |
Lamar Advertising Co., Class A | 2,438 | 259 |
Public Storage | 3,100 | 945 |
2,628 | ||
Specialty Retail – 3.2% | ||
Bath & Body Works, Inc. | 6,761 | 292 |
Best Buy Co., Inc. | 4,958 | 388 |
Dick's Sporting Goods, Inc. | 698 | 102 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Specialty Retail – 3.2%continued | ||
Home Depot (The), Inc. | 7,992 | $2,770 |
Lowe's Cos., Inc. | 4,124 | 918 |
Williams-Sonoma, Inc. | 2,359 | 476 |
4,946 | ||
Technology Hardware, Storage & Peripherals – 8.9% | ||
Apple, Inc.(1) | 63,899 | 12,303 |
HP, Inc. | 24,161 | 727 |
NetApp, Inc. | 7,626 | 672 |
13,702 | ||
Textiles, Apparel & Luxury Goods – 0.9% | ||
Carter's, Inc. | 6,217 | 466 |
Tapestry, Inc. | 23,097 | 850 |
1,316 | ||
Tobacco – 2.1% | ||
Altria Group, Inc. | 33,958 | 1,370 |
Philip Morris International, Inc. | 19,261 | 1,812 |
3,182 | ||
Trading Companies & Distributors – 0.9% | ||
Fastenal Co. | 13,854 | 897 |
MSC Industrial Direct Co., Inc., Class A | 4,489 | 455 |
1,352 | ||
Total Common Stocks | ||
(Cost $101,371) | 152,615 | |
INVESTMENT COMPANIES – 0.6% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(2) (3) | 827,358 | 827 |
Total Investment Companies | ||
(Cost $827) | 827 |
EQUITY FUNDS 65 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.0% | ||
U.S. Treasury Bill, | ||
5.30%, 4/11/24(4) (5) | $50 | $49 |
Total Short-Term Investments | ||
(Cost $49) | 49 | |
Total Investments – 99.7% | ||
(Cost $102,247) | 153,491 | |
Other Assets less Liabilities – 0.3% | 468 | |
NET ASSETS – 100.0% | $153,959 |
(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 December 31, 2023 is disclosed. |
(4) | Discount rate at the time of purchase. |
(5) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
REIT - Real Estate Investment Trust |
S&P - Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 (United States Dollar) | 5 | $1,205 | Long | 3/24 | $25 |
At December 31, 2023, the Fund had
open written call options as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000S) | VALUE (000S) |
Alphabet Inc., Class A, Exp. Date 1/19/24, Strike Price $155.00 | (320) | $(4,470) | $(3) |
Amazon.com, Inc., Exp. Date 1/19/24, Strike Price $175.00 | (246) | (3,738) | (1) |
Apple Inc., Exp. Date 1/19/24, Strike Price $220.00 | (320) | (6,161) | (1) |
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000S) | VALUE (000S) |
Meta Platforms, Inc., Class A, Exp. Date 1/19/24, Strike Price $390.00 | (44) | $(1,557) | $(3) |
NVIDIA Corp., Exp. Date 1/19/24, Strike Price $650.00 | (78) | (3,863) | (1) |
Tesla, Inc., Exp. Date 1/19/24, Strike Price $320.00 | (42) | (1,044) | (1) |
Total Written Options Contracts | $(10) | ||
(Premiums Received (000s) $22) |
At December 31, 2023, the security
types for the Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 99.1% |
Investment Companies | 0.6% |
Short-Term Investments | 0.0% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks(1) | $152,615 | $— | $— | $152,615 |
Investment Companies | 827 | — | — | 827 |
Short-Term Investments | — | 49 | — | 49 |
Total Investments | $153,442 | $49 | $— | $153,491 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $25 | $— | $— | $25 |
Liabilities | ||||
Written Options | (10) | — | — | (10) |
Total Other Financial Instruments | $15 | $— | $— | $15 |
(1) | Classifications as defined in the Schedule of Investments. |
NORTHERN FUNDS QUARTERLY
REPORT 66 EQUITY FUNDS
Schedule of Investments |
INCOME EQUITY FUND continued | December 31, 2023 (UNAUDITED) |
Transactions in affiliated
investments for the nine months ended December 31, 2023, 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) | $1,520 | $8,639 | $9,332 | $56 | $827 | $827,358 |
EQUITY FUNDS 67 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
INTERNATIONAL EQUITY FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.5% (1) | ||
Australia – 6.7% | ||
ANZ Group Holdings Ltd. | 88,093 | $1,552 |
Aristocrat Leisure Ltd. | 22,902 | 635 |
BHP Group Ltd. | 19,752 | 677 |
Cochlear Ltd. | 72 | 15 |
Coles Group Ltd. | 1,835 | 20 |
Fortescue Ltd. | 68,989 | 1,365 |
Glencore PLC | 190,418 | 1,142 |
National Australia Bank Ltd. | 31,193 | 651 |
Origin Energy Ltd. | 36,405 | 210 |
Rio Tinto PLC | 7,552 | 561 |
Sonic Healthcare Ltd. | 10,045 | 219 |
Stockland | 200,677 | 608 |
Telstra Group Ltd. | 291,997 | 787 |
Wesfarmers Ltd. | 12,105 | 470 |
Woodside Energy Group Ltd. | 4,452 | 94 |
9,006 | ||
Austria – 0.5% | ||
Erste Group Bank A.G. | 6,909 | 280 |
voestalpine A.G. | 12,839 | 405 |
685 | ||
Belgium – 0.8% | ||
Ageas S.A./N.V. | 19,082 | 830 |
Sofina S.A. | 825 | 205 |
Solvay S.A., Class A | 795 | 24 |
Syensqo S.A.* | 787 | 82 |
1,141 | ||
Brazil – 0.6% | ||
Yara International ASA | 21,837 | 776 |
Canada – 10.2% | ||
AltaGas Ltd. | 8,843 | 186 |
Brookfield Asset Management Ltd., Class A | 20,100 | 807 |
Canadian National Railway Co. | 6,893 | 866 |
Canadian Natural Resources Ltd. | 26,704 | 1,750 |
Canadian Utilities Ltd., Class A | 5,525 | 133 |
CGI, Inc.* | 9,581 | 1,026 |
Element Fleet Management Corp. | 20,586 | 335 |
Empire Co. Ltd., Class A | 945 | 25 |
Fairfax Financial Holdings Ltd. | 631 | 582 |
Fortis, Inc. | 428 | 18 |
Hydro One Ltd. | 6,588 | 197 |
iA Financial Corp., Inc. | 16,918 | 1,153 |
IGM Financial, Inc. | 36,474 | 964 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.5% (1)continued | ||
Canada – 10.2%continued | ||
Imperial Oil Ltd. | 6,021 | $343 |
Loblaw Cos. Ltd. | 2,492 | 241 |
Magna International, Inc. | 2,291 | 135 |
Manulife Financial Corp. | 67,908 | 1,501 |
Northland Power, Inc. | 3,107 | 57 |
Nutrien Ltd. | 5,848 | 330 |
Suncor Energy, Inc. | 22,387 | 717 |
Teck Resources Ltd., Class B | 4,296 | 182 |
TFI International, Inc. | 8,641 | 1,175 |
West Fraser Timber Co. Ltd. | 11,226 | 960 |
13,683 | ||
Chile – 0.4% | ||
Lundin Mining Corp. | 60,077 | 491 |
China – 0.6% | ||
BOC Hong Kong Holdings Ltd. | 300,302 | 813 |
SITC International Holdings Co. Ltd. | 10,065 | 17 |
830 | ||
Denmark – 2.6% | ||
AP Moller - Maersk A/S, Class B | 208 | 374 |
Carlsberg A/S, Class B | 1,711 | 214 |
Novo Nordisk A/S, Class B | 13,938 | 1,442 |
Pandora A/S | 10,750 | 1,485 |
3,515 | ||
Finland – 0.3% | ||
Fortum OYJ | 13,728 | 199 |
Nordea Bank Abp | 19,193 | 238 |
437 | ||
France – 7.9% | ||
BNP Paribas S.A. | 25,387 | 1,759 |
Bureau Veritas S.A. | 733 | 19 |
Capgemini S.E. | 5,697 | 1,192 |
Carrefour S.A. | 17,330 | 317 |
Cie de Saint-Gobain S.A. | 18,425 | 1,362 |
Danone S.A. | 7,129 | 462 |
Dassault Aviation S.A. | 3,835 | 759 |
Eiffage S.A. | 2,507 | 269 |
Engie S.A. | 21,597 | 380 |
Ipsen S.A. | 4,149 | 495 |
Klepierre S.A. | 9,875 | 270 |
L'Oreal S.A. | 3,159 | 1,571 |
LVMH Moet Hennessy Louis Vuitton S.E. | 431 | 350 |
NORTHERN FUNDS QUARTERLY
REPORT 68 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.5% (1)continued | ||
France – 7.9%continued | ||
Publicis Groupe S.A. | 14,817 | $1,378 |
Veolia Environnement S.A. | 614 | 19 |
10,602 | ||
Germany – 5.7% | ||
Allianz S.E. (Registered) | 148 | 40 |
Bayerische Motoren Werke A.G. | 9,336 | 1,038 |
Deutsche Lufthansa A.G. (Registered)* | 77,257 | 687 |
Deutsche Post A.G. | 26,007 | 1,288 |
E.ON S.E. | 26,992 | 362 |
Fresenius Medical Care A.G. | 16,536 | 692 |
GEA Group A.G. | 24,552 | 1,022 |
Mercedes-Benz Group A.G. | 20,677 | 1,428 |
Merck KGaA | 5,901 | 939 |
RWE A.G. | 3,045 | 138 |
Wacker Chemie A.G. | 573 | 72 |
7,706 | ||
Hong Kong – 1.5% | ||
CK Asset Holdings Ltd. | 112,992 | 565 |
CK Infrastructure Holdings Ltd. | 28,239 | 157 |
CLP Holdings Ltd. | 19,289 | 159 |
Futu Holdings Ltd. ADR* | 11,381 | 622 |
Sun Hung Kai Properties Ltd. | 32,986 | 355 |
WH Group Ltd.(2) | 255,615 | 165 |
2,023 | ||
Israel – 1.4% | ||
Bank Leumi Le-Israel B.M. | 77,828 | 634 |
Check Point Software Technologies Ltd.* | 8,286 | 1,266 |
1,900 | ||
Italy – 3.2% | ||
Coca-Cola HBC A.G. - CDI* | 31,300 | 919 |
Enel S.p.A. | 79,390 | 591 |
Eni S.p.A. | 85,376 | 1,449 |
Poste Italiane S.p.A. | 99,952 | 1,134 |
Recordati Industria Chimica e Farmaceutica S.p.A. | 4,382 | 236 |
4,329 | ||
Japan – 19.0% | ||
Astellas Pharma, Inc. | 9,200 | 110 |
Bridgestone Corp. | 17,410 | 719 |
Canon, Inc. | 13,200 | 338 |
Chubu Electric Power Co., Inc. | 2,800 | 36 |
Daito Trust Construction Co. Ltd. | 5,020 | 581 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.5% (1)continued | ||
Japan – 19.0%continued | ||
Daiwa House Industry Co. Ltd. | 19,500 | $589 |
Denso Corp. | 31,600 | 474 |
Hirose Electric Co. Ltd. | 6,000 | 678 |
Honda Motor Co. Ltd. | 54,900 | 568 |
Hoya Corp. | 9,700 | 1,206 |
Isuzu Motors Ltd. | 46,000 | 590 |
ITOCHU Corp. | 40,427 | 1,650 |
Japan Post Insurance Co. Ltd. | 58,900 | 1,046 |
Japan Tobacco, Inc. | 9,400 | 243 |
KDDI Corp. | 45,019 | 1,429 |
Komatsu Ltd. | 30,100 | 784 |
Marubeni Corp. | 9,900 | 156 |
Mazda Motor Corp. | 21,500 | 228 |
MEIJI Holdings Co. Ltd. | 19,700 | 467 |
Mitsubishi Corp. | 15,000 | 239 |
Mitsubishi UFJ Financial Group, Inc. | 85,500 | 736 |
Mitsui & Co. Ltd. | 14,900 | 555 |
NGK Insulators Ltd. | 26,200 | 312 |
Nintendo Co. Ltd. | 4,200 | 220 |
Nippon Telegraph & Telephone Corp. | 376,150 | 459 |
Nippon Yusen K.K. | 15,700 | 487 |
Nissin Foods Holdings Co. Ltd. | 300 | 10 |
Nitto Denko Corp. | 16,000 | 1,193 |
Ono Pharmaceutical Co. Ltd. | 38,000 | 679 |
Oracle Corp. Japan | 13,500 | 1,040 |
ORIX Corp. | 7,800 | 146 |
Pan Pacific International Holdings Corp. | 4,100 | 98 |
Persol Holdings Co. Ltd. | 454,700 | 778 |
Renesas Electronics Corp.* | 64,500 | 1,158 |
SCSK Corp. | 12,400 | 246 |
Secom Co. Ltd. | 100 | 7 |
Sekisui Chemical Co. Ltd. | 41,300 | 594 |
Shin-Etsu Chemical Co. Ltd. | 6,700 | 280 |
Subaru Corp. | 3,300 | 60 |
Sumitomo Corp. | 22,300 | 486 |
Sumitomo Mitsui Financial Group, Inc. | 21,600 | 1,052 |
Suntory Beverage & Food Ltd. | 23,176 | 764 |
Takeda Pharmaceutical Co. Ltd. | 2,800 | 80 |
TIS, Inc. | 5,300 | 117 |
Tokyo Electric Power Co. Holdings, Inc.* | 7,600 | 40 |
Tokyo Gas Co. Ltd. | 4,800 | 110 |
TOPPAN Holdings, Inc. | 5,300 | 147 |
Toyota Motor Corp. | 12,300 | 226 |
EQUITY FUNDS 69 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.5% (1)continued | ||
Japan – 19.0%continued | ||
USS Co. Ltd. | 16,900 | $339 |
Yakult Honsha Co. Ltd. | 17,900 | 401 |
Yamaha Motor Co. Ltd. | 57,300 | 510 |
25,461 | ||
Jordan – 0.1% | ||
Hikma Pharmaceuticals PLC | 5,520 | 126 |
Netherlands – 4.6% | ||
ASML Holding N.V. | 2,206 | 1,665 |
BE Semiconductor Industries N.V. | 292 | 44 |
Heineken N.V. | 2,376 | 242 |
Koninklijke Ahold Delhaize N.V. | 18,608 | 534 |
Randstad N.V. | 15,757 | 988 |
Shell PLC | 85,017 | 2,762 |
6,235 | ||
New Zealand – 0.1% | ||
Fisher & Paykel Healthcare Corp. Ltd. | 4,936 | 74 |
Meridian Energy Ltd. | 14,913 | 52 |
126 | ||
Norway – 0.5% | ||
Equinor ASA | 5,326 | 169 |
Kongsberg Gruppen ASA | 1,152 | 53 |
Norsk Hydro ASA | 75,856 | 510 |
732 | ||
Portugal – 0.8% | ||
Jeronimo Martins SGPS S.A. | 41,565 | 1,057 |
Singapore – 2.9% | ||
Jardine Cycle & Carriage Ltd. | 37,000 | 832 |
Oversea-Chinese Banking Corp. Ltd. | 130,000 | 1,277 |
Singapore Airlines Ltd. | 53,400 | 264 |
STMicroelectronics N.V. | 28,958 | 1,453 |
3,826 | ||
South Africa – 0.2% | ||
Anglo American PLC | 9,137 | 229 |
Spain – 3.4% | ||
ACS Actividades de Construccion y Servicios S.A. | 6,993 | 311 |
Aena S.M.E. S.A. | 3,075 | 558 |
Banco Bilbao Vizcaya Argentaria S.A. | 195,413 | 1,781 |
Iberdrola S.A. | 32,591 | 426 |
Industria de Diseno Textil S.A. | 21,740 | 948 |
Naturgy Energy Group S.A. | 5,392 | 161 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.5% (1)continued | ||
Spain – 3.4%continued | ||
Redeia Corp. S.A. | 11,236 | $185 |
Repsol S.A. | 8,578 | 127 |
4,497 | ||
Sweden – 3.7% | ||
Fastighets AB Balder, Class B* | 37,094 | 265 |
Hennes & Mauritz AB, Class B | 46,122 | 809 |
Investor AB, Class B | 66,082 | 1,534 |
Skandinaviska Enskilda Banken AB, Class A | 87,453 | 1,204 |
Swedbank AB, Class A | 39,872 | 806 |
Swedish Orphan Biovitrum AB* | 235 | 6 |
Volvo AB, Class B | 10,661 | 277 |
4,901 | ||
Switzerland – 6.1% | ||
ABB Ltd. (Registered) | 44,255 | 1,967 |
Cie Financiere Richemont S.A., Class A (Registered) | 10,784 | 1,488 |
Kuehne + Nagel International A.G. (Registered) | 1,023 | 353 |
Novartis A.G. (Registered) | 19,442 | 1,963 |
Sandoz Group A.G.* | 3,887 | 125 |
Sonova Holding A.G. (Registered) | 2,619 | 856 |
Swisscom A.G. (Registered) | 1,727 | 1,039 |
Temenos A.G. (Registered) | 4,198 | 392 |
8,183 | ||
United Kingdom – 8.3% | ||
3i Group PLC | 47,842 | 1,473 |
Associated British Foods PLC | 4,155 | 125 |
AstraZeneca PLC | 2,804 | 378 |
BAE Systems PLC | 14,563 | 206 |
Barclays PLC | 555,756 | 1,082 |
Centrica PLC | 75,972 | 136 |
Coca-Cola Europacific Partners PLC | 6,096 | 407 |
DCC PLC | 3,391 | 249 |
HSBC Holdings PLC | 88,762 | 717 |
Imperial Brands PLC | 54,160 | 1,245 |
InterContinental Hotels Group PLC | 8,414 | 760 |
National Grid PLC | 16,022 | 216 |
NatWest Group PLC | 135,811 | 379 |
Next PLC | 7,468 | 771 |
RELX PLC | 28,396 | 1,126 |
Rolls-Royce Holdings PLC* | 41,815 | 159 |
Sage Group (The) PLC | 36,894 | 550 |
SSE PLC | 8,383 | 198 |
NORTHERN FUNDS QUARTERLY REPORT 70 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.5% (1)continued | ||
United Kingdom – 8.3%continued | ||
Tesco PLC | 220,875 | $817 |
United Utilities Group PLC | 3,329 | 45 |
WPP PLC | 9,274 | 88 |
11,127 | ||
United States – 5.4% | ||
CSL Ltd. | 1,212 | 236 |
GSK PLC | 75,998 | 1,404 |
Holcim A.G.* | 16,241 | 1,276 |
Nestle S.A. (Registered) | 9,115 | 1,055 |
Roche Holding A.G. (Genusschein) | 6,988 | 2,025 |
Sanofi S.A. | 12,103 | 1,200 |
7,196 | ||
Total Common Stocks | ||
(Cost $112,097) | 130,820 | |
PREFERRED STOCKS – 0.3% (1) | ||
Germany – 0.3% | ||
Henkel A.G. & Co. KGaA, 2.57%(3) | 5,009 | 403 |
Total Preferred Stocks | ||
(Cost $359) | 403 | |
INVESTMENT COMPANIES – 0.4% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(4) (5) | 472,111 | 472 |
Total Investment Companies | ||
(Cost $472) | 472 | |
Total Investments – 98.2% | ||
(Cost $112,928) | 131,695 | |
Other Assets less Liabilities – 1.8% | 2,463 | |
Net Assets – 100.0% | $134,158 |
(1) | Adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities. |
(2) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(3) | 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 December 31, 2023 is disclosed. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
ADR – American Depositary Receipt |
CDI – CREST Depository Interest |
FTSE – Financial Times Stock Exchange |
S&P – Standard & Poor's |
TSX – Toronto Stock Exchange |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
Euro Stoxx 50 (Euro) | 24 | $1,203 | Long | 3/24 | $(4) |
FTSE 100 Index (British Pound) | 6 | 593 | Long | 3/24 | 12 |
S&P/TSX 60 Index (Canadian Dollar) | 1 | 192 | Long | 3/24 | 6 |
SPI 200 Index (Australian Dollar) | 3 | 388 | Long | 3/24 | 7 |
Yen Denominated Nikkei 225 (Japanese Yen) | 4 | 472 | Long | 3/24 | 4 |
Total | $25 |
At December 31, 2023, the
Fund’s investments were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
Euro | 26.7% |
Japanese Yen | 19.0 |
British Pound | 13.3 |
Canadian Dollar | 10.6 |
Swiss Franc | 9.3 |
Australian Dollar | 5.6 |
All other currencies less than 5% | 13.7 |
Total Investments | 98.2 |
Other Assets less Liabilities | 1.8 |
Net Assets | 100.0% |
EQUITY FUNDS 71 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
Various inputs are used in determining the value of
the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2023 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 December 31, 2023 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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Belgium | $82 | $1,059 | $— | $1,141 |
Canada | 13,683 | — | — | 13,683 |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Chile | $491 | $— | $— | $491 |
Hong Kong | 622 | 1,401 | — | 2,023 |
Israel | 1,900 | — | — | 1,900 |
United Kingdom | 407 | 10,720 | — | 11,127 |
All Other Countries(1) | — | 100,455 | — | 100,455 |
Total Common Stocks | 17,185 | 113,635 | — | 130,820 |
Preferred Stocks | — | 403 | — | 403 |
Investment Companies | 472 | — | — | 472 |
Total Investments | $17,657 | $114,038 | $— | $131,695 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $29 | $— | $— | $29 |
Liabilities | ||||
Futures Contracts | (4) | — | — | (4) |
Total Other Financial Instruments | $25 | $— | $— | $25 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $1,249 | $16,903 | $17,680 | $33 | $472 | $472,111 |
NORTHERN FUNDS QUARTERLY REPORT 72 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY INDEX FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1) | ||
Australia – 7.8% | ||
Ampol Ltd. | 60,341 | $1,484 |
ANZ Group Holdings Ltd. | 797,551 | 14,051 |
APA Group | 335,224 | 1,947 |
Aristocrat Leisure Ltd. | 153,380 | 4,253 |
ASX Ltd. | 52,932 | 2,271 |
Aurizon Holdings Ltd. | 490,793 | 1,268 |
BHP Group Ltd. | 1,353,150 | 46,387 |
BlueScope Steel Ltd. | 128,657 | 2,048 |
Brambles Ltd. | 381,578 | 3,533 |
CAR Group Ltd. | 92,317 | 1,955 |
Cochlear Ltd. | 17,980 | 3,653 |
Coles Group Ltd. | 353,880 | 3,877 |
Commonwealth Bank of Australia | 446,898 | 33,961 |
Computershare Ltd. | 141,958 | 2,359 |
Dexus | 273,179 | 1,422 |
EBOS Group Ltd. | 40,783 | 915 |
Endeavour Group Ltd. | 390,715 | 1,385 |
Flutter Entertainment PLC* | 46,903 | 8,260 |
Fortescue Ltd. | 450,129 | 8,904 |
Glencore PLC | 2,785,501 | 16,711 |
Goodman Group | 450,542 | 7,736 |
GPT Group (The) | 505,388 | 1,590 |
IDP Education Ltd. | 67,074 | 913 |
IGO Ltd. | 197,203 | 1,210 |
Insurance Australia Group Ltd. | 653,794 | 2,519 |
Lottery (The) Corp. Ltd. | 625,554 | 2,058 |
Macquarie Group Ltd. | 98,901 | 12,326 |
Medibank Pvt Ltd. | 784,945 | 1,902 |
Mineral Resources Ltd. | 47,511 | 2,257 |
Mirvac Group | 1,084,666 | 1,536 |
National Australia Bank Ltd. | 832,178 | 17,357 |
Northern Star Resources Ltd. | 313,470 | 2,932 |
Orica Ltd. | 124,071 | 1,344 |
Origin Energy Ltd. | 473,004 | 2,730 |
Pilbara Minerals Ltd. | 800,211 | 2,145 |
Qantas Airways Ltd.* | 258,118 | 941 |
QBE Insurance Group Ltd. | 392,744 | 3,960 |
Ramsay Health Care Ltd. | 50,296 | 1,799 |
REA Group Ltd. | 14,975 | 1,843 |
Reece Ltd. | 67,484 | 1,026 |
Rio Tinto Ltd. | 98,811 | 9,106 |
Rio Tinto PLC | 300,957 | 22,351 |
Santos Ltd. | 859,411 | 4,488 |
Scentre Group | 1,323,559 | 2,684 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Australia – 7.8%continued | ||
SEEK Ltd. | 94,767 | $1,719 |
Sonic Healthcare Ltd. | 117,824 | 2,572 |
South32 Ltd. | 1,245,646 | 2,830 |
Stockland | 663,160 | 2,010 |
Suncorp Group Ltd. | 349,232 | 3,288 |
Telstra Group Ltd. | 1,096,171 | 2,954 |
Transurban Group | 811,686 | 7,565 |
Treasury Wine Estates Ltd. | 225,250 | 1,650 |
Vicinity Ltd. | 1,027,029 | 1,421 |
Washington H Soul Pattinson & Co. Ltd. | 64,896 | 1,448 |
Wesfarmers Ltd. | 301,681 | 11,710 |
Westpac Banking Corp. | 931,121 | 14,489 |
WiseTech Global Ltd. | 45,288 | 2,316 |
Woodside Energy Group Ltd. | 505,596 | 10,711 |
Woolworths Group Ltd. | 323,869 | 8,196 |
344,276 | ||
Austria – 0.3% | ||
Erste Group Bank A.G. | 94,601 | 3,838 |
Mondi PLC | 126,271 | 2,469 |
OMV A.G. | 40,241 | 1,769 |
Verbund A.G. | 18,052 | 1,678 |
voestalpine A.G. | 32,794 | 1,035 |
10,789 | ||
Belgium – 0.8% | ||
Ageas S.A./N.V. | 42,129 | 1,832 |
Anheuser-Busch InBev S.A./N.V. | 232,056 | 14,992 |
D'ieteren Group | 5,485 | 1,073 |
Elia Group S.A./N.V. | 7,920 | 992 |
Groupe Bruxelles Lambert N.V. | 21,947 | 1,730 |
KBC Group N.V. | 66,426 | 4,310 |
Lotus Bakeries N.V. | 113 | 1,027 |
Sofina S.A. | 3,823 | 951 |
Syensqo S.A.* | 20,291 | 2,111 |
UCB S.A. | 33,482 | 2,916 |
Umicore S.A. | 58,205 | 1,600 |
Warehouses De Pauw - C.V.A. | 40,021 | 1,256 |
34,790 | ||
Brazil – 0.0% | ||
Yara International ASA | 45,606 | 1,621 |
Burkina Faso – 0.0% | ||
Endeavour Mining PLC | 50,037 | 1,124 |
Chile – 0.1% | ||
Antofagasta PLC | 109,316 | 2,338 |
EQUITY FUNDS 73 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
China – 0.4% | ||
BOC Hong Kong Holdings Ltd. | 1,034,108 | $2,798 |
Budweiser Brewing Co. APAC Ltd. | 444,200 | 829 |
ESR Group Ltd. | 554,800 | 766 |
Prosus N.V.* | 390,378 | 11,640 |
SITC International Holdings Co. Ltd. | 360,000 | 621 |
Wharf Holdings (The) Ltd. | 290,000 | 933 |
Wilmar International Ltd. | 524,700 | 1,416 |
Xinyi Glass Holdings Ltd. | 446,829 | 500 |
19,503 | ||
Denmark – 3.3% | ||
AP Moller - Maersk A/S, Class A | 880 | 1,561 |
AP Moller - Maersk A/S, Class B | 1,223 | 2,198 |
Carlsberg A/S, Class B | 27,074 | 3,394 |
Chr Hansen Holding A/S | 28,933 | 2,426 |
Coloplast A/S, Class B | 37,378 | 4,273 |
Danske Bank A/S | 182,382 | 4,872 |
Demant A/S* | 25,272 | 1,111 |
DSV A/S | 49,446 | 8,698 |
Genmab A/S* | 17,763 | 5,658 |
Novo Nordisk A/S, Class B | 872,166 | 90,212 |
Novozymes A/S, Class B | 54,102 | 2,979 |
Orsted A/S | 50,152 | 2,769 |
Pandora A/S | 22,355 | 3,088 |
ROCKWOOL A/S, Class B | 2,523 | 738 |
Tryg A/S | 98,025 | 2,132 |
Vestas Wind Systems A/S* | 268,747 | 8,544 |
144,653 | ||
Finland – 1.1% | ||
Elisa OYJ | 39,269 | 1,821 |
Fortum OYJ | 126,684 | 1,838 |
Kesko OYJ, Class B | 78,296 | 1,552 |
Kone OYJ, Class B | 89,017 | 4,455 |
Metso OYJ | 180,411 | 1,828 |
Neste OYJ | 113,666 | 4,038 |
Nokia OYJ | 1,429,438 | 4,911 |
Nordea Bank Abp | 851,337 | 10,554 |
Orion OYJ, Class B | 29,837 | 1,294 |
Sampo OYJ, Class A | 119,735 | 5,240 |
Stora Enso OYJ (Registered) | 155,639 | 2,153 |
UPM-Kymmene OYJ | 140,782 | 5,296 |
Wartsila OYJ Abp | 126,018 | 1,836 |
46,816 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
France – 10.1% | ||
Accor S.A. | 54,284 | $2,076 |
Adevinta ASA* | 83,749 | 926 |
Aeroports de Paris S.A. | 10,000 | 1,295 |
Air Liquide S.A. | 139,616 | 27,160 |
Airbus S.E. | 158,255 | 24,428 |
Alstom S.A. | 82,195 | 1,107 |
Amundi S.A. | 17,965 | 1,229 |
Arkema S.A. | 15,222 | 1,732 |
AXA S.A. | 481,436 | 15,715 |
BioMerieux | 10,547 | 1,175 |
BNP Paribas S.A. | 279,784 | 19,385 |
Bollore S.E. | 187,146 | 1,172 |
Bouygues S.A. | 50,423 | 1,904 |
Bureau Veritas S.A. | 80,006 | 2,022 |
Capgemini S.E. | 41,557 | 8,693 |
Carrefour S.A. | 158,773 | 2,906 |
Cie de Saint-Gobain S.A. | 120,930 | 8,942 |
Cie Generale des Etablissements Michelin S.C.A. | 180,189 | 6,475 |
Covivio S.A./France | 14,320 | 774 |
Credit Agricole S.A. | 291,450 | 4,135 |
Danone S.A. | 171,637 | 11,133 |
Dassault Aviation S.A. | 5,208 | 1,031 |
Dassault Systemes S.E. | 180,654 | 8,844 |
Edenred S.E. | 65,573 | 3,937 |
Eiffage S.A. | 20,004 | 2,147 |
Engie S.A. | 485,210 | 8,532 |
EssilorLuxottica S.A. | 78,531 | 15,784 |
Eurazeo S.E. | 11,571 | 920 |
Gecina S.A. | 12,218 | 1,492 |
Getlink S.E. | 97,801 | 1,790 |
Hermes International S.C.A. | 8,458 | 17,950 |
Ipsen S.A. | 10,383 | 1,239 |
Kering S.A. | 19,756 | 8,767 |
Klepierre S.A. | 61,320 | 1,677 |
La Francaise des Jeux S.A.E.M. | 30,490 | 1,107 |
Legrand S.A. | 70,135 | 7,305 |
L'Oreal S.A. | 64,448 | 32,044 |
LVMH Moet Hennessy Louis Vuitton S.E. | 73,820 | 59,877 |
Orange S.A. | 489,759 | 5,572 |
Pernod Ricard S.A. | 54,382 | 9,616 |
Publicis Groupe S.A. | 60,720 | 5,647 |
Remy Cointreau S.A. | 6,629 | 842 |
Renault S.A. | 51,698 | 2,115 |
NORTHERN FUNDS QUARTERLY REPORT 74 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
France – 10.1%continued | ||
Safran S.A. | 90,785 | $16,015 |
Sartorius Stedim Biotech | 7,684 | 2,041 |
SEB S.A. | 6,307 | 788 |
Societe Generale S.A. | 201,038 | 5,360 |
Sodexo S.A. | 24,373 | 2,683 |
Teleperformance S.E. | 15,701 | 2,295 |
Thales S.A. | 27,823 | 4,115 |
TotalEnergies S.E. | 612,208 | 41,586 |
Unibail-Rodamco-Westfield* | 32,891 | 2,423 |
Veolia Environnement S.A. | 179,092 | 5,657 |
Vinci S.A. | 135,156 | 16,975 |
Vivendi S.E. | 173,104 | 1,854 |
Worldline S.A.(2) * | 63,761 | 1,107 |
445,518 | ||
Germany – 7.9% | ||
adidas A.G. | 43,172 | 8,779 |
Allianz S.E. (Registered) | 107,763 | 28,784 |
BASF S.E. | 237,340 | 12,780 |
Bayer A.G. (Registered) | 261,768 | 9,718 |
Bayerische Motoren Werke A.G. | 84,931 | 9,446 |
Bechtle A.G. | 20,667 | 1,036 |
Beiersdorf A.G. | 26,682 | 3,998 |
Brenntag S.E. | 36,511 | 3,352 |
Carl Zeiss Meditec A.G. (Bearer) | 10,976 | 1,198 |
Commerzbank A.G. | 278,319 | 3,306 |
Continental A.G. | 29,116 | 2,476 |
Covestro A.G.* | 52,638 | 3,062 |
Daimler Truck Holding A.G. | 141,821 | 5,326 |
Deutsche Bank A.G. (Registered) | 514,185 | 7,018 |
Deutsche Boerse A.G. | 50,517 | 10,401 |
Deutsche Lufthansa A.G. (Registered)* | 162,487 | 1,444 |
Deutsche Post A.G. | 263,896 | 13,072 |
Deutsche Telekom A.G. (Registered) | 863,865 | 20,745 |
E.ON S.E. | 596,632 | 8,004 |
Evonik Industries A.G. | 67,654 | 1,381 |
Fresenius Medical Care A.G. | 56,790 | 2,375 |
Fresenius S.E. & Co. KGaA | 111,574 | 3,463 |
GEA Group A.G. | 45,630 | 1,899 |
Hannover Rueck S.E. | 16,062 | 3,838 |
Heidelberg Materials A.G. | 36,613 | 3,271 |
HelloFresh S.E.* | 40,638 | 644 |
Henkel A.G. & Co. KGaA | 27,224 | 1,953 |
Infineon Technologies A.G. | 348,270 | 14,526 |
Knorr-Bremse A.G. | 19,782 | 1,283 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Germany – 7.9%continued | ||
LEG Immobilien S.E.* | 20,293 | $1,777 |
Mercedes-Benz Group A.G. | 213,994 | 14,779 |
Merck KGaA | 35,013 | 5,569 |
MTU Aero Engines A.G. | 14,700 | 3,168 |
Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen (Registered) | 36,467 | 15,101 |
Nemetschek S.E. | 15,821 | 1,370 |
Puma S.E. | 29,826 | 1,662 |
Rational A.G. | 1,462 | 1,129 |
Rheinmetall A.G. | 11,572 | 3,668 |
RWE A.G. | 171,145 | 7,781 |
SAP S.E. | 279,007 | 42,918 |
Scout24 S.E. | 19,880 | 1,407 |
Siemens A.G. (Registered) | 203,034 | 38,083 |
Siemens Energy A.G.* | 143,156 | 1,897 |
Siemens Healthineers A.G.(2) | 74,621 | 4,336 |
Symrise A.G. | 34,970 | 3,846 |
Talanx A.G. | 17,775 | 1,269 |
Volkswagen A.G. | 7,782 | 1,018 |
Vonovia S.E. | 197,328 | 6,218 |
Wacker Chemie A.G. | 5,401 | 682 |
Zalando S.E.(2) * | 61,634 | 1,459 |
347,715 | ||
Hong Kong – 2.0% | ||
AIA Group Ltd. | 3,071,686 | 26,679 |
CK Asset Holdings Ltd. | 518,638 | 2,594 |
CK Infrastructure Holdings Ltd. | 169,353 | 941 |
CLP Holdings Ltd. | 440,514 | 3,631 |
Futu Holdings Ltd. ADR* | 14,502 | 792 |
Hang Lung Properties Ltd. | 465,501 | 646 |
Hang Seng Bank Ltd. | 208,179 | 2,419 |
Henderson Land Development Co. Ltd. | 379,929 | 1,174 |
HKT Trust & HKT Ltd. | 1,001,220 | 1,198 |
Hong Kong & China Gas Co. Ltd. | 2,945,005 | 2,266 |
Hong Kong Exchanges & Clearing Ltd. | 321,596 | 11,003 |
Hongkong Land Holdings Ltd. | 278,700 | 968 |
Jardine Matheson Holdings Ltd. | 42,200 | 1,737 |
Link REIT | 692,978 | 3,875 |
MTR Corp. Ltd. | 445,136 | 1,735 |
New World Development Co. Ltd. | 410,111 | 634 |
Power Assets Holdings Ltd. | 360,817 | 2,089 |
Prudential PLC | 745,661 | 8,394 |
Sino Land Co. Ltd. | 944,627 | 1,030 |
EQUITY FUNDS 75 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Hong Kong – 2.0%continued | ||
Sun Hung Kai Properties Ltd. | 387,758 | $4,173 |
Swire Pacific Ltd., Class A | 119,051 | 1,005 |
Swire Properties Ltd. | 340,587 | 687 |
Techtronic Industries Co. Ltd. | 365,833 | 4,376 |
WH Group Ltd.(2) | 2,284,213 | 1,473 |
Wharf Real Estate Investment Co. Ltd. | 433,766 | 1,475 |
86,994 | ||
Ireland – 0.4% | ||
AerCap Holdings N.V.* | 54,770 | 4,071 |
AIB Group PLC | 423,441 | 1,812 |
Bank of Ireland Group PLC | 287,376 | 2,605 |
Irish Bank Resolution Corp. Ltd.(3) * | 99,788 | — |
Kerry Group PLC, Class A | 41,168 | 3,570 |
Kingspan Group PLC | 41,762 | 3,609 |
Smurfit Kappa Group PLC | 72,024 | 2,839 |
18,506 | ||
Israel – 0.6% | ||
Azrieli Group Ltd. | 10,107 | 664 |
Bank Hapoalim B.M. | 348,624 | 3,168 |
Bank Leumi Le-Israel B.M. | 421,627 | 3,436 |
Check Point Software Technologies Ltd.* | 24,974 | 3,816 |
Elbit Systems Ltd. | 7,084 | 1,516 |
Global-e Online Ltd.* | 23,346 | 925 |
ICL Group Ltd. | 195,657 | 983 |
Israel Discount Bank Ltd., Class A | 316,901 | 1,606 |
Mizrahi Tefahot Bank Ltd. | 42,271 | 1,665 |
Nice Ltd.* | 17,119 | 3,428 |
Teva Pharmaceutical Industries Ltd. ADR* | 299,345 | 3,125 |
Wix.com Ltd.* | 14,651 | 1,802 |
26,134 | ||
Italy – 2.3% | ||
Amplifon S.p.A. | 32,098 | 1,114 |
Assicurazioni Generali S.p.A. | 271,184 | 5,721 |
Banco BPM S.p.A. | 339,245 | 1,791 |
Coca-Cola HBC A.G. - CDI* | 58,121 | 1,706 |
Davide Campari-Milano N.V. | 141,593 | 1,597 |
DiaSorin S.p.A. | 5,460 | 563 |
Enel S.p.A. | 2,172,607 | 16,171 |
Eni S.p.A. | 631,730 | 10,723 |
Ferrari N.V. | 33,685 | 11,353 |
FinecoBank Banca Fineco S.p.A. | 158,965 | 2,388 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Italy – 2.3%continued | ||
Infrastrutture Wireless Italiane S.p.A. | 96,117 | $1,217 |
Intesa Sanpaolo S.p.A. | 4,138,122 | 12,080 |
Leonardo S.p.A. | 109,455 | 1,806 |
Mediobanca Banca di Credito Finanziario S.p.A. | 149,456 | 1,849 |
Moncler S.p.A. | 56,229 | 3,467 |
Nexi S.p.A.* | 165,879 | 1,360 |
Poste Italiane S.p.A. | 138,949 | 1,576 |
Prysmian S.p.A. | 69,339 | 3,161 |
Recordati Industria Chimica e Farmaceutica S.p.A. | 27,580 | 1,490 |
Snam S.p.A. | 553,450 | 2,849 |
Telecom Italia S.p.A.* | 2,541,794 | 827 |
Terna - Rete Elettrica Nazionale | 382,995 | 3,196 |
UniCredit S.p.A. | 428,345 | 11,620 |
99,625 | ||
Japan – 22.0% | ||
Advantest Corp. | 204,500 | 7,042 |
Aeon Co. Ltd. | 174,000 | 3,882 |
AGC, Inc. | 50,500 | 1,872 |
Aisin Corp. | 40,200 | 1,401 |
Ajinomoto Co., Inc. | 118,100 | 4,564 |
ANA Holdings, Inc.* | 42,900 | 930 |
Asahi Group Holdings Ltd. | 128,300 | 4,775 |
Asahi Intecc Co. Ltd. | 59,600 | 1,208 |
Asahi Kasei Corp. | 329,000 | 2,434 |
Astellas Pharma, Inc. | 481,200 | 5,770 |
Azbil Corp. | 29,600 | 976 |
Bandai Namco Holdings, Inc. | 157,900 | 3,157 |
BayCurrent Consulting, Inc. | 34,700 | 1,213 |
Bridgestone Corp. | 153,300 | 6,331 |
Brother Industries Ltd. | 63,000 | 1,003 |
Canon, Inc. | 268,800 | 6,890 |
Capcom Co. Ltd. | 47,000 | 1,518 |
Central Japan Railway Co. | 192,400 | 4,878 |
Chiba Bank (The) Ltd. | 139,500 | 1,006 |
Chubu Electric Power Co., Inc. | 169,700 | 2,190 |
Chugai Pharmaceutical Co. Ltd. | 179,565 | 6,808 |
Concordia Financial Group Ltd. | 289,900 | 1,322 |
Dai Nippon Printing Co. Ltd. | 53,900 | 1,590 |
Daifuku Co. Ltd. | 82,100 | 1,654 |
Dai-ichi Life Holdings, Inc. | 251,800 | 5,346 |
Daiichi Sankyo Co. Ltd. | 494,000 | 13,676 |
Daikin Industries Ltd. | 70,400 | 11,436 |
NORTHERN FUNDS QUARTERLY REPORT 76 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Japan – 22.0%continued | ||
Daito Trust Construction Co. Ltd. | 17,100 | $1,979 |
Daiwa House Industry Co. Ltd. | 157,400 | 4,755 |
Daiwa House REIT Investment Corp. | 578 | 1,031 |
Daiwa Securities Group, Inc. | 367,800 | 2,465 |
Denso Corp. | 505,400 | 7,580 |
Dentsu Group, Inc. | 54,918 | 1,405 |
Disco Corp. | 24,600 | 6,054 |
East Japan Railway Co. | 80,712 | 4,643 |
Eisai Co. Ltd. | 67,000 | 3,352 |
ENEOS Holdings, Inc. | 766,697 | 3,035 |
FANUC Corp. | 254,100 | 7,475 |
Fast Retailing Co. Ltd. | 46,800 | 11,603 |
Fuji Electric Co. Ltd. | 33,300 | 1,427 |
FUJIFILM Holdings Corp. | 99,700 | 5,973 |
Fujitsu Ltd. | 47,100 | 7,110 |
GLP J-REIT | 1,264 | 1,257 |
Hamamatsu Photonics K.K. | 37,870 | 1,552 |
Hankyu Hanshin Holdings, Inc. | 62,800 | 1,996 |
Hikari Tsushin, Inc. | 5,100 | 843 |
Hirose Electric Co. Ltd. | 7,928 | 896 |
Hitachi Construction Machinery Co. Ltd. | 29,900 | 789 |
Hitachi Ltd. | 247,800 | 17,909 |
Honda Motor Co. Ltd. | 1,235,300 | 12,769 |
Hoshizaki Corp. | 29,200 | 1,066 |
Hoya Corp. | 94,600 | 11,765 |
Hulic Co. Ltd. | 108,100 | 1,129 |
Ibiden Co. Ltd. | 29,900 | 1,647 |
Idemitsu Kosan Co. Ltd. | 257,940 | 1,405 |
Iida Group Holdings Co. Ltd. | 41,264 | 616 |
Inpex Corp. | 266,600 | 3,593 |
Isuzu Motors Ltd. | 155,300 | 1,992 |
ITOCHU Corp. | 317,500 | 12,960 |
Japan Airlines Co. Ltd. | 42,200 | 831 |
Japan Exchange Group, Inc. | 132,000 | 2,785 |
Japan Metropolitan Fund Invest | 1,909 | 1,378 |
Japan Post Bank Co. Ltd. | 387,600 | 3,946 |
Japan Post Holdings Co. Ltd. | 557,800 | 4,978 |
Japan Post Insurance Co. Ltd. | 47,200 | 838 |
Japan Real Estate Investment Corp. | 359 | 1,485 |
Japan Tobacco, Inc. | 321,400 | 8,296 |
JFE Holdings, Inc. | 154,600 | 2,390 |
JSR Corp. | 48,700 | 1,387 |
Kajima Corp. | 115,900 | 1,930 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Japan – 22.0%continued | ||
Kansai Electric Power (The) Co., Inc. | 188,400 | $2,495 |
Kao Corp. | 124,400 | 5,112 |
Kawasaki Kisen Kaisha Ltd. | 40,000 | 1,743 |
KDDI Corp. | 399,700 | 12,690 |
KDX Realty Investment Corp. | 1,132 | 1,290 |
Keisei Electric Railway Co. Ltd. | 35,200 | 1,656 |
Keyence Corp. | 51,956 | 22,775 |
Kikkoman Corp. | 35,400 | 2,161 |
Kintetsu Group Holdings Co. Ltd. | 48,800 | 1,545 |
Kirin Holdings Co. Ltd. | 210,100 | 3,076 |
Kobe Bussan Co. Ltd. | 39,800 | 1,175 |
Koei Tecmo Holdings Co. Ltd. | 31,440 | 358 |
Koito Manufacturing Co. Ltd. | 50,028 | 777 |
Komatsu Ltd. | 246,600 | 6,424 |
Konami Group Corp. | 27,300 | 1,424 |
Kose Corp. | 8,200 | 613 |
Kubota Corp. | 265,900 | 3,990 |
Kyocera Corp. | 343,600 | 4,994 |
Kyowa Kirin Co. Ltd. | 74,200 | 1,248 |
Lasertec Corp. | 20,100 | 5,253 |
LY Corp. | 751,200 | 2,656 |
M3, Inc. | 117,500 | 1,935 |
Makita Corp. | 59,800 | 1,645 |
Marubeni Corp. | 381,600 | 6,004 |
MatsukiyoCocokara & Co. | 93,900 | 1,660 |
Mazda Motor Corp. | 154,800 | 1,642 |
McDonald's Holdings Co. Japan Ltd. | 23,600 | 1,022 |
MEIJI Holdings Co. Ltd. | 61,052 | 1,448 |
MINEBEA MITSUMI, Inc. | 99,700 | 2,040 |
MISUMI Group, Inc. | 78,000 | 1,316 |
Mitsubishi Chemical Group Corp. | 347,600 | 2,124 |
Mitsubishi Corp. | 921,900 | 14,684 |
Mitsubishi Electric Corp. | 515,900 | 7,283 |
Mitsubishi Estate Co. Ltd. | 309,500 | 4,252 |
Mitsubishi HC Capital, Inc. | 207,900 | 1,394 |
Mitsubishi Heavy Industries Ltd. | 84,600 | 4,923 |
Mitsubishi UFJ Financial Group, Inc. | 3,053,595 | 26,278 |
Mitsui & Co. Ltd. | 345,800 | 12,884 |
Mitsui Chemicals, Inc. | 45,400 | 1,343 |
Mitsui Fudosan Co. Ltd. | 237,000 | 5,793 |
Mitsui OSK Lines Ltd. | 91,500 | 2,935 |
Mizuho Financial Group, Inc. | 645,118 | 11,034 |
MonotaRO Co. Ltd. | 62,900 | 685 |
EQUITY FUNDS 77 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Japan – 22.0%continued | ||
MS&AD Insurance Group Holdings, Inc. | 115,143 | $4,519 |
Murata Manufacturing Co. Ltd. | 460,073 | 9,716 |
NEC Corp. | 65,800 | 3,883 |
Nexon Co. Ltd. | 89,200 | 1,620 |
Nidec Corp. | 111,200 | 4,532 |
Nintendo Co. Ltd. | 278,000 | 14,527 |
Nippon Building Fund, Inc. | 410 | 1,774 |
NIPPON EXPRESS HOLDINGS, Inc. | 18,400 | 1,044 |
Nippon Paint Holdings Co. Ltd. | 246,900 | 1,990 |
Nippon Prologis REIT, Inc. | 596 | 1,147 |
Nippon Sanso Holdings Corp. | 43,800 | 1,168 |
Nippon Steel Corp. | 226,061 | 5,166 |
Nippon Telegraph & Telephone Corp. | 7,988,100 | 9,753 |
Nippon Yusen K.K. | 129,300 | 4,007 |
Nissan Chemical Corp. | 32,300 | 1,257 |
Nissan Motor Co. Ltd. | 611,600 | 2,387 |
Nissin Foods Holdings Co. Ltd. | 51,300 | 1,789 |
Nitori Holdings Co. Ltd. | 21,400 | 2,859 |
Nitto Denko Corp. | 37,700 | 2,811 |
Nomura Holdings, Inc. | 797,800 | 3,596 |
Nomura Real Estate Holdings, Inc. | 27,800 | 729 |
Nomura Real Estate Master Fund, Inc. | 1,149 | 1,342 |
Nomura Research Institute Ltd. | 102,722 | 2,976 |
NTT Data Group Corp. | 167,500 | 2,366 |
Obayashi Corp. | 177,300 | 1,531 |
Obic Co. Ltd. | 18,200 | 3,125 |
Odakyu Electric Railway Co. Ltd. | 84,900 | 1,292 |
Oji Holdings Corp. | 235,200 | 904 |
Olympus Corp. | 320,300 | 4,622 |
Omron Corp. | 47,800 | 2,220 |
Ono Pharmaceutical Co. Ltd. | 105,900 | 1,892 |
Open House Group Co. Ltd. | 22,200 | 656 |
Oracle Corp. Japan | 9,600 | 740 |
Oriental Land Co. Ltd. | 291,600 | 10,831 |
ORIX Corp. | 320,000 | 5,996 |
Osaka Gas Co. Ltd. | 102,400 | 2,137 |
Otsuka Corp. | 31,000 | 1,275 |
Otsuka Holdings Co. Ltd. | 111,515 | 4,174 |
Pan Pacific International Holdings Corp. | 101,900 | 2,425 |
Panasonic Corp. | 589,300 | 5,778 |
Rakuten Group, Inc. | 397,700 | 1,767 |
Recruit Holdings Co. Ltd. | 385,200 | 16,445 |
Renesas Electronics Corp.* | 392,200 | 7,039 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Japan – 22.0%continued | ||
Resona Holdings, Inc. | 576,310 | $2,919 |
Ricoh Co. Ltd. | 149,800 | 1,148 |
Rohm Co. Ltd. | 87,700 | 1,680 |
SBI Holdings, Inc. | 66,960 | 1,502 |
SCSK Corp. | 45,500 | 901 |
Secom Co. Ltd. | 55,500 | 3,989 |
Seiko Epson Corp. | 74,000 | 1,105 |
Sekisui Chemical Co. Ltd. | 100,100 | 1,440 |
Sekisui House Ltd. | 159,100 | 3,525 |
Seven & i Holdings Co. Ltd. | 201,500 | 7,980 |
SG Holdings Co. Ltd. | 87,200 | 1,249 |
Sharp Corp.* | 84,800 | 603 |
Shimadzu Corp. | 61,700 | 1,719 |
Shimano, Inc. | 20,400 | 3,149 |
Shimizu Corp. | 143,500 | 953 |
Shin-Etsu Chemical Co. Ltd. | 486,900 | 20,346 |
Shionogi & Co. Ltd. | 69,300 | 3,336 |
Shiseido Co. Ltd. | 105,000 | 3,161 |
Shizuoka Financial Group, Inc. | 123,300 | 1,043 |
SMC Corp. | 15,200 | 8,129 |
SoftBank Corp. | 769,300 | 9,588 |
SoftBank Group Corp. | 274,700 | 12,137 |
Sompo Holdings, Inc. | 79,145 | 3,865 |
Sony Group Corp. | 337,000 | 31,932 |
Square Enix Holdings Co. Ltd. | 23,500 | 842 |
Subaru Corp. | 165,300 | 3,017 |
SUMCO Corp. | 92,700 | 1,385 |
Sumitomo Chemical Co. Ltd. | 368,000 | 896 |
Sumitomo Corp. | 277,100 | 6,044 |
Sumitomo Electric Industries Ltd. | 190,500 | 2,418 |
Sumitomo Metal Mining Co. Ltd. | 65,500 | 1,965 |
Sumitomo Mitsui Financial Group, Inc. | 339,842 | 16,554 |
Sumitomo Mitsui Trust Holdings, Inc. | 174,438 | 3,345 |
Sumitomo Realty & Development Co. Ltd. | 78,500 | 2,327 |
Suntory Beverage & Food Ltd. | 37,700 | 1,242 |
Suzuki Motor Corp. | 99,300 | 4,274 |
Sysmex Corp. | 44,198 | 2,456 |
T&D Holdings, Inc. | 131,200 | 2,082 |
Taisei Corp. | 46,700 | 1,595 |
Takeda Pharmaceutical Co. Ltd. | 422,666 | 12,134 |
TDK Corp. | 103,800 | 4,921 |
Terumo Corp. | 179,700 | 5,864 |
TIS, Inc. | 58,000 | 1,275 |
NORTHERN FUNDS QUARTERLY REPORT 78 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Japan – 22.0%continued | ||
Tobu Railway Co. Ltd. | 50,900 | $1,364 |
Toho Co. Ltd. | 30,500 | 1,030 |
Tokio Marine Holdings, Inc. | 482,500 | 12,046 |
Tokyo Electric Power Co. Holdings, Inc.* | 426,000 | 2,224 |
Tokyo Electron Ltd. | 126,100 | 22,414 |
Tokyo Gas Co. Ltd. | 98,900 | 2,267 |
Tokyu Corp. | 130,900 | 1,595 |
TOPPAN Holdings, Inc. | 66,900 | 1,861 |
Toray Industries, Inc. | 384,500 | 2,001 |
Tosoh Corp. | 70,200 | 895 |
TOTO Ltd. | 34,200 | 900 |
Toyota Industries Corp. | 39,000 | 3,167 |
Toyota Motor Corp. | 2,835,820 | 52,057 |
Toyota Tsusho Corp. | 56,300 | 3,298 |
Trend Micro, Inc. | 35,700 | 1,899 |
Unicharm Corp. | 107,600 | 3,887 |
USS Co. Ltd. | 56,800 | 1,140 |
West Japan Railway Co. | 58,100 | 2,420 |
Yakult Honsha Co. Ltd. | 70,600 | 1,583 |
Yamaha Corp. | 33,300 | 768 |
Yamaha Motor Co. Ltd. | 237,600 | 2,114 |
Yamato Holdings Co. Ltd. | 69,500 | 1,283 |
Yaskawa Electric Corp. | 63,400 | 2,635 |
Yokogawa Electric Corp. | 61,500 | 1,168 |
Zensho Holdings Co. Ltd. | 23,700 | 1,238 |
ZOZO, Inc. | 37,000 | 831 |
968,893 | ||
Jordan – 0.0% | ||
Hikma Pharmaceuticals PLC | 46,136 | 1,051 |
Luxembourg – 0.1% | ||
ArcelorMittal S.A. | 136,958 | 3,884 |
Eurofins Scientific S.E. | 37,240 | 2,437 |
6,321 | ||
Macau – 0.1% | ||
Galaxy Entertainment Group Ltd. | 577,148 | 3,226 |
Sands China Ltd.* | 647,899 | 1,891 |
5,117 | ||
Netherlands – 5.5% | ||
ABN AMRO Bank N.V. - C.V.A. | 129,669 | 1,948 |
Adyen N.V.* | 5,795 | 7,470 |
Aegon Ltd. | 420,829 | 2,440 |
Akzo Nobel N.V. | 46,755 | 3,863 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Netherlands – 5.5%continued | ||
Argenx S.E.* | 15,750 | $5,985 |
ASM International N.V. | 12,495 | 6,507 |
ASML Holding N.V. | 107,733 | 81,340 |
ASR Nederland N.V. | 42,673 | 2,018 |
BE Semiconductor Industries N.V. | 21,017 | 3,167 |
Euronext N.V. | 23,431 | 2,035 |
EXOR N.V. | 24,998 | 2,506 |
Heineken Holding N.V. | 34,445 | 2,920 |
Heineken N.V. | 76,637 | 7,797 |
IMCD N.V. | 15,570 | 2,717 |
ING Groep N.V. | 963,942 | 14,430 |
JDE Peet's N.V. | 28,301 | 762 |
Koninklijke Ahold Delhaize N.V. | 255,861 | 7,346 |
Koninklijke KPN N.V. | 904,080 | 3,112 |
Koninklijke Philips N.V.* | 209,394 | 4,890 |
NN Group N.V. | 68,784 | 2,721 |
OCI N.V. | 31,429 | 914 |
Randstad N.V. | 30,011 | 1,881 |
Shell PLC | 1,768,257 | 57,449 |
Universal Music Group N.V. | 218,254 | 6,233 |
Wolters Kluwer N.V. | 66,287 | 9,420 |
241,871 | ||
New Zealand – 0.3% | ||
Auckland International Airport Ltd. | 324,200 | 1,802 |
Fisher & Paykel Healthcare Corp. Ltd. | 152,721 | 2,280 |
Mercury NZ Ltd. | 181,821 | 759 |
Meridian Energy Ltd. | 336,212 | 1,178 |
Spark New Zealand Ltd. | 528,543 | 1,731 |
Xero Ltd.* | 39,294 | 2,995 |
10,745 | ||
Norway – 0.6% | ||
Aker BP ASA | 80,649 | 2,344 |
DNB Bank ASA | 253,278 | 5,381 |
Equinor ASA | 239,874 | 7,599 |
Gjensidige Forsikring ASA | 59,937 | 1,106 |
Kongsberg Gruppen ASA | 24,750 | 1,133 |
Mowi ASA | 119,383 | 2,137 |
Norsk Hydro ASA | 340,394 | 2,290 |
Orkla ASA | 200,960 | 1,558 |
Salmar ASA | 19,696 | 1,102 |
Telenor ASA | 162,801 | 1,870 |
26,520 |
EQUITY FUNDS 79 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Portugal – 0.2% | ||
Banco Espirito Santo S.A. (Registered)(3) * | 882,815 | $— |
EDP - Energias de Portugal S.A. | 832,295 | 4,205 |
Galp Energia SGPS S.A. | 120,734 | 1,776 |
Jeronimo Martins SGPS S.A. | 75,085 | 1,909 |
7,890 | ||
Singapore – 1.5% | ||
CapitaLand Ascendas REIT | 940,692 | 2,154 |
CapitaLand Integrated Commercial Trust | 1,438,716 | 2,238 |
CapitaLand Investment Ltd. | 717,062 | 1,711 |
City Developments Ltd. | 127,800 | 642 |
DBS Group Holdings Ltd. | 482,605 | 12,193 |
Genting Singapore Ltd. | 1,570,780 | 1,192 |
Grab Holdings Ltd., Class A* | 510,028 | 1,719 |
Jardine Cycle & Carriage Ltd. | 27,300 | 614 |
Keppel Corp. Ltd. | 382,250 | 2,044 |
Mapletree Logistics Trust | 983,455 | 1,293 |
Mapletree Pan Asia Commercial Trust | 683,900 | 810 |
Oversea-Chinese Banking Corp. Ltd. | 901,951 | 8,859 |
Sea Ltd. ADR* | 97,559 | 3,951 |
Seatrium Ltd.* | 12,063,224 | 1,077 |
Sembcorp Industries Ltd. | 231,700 | 930 |
Singapore Airlines Ltd. | 391,235 | 1,939 |
Singapore Exchange Ltd. | 235,500 | 1,751 |
Singapore Technologies Engineering Ltd. | 440,300 | 1,296 |
Singapore Telecommunications Ltd. | 2,182,825 | 4,079 |
STMicroelectronics N.V. | 185,017 | 9,283 |
United Overseas Bank Ltd. | 342,149 | 7,364 |
UOL Group Ltd. | 122,280 | 580 |
67,719 | ||
South Africa – 0.2% | ||
Anglo American PLC | 338,219 | 8,487 |
South Korea – 0.0% | ||
Delivery Hero S.E.* | 46,850 | 1,294 |
Spain – 2.6% | ||
Acciona S.A. | 7,195 | 1,063 |
ACS Actividades de Construccion y Servicios S.A. | 54,224 | 2,407 |
Aena S.M.E. S.A. | 19,686 | 3,574 |
Amadeus IT Group S.A. | 119,896 | 8,599 |
Banco Bilbao Vizcaya Argentaria S.A. | 1,589,949 | 14,487 |
Banco Santander S.A. | 4,313,238 | 18,005 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Spain – 2.6%continued | ||
CaixaBank S.A. | 1,097,031 | $4,514 |
Cellnex Telecom S.A.* | 149,907 | 5,923 |
Corp. ACCIONA Energias Renovables S.A. | 19,010 | 591 |
EDP Renovaveis S.A. | 78,147 | 1,609 |
Enagas S.A. | 72,079 | 1,216 |
Endesa S.A. | 86,581 | 1,765 |
Grifols S.A.* | 79,441 | 1,361 |
Iberdrola S.A. | 1,613,409 | 21,100 |
Industria de Diseno Textil S.A. | 291,586 | 12,718 |
Naturgy Energy Group S.A. | 36,989 | 1,103 |
Redeia Corp. S.A. | 101,201 | 1,668 |
Repsol S.A. | 337,867 | 5,011 |
Telefonica S.A. | 1,312,202 | 5,153 |
111,867 | ||
Sweden – 3.2% | ||
Alfa Laval AB | 79,274 | 3,181 |
Assa Abloy AB, Class B | 264,649 | 7,624 |
Atlas Copco AB, Class A | 725,395 | 12,491 |
Atlas Copco AB, Class B | 408,348 | 6,054 |
Beijer Ref AB | 99,176 | 1,329 |
Boliden AB | 70,425 | 2,197 |
Epiroc AB, Class A | 176,925 | 3,550 |
Epiroc AB, Class B | 98,336 | 1,721 |
EQT AB | 96,757 | 2,752 |
Essity AB, Class B | 167,095 | 4,141 |
Evolution AB | 48,613 | 5,818 |
Fastighets AB Balder, Class B* | 166,288 | 1,188 |
Getinge AB, Class B | 59,570 | 1,329 |
Hennes & Mauritz AB, Class B | 171,229 | 3,005 |
Hexagon AB, Class B | 550,070 | 6,627 |
Holmen AB, Class B | 18,039 | 763 |
Husqvarna AB, Class B | 88,459 | 729 |
Industrivarden AB, Class A | 35,290 | 1,153 |
Industrivarden AB, Class C | 40,743 | 1,329 |
Indutrade AB | 76,366 | 1,993 |
Investment AB Latour, Class B | 43,691 | 1,140 |
Investor AB, Class B | 458,217 | 10,635 |
L E Lundbergforetagen AB, Class B | 22,433 | 1,219 |
Lifco AB, Class B | 62,523 | 1,537 |
Nibe Industrier AB, Class B | 398,154 | 2,814 |
Saab AB, Class B | 23,163 | 1,396 |
Sagax AB, Class B | 51,523 | 1,413 |
Sandvik AB | 279,125 | 6,041 |
NORTHERN FUNDS QUARTERLY
REPORT 80 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Sweden – 3.2%continued | ||
Securitas AB, Class B | 141,031 | $1,384 |
Skandinaviska Enskilda Banken AB, Class A | 419,678 | 5,777 |
Skanska AB, Class B | 97,142 | 1,757 |
SKF AB, Class B | 92,471 | 1,847 |
Svenska Cellulosa AB S.C.A., Class B | 168,216 | 2,521 |
Svenska Handelsbanken AB, Class A | 386,955 | 4,200 |
Swedbank AB, Class A | 225,450 | 4,555 |
Swedish Orphan Biovitrum AB* | 50,700 | 1,343 |
Tele2 AB, Class B | 155,872 | 1,340 |
Telefonaktiebolaget LM Ericsson, Class B | 777,762 | 4,915 |
Telia Co. AB | 660,738 | 1,685 |
Volvo AB, Class A | 55,885 | 1,480 |
Volvo AB, Class B | 398,403 | 10,357 |
Volvo Car AB, Class B* | 176,529 | 571 |
138,901 | ||
Switzerland – 6.3% | ||
ABB Ltd. (Registered) | 426,204 | 18,940 |
Adecco Group A.G. (Registered) | 42,621 | 2,097 |
Alcon, Inc. | 132,816 | 10,404 |
Avolta A.G.* | 28,300 | 1,116 |
Bachem Holding A.G. | 9,370 | 726 |
Baloise Holding A.G. (Registered) | 12,252 | 1,921 |
Banque Cantonale Vaudoise (Registered) | 8,446 | 1,090 |
Barry Callebaut A.G. (Registered) | 997 | 1,685 |
BKW A.G. | 5,956 | 1,060 |
Chocoladefabriken Lindt & Spruengli A.G. (Participation Certificate) | 246 | 2,955 |
Chocoladefabriken Lindt & Spruengli A.G. (Registered) | 29 | 3,517 |
Cie Financiere Richemont S.A., Class A (Registered) | 139,163 | 19,195 |
Clariant A.G. (Registered)* | 61,024 | 903 |
DSM-Firmenich A.G. | 49,334 | 5,023 |
EMS-Chemie Holding A.G. (Registered) | 1,925 | 1,559 |
Geberit A.G. (Registered) | 8,823 | 5,671 |
Givaudan S.A. (Registered) | 2,456 | 10,217 |
Helvetia Holding A.G. (Registered) | 9,945 | 1,371 |
Julius Baer Group Ltd. | 54,327 | 3,053 |
Kuehne + Nagel International A.G. (Registered) | 14,318 | 4,936 |
Logitech International S.A. (Registered) | 43,770 | 4,154 |
Lonza Group A.G. (Registered) | 19,807 | 8,333 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
Switzerland – 6.3%continued | ||
Novartis A.G. (Registered) | 547,535 | $55,284 |
Partners Group Holding A.G. | 6,143 | 8,881 |
Sandoz Group A.G.* | 112,341 | 3,624 |
Schindler Holding A.G. (Participation Certificate) | 11,243 | 2,814 |
Schindler Holding A.G. (Registered) | 6,375 | 1,513 |
SGS S.A. (Registered) | 41,293 | 3,566 |
SIG Group A.G.* | 81,864 | 1,884 |
Sika A.G. (Registered) | 40,529 | 13,242 |
Sonova Holding A.G. (Registered) | 13,397 | 4,381 |
Straumann Holding A.G. (Registered) | 30,612 | 4,952 |
Swatch Group (The) A.G. (Bearer) | 7,761 | 2,116 |
Swatch Group (The) A.G. (Registered) | 12,980 | 681 |
Swiss Life Holding A.G. (Registered) | 7,766 | 5,399 |
Swiss Prime Site A.G. (Registered) | 20,924 | 2,239 |
Swisscom A.G. (Registered) | 6,742 | 4,057 |
Temenos A.G. (Registered) | 17,485 | 1,632 |
UBS Group A.G. (Registered) | 877,841 | 27,265 |
VAT Group A.G. | 7,451 | 3,739 |
Zurich Insurance Group A.G. | 39,149 | 20,467 |
277,662 | ||
United Kingdom – 10.8% | ||
3i Group PLC | 259,477 | 7,987 |
abrdn PLC | 540,002 | 1,227 |
Admiral Group PLC | 72,263 | 2,469 |
Ashtead Group PLC | 116,175 | 8,050 |
Associated British Foods PLC | 95,876 | 2,890 |
AstraZeneca PLC | 414,087 | 55,771 |
Auto Trader Group PLC(2) | 250,806 | 2,303 |
Aviva PLC | 713,392 | 3,946 |
BAE Systems PLC | 811,560 | 11,482 |
Barclays PLC | 4,008,239 | 7,807 |
Barratt Developments PLC | 266,036 | 1,903 |
Berkeley Group Holdings PLC | 28,723 | 1,711 |
BP PLC | 4,555,958 | 26,924 |
British American Tobacco PLC | 566,231 | 16,524 |
BT Group PLC | 1,759,148 | 2,763 |
Bunzl PLC | 93,526 | 3,796 |
Burberry Group PLC | 95,047 | 1,726 |
Centrica PLC | 1,530,383 | 2,738 |
CK Hutchison Holdings Ltd. | 713,638 | 3,841 |
Coca-Cola Europacific Partners PLC | 56,718 | 3,785 |
Compass Group PLC | 456,713 | 12,480 |
Croda International PLC | 37,662 | 2,420 |
EQUITY FUNDS 81 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
United Kingdom – 10.8%continued | ||
DCC PLC | 27,447 | $2,014 |
Diageo PLC | 599,918 | 21,786 |
Entain PLC | 166,013 | 2,097 |
Halma PLC | 101,354 | 2,945 |
Hargreaves Lansdown PLC | 93,117 | 868 |
HSBC Holdings PLC | 5,206,313 | 42,052 |
Imperial Brands PLC | 225,770 | 5,188 |
Informa PLC | 379,521 | 3,768 |
InterContinental Hotels Group PLC | 43,813 | 3,957 |
Intertek Group PLC | 44,747 | 2,416 |
J Sainsbury PLC | 452,361 | 1,741 |
JD Sports Fashion PLC | 705,144 | 1,490 |
Kingfisher PLC | 485,289 | 1,502 |
Land Securities Group PLC | 194,068 | 1,737 |
Legal & General Group PLC | 1,576,121 | 5,026 |
Lloyds Banking Group PLC | 16,867,920 | 10,214 |
London Stock Exchange Group PLC | 110,976 | 13,119 |
M&G PLC | 605,565 | 1,712 |
Melrose Industries PLC | 370,230 | 2,675 |
National Grid PLC | 983,646 | 13,282 |
NatWest Group PLC | 1,527,742 | 4,264 |
Next PLC | 31,909 | 3,294 |
Ocado Group PLC* | 159,465 | 1,532 |
Pearson PLC | 176,835 | 2,171 |
Persimmon PLC | 82,777 | 1,460 |
Phoenix Group Holdings PLC | 215,294 | 1,463 |
Reckitt Benckiser Group PLC | 191,453 | 13,208 |
RELX PLC | 503,936 | 19,986 |
Rentokil Initial PLC | 668,884 | 3,799 |
Rolls-Royce Holdings PLC* | 2,246,820 | 8,557 |
Sage Group (The) PLC | 272,927 | 4,072 |
Schroders PLC | 218,976 | 1,195 |
Segro PLC | 300,233 | 3,379 |
Severn Trent PLC | 70,641 | 2,323 |
Smith & Nephew PLC | 241,027 | 3,300 |
Smiths Group PLC | 95,141 | 2,135 |
Spirax-Sarco Engineering PLC | 19,811 | 2,647 |
SSE PLC | 295,761 | 6,977 |
St. James's Place PLC | 151,450 | 1,315 |
Standard Chartered PLC | 622,304 | 5,264 |
Taylor Wimpey PLC | 941,616 | 1,760 |
Tesco PLC | 1,887,316 | 6,981 |
Unilever PLC | 668,384 | 32,339 |
United Utilities Group PLC | 183,065 | 2,467 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.9% (1)continued | ||
United Kingdom – 10.8%continued | ||
Vodafone Group PLC | 6,084,322 | $5,285 |
Whitbread PLC | 52,678 | 2,447 |
Wise PLC, Class A* | 165,001 | 1,832 |
WPP PLC | 284,344 | 2,703 |
472,287 | ||
United States – 7.4% | ||
CRH PLC | 188,708 | 13,004 |
CSL Ltd. | 128,667 | 25,085 |
CyberArk Software Ltd.* | 11,069 | 2,425 |
Experian PLC | 244,698 | 9,972 |
Ferrovial S.E. | 136,950 | 4,999 |
GSK PLC | 1,094,001 | 20,208 |
Haleon PLC | 1,470,979 | 6,022 |
Holcim A.G.* | 138,752 | 10,896 |
James Hardie Industries PLC - CDI* | 116,486 | 4,496 |
Monday.com Ltd.* | 6,962 | 1,308 |
Nestle S.A. (Registered) | 713,686 | 82,600 |
QIAGEN N.V.* | 63,064 | 2,744 |
Roche Holding A.G. (Bearer) | 8,813 | 2,739 |
Roche Holding A.G. (Genusschein) | 187,433 | 54,324 |
Sanofi S.A. | 304,145 | 30,153 |
Schneider Electric S.E. | 145,222 | 29,240 |
Stellantis N.V. | 590,963 | 13,840 |
Swiss Re A.G. | 80,311 | 9,033 |
Tenaris S.A. | 130,622 | 2,271 |
325,359 | ||
Total Common Stocks | ||
(Cost $2,554,910) | 4,302,386 | |
PREFERRED STOCKS – 0.5% (1) | ||
Germany – 0.5% | ||
Bayerische Motoren Werke A.G., 9.80%(4) | 15,732 | 1,563 |
Dr. Ing hc F Porsche A.G., 1.20%(4) | 31,153 | 2,747 |
Henkel A.G. & Co. KGaA, 2.57%(4) | 45,816 | 3,685 |
Porsche Automobil Holding S.E., 5.70%(4) | 41,009 | 2,097 |
Sartorius A.G., 0.49%(4) | 7,210 | 2,653 |
Volkswagen A.G., 8.25%(4) | 54,581 | 6,737 |
19,482 | ||
Total Preferred Stocks | ||
(Cost $15,731) | 19,482 | |
NORTHERN FUNDS QUARTERLY
REPORT 82 EQUITY FUNDS
Schedule of Investments |
INTERNATIONAL EQUITY INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 0.9% | ||
iShares Core MSCI EAFE ETF | 356,000 | $25,045 |
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(5) (6) | 16,382,375 | 16,382 |
Total Investment Companies | ||
(Cost $38,935) | 41,427 | |
Total Investments – 99.3% | ||
(Cost $2,609,576) | 4,363,295 | |
Other Assets less Liabilities – 0.7% | 31,903 | |
Net Assets – 100.0% | $4,395,198 |
(1) | Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities. |
(2) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(3) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(4) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
(5) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(6) | 7-day current yield as of December 31, 2023 is disclosed. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
ADR – American Depositary Receipt |
CDI – CREST Depository Interest |
EAFE – Europe, Australasia and the Far East |
ETF – Exchange-Traded Fund |
FTSE – Financial Times Stock Exchange |
MSCI – Morgan Stanley Capital International |
REIT – Real Estate Investment Trust |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had outstanding
forward foreign currency exchange contracts as follows:
COUNTERPARTY | CONTRACTS TO DELIVER CURRENCY | AMOUNT (LOCAL CURRENCY) (000s) | IN EXCHANGE FOR CURRENCY | AMOUNT (LOCAL CURRENCY) (000s) | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
Citibank | United States Dollar
| 1,481 | Australian Dollar | 2,200 | 3/20/24 | $22 |
Citibank | United States Dollar
| 5,311 | British Pound | 4,170 | 3/20/24 | 7 |
Citibank | United States Dollar
| 2,635 | Euro | 2,400 | 3/20/24 | 24 |
Morgan Stanley | United States Dollar
| 2,207 | Euro | 2,000 | 3/20/24 | 8 |
Toronto-Dominion Bank | United States Dollar
| 9,985 | Japanese Yen | 1,394,610 | 3/21/24 | 33 |
Subtotal Appreciation | 94 | |||||
Bank of Montreal | Euro
| 2,200 | United States Dollar | 2,431 | 3/20/24 | (6) |
Bank of Montreal | Japanese Yen
| 188,000 | United States Dollar | 1,337 | 3/21/24 | (14) |
Citibank | Swiss Franc
| 2,000 | United States Dollar | 2,323 | 3/20/24 | (75) |
Morgan Stanley | British Pound
| 1,000 | United States Dollar | 1,272 | 3/20/24 | (3) |
Subtotal Depreciation | (98) | |||||
Total | $(4) |
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
Euro Stoxx 50 (Euro) | 401 | $20,111 | Long | 3/24 | $(85) |
FTSE 100 Index (British Pound) | 100 | 9,887 | Long | 3/24 | 228 |
Hang Seng Index (Hong Kong Dollar) | 8 | 877 | Long | 1/24 | 27 |
SPI 200 Index (Australian Dollar) | 40 | 5,169 | Long | 3/24 | 115 |
Topix Index (Japanese Yen) | 70 | 11,746 | Long | 3/24 | 101 |
Total | $386 |
EQUITY FUNDS 83 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
At December 31, 2023, the Fund’s investments
were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
Euro | 32.8% |
Japanese Yen | 22.0 |
British Pound | 14.5 |
Swiss Franc | 9.8 |
Australian Dollar | 7.5 |
All other currencies less than 5% | 12.7 |
Total Investments | 99.3 |
Other Assets less Liabilities | 0.7 |
Net Assets | 100.0% |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2023 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 December 31, 2023 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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Belgium | $2,111 | $32,679 | $— | $34,790 |
Hong Kong | 792 | 86,202 | — | 86,994 |
Ireland | 4,071 | 14,435 | — | 18,506 |
Israel | 26,134 | — | — | 26,134 |
Singapore | 5,670 | 62,049 | — | 67,719 |
United Kingdom | 3,785 | 468,502 | — | 472,287 |
United States | 3,733 | 321,626 | — | 325,359 |
All Other Countries(1) | — | 3,270,597 | — | 3,270,597 |
Total Common Stocks | 46,296 | 4,256,090 | — | 4,302,386 |
Preferred Stocks | — | 19,482 | — | 19,482 |
Investment Companies | 41,427 | — | — | 41,427 |
Total Investments | $87,723 | $4,275,572 | $— | $4,363,295 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Forward Foreign Currency Exchange Contracts | $— | $94 | $— | $94 |
Futures Contracts | 471 | — | — | 471 |
Liabilities | ||||
Forward Foreign Currency Exchange Contracts | — | (98) | — | (98) |
Futures Contracts | (85) | — | — | (85) |
Total Other Financial Instruments | $386 | $(4) | $— | $382 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $6,457 | $335,164 | $325,239 | $365 | $16,382 | $16,382,375 |
NORTHERN FUNDS QUARTERLY REPORT 84 EQUITY FUNDS
Schedule of Investments |
LARGE CAP CORE FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 99.3% | ||
Aerospace & Defense – 0.8% | ||
General Dynamics Corp. | 2,840 | $737 |
Lockheed Martin Corp. | 3,196 | 1,449 |
2,186 | ||
Air Freight & Logistics – 1.0% | ||
Expeditors International of Washington, Inc. | 13,682 | 1,741 |
United Parcel Service, Inc., Class B | 4,505 | 708 |
2,449 | ||
Automobiles – 1.2% | ||
Tesla, Inc.* | 12,198 | 3,031 |
Thor Industries, Inc. | 119 | 14 |
3,045 | ||
Banks – 3.2% | ||
Bank of America Corp. | 40,409 | 1,361 |
Bank OZK | 12,060 | 601 |
Citigroup, Inc. | 35,504 | 1,826 |
JPMorgan Chase & Co. | 25,107 | 4,271 |
Wells Fargo & Co. | 1,222 | 60 |
8,119 | ||
Beverages – 0.8% | ||
Coca-Cola (The) Co. | 24,786 | 1,461 |
PepsiCo, Inc. | 3,864 | 656 |
2,117 | ||
Biotechnology – 2.1% | ||
AbbVie, Inc. | 3,006 | 466 |
Amgen, Inc. | 9,305 | 2,680 |
Gilead Sciences, Inc. | 22,954 | 1,859 |
Vertex Pharmaceuticals, Inc.* | 1,270 | 517 |
5,522 | ||
Broadline Retail – 3.6% | ||
Amazon.com, Inc.* | 51,813 | 7,872 |
eBay, Inc. | 30,342 | 1,324 |
9,196 | ||
Capital Markets – 2.8% | ||
Bank of New York Mellon (The) Corp. | 39,411 | 2,051 |
Goldman Sachs Group (The), Inc. | 6,369 | 2,457 |
Janus Henderson Group PLC | 20,004 | 603 |
Jefferies Financial Group, Inc. | 35,085 | 1,418 |
Robinhood Markets, Inc., Class A* | 10,001 | 127 |
State Street Corp. | 6,629 | 514 |
7,170 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Chemicals – 1.1% | ||
CF Industries Holdings, Inc. | 8,617 | $685 |
LyondellBasell Industries N.V., Class A | 17,288 | 1,644 |
Mosaic (The) Co. | 856 | 31 |
Olin Corp. | 9,073 | 489 |
2,849 | ||
Communications Equipment – 1.0% | ||
Cisco Systems, Inc. | 53,257 | 2,690 |
Construction Materials – 0.1% | ||
Eagle Materials, Inc. | 1,094 | 222 |
Consumer Finance – 0.4% | ||
Capital One Financial Corp. | 3,046 | 400 |
SLM Corp. | 24,912 | 476 |
Synchrony Financial | 5,705 | 218 |
1,094 | ||
Consumer Staples Distribution & Retail – 1.4% | ||
Albertsons Cos., Inc., Class A | 1,912 | 44 |
Costco Wholesale Corp. | 33 | 22 |
Kroger (The) Co. | 36,474 | 1,667 |
Walmart, Inc. | 11,310 | 1,783 |
3,516 | ||
Diversified Consumer Services – 0.5% | ||
H&R Block, Inc. | 26,016 | 1,258 |
Electric Utilities – 1.7% | ||
Constellation Energy Corp. | 11,520 | 1,347 |
Edison International | 839 | 60 |
Entergy Corp. | 194 | 20 |
Exelon Corp. | 34,563 | 1,241 |
FirstEnergy Corp. | 18,666 | 684 |
IDACORP, Inc. | 3,908 | 384 |
NRG Energy, Inc. | 9,759 | 504 |
OGE Energy Corp. | 1,825 | 64 |
4,304 | ||
Electrical Equipment – 0.2% | ||
Acuity Brands, Inc. | 3,093 | 633 |
Electronic Equipment, Instruments & Components – 0.6% | ||
CDW Corp. | 1,645 | 374 |
Jabil, Inc. | 4,516 | 575 |
Vontier Corp. | 13,760 | 476 |
1,425 | ||
Entertainment – 0.6% | ||
Electronic Arts, Inc. | 371 | 51 |
EQUITY FUNDS 85 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Entertainment – 0.6%continued | ||
Netflix, Inc.* | 1,180 | $575 |
Playtika Holding Corp.* | 113,692 | 991 |
1,617 | ||
Financial Services – 4.1% | ||
Berkshire Hathaway, Inc., Class B* | 12,285 | 4,382 |
Fidelity National Information Services, Inc. | 22,812 | 1,370 |
Fiserv, Inc.* | 3,451 | 458 |
Mastercard, Inc., Class A | 1,568 | 669 |
MGIC Investment Corp. | 89,216 | 1,721 |
PayPal Holdings, Inc.* | 4,935 | 303 |
Visa, Inc., Class A | 6,200 | 1,614 |
10,517 | ||
Food Products – 1.2% | ||
Archer-Daniels-Midland Co. | 17,195 | 1,242 |
General Mills, Inc. | 20,025 | 1,304 |
Kellanova | 9,447 | 528 |
WK Kellogg Co. | 2,396 | 32 |
3,106 | ||
Ground Transportation – 0.6% | ||
Landstar System, Inc. | 7,918 | 1,533 |
Health Care Equipment & Supplies – 2.9% | ||
Abbott Laboratories | 24,897 | 2,740 |
GE HealthCare Technologies, Inc. | 24,471 | 1,892 |
Hologic, Inc.* | 2,051 | 146 |
IDEXX Laboratories, Inc.* | 1,423 | 790 |
Intuitive Surgical, Inc.* | 823 | 278 |
Stryker Corp. | 5,385 | 1,613 |
7,459 | ||
Health Care Providers & Services – 3.6% | ||
Cardinal Health, Inc. | 2,946 | 297 |
Cencora, Inc. | 4,687 | 963 |
Cigna Group (The) | 4,565 | 1,367 |
DaVita, Inc.* | 3,906 | 409 |
Elevance Health, Inc. | 251 | 119 |
HCA Healthcare, Inc. | 2,277 | 616 |
Humana, Inc. | 2,482 | 1,136 |
McKesson Corp. | 4,464 | 2,067 |
UnitedHealth Group, Inc. | 4,126 | 2,172 |
9,146 | ||
Hotel & Resort Real Estate Investment Trusts – 0.6% | ||
Host Hotels & Resorts, Inc. | 79,415 | 1,546 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Hotels, Restaurants & Leisure – 1.4% | ||
Booking Holdings, Inc.* | 644 | $2,284 |
Expedia Group, Inc.* | 7,312 | 1,110 |
McDonald's Corp. | 978 | 290 |
3,684 | ||
Household Durables – 1.2% | ||
NVR, Inc.* | 267 | 1,869 |
PulteGroup, Inc. | 4,596 | 475 |
Toll Brothers, Inc. | 8,097 | 832 |
3,176 | ||
Household Products – 1.5% | ||
Kimberly-Clark Corp. | 13,726 | 1,668 |
Procter & Gamble (The) Co. | 14,385 | 2,108 |
3,776 | ||
Industrial Conglomerates – 1.3% | ||
3M Co. | 6,040 | 660 |
General Electric Co. | 20,319 | 2,594 |
3,254 | ||
Insurance – 2.1% | ||
Aflac, Inc. | 24,231 | 1,999 |
American International Group, Inc. | 1,823 | 124 |
Assured Guaranty Ltd. | 17,553 | 1,313 |
Brighthouse Financial, Inc.* | 27,747 | 1,468 |
Old Republic International Corp. | 431 | 13 |
Unum Group | 10,055 | 455 |
5,372 | ||
Interactive Media & Services – 6.5% | ||
Alphabet, Inc., Class A* | 82,295 | 11,496 |
Meta Platforms, Inc., Class A* | 14,968 | 5,298 |
16,794 | ||
IT Services – 1.7% | ||
Accenture PLC, Class A | 6,977 | 2,448 |
Amdocs Ltd. | 13,771 | 1,210 |
Cognizant Technology Solutions Corp., Class A | 5,610 | 424 |
Kyndryl Holdings, Inc.* | 8,282 | 172 |
4,254 | ||
Leisure Products – 0.0% | ||
Polaris, Inc. | 1,334 | 126 |
Life Sciences Tools & Services – 0.9% | ||
Medpace Holdings, Inc.* | 4,361 | 1,337 |
NORTHERN FUNDS QUARTERLY
REPORT 86 EQUITY FUNDS
Schedule of Investments |
LARGE CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Life Sciences Tools & Services – 0.9%continued | ||
Mettler-Toledo International, Inc.* | 757 | $918 |
West Pharmaceutical Services, Inc. | 174 | 61 |
2,316 | ||
Machinery – 2.3% | ||
Allison Transmission Holdings, Inc. | 25,580 | 1,487 |
Caterpillar, Inc. | 8,847 | 2,616 |
Snap-on, Inc. | 6,024 | 1,740 |
5,843 | ||
Media – 1.4% | ||
Comcast Corp., Class A | 42,915 | 1,882 |
Fox Corp., Class A | 25,070 | 744 |
Omnicom Group, Inc. | 10,807 | 935 |
3,561 | ||
Metals & Mining – 1.1% | ||
Nucor Corp. | 9,825 | 1,710 |
Reliance Steel & Aluminum Co. | 610 | 170 |
Steel Dynamics, Inc. | 8,752 | 1,034 |
2,914 | ||
Mortgage Real Estate Investment Trusts – 0.4% | ||
Rithm Capital Corp. | 97,043 | 1,036 |
Multi-Utilities – 0.7% | ||
Ameren Corp. | 1,979 | 143 |
Consolidated Edison, Inc. | 8,016 | 729 |
Public Service Enterprise Group, Inc. | 13,383 | 819 |
1,691 | ||
Oil, Gas & Consumable Fuels – 4.0% | ||
Chevron Corp. | 3,584 | 535 |
Coterra Energy, Inc. | 3,152 | 80 |
EQT Corp. | 20,531 | 794 |
Exxon Mobil Corp. | 35,357 | 3,535 |
HF Sinclair Corp. | 4,044 | 225 |
Marathon Petroleum Corp. | 13,293 | 1,972 |
Occidental Petroleum Corp. | 5,938 | 355 |
Phillips 66 | 6,341 | 844 |
Valero Energy Corp. | 14,027 | 1,823 |
10,163 | ||
Pharmaceuticals – 3.4% | ||
Bristol-Myers Squibb Co. | 31,840 | 1,634 |
Eli Lilly & Co. | 2,297 | 1,339 |
Johnson & Johnson | 25,823 | 4,047 |
Merck & Co., Inc. | 15,843 | 1,727 |
8,747 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Professional Services – 1.1% | ||
Automatic Data Processing, Inc. | 5,268 | $1,227 |
Genpact Ltd. | 3,473 | 121 |
Robert Half, Inc. | 10,796 | 949 |
Science Applications International Corp. | 4,432 | 551 |
2,848 | ||
Real Estate Management & Development – 0.3% | ||
CBRE Group, Inc., Class A* | 8,431 | 785 |
Retail Real Estate Investment Trusts – 0.8% | ||
Simon Property Group, Inc. | 14,932 | 2,130 |
Semiconductors & Semiconductor Equipment – 8.1% | ||
Analog Devices, Inc. | 2,648 | 526 |
Applied Materials, Inc. | 15,644 | 2,535 |
Broadcom, Inc. | 4,394 | 4,905 |
KLA Corp. | 3,943 | 2,292 |
Lam Research Corp. | 3,093 | 2,423 |
Microchip Technology, Inc. | 21,069 | 1,900 |
NVIDIA Corp. | 12,591 | 6,235 |
20,816 | ||
Software – 9.8% | ||
Adobe, Inc.* | 5,322 | 3,175 |
AppLovin Corp., Class A* | 4,491 | 179 |
Fair Isaac Corp.* | 440 | 512 |
Fortinet, Inc.* | 4,052 | 237 |
Intuit, Inc. | 921 | 576 |
Microsoft Corp. | 52,160 | 19,614 |
Oracle Corp. | 8,701 | 918 |
25,211 | ||
Specialized Real Estate Investment Trusts – 0.9% | ||
Public Storage | 1,893 | 577 |
Weyerhaeuser Co. | 50,172 | 1,745 |
2,322 | ||
Specialty Retail – 2.2% | ||
AutoZone, Inc.* | 477 | 1,233 |
Home Depot (The), Inc. | 6,584 | 2,282 |
Lowe's Cos., Inc. | 2,813 | 626 |
Murphy U.S.A., Inc. | 1,300 | 463 |
O'Reilly Automotive, Inc.* | 85 | 81 |
Williams-Sonoma, Inc. | 5,241 | 1,058 |
5,743 | ||
Technology Hardware, Storage & Peripherals – 7.7% | ||
Apple, Inc. | 102,867 | 19,805 |
EQUITY FUNDS 87 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Textiles, Apparel & Luxury Goods – 0.7% | ||
Tapestry, Inc. | 46,837 | $1,724 |
Tobacco – 0.7% | ||
Altria Group, Inc. | 42,825 | 1,727 |
Trading Companies & Distributors – 1.0% | ||
Core & Main, Inc., Class A* | 5,081 | 205 |
MSC Industrial Direct Co., Inc., Class A | 13,156 | 1,332 |
W.W. Grainger, Inc. | 1,275 | 1,057 |
2,594 | ||
Total Common Stocks | ||
(Cost $156,792) | 255,131 | |
INVESTMENT COMPANIES – 0.6% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(1) (2) | 1,456,079 | 1,456 |
Total Investment Companies | ||
(Cost $1,456) | 1,456 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.0% | ||
U.S. Treasury Bill, | ||
5.29%, 4/11/24(3) (4) | $75 | $74 |
Total Short-Term Investments | ||
(Cost $74) | 74 | |
Total Investments – 99.9% | ||
(Cost $158,322) | 256,661 | |
Other Assets less Liabilities – 0.1% | 148 | |
NET ASSETS – 100.0% | $256,809 |
(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 December 31, 2023 is disclosed. |
(3) | Discount rate at the time of purchase. |
(4) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
S&P - Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 | 6 | $1,446 | Long | 3/24 | $48 |
At December 31, 2023, the security
types for the Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 99.3% |
Investment Companies | 0.6% |
Short-Term Investments | 0.0% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks(1) | $255,131 | $— | $— | $255,131 |
Investment Companies | 1,456 | — | — | 1,456 |
Short-Term Investments | — | 74 | — | 74 |
Total Investments | $256,587 | $74 | $— | $256,661 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $48 | $— | $— | $48 |
(1) | Classifications as defined in the Schedule of Investments. |
NORTHERN FUNDS QUARTERLY
REPORT 88 EQUITY FUNDS
Schedule of Investments |
LARGE CAP CORE FUND continued | December 31, 2023 (UNAUDITED) |
Transactions in affiliated
investments for the nine months ended December 31, 2023, 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) | $1,908 | $34,200 | $34,652 | $60 | $1,456 | $1,456,079 |
EQUITY FUNDS 89 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
LARGE CAP VALUE FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 99.3% | ||
Aerospace & Defense – 1.3% | ||
Curtiss-Wright Corp. | 1,430 | $319 |
General Dynamics Corp. | 1,798 | 467 |
786 | ||
Banks – 5.8% | ||
Bank of America Corp. | 11,086 | 373 |
Citigroup, Inc. | 14,581 | 750 |
Comerica, Inc. | 12 | 1 |
East West Bancorp, Inc. | 4,721 | 340 |
First Hawaiian, Inc. | 10,339 | 236 |
JPMorgan Chase & Co. | 9,023 | 1,535 |
Truist Financial Corp. | 2,132 | 79 |
Wells Fargo & Co. | 4,314 | 212 |
3,526 | ||
Beverages – 0.8% | ||
Boston Beer (The) Co., Inc., Class A* | 841 | 290 |
Molson Coors Beverage Co., Class B | 2,741 | 168 |
458 | ||
Biotechnology – 3.3% | ||
Gilead Sciences, Inc. | 11,218 | 909 |
Regeneron Pharmaceuticals, Inc.* | 832 | 731 |
Vertex Pharmaceuticals, Inc.* | 869 | 353 |
1,993 | ||
Broadline Retail – 0.6% | ||
eBay, Inc. | 8,294 | 362 |
Capital Markets – 4.4% | ||
Bank of New York Mellon (The) Corp. | 11,534 | 600 |
Goldman Sachs Group (The), Inc. | 788 | 304 |
Invesco Ltd. | 9,680 | 173 |
Jefferies Financial Group, Inc. | 8,686 | 351 |
Morgan Stanley | 7,670 | 715 |
State Street Corp. | 4,980 | 386 |
Virtu Financial, Inc., Class A | 7,358 | 149 |
2,678 | ||
Chemicals – 2.3% | ||
CF Industries Holdings, Inc. | 4,289 | 341 |
Huntsman Corp. | 6,142 | 154 |
LyondellBasell Industries N.V., Class A | 3,826 | 364 |
Mosaic (The) Co. | 4,392 | 157 |
Olin Corp. | 6,375 | 344 |
1,360 | ||
Commercial Services & Supplies – 0.1% | ||
Republic Services, Inc. | 217 | 36 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Communications Equipment – 2.5% | ||
Cisco Systems, Inc. | 23,888 | $1,207 |
F5, Inc.* | 1,738 | 311 |
1,518 | ||
Construction & Engineering – 0.9% | ||
EMCOR Group, Inc. | 1,374 | 296 |
Valmont Industries, Inc. | 1,025 | 239 |
535 | ||
Consumer Finance – 0.9% | ||
Ally Financial, Inc. | 509 | 18 |
Capital One Financial Corp. | 571 | 75 |
SLM Corp. | 15,495 | 296 |
Synchrony Financial | 4,220 | 161 |
550 | ||
Consumer Staples Distribution & Retail – 1.1% | ||
Kroger (The) Co. | 9,651 | 441 |
Walmart, Inc. | 1,529 | 241 |
682 | ||
Diversified Real Estate Investment Trusts – 0.6% | ||
WP Carey, Inc. | 5,389 | 349 |
Diversified Telecommunication Services – 0.7% | ||
AT&T, Inc. | 24,679 | 414 |
Electric Utilities – 4.2% | ||
Duke Energy Corp. | 5,379 | 522 |
Edison International | 5,368 | 384 |
Entergy Corp. | 2,012 | 204 |
Evergy, Inc. | 5,116 | 267 |
Exelon Corp. | 10,137 | 364 |
OGE Energy Corp. | 8,654 | 302 |
Pinnacle West Capital Corp. | 2,244 | 161 |
PPL Corp. | 12,917 | 350 |
2,554 | ||
Electrical Equipment – 0.6% | ||
Acuity Brands, Inc. | 1,636 | 335 |
Electronic Equipment, Instruments & Components – 0.8% | ||
Amphenol Corp., Class A | 4,253 | 422 |
Keysight Technologies, Inc.* | 50 | 8 |
Vontier Corp. | 1,890 | 65 |
495 | ||
Entertainment – 0.4% | ||
Walt Disney (The) Co. | 2,452 | 221 |
Financial Services – 3.7% | ||
Berkshire Hathaway, Inc., Class B* | 3,081 | 1,099 |
NORTHERN FUNDS QUARTERLY REPORT 90 EQUITY FUNDS
Schedule of Investments |
LARGE CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Financial Services – 3.7%continued | ||
Corebridge Financial, Inc. | 14,120 | $306 |
Fidelity National Information Services, Inc. | 8,755 | 526 |
MGIC Investment Corp. | 16,835 | 324 |
2,255 | ||
Food Products – 3.0% | ||
Archer-Daniels-Midland Co. | 3,949 | 285 |
Campbell Soup Co. | 7,464 | 323 |
General Mills, Inc. | 8,622 | 561 |
J.M. Smucker (The) Co. | 2,246 | 284 |
Kellanova | 6,133 | 343 |
1,796 | ||
Ground Transportation – 0.7% | ||
Norfolk Southern Corp. | 1,681 | 397 |
Health Care Equipment & Supplies – 1.2% | ||
Medtronic PLC | 8,868 | 731 |
Health Care Providers & Services – 4.6% | ||
Centene Corp.* | 8,002 | 594 |
Cigna Group (The) | 2,768 | 829 |
CVS Health Corp. | 3,437 | 271 |
Elevance Health, Inc. | 1,518 | 716 |
Laboratory Corp. of America Holdings | 1,586 | 360 |
2,770 | ||
Health Care Real Estate Investment Trusts – 0.3% | ||
Healthpeak Properties, Inc. | 10,021 | 198 |
Hotel & Resort Real Estate Investment Trusts – 0.6% | ||
Host Hotels & Resorts, Inc. | 18,250 | 355 |
Hotels, Restaurants & Leisure – 3.6% | ||
Airbnb, Inc., Class A* | 1,523 | 208 |
Booking Holdings, Inc.* | 90 | 319 |
Domino's Pizza, Inc. | 670 | 276 |
Expedia Group, Inc.* | 1,159 | 176 |
McDonald's Corp. | 2,189 | 649 |
Starbucks Corp. | 2,752 | 264 |
Yum! Brands, Inc. | 2,241 | 293 |
2,185 | ||
Household Durables – 0.8% | ||
NVR, Inc.* | 51 | 357 |
PulteGroup, Inc. | 1,452 | 150 |
507 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Household Products – 1.2% | ||
Procter & Gamble (The) Co. | 2,864 | $420 |
Reynolds Consumer Products, Inc. | 10,969 | 294 |
714 | ||
Industrial Conglomerates – 1.7% | ||
General Electric Co. | 7,903 | 1,009 |
Insurance – 6.3% | ||
American International Group, Inc. | 10,705 | 725 |
Assurant, Inc. | 1,078 | 182 |
Assured Guaranty Ltd. | 4,292 | 321 |
Brighthouse Financial, Inc.* | 5,085 | 269 |
Cincinnati Financial Corp. | 1,690 | 175 |
First American Financial Corp. | 5,094 | 328 |
Loews Corp. | 4,618 | 321 |
MetLife, Inc. | 9,094 | 602 |
Old Republic International Corp. | 10,463 | 308 |
Prudential Financial, Inc. | 5,428 | 563 |
3,794 | ||
Interactive Media & Services – 0.3% | ||
TripAdvisor, Inc.* | 7,752 | 167 |
IT Services – 2.3% | ||
Accenture PLC, Class A | 847 | 297 |
Amdocs Ltd. | 3,305 | 291 |
Cognizant Technology Solutions Corp., Class A | 5,723 | 432 |
International Business Machines Corp. | 2,326 | 380 |
1,400 | ||
Life Sciences Tools & Services – 2.1% | ||
Avantor, Inc.* | 3,470 | 79 |
Danaher Corp. | 4,508 | 1,043 |
Thermo Fisher Scientific, Inc. | 212 | 113 |
1,235 | ||
Machinery – 4.4% | ||
AGCO Corp. | 1,295 | 157 |
Allison Transmission Holdings, Inc. | 5,451 | 317 |
Crane Co. | 1,422 | 168 |
Cummins, Inc. | 2,097 | 502 |
Dover Corp. | 2,438 | 375 |
Gates Industrial Corp. PLC* | 7,485 | 101 |
ITT, Inc. | 2,814 | 336 |
PACCAR, Inc. | 3,791 | 370 |
Snap-on, Inc. | 1,182 | 341 |
2,667 |
EQUITY FUNDS 91 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Media – 3.5% | ||
Comcast Corp., Class A | 25,492 | $1,118 |
Fox Corp., Class A | 9,743 | 289 |
Interpublic Group of (The) Cos., Inc. | 4,147 | 135 |
New York Times (The) Co., Class A | 6,621 | 324 |
Nexstar Media Group, Inc. | 1,706 | 268 |
2,134 | ||
Metals & Mining – 2.2% | ||
Nucor Corp. | 3,724 | 648 |
Reliance Steel & Aluminum Co. | 1,189 | 332 |
Steel Dynamics, Inc. | 2,918 | 345 |
1,325 | ||
Mortgage Real Estate Investment Trusts – 1.0% | ||
Rithm Capital Corp. | 26,422 | 282 |
Starwood Property Trust, Inc. | 15,190 | 320 |
602 | ||
Multi-Utilities – 1.3% | ||
Consolidated Edison, Inc. | 4,133 | 376 |
Dominion Energy, Inc. | 8,478 | 398 |
774 | ||
Oil, Gas & Consumable Fuels – 7.8% | ||
Chevron Corp. | 7,372 | 1,100 |
Coterra Energy, Inc. | 64 | 2 |
Exxon Mobil Corp. | 17,348 | 1,734 |
HF Sinclair Corp. | 855 | 48 |
Marathon Petroleum Corp. | 4,996 | 741 |
Occidental Petroleum Corp. | 4,908 | 293 |
Phillips 66 | 888 | 118 |
Valero Energy Corp. | 5,208 | 677 |
4,713 | ||
Pharmaceuticals – 4.3% | ||
Bristol-Myers Squibb Co. | 17,713 | 909 |
Jazz Pharmaceuticals PLC* | 2,062 | 254 |
Johnson & Johnson | 4,339 | 680 |
Merck & Co., Inc. | 1,968 | 215 |
Pfizer, Inc. | 7,377 | 212 |
Royalty Pharma PLC, Class A | 11,476 | 322 |
2,592 | ||
Professional Services – 1.9% | ||
Genpact Ltd. | 8,813 | 306 |
Leidos Holdings, Inc. | 1,722 | 186 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.3%continued | ||
Professional Services – 1.9%continued | ||
Science Applications International Corp. | 2,578 | $321 |
SS&C Technologies Holdings, Inc. | 5,676 | 347 |
1,160 | ||
Residential Real Estate Investment Trusts – 1.8% | ||
Apartment Income REIT Corp. | 9,689 | 337 |
Camden Property Trust | 3,496 | 347 |
Equity Residential | 6,088 | 372 |
1,056 | ||
Retail Real Estate Investment Trusts – 0.5% | ||
NNN REIT, Inc. | 7,579 | 327 |
Semiconductors & Semiconductor Equipment – 3.7% | ||
Analog Devices, Inc. | 1,189 | 236 |
Applied Materials, Inc. | 2,170 | 352 |
Cirrus Logic, Inc.* | 531 | 44 |
Microchip Technology, Inc. | 3,901 | 352 |
Qorvo, Inc.* | 1,635 | 184 |
QUALCOMM, Inc. | 2,620 | 379 |
Skyworks Solutions, Inc. | 3,448 | 387 |
Teradyne, Inc. | 2,700 | 293 |
2,227 | ||
Software – 1.1% | ||
ANSYS, Inc.* | 905 | 329 |
Dolby Laboratories, Inc., Class A | 2,688 | 232 |
Roper Technologies, Inc. | 186 | 101 |
662 | ||
Specialized Real Estate Investment Trusts – 0.1% | ||
EPR Properties | 1,698 | 82 |
Specialty Retail – 0.5% | ||
Best Buy Co., Inc. | 3,571 | 280 |
Textiles, Apparel & Luxury Goods – 0.4% | ||
Tapestry, Inc. | 7,117 | 262 |
Trading Companies & Distributors – 1.1% | ||
Core & Main, Inc., Class A* | 8,411 | 340 |
MSC Industrial Direct Co., Inc., Class A | 2,988 | 303 |
643 | ||
Total Common Stocks | ||
(Cost $54,176) | 59,871 | |
NORTHERN FUNDS QUARTERLY
REPORT 92 EQUITY FUNDS
Schedule of Investments |
LARGE CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 0.7% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(1) (2) | 402,577 | $402 |
Total Investment Companies | ||
(Cost $402) | 402 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.0% | ||
U.S. Treasury Bill, | ||
5.29%, 4/11/24(3) (4) | $35 | $35 |
Total Short-Term Investments | ||
(Cost $35) | 35 | |
Total Investments – 100.0% | ||
(Cost $54,613) | 60,308 | |
Liabilities less Other Assets – (0.0%) | (16) | |
NET ASSETS – 100.0% | $60,292 |
(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 December 31, 2023 is disclosed. |
(3) | Discount rate at the time of purchase. |
(4) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
REIT - Real Estate Investment Trust |
S&P - Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
Micro E-Mini S&P 500 Index | 18 | $434 | Long | 3/24 | $14 |
At December 31, 2023, the security types for the
Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 99.3% |
Investment Companies | 0.7% |
Short-Term Investments | 0.0% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks(1) | $59,871 | $— | $— | $59,871 |
Investment Companies | 402 | — | — | 402 |
Short-Term Investments | — | 35 | — | 35 |
Total Investments | $60,273 | $35 | $— | $60,308 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $14 | $— | $— | $14 |
(1) | Classifications as defined in the Schedule of Investments. |
EQUITY FUNDS 93 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
Transactions in affiliated
investments for the nine months ended December 31, 2023, 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) | $314 | $4,772 | $4,684 | $19 | $402 | $402,577 |
NORTHERN FUNDS QUARTERLY REPORT 94 EQUITY FUNDS
Schedule of Investments |
MID CAP INDEX FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 98.6% | ||
Aerospace & Defense – 1.2% | ||
BWX Technologies, Inc. | 68,044 | $5,221 |
Curtiss-Wright Corp. | 28,580 | 6,367 |
Hexcel Corp. | 62,909 | 4,640 |
Woodward, Inc. | 45,158 | 6,147 |
22,375 | ||
Air Freight & Logistics – 0.3% | ||
GXO Logistics, Inc.* | 88,929 | 5,439 |
Automobile Components – 1.5% | ||
Adient PLC* | 69,491 | 2,527 |
Autoliv, Inc. | 55,975 | 6,168 |
Fox Factory Holding Corp.* | 31,415 | 2,120 |
Gentex Corp. | 174,366 | 5,695 |
Goodyear Tire & Rubber (The) Co.* | 210,573 | 3,015 |
Lear Corp. | 43,357 | 6,122 |
Visteon Corp.* | 20,639 | 2,578 |
28,225 | ||
Automobiles – 0.4% | ||
Harley-Davidson, Inc. | 94,882 | 3,495 |
Thor Industries, Inc. | 39,845 | 4,712 |
8,207 | ||
Banks – 5.6% | ||
Associated Banc-Corp | 110,228 | 2,358 |
Bank OZK | 78,210 | 3,897 |
Cadence Bank | 135,794 | 4,018 |
Columbia Banking System, Inc. | 155,066 | 4,137 |
Commerce Bancshares, Inc. | 88,815 | 4,744 |
Cullen/Frost Bankers, Inc. | 47,644 | 5,169 |
East West Bancorp, Inc. | 105,290 | 7,576 |
First Financial Bankshares, Inc. | 95,367 | 2,890 |
First Horizon Corp. | 417,675 | 5,914 |
FNB Corp. | 266,665 | 3,672 |
Glacier Bancorp, Inc. | 82,385 | 3,404 |
Hancock Whitney Corp. | 64,522 | 3,135 |
Home BancShares, Inc. | 139,431 | 3,532 |
International Bancshares Corp. | 40,049 | 2,176 |
New York Community Bancorp, Inc. | 537,550 | 5,499 |
Old National Bancorp | 217,468 | 3,673 |
Pinnacle Financial Partners, Inc. | 57,410 | 5,007 |
Prosperity Bancshares, Inc. | 69,699 | 4,721 |
SouthState Corp. | 56,884 | 4,804 |
Synovus Financial Corp. | 109,040 | 4,105 |
Texas Capital Bancshares, Inc.* | 35,609 | 2,301 |
UMB Financial Corp. | 32,417 | 2,708 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Banks – 5.6%continued | ||
United Bankshares, Inc. | 100,288 | $3,766 |
Valley National Bancorp | 316,859 | 3,441 |
Webster Financial Corp. | 128,048 | 6,500 |
Wintrust Financial Corp. | 45,811 | 4,249 |
107,396 | ||
Beverages – 0.6% | ||
Boston Beer (The) Co., Inc., Class A* | 6,981 | 2,413 |
Celsius Holdings, Inc.* | 110,332 | 6,015 |
Coca-Cola Consolidated, Inc. | 3,510 | 3,259 |
11,687 | ||
Biotechnology – 1.5% | ||
Arrowhead Pharmaceuticals, Inc.* | 79,516 | 2,433 |
Exelixis, Inc.* | 231,375 | 5,551 |
Halozyme Therapeutics, Inc.* | 98,165 | 3,628 |
Neurocrine Biosciences, Inc.* | 73,176 | 9,642 |
United Therapeutics Corp.* | 35,064 | 7,710 |
28,964 | ||
Broadline Retail – 0.5% | ||
Macy's, Inc. | 203,426 | 4,093 |
Nordstrom, Inc. | 71,641 | 1,322 |
Ollie's Bargain Outlet Holdings, Inc.* | 45,840 | 3,479 |
8,894 | ||
Building Products – 3.4% | ||
Advanced Drainage Systems, Inc. | 51,224 | 7,204 |
Carlisle Cos., Inc. | 36,350 | 11,357 |
Fortune Brands Innovations, Inc. | 94,214 | 7,173 |
Lennox International, Inc. | 23,885 | 10,689 |
Owens Corning | 66,373 | 9,839 |
Simpson Manufacturing Co., Inc. | 31,892 | 6,314 |
Trex Co., Inc.* | 81,150 | 6,718 |
UFP Industries, Inc. | 46,205 | 5,801 |
65,095 | ||
Capital Markets – 2.7% | ||
Affiliated Managers Group, Inc. | 25,302 | 3,831 |
Carlyle Group (The), Inc. | 161,775 | 6,582 |
Evercore, Inc., Class A | 25,926 | 4,435 |
Federated Hermes, Inc. | 64,711 | 2,191 |
Houlihan Lokey, Inc. | 38,385 | 4,603 |
Interactive Brokers Group, Inc., Class A | 79,653 | 6,603 |
Janus Henderson Group PLC | 98,401 | 2,967 |
Jefferies Financial Group, Inc. | 125,878 | 5,087 |
Morningstar, Inc. | 19,472 | 5,574 |
EQUITY FUNDS 95 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Capital Markets – 2.7%continued | ||
SEI Investments Co. | 74,793 | $4,753 |
Stifel Financial Corp. | 76,261 | 5,273 |
51,899 | ||
Chemicals – 2.4% | ||
Ashland, Inc. | 38,060 | 3,209 |
Avient Corp. | 67,673 | 2,813 |
Axalta Coating Systems Ltd.* | 164,527 | 5,589 |
Cabot Corp. | 41,355 | 3,453 |
Chemours (The) Co. | 111,115 | 3,504 |
Livent Corp.* | 133,868 | 2,407 |
NewMarket Corp. | 5,173 | 2,823 |
Olin Corp. | 91,639 | 4,944 |
RPM International, Inc. | 96,198 | 10,739 |
Scotts Miracle-Gro (The) Co. | 30,788 | 1,963 |
Westlake Corp. | 23,985 | 3,357 |
44,801 | ||
Commercial Services & Supplies – 1.3% | ||
Brink's (The) Co. | 33,450 | 2,942 |
Clean Harbors, Inc.* | 37,633 | 6,567 |
MSA Safety, Inc. | 27,638 | 4,666 |
Stericycle, Inc.* | 68,741 | 3,407 |
Tetra Tech, Inc. | 39,791 | 6,642 |
24,224 | ||
Communications Equipment – 0.5% | ||
Calix, Inc.* | 43,415 | 1,897 |
Ciena Corp.* | 110,562 | 4,977 |
Lumentum Holdings, Inc.* | 49,721 | 2,606 |
9,480 | ||
Construction & Engineering – 2.0% | ||
AECOM | 103,607 | 9,576 |
Comfort Systems U.S.A., Inc. | 26,573 | 5,465 |
EMCOR Group, Inc. | 35,147 | 7,572 |
Fluor Corp.* | 126,734 | 4,964 |
MasTec, Inc.* | 45,108 | 3,416 |
MDU Resources Group, Inc. | 151,432 | 2,998 |
Valmont Industries, Inc. | 15,637 | 3,652 |
37,643 | ||
Construction Materials – 0.4% | ||
Eagle Materials, Inc. | 26,084 | 5,291 |
Knife River Corp.* | 42,386 | 2,805 |
8,096 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Consumer Finance – 0.7% | ||
Ally Financial, Inc. | 202,844 | $7,083 |
FirstCash Holdings, Inc. | 27,467 | 2,977 |
SLM Corp. | 169,448 | 3,240 |
13,300 | ||
Consumer Staples Distribution & Retail – 1.9% | ||
BJ's Wholesale Club Holdings, Inc.* | 99,936 | 6,662 |
Casey's General Stores, Inc. | 27,843 | 7,650 |
Grocery Outlet Holding Corp.* | 73,549 | 1,983 |
Performance Food Group Co.* | 115,944 | 8,018 |
Sprouts Farmers Market, Inc.* | 76,022 | 3,657 |
US Foods Holding Corp.* | 168,982 | 7,673 |
35,643 | ||
Containers & Packaging – 1.8% | ||
AptarGroup, Inc. | 49,165 | 6,078 |
Berry Global Group, Inc. | 87,885 | 5,922 |
Crown Holdings, Inc. | 89,836 | 8,273 |
Graphic Packaging Holding Co. | 227,721 | 5,613 |
Greif, Inc., Class A | 19,197 | 1,259 |
Silgan Holdings, Inc. | 60,654 | 2,745 |
Sonoco Products Co. | 73,292 | 4,095 |
33,985 | ||
Diversified Consumer Services – 0.9% | ||
Graham Holdings Co., Class B | 2,689 | 1,873 |
Grand Canyon Education, Inc.* | 22,137 | 2,923 |
H&R Block, Inc. | 107,617 | 5,205 |
Service Corp. International | 110,384 | 7,556 |
17,557 | ||
Diversified Real Estate Investment Trusts – 0.6% | ||
Rayonier, Inc. - (Fractional Shares)(1) | 50,000 | — |
WP Carey, Inc. | 162,885 | 10,557 |
10,557 | ||
Diversified Telecommunication Services – 0.4% | ||
Frontier Communications Parent, Inc.* | 164,425 | 4,166 |
Iridium Communications, Inc. | 92,047 | 3,789 |
7,955 | ||
Electric Utilities – 0.9% | ||
ALLETE, Inc. | 42,652 | 2,609 |
IDACORP, Inc. | 37,884 | 3,725 |
OGE Energy Corp. | 148,997 | 5,204 |
PNM Resources, Inc. | 64,332 | 2,676 |
Portland General Electric Co. | 75,113 | 3,255 |
17,469 |
NORTHERN FUNDS QUARTERLY REPORT 96 EQUITY FUNDS
Schedule of Investments |
MID CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Electrical Equipment – 1.6% | ||
Acuity Brands, Inc. | 23,146 | $4,741 |
EnerSys | 30,258 | 3,055 |
nVent Electric PLC | 123,963 | 7,325 |
Regal Rexnord Corp. | 49,396 | 7,312 |
Sensata Technologies Holding PLC | 112,529 | 4,228 |
Sunrun, Inc.* | 161,312 | 3,166 |
29,827 | ||
Electronic Equipment, Instruments & Components – 2.3% | ||
Arrow Electronics, Inc.* | 40,499 | 4,951 |
Avnet, Inc. | 67,745 | 3,414 |
Belden, Inc. | 30,918 | 2,388 |
Cognex Corp. | 128,696 | 5,372 |
Coherent Corp.* | 97,998 | 4,266 |
Crane NXT Co. | 36,231 | 2,060 |
IPG Photonics Corp.* | 21,927 | 2,380 |
Littelfuse, Inc. | 18,613 | 4,980 |
Novanta, Inc.* | 26,630 | 4,485 |
TD SYNNEX Corp. | 38,132 | 4,103 |
Vishay Intertechnology, Inc. | 94,693 | 2,270 |
Vontier Corp. | 114,717 | 3,964 |
44,633 | ||
Energy Equipment & Services – 1.0% | ||
ChampionX Corp. | 145,715 | 4,256 |
NOV, Inc. | 294,431 | 5,971 |
Valaris Ltd.* | 46,940 | 3,219 |
Weatherford International PLC* | 53,656 | 5,249 |
18,695 | ||
Entertainment – 0.2% | ||
TKO Group Holdings, Inc. | 44,582 | 3,637 |
Financial Services – 1.8% | ||
Equitable Holdings, Inc. | 236,904 | 7,889 |
Essent Group Ltd. | 79,871 | 4,212 |
Euronet Worldwide, Inc.* | 32,549 | 3,303 |
MGIC Investment Corp. | 207,502 | 4,003 |
Voya Financial, Inc. | 77,734 | 5,672 |
Western Union (The) Co. | 270,613 | 3,226 |
WEX, Inc.* | 31,941 | 6,214 |
34,519 | ||
Food Products – 1.1% | ||
Darling Ingredients, Inc.* | 119,243 | 5,943 |
Flowers Foods, Inc. | 142,695 | 3,212 |
Ingredion, Inc. | 48,742 | 5,290 |
Lancaster Colony Corp. | 15,268 | 2,541 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Food Products – 1.1%continued | ||
Pilgrim's Pride Corp.* | 29,530 | $817 |
Post Holdings, Inc.* | 38,045 | 3,350 |
21,153 | ||
Gas Utilities – 1.0% | ||
National Fuel Gas Co. | 68,218 | 3,423 |
New Jersey Resources Corp. | 73,058 | 3,257 |
ONE Gas, Inc. | 41,563 | 2,648 |
Southwest Gas Holdings, Inc. | 44,598 | 2,825 |
Spire, Inc. | 39,022 | 2,433 |
UGI Corp. | 155,698 | 3,830 |
18,416 | ||
Ground Transportation – 2.0% | ||
Avis Budget Group, Inc. | 13,850 | 2,455 |
Hertz Global Holdings, Inc.* | 97,470 | 1,013 |
Knight-Swift Transportation Holdings, Inc. | 120,068 | 6,922 |
Landstar System, Inc. | 26,876 | 5,205 |
Ryder System, Inc. | 33,168 | 3,816 |
Saia, Inc.* | 19,829 | 8,689 |
Werner Enterprises, Inc. | 46,972 | 1,990 |
XPO, Inc.* | 86,641 | 7,589 |
37,679 | ||
Health Care Equipment & Supplies – 2.4% | ||
Enovis Corp.* | 36,819 | 2,062 |
Envista Holdings Corp.* | 127,292 | 3,063 |
Globus Medical, Inc., Class A* | 85,793 | 4,572 |
Haemonetics Corp.* | 37,691 | 3,223 |
Inari Medical, Inc.* | 37,964 | 2,465 |
Integra LifeSciences Holdings Corp.* | 50,426 | 2,196 |
Lantheus Holdings, Inc.* | 50,863 | 3,153 |
LivaNova PLC* | 39,931 | 2,066 |
Masimo Corp.* | 32,994 | 3,867 |
Neogen Corp.* | 146,162 | 2,939 |
Penumbra, Inc.* | 28,734 | 7,228 |
QuidelOrtho Corp.* | 36,701 | 2,705 |
Shockwave Medical, Inc.* | 27,450 | 5,231 |
44,770 | ||
Health Care Providers & Services – 2.1% | ||
Acadia Healthcare Co., Inc.* | 68,944 | 5,361 |
Amedisys, Inc.* | 24,199 | 2,300 |
Chemed Corp. | 11,256 | 6,582 |
Encompass Health Corp. | 74,950 | 5,001 |
HealthEquity, Inc.* | 63,661 | 4,221 |
EQUITY FUNDS 97 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Health Care Providers & Services – 2.1%continued | ||
Option Care Health, Inc.* | 131,716 | $4,437 |
Patterson Cos., Inc. | 62,999 | 1,792 |
Progyny, Inc.* | 61,834 | 2,299 |
R1 RCM, Inc.* | 145,614 | 1,539 |
Tenet Healthcare Corp.* | 75,911 | 5,737 |
39,269 | ||
Health Care Real Estate Investment Trusts – 0.9% | ||
Healthcare Realty Trust, Inc. | 283,291 | 4,881 |
Medical Properties Trust, Inc. | 444,039 | 2,180 |
Omega Healthcare Investors, Inc. | 182,283 | 5,589 |
Physicians Realty Trust | 176,878 | 2,354 |
Sabra Health Care REIT, Inc. | 171,528 | 2,448 |
17,452 | ||
Health Care Technology – 0.1% | ||
Doximity, Inc., Class A* | 87,655 | 2,458 |
Hotel & Resort Real Estate Investment Trusts – 0.1% | ||
Park Hotels & Resorts, Inc. | 155,837 | 2,384 |
Hotels, Restaurants & Leisure – 3.5% | ||
Aramark | 195,171 | 5,484 |
Boyd Gaming Corp. | 52,033 | 3,258 |
Choice Hotels International, Inc. | 18,453 | 2,091 |
Churchill Downs, Inc. | 50,725 | 6,844 |
Hilton Grand Vacations, Inc.* | 52,835 | 2,123 |
Hyatt Hotels Corp., Class A | 33,081 | 4,314 |
Light & Wonder, Inc.* | 66,999 | 5,501 |
Marriott Vacations Worldwide Corp. | 24,483 | 2,078 |
Penn Entertainment, Inc.* | 112,661 | 2,932 |
Planet Fitness, Inc., Class A* | 63,540 | 4,638 |
Texas Roadhouse, Inc. | 49,915 | 6,101 |
Travel + Leisure Co. | 53,682 | 2,098 |
Vail Resorts, Inc. | 28,348 | 6,052 |
Wendy's (The) Co. | 125,269 | 2,440 |
Wingstop, Inc. | 21,989 | 5,642 |
Wyndham Hotels & Resorts, Inc. | 62,039 | 4,989 |
66,585 | ||
Household Durables – 1.9% | ||
Helen of Troy Ltd.* | 17,599 | 2,126 |
KB Home | 57,311 | 3,580 |
Leggett & Platt, Inc. | 98,930 | 2,589 |
Taylor Morrison Home Corp.* | 80,382 | 4,288 |
Tempur Sealy International, Inc. | 128,743 | 6,562 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Household Durables – 1.9%continued | ||
Toll Brothers, Inc. | 80,287 | $8,253 |
TopBuild Corp.* | 23,732 | 8,882 |
36,280 | ||
Independent Power & Renewable Electricity Producers – 0.7% | ||
Ormat Technologies, Inc. | 39,888 | 3,023 |
Vistra Corp. | 251,012 | 9,669 |
12,692 | ||
Industrial Real Estate Investment Trusts – 1.3% | ||
EastGroup Properties, Inc. | 34,481 | 6,329 |
First Industrial Realty Trust, Inc. | 98,902 | 5,209 |
Rexford Industrial Realty, Inc. | 157,204 | 8,819 |
STAG Industrial, Inc. | 135,078 | 5,303 |
25,660 | ||
Insurance – 4.4% | ||
American Financial Group, Inc. | 48,848 | 5,808 |
Brighthouse Financial, Inc.* | 48,130 | 2,547 |
CNO Financial Group, Inc. | 84,130 | 2,347 |
Erie Indemnity Co., Class A | 18,642 | 6,244 |
Fidelity National Financial, Inc. | 193,090 | 9,851 |
First American Financial Corp. | 77,158 | 4,972 |
Hanover Insurance Group (The), Inc. | 26,781 | 3,252 |
Kemper Corp. | 44,654 | 2,173 |
Kinsale Capital Group, Inc. | 16,458 | 5,512 |
Old Republic International Corp. | 194,925 | 5,731 |
Primerica, Inc. | 26,193 | 5,389 |
Reinsurance Group of America, Inc. | 49,236 | 7,965 |
RenaissanceRe Holdings Ltd. | 39,082 | 7,660 |
RLI Corp. | 30,044 | 3,999 |
Selective Insurance Group, Inc. | 45,321 | 4,509 |
Unum Group | 137,033 | 6,197 |
84,156 | ||
Interactive Media & Services – 0.3% | ||
Ziff Davis, Inc.* | 34,102 | 2,291 |
ZoomInfo Technologies, Inc.* | 220,233 | 4,072 |
6,363 | ||
IT Services – 0.8% | ||
GoDaddy, Inc., Class A* | 105,153 | 11,163 |
Kyndryl Holdings, Inc.* | 170,495 | 3,543 |
14,706 | ||
Leisure Products – 0.9% | ||
Brunswick Corp. | 51,455 | 4,978 |
Mattel, Inc.* | 264,012 | 4,985 |
NORTHERN FUNDS QUARTERLY REPORT 98 EQUITY FUNDS
Schedule of Investments |
MID CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Leisure Products – 0.9%continued | ||
Polaris, Inc. | 39,452 | $3,739 |
YETI Holdings, Inc.* | 64,525 | 3,341 |
17,043 | ||
Life Sciences Tools & Services – 1.1% | ||
Azenta, Inc.* | 44,662 | 2,909 |
Bruker Corp. | 68,983 | 5,069 |
Medpace Holdings, Inc.* | 17,434 | 5,344 |
Repligen Corp.* | 38,797 | 6,976 |
Sotera Health Co.* | 72,994 | 1,230 |
21,528 | ||
Machinery – 4.8% | ||
AGCO Corp. | 46,460 | 5,641 |
Chart Industries, Inc.* | 31,220 | 4,256 |
Crane Co. | 36,544 | 4,317 |
Donaldson Co., Inc. | 90,211 | 5,895 |
Esab Corp. | 42,405 | 3,673 |
Flowserve Corp. | 97,539 | 4,021 |
Graco, Inc. | 126,036 | 10,935 |
ITT, Inc. | 61,341 | 7,319 |
Lincoln Electric Holdings, Inc. | 42,720 | 9,290 |
Middleby (The) Corp.* | 40,067 | 5,897 |
Oshkosh Corp. | 48,908 | 5,302 |
RBC Bearings, Inc.* | 21,738 | 6,193 |
Terex Corp. | 50,418 | 2,897 |
Timken (The) Co. | 48,572 | 3,893 |
Toro (The) Co. | 77,581 | 7,447 |
Watts Water Technologies, Inc., Class A | 20,474 | 4,266 |
91,242 | ||
Marine Transportation – 0.2% | ||
Kirby Corp.* | 43,913 | 3,446 |
Media – 0.7% | ||
Cable One, Inc. | 3,417 | 1,902 |
New York Times (The) Co., Class A | 122,321 | 5,993 |
Nexstar Media Group, Inc. | 23,957 | 3,755 |
TEGNA, Inc. | 146,034 | 2,234 |
13,884 | ||
Metals & Mining – 2.3% | ||
Alcoa Corp. | 132,714 | 4,512 |
Cleveland-Cliffs, Inc.* | 377,165 | 7,702 |
Commercial Metals Co. | 87,448 | 4,376 |
MP Materials Corp.* | 106,776 | 2,119 |
Reliance Steel & Aluminum Co. | 42,909 | 12,001 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Metals & Mining – 2.3%continued | ||
Royal Gold, Inc. | 49,101 | $5,939 |
United States Steel Corp. | 166,618 | 8,106 |
44,755 | ||
Mortgage Real Estate Investment Trusts – 0.6% | ||
Annaly Capital Management, Inc. | 372,324 | 7,212 |
Starwood Property Trust, Inc. | 222,525 | 4,677 |
11,889 | ||
Multi-Utilities – 0.3% | ||
Black Hills Corp. | 50,465 | 2,723 |
Northwestern Energy Group, Inc. | 45,417 | 2,311 |
5,034 | ||
Office Real Estate Investment Trusts – 0.6% | ||
COPT Defense Properties | 83,421 | 2,138 |
Cousins Properties, Inc. | 112,653 | 2,743 |
Kilroy Realty Corp. | 79,249 | 3,157 |
Vornado Realty Trust | 119,672 | 3,381 |
11,419 | ||
Oil, Gas & Consumable Fuels – 4.0% | ||
Antero Midstream Corp. | 255,064 | 3,196 |
Antero Resources Corp.* | 210,121 | 4,766 |
Chesapeake Energy Corp. | 82,921 | 6,380 |
Chord Energy Corp. | 30,863 | 5,130 |
Civitas Resources, Inc. | 63,456 | 4,339 |
CNX Resources Corp.* | 119,119 | 2,382 |
DT Midstream, Inc. | 72,511 | 3,974 |
Equitrans Midstream Corp. | 321,847 | 3,276 |
HF Sinclair Corp. | 116,527 | 6,476 |
Matador Resources Co. | 82,408 | 4,686 |
Murphy Oil Corp. | 109,745 | 4,682 |
Ovintiv, Inc. | 189,578 | 8,326 |
PBF Energy, Inc., Class A | 80,823 | 3,553 |
Permian Resources Corp. | 309,068 | 4,203 |
Range Resources Corp. | 180,396 | 5,491 |
Southwestern Energy Co.* | 819,492 | 5,368 |
76,228 | ||
Paper & Forest Products – 0.2% | ||
Louisiana-Pacific Corp. | 48,049 | 3,403 |
Personal Care Products – 0.5% | ||
BellRing Brands, Inc.* | 98,270 | 5,447 |
Coty, Inc., Class A* | 278,243 | 3,456 |
8,903 |
EQUITY FUNDS 99 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Pharmaceuticals – 0.5% | ||
Jazz Pharmaceuticals PLC* | 46,844 | $5,762 |
Perrigo Co. PLC | 100,644 | 3,239 |
9,001 | ||
Professional Services – 2.9% | ||
ASGN, Inc.* | 35,340 | 3,399 |
CACI International, Inc., Class A* | 16,632 | 5,386 |
Concentrix Corp. | 35,134 | 3,451 |
ExlService Holdings, Inc.* | 122,574 | 3,781 |
Exponent, Inc. | 37,607 | 3,311 |
FTI Consulting, Inc.* | 26,417 | 5,261 |
Genpact Ltd. | 124,092 | 4,307 |
Insperity, Inc. | 26,301 | 3,083 |
KBR, Inc. | 100,929 | 5,593 |
ManpowerGroup, Inc. | 36,569 | 2,906 |
Maximus, Inc. | 45,490 | 3,815 |
Paylocity Holding Corp.* | 32,181 | 5,305 |
Science Applications International Corp. | 39,586 | 4,921 |
54,519 | ||
Real Estate Management & Development – 0.3% | ||
Jones Lang LaSalle, Inc.* | 35,552 | 6,715 |
Residential Real Estate Investment Trusts – 0.8% | ||
Apartment Income REIT Corp. | 109,242 | 3,794 |
Equity LifeStyle Properties, Inc. | 138,826 | 9,793 |
Independence Realty Trust, Inc. | 166,736 | 2,551 |
16,138 | ||
Retail Real Estate Investment Trusts – 1.3% | ||
Agree Realty Corp. | 74,758 | 4,706 |
Brixmor Property Group, Inc. | 224,749 | 5,230 |
Kite Realty Group Trust | 163,047 | 3,727 |
NNN REIT, Inc. | 135,757 | 5,851 |
Spirit Realty Capital, Inc. | 105,102 | 4,592 |
24,106 | ||
Semiconductors & Semiconductor Equipment – 2.9% | ||
Allegro MicroSystems, Inc.* | 52,688 | 1,595 |
Amkor Technology, Inc. | 77,370 | 2,574 |
Cirrus Logic, Inc.* | 40,354 | 3,357 |
Lattice Semiconductor Corp.* | 102,756 | 7,089 |
MACOM Technology Solutions Holdings, Inc.* | 40,500 | 3,765 |
MKS Instruments, Inc. | 46,758 | 4,810 |
Onto Innovation, Inc.* | 36,690 | 5,610 |
Power Integrations, Inc. | 42,249 | 3,469 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Semiconductors & Semiconductor Equipment – 2.9%continued | ||
Rambus, Inc.* | 79,991 | $5,459 |
Silicon Laboratories, Inc.* | 23,799 | 3,148 |
Synaptics, Inc.* | 29,226 | 3,334 |
Universal Display Corp. | 32,564 | 6,228 |
Wolfspeed, Inc.* | 93,185 | 4,055 |
54,493 | ||
Software – 2.5% | ||
Aspen Technology, Inc.* | 20,843 | 4,589 |
Blackbaud, Inc.* | 31,980 | 2,773 |
CommVault Systems, Inc.* | 32,825 | 2,621 |
Dolby Laboratories, Inc., Class A | 44,263 | 3,815 |
Dropbox, Inc., Class A* | 191,498 | 5,645 |
Dynatrace, Inc.* | 178,082 | 9,739 |
Manhattan Associates, Inc.* | 45,976 | 9,899 |
Qualys, Inc.* | 27,500 | 5,398 |
Teradata Corp.* | 73,240 | 3,187 |
47,666 | ||
Specialized Real Estate Investment Trusts – 1.9% | ||
CubeSmart | 167,419 | 7,760 |
EPR Properties | 55,908 | 2,709 |
Gaming and Leisure Properties, Inc. | 198,873 | 9,814 |
Lamar Advertising Co., Class A | 65,440 | 6,955 |
National Storage Affiliates Trust | 57,305 | 2,377 |
PotlatchDeltic Corp. | 58,921 | 2,893 |
Rayonier, Inc. | 101,352 | 3,386 |
35,894 | ||
Specialty Retail – 3.9% | ||
AutoNation, Inc.* | 19,431 | 2,918 |
Burlington Stores, Inc.* | 48,459 | 9,424 |
Dick's Sporting Goods, Inc. | 45,742 | 6,722 |
Five Below, Inc.* | 41,594 | 8,866 |
Floor & Decor Holdings, Inc., Class A* | 79,595 | 8,880 |
GameStop Corp., Class A* | 199,569 | 3,498 |
Gap (The), Inc. | 159,380 | 3,333 |
Lithia Motors, Inc. | 20,565 | 6,772 |
Murphy U.S.A., Inc. | 14,478 | 5,162 |
Penske Automotive Group, Inc. | 14,457 | 2,321 |
RH* | 11,483 | 3,347 |
Valvoline, Inc.* | 103,761 | 3,899 |
Williams-Sonoma, Inc. | 47,905 | 9,666 |
74,808 | ||
Technology Hardware, Storage & Peripherals – 0.5% | ||
Super Micro Computer, Inc.* | 34,638 | 9,846 |
NORTHERN FUNDS QUARTERLY REPORT 100 EQUITY FUNDS
Schedule of Investments |
MID CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.6%continued | ||
Textiles, Apparel & Luxury Goods – 2.1% | ||
Capri Holdings Ltd.* | 86,415 | $4,341 |
Carter's, Inc. | 27,640 | 2,070 |
Columbia Sportswear Co. | 25,558 | 2,033 |
Crocs, Inc.* | 45,034 | 4,207 |
Deckers Outdoor Corp.* | 19,210 | 12,841 |
PVH Corp. | 45,174 | 5,517 |
Skechers U.S.A., Inc., Class A* | 99,848 | 6,225 |
Under Armour, Inc., Class A* | 139,295 | 1,224 |
Under Armour, Inc., Class C* | 142,689 | 1,191 |
39,649 | ||
Trading Companies & Distributors – 1.4% | ||
Core & Main, Inc., Class A* | 101,601 | 4,106 |
GATX Corp. | 26,586 | 3,196 |
MSC Industrial Direct Co., Inc., Class A | 34,708 | 3,514 |
Watsco, Inc. | 25,289 | 10,836 |
WESCO International, Inc. | 32,685 | 5,683 |
27,335 | ||
Water Utilities – 0.4% | ||
Essential Utilities, Inc. | 187,077 | 6,987 |
Total Common Stocks | ||
(Cost $1,238,956) | 1,876,156 | |
INVESTMENT COMPANIES – 1.2% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(2) (3) | 22,790,452 | 22,790 |
Total Investment Companies | ||
(Cost $22,790) | 22,790 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.1% | ||
U.S. Treasury Bill, | ||
5.21%, 4/11/24(4) (5) | $1,410 | $1,390 |
Total Short-Term Investments | ||
(Cost $1,389) | 1,390 | |
Total Investments – 99.9% | ||
(Cost $1,263,135) | 1,900,336 | |
Other Assets less Liabilities – 0.1% | 2,362 | |
NET ASSETS – 100.0% | $1,902,698 |
(1) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(2) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(3) | 7-day current yield as of December 31, 2023 is disclosed. |
(4) | Discount rate at the time of purchase. |
(5) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
REIT - Real Estate Investment Trust |
S&P - Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini Russell 2000 Index | 1 | $102 | Long | 3/24 | $(2) |
E-Mini S&P MidCap 400 (United States Dollar) | 90 | 25,286 | Long | 3/24 | 85 |
Total | $83 |
At December 31, 2023, the security
types for the Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 98.6% |
Investment Companies | 1.2% |
Short-Term Investments | 0.1% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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).
EQUITY FUNDS 101 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
The inputs or methodologies used for
valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following table summarizes the valuations of the Fund's
investments by the above fair value hierarchy as of December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks(1) | $1,876,156 | $— | $— | $1,876,156 |
Investment Companies | 22,790 | — | — | 22,790 |
Short-Term Investments | — | 1,390 | — | 1,390 |
Total Investments | $1,898,946 | $1,390 | $— | $1,900,336 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $85 | $— | $— | $85 |
Liabilities | ||||
Futures Contracts | (2) | — | — | (2) |
Total Other Financial Instruments | $83 | $— | $— | $83 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in affiliated
investments for the nine months ended December 31, 2023, 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) | $30,202 | $284,705 | $292,117 | $655 | $22,790 | $22,790,452 |
NORTHERN FUNDS QUARTERLY REPORT 102 EQUITY FUNDS
Schedule of Investments |
MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.4% (1) | ||
Australia – 5.4% | ||
Atlas Arteria Ltd. | 5,533,930 | $21,744 |
Transurban Group | 3,439,043 | 32,053 |
53,797 | ||
Austria – 0.3% | ||
ANDRITZ A.G. | 49,171 | 3,072 |
Brazil – 1.1% | ||
CCR S.A. | 3,283,200 | 9,556 |
Cia de Saneamento de Minas Gerais - COPASA MG | 367,769 | 1,547 |
11,103 | ||
Canada – 4.3% | ||
Ag Growth International, Inc. | 76,691 | 2,924 |
Algonquin Power & Utilities Corp. | 424,138 | 2,676 |
AltaGas Ltd. | 241,700 | 5,075 |
Canadian National Railway Co. | 51,228 | 6,439 |
Emera, Inc. | 158,108 | 6,002 |
Hydro One Ltd. | 294,751 | 8,831 |
Northland Power, Inc. | 593,523 | 10,781 |
42,728 | ||
China – 2.6% | ||
Beijing Capital International Airport Co. Ltd., Class H* | 6,496,000 | 1,904 |
Beijing Enterprises Water Group Ltd. | 4,676,000 | 1,041 |
China Everbright Environment Group Ltd. | 3,913,000 | 1,272 |
China Water Affairs Group Ltd. | 4,522,282 | 2,484 |
ENN Energy Holdings Ltd. | 917,400 | 6,744 |
Guangdong Investment Ltd. | 10,824,000 | 7,869 |
Jiangsu Expressway Co. Ltd., Class H | 4,596,000 | 4,134 |
25,448 | ||
Denmark – 0.5% | ||
Orsted A/S | 91,305 | 5,042 |
France – 5.0% | ||
Eutelsat Communications S.A.CA* | 524,748 | 2,468 |
Getlink S.E. | 451,342 | 8,259 |
Veolia Environnement S.A. | 249,306 | 7,874 |
Vinci S.A. | 251,481 | 31,584 |
50,185 | ||
Germany – 2.3% | ||
E.ON S.E. | 547,995 | 7,351 |
RWE A.G. | 336,331 | 15,292 |
22,643 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.4% (1)continued | ||
Hong Kong – 1.4% | ||
Cadeler A/S* | 675,601 | $3,118 |
CK Infrastructure Holdings Ltd. | 794,500 | 4,414 |
Power Assets Holdings Ltd. | 1,025,320 | 5,936 |
13,468 | ||
Ireland – 0.7% | ||
Greencoat Renewables PLC | 5,983,109 | 6,708 |
Italy – 5.7% | ||
Enel S.p.A. | 897,580 | 6,681 |
Hera S.p.A. | 4,000,161 | 13,127 |
Infrastrutture Wireless Italiane S.p.A. | 331,821 | 4,203 |
Italgas S.p.A. | 1,559,983 | 8,937 |
Snam S.p.A. | 3,002,117 | 15,452 |
Terna - Rete Elettrica Nazionale | 1,038,455 | 8,664 |
57,064 | ||
Japan – 1.1% | ||
Kurita Water Industries Ltd. | 112,800 | 4,400 |
West Japan Railway Co. | 163,500 | 6,809 |
11,209 | ||
Luxembourg – 0.6% | ||
SES S.A. | 861,223 | 5,691 |
Mexico – 2.6% | ||
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B | 395,685 | 6,940 |
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B | 407,788 | 11,983 |
Promotora y Operadora de Infraestructura S.A.B. de C.V. | 633,006 | 6,832 |
25,755 | ||
Netherlands – 0.3% | ||
Arcadis N.V. | 50,405 | 2,725 |
Portugal – 0.3% | ||
REN - Redes Energeticas Nacionais SGPS S.A. | 1,068,408 | 2,743 |
Spain – 2.3% | ||
Aena S.M.E. S.A. | 52,706 | 9,569 |
Atlantica Sustainable Infrastructure PLC | 267,818 | 5,758 |
Iberdrola S.A. | 577,668 | 7,555 |
22,882 | ||
Switzerland – 1.9% | ||
Flughafen Zurich A.G. (Registered) | 74,188 | 15,499 |
EQUITY FUNDS 103 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.4% (1)continued | ||
Switzerland – 1.9%continued | ||
Landis+Gyr Group A.G.* | 19,047 | $1,723 |
Meyer Burger Technology A.G.* | 8,217,031 | 1,919 |
19,141 | ||
United Kingdom – 9.6% | ||
National Grid PLC | 2,472,693 | 33,387 |
Pennon Group PLC | 966,923 | 9,340 |
Severn Trent PLC | 613,049 | 20,163 |
SSE PLC | 574,167 | 13,545 |
United Utilities Group PLC | 1,391,426 | 18,753 |
95,188 | ||
United States – 46.4% | ||
AECOM | 36,340 | 3,359 |
Alexandria Real Estate Equities, Inc. | 46,270 | 5,866 |
Alliant Energy Corp. | 243,279 | 12,480 |
American Electric Power Co., Inc. | 143,649 | 11,667 |
American Tower Corp. | 118,519 | 25,586 |
American Water Works Co., Inc. | 49,102 | 6,481 |
Bunge Global S.A. | 69,729 | 7,039 |
Cheniere Energy, Inc. | 78,339 | 13,373 |
Crown Castle, Inc. | 91,354 | 10,523 |
CSX Corp. | 777,700 | 26,963 |
Dominion Energy, Inc. | 213,927 | 10,055 |
DT Midstream, Inc. | 137,137 | 7,515 |
Duke Energy Corp. | 192,865 | 18,716 |
Edison International | 75,221 | 5,378 |
Enphase Energy, Inc.* | 14,536 | 1,921 |
Entergy Corp. | 130,847 | 13,240 |
Equinix, Inc. | 12,443 | 10,022 |
Essential Utilities, Inc. | 261,186 | 9,755 |
Evergy, Inc. | 135,349 | 7,065 |
Eversource Energy | 115,064 | 7,102 |
Exelon Corp. | 476,999 | 17,124 |
Ferrovial S.E. | 652,587 | 23,823 |
FirstEnergy Corp. | 241,718 | 8,861 |
Gladstone Land Corp. | 109,364 | 1,580 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 177,568 | 4,897 |
Itron, Inc.* | 32,774 | 2,475 |
NextEra Energy, Inc. | 667,320 | 40,533 |
Norfolk Southern Corp. | 136,408 | 32,244 |
Ormat Technologies, Inc. | 106,390 | 8,063 |
Pinnacle West Capital Corp. | 70,716 | 5,080 |
PPL Corp. | 216,900 | 5,878 |
SBA Communications Corp. | 65,373 | 16,585 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 94.4% (1)continued | ||
United States – 46.4%continued | ||
SJW Group | 27,533 | $1,799 |
Southern (The) Co. | 211,930 | 14,861 |
Targa Resources Corp. | 114,378 | 9,936 |
Trimble, Inc.* | 79,495 | 4,229 |
UGI Corp. | 172,916 | 4,254 |
Union Pacific Corp. | 79,057 | 19,418 |
Valmont Industries, Inc. | 6,079 | 1,420 |
Waste Management, Inc. | 48,266 | 8,644 |
Willdan Group, Inc.* | 122,194 | 2,627 |
Xcel Energy, Inc. | 196,532 | 12,167 |
460,604 | ||
Total Common Stocks | ||
(Cost $884,399) | 937,196 | |
INVESTMENT COMPANIES – 5.1% | ||
International Public Partnerships Ltd. | 4,879,678 | 8,536 |
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(2) (3) | 26,771,973 | 26,772 |
Renewables Infrastructure Group (The) Ltd. | 7,730,858 | 11,195 |
VH Global Sustainable Energy Opportunities PLC | 3,797,239 | 3,732 |
Total Investment Companies | ||
(Cost $49,616) | 50,235 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.0% | ||
U.S. Treasury Bill, | ||
5.29%, 4/11/24(4) (5) | $385 | $379 |
Total Short-Term Investments | ||
(Cost $379) | 379 | |
Total Investments – 99.5% | ||
(Cost $934,394) | 987,810 | |
Other Assets less Liabilities – 0.5% | 5,145 | |
Net Assets – 100.0% | $992,955 |
(1) | Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities. |
(2) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(3) | 7-day current yield as of December 31, 2023 is disclosed. |
(4) | Discount rate at the time of purchase. |
NORTHERN FUNDS QUARTERLY
REPORT 104 EQUITY FUNDS
Schedule of Investments |
MULTI-MANAGER GLOBAL LISTED INFRASTRUCTURE FUND continued | December 31, 2023 (UNAUDITED) |
(5) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
EAFE – Europe, Australasia and the Far East |
MSCI – Morgan Stanley Capital International |
S&P – Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 (United States Dollar) | 39 | $9,399 | Long | 3/24 | $172 |
MSCI EAFE Index (United States Dollar) | 66 | 7,433 | Long | 3/24 | 156 |
Total | $328 |
At December 31, 2023, the
Fund’s investments were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
United States Dollar | 47.3% |
Euro | 19.3 |
British Pound | 12.0 |
Australian Dollar | 5.4 |
All other currencies less than 5% | 15.5 |
Total Investments | 99.5 |
Other Assets less Liabilities | 0.5 |
Net Assets | 100.0% |
Various inputs are used in determining the value of
the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices). The Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2023 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 December 31, 2023 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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Canada | $42,728 | $— | $— | $42,728 |
Ireland | 6,708 | — | — | 6,708 |
Mexico | 25,755 | — | — | 25,755 |
Spain | 5,758 | 17,124 | — | 22,882 |
United States | 436,781 | 23,823 | — | 460,604 |
All Other Countries(1) | — | 378,519 | — | 378,519 |
Total Common Stocks | 517,730 | 419,466 | — | 937,196 |
Investment Companies | 50,235 | — | — | 50,235 |
Short-Term Investments | — | 379 | — | 379 |
Total Investments | $567,965 | $419,845 | $— | $987,810 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $328 | $— | $— | $328 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $27,995 | $368,188 | $369,411 | $1,524 | $26,772 | $26,771,973 |
EQUITY FUNDS 105 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
MULTI-MANAGER GLOBAL REAL ESTATE FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.9% (1) | ||
Australia – 4.1% | ||
Goodman Group | 172,548 | $2,963 |
Mirvac Group | 392,662 | 556 |
National Storage REIT | 620,268 | 968 |
Rural Funds Group | 111,569 | 161 |
Scentre Group | 293,272 | 595 |
5,243 | ||
Belgium – 1.7% | ||
Aedifica S.A. | 4,800 | 336 |
Montea N.V. | 1,850 | 176 |
Shurgard Self Storage Ltd. | 23,725 | 1,178 |
VGP N.V. | 4,396 | 509 |
2,199 | ||
Canada – 3.5% | ||
Canadian Apartment Properties REIT | 54,222 | 1,997 |
Chartwell Retirement Residences | 128,571 | 1,137 |
Granite Real Estate Investment Trust | 23,634 | 1,361 |
4,495 | ||
Germany – 2.0% | ||
LEG Immobilien S.E.* | 8,569 | 750 |
Vonovia S.E. | 60,069 | 1,893 |
2,643 | ||
Hong Kong – 1.7% | ||
Link REIT | 88,680 | 496 |
Sino Land Co. Ltd. | 463,683 | 506 |
Sun Hung Kai Properties Ltd. | 69,500 | 748 |
Swire Properties Ltd. | 205,400 | 414 |
2,164 | ||
Japan – 8.4% | ||
Heiwa Real Estate Co. Ltd. | 13,200 | 352 |
Industrial & Infrastructure Fund Investment Corp. | 426 | 421 |
Japan Hotel REIT Investment Corp. | 1,111 | 545 |
Japan Logistics Fund, Inc. | 392 | 794 |
Japan Metropolitan Fund Invest | 2,019 | 1,458 |
Katitas Co. Ltd. | 45,500 | 704 |
KDX Realty Investment Corp. | 541 | 616 |
Mitsui Fudosan Co. Ltd. | 167,000 | 4,082 |
Nomura Real Estate Holdings, Inc. | 21,800 | 572 |
Orix JREIT, Inc. | 445 | 525 |
Star Asia Investment Corp. | 989 | 404 |
United Urban Investment Corp. | 338 | 345 |
10,818 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.9% (1)continued | ||
Mexico – 1.4% | ||
Corp. Inmobiliaria Vesta S.A.B. de C.V. | 287,383 | $1,140 |
Corp. Inmobiliaria Vesta S.A.B. de C.V. ADR | 16,647 | 659 |
1,799 | ||
Netherlands – 0.3% | ||
CTP N.V. | 23,600 | 399 |
Singapore – 2.7% | ||
CapitaLand Ascendas REIT | 339,300 | 777 |
Capitaland India Trust | 540,194 | 466 |
CapitaLand Investment Ltd. | 617,900 | 1,474 |
Frasers Logistics & Commercial Trust | 438,000 | 381 |
Parkway Life Real Estate Investment Trust | 142,200 | 397 |
3,495 | ||
Spain – 1.7% | ||
Cellnex Telecom S.A.* | 39,282 | 1,552 |
Merlin Properties Socimi S.A. | 59,000 | 655 |
2,207 | ||
Sweden – 0.2% | ||
Fastighets AB Balder, Class B* | 35,967 | 257 |
Switzerland – 0.9% | ||
PSP Swiss Property A.G. (Registered) | 8,342 | 1,168 |
Tanzania, United Republic of – 0.6% | ||
Helios Towers PLC* | 679,764 | 772 |
United Kingdom – 6.2% | ||
Big Yellow Group PLC | 74,305 | 1,155 |
British Land (The) Co. PLC | 63,000 | 319 |
Grainger PLC | 324,556 | 1,092 |
Helical PLC | 63,230 | 178 |
Safestore Holdings PLC | 37,847 | 425 |
Segro PLC | 188,617 | 2,123 |
Shaftesbury Capital PLC | 564,287 | 989 |
UNITE Group (The) PLC | 101,388 | 1,345 |
Workspace Group PLC | 39,616 | 286 |
7,912 | ||
United States – 60.5% | ||
Agree Realty Corp. | 25,226 | 1,588 |
Alexandria Real Estate Equities, Inc. | 12,176 | 1,543 |
American Homes 4 Rent, Class A | 86,518 | 3,111 |
Americold Realty Trust, Inc. | 63,094 | 1,910 |
AvalonBay Communities, Inc. | 17,679 | 3,310 |
Boston Properties, Inc. | 15,036 | 1,055 |
NORTHERN FUNDS QUARTERLY REPORT 106 EQUITY FUNDS
Schedule of Investments |
MULTI-MANAGER GLOBAL REAL ESTATE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 95.9% (1)continued | ||
United States – 60.5%continued | ||
Brixmor Property Group, Inc. | 123,279 | $2,869 |
Camden Property Trust | 9,604 | 954 |
CBRE Group, Inc., Class A* | 9,416 | 876 |
CubeSmart | 37,923 | 1,758 |
Digital Realty Trust, Inc. | 5,394 | 726 |
Douglas Emmett, Inc. | 29,475 | 427 |
Encompass Health Corp. | 15,844 | 1,057 |
Equinix, Inc. | 9,965 | 8,026 |
Equity LifeStyle Properties, Inc. | 36,910 | 2,604 |
Essex Property Trust, Inc. | 6,432 | 1,595 |
Extra Space Storage, Inc. | 17,898 | 2,870 |
Farmland Partners, Inc. | 33,217 | 414 |
Federal Realty Investment Trust | 18,339 | 1,890 |
Healthpeak Properties, Inc. | 50,926 | 1,008 |
Kimco Realty Corp. | 53,885 | 1,148 |
Lamar Advertising Co., Class A | 6,944 | 738 |
Mid-America Apartment Communities, Inc. | 8,579 | 1,153 |
NNN REIT, Inc. | 55,366 | 2,386 |
Phillips Edison & Co., Inc. | 20,413 | 745 |
Prologis, Inc. | 88,842 | 11,843 |
Rayonier, Inc. | 60,234 | 2,012 |
Rexford Industrial Realty, Inc. | 25,318 | 1,420 |
Sabra Health Care REIT, Inc. | 93,553 | 1,335 |
SBA Communications Corp. | 6,887 | 1,747 |
SITE Centers Corp. | 81,849 | 1,116 |
STAG Industrial, Inc. | 32,029 | 1,257 |
Sun Communities, Inc. | 15,909 | 2,126 |
UDR, Inc. | 28,666 | 1,098 |
Universal Health Services, Inc., Class B | 11,117 | 1,695 |
VICI Properties, Inc. | 60,917 | 1,942 |
Welltower, Inc. | 28,587 | 2,578 |
Weyerhaeuser Co. | 50,733 | 1,764 |
77,694 | ||
Total Common Stocks | ||
(Cost $109,242) | 123,265 | |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 4.9% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(2) (3) | 6,265,196 | $6,265 |
Total Investment Companies | ||
(Cost $6,265) | 6,265 | |
Total Investments – 100.8% | ||
(Cost $115,507) | 129,530 | |
Liabilities less Other Assets – (0.8%) | (1,066) | |
Net Assets – 100.0% | $128,464 |
(1) | Adjustment factors obtained from an independent evaluation service were used to determine the value of certain foreign securities. |
(2) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(3) | 7-day current yield as of December 31, 2023 is disclosed. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
ADR – American Depositary Receipt |
REIT – Real Estate Investment Trust |
Percentages shown are based on Net
Assets.
At December 31, 2023, the
Fund’s investments were denominated in the following currencies:
CONCENTRATION BY CURRENCY | % OF NET ASSETS |
United States Dollar | 65.9% |
Japanese Yen | 8.4 |
British Pound | 6.7 |
Euro | 5.8 |
All other currencies less than 5% | 14.0 |
Total Investments | 100.8 |
Liabilities less Other Assets | (0.8) |
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 December 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in
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 December 31, 2023 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in
EQUITY FUNDS 107 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
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 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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Canada | $4,495 | $— | $— | $4,495 |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Mexico | $1,799 | $— | $— | $1,799 |
United States | 77,694 | — | — | 77,694 |
All Other Countries(1) | — | 39,277 | — | 39,277 |
Total Common Stocks | 83,988 | 39,277 | — | 123,265 |
Investment Companies | 6,265 | — | — | 6,265 |
Total Investments | $90,253 | $39,277 | $— | $129,530 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $4,738 | $36,794 | $35,267 | $184 | $6,265 | $6,265,196 |
NORTHERN FUNDS QUARTERLY REPORT 108 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 98.0% | ||
Aerospace & Defense – 0.4% | ||
AAR Corp.* | 7,112 | $444 |
Astronics Corp.* | 2,474 | 43 |
Astronics Corp., Class B* | 3,555 | 62 |
Ducommun, Inc.* | 4,079 | 212 |
Kaman Corp. | 5,054 | 121 |
Moog, Inc., Class A | 5,024 | 728 |
National Presto Industries, Inc. | 1,257 | 101 |
Park Aerospace Corp. | 4,710 | 69 |
V2X, Inc.* | 4,333 | 201 |
1,981 | ||
Air Freight & Logistics – 0.1% | ||
Forward Air Corp. | 6,723 | 423 |
Automobile Components – 1.3% | ||
Adient PLC* | 18,079 | 657 |
American Axle & Manufacturing Holdings, Inc.* | 12,826 | 113 |
Cooper-Standard Holdings, Inc.* | 2,163 | 42 |
Dana, Inc. | 25,253 | 369 |
Dorman Products, Inc.* | 6,931 | 578 |
Gentherm, Inc.* | 8,131 | 426 |
Goodyear Tire & Rubber (The) Co.* | 55,404 | 794 |
LCI Industries | 7,177 | 902 |
Modine Manufacturing Co.* | 5,155 | 308 |
Motorcar Parts of America, Inc.* | 5,169 | 48 |
Patrick Industries, Inc. | 4,422 | 444 |
Standard Motor Products, Inc. | 4,303 | 171 |
Stoneridge, Inc.* | 4,436 | 87 |
Strattec Security Corp.* | 1,566 | 39 |
Superior Industries International, Inc.* | 7,712 | 25 |
Visteon Corp.* | 4,910 | 613 |
XPEL, Inc.* | 3,039 | 164 |
5,780 | ||
Automobiles – 0.1% | ||
Winnebago Industries, Inc. | 8,609 | 628 |
Workhorse Group, Inc.* | 20,206 | 7 |
635 | ||
Banks – 7.7% | ||
1st Source Corp. | 6,084 | 334 |
Amalgamated Financial Corp. | 5,817 | 157 |
American National Bankshares, Inc. | 4,140 | 202 |
AmeriServ Financial, Inc. | 2,916 | 9 |
Ames National Corp. | 1,620 | 35 |
Arrow Financial Corp. | 5,336 | 149 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Banks – 7.7%continued | ||
Associated Banc-Corp | 22,067 | $472 |
Atlantic Union Bankshares Corp. | 15,763 | 576 |
Axos Financial, Inc.* | 13,018 | 711 |
BancFirst Corp. | 4,254 | 414 |
Bancorp (The), Inc.* | 6,729 | 260 |
Bank First Corp. | 3,158 | 274 |
Bank of Hawaii Corp. | 6,474 | 469 |
Bank of Marin Bancorp | 3,581 | 79 |
Bank of South Carolina Corp. | 5,601 | 84 |
Bank7 Corp. | 8,523 | 233 |
BankFinancial Corp. | 3,374 | 35 |
Bankwell Financial Group, Inc. | 7,252 | 219 |
Banner Corp. | 8,182 | 438 |
Bar Harbor Bankshares | 1,914 | 56 |
BCB Bancorp, Inc. | 2,039 | 26 |
Brookline Bancorp, Inc. | 21,716 | 237 |
Business First Bancshares, Inc. | 3,069 | 76 |
C&F Financial Corp. | 1,568 | 107 |
Cadence Bank | 33,833 | 1,001 |
Cambridge Bancorp | 1,439 | 100 |
Camden National Corp. | 3,768 | 142 |
Capital City Bank Group, Inc. | 2,064 | 61 |
Capitol Federal Financial, Inc. | 23,394 | 151 |
Cathay General Bancorp | 15,170 | 676 |
CB Financial Services, Inc. | 346 | 8 |
Central Pacific Financial Corp. | 667 | 13 |
Citizens & Northern Corp. | 1,065 | 24 |
Citizens Community Bancorp, Inc. | 1,470 | 17 |
Citizens Financial Services, Inc. | 262 | 17 |
City Holding Co. | 3,670 | 405 |
Civista Bancshares, Inc. | 670 | 12 |
Colony Bankcorp, Inc. | 1,264 | 17 |
Commercial National Financial Corp. | 121 | 1 |
Community Bank System, Inc. | 8,996 | 469 |
Community Trust Bancorp, Inc. | 2,765 | 121 |
ConnectOne Bancorp, Inc. | 2,328 | 53 |
CVB Financial Corp. | 20,802 | 420 |
Eagle Bancorp, Inc. | 6,458 | 195 |
Eagle Financial Services, Inc. | 100 | 3 |
Eastern Bankshares, Inc. | 25,103 | 356 |
Enterprise Bancorp, Inc. | 3,196 | 103 |
Enterprise Financial Services Corp. | 5,191 | 232 |
Equity Bancshares, Inc., Class A | 3,378 | 115 |
ESSA Bancorp, Inc. | 913 | 18 |
EQUITY FUNDS 109 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Banks – 7.7%continued | ||
FB Financial Corp. | 2,416 | $96 |
Financial Institutions, Inc. | 4,376 | 93 |
First Bancorp | 7,800 | 289 |
First BanCorp (New York Exchange) | 29,678 | 488 |
First Bancorp (The), Inc. | 815 | 23 |
First Bancshares (The), Inc. | 4,861 | 143 |
First Bank(1) | 6 | — |
First Busey Corp. | 10,829 | 269 |
First Business Financial Services, Inc. | 1,190 | 48 |
First Commonwealth Financial Corp. | 27,853 | 430 |
First Community Bankshares, Inc. | 1,756 | 65 |
First Financial Bankshares, Inc. | 27,825 | 843 |
First Financial Corp. | 2,604 | 112 |
First Financial Northwest, Inc. | 1,914 | 26 |
First Foundation, Inc. | 5,703 | 55 |
First Guaranty Bancshares, Inc. | 631 | 7 |
First Hawaiian, Inc. | 19,157 | 438 |
First Internet Bancorp | 1,643 | 40 |
First Merchants Corp. | 10,063 | 373 |
First Mid Bancshares, Inc. | 207 | 7 |
First of Long Island (The) Corp. | 3,593 | 48 |
First Savings Financial Group, Inc. | 10,473 | 176 |
First United Corp. | 7,500 | 176 |
Flushing Financial Corp. | 6,616 | 109 |
FS Bancorp, Inc. | 2,366 | 87 |
German American Bancorp, Inc. | 5,142 | 167 |
Glacier Bancorp, Inc. | 18,128 | 749 |
Great Southern Bancorp, Inc. | 1,695 | 101 |
Hancock Whitney Corp. | 15,976 | 776 |
Hanmi Financial Corp. | 4,890 | 95 |
Harleysville Financial Corp. | 239 | 5 |
Hawthorn Bancshares, Inc. | 1,002 | 25 |
Heartland Financial U.S.A., Inc. | 6,042 | 227 |
Heritage Financial Corp. | 7,826 | 167 |
Hilltop Holdings, Inc. | 14,638 | 515 |
Home Bancorp, Inc. | 3,034 | 127 |
Home BancShares, Inc. | 26,858 | 680 |
HomeStreet, Inc. | 4,633 | 48 |
HomeTrust Bancshares, Inc. | 3,760 | 101 |
Hope Bancorp, Inc. | 19,889 | 240 |
Horizon Bancorp, Inc. | 2,787 | 40 |
Independent Bank Corp. | 9,332 | 614 |
Independent Bank Group, Inc. | 9,989 | 508 |
International Bancshares Corp. | 11,836 | 643 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Banks – 7.7%continued | ||
Investar Holding Corp. | 10,694 | $159 |
Jeffersonville Bancorp | 620 | 11 |
Kentucky First Federal Bancorp | 942 | 4 |
Lake Shore Bancorp, Inc.* | 737 | 9 |
Lakeland Bancorp, Inc. | 4,932 | 73 |
Lakeland Financial Corp. | 4,632 | 302 |
Landmark Bancorp, Inc. | 1,517 | 29 |
Magyar Bancorp, Inc. | 1,337 | 15 |
Mercantile Bank Corp. | 5,612 | 227 |
Mid Penn Bancorp, Inc. | 979 | 24 |
MidWestOne Financial Group, Inc. | 1,413 | 38 |
NASB Financial, Inc. | 896 | 26 |
National Bank Holdings Corp., Class A | 6,406 | 238 |
National Bankshares, Inc. | 842 | 27 |
NBT Bancorp, Inc. | 10,119 | 424 |
Nicolet Bankshares, Inc. | 2,918 | 235 |
Northeast Bank | 2,191 | 121 |
Northeast Community Bancorp, Inc. | 2,633 | 47 |
Northfield Bancorp, Inc. | 15,316 | 193 |
Northrim BanCorp, Inc. | 1,630 | 93 |
Norwood Financial Corp. | 1,071 | 35 |
OceanFirst Financial Corp. | 8,982 | 156 |
OFG Bancorp | 10,244 | 384 |
Ohio Valley Banc Corp. | 1,602 | 37 |
Old Point Financial Corp. | 1,094 | 19 |
Old Second Bancorp, Inc. | 2,583 | 40 |
Pacific Premier Bancorp, Inc. | 19,735 | 575 |
Park National Corp. | 2,869 | 381 |
Penns Woods Bancorp, Inc. | 2,026 | 46 |
Peoples Bancorp of North Carolina, Inc. | 1,527 | 46 |
Peoples Bancorp, Inc. | 6,266 | 212 |
Peoples Financial Corp. | 236 | 4 |
Peoples Financial Services Corp. | 1,025 | 50 |
Preferred Bank | 3,685 | 269 |
Premier Financial Corp. | 9,636 | 232 |
Primis Financial Corp. | 669 | 8 |
Provident Bancorp, Inc.(1) * | 18 | — |
Provident Financial Holdings, Inc. | 1,656 | 21 |
Renasant Corp. | 11,587 | 390 |
Republic Bancorp, Inc., Class A | 3,114 | 172 |
Republic First Bancorp, Inc.(1) * | 3,187 | — |
Sandy Spring Bancorp, Inc. | 4,976 | 136 |
Seacoast Banking Corp. of Florida | 10,198 | 290 |
NORTHERN FUNDS QUARTERLY
REPORT 110 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Banks – 7.7%continued | ||
ServisFirst Bancshares, Inc. | 12,343 | $822 |
Shore Bancshares, Inc. | 8,587 | 122 |
Sierra Bancorp | 933 | 21 |
Simmons First National Corp., Class A | 18,287 | 363 |
Southern First Bancshares, Inc.* | 4,326 | 161 |
Southern Missouri Bancorp, Inc. | 670 | 36 |
Southside Bancshares, Inc. | 4,768 | 149 |
SouthState Corp. | 10,200 | 861 |
Stellar Bancorp, Inc. | 6,754 | 188 |
Stock Yards Bancorp, Inc. | 6,007 | 309 |
Texas Capital Bancshares, Inc.* | 7,121 | 460 |
TFS Financial Corp. | 37,800 | 555 |
Timberland Bancorp, Inc. | 1,794 | 56 |
Towne Bank | 12,404 | 369 |
TriCo Bancshares | 4,784 | 206 |
TrustCo Bank Corp. NY | 2,496 | 78 |
Trustmark Corp. | 12,189 | 340 |
UMB Financial Corp. | 8,361 | 699 |
Union Bankshares, Inc. | 6,092 | 187 |
United Bancorp, Inc. | 1,456 | 19 |
United Bankshares, Inc. | 17,796 | 668 |
United Community Banks, Inc. | 14,443 | 423 |
Unity Bancorp, Inc. | 2,327 | 69 |
Univest Financial Corp. | 5,267 | 116 |
Virginia National Bankshares Corp. | 105 | 4 |
Washington Trust Bancorp, Inc. | 4,127 | 134 |
WesBanco, Inc. | 14,383 | 451 |
West BanCorp, Inc. | 1,135 | 24 |
Westamerica BanCorp | 5,843 | 330 |
Western New England Bancorp, Inc. | 8,551 | 77 |
WSFS Financial Corp. | 16,443 | 755 |
35,501 | ||
Beverages – 0.5% | ||
Coca-Cola Consolidated, Inc. | 1,561 | 1,449 |
MGP Ingredients, Inc. | 3,257 | 321 |
National Beverage Corp.* | 6,555 | 326 |
2,096 | ||
Biotechnology – 5.3% | ||
2seventy bio, Inc.* | 3,712 | 16 |
4D Molecular Therapeutics, Inc.* | 9,288 | 188 |
89bio, Inc.* | 7,009 | 78 |
Abeona Therapeutics, Inc.* | 23,500 | 118 |
ACADIA Pharmaceuticals, Inc.* | 20,000 | 626 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Biotechnology – 5.3%continued | ||
Achieve Life Sciences, Inc.* | 14,700 | $61 |
Acumen Pharmaceuticals, Inc.* | 1,062 | 4 |
Adaptimmune Therapeutics PLC ADR* | 20,820 | 17 |
ADMA Biologics, Inc.* | 42,064 | 190 |
Agios Pharmaceuticals, Inc.* | 5,038 | 112 |
Akero Therapeutics, Inc.* | 3,916 | 91 |
Alector, Inc.* | 15,947 | 127 |
Alkermes PLC* | 27,612 | 766 |
Allogene Therapeutics, Inc.* | 28,137 | 90 |
Allovir, Inc.* | 2,033 | 1 |
Altimmune, Inc.* | 12,327 | 139 |
ALX Oncology Holdings, Inc.* | 7,964 | 119 |
Amicus Therapeutics, Inc.* | 68,028 | 965 |
AnaptysBio, Inc.* | 11,172 | 239 |
Anavex Life Sciences Corp.* | 23,171 | 216 |
Anika Therapeutics, Inc.* | 5,077 | 115 |
Annexon, Inc.* | 6,085 | 28 |
Aravive, Inc.* | 8,839 | 1 |
Arbutus Biopharma Corp.* | 7,627 | 19 |
Arcellx, Inc.* | 10,010 | 556 |
Arcturus Therapeutics Holdings, Inc.* | 4,300 | 136 |
Arcutis Biotherapeutics, Inc.* | 4,849 | 16 |
Ardelyx, Inc.* | 6,416 | 40 |
Assembly Biosciences, Inc.* | 10,265 | 8 |
Astria Therapeutics, Inc.* | 10,865 | 83 |
Atara Biotherapeutics, Inc.* | 13,007 | 7 |
Avid Bioservices, Inc.* | 9,647 | 63 |
Avidity Biosciences, Inc.* | 13,160 | 119 |
Beyondspring, Inc.* | 6,729 | 6 |
Biohaven Ltd.* | 9,500 | 407 |
Biomea Fusion, Inc.* | 9,800 | 142 |
Bioxcel Therapeutics, Inc.* | 16,214 | 48 |
Bluebird Bio, Inc.* | 11,008 | 15 |
C4 Therapeutics, Inc.* | 6,094 | 34 |
Capricor Therapeutics, Inc.* | 22,220 | 109 |
Caribou Biosciences, Inc.* | 15,829 | 91 |
Catalyst Pharmaceuticals, Inc.* | 36,098 | 607 |
Celcuity, Inc.* | 17,458 | 254 |
Chimerix, Inc.* | 1,335 | 1 |
Cibus, Inc.* | 118 | 2 |
Coherus Biosciences, Inc.* | 23,083 | 77 |
Crinetics Pharmaceuticals, Inc.* | 13,503 | 480 |
Cue Biopharma, Inc.* | 4,064 | 11 |
Cullinan Oncology, Inc.* | 11,367 | 116 |
EQUITY FUNDS 111 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Biotechnology – 5.3%continued | ||
Day One Biopharmaceuticals, Inc.* | 6,800 | $99 |
Deciphera Pharmaceuticals, Inc.* | 12,940 | 209 |
DermTech, Inc.* | 7,034 | 12 |
Design Therapeutics, Inc.* | 24,879 | 66 |
DiaMedica Therapeutics, Inc.* | 20,810 | 59 |
Disc Medicine, Inc.* | 2,300 | 133 |
Dyadic International, Inc.* | 16,268 | 26 |
Dynavax Technologies Corp.* | 29,723 | 416 |
Dyne Therapeutics, Inc.* | 16,100 | 214 |
Eagle Pharmaceuticals, Inc.* | 5,071 | 27 |
Editas Medicine, Inc.* | 8,247 | 84 |
Emergent BioSolutions, Inc.* | 10,401 | 25 |
Enanta Pharmaceuticals, Inc.* | 5,241 | 49 |
Entrada Therapeutics, Inc.* | 7,200 | 109 |
Foghorn Therapeutics, Inc.* | 10,665 | 69 |
G1 Therapeutics, Inc.* | 11,629 | 35 |
Galectin Therapeutics, Inc.* | 7,609 | 13 |
Genelux Corp.* | 3,371 | 47 |
Geron Corp.* | 26,760 | 56 |
GlycoMimetics, Inc.* | 11,161 | 26 |
Gossamer Bio, Inc.* | 11,915 | 11 |
Graphite Bio, Inc.* | 8,931 | 23 |
Gritstone bio, Inc.* | 6,339 | 13 |
Halozyme Therapeutics, Inc.* | 24,153 | 893 |
Heron Therapeutics, Inc.* | 11,870 | 20 |
HilleVax, Inc.* | 7,400 | 119 |
Ideaya Biosciences, Inc.* | 5,303 | 189 |
IGM Biosciences, Inc.* | 9,071 | 75 |
Immatics N.V.* | 10,113 | 107 |
ImmuCell Corp.* | 2,485 | 13 |
Immuneering Corp., Class A* | 1,340 | 10 |
Immunic, Inc.* | 20,019 | 30 |
ImmunoGen, Inc.* | 31,032 | 920 |
Immunome, Inc.* | 12,800 | 137 |
Inhibrx, Inc.* | 9,691 | 368 |
Inozyme Pharma, Inc.* | 15,000 | 64 |
Insmed, Inc.* | 23,561 | 730 |
Iovance Biotherapeutics, Inc.* | 37,600 | 306 |
Ironwood Pharmaceuticals, Inc.* | 43,111 | 493 |
iTeos Therapeutics, Inc.* | 7,612 | 83 |
Janux Therapeutics, Inc.* | 6,800 | 73 |
KalVista Pharmaceuticals, Inc.* | 18,438 | 226 |
Karyopharm Therapeutics, Inc.* | 11,896 | 10 |
Keros Therapeutics, Inc.* | 2,621 | 104 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Biotechnology – 5.3%continued | ||
Kezar Life Sciences, Inc.* | 9,673 | $9 |
Kronos Bio, Inc.* | 6,053 | 8 |
Krystal Biotech, Inc.* | 2,913 | 361 |
Kura Oncology, Inc.* | 17,673 | 254 |
Larimar Therapeutics, Inc.* | 441 | 2 |
Lexicon Pharmaceuticals, Inc.* | 11,207 | 17 |
MacroGenics, Inc.* | 8,808 | 85 |
MannKind Corp.* | 39,452 | 144 |
MediciNova, Inc.* | 25,731 | 39 |
MeiraGTx Holdings PLC* | 13,641 | 96 |
Mereo Biopharma Group PLC ADR* | 1,007 | 2 |
Merrimack Pharmaceuticals, Inc.* | 7,861 | 105 |
Mersana Therapeutics, Inc.* | 9,921 | 23 |
Merus N.V.* | 11,886 | 327 |
MiMedx Group, Inc.* | 14,336 | 126 |
Mirum Pharmaceuticals, Inc.* | 13,491 | 398 |
Monte Rosa Therapeutics, Inc.* | 12,800 | 72 |
Mural Oncology PLC* | 2,761 | 16 |
Myriad Genetics, Inc.* | 20,011 | 383 |
Natera, Inc.* | 13,781 | 863 |
Nkarta, Inc.* | 25,420 | 168 |
Olema Pharmaceuticals, Inc.* | 20,842 | 292 |
Omega Therapeutics, Inc.* | 2,488 | 8 |
Omniab, Inc.(2) * | 1,740 | 1 |
Omniab, Inc. (NASDAQ Exchange)(2) * | 1,740 | 2 |
Organogenesis Holdings, Inc.* | 8,779 | 36 |
ORIC Pharmaceuticals, Inc.* | 6,813 | 63 |
PDL BioPharma, Inc.(2) * | 24,608 | 40 |
PMV Pharmaceuticals, Inc.* | 7,964 | 25 |
Praxis Precision Medicines, Inc.* | 1,136 | 25 |
ProKidney Corp.* | 7,800 | 14 |
ProQR Therapeutics N.V.* | 6,172 | 12 |
Protagonist Therapeutics, Inc.* | 5,762 | 132 |
Protalix BioTherapeutics, Inc.* | 503 | 1 |
Quince Therapeutics, Inc.* | 3,436 | 4 |
RAPT Therapeutics, Inc.* | 11,711 | 291 |
REGENXBIO, Inc.* | 6,344 | 114 |
Replimune Group, Inc.* | 17,297 | 146 |
Rezolute, Inc.* | 11,436 | 11 |
Rhythm Pharmaceuticals, Inc.* | 8,730 | 401 |
Rigel Pharmaceuticals, Inc.* | 25,142 | 36 |
Rocket Pharmaceuticals, Inc.* | 9,719 | 291 |
Sage Therapeutics, Inc.* | 11,929 | 259 |
Sangamo Therapeutics, Inc.* | 21,642 | 12 |
NORTHERN FUNDS QUARTERLY REPORT 112 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Biotechnology – 5.3%continued | ||
Savara, Inc.* | 7,188 | $34 |
Scholar Rock Holding Corp.* | 15,000 | 282 |
Shattuck Labs, Inc.* | 4,666 | 33 |
Sinovac Biotech Ltd.(2) * | 1,587 | — |
Solid Biosciences, Inc.* | 372 | 2 |
Spero Therapeutics, Inc.* | 9,073 | 13 |
Stoke Therapeutics, Inc.* | 13,577 | 71 |
Sutro Biopharma, Inc.* | 3,101 | 13 |
Syndax Pharmaceuticals, Inc.* | 6,600 | 143 |
Tenaya Therapeutics, Inc.* | 6,573 | 21 |
Travere Therapeutics, Inc.* | 10,384 | 93 |
Twist Bioscience Corp.* | 9,300 | 343 |
UroGen Pharma Ltd.* | 17,713 | 266 |
Vanda Pharmaceuticals, Inc.* | 10,580 | 45 |
Vaxcyte, Inc.* | 11,631 | 730 |
Vera Therapeutics, Inc.* | 7,600 | 117 |
Veracyte, Inc.* | 12,475 | 343 |
Vericel Corp.* | 8,383 | 299 |
Viking Therapeutics, Inc.* | 11,294 | 210 |
Vir Biotechnology, Inc.* | 18,696 | 188 |
Viridian Therapeutics, Inc.* | 8,323 | 181 |
Vor BioPharma, Inc.* | 19,000 | 43 |
Voyager Therapeutics, Inc.* | 11,281 | 95 |
X4 Pharmaceuticals, Inc.* | 11,172 | 9 |
XBiotech, Inc.* | 6,888 | 28 |
Xencor, Inc.* | 5,500 | 117 |
Xenon Pharmaceuticals, Inc.* | 7,965 | 367 |
XOMA Corp.* | 9,637 | 178 |
Y-mAbs Therapeutics, Inc.* | 11,500 | 78 |
Zymeworks, Inc.* | 7,177 | 75 |
24,676 | ||
Broadline Retail – 0.2% | ||
Big Lots, Inc. | 9,268 | 72 |
Dillard's, Inc., Class A | 1,535 | 620 |
692 | ||
Building Products – 2.3% | ||
AAON, Inc. | 12,031 | 889 |
American Woodmark Corp.* | 2,909 | 270 |
Apogee Enterprises, Inc. | 6,294 | 336 |
AZEK (The) Co., Inc.* | 19,387 | 742 |
AZZ, Inc. | 4,316 | 251 |
CSW Industrials, Inc. | 2,682 | 556 |
Gibraltar Industries, Inc.* | 7,066 | 558 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Building Products – 2.3%continued | ||
Griffon Corp. | 10,210 | $622 |
Insteel Industries, Inc. | 7,591 | 291 |
JELD-WEN Holding, Inc.* | 12,711 | 240 |
Masonite International Corp.* | 5,250 | 444 |
PGT Innovations, Inc.* | 13,096 | 533 |
Quanex Building Products Corp. | 6,012 | 184 |
Resideo Technologies, Inc.* | 24,838 | 467 |
Simpson Manufacturing Co., Inc. | 8,697 | 1,722 |
UFP Industries, Inc. | 12,660 | 1,589 |
Zurn Elkay Water Solutions Corp. | 26,300 | 774 |
10,468 | ||
Capital Markets – 2.4% | ||
ArrowMark Financial Corp. | 3,007 | 54 |
Artisan Partners Asset Management, Inc., Class A | 8,678 | 383 |
Associated Capital Group, Inc., Class A | 2,664 | 95 |
B. Riley Financial, Inc. | 2,436 | 51 |
BGC Group, Inc., Class A | 49,897 | 360 |
Cohen & Steers, Inc. | 5,110 | 387 |
Diamond Hill Investment Group, Inc. | 1,298 | 215 |
Donnelley Financial Solutions, Inc.* | 602 | 37 |
Evercore, Inc., Class A | 6,848 | 1,171 |
Federated Hermes, Inc. | 16,681 | 565 |
Freedom Holding Corp.* | 5,033 | 406 |
GAMCO Investors, Inc., Class A | 7,410 | 142 |
Golub Capital BDC, Inc. | 22,900 | 346 |
Hamilton Lane, Inc., Class A | 5,121 | 581 |
Hercules Capital, Inc. | 21,754 | 363 |
Houlihan Lokey, Inc. | 7,598 | 911 |
Lazard, Inc. | 14,539 | 506 |
Main Street Capital Corp. | 10,834 | 468 |
Moelis & Co., Class A | 11,052 | 620 |
Patria Investments Ltd., Class A | 19,800 | 307 |
Piper Sandler Cos. | 3,786 | 662 |
PJT Partners, Inc., Class A | 4,132 | 421 |
Safeguard Scientifics, Inc. | 826 | 1 |
Siebert Financial Corp.* | 7,123 | 12 |
Sixth Street Specialty Lending, Inc. | 9,992 | 216 |
StoneX Group, Inc.* | 6,022 | 445 |
TPG, Inc. | 10,100 | 436 |
Victory Capital Holdings, Inc., Class A | 12,099 | 417 |
Virtus Investment Partners, Inc. | 1,173 | 284 |
EQUITY FUNDS 113 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Capital Markets – 2.4%continued | ||
Westwood Holdings Group, Inc. | 2,368 | $30 |
WisdomTree, Inc. | 16,510 | 114 |
11,006 | ||
Chemicals – 2.4% | ||
Advanced Emissions Solutions, Inc.* | 838 | 3 |
AdvanSix, Inc. | 4,745 | 142 |
Alto Ingredients, Inc.* | 9,824 | 26 |
American Vanguard Corp. | 4,085 | 45 |
Aspen Aerogels, Inc.* | 4,942 | 78 |
Avient Corp. | 15,986 | 665 |
Balchem Corp. | 6,201 | 922 |
Cabot Corp. | 10,961 | 915 |
Element Solutions, Inc. | 34,139 | 790 |
H.B. Fuller Co. | 12,418 | 1,011 |
Hawkins, Inc. | 7,939 | 559 |
Ingevity Corp.* | 7,988 | 377 |
Innospec, Inc. | 4,649 | 573 |
Intrepid Potash, Inc.* | 880 | 21 |
Koppers Holdings, Inc. | 8,218 | 421 |
Kronos Worldwide, Inc. | 5,149 | 51 |
Livent Corp.* | 27,523 | 495 |
LSB Industries, Inc.* | 6,515 | 61 |
Mativ Holdings, Inc. | 14,773 | 226 |
Minerals Technologies, Inc. | 7,390 | 527 |
NewMarket Corp. | 1,060 | 579 |
Orion S.A. | 8,234 | 228 |
Quaker Chemical Corp. | 3,947 | 842 |
Sensient Technologies Corp. | 8,631 | 570 |
Stepan Co. | 4,700 | 444 |
Tronox Holdings PLC | 20,393 | 289 |
10,860 | ||
Commercial Services & Supplies – 1.7% | ||
ABM Industries, Inc. | 12,846 | 576 |
ACCO Brands Corp. | 20,519 | 125 |
ACV Auctions, Inc., Class A* | 21,700 | 329 |
ARC Document Solutions, Inc. | 7,087 | 23 |
Brady Corp., Class A | 9,873 | 579 |
Brink's (The) Co. | 9,348 | 822 |
Casella Waste Systems, Inc., Class A* | 8,429 | 720 |
CECO Environmental Corp.* | 2,043 | 41 |
Cimpress PLC* | 5,146 | 412 |
Civeo Corp. | 306 | 7 |
CompX International, Inc. | 2,952 | 75 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Commercial Services & Supplies – 1.7%continued | ||
CoreCivic, Inc.* | 21,210 | $308 |
Deluxe Corp. | 8,605 | 185 |
Ennis, Inc. | 6,193 | 136 |
HNI Corp. | 9,134 | 382 |
Interface, Inc. | 9,001 | 114 |
Liquidity Services, Inc.* | 4,841 | 83 |
Matthews International Corp., Class A | 7,118 | 261 |
MillerKnoll, Inc. | 16,349 | 436 |
NL Industries, Inc. | 8,463 | 47 |
Odyssey Marine Exploration, Inc.* | 377 | 2 |
OPENLANE, Inc.* | 25,152 | 372 |
Perma-Fix Environmental Services, Inc.* | 1,434 | 11 |
Pitney Bowes, Inc. | 28,768 | 127 |
Quad/Graphics, Inc.* | 2,395 | 13 |
SP Plus Corp.* | 5,046 | 259 |
Steelcase, Inc., Class A | 18,977 | 257 |
UniFirst Corp. | 2,950 | 540 |
Viad Corp.* | 4,178 | 151 |
Virco Mfg. Corp. | 4,606 | 55 |
VSE Corp. | 4,661 | 301 |
7,749 | ||
Communications Equipment – 0.7% | ||
ADTRAN Holdings, Inc. | 9,255 | 68 |
Applied Optoelectronics, Inc.* | 8,255 | 159 |
Aviat Networks, Inc.* | 2,961 | 97 |
BK Technologies Corp.* | 367 | 5 |
Calix, Inc.* | 8,933 | 390 |
Clearfield, Inc.* | 4,804 | 140 |
CommScope Holding Co., Inc.* | 35,482 | 100 |
Comtech Telecommunications Corp. | 7,611 | 64 |
Digi International, Inc.* | 10,554 | 274 |
DZS, Inc.* | 670 | 1 |
Extreme Networks, Inc.* | 20,110 | 355 |
Harmonic, Inc.* | 18,567 | 242 |
Ituran Location and Control Ltd. | 4,023 | 110 |
KVH Industries, Inc.* | 8,079 | 43 |
Lumentum Holdings, Inc.* | 11,700 | 613 |
NETGEAR, Inc.* | 5,911 | 86 |
NetScout Systems, Inc.* | 14,342 | 315 |
Ribbon Communications, Inc.* | 4,866 | 14 |
Viavi Solutions, Inc.* | 37,937 | 382 |
3,458 |
NORTHERN FUNDS QUARTERLY
REPORT 114 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Construction & Engineering – 1.8% | ||
API Group Corp.* | 31,044 | $1,074 |
Arcosa, Inc. | 10,720 | 886 |
Argan, Inc. | 3,568 | 167 |
Comfort Systems U.S.A., Inc. | 9,510 | 1,956 |
Dycom Industries, Inc.* | 5,741 | 661 |
Fluor Corp.* | 27,256 | 1,068 |
Granite Construction, Inc. | 10,722 | 545 |
Great Lakes Dredge & Dock Corp.* | 8,219 | 63 |
IES Holdings, Inc.* | 1,656 | 131 |
INNOVATE Corp.* | 1,551 | 2 |
Matrix Service Co.* | 10,608 | 104 |
MYR Group, Inc.* | 3,129 | 453 |
Northwest Pipe Co.* | 5,173 | 156 |
Orion Group Holdings, Inc.* | 2,825 | 14 |
Primoris Services Corp. | 5,846 | 194 |
Sterling Infrastructure, Inc.* | 7,736 | 680 |
Tutor Perini Corp.* | 5,422 | 49 |
8,203 | ||
Construction Materials – 0.3% | ||
Summit Materials, Inc., Class A* | 25,849 | 994 |
United States Lime & Minerals, Inc. | 1,317 | 304 |
1,298 | ||
Consumer Finance – 0.9% | ||
Atlanticus Holdings Corp.* | 1,345 | 52 |
Curo Group Holdings Corp.(1) * | 193 | — |
Encore Capital Group, Inc.* | 6,669 | 338 |
Enova International, Inc.* | 4,784 | 265 |
EZCORP, Inc., Class A* | 7,224 | 63 |
FirstCash Holdings, Inc. | 8,083 | 876 |
Green Dot Corp., Class A* | 10,950 | 108 |
LendingClub Corp.* | 8,598 | 75 |
Medallion Financial Corp. | 1,166 | 12 |
Navient Corp. | 32,833 | 611 |
Nelnet, Inc., Class A | 6,632 | 585 |
PRA Group, Inc.* | 9,935 | 260 |
PROG Holdings, Inc.* | 14,061 | 435 |
Upstart Holdings, Inc.* | 11,100 | 454 |
World Acceptance Corp.* | 1,712 | 224 |
4,358 | ||
Consumer Staples Distribution & Retail – 0.7% | ||
Andersons (The), Inc. | 3,897 | 224 |
Chefs' Warehouse (The), Inc.* | 3,129 | 92 |
Grocery Outlet Holding Corp.* | 14,534 | 392 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Consumer Staples Distribution & Retail – 0.7%continued | ||
Ingles Markets, Inc., Class A | 5,441 | $470 |
Natural Grocers by Vitamin Cottage, Inc. | 1,755 | 28 |
PriceSmart, Inc. | 4,074 | 309 |
Rite Aid Corp.* | 9,010 | 2 |
SpartanNash Co. | 6,838 | 157 |
Sprouts Farmers Market, Inc.* | 23,893 | 1,149 |
United Natural Foods, Inc.* | 8,380 | 136 |
Village Super Market, Inc., Class A | 1,860 | 49 |
Weis Markets, Inc. | 4,597 | 294 |
3,302 | ||
Containers & Packaging – 0.3% | ||
Greif, Inc., Class A | 4,786 | 314 |
Myers Industries, Inc. | 6,822 | 133 |
O-I Glass, Inc.* | 22,880 | 375 |
Silgan Holdings, Inc. | 10,976 | 497 |
TriMas Corp. | 9,336 | 236 |
1,555 | ||
Distributors – 0.0% | ||
Weyco Group, Inc. | 4,106 | 129 |
Diversified Consumer Services – 1.1% | ||
2U, Inc.* | 11,890 | 15 |
Adtalem Global Education, Inc.* | 12,470 | 735 |
American Public Education, Inc.* | 5,687 | 55 |
Duolingo, Inc.* | 5,100 | 1,157 |
Graham Holdings Co., Class B | 904 | 630 |
Grand Canyon Education, Inc.* | 7,665 | 1,012 |
Laureate Education, Inc. | 20,511 | 281 |
Perdoceo Education Corp. | 9,865 | 173 |
Strategic Education, Inc. | 4,284 | 396 |
Stride, Inc.* | 6,530 | 388 |
Universal Technical Institute, Inc.* | 3,322 | 41 |
WW International, Inc.* | 7,900 | 69 |
4,952 | ||
Diversified Real Estate Investment Trusts – 0.5% | ||
Alexander & Baldwin, Inc. | 12,659 | 241 |
American Assets Trust, Inc. | 8,499 | 191 |
Armada Hoffler Properties, Inc. | 5,916 | 73 |
Broadstone Net Lease, Inc. | 23,782 | 410 |
CTO Realty Growth, Inc. | 11,410 | 198 |
Empire State Realty Trust, Inc., Class A | 25,074 | 243 |
Essential Properties Realty Trust, Inc. | 15,628 | 399 |
Gladstone Commercial Corp. | 5,550 | 73 |
EQUITY FUNDS 115 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Diversified Real Estate Investment Trusts – 0.5%continued | ||
Global Net Lease, Inc. | 29,233 | $291 |
One Liberty Properties, Inc. | 8,239 | 181 |
2,300 | ||
Diversified Telecommunication Services – 0.5% | ||
Anterix, Inc.* | 5,005 | 167 |
ATN International, Inc. | 2,337 | 91 |
Bandwidth, Inc., Class A* | 2,992 | 43 |
Cogent Communications Holdings, Inc. | 7,494 | 570 |
Consolidated Communications Holdings, Inc.* | 14,553 | 63 |
IDT Corp., Class B* | 5,188 | 177 |
Iridium Communications, Inc. | 20,618 | 849 |
Liberty Latin America Ltd., Class C* | 16,237 | 119 |
LICT Corp.* | 7 | 127 |
Shenandoah Telecommunications Co. | 8,886 | 192 |
2,398 | ||
Electric Utilities – 0.8% | ||
ALLETE, Inc. | 11,912 | 728 |
MGE Energy, Inc. | 8,326 | 602 |
Otter Tail Corp. | 10,120 | 860 |
PNM Resources, Inc. | 14,784 | 615 |
Portland General Electric Co. | 19,517 | 846 |
3,651 | ||
Electrical Equipment – 1.2% | ||
Allient, Inc. | 4,129 | 125 |
American Superconductor Corp.* | 696 | 8 |
Array Technologies, Inc.* | 25,900 | 435 |
Atkore, Inc.* | 8,730 | 1,397 |
Babcock & Wilcox Enterprises, Inc.* | 6,843 | 10 |
Encore Wire Corp. | 3,861 | 825 |
EnerSys | 8,117 | 819 |
GrafTech International Ltd. | 29,328 | 64 |
LSI Industries, Inc. | 4,822 | 68 |
NEXTracker, Inc., Class A* | 8,500 | 398 |
Orion Energy Systems, Inc.* | 2,963 | 3 |
Powell Industries, Inc. | 4,145 | 366 |
Preformed Line Products Co. | 1,859 | 249 |
Shoals Technologies Group, Inc., Class A* | 29,300 | 455 |
Thermon Group Holdings, Inc.* | 3,280 | 107 |
TPI Composites, Inc.* | 6,081 | 25 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Electrical Equipment – 1.2%continued | ||
Ultralife Corp.* | 2,573 | $17 |
Vicor Corp.* | 5,780 | 260 |
5,631 | ||
Electronic Equipment, Instruments & Components – 3.4% | ||
Advanced Energy Industries, Inc. | 6,791 | 740 |
Arlo Technologies, Inc.* | 11,556 | 110 |
Avnet, Inc. | 15,724 | 793 |
Badger Meter, Inc. | 5,378 | 830 |
Bel Fuse, Inc., Class A | 1,647 | 106 |
Bel Fuse, Inc., Class B | 5,159 | 344 |
Belden, Inc. | 7,014 | 542 |
Benchmark Electronics, Inc. | 9,135 | 253 |
Climb Global Solutions, Inc. | 5,443 | 298 |
Crane NXT Co. | 8,200 | 466 |
CTS Corp. | 5,126 | 224 |
Daktronics, Inc.* | 7,972 | 68 |
ePlus, Inc.* | 10,255 | 819 |
Fabrinet* | 7,944 | 1,512 |
FARO Technologies, Inc.* | 3,709 | 84 |
Frequency Electronics, Inc. | 6,679 | 73 |
Hollysys Automation Technologies Ltd.* | 8,712 | 230 |
Identiv, Inc.* | 260 | 2 |
Insight Enterprises, Inc.* | 9,079 | 1,609 |
Itron, Inc.* | 8,348 | 630 |
Kimball Electronics, Inc.* | 5,059 | 136 |
Knowles Corp.* | 14,106 | 253 |
Methode Electronics, Inc. | 8,105 | 184 |
nLight, Inc.* | 12,099 | 163 |
Novanta, Inc.* | 6,962 | 1,172 |
OSI Systems, Inc.* | 5,129 | 662 |
PAR Technology Corp.* | 4,690 | 204 |
PC Connection, Inc. | 6,492 | 436 |
Plexus Corp.* | 5,889 | 637 |
Powerfleet, Inc. NJ* | 2,030 | 7 |
Rogers Corp.* | 3,422 | 452 |
Sanmina Corp.* | 12,693 | 652 |
ScanSource, Inc.* | 4,523 | 179 |
TTM Technologies, Inc.* | 16,103 | 255 |
Vishay Intertechnology, Inc. | 20,416 | 489 |
Vishay Precision Group, Inc.* | 5,648 | 192 |
15,806 | ||
Energy Equipment & Services – 2.2% | ||
Archrock, Inc. | 25,800 | 397 |
NORTHERN FUNDS QUARTERLY REPORT 116 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Energy Equipment & Services – 2.2%continued | ||
Bristow Group, Inc.* | 6,681 | $189 |
Cactus, Inc., Class A | 10,603 | 481 |
ChampionX Corp. | 36,508 | 1,066 |
DMC Global, Inc.* | 5,519 | 104 |
Dril-Quip, Inc.* | 6,216 | 145 |
ENGlobal Corp.* | 775 | 1 |
Expro Group Holdings N.V.* | 17,463 | 278 |
Forum Energy Technologies, Inc.* | 555 | 12 |
Geospace Technologies Corp.* | 6,342 | 82 |
Gulf Island Fabrication, Inc.* | 5,271 | 23 |
Helix Energy Solutions Group, Inc.* | 35,950 | 370 |
Helmerich & Payne, Inc. | 17,048 | 618 |
KLX Energy Services Holdings, Inc.* | 590 | 7 |
Liberty Energy, Inc. | 24,989 | 453 |
Mammoth Energy Services, Inc.* | 2,233 | 10 |
MIND Technology, Inc.* | 370 | 2 |
Nabors Industries Ltd.* | 1,755 | 143 |
Natural Gas Services Group, Inc.* | 3,731 | 60 |
Newpark Resources, Inc.* | 14,371 | 95 |
Next Bridge Hydrocarbons, Inc.(1) (2) (3) * | 2,700 | — |
Nine Energy Service, Inc.* | 2,833 | 8 |
Noble Corp. PLC | 20,075 | 967 |
Oceaneering International, Inc.* | 17,547 | 373 |
Oil States International, Inc.* | 6,147 | 42 |
Patterson-UTI Energy, Inc. | 61,311 | 662 |
ProPetro Holding Corp.* | 10,571 | 89 |
SEACOR Marine Holdings, Inc.* | 10,551 | 133 |
Solaris Oilfield Infrastructure, Inc., Class A | 5,362 | 43 |
TETRA Technologies, Inc.* | 11,964 | 54 |
Tidewater, Inc.* | 9,210 | 664 |
Transocean Ltd.* | 94,479 | 600 |
U.S. Silica Holdings, Inc.* | 8,927 | 101 |
Valaris Ltd.* | 10,602 | 727 |
Weatherford International PLC* | 11,600 | 1,135 |
10,134 | ||
Entertainment – 0.3% | ||
Atlanta Braves Holdings, Inc., ClassC* | 20,273 | 802 |
IMAX Corp.* | 6,562 | 99 |
Madison Square Garden Entertainment Corp.* | 4,215 | 134 |
Marcus (The) Corp. | 5,193 | 76 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Entertainment – 0.3%continued | ||
Reading International, Inc., Class A* | 4,201 | $8 |
Sphere Entertainment Co.* | 4,215 | 143 |
1,262 | ||
Financial Services – 2.2% | ||
Acacia Research Corp.* | 7,413 | 29 |
A-Mark Precious Metals, Inc. | 9,618 | 291 |
Banco Latinoamericano de Comercio Exterior S.A., Class E | 8,816 | 218 |
BM Technologies, Inc.* | 1,134 | 2 |
California First Leasing Corp.* | 1,510 | 25 |
Cannae Holdings, Inc.* | 13,633 | 266 |
Cass Information Systems, Inc. | 2,156 | 97 |
Enact Holdings, Inc. | 21,900 | 633 |
Essent Group Ltd. | 19,248 | 1,015 |
EVERTEC, Inc. | 11,024 | 451 |
Federal Agricultural Mortgage Corp., Class C | 1,249 | 239 |
Flywire Corp.* | 14,900 | 345 |
I3 Verticals, Inc., Class A* | 3,838 | 81 |
Jackson Financial, Inc., Class A | 11,512 | 589 |
Lesaka Technologies, Inc.* | 5,996 | 19 |
Marqeta, Inc., Class A* | 66,765 | 466 |
Mr Cooper Group, Inc.* | 10,820 | 705 |
NCR Atleos Corp.* | 10,032 | 244 |
NMI Holdings, Inc., Class A* | 12,143 | 360 |
Ocwen Financial Corp.* | 25 | 1 |
Pagseguro Digital Ltd., Class A* | 43,700 | 545 |
Paymentus Holdings, Inc., Class A* | 19,600 | 350 |
PennyMac Financial Services, Inc. | 6,490 | 574 |
Radian Group, Inc. | 33,612 | 960 |
Security National Financial Corp., Class A* | 8,012 | 72 |
StoneCo Ltd., Class A* | 42,100 | 759 |
Walker & Dunlop, Inc. | 7,748 | 860 |
Waterstone Financial, Inc. | 4,897 | 70 |
10,266 | ||
Food Products – 1.0% | ||
Alico, Inc. | 6,072 | 177 |
B&G Foods, Inc. | 13,065 | 137 |
Bridgford Foods Corp.* | 5,585 | 61 |
Calavo Growers, Inc. | 2,955 | 87 |
Cal-Maine Foods, Inc. | 7,286 | 418 |
Farmer Bros. Co.* | 4,093 | 13 |
Fresh Del Monte Produce, Inc. | 5,851 | 154 |
EQUITY FUNDS 117 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Food Products – 1.0%continued | ||
Hain Celestial Group (The), Inc.* | 14,002 | $153 |
J&J Snack Foods Corp. | 3,493 | 584 |
John B. Sanfilippo & Son, Inc. | 1,342 | 138 |
Lancaster Colony Corp. | 3,846 | 640 |
Lifeway Foods, Inc.* | 2,244 | 30 |
Limoneira Co. | 2,794 | 58 |
Nomad Foods Ltd.* | 29,834 | 506 |
Seneca Foods Corp., Class A* | 5,077 | 266 |
Simply Good Foods (The) Co.* | 16,085 | 637 |
Tootsie Roll Industries, Inc. | 10,906 | 362 |
TreeHouse Foods, Inc.* | 8,618 | 357 |
4,778 | ||
Gas Utilities – 0.9% | ||
Chesapeake Utilities Corp. | 4,365 | 461 |
New Jersey Resources Corp. | 19,684 | 878 |
Northwest Natural Holding Co. | 7,551 | 294 |
ONE Gas, Inc. | 15,178 | 967 |
RGC Resources, Inc. | 1,688 | 34 |
Southwest Gas Holdings, Inc. | 11,425 | 724 |
Spire, Inc. | 11,153 | 695 |
4,053 | ||
Ground Transportation – 0.4% | ||
ArcBest Corp. | 5,074 | 610 |
Covenant Logistics Group, Inc. | 4,573 | 211 |
Heartland Express, Inc. | 15,041 | 214 |
Marten Transport Ltd. | 10,532 | 221 |
P.A.M. Transportation Services, Inc.* | 7,575 | 157 |
Universal Logistics Holdings, Inc. | 5,328 | 149 |
Werner Enterprises, Inc. | 9,055 | 384 |
1,946 | ||
Health Care Equipment & Supplies – 3.4% | ||
Accuray, Inc.* | 11,551 | 33 |
Alphatec Holdings, Inc.* | 17,593 | 266 |
AngioDynamics, Inc.* | 10,315 | 81 |
Apyx Medical Corp.* | 4,122 | 11 |
Artivion, Inc.* | 9,927 | 177 |
AtriCure, Inc.* | 10,472 | 374 |
Atrion Corp. | 247 | 94 |
Avanos Medical, Inc.* | 11,909 | 267 |
Axogen, Inc.* | 9,884 | 67 |
Axonics, Inc.* | 7,660 | 477 |
Beyond Air, Inc.* | 13,973 | 27 |
BioSig Technologies, Inc.* | 9,286 | 4 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Health Care Equipment & Supplies – 3.4%continued | ||
Bioventus, Inc., Class A* | 6,777 | $36 |
Cerus Corp.* | 47,049 | 102 |
CONMED Corp. | 5,697 | 624 |
Cutera, Inc.* | 7,790 | 27 |
Daxor Corp.(1) * | 37 | — |
Electromed, Inc.* | 6,224 | 68 |
Embecta Corp. | 9,610 | 182 |
Enovis Corp.* | 8,026 | 450 |
Establishment Labs Holdings, Inc.* | 5,206 | 135 |
FONAR Corp.* | 9,083 | 178 |
Glaukos Corp.* | 7,153 | 569 |
Globus Medical, Inc., Class A* | 6,674 | 356 |
Haemonetics Corp.* | 8,079 | 691 |
ICU Medical, Inc.* | 3,300 | 329 |
Inari Medical, Inc.* | 8,600 | 558 |
Inmode Ltd.* | 12,579 | 280 |
Inogen, Inc.* | 2,703 | 15 |
Inspire Medical Systems, Inc.* | 4,711 | 958 |
Integer Holdings Corp.* | 7,708 | 764 |
iRadimed Corp. | 6,572 | 312 |
Kewaunee Scientific Corp.* | 2,472 | 72 |
Lantheus Holdings, Inc.* | 13,142 | 815 |
LeMaitre Vascular, Inc. | 10,101 | 573 |
LENSAR, Inc.* | 1,867 | 7 |
LivaNova PLC* | 10,063 | 521 |
Merit Medical Systems, Inc.* | 12,459 | 946 |
Neogen Corp.* | 36,017 | 724 |
Nevro Corp.* | 11,881 | 256 |
Omnicell, Inc.* | 9,341 | 351 |
OraSure Technologies, Inc.* | 18,886 | 155 |
Orthofix Medical, Inc.* | 14,025 | 189 |
OrthoPediatrics Corp.* | 2,983 | 97 |
Pro-Dex, Inc.* | 5,477 | 95 |
Pulse Biosciences, Inc.* | 18,445 | 226 |
Retractable Technologies, Inc.* | 16,526 | 18 |
Semler Scientific, Inc.* | 4,393 | 195 |
SI-BONE, Inc.* | 5,669 | 119 |
Sientra, Inc.(1) * | 11 | — |
STAAR Surgical Co.* | 8,647 | 270 |
Stereotaxis, Inc.* | 818 | 1 |
Surmodics, Inc.* | 4,874 | 177 |
Tactile Systems Technology, Inc.* | 2,763 | 39 |
UFP Technologies, Inc.* | 3,672 | 632 |
Utah Medical Products, Inc. | 2,974 | 250 |
NORTHERN FUNDS QUARTERLY REPORT 118 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Health Care Equipment & Supplies – 3.4%continued | ||
Varex Imaging Corp.* | 11,327 | $232 |
Zynex, Inc.* | 9,748 | 106 |
15,578 | ||
Health Care Providers & Services – 2.9% | ||
AdaptHealth Corp.* | 11,465 | 84 |
Addus HomeCare Corp.* | 4,007 | 372 |
Agiliti, Inc.* | 18,800 | 149 |
Amedisys, Inc.* | 5,150 | 490 |
AMN Healthcare Services, Inc.* | 10,081 | 755 |
Apollo Medical Holdings, Inc.* | 9,723 | 372 |
Brookdale Senior Living, Inc.* | 39,872 | 232 |
CareMax, Inc.* | 12,873 | 6 |
Castle Biosciences, Inc.* | 2,638 | 57 |
Community Health Systems, Inc.* | 20,665 | 65 |
CorVel Corp.* | 4,986 | 1,233 |
Cross Country Healthcare, Inc.* | 13,265 | 300 |
Cryo-Cell International, Inc.* | 750 | 4 |
DocGo, Inc.* | 12,475 | 70 |
Ensign Group (The), Inc. | 12,665 | 1,421 |
Enzo Biochem, Inc.* | 15,550 | 22 |
Fulgent Genetics, Inc.* | 5,871 | 170 |
Great Elm Group, Inc.* | 1,997 | 4 |
HealthEquity, Inc.* | 12,771 | 847 |
Joint (The) Corp.* | 3,792 | 36 |
LifeStance Health Group, Inc.* | 52,600 | 412 |
ModivCare, Inc.* | 3,422 | 150 |
National HealthCare Corp. | 4,097 | 379 |
National Research Corp. | 3,334 | 132 |
NeoGenomics, Inc.* | 20,065 | 325 |
OPKO Health, Inc.* | 88,752 | 134 |
Option Care Health, Inc.* | 27,835 | 938 |
Owens & Minor, Inc.* | 10,036 | 193 |
Patterson Cos., Inc. | 21,909 | 623 |
Pennant Group (The), Inc.* | 5,304 | 74 |
PetIQ, Inc.* | 7,064 | 139 |
Premier, Inc., Class A | 19,600 | 438 |
Privia Health Group, Inc.* | 16,100 | 371 |
Progyny, Inc.* | 10,437 | 388 |
R1 RCM, Inc.* | 19,766 | 209 |
RadNet, Inc.* | 10,255 | 357 |
Select Medical Holdings Corp. | 24,275 | 570 |
Sonida Senior Living, Inc.* | 345 | 3 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Health Care Providers & Services – 2.9%continued | ||
Surgery Partners, Inc.* | 12,052 | $386 |
U.S. Physical Therapy, Inc. | 3,344 | 311 |
13,221 | ||
Health Care Real Estate Investment Trusts – 0.5% | ||
CareTrust REIT, Inc. | 17,521 | 392 |
Community Healthcare Trust, Inc. | 3,869 | 103 |
Diversified Healthcare Trust | 36,640 | 137 |
Global Medical REIT, Inc. | 9,651 | 107 |
LTC Properties, Inc. | 7,185 | 231 |
National Health Investors, Inc. | 8,330 | 465 |
Physicians Realty Trust | 36,811 | 490 |
Sabra Health Care REIT, Inc. | 37,934 | 542 |
2,467 | ||
Health Care Technology – 0.6% | ||
American Well Corp., Class A* | 32,363 | 48 |
CareCloud, Inc.* | 13,336 | 20 |
Certara, Inc.* | 18,709 | 329 |
Computer Programs and Systems, Inc.* | 8,689 | 97 |
Evolent Health, Inc., Class A* | 21,670 | 716 |
GoodRx Holdings, Inc., Class A* | 66,000 | 442 |
HealthStream, Inc. | 5,846 | 158 |
Multiplan Corp.* | 63,759 | 92 |
OptimizeRx Corp.* | 5,159 | 74 |
Schrodinger, Inc.* | 10,000 | 358 |
Simulations Plus, Inc. | 4,611 | 207 |
Veradigm, Inc.* | 35,303 | 370 |
2,911 | ||
Hotel & Resort Real Estate Investment Trusts – 1.0% | ||
Apple Hospitality REIT, Inc. | 38,973 | 647 |
Braemar Hotels & Resorts, Inc. | 13,844 | 35 |
Chatham Lodging Trust | 6,865 | 74 |
DiamondRock Hospitality Co. | 42,698 | 401 |
Park Hotels & Resorts, Inc. | 39,372 | 602 |
Pebblebrook Hotel Trust | 23,864 | 381 |
RLJ Lodging Trust | 34,101 | 400 |
Ryman Hospitality Properties, Inc. | 9,086 | 1,000 |
Service Properties Trust | 30,317 | 259 |
Sotherly Hotels, Inc.* | 2,334 | 3 |
Summit Hotel Properties, Inc. | 13,325 | 89 |
Sunstone Hotel Investors, Inc. | 41,741 | 448 |
Xenia Hotels & Resorts, Inc. | 20,751 | 283 |
4,622 |
EQUITY FUNDS 119 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Hotels, Restaurants & Leisure – 2.2% | ||
Arcos Dorados Holdings, Inc., Class A | 36,820 | $467 |
Biglari Holdings, Inc., Class B* | 810 | 134 |
BJ's Restaurants, Inc.* | 5,529 | 199 |
Bloomin' Brands, Inc. | 13,900 | 391 |
Brinker International, Inc.* | 5,700 | 246 |
Canterbury Park Holding Corp. | 1,418 | 29 |
Carrols Restaurant Group, Inc. | 6,821 | 54 |
Chuy's Holdings, Inc.* | 4,380 | 167 |
Cracker Barrel Old Country Store, Inc. | 4,801 | 370 |
Dave & Buster's Entertainment, Inc.* | 10,759 | 579 |
Denny's Corp.* | 14,497 | 158 |
Dine Brands Global, Inc. | 3,158 | 157 |
Dutch Bros., Inc., Class A* | 11,400 | 361 |
El Pollo Loco Holdings, Inc.(1) * | 15 | — |
Everi Holdings, Inc.* | 14,612 | 165 |
Golden Entertainment, Inc. | 717 | 29 |
Hilton Grand Vacations, Inc.* | 13,783 | 554 |
International Game Technology PLC | 15,464 | 424 |
Jack in the Box, Inc. | 4,152 | 339 |
Light & Wonder, Inc.* | 16,082 | 1,320 |
Monarch Casino & Resort, Inc. | 1,545 | 107 |
Nathan's Famous, Inc. | 1,574 | 123 |
Papa John's International, Inc. | 4,999 | 381 |
Red Robin Gourmet Burgers, Inc.* | 4,349 | 54 |
Red Rock Resorts, Inc., Class A | 12,252 | 653 |
Shake Shack, Inc., Class A* | 4,941 | 366 |
Texas Roadhouse, Inc. | 12,826 | 1,568 |
Town Sports International Holdings, Inc.(2) * | 1,105 | — |
Travel + Leisure Co. | 15,020 | 587 |
9,982 | ||
Household Durables – 2.2% | ||
Beazer Homes U.S.A., Inc.* | 5,126 | 173 |
Cavco Industries, Inc.* | 1,903 | 660 |
Century Communities, Inc. | 3,677 | 335 |
Ethan Allen Interiors, Inc. | 5,251 | 168 |
Flexsteel Industries, Inc. | 4,401 | 83 |
GoPro, Inc., Class A* | 15,437 | 54 |
Hamilton Beach Brands Holding Co., Class A | 2,865 | 50 |
Hooker Furnishings Corp. | 1,641 | 43 |
Hovnanian Enterprises, Inc., Class A* | 350 | 54 |
Installed Building Products, Inc. | 4,667 | 853 |
iRobot Corp.* | 5,549 | 215 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Household Durables – 2.2%continued | ||
KB Home | 15,811 | $988 |
La-Z-Boy, Inc. | 9,318 | 344 |
Lifetime Brands, Inc. | 587 | 4 |
M/I Homes, Inc.* | 4,222 | 581 |
MDC Holdings, Inc. | 11,304 | 625 |
Meritage Homes Corp. | 6,684 | 1,164 |
Nobility Homes, Inc. | 849 | 29 |
Skyline Champion Corp.* | 9,974 | 741 |
Sonos, Inc.* | 16,531 | 283 |
Taylor Morrison Home Corp.* | 23,275 | 1,242 |
Tri Pointe Homes, Inc.* | 22,494 | 796 |
Universal Electronics, Inc.* | 3,848 | 36 |
VOXX International Corp.* | 3,638 | 39 |
Worthington Enterprises, Inc. | 12,047 | 693 |
10,253 | ||
Household Products – 0.5% | ||
Central Garden & Pet Co., Class A* | 7,507 | 331 |
Energizer Holdings, Inc. | 11,229 | 356 |
Oil-Dri Corp. of America | 4,005 | 269 |
Spectrum Brands Holdings, Inc. | 6,900 | 550 |
WD-40 Co. | 2,600 | 621 |
2,127 | ||
Independent Power & Renewable Electricity Producers – 0.2% | ||
Clearway Energy, Inc., Class A | 1,719 | 44 |
Clearway Energy, Inc., Class C | 16,720 | 459 |
Ormat Technologies, Inc. | 8,328 | 631 |
1,134 | ||
Industrial Real Estate Investment Trusts – 0.6% | ||
Industrial Logistics Properties Trust | 10,873 | 51 |
Innovative Industrial Properties, Inc. | 4,800 | 484 |
LXP Industrial Trust | 41,933 | 416 |
Plymouth Industrial REIT, Inc. | 5,058 | 122 |
STAG Industrial, Inc. | 27,757 | 1,090 |
Terreno Realty Corp. | 12,782 | 801 |
2,964 | ||
Insurance – 2.5% | ||
Ambac Financial Group, Inc.* | 6,406 | 106 |
American Coastal Insurance Corp.* | 4,767 | 45 |
American Equity Investment Life Holding Co.* | 20,702 | 1,155 |
AMERISAFE, Inc. | 3,696 | 173 |
Assured Guaranty Ltd. | 10,702 | 801 |
Atlantic American Corp. | 6,583 | 16 |
NORTHERN FUNDS QUARTERLY REPORT 120 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Insurance – 2.5%continued | ||
Brighthouse Financial, Inc.* | 12,683 | $671 |
Citizens, Inc.* | 6,123 | 16 |
CNO Financial Group, Inc. | 40,668 | 1,135 |
Donegal Group, Inc., Class A | 5,336 | 75 |
Employers Holdings, Inc. | 9,062 | 357 |
Enstar Group Ltd.* | 1,712 | 504 |
F&G Annuities & Life, Inc. | 17,000 | 782 |
Genworth Financial, Inc., Class A* | 69,798 | 466 |
Greenlight Capital Re Ltd., Class A* | 13,849 | 158 |
Investors Title Co. | 684 | 111 |
Kansas City Life Insurance Co. | 1,810 | 63 |
Kemper Corp. | 9,845 | 479 |
Maiden Holdings Ltd.* | 5,035 | 12 |
MBIA, Inc.* | 18,710 | 114 |
Mercury General Corp. | 4,228 | 158 |
National Western Life Group, Inc., Class A | 1,099 | 531 |
ProAssurance Corp. | 13,230 | 182 |
RLI Corp. | 8,024 | 1,068 |
Safety Insurance Group, Inc. | 2,420 | 184 |
Selective Insurance Group, Inc. | 10,722 | 1,067 |
SiriusPoint Ltd.* | 13,161 | 153 |
Stewart Information Services Corp. | 2,999 | 176 |
United Fire Group, Inc. | 4,371 | 88 |
Universal Insurance Holdings, Inc. | 4,645 | 74 |
White Mountains Insurance Group Ltd. | 450 | 677 |
11,597 | ||
Interactive Media & Services – 0.7% | ||
Angi, Inc.* | 83,590 | 208 |
Bumble, Inc., Class A* | 14,235 | 210 |
Cargurus, Inc.* | 15,111 | 365 |
Cars.com, Inc.* | 10,506 | 199 |
EverQuote, Inc., Class A* | 4,607 | 56 |
QuinStreet, Inc.* | 16,414 | 210 |
Shutterstock, Inc. | 3,768 | 182 |
Travelzoo* | 5,295 | 51 |
TripAdvisor, Inc.* | 16,964 | 365 |
Yelp, Inc.* | 15,222 | 721 |
Ziff Davis, Inc.* | 8,479 | 570 |
ZipRecruiter, Inc., Class A* | 13,176 | 183 |
3,320 | ||
IT Services – 0.6% | ||
Alithya Group, Inc., Class A* | 5,632 | 7 |
Brightcove, Inc.* | 9,154 | 24 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
IT Services – 0.6%continued | ||
CSP, Inc. | 1,379 | $28 |
Fastly, Inc., Class A* | 20,100 | 358 |
Hackett Group (The), Inc. | 7,274 | 166 |
Information Services Group, Inc. | 4,074 | 19 |
Kyndryl Holdings, Inc.* | 35,100 | 729 |
Perficient, Inc.* | 8,073 | 531 |
Tucows, Inc., Class A* | 1,685 | 45 |
Unisys Corp.* | 6,134 | 34 |
Wix.com Ltd.* | 8,328 | 1,025 |
2,966 | ||
Leisure Products – 0.3% | ||
Acushnet Holdings Corp. | 6,294 | 398 |
American Outdoor Brands, Inc.* | 2,625 | 22 |
Clarus Corp. | 5,350 | 37 |
Escalade, Inc. | 5,150 | 103 |
JAKKS Pacific, Inc.* | 577 | 20 |
Johnson Outdoors, Inc., Class A | 3,310 | 177 |
Malibu Boats, Inc., Class A* | 3,775 | 207 |
Marine Products Corp. | 7,360 | 84 |
Sturm Ruger & Co., Inc. | 2,744 | 125 |
Topgolf Callaway Brands Corp.* | 15,867 | 227 |
1,400 | ||
Life Sciences Tools & Services – 0.4% | ||
Alpha Teknova, Inc.* | 2,804 | 10 |
Azenta, Inc.* | 12,306 | 802 |
BioLife Solutions, Inc.* | 10,242 | 166 |
Champions Oncology, Inc.* | 6,756 | 37 |
Codexis, Inc.* | 9,887 | 30 |
CryoPort, Inc.* | 5,879 | 91 |
Harvard Bioscience, Inc.* | 25,069 | 134 |
Lifecore Biomedical, Inc.* | 4,362 | 27 |
Maravai LifeSciences Holdings, Inc., Class A* | 17,419 | 114 |
Mesa Laboratories, Inc. | 771 | 81 |
Nautilus Biotechnology, Inc.* | 19,833 | 59 |
OmniAb, Inc.* | 22,228 | 137 |
Personalis, Inc.* | 7,474 | 16 |
Quanterix Corp.* | 4,200 | 115 |
Standard BioTools, Inc.* | 16,964 | 38 |
1,857 | ||
Machinery – 3.9% | ||
Alamo Group, Inc. | 2,218 | 466 |
Albany International Corp., Class A | 6,090 | 598 |
EQUITY FUNDS 121 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Machinery – 3.9%continued | ||
Astec Industries, Inc. | 5,443 | $203 |
Barnes Group, Inc. | 11,111 | 363 |
Columbus McKinnon Corp. | 3,238 | 126 |
Conrad Industries, Inc.* | 100 | 1 |
Douglas Dynamics, Inc. | 4,284 | 127 |
Eastern (The) Co. | 1,646 | 36 |
Enerpac Tool Group Corp. | 12,059 | 375 |
Enpro, Inc. | 3,675 | 576 |
Esab Corp. | 8,634 | 748 |
ESCO Technologies, Inc. | 5,557 | 650 |
Federal Signal Corp. | 15,155 | 1,163 |
Franklin Electric Co., Inc. | 9,027 | 872 |
FreightCar America, Inc.* | 1,784 | 5 |
Gorman-Rupp (The) Co. | 6,209 | 221 |
Graham Corp.* | 4,347 | 83 |
Greenbrier (The) Cos., Inc. | 4,822 | 213 |
Helios Technologies, Inc. | 3,771 | 171 |
Hillenbrand, Inc. | 14,586 | 698 |
Hurco Cos., Inc. | 1,724 | 37 |
Hyster-Yale Materials Handling, Inc. | 3,571 | 222 |
John Bean Technologies Corp. | 6,121 | 609 |
Kadant, Inc. | 1,916 | 537 |
Kennametal, Inc. | 16,861 | 435 |
L.B. Foster Co., Class A* | 2,046 | 45 |
Lindsay Corp. | 2,072 | 268 |
Miller Industries, Inc. | 3,148 | 133 |
Mueller Industries, Inc. | 22,384 | 1,055 |
Mueller Water Products, Inc., Class A | 32,132 | 463 |
Omega Flex, Inc. | 1,609 | 113 |
Proto Labs, Inc.* | 5,111 | 199 |
RBC Bearings, Inc.* | 4,960 | 1,413 |
Shyft Group (The), Inc. | 3,464 | 42 |
SPX Technologies, Inc.* | 10,224 | 1,033 |
Standex International Corp. | 3,929 | 622 |
Stratasys Ltd.* | 8,886 | 127 |
Taylor Devices, Inc.* | 1,387 | 31 |
Tennant Co. | 3,864 | 358 |
Terex Corp. | 10,720 | 616 |
Titan International, Inc.* | 11,865 | 177 |
Trinity Industries, Inc. | 18,066 | 480 |
Twin Disc, Inc. | 3,295 | 53 |
Wabash National Corp. | 6,370 | 163 |
Watts Water Technologies, Inc., Class A | 5,778 | 1,204 |
18,130 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Marine Transportation – 0.5% | ||
Golden Ocean Group Ltd. | 21,641 | $211 |
Kirby Corp.* | 10,304 | 809 |
Matson, Inc. | 9,901 | 1,085 |
Star Bulk Carriers Corp. | 19,675 | 418 |
2,523 | ||
Media – 0.5% | ||
AMC Networks, Inc., Class A* | 7,507 | 141 |
Boston Omaha Corp., Class A(1) * | 1 | — |
Cumulus Media, Inc., Class A* | 6,290 | 33 |
Daily Journal Corp.* | 329 | 112 |
Emerald Holding, Inc.* | 9,135 | 54 |
EW Scripps (The) Co., Class A* | 9,608 | 77 |
Gannett Co., Inc.* | 22,903 | 53 |
Gray Television, Inc. | 22,400 | 201 |
Harte Hanks, Inc.* | 929 | 6 |
iHeartMedia, Inc., Class A* | 18,232 | 49 |
John Wiley & Sons, Inc., Class A | 9,086 | 288 |
Magnite, Inc.* | 11,459 | 107 |
Marchex, Inc., Class B* | 8,009 | 11 |
Saga Communications, Inc., Class A | 1,380 | 31 |
Scholastic Corp. | 6,760 | 255 |
Sinclair, Inc. | 10,802 | 141 |
TechTarget, Inc.* | 4,137 | 144 |
TEGNA, Inc. | 39,078 | 598 |
2,301 | ||
Metals & Mining – 1.9% | ||
Alpha Metallurgical Resources, Inc. | 4,284 | 1,452 |
Ampco-Pittsburgh Corp.* | 2,028 | 6 |
Arch Resources, Inc. | 2,360 | 392 |
Ascent Industries Co.* | 108 | 1 |
ATI, Inc.* | 23,900 | 1,087 |
Carpenter Technology Corp. | 10,816 | 766 |
Coeur Mining, Inc.* | 45,552 | 148 |
Commercial Metals Co. | 22,366 | 1,119 |
Constellium S.E.* | 26,118 | 521 |
Contango ORE, Inc.* | 272 | 5 |
Fortitude Gold Corp. | 4,544 | 27 |
Haynes International, Inc. | 2,238 | 128 |
Hecla Mining Co. | 93,338 | 449 |
Kaiser Aluminum Corp. | 2,987 | 213 |
Materion Corp. | 6,677 | 869 |
Olympic Steel, Inc. | 3,220 | 215 |
Piedmont Lithium, Inc.* | 1,820 | 51 |
NORTHERN FUNDS QUARTERLY
REPORT 122 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Metals & Mining – 1.9%continued | ||
Schnitzer Steel Industries, Inc., Class A | 2,904 | $88 |
SunCoke Energy, Inc. | 2,592 | 28 |
Tredegar Corp. | 6,616 | 36 |
Universal Stainless & Alloy Products, Inc.* | 3,404 | 68 |
Warrior Met Coal, Inc. | 11,506 | 701 |
Worthington Steel, Inc.* | 12,047 | 338 |
8,708 | ||
Mortgage Real Estate Investment Trusts – 0.6% | ||
ACRES Commercial Realty Corp.* | 3,111 | 30 |
AG Mortgage Investment Trust, Inc. | 2,481 | 16 |
Apollo Commercial Real Estate Finance, Inc. | 32,327 | 379 |
Arbor Realty Trust, Inc. | 24,485 | 372 |
ARMOUR Residential REIT, Inc. | 1,477 | 29 |
Blackstone Mortgage Trust, Inc., Class A | 25,379 | 540 |
BrightSpire Capital, Inc. | 11,779 | 88 |
Cherry Hill Mortgage Investment Corp. | 4,069 | 16 |
Dynex Capital, Inc. | 3,601 | 45 |
Ellington Financial, Inc. | 1,444 | 18 |
Ellington Residential Mortgage REIT | 4,656 | 29 |
Franklin BSP Realty Trust, Inc. | 8,320 | 112 |
Granite Point Mortgage Trust, Inc. | 6,031 | 36 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 12,300 | 339 |
Invesco Mortgage Capital, Inc. | 2,291 | 20 |
Ladder Capital Corp. | 27,287 | 314 |
New York Mortgage Trust, Inc. | 10,850 | 93 |
Orchid Island Capital, Inc. | 1,187 | 10 |
Ready Capital Corp. | 4,882 | 50 |
Redwood Trust, Inc. | 11,513 | 85 |
Two Harbors Investment Corp. | 8,447 | 118 |
2,739 | ||
Multi-Utilities – 0.4% | ||
Avista Corp. | 13,579 | 485 |
Black Hills Corp. | 12,600 | 680 |
Northwestern Energy Group, Inc. | 11,190 | 569 |
Unitil Corp. | 3,611 | 190 |
1,924 | ||
Office Real Estate Investment Trusts – 0.7% | ||
Brandywine Realty Trust | 32,018 | 173 |
City Office REIT, Inc. | 13,469 | 82 |
COPT Defense Properties | 18,894 | 484 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Office Real Estate Investment Trusts – 0.7%continued | ||
Creative Media & Community Trust Corp. | 934 | $4 |
Douglas Emmett, Inc. | 28,500 | 413 |
Easterly Government Properties, Inc. | 15,210 | 204 |
Equity Commonwealth | 19,688 | 378 |
Franklin Street Properties Corp. | 15,838 | 41 |
Highwoods Properties, Inc. | 18,200 | 418 |
Hudson Pacific Properties, Inc. | 24,706 | 230 |
Paramount Group, Inc. | 33,701 | 174 |
Piedmont Office Realty Trust, Inc., Class A | 22,914 | 163 |
SL Green Realty Corp. | 11,200 | 506 |
3,270 | ||
Oil, Gas & Consumable Fuels – 4.4% | ||
Adams Resources & Energy, Inc. | 4,178 | 109 |
Ardmore Shipping Corp. | 22,169 | 312 |
Baytex Energy Corp. | 38,895 | 129 |
California Resources Corp. | 13,742 | 751 |
Callon Petroleum Co.* | 4,297 | 139 |
Centrus Energy Corp., Class A* | 836 | 46 |
Chord Energy Corp. | 7,224 | 1,201 |
Civitas Resources, Inc. | 12,833 | 878 |
Clean Energy Fuels Corp.* | 14,201 | 54 |
CNX Resources Corp.* | 25,724 | 515 |
Comstock Resources, Inc. | 16,468 | 146 |
CONSOL Energy, Inc. | 6,440 | 647 |
Crescent Energy Co., Class A | 3,431 | 45 |
CVR Energy, Inc. | 7,311 | 222 |
Delek U.S. Holdings, Inc. | 11,537 | 298 |
DHT Holdings, Inc. | 28,591 | 281 |
Dorian LPG Ltd. | 729 | 32 |
Equitrans Midstream Corp. | 66,496 | 677 |
Evolution Petroleum Corp. | 17,614 | 102 |
Frontline PLC | 25,332 | 508 |
FutureFuel Corp. | 6,971 | 42 |
Golar LNG Ltd. | 22,813 | 525 |
Green Plains, Inc.* | 15,906 | 401 |
Gulfport Energy Corp.* | 1,717 | 229 |
Hallador Energy Co.* | 12,251 | 108 |
International Seaways, Inc. | 9,621 | 438 |
Kosmos Energy Ltd.* | 65,395 | 439 |
Magnolia Oil & Gas Corp., Class A | 29,811 | 635 |
Matador Resources Co. | 20,081 | 1,142 |
Murphy Oil Corp. | 26,328 | 1,123 |
EQUITY FUNDS 123 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Oil, Gas & Consumable Fuels – 4.4%continued | ||
NACCO Industries, Inc., Class A | 3,869 | $141 |
Navigator Holdings Ltd. | 12,607 | 183 |
Nordic American Tankers Ltd. | 12,347 | 52 |
Northern Oil and Gas, Inc. | 14,035 | 520 |
Par Pacific Holdings, Inc.* | 4,770 | 174 |
PBF Energy, Inc., Class A | 15,648 | 688 |
Peabody Energy Corp. | 21,062 | 512 |
Permian Resources Corp. | 62,090 | 844 |
PHX Minerals, Inc. | 6,954 | 22 |
PrimeEnergy Resources Corp.* | 1,540 | 164 |
REX American Resources Corp.* | 11,686 | 553 |
Riviera Resources, Inc.(2) * | 6,246 | — |
SandRidge Energy, Inc. | 4,615 | 63 |
Scorpio Tankers, Inc. | 12,090 | 735 |
SFL Corp. Ltd. | 19,774 | 223 |
SilverBow Resources, Inc.* | 3,101 | 90 |
Sitio Royalties Corp., Class A | 15,000 | 353 |
SM Energy Co. | 21,701 | 840 |
Talos Energy, Inc.* | 20,800 | 296 |
Teekay Corp.* | 14,628 | 105 |
Teekay Tankers Ltd., Class A | 1,797 | 90 |
Uranium Energy Corp.* | 68,183 | 436 |
VAALCO Energy, Inc. | 17,007 | 76 |
Viper Energy, Inc. | 13,300 | 417 |
Vital Energy, Inc.* | 2,769 | 126 |
Voc Energy Trust | 11,161 | 80 |
W&T Offshore, Inc. | 40,627 | 133 |
World Kinect Corp. | 11,899 | 271 |
20,361 | ||
Paper & Forest Products – 0.0% | ||
Clearwater Paper Corp.* | 3,487 | 126 |
Glatfelter Corp.* | 7,861 | 15 |
141 | ||
Passenger Airlines – 0.3% | ||
Copa Holdings S.A., Class A | 6,149 | 654 |
Hawaiian Holdings, Inc.* | 10,006 | 142 |
SkyWest, Inc.* | 11,275 | 588 |
1,384 | ||
Personal Care Products – 0.9% | ||
BellRing Brands, Inc.* | 22,415 | 1,242 |
Edgewell Personal Care Co. | 10,444 | 383 |
elf Beauty, Inc.* | 8,500 | 1,227 |
Inter Parfums, Inc. | 3,659 | 527 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Personal Care Products – 0.9%continued | ||
Medifast, Inc. | 3,789 | $255 |
Natural Alternatives International, Inc.* | 1,413 | 9 |
Nature's Sunshine Products, Inc.* | 3,580 | 62 |
Nu Skin Enterprises, Inc., Class A | 12,987 | 252 |
United-Guardian, Inc. | 502 | 4 |
USANA Health Sciences, Inc.* | 2,223 | 119 |
4,080 | ||
Pharmaceuticals – 1.5% | ||
Aclaris Therapeutics, Inc.* | 2,913 | 3 |
Amneal Pharmaceuticals, Inc.* | 38,479 | 233 |
Amphastar Pharmaceuticals, Inc.* | 10,685 | 661 |
ANI Pharmaceuticals, Inc.* | 3,544 | 195 |
Arvinas, Inc.* | 4,700 | 193 |
Assertio Holdings, Inc.* | 2,602 | 3 |
Atea Pharmaceuticals, Inc.* | 10,102 | 31 |
Axsome Therapeutics, Inc.* | 4,497 | 358 |
Cara Therapeutics, Inc.* | 10,309 | 8 |
Cassava Sciences, Inc.* | 4,800 | 108 |
Collegium Pharmaceutical, Inc.* | 15,612 | 480 |
Corcept Therapeutics, Inc.* | 28,170 | 915 |
Cumberland Pharmaceuticals, Inc.(1) * | 232 | — |
Cymabay Therapeutics, Inc.* | 11,800 | 279 |
Endo International PLC(1) * | 2,100 | — |
Enliven Therapeutics, Inc.* | 8,800 | 122 |
Esperion Therapeutics, Inc.* | 10,976 | 33 |
Fulcrum Therapeutics, Inc.* | 5,276 | 36 |
Harmony Biosciences Holdings, Inc.* | 3,546 | 114 |
Harrow, Inc.* | 15,928 | 178 |
Innoviva, Inc.* | 25,801 | 414 |
Ligand Pharmaceuticals, Inc.* | 4,573 | 327 |
Ocular Therapeutix, Inc.* | 395 | 2 |
Omeros Corp.* | 15,541 | 51 |
Optinose, Inc.(1) * | 249 | — |
Otonomy, Inc.(2) * | 400 | — |
Pacira BioSciences, Inc.* | 10,849 | 366 |
Phibro Animal Health Corp., Class A | 8,190 | 95 |
Prestige Consumer Healthcare, Inc.* | 11,659 | 714 |
Relmada Therapeutics, Inc.* | 2,076 | 9 |
scPharmaceuticals, Inc.* | 11,831 | 74 |
SIGA Technologies, Inc. | 6,742 | 38 |
Supernus Pharmaceuticals, Inc.* | 10,507 | 304 |
Theravance Biopharma, Inc.* | 9,440 | 106 |
Tilray Brands, Inc.* | 119,800 | 275 |
NORTHERN FUNDS QUARTERLY
REPORT 124 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Pharmaceuticals – 1.5%continued | ||
Verrica Pharmaceuticals, Inc.* | 7,914 | $58 |
WaVe Life Sciences Ltd.* | 7,253 | 37 |
6,820 | ||
Professional Services – 2.6% | ||
Alight, Inc., Class A* | 57,835 | 493 |
ASGN, Inc.* | 9,688 | 932 |
Asure Software, Inc.* | 1,184 | 11 |
Barrett Business Services, Inc. | 4,368 | 506 |
CBIZ, Inc.* | 21,881 | 1,370 |
Conduent, Inc.* | 27,840 | 102 |
CRA International, Inc. | 3,683 | 364 |
CSG Systems International, Inc. | 7,048 | 375 |
DLH Holdings Corp.* | 1,207 | 19 |
ExlService Holdings, Inc.* | 30,680 | 947 |
Exponent, Inc. | 11,363 | 1,000 |
Forrester Research, Inc.* | 6,084 | 163 |
Franklin Covey Co.* | 4,635 | 202 |
Heidrick & Struggles International, Inc. | 6,193 | 183 |
Huron Consulting Group, Inc.* | 3,742 | 385 |
ICF International, Inc. | 3,732 | 500 |
Insperity, Inc. | 7,741 | 907 |
Kelly Services, Inc., Class A | 4,627 | 100 |
Korn Ferry | 10,828 | 643 |
Maximus, Inc. | 15,433 | 1,294 |
NV5 Global, Inc.* | 2,680 | 298 |
Parsons Corp.* | 2,239 | 140 |
Resources Connection, Inc. | 7,367 | 104 |
Steel Connect, Inc.* | 1,157 | 11 |
TrueBlue, Inc.* | 7,409 | 114 |
TTEC Holdings, Inc. | 4,036 | 87 |
Verra Mobility Corp.* | 24,453 | 563 |
Where Food Comes From, Inc.* | 275 | 4 |
Willdan Group, Inc.* | 2,886 | 62 |
11,879 | ||
Real Estate Management & Development – 0.5% | ||
Altisource Asset Management Corp.* | 950 | 4 |
American Realty Investors, Inc.* | 1,723 | 30 |
AMREP Corp.* | 1,659 | 36 |
Anywhere Real Estate, Inc.* | 17,547 | 142 |
Cushman & Wakefield PLC* | 20,219 | 218 |
Douglas Elliman, Inc. | 6,298 | 19 |
eXp World Holdings, Inc. | 10,437 | 162 |
Forestar Group, Inc.* | 10,093 | 334 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Real Estate Management & Development – 0.5%continued | ||
FRP Holdings, Inc.* | 1,047 | $66 |
Kennedy-Wilson Holdings, Inc. | 22,451 | 278 |
Newmark Group, Inc., Class A | 22,825 | 250 |
RE/MAX Holdings, Inc., Class A | 5,990 | 80 |
RMR Group (The), Inc., Class A | 81 | 2 |
St. Joe (The) Co. | 6,211 | 374 |
Star Holdings* | 2,793 | 42 |
Stratus Properties, Inc.* | 1,457 | 42 |
Tejon Ranch Co.* | 7,674 | 132 |
Transcontinental Realty Investors, Inc.* | 400 | 14 |
2,225 | ||
Residential Real Estate Investment Trusts – 0.3% | ||
Bluerock Homes Trust, Inc. | 1,644 | 23 |
BRT Apartments Corp. | 3,024 | 56 |
Centerspace | 1,615 | 94 |
Elme Communities | 14,573 | 213 |
Independence Realty Trust, Inc. | 16,417 | 251 |
NexPoint Residential Trust, Inc. | 3,672 | 127 |
UMH Properties, Inc. | 7,967 | 122 |
Veris Residential, Inc. | 16,778 | 264 |
1,150 | ||
Retail Real Estate Investment Trusts – 1.3% | ||
Acadia Realty Trust | 16,725 | 284 |
Agree Realty Corp. | 13,477 | 849 |
Alexander's, Inc. | 629 | 134 |
Getty Realty Corp. | 7,230 | 211 |
InvenTrust Properties Corp. | 12,267 | 311 |
Kite Realty Group Trust | 39,835 | 911 |
Macerich (The) Co. | 26,267 | 405 |
Phillips Edison & Co., Inc. | 20,751 | 757 |
Retail Opportunity Investments Corp. | 24,474 | 343 |
RPT Realty | 16,154 | 207 |
Saul Centers, Inc. | 1,935 | 76 |
SITE Centers Corp. | 22,363 | 305 |
Tanger, Inc. | 14,827 | 411 |
Urban Edge Properties | 21,000 | 384 |
Whitestone REIT | 15,441 | 190 |
5,778 | ||
Semiconductors & Semiconductor Equipment – 3.2% | ||
ACM Research, Inc., Class A* | 10,478 | 205 |
Alpha & Omega Semiconductor Ltd.* | 5,201 | 136 |
Ambarella, Inc.* | 5,807 | 356 |
Amkor Technology, Inc. | 23,112 | 769 |
EQUITY FUNDS 125 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Semiconductors & Semiconductor Equipment – 3.2%continued | ||
Amtech Systems, Inc.* | 597 | $3 |
Axcelis Technologies, Inc.* | 10,859 | 1,408 |
Canadian Solar, Inc.* | 9,489 | 249 |
CEVA, Inc.* | 4,196 | 95 |
Cohu, Inc.* | 4,732 | 167 |
Credo Technology Group Holding Ltd.* | 16,100 | 313 |
Diodes, Inc.* | 8,596 | 692 |
FormFactor, Inc.* | 13,579 | 566 |
Ichor Holdings Ltd.* | 3,988 | 134 |
inTEST Corp.* | 4,758 | 65 |
Kopin Corp.* | 13,987 | 28 |
Kulicke & Soffa Industries, Inc. | 11,971 | 655 |
MACOM Technology Solutions Holdings, Inc.* | 9,543 | 887 |
MagnaChip Semiconductor Corp.* | 3,723 | 28 |
MaxLinear, Inc.* | 11,885 | 283 |
Meta Materials, Inc.(1) * | 1,350 | — |
Nova Ltd.* | 2,913 | 400 |
NVE Corp. | 1,962 | 154 |
Onto Innovation, Inc.* | 8,914 | 1,363 |
PDF Solutions, Inc.* | 14,323 | 460 |
Photronics, Inc.* | 6,856 | 215 |
Power Integrations, Inc. | 9,738 | 800 |
Rambus, Inc.* | 19,039 | 1,299 |
Semtech Corp.* | 12,343 | 270 |
Silicon Laboratories, Inc.* | 7,801 | 1,032 |
SMART Global Holdings, Inc.* | 14,454 | 274 |
Synaptics, Inc.* | 6,835 | 780 |
Ultra Clean Holdings, Inc.* | 12,099 | 413 |
Veeco Instruments, Inc.* | 13,241 | 411 |
14,910 | ||
Software – 4.0% | ||
ACI Worldwide, Inc.* | 21,538 | 659 |
Adeia, Inc. | 18,154 | 225 |
Agilysys, Inc.* | 5,578 | 473 |
Alarm.com Holdings, Inc.* | 6,684 | 432 |
Altair Engineering, Inc., Class A* | 7,050 | 593 |
American Software, Inc., Class A | 6,778 | 77 |
Appfolio, Inc., Class A* | 3,625 | 628 |
Aware, Inc.* | 683 | 1 |
Blackbaud, Inc.* | 9,353 | 811 |
BlackLine, Inc.* | 9,161 | 572 |
Box, Inc., Class A* | 25,999 | 666 |
Cerence, Inc.* | 5,949 | 117 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Software – 4.0%continued | ||
Clearwater Analytics Holdings, Inc., Class A* | 34,500 | $691 |
CommVault Systems, Inc.* | 7,159 | 572 |
Consensus Cloud Solutions, Inc.* | 2,870 | 75 |
Digimarc Corp.* | 5,846 | 211 |
Digital Turbine, Inc.* | 14,235 | 98 |
Domo, Inc., Class B* | 6,129 | 63 |
Ebix, Inc. | 7,147 | 8 |
eGain Corp.* | 5,931 | 49 |
Envestnet, Inc.* | 8,655 | 429 |
Everbridge, Inc.* | 5,949 | 145 |
Freshworks, Inc., Class A* | 27,500 | 646 |
InterDigital, Inc. | 7,411 | 804 |
LiveRamp Holdings, Inc.* | 10,304 | 390 |
Model N, Inc.* | 6,936 | 187 |
NCR Voyix Corp.* | 20,065 | 339 |
OneSpan, Inc.* | 11,730 | 126 |
PagerDuty, Inc.* | 14,700 | 340 |
Progress Software Corp. | 8,141 | 442 |
Q2 Holdings, Inc.* | 9,016 | 391 |
Qualys, Inc.* | 6,201 | 1,217 |
Rapid7, Inc.* | 8,725 | 498 |
ReposiTrak, Inc.(1) | 33 | — |
Sapiens International Corp. N.V. | 9,493 | 275 |
SecureWorks Corp., Class A* | 7,508 | 55 |
Smith Micro Software, Inc.* | 1,210 | 1 |
SoundThinking, Inc.* | 4,745 | 121 |
SPS Commerce, Inc.* | 8,261 | 1,601 |
Synchronoss Technologies, Inc.* | 167 | 1 |
Tenable Holdings, Inc.* | 17,318 | 798 |
Upland Software, Inc.* | 2,573 | 11 |
Varonis Systems, Inc.* | 16,100 | 729 |
Verint Systems, Inc.* | 11,826 | 320 |
Vertex, Inc., Class A* | 25,900 | 698 |
VirnetX Holding Corp.(1) | 19 | — |
Workiva, Inc.* | 6,440 | 654 |
Xperi, Inc.* | 7,261 | 80 |
18,319 | ||
Specialized Real Estate Investment Trusts – 0.6% | ||
EPR Properties | 12,420 | 602 |
Four Corners Property Trust, Inc. | 14,571 | 369 |
Gladstone Land Corp. | 14,667 | 212 |
National Storage Affiliates Trust | 10,478 | 434 |
Outfront Media, Inc. | 26,685 | 372 |
NORTHERN FUNDS QUARTERLY REPORT 126 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Specialized Real Estate Investment Trusts – 0.6%continued | ||
PotlatchDeltic Corp. | 15,293 | $751 |
Safehold, Inc. | 4,092 | 96 |
2,836 | ||
Specialty Retail – 3.1% | ||
1-800-Flowers.com, Inc., Class A* | 8,232 | 89 |
Aaron's (The) Co., Inc. | 7,373 | 80 |
Abercrombie & Fitch Co., Class A* | 10,826 | 955 |
Academy Sports & Outdoors, Inc. | 12,418 | 820 |
American Eagle Outfitters, Inc. | 30,525 | 646 |
America's Car-Mart, Inc.* | 1,991 | 151 |
Asbury Automotive Group, Inc.* | 3,264 | 734 |
Barnes & Noble Education, Inc.* | 1,400 | 2 |
Beyond, Inc.* | 4,821 | 134 |
Boot Barn Holdings, Inc.* | 5,058 | 388 |
Buckle (The), Inc. | 5,627 | 267 |
Build-A-Bear Workshop, Inc. | 5,147 | 118 |
Caleres, Inc. | 9,106 | 280 |
Camping World Holdings, Inc., Class A | 7,136 | 187 |
Cato (The) Corp., Class A | 5,547 | 40 |
Chico's FAS, Inc.* | 20,551 | 156 |
Children's Place (The), Inc.* | 4,923 | 114 |
Citi Trends, Inc.* | 5,970 | 169 |
Conn's, Inc.* | 3,783 | 17 |
Designer Brands, Inc., Class A | 11,447 | 101 |
Express, Inc.* | 215 | 2 |
Foot Locker, Inc. | 12,571 | 392 |
Genesco, Inc.* | 4,552 | 160 |
Group 1 Automotive, Inc. | 3,692 | 1,125 |
GrowGeneration Corp.* | 8,774 | 22 |
Guess?, Inc. | 8,692 | 200 |
Haverty Furniture Cos., Inc. | 4,303 | 153 |
Hibbett, Inc. | 4,586 | 330 |
LL Flooring Holdings, Inc.* | 10,052 | 39 |
Monro, Inc. | 6,624 | 194 |
Murphy U.S.A., Inc. | 4,908 | 1,750 |
National Vision Holdings, Inc.* | 12,150 | 254 |
ODP (The) Corp.* | 7,409 | 417 |
PetMed Express, Inc. | 4,731 | 36 |
Revolve Group, Inc.* | 12,155 | 202 |
Sally Beauty Holdings, Inc.* | 27,072 | 360 |
Shoe Carnival, Inc. | 10,626 | 321 |
Signet Jewelers Ltd. | 8,772 | 941 |
Sleep Number Corp.* | 4,009 | 59 |
Sonic Automotive, Inc., Class A | 9,387 | 528 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Specialty Retail – 3.1%continued | ||
Upbound Group, Inc. | 8,792 | $299 |
Urban Outfitters, Inc.* | 11,493 | 410 |
Victoria's Secret & Co.* | 12,571 | 334 |
Winmark Corp. | 1,025 | 428 |
Zumiez, Inc.* | 6,783 | 138 |
14,542 | ||
Technology Hardware, Storage & Peripherals – 0.5% | ||
AstroNova, Inc.* | 14,370 | 234 |
Immersion Corp. | 9,021 | 64 |
Intevac, Inc.* | 8,605 | 37 |
Quantum Corp.* | 4,025 | 1 |
Super Micro Computer, Inc.* | 7,346 | 2,088 |
TransAct Technologies, Inc.* | 4,267 | 30 |
2,454 | ||
Textiles, Apparel & Luxury Goods – 0.9% | ||
Carter's, Inc. | 6,061 | 454 |
Crocs, Inc.* | 13,301 | 1,243 |
Culp, Inc.* | 4,085 | 24 |
Delta Apparel, Inc.* | 5,445 | 39 |
Fossil Group, Inc.* | 6,434 | 9 |
G-III Apparel Group Ltd.* | 7,193 | 244 |
Kontoor Brands, Inc. | 7,660 | 478 |
Movado Group, Inc. | 3,799 | 115 |
Oxford Industries, Inc. | 4,672 | 467 |
Rocky Brands, Inc. | 4,222 | 127 |
Steven Madden Ltd. | 15,648 | 657 |
Superior Group of Cos., Inc. | 4,224 | 57 |
Unifi, Inc.* | 692 | 5 |
Vera Bradley, Inc.* | 3,778 | 29 |
3,948 | ||
Tobacco – 0.1% | ||
Turning Point Brands, Inc. | 257 | 7 |
Universal Corp. | 5,441 | 366 |
Vector Group Ltd. | 12,291 | 139 |
512 | ||
Total Broadband and Communications – 0.0% | ||
Machten, Inc.* | 1,050 | 8 |
Trading Companies & Distributors – 2.2% | ||
Applied Industrial Technologies, Inc. | 9,047 | 1,562 |
Beacon Roofing Supply, Inc.* | 13,300 | 1,157 |
BlueLinx Holdings, Inc.* | 3,348 | 379 |
Boise Cascade Co. | 8,224 | 1,064 |
Distribution Solutions Group, Inc.* | 7,972 | 252 |
EQUITY FUNDS 127 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.0%continued | ||
Trading Companies & Distributors – 2.2%continued | ||
DXP Enterprises, Inc.* | 1,812 | $61 |
EVI Industries, Inc. | 2,683 | 64 |
GATX Corp. | 6,562 | 789 |
Global Industrial Co. | 7,804 | 303 |
GMS, Inc.* | 8,128 | 670 |
H&E Equipment Services, Inc. | 4,635 | 242 |
Herc Holdings, Inc. | 4,745 | 706 |
McGrath RentCorp | 5,874 | 703 |
MRC Global, Inc.* | 16,589 | 183 |
NOW, Inc.* | 17,129 | 194 |
Rush Enterprises, Inc., Class A | 23,397 | 1,177 |
Textainer Group Holdings Ltd. | 3,189 | 157 |
Titan Machinery, Inc.* | 2,039 | 59 |
Transcat, Inc.* | 3,947 | 432 |
Willis Lease Finance Corp.* | 2,420 | 118 |
10,272 | ||
Water Utilities – 0.6% | ||
American States Water Co. | 8,177 | 658 |
Artesian Resources Corp., Class A | 4,106 | 170 |
Cadiz, Inc.* | 14,802 | 41 |
California Water Service Group | 10,288 | 534 |
Consolidated Water Co. Ltd. | 9,781 | 348 |
Middlesex Water Co. | 6,147 | 403 |
SJW Group | 5,528 | 361 |
York Water (The) Co. | 4,310 | 167 |
2,682 | ||
Wireless Telecommunication Services – 0.3% | ||
Gogo, Inc.* | 7,250 | 73 |
Spok Holdings, Inc. | 13,807 | 214 |
Telephone and Data Systems, Inc. | 17,713 | 325 |
United States Cellular Corp.* | 13,100 | 544 |
1,156 | ||
Total Common Stocks | ||
(Cost $277,935) | 452,798 | |
MASTER LIMITED PARTNERSHIPS – 0.0% | ||
Marine Transportation – 0.0% | ||
Navios Maritime Partners L.P. | 205 | 6 |
Total Master Limited Partnerships | ||
(Cost $7) | 6 | |
NUMBER OF SHARES | VALUE (000S) | |
PREFERRED STOCKS – 0.0% | ||
Industrial Conglomerates – 0.0% | ||
Steel Partners Holdings L.P., 6.00% | 2,675 | $61 |
Real Estate Management & Development – 0.0% | ||
Brookfield Property Preferred L.P., 6.25% | 1,033 | 13 |
Total Preferred Stocks | ||
(Cost $93) | 74 | |
RIGHTS – 0.0% | ||
Biotechnology – 0.0% | ||
Achillion Pharmaceuticals, Inc. (Contingent Value Rights)(2) (3) * | 23,500 | 10 |
Adamas Pharmaceuticals, Inc. (Contingent Value Rights)(2) (3) * | 15,090 | — |
Albireo Pharma, Inc. (Contingent Value Rights)(2) (3) * | 7,485 | — |
Concert Pharmaceuticals, Inc. (Contingent Value Rights)(2) (3) * | 20,570 | — |
Flexion Therapeutics, Inc. (Contingent Value Rights)(2) (3) * | 9,753 | — |
Radius Health, Inc. (Contingent Value Rights)(1) (2) (3) * | 8,494 | — |
Sinovac Biotech Ltd.(2) * | 1,587 | — |
Tobira Therapeutics, Inc. (Contingent Value Rights)(2) (3) * | 16,926 | — |
10 | ||
Financial Services – 0.0% | ||
Gurnet Point Capital LLC (Contigent Value Rights)(2) (3) * | 13,493 | — |
Health Care Equipment & Supplies – 0.0% | ||
American Medical Alert Corp.(2) * | 13,109 | — |
Paper & Forest Products – 0.0% | ||
Resolute Forest Products, Inc. (Contingent Value Rights)(2) (3) * | 11,874 | — |
Pharmaceuticals – 0.0% | ||
Harmony Biosciences Holdings, Inc. (Contingent Value Rights)(2) * | 16,116 | — |
Opiant Pharmaceuticals, Inc. (Contingent Value Rights)(2) (3) * | 9,938 | — |
Satsuma Pharmaceuticals, Inc. (Contingent Value Rights)(2) (3) * | 3,331 | — |
— | ||
Total Rights | ||
(Cost $132) | 10 |
NORTHERN FUNDS QUARTERLY
REPORT 128 EQUITY FUNDS
Schedule of Investments |
SMALL CAP CORE FUND continued |
NUMBER OF WARRANTS | VALUE (000S) | |
WARRANTS – 0.0% | ||
Cassava Sciences, Inc., Exp. 11/15/24, Strike $33.00(2) * | 1,920 | $— |
Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67* | 743 | 8 |
Total Warrants | ||
(Cost $—) | 8 |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 1.8% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(4) (5) | 8,310,423 | $8,310 |
Total Investment Companies | ||
(Cost $8,310) | 8,310 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.1% | ||
U.S. Treasury Bill, | ||
5.26%, 4/11/24(6) (7) | $585 | $576 |
Total Short-Term Investments | ||
(Cost $576) | 576 | |
Total Investments – 99.9% | ||
(Cost $287,053) | 461,782 | |
Other Assets less Liabilities – 0.1% | 615 | |
NET ASSETS – 100.0% | $462,397 |
(1) | Value rounds to less than one thousand. |
(2) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(3) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of these restricted illiquid securities amounted to approximately $10,000 or 0.0% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Achillion Pharmaceuticals, Inc. (Contingent Value Rights) | 1/29/20 | $— |
Adamas Pharmaceuticals, Inc. (Contingent Value Rights) | 11/26/21 | — |
Albireo Pharma, Inc. (Contingent Value Rights) | 3/3/23 | — |
Concert Pharmaceuticals, Inc. (Contingent Value Rights) | 3/7/23 | — |
Flexion Therapeutics, Inc. (Contingent Value Rights) | 11/22/21 | — |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Gurnet Point Capital LLC (Contigent Value Rights) | 9/22/23 | $— |
Next Bridge Hydrocarbons, Inc. | 12/13/22 | 8 |
Opiant Pharmaceuticals, Inc. (Contingent Value Rights) | 3/3/23 | — |
Radius Health, Inc. (Contingent Value Rights) | 8/16/22 | 1 |
Resolute Forest Products, Inc. (Contingent Value Rights) | 3/1/23 | — |
Satsuma Pharmaceuticals, Inc. (Contingent Value Rights) | 6/9/23 | — |
Tobira Therapeutics, Inc. (Contingent Value Rights) | 11/2/16 | 131 |
(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 December 31, 2023 is disclosed. |
(6) | Discount rate at the time of purchase. |
(7) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
ADR - American Depositary Receipt |
REIT - Real Estate Investment Trust |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini Russell 2000 Index | 88 | $9,010 | Long | 3/24 | $342 |
EQUITY FUNDS 129 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
At December 31, 2023, the security types for the
Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 98.0% |
Master Limited Partnerships | 0.0% |
Preferred stocks | 0.0% |
Rights | 0.0% |
Warrants | 0.0% |
Investment Companies | 1.8% |
Short-Term Investments | 0.1% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Banks | $35,500 | $1 | $— | $35,501 |
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Biotechnology | $24,633 | $— | $43 | $24,676 |
Household Durables | 10,224 | 29 | — | 10,253 |
All Other Industries(1) | 382,368 | — | — | 382,368 |
Total Common Stocks | 452,725 | 30 | 43 | 452,798 |
Master Limited Partnerships | 6 | — | — | 6 |
Preferred Stocks(1) | 74 | — | — | 74 |
Rights(1) | — | — | 10 | 10 |
Warrants | 8 | — | — | 8 |
Investment Companies | 8,310 | — | — | 8,310 |
Short-Term Investments | — | 576 | — | 576 |
Total Investments | $461,123 | $606 | $53 | $461,782 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $342 | $— | $— | $342 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $20,078 | $45,232 | $57,000 | $518 | $8,310 | $8,310,423 |
NORTHERN FUNDS QUARTERLY REPORT 130 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 99.1% | ||
Aerospace & Defense – 0.9% | ||
AAR Corp.* | 14,845 | $926 |
AeroVironment, Inc.* | 11,397 | 1,436 |
AerSale Corp.* | 10,729 | 136 |
Archer Aviation, Inc., Class A* | 67,114 | 412 |
Astronics Corp.* | 11,677 | 203 |
Cadre Holdings, Inc. | 8,458 | 278 |
Ducommun, Inc.* | 5,793 | 302 |
Eve Holding, Inc.* | 7,953 | 58 |
Kaman Corp. | 12,004 | 288 |
Kratos Defense & Security Solutions, Inc.* | 55,695 | 1,130 |
Leonardo DRS, Inc.* | 29,916 | 600 |
Moog, Inc., Class A | 12,424 | 1,799 |
National Presto Industries, Inc. | 2,175 | 175 |
Park Aerospace Corp. | 7,862 | 116 |
Redwire Corp.* | 3,962 | 11 |
Rocket Lab U.S.A., Inc.* | 120,278 | 665 |
Terran Orbital Corp.* | 49,901 | 57 |
Triumph Group, Inc.* | 27,995 | 464 |
V2X, Inc.* | 4,950 | 230 |
Virgin Galactic Holdings, Inc.* | 145,725 | 357 |
9,643 | ||
Air Freight & Logistics – 0.2% | ||
Air Transport Services Group, Inc.* | 24,197 | 426 |
Forward Air Corp. | 11,326 | 712 |
Hub Group, Inc., Class A* | 13,633 | 1,254 |
Radiant Logistics, Inc.* | 15,513 | 103 |
2,495 | ||
Automobile Components – 1.3% | ||
Adient PLC* | 41,113 | 1,495 |
American Axle & Manufacturing Holdings, Inc.* | 49,754 | 438 |
Atmus Filtration Technologies, Inc.* | 7,139 | 168 |
Cooper-Standard Holdings, Inc.* | 7,163 | 140 |
Dana, Inc. | 56,522 | 826 |
Dorman Products, Inc.* | 11,480 | 958 |
Fox Factory Holding Corp.* | 18,509 | 1,249 |
Gentherm, Inc.* | 14,327 | 750 |
Goodyear Tire & Rubber (The) Co.* | 122,376 | 1,752 |
Holley, Inc.* | 23,620 | 115 |
LCI Industries | 10,835 | 1,362 |
Luminar Technologies, Inc.* | 116,524 | 393 |
Modine Manufacturing Co.* | 22,563 | 1,347 |
Patrick Industries, Inc. | 9,343 | 938 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Automobile Components – 1.3%continued | ||
Solid Power, Inc.* | 69,553 | $101 |
Standard Motor Products, Inc. | 9,127 | 363 |
Stoneridge, Inc.* | 11,591 | 227 |
Visteon Corp.* | 12,075 | 1,508 |
XPEL, Inc.* | 9,738 | 524 |
14,654 | ||
Automobiles – 0.1% | ||
Fisker, Inc.* | 95,459 | 167 |
Livewire Group, Inc.* | 7,885 | 89 |
Winnebago Industries, Inc. | 12,749 | 929 |
Workhorse Group, Inc.* | 106,384 | 39 |
1,224 | ||
Banks – 9.4% | ||
1st Source Corp. | 7,279 | 400 |
ACNB Corp. | 3,605 | 161 |
Amalgamated Financial Corp. | 7,917 | 213 |
Amerant Bancorp, Inc. | 10,999 | 270 |
American National Bankshares, Inc. | 4,472 | 218 |
Ameris Bancorp | 28,901 | 1,533 |
Ames National Corp. | 3,789 | 81 |
Arrow Financial Corp. | 6,202 | 173 |
Associated Banc-Corp | 65,720 | 1,406 |
Atlantic Union Bankshares Corp. | 32,948 | 1,204 |
Axos Financial, Inc.* | 24,346 | 1,329 |
Banc of California, Inc. | 56,775 | 763 |
BancFirst Corp. | 9,678 | 942 |
Bancorp (The), Inc.* | 22,865 | 882 |
Bank First Corp. | 4,088 | 354 |
Bank of Hawaii Corp. | 17,197 | 1,246 |
Bank of Marin Bancorp | 6,568 | 145 |
Bank of NT Butterfield & Son (The) Ltd. | 20,972 | 671 |
Bank7 Corp. | 1,779 | 49 |
BankUnited, Inc. | 32,247 | 1,046 |
Bankwell Financial Group, Inc. | 2,593 | 78 |
Banner Corp. | 14,839 | 795 |
Bar Harbor Bankshares | 6,424 | 189 |
BayCom Corp. | 4,993 | 118 |
BCB Bancorp, Inc. | 7,094 | 91 |
Berkshire Hills Bancorp, Inc. | 18,704 | 464 |
Blue Foundry Bancorp* | 9,877 | 96 |
Blue Ridge Bankshares, Inc. | 7,721 | 23 |
Bridgewater Bancshares, Inc.* | 8,661 | 117 |
Brookline Bancorp, Inc. | 38,042 | 415 |
EQUITY FUNDS 131 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Banks – 9.4%continued | ||
Burke & Herbert Financial Services Corp. | 2,688 | $169 |
Business First Bancshares, Inc. | 10,187 | 251 |
Byline Bancorp, Inc. | 11,068 | 261 |
C&F Financial Corp. | 1,467 | 100 |
Cadence Bank | 79,714 | 2,359 |
Cambridge Bancorp | 3,221 | 224 |
Camden National Corp. | 6,163 | 232 |
Capital Bancorp, Inc. | 4,302 | 104 |
Capital City Bank Group, Inc. | 5,738 | 169 |
Capitol Federal Financial, Inc. | 55,512 | 358 |
Capstar Financial Holdings, Inc. | 7,987 | 150 |
Carter Bankshares, Inc.* | 9,447 | 141 |
Cathay General Bancorp | 30,176 | 1,345 |
Central Pacific Financial Corp. | 11,254 | 222 |
Central Valley Community Bancorp | 4,400 | 98 |
Chemung Financial Corp. | 1,550 | 77 |
ChoiceOne Financial Services, Inc. | 3,116 | 91 |
Citizens & Northern Corp. | 6,218 | 139 |
Citizens Financial Services, Inc. | 1,753 | 113 |
City Holding Co. | 6,464 | 713 |
Civista Bancshares, Inc. | 6,900 | 127 |
CNB Financial Corp. | 8,663 | 196 |
Coastal Financial Corp.* | 4,576 | 203 |
Codorus Valley Bancorp, Inc. | 4,308 | 111 |
Colony Bankcorp, Inc. | 7,292 | 97 |
Columbia Financial, Inc.* | 12,920 | 249 |
Community Bank System, Inc. | 23,105 | 1,204 |
Community Trust Bancorp, Inc. | 6,710 | 294 |
ConnectOne Bancorp, Inc. | 16,114 | 369 |
CrossFirst Bankshares, Inc.* | 20,049 | 272 |
Customers Bancorp, Inc.* | 12,572 | 724 |
CVB Financial Corp. | 57,729 | 1,166 |
Dime Community Bancshares, Inc. | 15,281 | 412 |
Eagle Bancorp, Inc. | 12,935 | 390 |
Eastern Bankshares, Inc. | 67,142 | 953 |
Enterprise Bancorp, Inc. | 4,397 | 142 |
Enterprise Financial Services Corp. | 15,684 | 700 |
Equity Bancshares, Inc., Class A | 6,272 | 213 |
Esquire Financial Holdings, Inc. | 3,026 | 151 |
ESSA Bancorp, Inc. | 3,757 | 75 |
Evans Bancorp, Inc. | 2,454 | 77 |
Farmers & Merchants Bancorp, Inc. | 5,825 | 144 |
Farmers National Banc Corp. | 15,671 | 226 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Banks – 9.4%continued | ||
FB Financial Corp. | 15,337 | $611 |
Fidelity D&D Bancorp, Inc. | 2,082 | 121 |
Financial Institutions, Inc. | 6,780 | 144 |
First Bancorp | 17,454 | 646 |
First BanCorp (New York Exchange) | 75,409 | 1,240 |
First Bancorp (The), Inc. | 4,362 | 123 |
First Bancshares (The), Inc. | 13,157 | 386 |
First Bank | 8,943 | 131 |
First Busey Corp. | 22,773 | 565 |
First Business Financial Services, Inc. | 3,481 | 140 |
First Commonwealth Financial Corp. | 44,423 | 686 |
First Community Bankshares, Inc. | 7,594 | 282 |
First Community Corp. | 3,169 | 68 |
First Financial Bancorp | 40,857 | 970 |
First Financial Bankshares, Inc. | 56,646 | 1,716 |
First Financial Corp. | 4,884 | 210 |
First Foundation, Inc. | 21,541 | 209 |
First Interstate BancSystem, Inc., Class A | 36,004 | 1,107 |
First Merchants Corp. | 25,615 | 950 |
First Mid Bancshares, Inc. | 9,899 | 343 |
First of Long Island (The) Corp. | 9,524 | 126 |
First Western Financial, Inc.* | 3,534 | 70 |
Five Star Bancorp | 5,709 | 149 |
Flushing Financial Corp. | 12,053 | 199 |
FS Bancorp, Inc. | 2,922 | 108 |
Fulton Financial Corp. | 70,360 | 1,158 |
FVCBankcorp, Inc.* | 7,213 | 102 |
German American Bancorp, Inc. | 12,295 | 399 |
Glacier Bancorp, Inc. | 48,499 | 2,004 |
Great Southern Bancorp, Inc. | 3,939 | 234 |
Greene County Bancorp, Inc. | 3,241 | 91 |
Guaranty Bancshares, Inc. | 3,450 | 116 |
Hancock Whitney Corp. | 37,719 | 1,833 |
Hanmi Financial Corp. | 13,243 | 257 |
HarborOne Bancorp, Inc. | 18,041 | 216 |
HBT Financial, Inc. | 5,734 | 121 |
Heartland Financial U.S.A., Inc. | 18,266 | 687 |
Heritage Commerce Corp. | 25,166 | 250 |
Heritage Financial Corp. | 15,132 | 324 |
Hilltop Holdings, Inc. | 20,338 | 716 |
Hingham Institution For Savings (The) | 671 | 130 |
Home Bancorp, Inc. | 3,267 | 137 |
Home BancShares, Inc. | 83,477 | 2,114 |
HomeStreet, Inc. | 8,014 | 83 |
NORTHERN FUNDS QUARTERLY REPORT 132 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Banks – 9.4%continued | ||
HomeTrust Bancshares, Inc. | 6,654 | $179 |
Hope Bancorp, Inc. | 49,861 | 602 |
Horizon Bancorp, Inc. | 18,592 | 266 |
Independent Bank Corp. | 19,180 | 1,262 |
Independent Bank Corp. (NASDAQ Exchange) | 8,663 | 225 |
Independent Bank Group, Inc. | 15,646 | 796 |
International Bancshares Corp. | 23,560 | 1,280 |
John Marshall Bancorp, Inc. | 5,546 | 125 |
Kearny Financial Corp. | 24,320 | 218 |
Lakeland Bancorp, Inc. | 27,295 | 404 |
Lakeland Financial Corp. | 10,751 | 701 |
LCNB Corp. | 4,648 | 73 |
Live Oak Bancshares, Inc. | 14,618 | 665 |
Luther Burbank Corp.* | 4,167 | 45 |
Macatawa Bank Corp. | 11,256 | 127 |
MainStreet Bancshares, Inc. | 3,256 | 81 |
Mercantile Bank Corp. | 6,879 | 278 |
Metrocity Bankshares, Inc. | 8,120 | 195 |
Metropolitan Bank Holding Corp.* | 4,380 | 243 |
Mid Penn Bancorp, Inc. | 5,934 | 144 |
Middlefield Banc Corp. | 3,561 | 115 |
Midland States Bancorp, Inc. | 8,824 | 243 |
MidWestOne Financial Group, Inc. | 5,974 | 161 |
MVB Financial Corp. | 5,104 | 115 |
National Bank Holdings Corp., Class A | 15,932 | 593 |
National Bankshares, Inc. | 2,548 | 82 |
NBT Bancorp, Inc. | 20,017 | 839 |
Nicolet Bankshares, Inc. | 5,658 | 455 |
Northeast Bank | 2,876 | 159 |
Northeast Community Bancorp, Inc. | 5,438 | 96 |
Northfield Bancorp, Inc. | 17,783 | 224 |
Northrim BanCorp, Inc. | 2,426 | 139 |
Northwest Bancshares, Inc. | 55,066 | 687 |
Norwood Financial Corp. | 3,098 | 102 |
Oak Valley Bancorp | 2,988 | 90 |
OceanFirst Financial Corp. | 25,026 | 434 |
OFG Bancorp | 20,303 | 761 |
Old National Bancorp | 127,441 | 2,152 |
Old Second Bancorp, Inc. | 18,796 | 290 |
Orange County Bancorp, Inc. | 2,261 | 136 |
Origin Bancorp, Inc. | 12,797 | 455 |
Orrstown Financial Services, Inc. | 4,363 | 129 |
Pacific Premier Bancorp, Inc. | 41,165 | 1,198 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Banks – 9.4%continued | ||
Park National Corp. | 6,252 | $831 |
Parke Bancorp, Inc. | 4,630 | 94 |
Pathward Financial, Inc. | 11,498 | 609 |
PCB Bancorp | 4,815 | 89 |
Peapack-Gladstone Financial Corp. | 7,406 | 221 |
Penns Woods Bancorp, Inc. | 2,675 | 60 |
Peoples Bancorp, Inc. | 15,131 | 511 |
Peoples Financial Services Corp. | 2,981 | 145 |
Pioneer Bancorp, Inc.* | 5,069 | 51 |
Plumas Bancorp | 2,412 | 100 |
Ponce Financial Group, Inc.* | 8,113 | 79 |
Preferred Bank | 5,715 | 418 |
Premier Financial Corp. | 15,462 | 373 |
Primis Financial Corp. | 8,835 | 112 |
Princeton Bancorp, Inc. | 2,383 | 86 |
Provident Financial Services, Inc. | 31,701 | 572 |
QCR Holdings, Inc. | 7,226 | 422 |
RBB Bancorp | 7,464 | 142 |
Red River Bancshares, Inc. | 2,144 | 120 |
Renasant Corp. | 23,918 | 806 |
Republic Bancorp, Inc., Class A | 3,739 | 206 |
S&T Bancorp, Inc. | 16,738 | 559 |
Sandy Spring Bancorp, Inc. | 19,259 | 525 |
Seacoast Banking Corp. of Florida | 36,515 | 1,039 |
ServisFirst Bancshares, Inc. | 22,120 | 1,474 |
Shore Bancshares, Inc. | 12,530 | 179 |
Sierra Bancorp | 5,630 | 127 |
Simmons First National Corp., Class A | 53,809 | 1,068 |
SmartFinancial, Inc. | 7,036 | 172 |
South Plains Financial, Inc. | 5,208 | 151 |
Southern First Bancshares, Inc.* | 3,410 | 127 |
Southern Missouri Bancorp, Inc. | 4,266 | 228 |
Southern States Bancshares, Inc. | 3,497 | 102 |
Southside Bancshares, Inc. | 12,384 | 388 |
SouthState Corp. | 33,290 | 2,811 |
Stellar Bancorp, Inc. | 21,001 | 585 |
Sterling Bancorp, Inc.* | 9,481 | 55 |
Stock Yards Bancorp, Inc. | 11,713 | 603 |
Summit Financial Group, Inc. | 4,985 | 153 |
Texas Capital Bancshares, Inc.* | 20,943 | 1,354 |
Third Coast Bancshares, Inc.* | 5,745 | 114 |
Timberland Bancorp, Inc. | 3,182 | 100 |
Tompkins Financial Corp. | 6,051 | 364 |
Towne Bank | 30,400 | 905 |
EQUITY FUNDS 133 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Banks – 9.4%continued | ||
TriCo Bancshares | 13,396 | $576 |
Triumph Financial, Inc.* | 9,703 | 778 |
TrustCo Bank Corp. NY | 7,905 | 245 |
Trustmark Corp. | 26,310 | 734 |
UMB Financial Corp. | 19,240 | 1,608 |
United Bankshares, Inc. | 56,916 | 2,137 |
United Community Banks, Inc. | 50,209 | 1,469 |
Unity Bancorp, Inc. | 3,369 | 100 |
Univest Financial Corp. | 12,349 | 272 |
USCB Financial Holdings, Inc.* | 4,924 | 60 |
Valley National Bancorp | 187,713 | 2,039 |
Veritex Holdings, Inc. | 22,603 | 526 |
Virginia National Bankshares Corp. | 2,053 | 71 |
WaFd, Inc. | 28,321 | 933 |
Washington Trust Bancorp, Inc. | 7,296 | 236 |
WesBanco, Inc. | 24,959 | 783 |
West BanCorp, Inc. | 7,247 | 154 |
Westamerica BanCorp | 11,277 | 636 |
WSFS Financial Corp. | 26,565 | 1,220 |
104,926 | ||
Beverages – 0.4% | ||
Coca-Cola Consolidated, Inc. | 2,090 | 1,940 |
Duckhorn Portfolio (The), Inc.* | 18,478 | 182 |
MGP Ingredients, Inc. | 6,851 | 675 |
National Beverage Corp.* | 10,415 | 518 |
Primo Water Corp. | 68,672 | 1,034 |
Vita Coco (The) Co., Inc.* | 12,234 | 314 |
Zevia PBC, Class A* | 10,492 | 21 |
4,684 | ||
Biotechnology – 7.5% | ||
2seventy bio, Inc.* | 22,428 | 96 |
4D Molecular Therapeutics, Inc.* | 17,347 | 351 |
89bio, Inc.* | 28,510 | 318 |
Aadi Bioscience, Inc.* | 7,323 | 15 |
ACADIA Pharmaceuticals, Inc.* | 53,045 | 1,661 |
ACELYRIN, Inc.* | 13,486 | 101 |
Acrivon Therapeutics, Inc.* | 3,881 | 19 |
Actinium Pharmaceuticals, Inc.* | 11,479 | 58 |
Adicet Bio, Inc.* | 13,593 | 26 |
ADMA Biologics, Inc.* | 92,016 | 416 |
Aerovate Therapeutics, Inc.* | 4,539 | 103 |
Agenus, Inc.* | 173,848 | 144 |
Agios Pharmaceuticals, Inc.* | 23,932 | 533 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Biotechnology – 7.5%continued | ||
Akero Therapeutics, Inc.* | 22,061 | $515 |
Aldeyra Therapeutics, Inc.* | 21,441 | 75 |
Alector, Inc.* | 26,743 | 213 |
Alkermes PLC* | 72,366 | 2,007 |
Allakos, Inc.* | 29,909 | 82 |
Allogene Therapeutics, Inc.* | 43,666 | 140 |
Allovir, Inc.* | 19,319 | 13 |
Alpine Immune Sciences, Inc.* | 14,250 | 272 |
Altimmune, Inc.* | 24,013 | 270 |
ALX Oncology Holdings, Inc.* | 12,228 | 182 |
Amicus Therapeutics, Inc.* | 123,674 | 1,755 |
AnaptysBio, Inc.* | 7,817 | 167 |
Anavex Life Sciences Corp.* | 31,649 | 295 |
Anika Therapeutics, Inc.* | 6,581 | 149 |
Annexon, Inc.* | 20,466 | 93 |
Apogee Therapeutics, Inc.* | 8,870 | 248 |
Arbutus Biopharma Corp.* | 55,589 | 139 |
Arcellx, Inc.* | 16,832 | 934 |
Arcturus Therapeutics Holdings, Inc.* | 9,918 | 313 |
Arcus Biosciences, Inc.* | 23,814 | 455 |
Arcutis Biotherapeutics, Inc.* | 37,150 | 120 |
Ardelyx, Inc.* | 99,330 | 616 |
Arrowhead Pharmaceuticals, Inc.* | 43,869 | 1,342 |
ARS Pharmaceuticals, Inc.* | 10,611 | 58 |
Astria Therapeutics, Inc.* | 15,507 | 119 |
Atara Biotherapeutics, Inc.* | 42,199 | 22 |
Aura Biosciences, Inc.* | 12,272 | 109 |
Aurinia Pharmaceuticals, Inc.* | 58,299 | 524 |
Avid Bioservices, Inc.* | 26,134 | 170 |
Avidity Biosciences, Inc.* | 31,865 | 288 |
Avita Medical, Inc.* | 10,862 | 149 |
Beam Therapeutics, Inc.* | 31,818 | 866 |
BioAtla, Inc.* | 19,609 | 48 |
BioCryst Pharmaceuticals, Inc.* | 81,610 | 489 |
Biohaven Ltd.* | 29,643 | 1,269 |
Biomea Fusion, Inc.* | 8,900 | 129 |
BioVie, Inc.* | 9,693 | 12 |
Bioxcel Therapeutics, Inc.* | 8,413 | 25 |
Bluebird Bio, Inc.* | 44,551 | 62 |
Blueprint Medicines Corp.* | 26,583 | 2,452 |
Bridgebio Pharma, Inc.* | 50,101 | 2,023 |
Cabaletta Bio, Inc.* | 15,006 | 341 |
CareDx, Inc.* | 22,085 | 265 |
Caribou Biosciences, Inc.* | 36,809 | 211 |
NORTHERN FUNDS QUARTERLY REPORT 134 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Biotechnology – 7.5%continued | ||
Carisma Therapeutics, Inc. | 11,711 | $34 |
Cartesian Therapeutics, Inc.* | 50,322 | 35 |
Catalyst Pharmaceuticals, Inc.* | 43,322 | 728 |
Celcuity, Inc.* | 7,742 | 113 |
Celldex Therapeutics, Inc.* | 20,068 | 796 |
Century Therapeutics, Inc.* | 9,920 | 33 |
Cerevel Therapeutics Holdings, Inc.* | 30,627 | 1,299 |
Cogent Biosciences, Inc.* | 35,483 | 209 |
Coherus Biosciences, Inc.* | 42,839 | 143 |
Compass Therapeutics, Inc.* | 40,887 | 64 |
Crinetics Pharmaceuticals, Inc.* | 28,554 | 1,016 |
Cue Biopharma, Inc.* | 14,961 | 40 |
Cullinan Oncology, Inc.* | 12,022 | 123 |
Cytokinetics, Inc.* | 40,427 | 3,375 |
Day One Biopharmaceuticals, Inc.* | 27,257 | 398 |
Deciphera Pharmaceuticals, Inc.* | 23,694 | 382 |
Denali Therapeutics, Inc.* | 51,202 | 1,099 |
Design Therapeutics, Inc.* | 14,578 | 39 |
Disc Medicine, Inc.* | 3,840 | 222 |
Dynavax Technologies Corp.* | 56,581 | 791 |
Dyne Therapeutics, Inc.* | 19,091 | 254 |
Eagle Pharmaceuticals, Inc.* | 4,584 | 24 |
Editas Medicine, Inc.* | 35,747 | 362 |
Emergent BioSolutions, Inc.* | 22,599 | 54 |
Enanta Pharmaceuticals, Inc.* | 8,950 | 84 |
Entrada Therapeutics, Inc.* | 8,863 | 134 |
Erasca, Inc.* | 35,801 | 76 |
Fate Therapeutics, Inc.* | 37,834 | 142 |
Fennec Pharmaceuticals, Inc.* | 8,063 | 90 |
FibroGen, Inc.* | 39,668 | 35 |
Foghorn Therapeutics, Inc.* | 8,996 | 58 |
Genelux Corp.* | 8,098 | 113 |
Generation Bio Co.* | 20,637 | 34 |
Geron Corp.* | 226,369 | 478 |
Graphite Bio, Inc.* | 12,535 | 33 |
Gritstone bio, Inc.* | 39,784 | 81 |
Halozyme Therapeutics, Inc.* | 56,454 | 2,087 |
Heron Therapeutics, Inc.* | 45,789 | 78 |
HilleVax, Inc.* | 11,861 | 190 |
Humacyte, Inc.* | 27,732 | 79 |
Icosavax, Inc.* | 11,600 | 183 |
Ideaya Biosciences, Inc.* | 26,039 | 926 |
IGM Biosciences, Inc.* | 6,805 | 57 |
Immuneering Corp., Class A* | 8,823 | 65 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Biotechnology – 7.5%continued | ||
ImmunityBio, Inc.* | 59,413 | $298 |
ImmunoGen, Inc.* | 104,693 | 3,104 |
Immunovant, Inc.* | 23,651 | 996 |
Inhibrx, Inc.* | 14,735 | 560 |
Inozyme Pharma, Inc.* | 22,395 | 95 |
Insmed, Inc.* | 60,032 | 1,860 |
Intellia Therapeutics, Inc.* | 38,247 | 1,166 |
Iovance Biotherapeutics, Inc.* | 100,419 | 816 |
Ironwood Pharmaceuticals, Inc.* | 59,829 | 684 |
iTeos Therapeutics, Inc.* | 11,071 | 121 |
Janux Therapeutics, Inc.* | 7,679 | 82 |
KalVista Pharmaceuticals, Inc.* | 13,528 | 166 |
Karyopharm Therapeutics, Inc.* | 50,063 | 43 |
Keros Therapeutics, Inc.* | 9,782 | 389 |
Kezar Life Sciences, Inc.* | 31,803 | 30 |
Kiniksa Pharmaceuticals Ltd., Class A* | 13,476 | 236 |
Kodiak Sciences, Inc.* | 13,972 | 42 |
Krystal Biotech, Inc.* | 9,454 | 1,173 |
Kura Oncology, Inc.* | 30,734 | 442 |
Kymera Therapeutics, Inc.* | 16,442 | 419 |
Larimar Therapeutics, Inc.* | 12,741 | 58 |
Lexicon Pharmaceuticals, Inc.* | 40,789 | 62 |
Lineage Cell Therapeutics, Inc.* | 57,240 | 62 |
Lyell Immunopharma, Inc.* | 72,578 | 141 |
MacroGenics, Inc.* | 25,833 | 249 |
Madrigal Pharmaceuticals, Inc.* | 6,428 | 1,487 |
MannKind Corp.* | 115,329 | 420 |
MeiraGTx Holdings PLC* | 14,423 | 101 |
Merrimack Pharmaceuticals, Inc.* | 4,488 | 60 |
Mersana Therapeutics, Inc.* | 51,434 | 119 |
MiMedx Group, Inc.* | 49,538 | 434 |
Mineralys Therapeutics, Inc.* | 9,260 | 80 |
Mirum Pharmaceuticals, Inc.* | 10,941 | 323 |
Monte Rosa Therapeutics, Inc.* | 13,524 | 76 |
Morphic Holding, Inc.* | 16,233 | 469 |
Mural Oncology PLC* | 7,368 | 44 |
Myriad Genetics, Inc.* | 34,909 | 668 |
Nkarta, Inc.* | 12,623 | 83 |
Novavax, Inc.* | 42,703 | 205 |
Nurix Therapeutics, Inc.* | 21,034 | 217 |
Nuvalent, Inc., Class A* | 11,498 | 846 |
Nuvectis Pharma, Inc.* | 2,913 | 24 |
Ocean Biomedical, Inc.* | 3,420 | 2 |
Olema Pharmaceuticals, Inc.* | 12,025 | 169 |
EQUITY FUNDS 135 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Biotechnology – 7.5%continued | ||
Omega Therapeutics, Inc.* | 10,906 | $33 |
Omniab, Inc.(1) * | 3,016 | 2 |
Omniab, Inc. (NASDAQ Exchange)(1) * | 3,016 | 3 |
Organogenesis Holdings, Inc.* | 31,245 | 128 |
ORIC Pharmaceuticals, Inc.* | 16,853 | 155 |
Outlook Therapeutics, Inc.* | 69,086 | 27 |
Ovid therapeutics, Inc.* | 24,128 | 78 |
PDS Biotechnology Corp.* | 12,372 | 62 |
PepGen, Inc.* | 4,143 | 28 |
PMV Pharmaceuticals, Inc.* | 17,257 | 54 |
Poseida Therapeutics, Inc.* | 29,980 | 101 |
Precigen, Inc.* | 59,569 | 80 |
Prelude Therapeutics, Inc.* | 4,778 | 20 |
Prime Medicine, Inc.* | 16,519 | 146 |
ProKidney Corp.* | 19,395 | 35 |
Protagonist Therapeutics, Inc.* | 24,583 | 564 |
Protalix BioTherapeutics, Inc.* | 30,009 | 53 |
Prothena Corp. PLC* | 18,447 | 670 |
PTC Therapeutics, Inc.* | 31,179 | 859 |
Rallybio Corp.* | 13,993 | 33 |
RAPT Therapeutics, Inc.* | 12,533 | 311 |
RayzeBio, Inc.* | 9,016 | 561 |
Recursion Pharmaceuticals, Inc., Class A* | 58,723 | 579 |
REGENXBIO, Inc.* | 18,228 | 327 |
Relay Therapeutics, Inc.* | 39,258 | 432 |
Reneo Pharmaceuticals, Inc.* | 6,162 | 10 |
Replimune Group, Inc.* | 22,372 | 189 |
REVOLUTION Medicines, Inc.* | 62,942 | 1,805 |
Rhythm Pharmaceuticals, Inc.* | 22,497 | 1,034 |
Rigel Pharmaceuticals, Inc.* | 75,696 | 110 |
Rocket Pharmaceuticals, Inc.* | 27,582 | 827 |
Sage Therapeutics, Inc.* | 22,746 | 493 |
Sagimet Biosciences, Inc., Class A* | 2,617 | 14 |
Sana Biotechnology, Inc.* | 41,581 | 170 |
Sangamo Therapeutics, Inc.* | 65,985 | 36 |
Savara, Inc.* | 38,797 | 182 |
Scholar Rock Holding Corp.* | 24,363 | 458 |
Seres Therapeutics, Inc.* | 43,623 | 61 |
SpringWorks Therapeutics, Inc.* | 29,067 | 1,061 |
Stoke Therapeutics, Inc.* | 12,381 | 65 |
Summit Therapeutics, Inc.* | 51,479 | 134 |
Sutro Biopharma, Inc.* | 26,788 | 115 |
Syndax Pharmaceuticals, Inc.* | 29,474 | 637 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Biotechnology – 7.5%continued | ||
Tango Therapeutics, Inc.* | 20,064 | $199 |
Tenaya Therapeutics, Inc.* | 20,511 | 66 |
TG Therapeutics, Inc.* | 60,063 | 1,026 |
Travere Therapeutics, Inc.* | 31,037 | 279 |
Turnstone Biologics Corp.* | 3,247 | 8 |
Twist Bioscience Corp.* | 24,880 | 917 |
Tyra Biosciences, Inc.* | 6,510 | 90 |
UroGen Pharma Ltd.* | 12,257 | 184 |
Vanda Pharmaceuticals, Inc.* | 25,285 | 107 |
Vaxcyte, Inc.* | 40,996 | 2,575 |
Vaxxinity, Inc., Class A* | 17,245 | 15 |
Vera Therapeutics, Inc.* | 14,298 | 220 |
Veracyte, Inc.* | 31,500 | 867 |
Vericel Corp.* | 20,778 | 740 |
Verve Therapeutics, Inc.* | 23,235 | 324 |
Vigil Neuroscience, Inc.* | 6,921 | 23 |
Viking Therapeutics, Inc.* | 42,008 | 782 |
Vir Biotechnology, Inc.* | 35,871 | 361 |
Viridian Therapeutics, Inc.* | 18,966 | 413 |
Vor BioPharma, Inc.* | 16,263 | 37 |
Voyager Therapeutics, Inc.* | 14,178 | 120 |
X4 Pharmaceuticals, Inc.* | 56,522 | 47 |
Xencor, Inc.* | 25,358 | 538 |
XOMA Corp.* | 3,156 | 58 |
Y-mAbs Therapeutics, Inc.* | 16,328 | 111 |
Zentalis Pharmaceuticals, Inc.* | 24,965 | 378 |
Zura Bio Ltd.* | 8,980 | 42 |
Zymeworks, Inc.* | 24,336 | 253 |
83,166 | ||
Broadline Retail – 0.1% | ||
Big Lots, Inc. | 12,681 | 99 |
ContextLogic, Inc., Class A* | 9,652 | 57 |
Dillard's, Inc., Class A | 1,506 | 608 |
Qurate Retail, Inc., Class B* | 1,467 | 10 |
Savers Value Village, Inc.* | 11,162 | 194 |
968 | ||
Building Products – 2.0% | ||
AAON, Inc. | 29,647 | 2,190 |
American Woodmark Corp.* | 7,219 | 670 |
Apogee Enterprises, Inc. | 9,712 | 519 |
AZZ, Inc. | 10,763 | 625 |
CSW Industrials, Inc. | 6,755 | 1,401 |
Gibraltar Industries, Inc.* | 13,419 | 1,060 |
NORTHERN FUNDS QUARTERLY
REPORT 136 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Building Products – 2.0%continued | ||
Griffon Corp. | 18,390 | $1,121 |
Insteel Industries, Inc. | 8,130 | 311 |
Janus International Group, Inc.* | 37,245 | 486 |
JELD-WEN Holding, Inc.* | 37,333 | 705 |
Masonite International Corp.* | 9,758 | 826 |
Masterbrand, Inc.* | 56,747 | 843 |
PGT Innovations, Inc.* | 24,926 | 1,014 |
Quanex Building Products Corp. | 14,527 | 444 |
Resideo Technologies, Inc.* | 63,898 | 1,203 |
Simpson Manufacturing Co., Inc. | 18,758 | 3,714 |
UFP Industries, Inc. | 26,255 | 3,296 |
Zurn Elkay Water Solutions Corp. | 64,767 | 1,905 |
22,333 | ||
Capital Markets – 1.4% | ||
AlTi Global, Inc.* | 10,762 | 94 |
Artisan Partners Asset Management, Inc., Class A | 26,955 | 1,191 |
Assetmark Financial Holdings, Inc.* | 9,349 | 280 |
B. Riley Financial, Inc. | 9,201 | 193 |
Bakkt Holdings, Inc.* | 34,535 | 77 |
BGC Group, Inc., Class A | 157,179 | 1,135 |
Brightsphere Investment Group, Inc. | 13,875 | 266 |
Cohen & Steers, Inc. | 11,436 | 866 |
Diamond Hill Investment Group, Inc. | 1,228 | 203 |
Donnelley Financial Solutions, Inc.* | 10,754 | 671 |
Forge Global Holdings, Inc.* | 49,597 | 170 |
GCM Grosvenor, Inc., Class A | 17,370 | 156 |
Hamilton Lane, Inc., Class A | 15,998 | 1,815 |
MarketWise, Inc. | 13,195 | 36 |
Moelis & Co., Class A | 29,257 | 1,642 |
Open Lending Corp.* | 43,137 | 367 |
P10, Inc., Class A | 19,316 | 197 |
Patria Investments Ltd., Class A | 23,278 | 361 |
Perella Weinberg Partners | 18,616 | 228 |
Piper Sandler Cos. | 7,605 | 1,330 |
PJT Partners, Inc., Class A | 10,414 | 1,061 |
Silvercrest Asset Management Group, Inc., Class A | 3,715 | 63 |
StepStone Group, Inc., Class A | 23,299 | 742 |
StoneX Group, Inc.* | 11,729 | 866 |
Value Line, Inc. | 378 | 18 |
Victory Capital Holdings, Inc., Class A | 11,750 | 405 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Capital Markets – 1.4%continued | ||
Virtus Investment Partners, Inc. | 3,017 | $729 |
WisdomTree, Inc. | 60,345 | 418 |
15,580 | ||
Chemicals – 1.9% | ||
AdvanSix, Inc. | 11,140 | 334 |
American Vanguard Corp. | 11,184 | 123 |
Aspen Aerogels, Inc.* | 21,806 | 344 |
Avient Corp. | 39,580 | 1,645 |
Balchem Corp. | 13,999 | 2,082 |
Cabot Corp. | 24,243 | 2,024 |
Core Molding Technologies, Inc.* | 3,386 | 63 |
Danimer Scientific, Inc.* | 38,900 | 40 |
Ecovyst, Inc.* | 39,704 | 388 |
H.B. Fuller Co. | 23,683 | 1,928 |
Hawkins, Inc. | 8,512 | 599 |
Ingevity Corp.* | 15,797 | 746 |
Innospec, Inc. | 10,939 | 1,348 |
Intrepid Potash, Inc.* | 4,747 | 113 |
Koppers Holdings, Inc. | 8,761 | 449 |
Kronos Worldwide, Inc. | 9,786 | 97 |
Livent Corp.* | 78,340 | 1,408 |
LSB Industries, Inc.* | 22,730 | 212 |
Mativ Holdings, Inc. | 23,757 | 364 |
Minerals Technologies, Inc. | 14,282 | 1,018 |
Origin Materials, Inc.* | 58,558 | 49 |
Orion S.A. | 24,341 | 675 |
Perimeter Solutions S.A.* | 65,033 | 299 |
PureCycle Technologies, Inc.* | 51,291 | 208 |
Quaker Chemical Corp. | 6,071 | 1,296 |
Rayonier Advanced Materials, Inc.* | 28,285 | 115 |
Sensient Technologies Corp. | 18,261 | 1,205 |
Stepan Co. | 9,244 | 874 |
Trinseo PLC | 15,741 | 132 |
Tronox Holdings PLC | 50,577 | 716 |
Valhi, Inc. | 1,195 | 18 |
20,912 | ||
Commercial Services & Supplies – 1.5% | ||
ABM Industries, Inc. | 29,014 | 1,301 |
ACCO Brands Corp. | 39,145 | 238 |
ACV Auctions, Inc., Class A* | 54,981 | 833 |
Aris Water Solutions, Inc., Class A | 13,385 | 112 |
BrightView Holdings, Inc.* | 17,266 | 145 |
Brink's (The) Co. | 20,205 | 1,777 |
EQUITY FUNDS 137 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Commercial Services & Supplies – 1.5%continued | ||
Casella Waste Systems, Inc., Class A* | 24,700 | $2,111 |
CECO Environmental Corp.* | 12,841 | 260 |
Cimpress PLC* | 7,889 | 632 |
CompX International, Inc. | 741 | 19 |
CoreCivic, Inc.* | 49,148 | 714 |
Deluxe Corp. | 18,656 | 400 |
Ennis, Inc. | 11,266 | 247 |
Enviri Corp.* | 33,615 | 303 |
GEO Group (The), Inc.* | 51,912 | 562 |
Healthcare Services Group, Inc.* | 32,604 | 338 |
HNI Corp. | 20,231 | 846 |
Interface, Inc. | 24,449 | 309 |
LanzaTech Global, Inc.* | 7,736 | 39 |
Li-Cycle Holdings Corp.* | 62,267 | 36 |
Liquidity Services, Inc.* | 10,120 | 174 |
Matthews International Corp., Class A | 13,055 | 478 |
MillerKnoll, Inc. | 31,962 | 853 |
Montrose Environmental Group, Inc.* | 12,153 | 390 |
NL Industries, Inc. | 4,134 | 23 |
OPENLANE, Inc.* | 47,183 | 699 |
Performant Financial Corp.* | 29,720 | 93 |
Pitney Bowes, Inc. | 76,371 | 336 |
Quad/Graphics, Inc.* | 14,482 | 79 |
SP Plus Corp.* | 8,564 | 439 |
Steelcase, Inc., Class A | 40,523 | 548 |
UniFirst Corp. | 6,540 | 1,196 |
Viad Corp.* | 8,887 | 322 |
VSE Corp. | 5,664 | 366 |
17,218 | ||
Communications Equipment – 0.6% | ||
ADTRAN Holdings, Inc. | 33,052 | 242 |
Aviat Networks, Inc.* | 4,957 | 162 |
Calix, Inc.* | 25,569 | 1,117 |
Cambium Networks Corp.* | 5,646 | 34 |
Clearfield, Inc.* | 5,489 | 160 |
CommScope Holding Co., Inc.* | 88,510 | 249 |
Comtech Telecommunications Corp. | 12,153 | 102 |
Digi International, Inc.* | 15,325 | 398 |
DZS, Inc.* | 9,954 | 20 |
Extreme Networks, Inc.* | 54,687 | 965 |
Harmonic, Inc.* | 47,421 | 618 |
Infinera Corp.* | 86,921 | 413 |
KVH Industries, Inc.* | 8,149 | 43 |
NETGEAR, Inc.* | 12,806 | 187 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Communications Equipment – 0.6%continued | ||
NetScout Systems, Inc.* | 30,333 | $666 |
Ribbon Communications, Inc.* | 39,603 | 115 |
Viavi Solutions, Inc.* | 95,818 | 965 |
6,456 | ||
Construction & Engineering – 1.7% | ||
Ameresco, Inc., Class A* | 13,833 | 438 |
API Group Corp.* | 91,450 | 3,164 |
Arcosa, Inc. | 21,242 | 1,755 |
Argan, Inc. | 5,588 | 261 |
Bowman Consulting Group Ltd.* | 4,635 | 165 |
Comfort Systems U.S.A., Inc. | 15,474 | 3,183 |
Concrete Pumping Holdings, Inc.* | 11,669 | 96 |
Construction Partners, Inc., Class A* | 17,601 | 766 |
Dycom Industries, Inc.* | 12,560 | 1,446 |
Fluor Corp.* | 62,378 | 2,443 |
Granite Construction, Inc. | 19,369 | 985 |
Great Lakes Dredge & Dock Corp.* | 28,162 | 216 |
IES Holdings, Inc.* | 3,548 | 281 |
INNOVATE Corp.* | 22,172 | 27 |
Limbach Holdings, Inc.* | 3,978 | 181 |
MYR Group, Inc.* | 7,215 | 1,043 |
Northwest Pipe Co.* | 4,185 | 127 |
Primoris Services Corp. | 23,224 | 771 |
Southland Holdings, Inc.* | 1,678 | 9 |
Sterling Infrastructure, Inc.* | 13,145 | 1,156 |
Tutor Perini Corp.* | 17,785 | 162 |
18,675 | ||
Construction Materials – 0.3% | ||
Knife River Corp.* | 24,782 | 1,640 |
Summit Materials, Inc., Class A* | 52,280 | 2,011 |
United States Lime & Minerals, Inc. | 894 | 206 |
3,857 | ||
Consumer Finance – 0.8% | ||
Atlanticus Holdings Corp.* | 2,056 | 80 |
Bread Financial Holdings, Inc. | 21,478 | 707 |
Consumer Portfolio Services, Inc.* | 4,419 | 41 |
Encore Capital Group, Inc.* | 10,208 | 518 |
Enova International, Inc.* | 12,818 | 710 |
FirstCash Holdings, Inc. | 16,489 | 1,787 |
Green Dot Corp., Class A* | 20,113 | 199 |
LendingClub Corp.* | 48,216 | 421 |
LendingTree, Inc.* | 4,667 | 141 |
Navient Corp. | 37,862 | 705 |
NORTHERN FUNDS QUARTERLY
REPORT 138 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Consumer Finance – 0.8%continued | ||
Nelnet, Inc., Class A | 5,699 | $503 |
NerdWallet, Inc., Class A* | 14,597 | 215 |
OppFi, Inc.* | 4,220 | 22 |
PRA Group, Inc.* | 16,948 | 444 |
PROG Holdings, Inc.* | 19,530 | 604 |
Regional Management Corp. | 3,501 | 88 |
Upstart Holdings, Inc.* | 32,064 | 1,310 |
World Acceptance Corp.* | 1,784 | 233 |
8,728 | ||
Consumer Staples Distribution & Retail – 0.6% | ||
Andersons (The), Inc. | 14,080 | 810 |
Chefs' Warehouse (The), Inc.* | 15,363 | 452 |
HF Foods Group, Inc.* | 16,369 | 87 |
Ingles Markets, Inc., Class A | 6,176 | 534 |
Natural Grocers by Vitamin Cottage, Inc. | 4,135 | 66 |
PriceSmart, Inc. | 11,062 | 838 |
SpartanNash Co. | 15,190 | 349 |
Sprouts Farmers Market, Inc.* | 44,575 | 2,145 |
United Natural Foods, Inc.* | 25,080 | 407 |
Village Super Market, Inc., Class A | 3,821 | 100 |
Weis Markets, Inc. | 7,225 | 462 |
6,250 | ||
Containers & Packaging – 0.3% | ||
Greif, Inc., Class A | 10,591 | 695 |
Greif, Inc., Class B | 2,223 | 147 |
Myers Industries, Inc. | 15,605 | 305 |
O-I Glass, Inc.* | 67,367 | 1,103 |
Pactiv Evergreen, Inc. | 16,951 | 232 |
Ranpak Holdings Corp.* | 19,276 | 112 |
TriMas Corp. | 18,140 | 460 |
3,054 | ||
Distributors – 0.0% | ||
Weyco Group, Inc. | 2,609 | 82 |
Diversified Consumer Services – 1.2% | ||
2U, Inc.* | 35,240 | 43 |
Adtalem Global Education, Inc.* | 17,442 | 1,028 |
Carriage Services, Inc. | 6,054 | 151 |
Chegg, Inc.* | 49,077 | 558 |
Coursera, Inc.* | 56,478 | 1,094 |
Duolingo, Inc.* | 12,740 | 2,890 |
European Wax Center, Inc., Class A* | 14,419 | 196 |
Frontdoor, Inc.* | 35,550 | 1,252 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Diversified Consumer Services – 1.2%continued | ||
Graham Holdings Co., Class B | 1,571 | $1,094 |
Laureate Education, Inc. | 56,677 | 777 |
Lincoln Educational Services Corp.* | 11,005 | 111 |
Nerdy, Inc.* | 26,877 | 92 |
OneSpaWorld Holdings Ltd.* | 36,608 | 516 |
Perdoceo Education Corp. | 28,850 | 507 |
Rover Group, Inc.* | 40,435 | 440 |
Strategic Education, Inc. | 9,927 | 917 |
Stride, Inc.* | 18,602 | 1,104 |
Udemy, Inc.* | 38,734 | 571 |
Universal Technical Institute, Inc.* | 14,685 | 184 |
WW International, Inc.* | 22,904 | 200 |
13,725 | ||
Diversified Real Estate Investment Trusts – 0.6% | ||
Alexander & Baldwin, Inc. | 31,286 | 595 |
Alpine Income Property Trust, Inc. | 5,893 | 100 |
American Assets Trust, Inc. | 21,006 | 473 |
Armada Hoffler Properties, Inc. | 29,310 | 362 |
Broadstone Net Lease, Inc. | 81,633 | 1,406 |
CTO Realty Growth, Inc. | 9,856 | 171 |
Empire State Realty Trust, Inc., Class A | 56,954 | 552 |
Essential Properties Realty Trust, Inc. | 68,288 | 1,745 |
Gladstone Commercial Corp. | 16,860 | 223 |
Global Net Lease, Inc. | 84,223 | 838 |
NexPoint Diversified Real Estate Trust | 12,810 | 102 |
One Liberty Properties, Inc. | 6,965 | 153 |
6,720 | ||
Diversified Telecommunication Services – 0.5% | ||
Anterix, Inc.* | 5,572 | 186 |
AST SpaceMobile, Inc.* | 36,257 | 219 |
ATN International, Inc. | 4,553 | 177 |
Bandwidth, Inc., Class A* | 10,482 | 152 |
Charge Enterprises, Inc.* | 63,747 | 7 |
Cogent Communications Holdings, Inc. | 19,158 | 1,457 |
Consolidated Communications Holdings, Inc.* | 33,152 | 144 |
EchoStar Corp., Class A* | 53,048 | 879 |
Globalstar, Inc.* | 304,963 | 592 |
IDT Corp., Class B* | 6,670 | 227 |
Liberty Latin America Ltd., Class A* | 14,425 | 105 |
Liberty Latin America Ltd., Class C* | 59,067 | 434 |
Lumen Technologies, Inc.* | 435,541 | 797 |
EQUITY FUNDS 139 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Diversified Telecommunication Services – 0.5%continued | ||
Ooma, Inc.* | 10,804 | $116 |
Shenandoah Telecommunications Co. | 21,459 | 464 |
5,956 | ||
Electric Utilities – 0.7% | ||
ALLETE, Inc. | 25,109 | 1,536 |
Genie Energy Ltd., Class B | 8,616 | 243 |
MGE Energy, Inc. | 15,989 | 1,156 |
Otter Tail Corp. | 18,091 | 1,537 |
PNM Resources, Inc. | 37,284 | 1,551 |
Portland General Electric Co. | 44,492 | 1,928 |
7,951 | ||
Electrical Equipment – 1.3% | ||
Allient, Inc. | 5,556 | 168 |
Amprius Technologies, Inc.* | 1,760 | 9 |
Array Technologies, Inc.* | 65,882 | 1,107 |
Atkore, Inc.* | 16,570 | 2,651 |
Babcock & Wilcox Enterprises, Inc.* | 26,298 | 38 |
Blink Charging Co.* | 25,768 | 87 |
Bloom Energy Corp., Class A* | 83,552 | 1,237 |
Dragonfly Energy Holdings Corp.* | 14,878 | 8 |
Encore Wire Corp. | 6,590 | 1,408 |
Energy Vault Holdings, Inc.* | 43,834 | 102 |
EnerSys | 17,995 | 1,817 |
Enovix Corp.* | 60,442 | 757 |
Eos Energy Enterprises, Inc.* | 47,920 | 52 |
ESS Tech, Inc.* | 39,114 | 45 |
Fluence Energy, Inc.* | 25,499 | 608 |
FTC Solar, Inc.* | 27,969 | 19 |
FuelCell Energy, Inc.* | 202,879 | 325 |
GrafTech International Ltd. | 81,975 | 180 |
LSI Industries, Inc. | 12,677 | 178 |
NEXTracker, Inc., Class A* | 21,714 | 1,017 |
NuScale Power Corp.* | 24,017 | 79 |
Powell Industries, Inc. | 3,959 | 350 |
Preformed Line Products Co. | 1,064 | 142 |
SES AI Corp.* | 56,307 | 103 |
Shoals Technologies Group, Inc., Class A* | 74,360 | 1,156 |
SKYX Platforms Corp.* | 31,071 | 50 |
Stem, Inc.* | 60,333 | 234 |
SunPower Corp.* | 36,854 | 178 |
Thermon Group Holdings, Inc.* | 14,684 | 478 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Electrical Equipment – 1.3%continued | ||
TPI Composites, Inc.* | 18,677 | $77 |
Vicor Corp.* | 9,516 | 428 |
15,088 | ||
Electronic Equipment, Instruments & Components – 2.7% | ||
908 Devices, Inc.* | 9,659 | 108 |
Advanced Energy Industries, Inc. | 16,470 | 1,794 |
Aeva Technologies, Inc.* | 32,516 | 25 |
Akoustis Technologies, Inc.* | 31,800 | 27 |
Arlo Technologies, Inc.* | 39,353 | 375 |
Badger Meter, Inc. | 12,874 | 1,987 |
Bel Fuse, Inc., Class B | 4,509 | 301 |
Belden, Inc. | 18,458 | 1,426 |
Benchmark Electronics, Inc. | 15,436 | 427 |
Climb Global Solutions, Inc. | 1,879 | 103 |
CTS Corp. | 13,538 | 592 |
Daktronics, Inc.* | 16,958 | 144 |
ePlus, Inc.* | 11,659 | 931 |
Evolv Technologies Holdings, Inc.* | 48,359 | 228 |
Fabrinet* | 16,092 | 3,063 |
FARO Technologies, Inc.* | 8,600 | 194 |
Insight Enterprises, Inc.* | 12,558 | 2,225 |
Iteris, Inc.* | 19,119 | 99 |
Itron, Inc.* | 19,957 | 1,507 |
Kimball Electronics, Inc.* | 10,346 | 279 |
Knowles Corp.* | 38,828 | 695 |
Lightwave Logic, Inc.* | 51,669 | 257 |
Luna Innovations, Inc.* | 14,449 | 96 |
Methode Electronics, Inc. | 15,010 | 341 |
MicroVision, Inc.* | 84,725 | 225 |
Mirion Technologies, Inc.* | 87,803 | 900 |
Napco Security Technologies, Inc. | 14,484 | 496 |
nLight, Inc.* | 19,076 | 258 |
Novanta, Inc.* | 15,578 | 2,624 |
OSI Systems, Inc.* | 7,044 | 909 |
PAR Technology Corp.* | 11,462 | 499 |
PC Connection, Inc. | 4,971 | 334 |
Plexus Corp.* | 12,030 | 1,301 |
Presto Automation, Inc.* | 3,175 | 2 |
Richardson Electronics Ltd. | 5,260 | 70 |
Rogers Corp.* | 7,602 | 1,004 |
Sanmina Corp.* | 24,692 | 1,269 |
ScanSource, Inc.* | 10,711 | 424 |
SmartRent, Inc.* | 78,443 | 250 |
TTM Technologies, Inc.* | 45,241 | 715 |
NORTHERN FUNDS QUARTERLY REPORT 140 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Electronic Equipment, Instruments & Components – 2.7%continued | ||
Vishay Intertechnology, Inc. | 56,530 | $1,355 |
Vishay Precision Group, Inc.* | 5,199 | 177 |
Vuzix Corp.* | 26,318 | 55 |
30,091 | ||
Energy Equipment & Services – 2.4% | ||
Archrock, Inc. | 61,072 | 940 |
Atlas Energy Solutions, Inc. | 8,140 | 140 |
Borr Drilling Ltd.* | 96,435 | 710 |
Bristow Group, Inc.* | 10,056 | 284 |
Cactus, Inc., Class A | 28,042 | 1,273 |
ChampionX Corp. | 85,628 | 2,501 |
Core Laboratories, Inc. | 20,087 | 355 |
Diamond Offshore Drilling, Inc.* | 44,893 | 584 |
DMC Global, Inc.* | 8,147 | 153 |
Dril-Quip, Inc.* | 14,550 | 339 |
Expro Group Holdings N.V.* | 39,235 | 625 |
Forum Energy Technologies, Inc.* | 3,910 | 87 |
Helix Energy Solutions Group, Inc.* | 62,091 | 638 |
Helmerich & Payne, Inc. | 42,299 | 1,532 |
KLX Energy Services Holdings, Inc.* | 5,687 | 64 |
Kodiak Gas Services, Inc. | 7,267 | 146 |
Liberty Energy, Inc. | 72,020 | 1,306 |
Mammoth Energy Services, Inc.* | 9,688 | 43 |
Nabors Industries Ltd.* | 3,916 | 320 |
Newpark Resources, Inc.* | 34,238 | 227 |
Noble Corp. PLC | 49,192 | 2,369 |
Oceaneering International, Inc.* | 43,508 | 926 |
Oil States International, Inc.* | 26,534 | 180 |
Patterson-UTI Energy, Inc. | 153,662 | 1,660 |
ProFrac Holding Corp., Class A* | 10,981 | 93 |
ProPetro Holding Corp.* | 41,357 | 347 |
Ranger Energy Services, Inc. | 6,432 | 66 |
RPC, Inc. | 36,667 | 267 |
SEACOR Marine Holdings, Inc.* | 10,180 | 128 |
Seadrill Ltd.* | 22,194 | 1,049 |
Select Water Solutions, Inc. | 33,963 | 258 |
Solaris Oilfield Infrastructure, Inc., Class A | 11,958 | 95 |
TETRA Technologies, Inc.* | 55,730 | 252 |
Tidewater, Inc.* | 20,364 | 1,468 |
U.S. Silica Holdings, Inc.* | 32,310 | 365 |
Valaris Ltd.* | 26,450 | 1,814 |
Weatherford International PLC* | 31,133 | 3,046 |
26,650 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Entertainment – 0.4% | ||
Atlanta Braves Holdings, Inc., Class A* | 4,340 | $186 |
Atlanta Braves Holdings, Inc., ClassC* | 20,027 | 793 |
Cinemark Holdings, Inc.* | 48,214 | 679 |
IMAX Corp.* | 19,700 | 296 |
Lions Gate Entertainment Corp., Class A* | 24,799 | 270 |
Lions Gate Entertainment Corp., Class B* | 53,191 | 542 |
Loop Media, Inc.* | 15,280 | 15 |
Madison Square Garden Entertainment Corp.* | 17,132 | 545 |
Marcus (The) Corp. | 10,136 | 148 |
Playstudios, Inc.* | 38,296 | 104 |
Reservoir Media, Inc.* | 8,597 | 61 |
Sphere Entertainment Co. (European Stock Exchange)* | 11,411 | 387 |
Vivid Seats, Inc., Class A* | 11,555 | 73 |
4,099 | ||
Financial Services – 2.4% | ||
Acacia Research Corp.* | 16,675 | 65 |
Alerus Financial Corp. | 7,811 | 175 |
A-Mark Precious Metals, Inc. | 8,249 | 250 |
AvidXchange Holdings, Inc.* | 65,278 | 809 |
Banco Latinoamericano de Comercio Exterior S.A., Class E | 11,852 | 293 |
Cannae Holdings, Inc.* | 30,273 | 591 |
Cantaloupe, Inc.* | 24,998 | 185 |
Cass Information Systems, Inc. | 6,005 | 271 |
Compass Diversified Holdings | 27,251 | 612 |
Enact Holdings, Inc. | 12,998 | 376 |
Essent Group Ltd. | 45,835 | 2,417 |
EVERTEC, Inc. | 28,661 | 1,173 |
Federal Agricultural Mortgage Corp., Class C | 3,968 | 759 |
Finance of America Cos., Inc., Class A* | 22,990 | 25 |
Flywire Corp.* | 46,616 | 1,079 |
I3 Verticals, Inc., Class A* | 9,511 | 201 |
International Money Express, Inc.* | 14,041 | 310 |
Jackson Financial, Inc., Class A | 36,260 | 1,857 |
Marqeta, Inc., Class A* | 208,418 | 1,455 |
Merchants Bancorp | 7,075 | 301 |
Mr Cooper Group, Inc.* | 28,231 | 1,838 |
NewtekOne, Inc. | 9,722 | 134 |
NMI Holdings, Inc., Class A* | 35,495 | 1,053 |
Ocwen Financial Corp.* | 2,890 | 89 |
EQUITY FUNDS 141 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Financial Services – 2.4%continued | ||
Pagseguro Digital Ltd., Class A* | 87,203 | $1,087 |
Payoneer Global, Inc.* | 115,690 | 603 |
Paysafe Ltd.* | 13,584 | 174 |
Paysign, Inc.* | 13,714 | 38 |
PennyMac Financial Services, Inc. | 11,200 | 990 |
Priority Technology Holdings, Inc.* | 7,466 | 27 |
Radian Group, Inc. | 68,877 | 1,966 |
Remitly Global, Inc.* | 58,178 | 1,130 |
Repay Holdings Corp.* | 35,368 | 302 |
Security National Financial Corp., Class A* | 6,218 | 56 |
StoneCo Ltd., Class A* | 127,343 | 2,296 |
SWK Holdings Corp.* | 1,242 | 22 |
Velocity Financial, Inc.* | 3,952 | 68 |
Walker & Dunlop, Inc. | 13,936 | 1,547 |
Waterstone Financial, Inc. | 7,794 | 111 |
26,735 | ||
Food Products – 1.0% | ||
Alico, Inc. | 3,145 | 91 |
B&G Foods, Inc. | 30,414 | 319 |
Benson Hill, Inc.* | 76,445 | 13 |
Beyond Meat, Inc.* | 25,236 | 225 |
BRC, Inc., Class A* | 16,382 | 59 |
Calavo Growers, Inc. | 7,518 | 221 |
Cal-Maine Foods, Inc. | 18,021 | 1,034 |
Dole PLC | 30,661 | 377 |
Forafric Global PLC* | 1,986 | 21 |
Fresh Del Monte Produce, Inc. | 14,596 | 383 |
Hain Celestial Group (The), Inc.* | 38,418 | 421 |
J&J Snack Foods Corp. | 6,606 | 1,104 |
John B. Sanfilippo & Son, Inc. | 3,902 | 402 |
Lancaster Colony Corp. | 8,484 | 1,412 |
Limoneira Co. | 7,805 | 161 |
Mission Produce, Inc.* | 20,473 | 207 |
Seneca Foods Corp., Class A* | 2,329 | 122 |
Simply Good Foods (The) Co.* | 39,755 | 1,574 |
Sovos Brands, Inc.* | 23,813 | 525 |
SunOpta, Inc.* | 40,876 | 224 |
TreeHouse Foods, Inc.* | 22,318 | 925 |
Utz Brands, Inc. | 31,457 | 511 |
Vital Farms, Inc.* | 12,897 | 202 |
Westrock Coffee Co.* | 11,752 | 120 |
10,653 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Gas Utilities – 0.9% | ||
Brookfield Infrastructure Corp., Class A | 52,101 | $1,838 |
Chesapeake Utilities Corp. | 9,266 | 979 |
New Jersey Resources Corp. | 42,261 | 1,884 |
Northwest Natural Holding Co. | 15,504 | 604 |
ONE Gas, Inc. | 23,980 | 1,528 |
RGC Resources, Inc. | 3,555 | 72 |
Southwest Gas Holdings, Inc. | 26,849 | 1,701 |
Spire, Inc. | 22,387 | 1,395 |
10,001 | ||
Ground Transportation – 0.5% | ||
ArcBest Corp. | 10,440 | 1,255 |
Covenant Logistics Group, Inc. | 3,673 | 169 |
Daseke, Inc.* | 17,994 | 146 |
FTAI Infrastructure, Inc. | 42,419 | 165 |
Heartland Express, Inc. | 19,969 | 285 |
Marten Transport Ltd. | 25,457 | 534 |
P.A.M. Transportation Services, Inc.* | 2,736 | 57 |
RXO, Inc.* | 50,980 | 1,186 |
TuSimple Holdings, Inc., Class A* | 73,807 | 65 |
Universal Logistics Holdings, Inc. | 3,046 | 85 |
Werner Enterprises, Inc. | 27,463 | 1,163 |
5,110 | ||
Health Care Equipment & Supplies – 2.8% | ||
Accuray, Inc.* | 38,790 | 110 |
Alphatec Holdings, Inc.* | 40,679 | 615 |
AngioDynamics, Inc.* | 16,867 | 132 |
Artivion, Inc.* | 17,195 | 307 |
AtriCure, Inc.* | 20,123 | 718 |
Atrion Corp. | 592 | 224 |
Avanos Medical, Inc.* | 19,876 | 446 |
Axogen, Inc.* | 18,134 | 124 |
Axonics, Inc.* | 21,628 | 1,346 |
Beyond Air, Inc.* | 11,277 | 22 |
Butterfly Network, Inc.* | 62,225 | 67 |
Cerus Corp.* | 73,828 | 159 |
ClearPoint Neuro, Inc.* | 10,766 | 73 |
CONMED Corp. | 13,312 | 1,458 |
Cutera, Inc.* | 8,845 | 31 |
CVRx, Inc.* | 4,919 | 155 |
Embecta Corp. | 25,223 | 477 |
Glaukos Corp.* | 20,576 | 1,636 |
Haemonetics Corp.* | 21,940 | 1,876 |
Inari Medical, Inc.* | 23,226 | 1,508 |
NORTHERN FUNDS QUARTERLY REPORT 142 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Health Care Equipment & Supplies – 2.8%continued | ||
Inmode Ltd.* | 33,484 | $745 |
Inogen, Inc.* | 10,227 | 56 |
Integer Holdings Corp.* | 14,547 | 1,441 |
iRadimed Corp. | 3,138 | 149 |
iRhythm Technologies, Inc.* | 13,313 | 1,425 |
KORU Medical Systems, Inc.* | 15,078 | 37 |
Lantheus Holdings, Inc.* | 29,750 | 1,844 |
LeMaitre Vascular, Inc. | 8,674 | 492 |
LivaNova PLC* | 23,527 | 1,217 |
Merit Medical Systems, Inc.* | 24,883 | 1,890 |
Nano-X Imaging Ltd.* | 20,292 | 129 |
Neogen Corp.* | 95,358 | 1,918 |
Nevro Corp.* | 15,377 | 331 |
Omnicell, Inc.* | 19,429 | 731 |
OraSure Technologies, Inc.* | 31,190 | 256 |
Orchestra BioMed Holdings, Inc.* | 7,115 | 65 |
Orthofix Medical, Inc.* | 14,801 | 200 |
OrthoPediatrics Corp.* | 6,713 | 218 |
Outset Medical, Inc.* | 22,159 | 120 |
Paragon 28, Inc.* | 18,595 | 231 |
PROCEPT BioRobotics Corp.* | 17,748 | 744 |
Pulmonx Corp.* | 15,483 | 197 |
Pulse Biosciences, Inc.* | 6,593 | 81 |
RxSight, Inc.* | 12,415 | 501 |
Sanara Medtech, Inc.* | 1,520 | 62 |
Semler Scientific, Inc.* | 2,030 | 90 |
SI-BONE, Inc.* | 17,663 | 371 |
Sight Sciences, Inc.* | 9,533 | 49 |
Silk Road Medical, Inc.* | 16,117 | 198 |
STAAR Surgical Co.* | 21,005 | 656 |
Surmodics, Inc.* | 5,925 | 215 |
Tactile Systems Technology, Inc.* | 9,672 | 138 |
Tela Bio, Inc.* | 7,055 | 47 |
TransMedics Group, Inc.* | 13,746 | 1,085 |
Treace Medical Concepts, Inc.* | 19,040 | 243 |
UFP Technologies, Inc.* | 3,101 | 533 |
Utah Medical Products, Inc. | 1,509 | 127 |
Varex Imaging Corp.* | 16,963 | 348 |
Vicarious Surgical, Inc.* | 31,895 | 12 |
Zimvie, Inc.* | 11,550 | 205 |
Zynex, Inc.* | 8,157 | 89 |
30,970 | ||
Health Care Providers & Services – 2.5% | ||
23andMe Holding Co., Class A* | 139,974 | 128 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Health Care Providers & Services – 2.5%continued | ||
Accolade, Inc.* | 28,937 | $348 |
AdaptHealth Corp.* | 41,888 | 305 |
Addus HomeCare Corp.* | 6,784 | 630 |
Agiliti, Inc.* | 13,282 | 105 |
AirSculpt Technologies, Inc.* | 5,251 | 39 |
Alignment Healthcare, Inc.* | 36,347 | 313 |
AMN Healthcare Services, Inc.* | 16,712 | 1,251 |
Apollo Medical Holdings, Inc.* | 18,497 | 708 |
Aveanna Healthcare Holdings, Inc.* | 21,313 | 57 |
Brookdale Senior Living, Inc.* | 81,540 | 475 |
Cano Health, Inc.* | 1,070 | 6 |
CareMax, Inc.* | 33,297 | 17 |
Castle Biosciences, Inc.* | 10,519 | 227 |
Community Health Systems, Inc.* | 52,382 | 164 |
CorVel Corp.* | 3,829 | 947 |
Cross Country Healthcare, Inc.* | 14,983 | 339 |
DocGo, Inc.* | 33,863 | 189 |
Enhabit, Inc.* | 21,374 | 221 |
Ensign Group (The), Inc. | 23,840 | 2,675 |
Fulgent Genetics, Inc.* | 8,702 | 252 |
Guardant Health, Inc.* | 49,015 | 1,326 |
HealthEquity, Inc.* | 36,751 | 2,437 |
Hims & Hers Health, Inc.* | 53,829 | 479 |
InfuSystem Holdings, Inc.* | 8,126 | 86 |
Innovage Holding Corp.* | 8,246 | 49 |
Invitae Corp.* | 117,349 | 74 |
Joint (The) Corp.* | 6,291 | 60 |
LifeStance Health Group, Inc.* | 45,359 | 355 |
ModivCare, Inc.* | 5,400 | 238 |
National HealthCare Corp. | 5,492 | 508 |
National Research Corp. | 6,124 | 242 |
NeoGenomics, Inc.* | 55,211 | 893 |
OPKO Health, Inc.* | 171,682 | 259 |
Option Care Health, Inc.* | 72,900 | 2,456 |
Owens & Minor, Inc.* | 32,096 | 618 |
P3 Health Partners, Inc.* | 17,638 | 25 |
Patterson Cos., Inc. | 37,223 | 1,059 |
Pediatrix Medical Group, Inc.* | 37,043 | 345 |
Pennant Group (The), Inc.* | 12,236 | 170 |
PetIQ, Inc.* | 11,578 | 229 |
Privia Health Group, Inc.* | 49,057 | 1,130 |
Progyny, Inc.* | 34,622 | 1,287 |
Quipt Home Medical Corp.* | 18,341 | 93 |
RadNet, Inc.* | 26,269 | 913 |
EQUITY FUNDS 143 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Health Care Providers & Services – 2.5%continued | ||
Select Medical Holdings Corp. | 45,306 | $1,065 |
Surgery Partners, Inc.* | 32,962 | 1,054 |
U.S. Physical Therapy, Inc. | 6,506 | 606 |
Viemed Healthcare, Inc.* | 15,237 | 120 |
27,572 | ||
Health Care Real Estate Investment Trusts – 0.6% | ||
CareTrust REIT, Inc. | 43,966 | 984 |
Community Healthcare Trust, Inc. | 11,866 | 316 |
Diversified Healthcare Trust | 101,780 | 381 |
Global Medical REIT, Inc. | 26,011 | 289 |
LTC Properties, Inc. | 17,699 | 568 |
National Health Investors, Inc. | 18,323 | 1,023 |
Physicians Realty Trust | 103,329 | 1,375 |
Sabra Health Care REIT, Inc. | 100,533 | 1,435 |
Universal Health Realty Income Trust | 5,532 | 239 |
6,610 | ||
Health Care Technology – 0.5% | ||
American Well Corp., Class A* | 110,107 | 164 |
Computer Programs and Systems, Inc.* | 6,404 | 72 |
Definitive Healthcare Corp.* | 20,957 | 208 |
Evolent Health, Inc., Class A* | 48,238 | 1,593 |
Health Catalyst, Inc.* | 23,862 | 221 |
HealthStream, Inc. | 10,427 | 282 |
Multiplan Corp.* | 163,137 | 235 |
OptimizeRx Corp.* | 7,383 | 106 |
Phreesia, Inc.* | 23,119 | 535 |
Schrodinger, Inc.* | 23,552 | 843 |
Sharecare, Inc.* | 128,007 | 138 |
Simulations Plus, Inc. | 6,800 | 304 |
Veradigm, Inc.* | 46,409 | 487 |
5,188 | ||
Hotel & Resort Real Estate Investment Trusts – 0.9% | ||
Apple Hospitality REIT, Inc. | 94,433 | 1,569 |
Braemar Hotels & Resorts, Inc. | 29,611 | 74 |
Chatham Lodging Trust | 20,434 | 219 |
DiamondRock Hospitality Co. | 91,014 | 855 |
Pebblebrook Hotel Trust | 51,412 | 822 |
RLJ Lodging Trust | 67,022 | 785 |
Ryman Hospitality Properties, Inc. | 25,517 | 2,808 |
Service Properties Trust | 71,555 | 611 |
Summit Hotel Properties, Inc. | 45,510 | 306 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Hotel & Resort Real Estate Investment Trusts – 0.9%continued | ||
Sunstone Hotel Investors, Inc. | 90,268 | $969 |
Xenia Hotels & Resorts, Inc. | 46,358 | 631 |
9,649 | ||
Hotels, Restaurants & Leisure – 2.2% | ||
Accel Entertainment, Inc.* | 23,708 | 243 |
Bally's Corp.* | 12,388 | 173 |
Biglari Holdings, Inc., Class B* | 347 | 57 |
BJ's Restaurants, Inc.* | 9,753 | 351 |
Bloomin' Brands, Inc. | 38,472 | 1,083 |
Bluegreen Vacations Holding Corp. | 4,688 | 352 |
Bowlero Corp., Class A* | 7,897 | 112 |
Brinker International, Inc.* | 19,184 | 828 |
Carrols Restaurant Group, Inc. | 15,736 | 124 |
Century Casinos, Inc.* | 10,583 | 52 |
Cheesecake Factory (The), Inc. | 20,992 | 735 |
Chuy's Holdings, Inc.* | 7,787 | 298 |
Cracker Barrel Old Country Store, Inc. | 9,554 | 736 |
Dave & Buster's Entertainment, Inc.* | 15,807 | 851 |
Denny's Corp.* | 22,958 | 250 |
Dine Brands Global, Inc. | 6,622 | 329 |
El Pollo Loco Holdings, Inc.* | 11,988 | 106 |
Everi Holdings, Inc.* | 36,223 | 408 |
First Watch Restaurant Group, Inc.* | 9,709 | 195 |
Full House Resorts, Inc.* | 14,485 | 78 |
Global Business Travel Group I* | 13,004 | 84 |
Golden Entertainment, Inc. | 8,671 | 346 |
Hilton Grand Vacations, Inc.* | 35,125 | 1,411 |
Inspired Entertainment, Inc.* | 9,726 | 96 |
International Game Technology PLC | 47,132 | 1,292 |
Jack in the Box, Inc. | 8,918 | 728 |
Krispy Kreme, Inc. | 37,725 | 569 |
Kura Sushi U.S.A., Inc., Class A* | 2,533 | 193 |
Life Time Group Holdings, Inc.* | 19,042 | 287 |
Light & Wonder, Inc.* | 39,913 | 3,277 |
Lindblad Expeditions Holdings, Inc.* | 14,588 | 164 |
Monarch Casino & Resort, Inc. | 5,897 | 408 |
Mondee Holdings, Inc.* | 20,317 | 56 |
Nathan's Famous, Inc. | 1,144 | 89 |
Noodles & Co.* | 17,562 | 55 |
ONE Group Hospitality (The), Inc.* | 9,650 | 59 |
Papa John's International, Inc. | 14,253 | 1,087 |
PlayAGS, Inc.* | 16,689 | 141 |
Portillo's, Inc., Class A* | 19,808 | 316 |
Potbelly Corp.* | 11,581 | 121 |
NORTHERN FUNDS QUARTERLY REPORT 144 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Hotels, Restaurants & Leisure – 2.2%continued | ||
RCI Hospitality Holdings, Inc. | 3,829 | $254 |
Red Robin Gourmet Burgers, Inc.* | 7,148 | 89 |
Red Rock Resorts, Inc., Class A | 20,899 | 1,115 |
Rush Street Interactive, Inc.* | 28,051 | 126 |
Sabre Corp.* | 142,967 | 629 |
SeaWorld Entertainment, Inc.* | 15,744 | 832 |
Shake Shack, Inc., Class A* | 16,565 | 1,228 |
Six Flags Entertainment Corp.* | 31,257 | 784 |
Super Group SGHC Ltd.* | 57,474 | 182 |
Sweetgreen, Inc., Class A* | 41,546 | 469 |
Target Hospitality Corp.* | 13,649 | 133 |
Xponential Fitness, Inc., Class A* | 11,118 | 143 |
24,124 | ||
Household Durables – 2.4% | ||
Beazer Homes U.S.A., Inc.* | 12,768 | 431 |
Cavco Industries, Inc.* | 3,836 | 1,330 |
Century Communities, Inc. | 12,488 | 1,138 |
Cricut, Inc., Class A | 19,946 | 132 |
Dream Finders Homes, Inc., Class A* | 10,530 | 374 |
Ethan Allen Interiors, Inc. | 10,114 | 323 |
GoPro, Inc., Class A* | 53,241 | 185 |
Green Brick Partners, Inc.* | 11,446 | 595 |
Helen of Troy Ltd.* | 10,428 | 1,260 |
Hooker Furnishings Corp. | 4,533 | 118 |
Hovnanian Enterprises, Inc., Class A* | 2,162 | 337 |
Installed Building Products, Inc. | 10,377 | 1,897 |
iRobot Corp.* | 11,793 | 456 |
KB Home | 31,196 | 1,949 |
Landsea Homes Corp.* | 9,180 | 121 |
La-Z-Boy, Inc. | 18,863 | 696 |
Legacy Housing Corp.* | 4,169 | 105 |
LGI Homes, Inc.* | 9,099 | 1,212 |
Lovesac (The) Co.* | 5,878 | 150 |
M/I Homes, Inc.* | 11,807 | 1,626 |
MDC Holdings, Inc. | 26,287 | 1,452 |
Meritage Homes Corp. | 15,929 | 2,775 |
Purple Innovation, Inc. | 21,689 | 22 |
Skyline Champion Corp.* | 23,466 | 1,743 |
Snap One Holdings Corp.* | 8,106 | 72 |
Sonos, Inc.* | 55,030 | 943 |
Taylor Morrison Home Corp.* | 45,325 | 2,418 |
Traeger, Inc.* | 16,184 | 44 |
Tri Pointe Homes, Inc.* | 42,153 | 1,492 |
United Homes Group, Inc.* | 2,247 | 19 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Household Durables – 2.4%continued | ||
Vizio Holding Corp., Class A* | 32,638 | $251 |
VOXX International Corp.* | 5,733 | 61 |
Worthington Enterprises, Inc. | 13,512 | 778 |
26,505 | ||
Household Products – 0.3% | ||
Central Garden & Pet Co.* | 4,253 | 213 |
Central Garden & Pet Co., Class A* | 17,325 | 763 |
Energizer Holdings, Inc. | 31,055 | 984 |
Oil-Dri Corp. of America | 2,127 | 143 |
WD-40 Co. | 5,949 | 1,422 |
3,525 | ||
Independent Power & Renewable Electricity Producers – 0.3% | ||
Altus Power, Inc.* | 26,764 | 183 |
Montauk Renewables, Inc.* | 28,330 | 252 |
Ormat Technologies, Inc. | 23,242 | 1,762 |
Sunnova Energy International, Inc.* | 46,892 | 715 |
2,912 | ||
Industrial Conglomerates – 0.0% | ||
Brookfield Business Corp., Class A | 11,029 | 257 |
Industrial Real Estate Investment Trusts – 0.5% | ||
Innovative Industrial Properties, Inc. | 12,113 | 1,221 |
LXP Industrial Trust | 125,729 | 1,247 |
Plymouth Industrial REIT, Inc. | 19,521 | 470 |
Terreno Realty Corp. | 36,052 | 2,260 |
5,198 | ||
Insurance – 1.7% | ||
Ambac Financial Group, Inc.* | 19,224 | 317 |
American Coastal Insurance Corp.* | 9,171 | 87 |
American Equity Investment Life Holding Co.* | 34,260 | 1,912 |
AMERISAFE, Inc. | 8,301 | 388 |
BRP Group, Inc., Class A* | 25,975 | 624 |
CNO Financial Group, Inc. | 49,089 | 1,370 |
Crawford & Co., Class A | 6,348 | 84 |
Donegal Group, Inc., Class A | 7,132 | 100 |
eHealth, Inc.* | 12,991 | 113 |
Employers Holdings, Inc. | 11,346 | 447 |
Enstar Group Ltd.* | 5,226 | 1,538 |
F&G Annuities & Life, Inc. | 8,212 | 378 |
Fidelis Insurance Holdings Ltd.* | 6,501 | 82 |
Genworth Financial, Inc., Class A* | 202,595 | 1,353 |
GoHealth, Inc., Class A* | 2,237 | 30 |
Goosehead Insurance, Inc., Class A* | 9,313 | 706 |
EQUITY FUNDS 145 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Insurance – 1.7%continued | ||
Greenlight Capital Re Ltd., Class A* | 11,033 | $126 |
HCI Group, Inc. | 2,777 | 243 |
Hippo Holdings, Inc.* | 4,614 | 42 |
Horace Mann Educators Corp. | 17,738 | 580 |
Investors Title Co. | 540 | 87 |
James River Group Holdings Ltd. | 15,451 | 143 |
Kingsway Financial Services, Inc.* | 4,719 | 40 |
Lemonade, Inc.* | 22,228 | 358 |
Maiden Holdings Ltd.* | 40,902 | 94 |
MBIA, Inc.* | 20,395 | 125 |
Mercury General Corp. | 11,758 | 439 |
National Western Life Group, Inc., Class A | 995 | 481 |
NI Holdings, Inc.* | 3,582 | 46 |
Oscar Health, Inc., Class A* | 69,528 | 636 |
Palomar Holdings, Inc.* | 10,624 | 590 |
ProAssurance Corp. | 22,262 | 307 |
Safety Insurance Group, Inc. | 6,192 | 470 |
Selective Insurance Group, Inc. | 26,328 | 2,619 |
Selectquote, Inc.* | 60,594 | 83 |
SiriusPoint Ltd.* | 30,769 | 357 |
Skyward Specialty Insurance Group, Inc.* | 10,313 | 349 |
Stewart Information Services Corp. | 11,627 | 683 |
Tiptree, Inc. | 10,418 | 197 |
Trupanion, Inc.* | 17,065 | 521 |
United Fire Group, Inc. | 8,870 | 178 |
Universal Insurance Holdings, Inc. | 10,381 | 166 |
19,489 | ||
Interactive Media & Services – 0.7% | ||
Bumble, Inc., Class A* | 43,714 | 644 |
Cargurus, Inc.* | 42,379 | 1,024 |
Cars.com, Inc.* | 28,680 | 544 |
DHI Group, Inc.* | 19,244 | 50 |
Eventbrite, Inc., Class A* | 33,537 | 280 |
EverQuote, Inc., Class A* | 8,773 | 107 |
fuboTV, Inc.* | 123,398 | 392 |
Grindr, Inc.* | 18,196 | 160 |
MediaAlpha, Inc., Class A* | 9,573 | 107 |
Nextdoor Holdings, Inc.* | 65,201 | 123 |
Outbrain, Inc.* | 18,253 | 80 |
QuinStreet, Inc.* | 22,570 | 289 |
Shutterstock, Inc. | 10,622 | 513 |
System1, Inc.* | 17,600 | 39 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Interactive Media & Services – 0.7%continued | ||
TrueCar, Inc.* | 39,071 | $135 |
Vimeo, Inc.* | 64,720 | 254 |
Yelp, Inc.* | 29,182 | 1,382 |
Ziff Davis, Inc.* | 20,282 | 1,363 |
ZipRecruiter, Inc., Class A* | 29,041 | 404 |
7,890 | ||
IT Services – 0.5% | ||
Applied Digital Corp.* | 34,719 | 234 |
BigBear.ai Holdings, Inc.* | 16,229 | 35 |
BigCommerce Holdings, Inc., Class 1* | 29,117 | 283 |
Brightcove, Inc.* | 19,038 | 49 |
Couchbase, Inc.* | 15,297 | 344 |
DigitalOcean Holdings, Inc.* | 27,461 | 1,008 |
Fastly, Inc., Class A* | 52,707 | 938 |
Grid Dynamics Holdings, Inc.* | 25,041 | 334 |
Hackett Group (The), Inc. | 11,010 | 251 |
Information Services Group, Inc. | 15,519 | 73 |
Perficient, Inc.* | 14,946 | 984 |
Rackspace Technology, Inc.* | 31,328 | 63 |
Squarespace, Inc., Class A* | 21,938 | 724 |
Thoughtworks Holding, Inc.* | 38,969 | 187 |
Tucows, Inc., Class A* | 4,401 | 119 |
Unisys Corp.* | 29,663 | 167 |
5,793 | ||
Leisure Products – 0.4% | ||
Acushnet Holdings Corp. | 13,558 | 857 |
AMMO, Inc.* | 39,878 | 84 |
Clarus Corp. | 13,040 | 90 |
Escalade, Inc. | 4,288 | 86 |
Funko, Inc., Class A* | 15,451 | 120 |
JAKKS Pacific, Inc.* | 3,183 | 113 |
Johnson Outdoors, Inc., Class A | 2,421 | 129 |
Latham Group, Inc.* | 17,132 | 45 |
Malibu Boats, Inc., Class A* | 8,882 | 487 |
Marine Products Corp. | 3,888 | 44 |
MasterCraft Boat Holdings, Inc.* | 7,390 | 167 |
Smith & Wesson Brands, Inc. | 19,773 | 268 |
Solo Brands, Inc., Class A* | 7,486 | 46 |
Sturm Ruger & Co., Inc. | 7,593 | 345 |
Topgolf Callaway Brands Corp.* | 62,301 | 894 |
Vista Outdoor, Inc.* | 24,965 | 738 |
4,513 |
NORTHERN FUNDS QUARTERLY
REPORT 146 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Life Sciences Tools & Services – 0.4% | ||
Adaptive Biotechnologies Corp.* | 48,229 | $236 |
Akoya Biosciences, Inc.* | 11,560 | 56 |
BioLife Solutions, Inc.* | 14,710 | 239 |
Codexis, Inc.* | 30,235 | 92 |
CryoPort, Inc.* | 19,263 | 298 |
Cytek Biosciences, Inc.* | 52,035 | 475 |
Harvard Bioscience, Inc.* | 17,847 | 96 |
MaxCyte, Inc.* | 36,827 | 173 |
Mesa Laboratories, Inc. | 2,189 | 229 |
NanoString Technologies, Inc.* | 20,784 | 16 |
Nautilus Biotechnology, Inc.* | 22,549 | 68 |
OmniAb, Inc.* | 40,115 | 248 |
Pacific Biosciences of California, Inc.* | 109,489 | 1,074 |
Quanterix Corp.* | 15,404 | 421 |
Quantum-Si, Inc.* | 44,795 | 90 |
Seer, Inc.* | 25,908 | 50 |
SomaLogic, Inc.* | 63,311 | 160 |
4,021 | ||
Machinery – 3.5% | ||
374Water, Inc.* | 26,496 | 38 |
3D Systems Corp.* | 57,314 | 364 |
Alamo Group, Inc. | 4,422 | 929 |
Albany International Corp., Class A | 13,580 | 1,334 |
Astec Industries, Inc. | 9,934 | 370 |
Barnes Group, Inc. | 21,354 | 697 |
Blue Bird Corp.* | 11,289 | 304 |
Chart Industries, Inc.* | 18,700 | 2,549 |
Columbus McKinnon Corp. | 12,137 | 474 |
Commercial Vehicle Group, Inc.* | 14,399 | 101 |
Desktop Metal, Inc., Class A* | 126,049 | 95 |
Douglas Dynamics, Inc. | 9,797 | 291 |
Energy Recovery, Inc.* | 24,475 | 461 |
Enerpac Tool Group Corp. | 24,033 | 747 |
Enpro, Inc. | 9,185 | 1,440 |
ESCO Technologies, Inc. | 11,227 | 1,314 |
Federal Signal Corp. | 26,228 | 2,013 |
Franklin Electric Co., Inc. | 20,216 | 1,954 |
Gencor Industries, Inc.* | 4,932 | 80 |
Gorman-Rupp (The) Co. | 10,004 | 355 |
Greenbrier (The) Cos., Inc. | 13,348 | 590 |
Helios Technologies, Inc. | 14,320 | 649 |
Hillenbrand, Inc. | 30,542 | 1,461 |
Hillman Solutions Corp.* | 84,381 | 777 |
Hyliion Holdings Corp.* | 65,572 | 53 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Machinery – 3.5%continued | ||
Hyster-Yale Materials Handling, Inc. | 4,883 | $304 |
John Bean Technologies Corp. | 13,952 | 1,387 |
Kadant, Inc. | 5,123 | 1,436 |
Kennametal, Inc. | 35,115 | 906 |
Lindsay Corp. | 4,791 | 619 |
Luxfer Holdings PLC | 10,962 | 98 |
Manitowoc (The) Co., Inc.* | 14,788 | 247 |
Mayville Engineering Co., Inc.* | 4,889 | 70 |
Microvast Holdings, Inc.* | 99,026 | 139 |
Miller Industries, Inc. | 4,836 | 204 |
Mueller Industries, Inc. | 49,045 | 2,312 |
Mueller Water Products, Inc., Class A | 68,150 | 981 |
Nikola Corp.* | 271,579 | 238 |
Omega Flex, Inc. | 1,470 | 104 |
Park-Ohio Holdings Corp. | 3,674 | 99 |
Proto Labs, Inc.* | 11,523 | 449 |
REV Group, Inc. | 13,462 | 245 |
Shyft Group (The), Inc. | 14,678 | 179 |
SPX Technologies, Inc.* | 19,325 | 1,952 |
Standex International Corp. | 5,154 | 816 |
Tennant Co. | 8,085 | 749 |
Terex Corp. | 29,130 | 1,674 |
Titan International, Inc.* | 22,412 | 333 |
Trinity Industries, Inc. | 35,320 | 939 |
Velo3D, Inc.* | 39,210 | 16 |
Wabash National Corp. | 20,334 | 521 |
Watts Water Technologies, Inc., Class A | 11,964 | 2,493 |
38,950 | ||
Marine Transportation – 0.3% | ||
Costamare, Inc. | 20,007 | 208 |
Eagle Bulk Shipping, Inc. | 3,997 | 222 |
Genco Shipping & Trading Ltd. | 17,922 | 297 |
Golden Ocean Group Ltd. | 52,949 | 517 |
Himalaya Shipping Ltd.* | 11,200 | 76 |
Matson, Inc. | 15,119 | 1,657 |
Pangaea Logistics Solutions Ltd. | 15,556 | 128 |
Safe Bulkers, Inc. | 28,085 | 110 |
3,215 | ||
Media – 0.6% | ||
Advantage Solutions, Inc.* | 35,896 | 130 |
AMC Networks, Inc., Class A* | 13,125 | 247 |
Boston Omaha Corp., Class A* | 10,367 | 163 |
Cardlytics, Inc.* | 16,684 | 154 |
EQUITY FUNDS 147 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Media – 0.6%continued | ||
Clear Channel Outdoor Holdings, Inc.* | 159,758 | $291 |
Daily Journal Corp.* | 583 | 199 |
Emerald Holding, Inc.* | 6,665 | 40 |
Entravision Communications Corp., Class A | 27,058 | 113 |
EW Scripps (The) Co., Class A* | 25,127 | 201 |
Gambling.com Group Ltd.* | 6,591 | 64 |
Gannett Co., Inc.* | 60,060 | 138 |
Gray Television, Inc. | 37,609 | 337 |
iHeartMedia, Inc., Class A* | 46,019 | 123 |
Integral Ad Science Holding Corp.* | 21,342 | 307 |
John Wiley & Sons, Inc., Class A | 15,698 | 498 |
Magnite, Inc.* | 58,867 | 550 |
PubMatic, Inc., Class A* | 18,674 | 304 |
Scholastic Corp. | 11,511 | 434 |
Sinclair, Inc. | 14,136 | 184 |
Stagwell, Inc.* | 36,085 | 239 |
TechTarget, Inc.* | 11,110 | 387 |
TEGNA, Inc. | 87,656 | 1,341 |
Thryv Holdings, Inc.* | 13,435 | 273 |
Townsquare Media, Inc., Class A | 5,053 | 53 |
Urban One, Inc.* | 3,977 | 16 |
Urban One, Inc. (NASDAQ Exchange)* | 5,627 | 20 |
WideOpenWest, Inc.* | 20,155 | 82 |
6,888 | ||
Metals & Mining – 1.8% | ||
5E Advanced Materials, Inc.* | 17,153 | 24 |
Alpha Metallurgical Resources, Inc. | 5,060 | 1,715 |
Arch Resources, Inc. | 7,892 | 1,310 |
ATI, Inc.* | 56,414 | 2,565 |
Caledonia Mining Corp. PLC | 7,256 | 88 |
Carpenter Technology Corp. | 21,371 | 1,513 |
Century Aluminum Co.* | 22,807 | 277 |
Coeur Mining, Inc.* | 145,344 | 474 |
Commercial Metals Co. | 51,237 | 2,564 |
Compass Minerals International, Inc. | 14,683 | 372 |
Constellium S.E.* | 56,370 | 1,125 |
Contango ORE, Inc.* | 3,729 | 68 |
Dakota Gold Corp.* | 23,681 | 62 |
Haynes International, Inc. | 5,392 | 308 |
Hecla Mining Co. | 265,240 | 1,276 |
i-80 Gold Corp.* | 80,123 | 141 |
Ivanhoe Electric, Inc.* | 28,144 | 284 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Metals & Mining – 1.8%continued | ||
Kaiser Aluminum Corp. | 6,910 | $492 |
Materion Corp. | 9,011 | 1,173 |
Novagold Resources, Inc.* | 103,709 | 388 |
Olympic Steel, Inc. | 4,316 | 288 |
Perpetua Resources Corp.* | 16,417 | 52 |
Piedmont Lithium, Inc.* | 7,950 | 224 |
Ramaco Resources, Inc., Class A | 9,972 | 171 |
Ramaco Resources, Inc., Class B | 2,028 | 27 |
Ryerson Holding Corp. | 12,476 | 433 |
Schnitzer Steel Industries, Inc., Class A | 11,221 | 338 |
SunCoke Energy, Inc. | 36,576 | 393 |
TimkenSteel Corp.* | 19,064 | 447 |
Tredegar Corp. | 11,550 | 62 |
Warrior Met Coal, Inc. | 22,673 | 1,382 |
Worthington Steel, Inc.* | 13,286 | 373 |
20,409 | ||
Mortgage Real Estate Investment Trusts – 1.2% | ||
AFC Gamma, Inc. | 7,273 | 87 |
Angel Oak Mortgage REIT, Inc. | 5,134 | 54 |
Apollo Commercial Real Estate Finance, Inc. | 61,392 | 721 |
Arbor Realty Trust, Inc. | 80,311 | 1,219 |
Ares Commercial Real Estate Corp. | 22,071 | 229 |
ARMOUR Residential REIT, Inc. | 21,769 | 421 |
Blackstone Mortgage Trust, Inc., Class A | 74,883 | 1,593 |
BrightSpire Capital, Inc. | 56,427 | 420 |
Chicago Atlantic Real Estate Finance, Inc. | 7,292 | 118 |
Chimera Investment Corp. | 97,968 | 489 |
Claros Mortgage Trust, Inc. | 39,705 | 541 |
Dynex Capital, Inc. | 25,134 | 315 |
Ellington Financial, Inc. | 32,292 | 410 |
Franklin BSP Realty Trust, Inc. | 35,801 | 484 |
Granite Point Mortgage Trust, Inc. | 22,815 | 135 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 46,396 | 1,280 |
Invesco Mortgage Capital, Inc. | 20,337 | 180 |
KKR Real Estate Finance Trust, Inc. | 25,621 | 339 |
Ladder Capital Corp. | 48,850 | 562 |
MFA Financial, Inc. | 44,072 | 497 |
New York Mortgage Trust, Inc. | 39,011 | 333 |
Nexpoint Real Estate Finance, Inc. | 3,536 | 56 |
Orchid Island Capital, Inc. | 23,725 | 200 |
NORTHERN FUNDS QUARTERLY
REPORT 148 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Mortgage Real Estate Investment Trusts – 1.2%continued | ||
PennyMac Mortgage Investment Trust | 37,492 | $560 |
Ready Capital Corp. | 69,296 | 710 |
Redwood Trust, Inc. | 49,914 | 370 |
TPG RE Finance Trust, Inc. | 29,147 | 189 |
Two Harbors Investment Corp. | 41,968 | 585 |
13,097 | ||
Multi-Utilities – 0.4% | ||
Avista Corp. | 33,630 | 1,202 |
Black Hills Corp. | 29,433 | 1,588 |
Northwestern Energy Group, Inc. | 27,011 | 1,374 |
PNM Resources, Inc. - (Fractional Shares)(1) | 50,000 | — |
Unitil Corp. | 6,955 | 366 |
4,530 | ||
Office Real Estate Investment Trusts – 0.7% | ||
Brandywine Realty Trust | 73,968 | 400 |
City Office REIT, Inc. | 17,292 | 106 |
COPT Defense Properties | 48,941 | 1,254 |
Douglas Emmett, Inc. | 70,777 | 1,026 |
Easterly Government Properties, Inc. | 42,285 | 568 |
Equity Commonwealth | 44,200 | 849 |
Hudson Pacific Properties, Inc. | 61,023 | 568 |
JBG SMITH Properties | 44,613 | 759 |
Office Properties Income Trust | 19,989 | 146 |
Orion Office REIT, Inc. | 23,827 | 136 |
Paramount Group, Inc. | 81,161 | 420 |
Peakstone Realty Trust | 15,710 | 313 |
Piedmont Office Realty Trust, Inc., Class A | 53,744 | 382 |
Postal Realty Trust, Inc., Class A | 9,327 | 136 |
SL Green Realty Corp. | 28,404 | 1,283 |
8,346 | ||
Oil, Gas & Consumable Fuels – 4.4% | ||
Amplify Energy Corp.* | 16,267 | 96 |
Ardmore Shipping Corp. | 17,735 | 250 |
Berry Corp. | 31,925 | 224 |
California Resources Corp. | 30,517 | 1,669 |
Callon Petroleum Co.* | 26,508 | 859 |
Centrus Energy Corp., Class A* | 5,333 | 290 |
Chord Energy Corp. | 18,296 | 3,041 |
Civitas Resources, Inc. | 35,369 | 2,419 |
Clean Energy Fuels Corp.* | 73,593 | 282 |
CNX Resources Corp.* | 68,648 | 1,373 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Oil, Gas & Consumable Fuels – 4.4%continued | ||
Comstock Resources, Inc. | 40,501 | $358 |
CONSOL Energy, Inc. | 13,395 | 1,347 |
Crescent Energy Co., Class A | 34,185 | 452 |
CVR Energy, Inc. | 12,721 | 385 |
Delek U.S. Holdings, Inc. | 27,823 | 718 |
DHT Holdings, Inc. | 59,620 | 585 |
Dorian LPG Ltd. | 14,878 | 653 |
Empire Petroleum Corp.* | 6,394 | 70 |
Encore Energy Corp.* | 63,628 | 250 |
Energy Fuels, Inc.* | 68,101 | 490 |
Enviva, Inc. | 14,404 | 14 |
Equitrans Midstream Corp. | 191,180 | 1,946 |
Evolution Petroleum Corp. | 12,434 | 72 |
Excelerate Energy, Inc., Class A | 7,508 | 116 |
FLEX LNG Ltd. | 12,771 | 371 |
FutureFuel Corp. | 11,647 | 71 |
Gevo, Inc.* | 104,851 | 122 |
Golar LNG Ltd. | 43,997 | 1,011 |
Granite Ridge Resources, Inc. | 15,906 | 96 |
Green Plains, Inc.* | 25,122 | 634 |
Gulfport Energy Corp.* | 4,878 | 650 |
Hallador Energy Co.* | 9,921 | 88 |
HighPeak Energy, Inc. | 5,194 | 74 |
International Seaways, Inc. | 17,792 | 809 |
Kinetik Holdings, Inc. | 8,126 | 271 |
Kosmos Energy Ltd.* | 198,517 | 1,332 |
Magnolia Oil & Gas Corp., Class A | 77,961 | 1,660 |
Matador Resources Co. | 49,311 | 2,804 |
Murphy Oil Corp. | 64,705 | 2,760 |
NACCO Industries, Inc., Class A | 1,843 | 67 |
NextDecade Corp.* | 35,415 | 169 |
Nordic American Tankers Ltd. | 89,749 | 377 |
Northern Oil and Gas, Inc. | 38,573 | 1,430 |
Overseas Shipholding Group, Inc., Class A | 27,661 | 146 |
Par Pacific Holdings, Inc.* | 24,207 | 880 |
PBF Energy, Inc., Class A | 48,832 | 2,147 |
Peabody Energy Corp. | 50,152 | 1,220 |
Permian Resources Corp. | 170,276 | 2,316 |
PrimeEnergy Resources Corp.* | 325 | 35 |
REX American Resources Corp.* | 6,722 | 318 |
Riley Exploration Permian, Inc. | 3,765 | 103 |
Ring Energy, Inc.* | 48,004 | 70 |
SandRidge Energy, Inc. | 13,449 | 184 |
EQUITY FUNDS 149 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Oil, Gas & Consumable Fuels – 4.4%continued | ||
Scorpio Tankers, Inc. | 20,946 | $1,273 |
SFL Corp. Ltd. | 49,636 | 560 |
SilverBow Resources, Inc.* | 9,423 | 274 |
Sitio Royalties Corp., Class A | 35,922 | 844 |
SM Energy Co. | 51,743 | 2,003 |
Talos Energy, Inc.* | 46,991 | 669 |
Teekay Corp.* | 27,619 | 197 |
Teekay Tankers Ltd., Class A | 10,447 | 522 |
Tellurian, Inc.* | 240,762 | 182 |
Uranium Energy Corp.* | 164,255 | 1,051 |
VAALCO Energy, Inc. | 45,522 | 204 |
Verde Clean Fuels, Inc.* | 1,529 | 4 |
Vertex Energy, Inc.* | 28,023 | 95 |
Vital Energy, Inc.* | 10,335 | 470 |
Vitesse Energy, Inc. | 11,080 | 243 |
W&T Offshore, Inc. | 40,809 | 133 |
World Kinect Corp. | 25,767 | 587 |
49,485 | ||
Paper & Forest Products – 0.1% | ||
Clearwater Paper Corp.* | 7,018 | 254 |
Glatfelter Corp.* | 19,045 | 37 |
Sylvamo Corp. | 15,746 | 773 |
1,064 | ||
Passenger Airlines – 0.4% | ||
Allegiant Travel Co. | 6,812 | 563 |
Blade Air Mobility, Inc.* | 25,993 | 92 |
Frontier Group Holdings, Inc.* | 17,011 | 93 |
Hawaiian Holdings, Inc.* | 22,221 | 315 |
JetBlue Airways Corp.* | 146,081 | 811 |
Joby Aviation, Inc.* | 122,396 | 814 |
SkyWest, Inc.* | 17,795 | 929 |
Spirit Airlines, Inc. | 47,415 | 777 |
Sun Country Airlines Holdings, Inc.* | 16,046 | 252 |
4,646 | ||
Personal Care Products – 0.9% | ||
Beauty Health (The) Co.* | 36,845 | 114 |
BellRing Brands, Inc.* | 57,659 | 3,196 |
Edgewell Personal Care Co. | 21,810 | 799 |
elf Beauty, Inc.* | 23,529 | 3,396 |
Herbalife Ltd.* | 42,657 | 651 |
Inter Parfums, Inc. | 8,053 | 1,160 |
Medifast, Inc. | 4,671 | 314 |
Nature's Sunshine Products, Inc.* | 5,832 | 101 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Personal Care Products – 0.9%continued | ||
Nu Skin Enterprises, Inc., Class A | 21,408 | $416 |
USANA Health Sciences, Inc.* | 4,833 | 259 |
Waldencast PLC, Class A* | 15,840 | 173 |
10,579 | ||
Pharmaceuticals – 1.7% | ||
Aclaris Therapeutics, Inc.* | 31,277 | 33 |
Amneal Pharmaceuticals, Inc.* | 51,782 | 314 |
Amphastar Pharmaceuticals, Inc.* | 16,835 | 1,041 |
Amylyx Pharmaceuticals, Inc.* | 21,706 | 320 |
ANI Pharmaceuticals, Inc.* | 6,209 | 342 |
Arvinas, Inc.* | 21,385 | 880 |
Assertio Holdings, Inc.* | 39,620 | 42 |
Atea Pharmaceuticals, Inc.* | 34,185 | 104 |
Axsome Therapeutics, Inc.* | 15,581 | 1,240 |
Biote Corp., Class A* | 6,183 | 31 |
Bright Green Corp.* | 23,899 | 8 |
Cara Therapeutics, Inc.* | 21,001 | 16 |
Cassava Sciences, Inc.* | 17,353 | 391 |
Citius Pharmaceuticals, Inc.* | 53,856 | 41 |
Collegium Pharmaceutical, Inc.* | 15,140 | 466 |
Corcept Therapeutics, Inc.* | 35,195 | 1,143 |
CorMedix, Inc.* | 25,778 | 97 |
Cymabay Therapeutics, Inc.* | 49,045 | 1,158 |
Edgewise Therapeutics, Inc.* | 19,088 | 209 |
Enliven Therapeutics, Inc.* | 10,476 | 145 |
Evolus, Inc.* | 17,415 | 183 |
Eyenovia, Inc.* | 16,694 | 35 |
EyePoint Pharmaceuticals, Inc.* | 11,761 | 272 |
Harmony Biosciences Holdings, Inc.* | 13,860 | 448 |
Harrow, Inc.* | 12,766 | 143 |
Ikena Oncology, Inc.* | 16,647 | 33 |
Innoviva, Inc.* | 26,203 | 420 |
Intra-Cellular Therapies, Inc.* | 40,940 | 2,932 |
Ligand Pharmaceuticals, Inc.* | 7,438 | 531 |
Liquidia Corp.* | 20,443 | 246 |
Longboard Pharmaceuticals, Inc.* | 6,718 | 40 |
Marinus Pharmaceuticals, Inc.* | 22,371 | 243 |
Neumora Therapeutics, Inc.* | 6,931 | 118 |
NGM Biopharmaceuticals, Inc.* | 20,033 | 17 |
Nuvation Bio, Inc.* | 65,098 | 98 |
Ocular Therapeutix, Inc.* | 34,872 | 156 |
Omeros Corp.* | 27,133 | 89 |
Optinose, Inc.* | 37,048 | 48 |
Pacira BioSciences, Inc.* | 19,644 | 663 |
NORTHERN FUNDS QUARTERLY REPORT 150 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Pharmaceuticals – 1.7%continued | ||
Phathom Pharmaceuticals, Inc.* | 13,582 | $124 |
Phibro Animal Health Corp., Class A | 9,143 | 106 |
Pliant Therapeutics, Inc.* | 25,321 | 459 |
Prestige Consumer Healthcare, Inc.* | 21,767 | 1,333 |
Rain Oncology, Inc.* | 5,886 | 7 |
Revance Therapeutics, Inc.* | 38,948 | 342 |
Scilex Holding Co.* | 32,903 | 67 |
scPharmaceuticals, Inc.* | 12,832 | 80 |
SIGA Technologies, Inc. | 20,515 | 115 |
Supernus Pharmaceuticals, Inc.* | 21,301 | 616 |
Taro Pharmaceutical Industries Ltd.* | 3,651 | 153 |
Tarsus Pharmaceuticals, Inc.* | 12,641 | 256 |
Terns Pharmaceuticals, Inc.* | 19,093 | 124 |
Theravance Biopharma, Inc.* | 21,879 | 246 |
Theseus Pharmaceuticals, Inc.* | 9,038 | 37 |
Third Harmonic Bio, Inc.* | 8,728 | 96 |
Trevi Therapeutics, Inc.* | 17,441 | 23 |
Ventyx Biosciences, Inc.* | 21,035 | 52 |
Verrica Pharmaceuticals, Inc.* | 8,899 | 65 |
WaVe Life Sciences Ltd.* | 26,517 | 134 |
Xeris Biopharma Holdings, Inc.* | 59,679 | 140 |
Zevra Therapeutics, Inc.* | 15,732 | 103 |
19,414 | ||
Professional Services – 2.5% | ||
Alight, Inc., Class A* | 181,493 | 1,548 |
ASGN, Inc.* | 20,693 | 1,990 |
Asure Software, Inc.* | 10,780 | 103 |
Barrett Business Services, Inc. | 2,870 | 332 |
BlackSky Technology, Inc.* | 52,374 | 73 |
CBIZ, Inc.* | 21,012 | 1,315 |
Conduent, Inc.* | 73,142 | 267 |
CRA International, Inc. | 2,946 | 291 |
CSG Systems International, Inc. | 13,789 | 734 |
ExlService Holdings, Inc.* | 70,321 | 2,170 |
Exponent, Inc. | 22,015 | 1,938 |
First Advantage Corp. | 23,182 | 384 |
FiscalNote Holdings, Inc.* | 28,212 | 32 |
Forrester Research, Inc.* | 4,873 | 131 |
Franklin Covey Co.* | 4,988 | 217 |
Heidrick & Struggles International, Inc. | 8,528 | 252 |
HireQuest, Inc. | 2,370 | 37 |
HireRight Holdings Corp.* | 5,509 | 74 |
Huron Consulting Group, Inc.* | 8,364 | 860 |
IBEX Holdings Ltd.* | 3,728 | 71 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Professional Services – 2.5%continued | ||
ICF International, Inc. | 8,213 | $1,101 |
Innodata, Inc.* | 11,247 | 92 |
Insperity, Inc. | 15,565 | 1,825 |
Kelly Services, Inc., Class A | 13,795 | 298 |
Kforce, Inc. | 8,384 | 567 |
Korn Ferry | 22,870 | 1,357 |
Legalzoom.com, Inc.* | 52,235 | 590 |
Maximus, Inc. | 26,608 | 2,231 |
Mistras Group, Inc.* | 9,180 | 67 |
NV5 Global, Inc.* | 6,004 | 667 |
Parsons Corp.* | 18,083 | 1,134 |
Planet Labs PBC* | 79,006 | 195 |
Resources Connection, Inc. | 14,102 | 200 |
Skillsoft Corp.* | 2,287 | 40 |
Sterling Check Corp.* | 13,524 | 188 |
TriNet Group, Inc.* | 14,017 | 1,667 |
TrueBlue, Inc.* | 13,172 | 202 |
TTEC Holdings, Inc. | 8,172 | 177 |
Upwork, Inc.* | 54,105 | 805 |
Verra Mobility Corp.* | 61,179 | 1,409 |
Willdan Group, Inc.* | 5,443 | 117 |
27,748 | ||
Real Estate Management & Development – 0.8% | ||
American Realty Investors, Inc.* | 789 | 14 |
Anywhere Real Estate, Inc.* | 47,146 | 382 |
Compass, Inc., Class A* | 121,905 | 458 |
Cushman & Wakefield PLC* | 71,784 | 775 |
DigitalBridge Group, Inc. | 70,205 | 1,231 |
Douglas Elliman, Inc. | 35,776 | 105 |
eXp World Holdings, Inc. | 30,683 | 476 |
Forestar Group, Inc.* | 7,907 | 261 |
FRP Holdings, Inc.* | 2,966 | 186 |
Kennedy-Wilson Holdings, Inc. | 51,692 | 640 |
Marcus & Millichap, Inc. | 10,434 | 456 |
Maui Land & Pineapple Co., Inc.* | 3,124 | 50 |
Newmark Group, Inc., Class A | 60,115 | 659 |
Opendoor Technologies, Inc.* | 243,890 | 1,093 |
RE/MAX Holdings, Inc., Class A | 7,823 | 104 |
Redfin Corp.* | 47,860 | 494 |
RMR Group (The), Inc., Class A | 6,472 | 183 |
St. Joe (The) Co. | 15,117 | 910 |
Star Holdings* | 5,722 | 86 |
Stratus Properties, Inc.* | 2,481 | 72 |
EQUITY FUNDS 151 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Real Estate Management & Development – 0.8%continued | ||
Tejon Ranch Co.* | 8,757 | $151 |
Transcontinental Realty Investors, Inc.* | 349 | 12 |
8,798 | ||
Residential Real Estate Investment Trusts – 0.4% | ||
Apartment Investment and Management Co., Class A* | 63,834 | 500 |
BRT Apartments Corp. | 5,344 | 99 |
Centerspace | 6,479 | 377 |
Clipper Realty, Inc. | 6,166 | 33 |
Elme Communities | 37,898 | 553 |
Independence Realty Trust, Inc. | 98,003 | 1,500 |
NexPoint Residential Trust, Inc. | 9,828 | 339 |
UMH Properties, Inc. | 26,524 | 406 |
Veris Residential, Inc. | 34,095 | 536 |
4,343 | ||
Retail Real Estate Investment Trusts – 1.2% | ||
Acadia Realty Trust | 40,380 | 686 |
Alexander's, Inc. | 904 | 193 |
CBL & Associates Properties, Inc. | 11,468 | 280 |
Getty Realty Corp. | 21,036 | 615 |
InvenTrust Properties Corp. | 29,713 | 753 |
Kite Realty Group Trust | 95,256 | 2,178 |
Macerich (The) Co. | 93,839 | 1,448 |
NETSTREIT Corp. | 30,541 | 545 |
Phillips Edison & Co., Inc. | 51,639 | 1,884 |
Retail Opportunity Investments Corp. | 53,240 | 747 |
Saul Centers, Inc. | 4,924 | 193 |
SITE Centers Corp. | 83,602 | 1,139 |
Tanger, Inc. | 44,809 | 1,242 |
Urban Edge Properties | 49,763 | 911 |
Whitestone REIT | 20,687 | 254 |
13,068 | ||
Semiconductors & Semiconductor Equipment – 3.1% | ||
ACM Research, Inc., Class A* | 21,075 | 412 |
Aehr Test Systems* | 12,281 | 326 |
Alpha & Omega Semiconductor Ltd.* | 9,850 | 257 |
Ambarella, Inc.* | 16,436 | 1,007 |
Amkor Technology, Inc. | 49,296 | 1,640 |
Atomera, Inc.* | 9,318 | 65 |
Axcelis Technologies, Inc.* | 14,266 | 1,850 |
CEVA, Inc.* | 10,015 | 228 |
Cohu, Inc.* | 20,210 | 715 |
Credo Technology Group Holding Ltd.* | 49,680 | 967 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Semiconductors & Semiconductor Equipment – 3.1%continued | ||
Diodes, Inc.* | 19,615 | $1,579 |
FormFactor, Inc.* | 33,817 | 1,411 |
Ichor Holdings Ltd.* | 12,215 | 411 |
Impinj, Inc.* | 10,198 | 918 |
indie Semiconductor, Inc., Class A* | 66,485 | 539 |
inTEST Corp.* | 4,953 | 67 |
Kulicke & Soffa Industries, Inc. | 24,090 | 1,318 |
MACOM Technology Solutions Holdings, Inc.* | 23,787 | 2,211 |
Maxeon Solar Technologies Ltd.* | 13,515 | 97 |
MaxLinear, Inc.* | 33,137 | 788 |
Navitas Semiconductor Corp.* | 46,882 | 378 |
NVE Corp. | 1,995 | 157 |
Onto Innovation, Inc.* | 21,406 | 3,273 |
PDF Solutions, Inc.* | 13,378 | 430 |
Photronics, Inc.* | 26,562 | 833 |
Power Integrations, Inc. | 24,825 | 2,038 |
Rambus, Inc.* | 47,658 | 3,253 |
Semtech Corp.* | 27,592 | 605 |
Silicon Laboratories, Inc.* | 13,800 | 1,825 |
SiTime Corp.* | 7,526 | 919 |
SkyWater Technology, Inc.* | 7,744 | 75 |
SMART Global Holdings, Inc.* | 21,047 | 398 |
Synaptics, Inc.* | 17,157 | 1,957 |
Transphorm, Inc.* | 14,916 | 55 |
Ultra Clean Holdings, Inc.* | 19,196 | 655 |
Veeco Instruments, Inc.* | 22,147 | 687 |
34,344 | ||
Software – 5.8% | ||
8x8, Inc.* | 54,069 | 204 |
A10 Networks, Inc. | 30,319 | 399 |
ACI Worldwide, Inc.* | 47,533 | 1,455 |
Adeia, Inc. | 46,067 | 571 |
Agilysys, Inc.* | 8,730 | 740 |
Alarm.com Holdings, Inc.* | 21,004 | 1,357 |
Alkami Technology, Inc.* | 17,316 | 420 |
Altair Engineering, Inc., Class A* | 23,696 | 1,994 |
American Software, Inc., Class A | 14,302 | 162 |
Amplitude, Inc., Class A* | 29,000 | 369 |
Appfolio, Inc., Class A* | 8,411 | 1,457 |
Appian Corp., Class A* | 17,722 | 667 |
Asana, Inc., Class A* | 35,767 | 680 |
Aurora Innovation, Inc.* | 145,533 | 636 |
AvePoint, Inc.* | 65,527 | 538 |
NORTHERN FUNDS QUARTERLY REPORT 152 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Software – 5.8%continued | ||
Bit Digital, Inc.* | 40,391 | $171 |
Blackbaud, Inc.* | 19,071 | 1,653 |
BlackLine, Inc.* | 24,882 | 1,554 |
Box, Inc., Class A* | 61,236 | 1,568 |
Braze, Inc., Class A* | 22,968 | 1,220 |
C3.ai, Inc., Class A* | 35,713 | 1,025 |
Cerence, Inc.* | 17,204 | 338 |
Cipher Mining, Inc.* | 19,005 | 78 |
Cleanspark, Inc.* | 65,916 | 727 |
Clear Secure, Inc., Class A | 36,118 | 746 |
CommVault Systems, Inc.* | 19,305 | 1,542 |
Consensus Cloud Solutions, Inc.* | 8,538 | 224 |
CoreCard Corp.* | 3,245 | 45 |
CS Disco, Inc.* | 10,003 | 76 |
CXApp, Inc.* | 599 | 1 |
Digimarc Corp.* | 6,111 | 221 |
Digital Turbine, Inc.* | 40,801 | 280 |
Domo, Inc., Class B* | 13,776 | 142 |
E2open Parent Holdings, Inc.* | 74,830 | 329 |
eGain Corp.* | 9,400 | 78 |
Enfusion, Inc., Class A* | 16,158 | 157 |
EngageSmart, Inc.* | 21,461 | 491 |
Envestnet, Inc.* | 21,714 | 1,075 |
Everbridge, Inc.* | 17,470 | 425 |
EverCommerce, Inc.* | 10,401 | 115 |
Expensify, Inc., Class A* | 24,559 | 61 |
Freshworks, Inc., Class A* | 70,953 | 1,667 |
Instructure Holdings, Inc.* | 8,545 | 231 |
Intapp, Inc.* | 11,913 | 453 |
InterDigital, Inc. | 11,588 | 1,258 |
Jamf Holding Corp.* | 30,844 | 557 |
Kaltura, Inc.* | 36,669 | 72 |
LivePerson, Inc.* | 36,137 | 137 |
LiveRamp Holdings, Inc.* | 28,766 | 1,090 |
Marathon Digital Holdings, Inc.* | 93,243 | 2,190 |
Matterport, Inc.* | 112,375 | 302 |
MeridianLink, Inc.* | 11,165 | 277 |
MicroStrategy, Inc., Class A* | 5,314 | 3,356 |
Mitek Systems, Inc.* | 19,514 | 254 |
Model N, Inc.* | 16,849 | 454 |
N-able, Inc.* | 30,377 | 402 |
NextNav, Inc.* | 24,420 | 109 |
Olo, Inc., Class A* | 44,017 | 252 |
ON24, Inc. | 12,723 | 100 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Software – 5.8%continued | ||
OneSpan, Inc.* | 16,839 | $181 |
PagerDuty, Inc.* | 39,809 | 922 |
PowerSchool Holdings, Inc., Class A* | 24,161 | 569 |
Progress Software Corp. | 19,101 | 1,037 |
PROS Holdings, Inc.* | 19,554 | 759 |
Q2 Holdings, Inc.* | 24,670 | 1,071 |
Qualys, Inc.* | 16,259 | 3,191 |
Rapid7, Inc.* | 26,337 | 1,504 |
Red Violet, Inc.* | 4,691 | 94 |
Rimini Street, Inc.* | 24,746 | 81 |
Riot Platforms, Inc.* | 83,247 | 1,288 |
Sapiens International Corp. N.V. | 13,163 | 381 |
SEMrush Holdings, Inc., Class A* | 14,106 | 193 |
SolarWinds Corp.* | 22,205 | 277 |
SoundHound AI, Inc., Class A* | 57,265 | 121 |
SoundThinking, Inc.* | 4,400 | 112 |
Sprinklr, Inc., Class A* | 45,853 | 552 |
Sprout Social, Inc., Class A* | 20,726 | 1,273 |
SPS Commerce, Inc.* | 16,044 | 3,110 |
Tenable Holdings, Inc.* | 49,651 | 2,287 |
Terawulf, Inc.* | 68,441 | 164 |
Varonis Systems, Inc.* | 47,558 | 2,153 |
Verint Systems, Inc.* | 27,009 | 730 |
Veritone, Inc.* | 11,132 | 20 |
Viant Technology, Inc., Class A* | 6,500 | 45 |
Weave Communications, Inc.* | 14,981 | 172 |
Workiva, Inc.* | 21,712 | 2,204 |
Xperi, Inc.* | 18,996 | 209 |
Yext, Inc.* | 45,549 | 268 |
Zeta Global Holdings Corp., Class A* | 60,809 | 536 |
Zuora, Inc., Class A* | 58,719 | 552 |
65,208 | ||
Specialized Real Estate Investment Trusts – 0.5% | ||
Farmland Partners, Inc. | 18,988 | 237 |
Four Corners Property Trust, Inc. | 39,720 | 1,005 |
Gladstone Land Corp. | 14,176 | 205 |
Outfront Media, Inc. | 63,882 | 892 |
PotlatchDeltic Corp. | 34,375 | 1,688 |
Safehold, Inc. | 21,509 | 503 |
Uniti Group, Inc. | 102,770 | 594 |
5,124 | ||
Specialty Retail – 2.7% | ||
1-800-Flowers.com, Inc., Class A* | 11,674 | 126 |
EQUITY FUNDS 153 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Specialty Retail – 2.7%continued | ||
Aaron's (The) Co., Inc. | 13,334 | $145 |
Abercrombie & Fitch Co., Class A* | 21,369 | 1,885 |
Academy Sports & Outdoors, Inc. | 31,657 | 2,089 |
American Eagle Outfitters, Inc. | 80,010 | 1,693 |
America's Car-Mart, Inc.* | 2,457 | 186 |
Arko Corp. | 34,638 | 286 |
Asbury Automotive Group, Inc.* | 9,061 | 2,038 |
BARK, Inc.* | 61,282 | 49 |
Beyond, Inc.* | 19,906 | 551 |
Big 5 Sporting Goods Corp. | 9,502 | 60 |
Boot Barn Holdings, Inc.* | 13,063 | 1,003 |
Buckle (The), Inc. | 13,393 | 636 |
Build-A-Bear Workshop, Inc. | 5,767 | 133 |
Caleres, Inc. | 14,881 | 457 |
Camping World Holdings, Inc., Class A | 17,982 | 472 |
CarParts.com, Inc.* | 23,605 | 75 |
Carvana Co.* | 41,988 | 2,223 |
Cato (The) Corp., Class A | 7,629 | 54 |
Chico's FAS, Inc.* | 52,518 | 398 |
Children's Place (The), Inc.* | 4,958 | 115 |
Designer Brands, Inc., Class A | 18,109 | 160 |
Destination XL Group, Inc.* | 24,750 | 109 |
Duluth Holdings, Inc., Class B* | 6,382 | 34 |
Envela Corp.* | 2,668 | 13 |
EVgo, Inc.* | 47,105 | 169 |
Foot Locker, Inc. | 35,594 | 1,109 |
Genesco, Inc.* | 5,004 | 176 |
Group 1 Automotive, Inc. | 5,978 | 1,822 |
GrowGeneration Corp.* | 25,933 | 65 |
Guess?, Inc. | 12,501 | 288 |
Haverty Furniture Cos., Inc. | 6,541 | 232 |
Hibbett, Inc. | 5,387 | 388 |
J Jill, Inc.* | 2,165 | 56 |
Lands' End, Inc.* | 6,587 | 63 |
Lazydays Holdings, Inc.* | 2,491 | 18 |
Leslie's, Inc.* | 78,104 | 540 |
MarineMax, Inc.* | 9,323 | 363 |
Monro, Inc. | 13,387 | 393 |
National Vision Holdings, Inc.* | 33,549 | 702 |
ODP (The) Corp.* | 14,295 | 805 |
OneWater Marine, Inc., Class A* | 4,811 | 163 |
PetMed Express, Inc. | 9,157 | 69 |
Rent the Runway, Inc., Class A* | 23,207 | 12 |
Revolve Group, Inc.* | 17,509 | 290 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Specialty Retail – 2.7%continued | ||
Sally Beauty Holdings, Inc.* | 46,904 | $623 |
Shoe Carnival, Inc. | 8,053 | 243 |
Signet Jewelers Ltd. | 19,507 | 2,092 |
Sleep Number Corp.* | 9,008 | 134 |
Sonic Automotive, Inc., Class A | 6,515 | 366 |
Sportsman's Warehouse Holdings, Inc.* | 16,834 | 72 |
Stitch Fix, Inc., Class A* | 37,786 | 135 |
ThredUp, Inc., Class A* | 32,355 | 73 |
Tile Shop Holdings, Inc.* | 12,937 | 95 |
Tilly's, Inc., Class A* | 9,924 | 75 |
Torrid Holdings, Inc.* | 4,647 | 27 |
Upbound Group, Inc. | 23,838 | 810 |
Urban Outfitters, Inc.* | 28,009 | 1,000 |
Warby Parker, Inc., Class A* | 36,417 | 513 |
Winmark Corp. | 1,257 | 525 |
Zumiez, Inc.* | 7,112 | 145 |
29,641 | ||
Technology Hardware, Storage & Peripherals – 0.7% | ||
CompoSecure, Inc.* | 6,918 | 37 |
Corsair Gaming, Inc.* | 15,667 | 221 |
CPI Card Group, Inc.* | 1,771 | 34 |
Eastman Kodak Co.* | 25,428 | 99 |
Immersion Corp. | 13,960 | 98 |
Intevac, Inc.* | 11,604 | 50 |
IonQ, Inc.* | 70,202 | 870 |
Super Micro Computer, Inc.* | 20,255 | 5,758 |
Turtle Beach Corp.* | 6,921 | 76 |
Xerox Holdings Corp. | 50,962 | 934 |
8,177 | ||
Textiles, Apparel & Luxury Goods – 0.5% | ||
Allbirds, Inc., Class A* | 41,841 | 51 |
Figs, Inc., Class A* | 55,696 | 387 |
Fossil Group, Inc.* | 20,709 | 30 |
G-III Apparel Group Ltd.* | 17,942 | 610 |
Hanesbrands, Inc.* | 151,920 | 678 |
Kontoor Brands, Inc. | 24,626 | 1,537 |
Movado Group, Inc. | 6,853 | 207 |
Oxford Industries, Inc. | 6,477 | 648 |
Rocky Brands, Inc. | 3,058 | 92 |
Steven Madden Ltd. | 32,995 | 1,386 |
NORTHERN FUNDS QUARTERLY
REPORT 154 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Textiles, Apparel & Luxury Goods – 0.5%continued | ||
Vera Bradley, Inc.* | 11,595 | $89 |
Wolverine World Wide, Inc. | 33,795 | 300 |
6,015 | ||
Tobacco – 0.1% | ||
Ispire Technology, Inc.* | 7,887 | 96 |
Turning Point Brands, Inc. | 7,213 | 190 |
Universal Corp. | 10,619 | 715 |
Vector Group Ltd. | 63,408 | 715 |
1,716 | ||
Trading Companies & Distributors – 2.0% | ||
Alta Equipment Group, Inc. | 10,318 | 128 |
Applied Industrial Technologies, Inc. | 16,872 | 2,914 |
Beacon Roofing Supply, Inc.* | 25,365 | 2,207 |
BlueLinx Holdings, Inc.* | 3,754 | 425 |
Boise Cascade Co. | 17,382 | 2,249 |
Custom Truck One Source, Inc.* | 23,709 | 147 |
Distribution Solutions Group, Inc.* | 4,411 | 139 |
DXP Enterprises, Inc.* | 6,045 | 204 |
EVI Industries, Inc. | 2,238 | 53 |
FTAI Aviation Ltd. | 43,564 | 2,021 |
GATX Corp. | 15,546 | 1,869 |
Global Industrial Co. | 5,724 | 222 |
GMS, Inc.* | 17,983 | 1,482 |
H&E Equipment Services, Inc. | 13,997 | 732 |
Herc Holdings, Inc. | 12,372 | 1,842 |
Hudson Technologies, Inc.* | 19,379 | 261 |
Karat Packaging, Inc. | 2,996 | 74 |
McGrath RentCorp | 10,827 | 1,295 |
MRC Global, Inc.* | 36,845 | 406 |
NOW, Inc.* | 45,856 | 519 |
Rush Enterprises, Inc., Class A | 27,027 | 1,360 |
Rush Enterprises, Inc., Class B | 4,068 | 216 |
Textainer Group Holdings Ltd. | 17,759 | 874 |
Titan Machinery, Inc.* | 8,841 | 255 |
Transcat, Inc.* | 3,513 | 384 |
Willis Lease Finance Corp.* | 1,313 | 64 |
Xometry, Inc., Class A* | 14,554 | 523 |
22,865 | ||
Water Utilities – 0.4% | ||
American States Water Co. | 16,089 | 1,294 |
Artesian Resources Corp., Class A | 3,984 | 165 |
Cadiz, Inc.* | 17,948 | 50 |
California Water Service Group | 25,169 | 1,306 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.1%continued | ||
Water Utilities – 0.4%continued | ||
Consolidated Water Co. Ltd. | 6,720 | $239 |
Global Water Resources, Inc. | 4,926 | 64 |
Middlesex Water Co. | 7,584 | 498 |
Pure Cycle Corp.* | 9,066 | 95 |
SJW Group | 13,871 | 907 |
York Water (The) Co. | 6,278 | 242 |
4,860 | ||
Wireless Telecommunication Services – 0.1% | ||
Gogo, Inc.* | 29,039 | 294 |
Spok Holdings, Inc. | 8,122 | 126 |
Telephone and Data Systems, Inc. | 42,815 | 785 |
Tingo Group, Inc.(1) * | 54,007 | 28 |
1,233 | ||
Total Common Stocks | ||
(Cost $717,532) | 1,105,663 | |
RIGHTS – 0.0% | ||
Biotechnology – 0.0% | ||
Aduro Biotech, Inc. (Contingent Value Rights)(1) * | 7,412 | — |
Cartesian Therapeutics, Inc. (Contingent Value Rights)(1) * | 50,322 | — |
Chinook Therapeutics, Inc. (Contingent Value Rights)(1) (2) * | 26,398 | — |
Oncternal Therapeutics, Inc. (Contingent Value Rights)(1) (2) * | 398 | — |
Tobira Therapeutics, Inc. (Contingent Value Rights)(1) (2) * | 5,175 | — |
— | ||
Total Rights | ||
(Cost $40) | — | |
OTHER – 0.0% | ||
Escrow DLB Oil & Gas, Inc.(1) * | 1,200 | — |
Escrow Petrocorp, Inc.(1) * | 420 | — |
Total Other | ||
(Cost $—) | — |
NUMBER OF WARRANTS | VALUE (000S) | |
WARRANTS – 0.0% | ||
Cassava Sciences, Inc., Exp. 11/15/24, Strike $33.00(1) * | 6,941 | $— |
Total Warrants | ||
(Cost $—) | — |
EQUITY FUNDS 155 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 0.8% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(3) (4) | 8,333,730 | $8,334 |
Total Investment Companies | ||
(Cost $8,334) | 8,334 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.0% | ||
U.S. Treasury Bill, | ||
5.21%, 4/11/24(5) (6) | $655 | $646 |
Total Short-Term Investments | ||
(Cost $645) | 646 | |
Total Investments – 99.9% | ||
(Cost $726,551) | 1,114,643 | |
Other Assets less Liabilities – 0.1% | 709 | |
NET ASSETS – 100.0% | $1,115,352 |
(1) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(2) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of this restricted illiquid security amounted to $0 or 0.0% of net assets. Additional information on this restricted illiquid security is as follows: |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Chinook Therapeutics, Inc. (Contingent Value Rights) | 8/14/2023 | $— |
Oncternal Therapeutics, Inc. (Contingent Value Rights) | 6/10/2019 | — |
Tobira Therapeutics, Inc. (Contingent Value Rights) | 11/2/2016 | 40 |
(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 December 31, 2023 is disclosed. |
(5) | Discount rate at the time of purchase. |
(6) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
REIT - Real Estate Investment Trust |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had open futures
contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini Russell 2000 Index | 91 | $9,317 | Long | 3/24 | $691 |
At December 31, 2023, the security
types for the Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 99.1% |
Rights | 0.0% |
Other | 0.0% |
Investment Companies | 0.8% |
Short-Term Investments | 0.0% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Biotechnology | $83,161 | $— | $5 | $83,166 |
Wireless Telecommunication Services | 1,205 | — | 28 | 1,233 |
All Other Industries(1) | 1,021,264 | — | — | 1,021,264 |
Total Common Stocks | 1,105,630 | — | 33 | 1,105,663 |
Investment Companies | 8,334 | — | — | 8,334 |
Short-Term Investments | — | 646 | — | 646 |
Total Investments | $1,113,964 | $646 | $33 | $1,114,643 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $691 | $— | $— | $691 |
(1) | Classifications as defined in the Schedule of Investments. |
NORTHERN FUNDS QUARTERLY
REPORT 156 EQUITY FUNDS
Schedule of Investments |
SMALL CAP INDEX FUND continued | December 31, 2023 (UNAUDITED) |
Transactions in affiliated
investments for the nine months ended December 31, 2023, 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) | $3,475 | $100,620 | $95,761 | $182 | $8,334 | $8,333,730 |
EQUITY FUNDS 157 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
SMALL CAP VALUE FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 97.8% | ||
Aerospace & Defense – 0.8% | ||
AAR Corp.* | 59,866 | $3,735 |
Moog, Inc., Class A | 67,459 | 9,767 |
Triumph Group, Inc.* | 10,502 | 174 |
13,676 | ||
Automobile Components – 1.2% | ||
Adient PLC* | 131,290 | 4,774 |
American Axle & Manufacturing Holdings, Inc.* | 16,182 | 143 |
Dana, Inc. | 41,622 | 608 |
Goodyear Tire & Rubber (The) Co.* | 360,826 | 5,167 |
Modine Manufacturing Co.* | 51,593 | 3,080 |
Patrick Industries, Inc. | 3,202 | 321 |
Standard Motor Products, Inc. | 129,572 | 5,158 |
19,251 | ||
Automobiles – 0.0% | ||
Winnebago Industries, Inc. | 4,314 | 314 |
Banks – 17.3% | ||
1st Source Corp. | 18,985 | 1,043 |
Amalgamated Financial Corp. | 49,818 | 1,342 |
Atlantic Union Bankshares Corp. | 143,403 | 5,240 |
Axos Financial, Inc.* | 160,171 | 8,745 |
BancFirst Corp. | 98,081 | 9,546 |
Bancorp (The), Inc.* | 89,217 | 3,440 |
Banner Corp. | 61,679 | 3,304 |
Berkshire Hills Bancorp, Inc. | 68,789 | 1,708 |
Brookline Bancorp, Inc. | 166,926 | 1,821 |
Cadence Bank | 208,698 | 6,175 |
Cathay General Bancorp | 194,645 | 8,675 |
Central Pacific Financial Corp. | 75,054 | 1,477 |
City Holding Co. | 104,356 | 11,506 |
Civista Bancshares, Inc. | 25,193 | 465 |
CNB Financial Corp. | 32,458 | 733 |
Community Trust Bancorp, Inc. | 134,603 | 5,904 |
ConnectOne Bancorp, Inc. | 56,228 | 1,288 |
Customers Bancorp, Inc.* | 16,907 | 974 |
CVB Financial Corp. | 206,439 | 4,168 |
Dime Community Bancshares, Inc. | 27,972 | 753 |
Enterprise Financial Services Corp. | 90,587 | 4,045 |
Financial Institutions, Inc. | 61,256 | 1,305 |
First Bancorp | 17,481 | 647 |
First BanCorp (New York Exchange) | 791,203 | 13,015 |
First Business Financial Services, Inc. | 29,258 | 1,173 |
First Commonwealth Financial Corp. | 264,016 | 4,076 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Banks – 17.3%continued | ||
First Community Bankshares, Inc. | 25,345 | $940 |
First Financial Bancorp | 208,591 | 4,954 |
First Financial Corp. | 100,480 | 4,324 |
First Hawaiian, Inc. | 17,992 | 411 |
First Merchants Corp. | 97,483 | 3,615 |
First Mid Bancshares, Inc. | 26,575 | 921 |
Fulton Financial Corp. | 205,109 | 3,376 |
German American Bancorp, Inc. | 4,178 | 135 |
Glacier Bancorp, Inc. | 55,711 | 2,302 |
Great Southern Bancorp, Inc. | 36,154 | 2,146 |
Hancock Whitney Corp. | 138,338 | 6,722 |
Heritage Financial Corp. | 68,156 | 1,458 |
Hilltop Holdings, Inc. | 127,873 | 4,502 |
Home Bancorp, Inc. | 14,064 | 591 |
Home BancShares, Inc. | 376,102 | 9,527 |
Horizon Bancorp, Inc. | 62,047 | 888 |
Independent Bank Corp. | 149,558 | 9,842 |
Independent Bank Corp. (NASDAQ Exchange) | 34,333 | 893 |
International Bancshares Corp. | 134,622 | 7,313 |
Lakeland Bancorp, Inc. | 270,565 | 4,002 |
Lakeland Financial Corp. | 131,867 | 8,593 |
Luther Burbank Corp.* | 75,058 | 804 |
Mercantile Bank Corp. | 25,231 | 1,019 |
Metropolitan Bank Holding Corp.* | 11,758 | 651 |
NBT Bancorp, Inc. | 209,996 | 8,801 |
OFG Bancorp | 123,287 | 4,621 |
Old Second Bancorp, Inc. | 42,503 | 656 |
Pacific Premier Bancorp, Inc. | 130,084 | 3,787 |
Park National Corp. | 33,525 | 4,454 |
Pathward Financial, Inc. | 3,894 | 206 |
Peapack-Gladstone Financial Corp. | 32,068 | 956 |
Preferred Bank | 35,608 | 2,601 |
Premier Financial Corp. | 29,786 | 718 |
QCR Holdings, Inc. | 22,359 | 1,306 |
Renasant Corp. | 90,950 | 3,063 |
Republic Bancorp, Inc., Class A | 26,503 | 1,462 |
S&T Bancorp, Inc. | 5,509 | 184 |
Sandy Spring Bancorp, Inc. | 93,135 | 2,537 |
Sierra Bancorp | 112,928 | 2,547 |
Southern Missouri Bancorp, Inc. | 14,671 | 783 |
Southside Bancshares, Inc. | 23,156 | 725 |
SouthState Corp. | 102,967 | 8,696 |
Summit Financial Group, Inc. | 20,648 | 634 |
NORTHERN FUNDS QUARTERLY REPORT 158 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Banks – 17.3%continued | ||
Texas Capital Bancshares, Inc.* | 55,770 | $3,605 |
TriCo Bancshares | 125,870 | 5,409 |
TrustCo Bank Corp. NY | 52,540 | 1,631 |
Trustmark Corp. | 156,962 | 4,376 |
UMB Financial Corp. | 60,994 | 5,096 |
United Community Banks, Inc. | 303,772 | 8,888 |
Univest Financial Corp. | 67,854 | 1,495 |
Veritex Holdings, Inc. | 73,575 | 1,712 |
WaFd, Inc. | 195,480 | 6,443 |
WesBanco, Inc. | 156,687 | 4,915 |
Westamerica BanCorp | 3,801 | 215 |
WSFS Financial Corp. | 173,955 | 7,990 |
283,009 | ||
Beverages – 0.0% | ||
Duckhorn Portfolio (The), Inc.* | 16,276 | 160 |
Primo Water Corp. | 22,714 | 342 |
502 | ||
Biotechnology – 2.1% | ||
4D Molecular Therapeutics, Inc.* | 17,369 | 352 |
ADMA Biologics, Inc.* | 31,398 | 142 |
Agios Pharmaceuticals, Inc.* | 48,054 | 1,070 |
Akero Therapeutics, Inc.* | 38,916 | 909 |
Arcellx, Inc.* | 6,779 | 376 |
Arcturus Therapeutics Holdings, Inc.* | 17,624 | 556 |
Ardelyx, Inc.* | 32,099 | 199 |
Bluebird Bio, Inc.* | 55,572 | 77 |
Bridgebio Pharma, Inc.* | 83,819 | 3,384 |
Caribou Biosciences, Inc.* | 32,046 | 184 |
Catalyst Pharmaceuticals, Inc.* | 275,227 | 4,626 |
Celldex Therapeutics, Inc.* | 8,068 | 320 |
Chimerix, Inc.* | 480,410 | 462 |
Cogent Biosciences, Inc.* | 11,966 | 70 |
Crinetics Pharmaceuticals, Inc.* | 7,632 | 271 |
Cytokinetics, Inc.* | 71,312 | 5,954 |
Editas Medicine, Inc.* | 47,810 | 484 |
Geron Corp.* | 65,297 | 138 |
Icosavax, Inc.* | 32,986 | 520 |
Ideaya Biosciences, Inc.* | 46,249 | 1,645 |
Intellia Therapeutics, Inc.* | 51,878 | 1,582 |
iTeos Therapeutics, Inc.* | 5,025 | 55 |
Janux Therapeutics, Inc.* | 21,847 | 234 |
KalVista Pharmaceuticals, Inc.* | 22,671 | 278 |
Kiniksa Pharmaceuticals Ltd., Class A* | 16,847 | 295 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Biotechnology – 2.1%continued | ||
Kura Oncology, Inc.* | 11,270 | $162 |
MacroGenics, Inc.* | 206,955 | 1,991 |
Myriad Genetics, Inc.* | 35,192 | 674 |
Nurix Therapeutics, Inc.* | 24,777 | 256 |
Nuvalent, Inc., Class A* | 26,835 | 1,975 |
Omniab, Inc.(1) * | 6,939 | 4 |
Omniab, Inc. (NASDAQ Exchange)(1) * | 6,939 | 7 |
PDL BioPharma, Inc.(1) * | 1,029,654 | 1,658 |
REGENXBIO, Inc.* | 13,531 | 243 |
Rhythm Pharmaceuticals, Inc.* | 9,551 | 439 |
Rocket Pharmaceuticals, Inc.* | 11,620 | 348 |
Twist Bioscience Corp.* | 29,844 | 1,100 |
Tyra Biosciences, Inc.* | 22,227 | 308 |
Veracyte, Inc.* | 10,230 | 281 |
Verve Therapeutics, Inc.* | 32,342 | 451 |
Xencor, Inc.* | 48,844 | 1,037 |
35,117 | ||
Building Products – 1.1% | ||
American Woodmark Corp.* | 2,348 | 218 |
Apogee Enterprises, Inc. | 37,639 | 2,010 |
AZZ, Inc. | 39,426 | 2,290 |
Gibraltar Industries, Inc.* | 10,765 | 850 |
JELD-WEN Holding, Inc.* | 12,004 | 227 |
UFP Industries, Inc. | 85,284 | 10,708 |
Zurn Elkay Water Solutions Corp. | 34,898 | 1,026 |
17,329 | ||
Capital Markets – 0.5% | ||
Assetmark Financial Holdings, Inc.* | 10,442 | 313 |
BGC Group, Inc., Class A | 47,815 | 345 |
Brightsphere Investment Group, Inc. | 5,853 | 112 |
Donnelley Financial Solutions, Inc.* | 52,734 | 3,289 |
Hercules Capital, Inc. | 20,251 | 338 |
Piper Sandler Cos. | 1,936 | 338 |
StoneX Group, Inc.* | 39,802 | 2,939 |
Victory Capital Holdings, Inc., Class A | 9,449 | 325 |
Virtu Financial, Inc., Class A | 13,480 | 273 |
Virtus Investment Partners, Inc. | 1,022 | 247 |
8,519 | ||
Chemicals – 1.9% | ||
AdvanSix, Inc. | 3,894 | 117 |
Ecovyst, Inc.* | 16,974 | 166 |
Hawkins, Inc. | 30,134 | 2,122 |
Innospec, Inc. | 104,224 | 12,845 |
EQUITY FUNDS 159 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Chemicals – 1.9%continued | ||
Mativ Holdings, Inc. | 14,748 | $226 |
Minerals Technologies, Inc. | 129,116 | 9,207 |
Sensient Technologies Corp. | 94,277 | 6,222 |
Tronox Holdings PLC | 22,140 | 313 |
31,218 | ||
Commercial Services & Supplies – 1.3% | ||
ABM Industries, Inc. | 127,581 | 5,720 |
Ennis, Inc. | 228,943 | 5,016 |
GEO Group (The), Inc.* | 17,538 | 190 |
HNI Corp. | 5,843 | 244 |
Matthews International Corp., Class A | 26,256 | 962 |
NL Industries, Inc. | 41,262 | 232 |
UniFirst Corp. | 47,504 | 8,689 |
21,053 | ||
Communications Equipment – 0.3% | ||
Digi International, Inc.* | 125,569 | 3,265 |
NetScout Systems, Inc.* | 66,928 | 1,469 |
4,734 | ||
Construction & Engineering – 1.6% | ||
Arcosa, Inc. | 115,806 | 9,570 |
EMCOR Group, Inc. | 48,163 | 10,376 |
Granite Construction, Inc. | 6,177 | 314 |
Primoris Services Corp. | 84,548 | 2,808 |
Sterling Infrastructure, Inc.* | 44,008 | 3,870 |
26,938 | ||
Construction Materials – 0.8% | ||
Summit Materials, Inc., Class A* | 338,630 | 13,024 |
Consumer Finance – 1.8% | ||
Encore Capital Group, Inc.* | 131,278 | 6,662 |
Enova International, Inc.* | 110,739 | 6,131 |
FirstCash Holdings, Inc. | 6,540 | 709 |
Navient Corp. | 274,053 | 5,103 |
Nelnet, Inc., Class A | 77,988 | 6,880 |
PROG Holdings, Inc.* | 44,681 | 1,381 |
Regional Management Corp. | 17,370 | 436 |
World Acceptance Corp.* | 21,254 | 2,774 |
30,076 | ||
Consumer Staples Distribution & Retail – 1.7% | ||
Andersons (The), Inc. | 284,120 | 16,348 |
Ingles Markets, Inc., Class A | 49,491 | 4,274 |
PriceSmart, Inc. | 11,690 | 886 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Consumer Staples Distribution & Retail – 1.7%continued | ||
SpartanNash Co. | 71,927 | $1,651 |
Weis Markets, Inc. | 62,754 | 4,014 |
27,173 | ||
Containers & Packaging – 0.0% | ||
O-I Glass, Inc.* | 21,805 | 357 |
Pactiv Evergreen, Inc. | 25,184 | 345 |
702 | ||
Diversified Consumer Services – 0.2% | ||
Adtalem Global Education, Inc.* | 6,420 | 378 |
Laureate Education, Inc. | 177,697 | 2,436 |
Perdoceo Education Corp. | 9,488 | 167 |
Strategic Education, Inc. | 3,454 | 319 |
3,300 | ||
Diversified Real Estate Investment Trusts – 1.3% | ||
Alpine Income Property Trust, Inc. | 19,234 | 325 |
American Assets Trust, Inc. | 139,334 | 3,137 |
Armada Hoffler Properties, Inc. | 209,228 | 2,588 |
Broadstone Net Lease, Inc. | 139,934 | 2,410 |
Empire State Realty Trust, Inc., Class A | 374,944 | 3,633 |
Essential Properties Realty Trust, Inc. | 231,893 | 5,927 |
One Liberty Properties, Inc. | 139,523 | 3,057 |
21,077 | ||
Diversified Telecommunication Services – 0.4% | ||
Bandwidth, Inc., Class A* | 12,324 | 178 |
IDT Corp., Class B* | 3,383 | 115 |
Iridium Communications, Inc. | 161,434 | 6,645 |
6,938 | ||
Electric Utilities – 1.9% | ||
MGE Energy, Inc. | 61,088 | 4,417 |
Otter Tail Corp. | 177,354 | 15,070 |
PNM Resources, Inc. | 187,415 | 7,796 |
Portland General Electric Co. | 74,309 | 3,221 |
30,504 | ||
Electrical Equipment – 1.7% | ||
Encore Wire Corp. | 81,529 | 17,414 |
EnerSys | 84,547 | 8,536 |
Preformed Line Products Co. | 11,345 | 1,519 |
Thermon Group Holdings, Inc.* | 4,733 | 154 |
27,623 | ||
Electronic Equipment, Instruments & Components – 3.4% | ||
Belden, Inc. | 19,590 | 1,513 |
ePlus, Inc.* | 24,920 | 1,989 |
NORTHERN FUNDS QUARTERLY REPORT 160 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Electronic Equipment, Instruments & Components – 3.4%continued | ||
Insight Enterprises, Inc.* | 79,913 | $14,160 |
Kimball Electronics, Inc.* | 35,778 | 964 |
PC Connection, Inc. | 216,458 | 14,548 |
Plexus Corp.* | 17,726 | 1,917 |
Sanmina Corp.* | 162,857 | 8,366 |
ScanSource, Inc.* | 35,815 | 1,419 |
TTM Technologies, Inc.* | 159,030 | 2,514 |
Vishay Intertechnology, Inc. | 344,715 | 8,263 |
55,653 | ||
Energy Equipment & Services – 1.2% | ||
Archrock, Inc. | 215,334 | 3,316 |
DMC Global, Inc.* | 8,024 | 151 |
Helmerich & Payne, Inc. | 127,895 | 4,632 |
Liberty Energy, Inc. | 96,681 | 1,754 |
Nabors Industries Ltd.* | 3,969 | 324 |
Newpark Resources, Inc.* | 405,635 | 2,693 |
Oil States International, Inc.* | 59,626 | 405 |
Patterson-UTI Energy, Inc. | 164,937 | 1,781 |
ProFrac Holding Corp., Class A* | 65,323 | 554 |
ProPetro Holding Corp.* | 363,833 | 3,049 |
RPC, Inc. | 117,796 | 858 |
Solaris Oilfield Infrastructure, Inc., Class A | 13,198 | 105 |
U.S. Silica Holdings, Inc.* | 31,105 | 352 |
19,974 | ||
Financial Services – 2.6% | ||
Alerus Financial Corp. | 24,496 | 549 |
Enact Holdings, Inc. | 22,825 | 659 |
Essent Group Ltd. | 95,952 | 5,061 |
Finance of America Cos., Inc., Class A* | 72,532 | 80 |
Merchants Bancorp | 6,108 | 260 |
Mr Cooper Group, Inc.* | 130,369 | 8,490 |
NMI Holdings, Inc., Class A* | 33,806 | 1,003 |
Pagseguro Digital Ltd., Class A* | 29,545 | 368 |
PennyMac Financial Services, Inc. | 112,312 | 9,925 |
Radian Group, Inc. | 335,976 | 9,592 |
Walker & Dunlop, Inc. | 54,020 | 5,997 |
41,984 | ||
Food Products – 0.4% | ||
Adecoagro S.A. | 15,141 | 168 |
Alico, Inc. | 10,718 | 312 |
Fresh Del Monte Produce, Inc. | 71,971 | 1,889 |
J.M. Smucker (The) Co. | 6,552 | 828 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Food Products – 0.4%continued | ||
Seneca Foods Corp., Class A* | 10,767 | $565 |
TreeHouse Foods, Inc.* | 58,495 | 2,424 |
6,186 | ||
Gas Utilities – 0.6% | ||
Chesapeake Utilities Corp. | 28,838 | 3,046 |
New Jersey Resources Corp. | 4,501 | 201 |
ONE Gas, Inc. | 36,374 | 2,318 |
Southwest Gas Holdings, Inc. | 30,870 | 1,956 |
Spire, Inc. | 37,159 | 2,316 |
9,837 | ||
Ground Transportation – 1.2% | ||
ArcBest Corp. | 137,318 | 16,507 |
Heartland Express, Inc. | 11,158 | 159 |
Universal Logistics Holdings, Inc. | 3,714 | 104 |
Werner Enterprises, Inc. | 86,050 | 3,646 |
20,416 | ||
Health Care Equipment & Supplies – 1.5% | ||
Artivion, Inc.* | 6,908 | 123 |
Avanos Medical, Inc.* | 14,532 | 326 |
Integer Holdings Corp.* | 50,632 | 5,017 |
Lantheus Holdings, Inc.* | 92,337 | 5,725 |
LivaNova PLC* | 16,729 | 866 |
Merit Medical Systems, Inc.* | 17,789 | 1,351 |
Neogen Corp.* | 377,552 | 7,593 |
UFP Technologies, Inc.* | 1,298 | 223 |
Varex Imaging Corp.* | 66,924 | 1,372 |
Zimvie, Inc.* | 72,565 | 1,288 |
23,884 | ||
Health Care Providers & Services – 2.1% | ||
Accolade, Inc.* | 82,278 | 988 |
AdaptHealth Corp.* | 19,033 | 139 |
Addus HomeCare Corp.* | 5,032 | 467 |
ATI Physical Therapy, Inc.(2) * | 1 | — |
Brookdale Senior Living, Inc.* | 124,879 | 727 |
Castle Biosciences, Inc.* | 8,283 | 179 |
Community Health Systems, Inc.* | 70,351 | 220 |
Cross Country Healthcare, Inc.* | 10,659 | 241 |
Fulgent Genetics, Inc.* | 9,243 | 267 |
Innovage Holding Corp.* | 192,988 | 1,158 |
LifeStance Health Group, Inc.* | 167,733 | 1,313 |
National HealthCare Corp. | 64,629 | 5,973 |
NeoGenomics, Inc.* | 197,694 | 3,199 |
OPKO Health, Inc.* | 403,503 | 609 |
EQUITY FUNDS 161 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Health Care Providers & Services – 2.1%continued | ||
Option Care Health, Inc.* | 188,069 | $6,336 |
Owens & Minor, Inc.* | 109,625 | 2,113 |
Patterson Cos., Inc. | 254,270 | 7,234 |
PetIQ, Inc.* | 9,177 | 181 |
Premier, Inc., Class A | 20,340 | 455 |
Select Medical Holdings Corp. | 39,716 | 933 |
Surgery Partners, Inc.* | 33,274 | 1,065 |
33,797 | ||
Health Care Real Estate Investment Trusts – 1.1% | ||
CareTrust REIT, Inc. | 200,321 | 4,483 |
LTC Properties, Inc. | 5,722 | 184 |
National Health Investors, Inc. | 108,054 | 6,035 |
Physicians Realty Trust | 235,829 | 3,139 |
Sabra Health Care REIT, Inc. | 291,098 | 4,154 |
17,995 | ||
Health Care Technology – 0.5% | ||
Computer Programs and Systems, Inc.* | 20,461 | 229 |
Evolent Health, Inc., Class A* | 102,451 | 3,384 |
HealthStream, Inc. | 9,556 | 258 |
Multiplan Corp.* | 109,470 | 158 |
Veradigm, Inc.* | 410,495 | 4,306 |
8,335 | ||
Hotel & Resort Real Estate Investment Trusts – 1.7% | ||
Apple Hospitality REIT, Inc. | 162,226 | 2,695 |
Chatham Lodging Trust | 44,175 | 474 |
DiamondRock Hospitality Co. | 458,143 | 4,302 |
RLJ Lodging Trust | 144,039 | 1,688 |
Ryman Hospitality Properties, Inc. | 66,002 | 7,264 |
Service Properties Trust | 393,741 | 3,362 |
Summit Hotel Properties, Inc. | 96,747 | 650 |
Sunstone Hotel Investors, Inc. | 504,929 | 5,418 |
Xenia Hotels & Resorts, Inc. | 119,120 | 1,622 |
27,475 | ||
Hotels, Restaurants & Leisure – 0.6% | ||
Bloomin' Brands, Inc. | 12,402 | 349 |
Brinker International, Inc.* | 6,225 | 269 |
International Game Technology PLC | 216,671 | 5,939 |
Jack in the Box, Inc. | 2,909 | 237 |
Life Time Group Holdings, Inc.* | 27,551 | 416 |
RCI Hospitality Holdings, Inc. | 12,935 | 857 |
Red Rock Resorts, Inc., Class A | 39,759 | 2,120 |
10,187 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Household Durables – 5.4% | ||
Beazer Homes U.S.A., Inc.* | 174,026 | $5,880 |
Century Communities, Inc. | 80,262 | 7,315 |
Ethan Allen Interiors, Inc. | 167,630 | 5,351 |
Green Brick Partners, Inc.* | 6,504 | 338 |
Helen of Troy Ltd.* | 6,135 | 741 |
Hooker Furnishings Corp. | 91,647 | 2,390 |
KB Home | 166,288 | 10,386 |
La-Z-Boy, Inc. | 6,094 | 225 |
M/I Homes, Inc.* | 43,768 | 6,029 |
MDC Holdings, Inc. | 10,253 | 567 |
Meritage Homes Corp. | 77,689 | 13,534 |
Taylor Morrison Home Corp.* | 294,550 | 15,714 |
Tri Pointe Homes, Inc.* | 534,385 | 18,917 |
Worthington Enterprises, Inc. | 7,022 | 404 |
87,791 | ||
Household Products – 0.1% | ||
Central Garden & Pet Co., Class A* | 27,420 | 1,208 |
Independent Power & Renewable Electricity Producers – 0.1% | ||
Ormat Technologies, Inc. | 17,014 | 1,289 |
Industrial Real Estate Investment Trusts – 1.0% | ||
Innovative Industrial Properties, Inc. | 56,319 | 5,678 |
LXP Industrial Trust | 258,762 | 2,567 |
Terreno Realty Corp. | 129,908 | 8,141 |
16,386 | ||
Insurance – 4.4% | ||
American Equity Investment Life Holding Co.* | 413,874 | 23,094 |
CNO Financial Group, Inc. | 595,482 | 16,614 |
Donegal Group, Inc., Class A | 33,582 | 470 |
Employers Holdings, Inc. | 262,661 | 10,349 |
Enstar Group Ltd.* | 17,712 | 5,214 |
Genworth Financial, Inc., Class A* | 639,408 | 4,271 |
James River Group Holdings Ltd. | 5,291 | 49 |
Selective Insurance Group, Inc. | 86,196 | 8,575 |
Skyward Specialty Insurance Group, Inc.* | 5,320 | 180 |
Stewart Information Services Corp. | 37,436 | 2,199 |
United Fire Group, Inc. | 53,672 | 1,080 |
72,095 | ||
Interactive Media & Services – 0.1% | ||
Cars.com, Inc.* | 9,409 | 178 |
NORTHERN FUNDS QUARTERLY
REPORT 162 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Interactive Media & Services – 0.1%continued | ||
DHI Group, Inc.* | 76,030 | $197 |
Ziff Davis, Inc.* | 20,311 | 1,365 |
1,740 | ||
Leisure Products – 0.7% | ||
Acushnet Holdings Corp. | 89,701 | 5,666 |
Topgolf Callaway Brands Corp.* | 183,175 | 2,627 |
Vista Outdoor, Inc.* | 81,970 | 2,424 |
10,717 | ||
Life Sciences Tools & Services – 0.3% | ||
BioLife Solutions, Inc.* | 7,315 | 119 |
CryoPort, Inc.* | 127 | 2 |
Harvard Bioscience, Inc.* | 56,842 | 304 |
Nautilus Biotechnology, Inc.* | 65,209 | 195 |
Pacific Biosciences of California, Inc.* | 296,717 | 2,911 |
Quanterix Corp.* | 24,820 | 679 |
SomaLogic, Inc.* | 124,700 | 315 |
4,525 | ||
Machinery – 1.9% | ||
Alamo Group, Inc. | 26,762 | 5,625 |
Barnes Group, Inc. | 116,222 | 3,792 |
Chart Industries, Inc.* | 24,049 | 3,279 |
Columbus McKinnon Corp. | 66,153 | 2,581 |
Enpro, Inc. | 10,261 | 1,608 |
Kennametal, Inc. | 11,375 | 293 |
Mueller Industries, Inc. | 16,066 | 758 |
Standex International Corp. | 77,464 | 12,269 |
Terex Corp. | 9,535 | 548 |
Wabash National Corp. | 6,735 | 173 |
30,926 | ||
Marine Transportation – 0.5% | ||
Costamare, Inc. | 100,475 | 1,046 |
Golden Ocean Group Ltd. | 28,321 | 276 |
Matson, Inc. | 57,854 | 6,341 |
Star Bulk Carriers Corp. | 14,533 | 309 |
7,972 | ||
Media – 1.2% | ||
PubMatic, Inc., Class A* | 6,030 | 99 |
Scholastic Corp. | 125,070 | 4,715 |
Sinclair, Inc. | 5,546 | 72 |
Stagwell, Inc.* | 288 | 2 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Media – 1.2%continued | ||
TEGNA, Inc. | 1,015,764 | $15,541 |
Thryv Holdings, Inc.* | 4,870 | 99 |
20,528 | ||
Metals & Mining – 2.4% | ||
Alpha Metallurgical Resources, Inc. | 2,045 | 693 |
Arch Resources, Inc. | 2,638 | 438 |
Carpenter Technology Corp. | 6,852 | 485 |
Commercial Metals Co. | 420,163 | 21,025 |
Ferroglobe PLC* | 26,477 | 172 |
Materion Corp. | 61,881 | 8,053 |
Ryerson Holding Corp. | 59,083 | 2,049 |
Schnitzer Steel Industries, Inc., Class A | 68,629 | 2,070 |
Warrior Met Coal, Inc. | 81,023 | 4,940 |
Worthington Steel, Inc.* | 7,022 | 197 |
40,122 | ||
Mortgage Real Estate Investment Trusts – 0.8% | ||
Blackstone Mortgage Trust, Inc., Class A | 224,816 | 4,782 |
Franklin BSP Realty Trust, Inc. | 268,037 | 3,621 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 34,431 | 950 |
Ladder Capital Corp. | 379,680 | 4,370 |
13,723 | ||
Multi-Utilities – 0.8% | ||
Avista Corp. | 99,426 | 3,553 |
Black Hills Corp. | 59,490 | 3,210 |
Northwestern Energy Group, Inc. | 84,694 | 4,310 |
Unitil Corp. | 31,059 | 1,633 |
12,706 | ||
Office Real Estate Investment Trusts – 0.6% | ||
Brandywine Realty Trust | 155,280 | 838 |
COPT Defense Properties | 95,047 | 2,436 |
Equity Commonwealth | 223,884 | 4,299 |
Paramount Group, Inc. | 196,587 | 1,016 |
Piedmont Office Realty Trust, Inc., Class A | 111,903 | 796 |
9,385 | ||
Oil, Gas & Consumable Fuels – 7.5% | ||
Amplify Energy Corp.* | 36,363 | 216 |
Ardmore Shipping Corp. | 23,853 | 336 |
Berry Corp. | 299,031 | 2,102 |
California Resources Corp. | 150,241 | 8,215 |
Callon Petroleum Co.* | 57,486 | 1,863 |
EQUITY FUNDS 163 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Oil, Gas & Consumable Fuels – 7.5%continued | ||
Chord Energy Corp. | 48,381 | $8,042 |
Civitas Resources, Inc. | 166,309 | 11,372 |
Clean Energy Fuels Corp.* | 284,817 | 1,091 |
CNX Resources Corp.* | 304,551 | 6,091 |
Comstock Resources, Inc. | 114,012 | 1,009 |
CONSOL Energy, Inc. | 19,184 | 1,929 |
Delek U.S. Holdings, Inc. | 131,206 | 3,385 |
DHT Holdings, Inc. | 698,886 | 6,856 |
Dorian LPG Ltd. | 5,700 | 250 |
Golar LNG Ltd. | 15,147 | 348 |
Green Plains, Inc.* | 190,191 | 4,797 |
Hallador Energy Co.* | 18,295 | 162 |
International Seaways, Inc. | 65,890 | 2,997 |
Kinetik Holdings, Inc. | 20,155 | 673 |
Matador Resources Co. | 167,973 | 9,551 |
Murphy Oil Corp. | 194,800 | 8,310 |
Nordic American Tankers Ltd. | 29,495 | 124 |
Northern Oil and Gas, Inc. | 37,757 | 1,400 |
Overseas Shipholding Group, Inc., Class A | 32,153 | 169 |
Par Pacific Holdings, Inc.* | 33,302 | 1,211 |
PBF Energy, Inc., Class A | 124,072 | 5,454 |
Peabody Energy Corp. | 394,147 | 9,586 |
Permian Resources Corp. | 484,246 | 6,586 |
REX American Resources Corp.* | 40,589 | 1,920 |
Riley Exploration Permian, Inc. | 11,143 | 303 |
Ring Energy, Inc.* | 80,173 | 117 |
Scorpio Tankers, Inc. | 85,455 | 5,196 |
SM Energy Co. | 114,601 | 4,437 |
Talos Energy, Inc.* | 33,923 | 483 |
Teekay Corp.* | 53,017 | 379 |
Teekay Tankers Ltd., Class A | 94,539 | 4,724 |
Uranium Energy Corp.* | 154,227 | 987 |
Vital Energy, Inc.* | 6,908 | 314 |
W&T Offshore, Inc. | 136,660 | 445 |
123,430 | ||
Personal Care Products – 0.0% | ||
Edgewell Personal Care Co. | 7,263 | 266 |
Pharmaceuticals – 1.2% | ||
Amneal Pharmaceuticals, Inc.* | 127,675 | 775 |
Amphastar Pharmaceuticals, Inc.* | 8,326 | 515 |
ANI Pharmaceuticals, Inc.* | 5,459 | 301 |
Fulcrum Therapeutics, Inc.* | 32,252 | 218 |
Innoviva, Inc.* | 9,857 | 158 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Pharmaceuticals – 1.2%continued | ||
Intra-Cellular Therapies, Inc.* | 58,489 | $4,189 |
Ligand Pharmaceuticals, Inc.* | 22,907 | 1,636 |
Phibro Animal Health Corp., Class A | 9,810 | 114 |
Prestige Consumer Healthcare, Inc.* | 146,140 | 8,947 |
Supernus Pharmaceuticals, Inc.* | 81,806 | 2,367 |
Taro Pharmaceutical Industries Ltd.* | 5,309 | 222 |
Theravance Biopharma, Inc.* | 19,703 | 221 |
19,663 | ||
Professional Services – 1.1% | ||
ASGN, Inc.* | 7,049 | 678 |
Barrett Business Services, Inc. | 26,426 | 3,060 |
ICF International, Inc. | 64,639 | 8,667 |
Korn Ferry | 75,396 | 4,475 |
Resources Connection, Inc. | 50,612 | 717 |
17,597 | ||
Real Estate Management & Development – 0.2% | ||
Marcus & Millichap, Inc. | 33,627 | 1,469 |
Newmark Group, Inc., Class A | 138,669 | 1,520 |
RMR Group (The), Inc., Class A | 6,486 | 183 |
3,172 | ||
Residential Real Estate Investment Trusts – 0.3% | ||
BRT Apartments Corp. | 35,026 | 651 |
Centerspace | 29,508 | 1,718 |
Veris Residential, Inc. | 201,989 | 3,177 |
5,546 | ||
Retail Real Estate Investment Trusts – 1.5% | ||
Getty Realty Corp. | 81,935 | 2,394 |
Kite Realty Group Trust | 294,948 | 6,743 |
Phillips Edison & Co., Inc. | 121,164 | 4,420 |
RPT Realty | 191,450 | 2,456 |
SITE Centers Corp. | 364,175 | 4,964 |
Urban Edge Properties | 163,368 | 2,990 |
Whitestone REIT | 64,049 | 787 |
24,754 | ||
Semiconductors & Semiconductor Equipment – 3.7% | ||
Amkor Technology, Inc. | 460,636 | 15,326 |
Cohu, Inc.* | 91,689 | 3,245 |
Diodes, Inc.* | 73,136 | 5,889 |
Onto Innovation, Inc.* | 56,416 | 8,626 |
Photronics, Inc.* | 413,266 | 12,964 |
Rambus, Inc.* | 216,692 | 14,789 |
60,839 |
NORTHERN FUNDS QUARTERLY
REPORT 164 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Specialized Real Estate Investment Trusts – 0.5% | ||
Farmland Partners, Inc. | 42,765 | $534 |
Four Corners Property Trust, Inc. | 108,250 | 2,739 |
PotlatchDeltic Corp. | 114,360 | 5,615 |
8,888 | ||
Specialty Retail – 3.2% | ||
Aaron's (The) Co., Inc. | 72,531 | 789 |
Academy Sports & Outdoors, Inc. | 11,039 | 729 |
American Eagle Outfitters, Inc. | 26,473 | 560 |
Asbury Automotive Group, Inc.* | 16,712 | 3,760 |
Buckle (The), Inc. | 69,775 | 3,316 |
Destination XL Group, Inc.* | 32,702 | 144 |
Foot Locker, Inc. | 13,183 | 411 |
Genesco, Inc.* | 7,547 | 266 |
Group 1 Automotive, Inc. | 42,833 | 13,053 |
Guess?, Inc. | 7,692 | 177 |
Haverty Furniture Cos., Inc. | 161,043 | 5,717 |
Lands' End, Inc.* | 46,368 | 443 |
ODP (The) Corp.* | 179,308 | 10,095 |
Shoe Carnival, Inc. | 152,719 | 4,614 |
Signet Jewelers Ltd. | 6,419 | 688 |
Sleep Number Corp.* | 11,490 | 170 |
Sonic Automotive, Inc., Class A | 110,698 | 6,222 |
Torrid Holdings, Inc.* | 54,222 | 313 |
Urban Outfitters, Inc.* | 13,021 | 465 |
51,932 | ||
Textiles, Apparel & Luxury Goods – 0.4% | ||
Figs, Inc., Class A* | 134,318 | 933 |
Movado Group, Inc. | 98,985 | 2,984 |
Oxford Industries, Inc. | 26,376 | 2,638 |
Rocky Brands, Inc. | 9,599 | 290 |
6,845 | ||
Tobacco – 0.0% | ||
Vector Group Ltd. | 21,867 | 247 |
Trading Companies & Distributors – 2.9% | ||
Beacon Roofing Supply, Inc.* | 57,669 | 5,018 |
BlueLinx Holdings, Inc.* | 1,284 | 145 |
Boise Cascade Co. | 137,344 | 17,767 |
DXP Enterprises, Inc.* | 91,197 | 3,073 |
GATX Corp. | 59,515 | 7,155 |
GMS, Inc.* | 65,654 | 5,412 |
NOW, Inc.* | 15,601 | 177 |
Rush Enterprises, Inc., Class A | 108,166 | 5,441 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 97.8%continued | ||
Trading Companies & Distributors – 2.9%continued | ||
Rush Enterprises, Inc., Class B | 2,598 | $138 |
Textainer Group Holdings Ltd. | 51,958 | 2,556 |
46,882 | ||
Water Utilities – 0.2% | ||
Artesian Resources Corp., Class A | 13,272 | 550 |
SJW Group | 45,390 | 2,966 |
3,516 | ||
Wireless Telecommunication Services – 0.0% | ||
Gogo, Inc.* | 17,979 | 182 |
Total Common Stocks | ||
(Cost $851,575) | 1,602,672 | |
RIGHTS – 0.0% | ||
Biotechnology – 0.0% | ||
Chinook Therapeutics, Inc. (Contingent Value Rights)(1) (3) * | 89,437 | — |
Total Rights | ||
(Cost $—) | — | |
OTHER – 0.0% | ||
Escrow DLB Oil & Gas, Inc.(1) * | 2,100 | — |
Escrow Spirit MTA REIT(1) * | 17,083 | — |
Total Other | ||
(Cost $—) | — |
NUMBER OF WARRANTS | VALUE (000S) | |
WARRANTS – 0.0% | ||
Nabors Industries Ltd., Exp. 6/11/26, Strike $166.67* | 6,861 | $72 |
Total Warrants | ||
(Cost $—) | 72 |
NUMBER OF SHARES | VALUE (000S) | |
INVESTMENT COMPANIES – 1.6% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(4) (5) | 26,045,105 | $26,045 |
Total Investment Companies | ||
(Cost $26,045) | 26,045 |
EQUITY FUNDS 165 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.1% | ||
U.S. Treasury Bill, | ||
5.26%, 4/11/24(6) (7) | $2,295 | $2,262 |
Total Short-Term Investments | ||
(Cost $2,261) | 2,262 | |
Total Investments – 99.5% | ||
(Cost $879,881) | 1,631,051 | |
Other Assets less Liabilities – 0.5% | 8,385 | |
NET ASSETS – 100.0% | $1,639,436 |
(1) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(2) | Value rounds to less than one thousand. |
(3) | Restricted security that has been deemed illiquid. At December 31, 2023, the value of this restricted illiquid security amounted to $0 or 0.0% of net assets. Additional information on this restricted illiquid security is as follows: |
SECURITY | ACQUISITION AND ENFORCEABLE DATE | COST (000S) |
Chinook Therapeutics, Inc. (Contingent Value Rights) | 8/14/23 | $— |
(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 December 31, 2023 is disclosed. |
(6) | Discount rate at the time of purchase. |
(7) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
REIT - Real Estate Investment Trust |
S&P - Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini Russell 2000 Index | 292 | $29,896 | Long | 3/24 | $1,603 |
E-Mini S&P 500 | 30 | 7,230 | Long | 3/24 | 178 |
Total | $1,781 |
At December 31, 2023, the security types for the
Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 97.8% |
Rights | 0.0% |
Other | 0.0% |
Warrants | 0.0% |
Investment Companies | 1.6% |
Short-Term Investments | 0.1% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks: | ||||
Biotechnology | $33,448 | $— | $1,669 | $35,117 |
All Other Industries(1) | 1,567,555 | — | — | 1,567,555 |
Total Common Stocks | 1,601,003 | — | 1,669 | 1,602,672 |
Warrants | 72 | — | — | 72 |
Investment Companies | 26,045 | — | — | 26,045 |
Short-Term Investments | — | 2,262 | — | 2,262 |
Total Investments | $1,627,120 | $2,262 | $1,669 | $1,631,051 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $1,781 | $— | $— | $1,781 |
(1) | Classifications as defined in the Schedule of Investments. |
NORTHERN FUNDS QUARTERLY
REPORT 166 EQUITY FUNDS
Schedule of Investments |
SMALL CAP VALUE FUND continued | December 31, 2023 (UNAUDITED) |
Transactions in affiliated
investments for the nine months ended December 31, 2023, 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) | $75,543 | $207,369 | $256,867 | $1,951 | $26,045 | $26,045,105 |
EQUITY FUNDS 167 NORTHERN FUNDS QUARTERLY REPORT
Schedule of Investments |
STOCK INDEX FUND | December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 98.5% | ||
Aerospace & Defense – 1.6% | ||
Axon Enterprise, Inc.* | 20,154 | $5,206 |
Boeing (The) Co.* | 167,902 | 43,765 |
General Dynamics Corp. | 66,690 | 17,318 |
Howmet Aerospace, Inc. | 112,734 | 6,101 |
Huntington Ingalls Industries, Inc. | 12,473 | 3,239 |
L3Harris Technologies, Inc. | 55,995 | 11,794 |
Lockheed Martin Corp. | 65,861 | 29,851 |
Northrop Grumman Corp. | 42,255 | 19,781 |
RTX Corp. | 428,520 | 36,056 |
Textron, Inc. | 60,400 | 4,857 |
TransDigm Group, Inc. | 16,231 | 16,419 |
194,387 | ||
Air Freight & Logistics – 0.5% | ||
C.H. Robinson Worldwide, Inc. | 32,506 | 2,808 |
Expeditors International of Washington, Inc. | 44,575 | 5,670 |
FedEx Corp. | 69,230 | 17,513 |
United Parcel Service, Inc., Class B | 213,307 | 33,538 |
59,529 | ||
Automobile Components – 0.1% | ||
Aptiv PLC* | 81,670 | 7,327 |
BorgWarner, Inc. | 64,324 | 2,306 |
9,633 | ||
Automobiles – 1.9% | ||
Ford Motor Co. | 1,150,019 | 14,019 |
General Motors Co. | 400,758 | 14,395 |
Tesla, Inc.* | 819,272 | 203,573 |
231,987 | ||
Banks – 3.2% | ||
Bank of America Corp. | 2,035,631 | 68,540 |
Citigroup, Inc. | 563,785 | 29,001 |
Citizens Financial Group, Inc. | 132,201 | 4,381 |
Comerica, Inc. | 42,673 | 2,382 |
Fifth Third Bancorp | 207,715 | 7,164 |
Huntington Bancshares, Inc. | 444,280 | 5,651 |
JPMorgan Chase & Co. | 858,285 | 145,994 |
KeyCorp | 279,575 | 4,026 |
M&T Bank Corp. | 50,549 | 6,929 |
PNC Financial Services Group (The), Inc. | 118,198 | 18,303 |
Regions Financial Corp. | 265,517 | 5,146 |
Truist Financial Corp. | 400,619 | 14,791 |
U.S. Bancorp | 457,825 | 19,815 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Banks – 3.2%continued | ||
Wells Fargo & Co. | 1,080,586 | $53,186 |
Zions Bancorp N.A. | 48,565 | 2,130 |
387,439 | ||
Beverages – 1.5% | ||
Brown-Forman Corp., Class B | 51,147 | 2,921 |
Coca-Cola (The) Co. | 1,150,725 | 67,812 |
Constellation Brands, Inc., Class A | 48,551 | 11,737 |
Keurig Dr. Pepper, Inc. | 293,103 | 9,766 |
Molson Coors Beverage Co., Class B | 57,690 | 3,531 |
Monster Beverage Corp.* | 222,198 | 12,801 |
PepsiCo, Inc. | 406,597 | 69,057 |
177,625 | ||
Biotechnology – 2.0% | ||
AbbVie, Inc. | 522,327 | 80,945 |
Amgen, Inc. | 158,552 | 45,666 |
Biogen, Inc.* | 42,558 | 11,013 |
Gilead Sciences, Inc. | 367,263 | 29,752 |
Incyte Corp.* | 52,293 | 3,283 |
Moderna, Inc.* | 96,088 | 9,556 |
Regeneron Pharmaceuticals, Inc.* | 31,878 | 27,998 |
Vertex Pharmaceuticals, Inc.* | 76,897 | 31,289 |
239,502 | ||
Broadline Retail – 3.5% | ||
Amazon.com, Inc.* | 2,696,103 | 409,646 |
eBay, Inc. | 158,186 | 6,900 |
Etsy, Inc.* | 33,444 | 2,711 |
419,257 | ||
Building Products – 0.5% | ||
A.O. Smith Corp. | 38,427 | 3,168 |
Allegion PLC | 24,418 | 3,094 |
Builders FirstSource, Inc.* | 35,406 | 5,911 |
Carrier Global Corp. | 246,305 | 14,150 |
Johnson Controls International PLC | 203,640 | 11,738 |
Masco Corp. | 63,933 | 4,282 |
Trane Technologies PLC | 68,459 | 16,697 |
59,040 | ||
Capital Markets – 3.0% | ||
Ameriprise Financial, Inc. | 30,482 | 11,578 |
Bank of New York Mellon (The) Corp. | 231,574 | 12,053 |
BlackRock, Inc. | 41,694 | 33,847 |
Blackstone, Inc. | 209,114 | 27,377 |
Cboe Global Markets, Inc. | 32,289 | 5,766 |
NORTHERN FUNDS QUARTERLY
REPORT 168 EQUITY FUNDS
Schedule of Investments |
STOCK INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Capital Markets – 3.0%continued | ||
Charles Schwab (The) Corp. | 441,082 | $30,347 |
CME Group, Inc. | 107,494 | 22,638 |
FactSet Research Systems, Inc. | 10,873 | 5,187 |
Franklin Resources, Inc. | 76,923 | 2,292 |
Goldman Sachs Group (The), Inc. | 97,194 | 37,495 |
Intercontinental Exchange, Inc. | 168,908 | 21,693 |
Invesco Ltd. | 144,689 | 2,581 |
MarketAxess Holdings, Inc. | 10,982 | 3,216 |
Moody's Corp. | 47,128 | 18,406 |
Morgan Stanley | 374,886 | 34,958 |
MSCI, Inc. | 23,271 | 13,163 |
Nasdaq, Inc. | 97,666 | 5,678 |
Northern Trust Corp.(1) | 63,584 | 5,365 |
Raymond James Financial, Inc. | 54,368 | 6,062 |
S&P Global, Inc. | 96,480 | 42,501 |
State Street Corp. | 93,747 | 7,262 |
T. Rowe Price Group, Inc. | 66,445 | 7,156 |
356,621 | ||
Chemicals – 1.6% | ||
Air Products and Chemicals, Inc. | 65,206 | 17,853 |
Albemarle Corp. | 33,703 | 4,869 |
Celanese Corp. | 30,093 | 4,676 |
CF Industries Holdings, Inc. | 57,281 | 4,554 |
Corteva, Inc. | 207,194 | 9,929 |
Dow, Inc. | 207,242 | 11,365 |
DuPont de Nemours, Inc. | 130,002 | 10,001 |
Eastman Chemical Co. | 37,242 | 3,345 |
Ecolab, Inc. | 76,156 | 15,105 |
FMC Corp. | 33,755 | 2,128 |
International Flavors & Fragrances, Inc. | 78,003 | 6,316 |
Linde PLC | 144,184 | 59,218 |
LyondellBasell Industries N.V., Class A | 74,047 | 7,040 |
Mosaic (The) Co. | 91,878 | 3,283 |
PPG Industries, Inc. | 70,411 | 10,530 |
Sherwin-Williams (The) Co. | 70,422 | 21,965 |
192,177 | ||
Commercial Services & Supplies – 0.6% | ||
Cintas Corp. | 25,981 | 15,658 |
Copart, Inc.* | 259,234 | 12,702 |
Republic Services, Inc. | 61,709 | 10,176 |
Rollins, Inc. | 80,309 | 3,507 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Commercial Services & Supplies – 0.6%continued | ||
Veralto Corp. | 62,713 | $5,159 |
Waste Management, Inc. | 109,676 | 19,643 |
66,845 | ||
Communications Equipment – 0.8% | ||
Arista Networks, Inc.* | 74,524 | 17,551 |
Cisco Systems, Inc. | 1,204,570 | 60,855 |
F5, Inc.* | 17,244 | 3,086 |
Juniper Networks, Inc. | 88,518 | 2,610 |
Motorola Solutions, Inc. | 49,747 | 15,575 |
99,677 | ||
Construction & Engineering – 0.1% | ||
Quanta Services, Inc. | 43,776 | 9,447 |
Construction Materials – 0.2% | ||
Martin Marietta Materials, Inc. | 18,681 | 9,320 |
Vulcan Materials Co. | 39,610 | 8,992 |
18,312 | ||
Consumer Finance – 0.5% | ||
American Express Co. | 171,732 | 32,172 |
Capital One Financial Corp. | 113,049 | 14,823 |
Discover Financial Services | 75,864 | 8,527 |
Synchrony Financial | 127,661 | 4,876 |
60,398 | ||
Consumer Staples Distribution & Retail – 1.8% | ||
Costco Wholesale Corp. | 131,554 | 86,836 |
Dollar General Corp. | 64,392 | 8,754 |
Dollar Tree, Inc.* | 60,577 | 8,605 |
Kroger (The) Co. | 192,218 | 8,786 |
Sysco Corp. | 151,899 | 11,109 |
Target Corp. | 138,170 | 19,678 |
Walgreens Boots Alliance, Inc. | 204,892 | 5,350 |
Walmart, Inc. | 421,797 | 66,496 |
215,614 | ||
Containers & Packaging – 0.2% | ||
Amcor PLC | 409,808 | 3,950 |
Avery Dennison Corp. | 24,362 | 4,925 |
Ball Corp. | 90,396 | 5,200 |
International Paper Co. | 107,457 | 3,885 |
Packaging Corp. of America | 25,764 | 4,197 |
Westrock Co. | 71,680 | 2,976 |
25,133 | ||
Distributors – 0.1% | ||
Genuine Parts Co. | 40,264 | 5,576 |
EQUITY FUNDS 169 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Distributors – 0.1%continued | ||
LKQ Corp. | 75,452 | $3,606 |
Pool Corp. | 11,971 | 4,773 |
13,955 | ||
Diversified Telecommunication Services – 0.7% | ||
AT&T, Inc. | 2,109,201 | 35,392 |
Verizon Communications, Inc. | 1,241,773 | 46,815 |
82,207 | ||
Electric Utilities – 1.5% | ||
Alliant Energy Corp. | 72,219 | 3,705 |
American Electric Power Co., Inc. | 158,133 | 12,844 |
Constellation Energy Corp. | 96,242 | 11,250 |
Duke Energy Corp. | 226,661 | 21,995 |
Edison International | 111,477 | 7,969 |
Entergy Corp. | 60,961 | 6,169 |
Evergy, Inc. | 64,668 | 3,376 |
Eversource Energy | 106,513 | 6,574 |
Exelon Corp. | 290,662 | 10,435 |
FirstEnergy Corp. | 148,340 | 5,438 |
NextEra Energy, Inc. | 611,303 | 37,130 |
NRG Energy, Inc. | 66,944 | 3,461 |
PG&E Corp. | 632,903 | 11,411 |
Pinnacle West Capital Corp. | 31,239 | 2,244 |
PPL Corp. | 211,799 | 5,740 |
Southern (The) Co. | 320,858 | 22,499 |
Xcel Energy, Inc. | 160,721 | 9,950 |
182,190 | ||
Electrical Equipment – 0.6% | ||
AMETEK, Inc. | 69,178 | 11,407 |
Eaton Corp. PLC | 119,138 | 28,691 |
Emerson Electric Co. | 167,079 | 16,262 |
Generac Holdings, Inc.* | 17,955 | 2,320 |
Hubbell, Inc. | 15,935 | 5,241 |
Rockwell Automation, Inc. | 34,376 | 10,673 |
74,594 | ||
Electronic Equipment, Instruments & Components – 0.6% | ||
Amphenol Corp., Class A | 178,236 | 17,669 |
CDW Corp. | 39,431 | 8,963 |
Corning, Inc. | 221,656 | 6,749 |
Jabil, Inc. | 36,464 | 4,646 |
Keysight Technologies, Inc.* | 51,740 | 8,231 |
TE Connectivity Ltd. | 91,549 | 12,863 |
Teledyne Technologies, Inc.* | 14,048 | 6,270 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Electronic Equipment, Instruments & Components – 0.6%continued | ||
Trimble, Inc.* | 70,082 | $3,728 |
Zebra Technologies Corp., Class A* | 15,967 | 4,364 |
73,483 | ||
Energy Equipment & Services – 0.3% | ||
Baker Hughes Co. | 292,872 | 10,010 |
Halliburton Co. | 263,307 | 9,519 |
Schlumberger N.V. | 419,931 | 21,853 |
41,382 | ||
Entertainment – 1.2% | ||
Electronic Arts, Inc. | 73,831 | 10,101 |
Live Nation Entertainment, Inc.* | 40,105 | 3,754 |
Netflix, Inc.* | 130,154 | 63,369 |
Take-Two Interactive Software, Inc.* | 47,988 | 7,724 |
Walt Disney (The) Co. | 540,587 | 48,810 |
Warner Bros. Discovery, Inc.* | 642,211 | 7,308 |
141,066 | ||
Financial Services – 4.1% | ||
Berkshire Hathaway, Inc., Class B* | 538,973 | 192,230 |
Fidelity National Information Services, Inc. | 172,613 | 10,369 |
Fiserv, Inc.* | 179,270 | 23,814 |
FleetCor Technologies, Inc.* | 21,460 | 6,065 |
Global Payments, Inc. | 78,588 | 9,981 |
Jack Henry & Associates, Inc. | 20,529 | 3,354 |
Mastercard, Inc., Class A | 245,949 | 104,900 |
PayPal Holdings, Inc.* | 322,672 | 19,815 |
Visa, Inc., Class A | 473,302 | 123,224 |
493,752 | ||
Food Products – 0.9% | ||
Archer-Daniels-Midland Co. | 157,074 | 11,344 |
Bunge Global S.A. | 41,383 | 4,178 |
Campbell Soup Co. | 54,257 | 2,345 |
Conagra Brands, Inc. | 135,744 | 3,890 |
General Mills, Inc. | 170,595 | 11,113 |
Hershey (The) Co. | 43,926 | 8,190 |
Hormel Foods Corp. | 80,290 | 2,578 |
J.M. Smucker (The) Co. | 30,583 | 3,865 |
Kellanova | 74,926 | 4,189 |
Kraft Heinz (The) Co. | 231,638 | 8,566 |
Lamb Weston Holdings, Inc. | 44,388 | 4,798 |
McCormick & Co., Inc. (Non Voting) | 71,894 | 4,919 |
NORTHERN FUNDS QUARTERLY
REPORT 170 EQUITY FUNDS
Schedule of Investments |
STOCK INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Food Products – 0.9%continued | ||
Mondelez International, Inc., Class A | 405,811 | $29,393 |
Tyson Foods, Inc., Class A | 83,415 | 4,483 |
103,851 | ||
Gas Utilities – 0.0% | ||
Atmos Energy Corp. | 42,473 | 4,923 |
Ground Transportation – 1.1% | ||
CSX Corp. | 591,247 | 20,498 |
JB Hunt Transport Services, Inc. | 25,076 | 5,009 |
Norfolk Southern Corp. | 66,254 | 15,661 |
Old Dominion Freight Line, Inc. | 26,992 | 10,941 |
Uber Technologies, Inc.* | 607,334 | 37,394 |
Union Pacific Corp. | 181,505 | 44,581 |
134,084 | ||
Health Care Equipment & Supplies – 2.5% | ||
Abbott Laboratories | 514,017 | 56,578 |
Align Technology, Inc.* | 20,327 | 5,570 |
Baxter International, Inc. | 155,242 | 6,002 |
Becton Dickinson & Co. | 85,270 | 20,791 |
Boston Scientific Corp.* | 432,653 | 25,012 |
Cooper (The) Cos., Inc. | 14,338 | 5,426 |
DENTSPLY SIRONA, Inc. | 57,275 | 2,038 |
Dexcom, Inc.* | 116,044 | 14,400 |
Edwards Lifesciences Corp.* | 177,377 | 13,525 |
GE HealthCare Technologies, Inc. | 113,628 | 8,786 |
Hologic, Inc.* | 74,015 | 5,288 |
IDEXX Laboratories, Inc.* | 24,892 | 13,816 |
Insulet Corp.* | 21,600 | 4,687 |
Intuitive Surgical, Inc.* | 104,855 | 35,374 |
Medtronic PLC | 392,376 | 32,324 |
ResMed, Inc. | 44,667 | 7,684 |
STERIS PLC | 28,417 | 6,247 |
Stryker Corp. | 100,849 | 30,200 |
Teleflex, Inc. | 14,692 | 3,663 |
Zimmer Biomet Holdings, Inc. | 60,457 | 7,358 |
304,769 | ||
Health Care Providers & Services – 2.8% | ||
Cardinal Health, Inc. | 74,716 | 7,531 |
Cencora, Inc. | 48,956 | 10,055 |
Centene Corp.* | 157,065 | 11,656 |
Cigna Group (The) | 86,258 | 25,830 |
CVS Health Corp. | 378,421 | 29,880 |
DaVita, Inc.* | 17,602 | 1,844 |
Elevance Health, Inc. | 70,031 | 33,024 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Health Care Providers & Services – 2.8%continued | ||
HCA Healthcare, Inc. | 59,401 | $16,079 |
Henry Schein, Inc.* | 36,272 | 2,746 |
Humana, Inc. | 36,413 | 16,670 |
Laboratory Corp. of America Holdings | 25,986 | 5,906 |
McKesson Corp. | 39,836 | 18,443 |
Molina Healthcare, Inc.* | 16,843 | 6,086 |
Quest Diagnostics, Inc. | 33,233 | 4,582 |
UnitedHealth Group, Inc. | 274,564 | 144,550 |
Universal Health Services, Inc., Class B | 19,309 | 2,943 |
337,825 | ||
Health Care Real Estate Investment Trusts – 0.2% | ||
Healthpeak Properties, Inc. | 152,563 | 3,021 |
Ventas, Inc. | 115,521 | 5,758 |
Welltower, Inc. | 164,260 | 14,811 |
23,590 | ||
Hotel & Resort Real Estate Investment Trusts – 0.0% | ||
Host Hotels & Resorts, Inc. | 218,666 | 4,257 |
Hotels, Restaurants & Leisure – 2.1% | ||
Airbnb, Inc., Class A* | 127,643 | 17,377 |
Booking Holdings, Inc.* | 10,397 | 36,880 |
Caesars Entertainment, Inc.* | 59,887 | 2,808 |
Carnival Corp.* | 288,798 | 5,354 |
Chipotle Mexican Grill, Inc.* | 8,214 | 18,785 |
Darden Restaurants, Inc. | 36,771 | 6,042 |
Domino's Pizza, Inc. | 10,171 | 4,193 |
Expedia Group, Inc.* | 39,461 | 5,990 |
Hilton Worldwide Holdings, Inc. | 77,025 | 14,026 |
Las Vegas Sands Corp. | 105,755 | 5,204 |
Marriott International, Inc., Class A | 73,962 | 16,679 |
McDonald's Corp. | 215,671 | 63,949 |
MGM Resorts International* | 85,102 | 3,802 |
Norwegian Cruise Line Holdings Ltd.* | 128,889 | 2,583 |
Royal Caribbean Cruises Ltd.* | 69,132 | 8,952 |
Starbucks Corp. | 336,979 | 32,353 |
Wynn Resorts Ltd. | 26,414 | 2,407 |
Yum! Brands, Inc. | 84,489 | 11,039 |
258,423 | ||
Household Durables – 0.4% | ||
D.R. Horton, Inc. | 90,620 | 13,773 |
Garmin Ltd. | 46,179 | 5,936 |
Lennar Corp., Class A | 75,429 | 11,242 |
Mohawk Industries, Inc.* | 17,614 | 1,823 |
NVR, Inc.* | 944 | 6,608 |
EQUITY FUNDS 171 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Household Durables – 0.4%continued | ||
PulteGroup, Inc. | 65,766 | $6,788 |
Whirlpool Corp. | 14,654 | 1,784 |
47,954 | ||
Household Products – 1.2% | ||
Church & Dwight Co., Inc. | 74,341 | 7,030 |
Clorox (The) Co. | 35,777 | 5,101 |
Colgate-Palmolive Co. | 243,753 | 19,430 |
Kimberly-Clark Corp. | 100,863 | 12,256 |
Procter & Gamble (The) Co. | 697,730 | 102,245 |
146,062 | ||
Independent Power & Renewable Electricity Producers – 0.0% | ||
AES (The) Corp. | 193,175 | 3,719 |
Industrial Conglomerates – 0.8% | ||
3M Co. | 162,037 | 17,714 |
General Electric Co. | 322,461 | 41,155 |
Honeywell International, Inc. | 195,521 | 41,003 |
99,872 | ||
Industrial Real Estate Investment Trusts – 0.3% | ||
Prologis, Inc. | 272,508 | 36,325 |
Insurance – 2.0% | ||
Aflac, Inc. | 159,771 | 13,181 |
Allstate (The) Corp. | 78,612 | 11,004 |
American International Group, Inc. | 210,811 | 14,283 |
Aon PLC, Class A | 59,896 | 17,431 |
Arch Capital Group Ltd.* | 112,594 | 8,362 |
Arthur J. Gallagher & Co. | 64,551 | 14,516 |
Assurant, Inc. | 16,633 | 2,803 |
Brown & Brown, Inc. | 70,235 | 4,994 |
Chubb Ltd. | 121,746 | 27,515 |
Cincinnati Financial Corp. | 44,833 | 4,638 |
Everest Group Ltd. | 12,473 | 4,410 |
Globe Life, Inc. | 26,814 | 3,264 |
Hartford Financial Services Group (The), Inc. | 91,394 | 7,346 |
Loews Corp. | 54,531 | 3,795 |
Marsh & McLennan Cos., Inc. | 147,075 | 27,866 |
MetLife, Inc. | 186,312 | 12,321 |
Principal Financial Group, Inc. | 67,352 | 5,299 |
Progressive (The) Corp. | 174,536 | 27,800 |
Prudential Financial, Inc. | 108,767 | 11,280 |
Travelers (The) Cos., Inc. | 66,852 | 12,735 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Insurance – 2.0%continued | ||
W.R. Berkley Corp. | 60,126 | $4,252 |
Willis Towers Watson PLC | 31,334 | 7,558 |
246,653 | ||
Interactive Media & Services – 5.7% | ||
Alphabet, Inc., Class A* | 1,756,020 | 245,298 |
Alphabet, Inc., Class C* | 1,478,115 | 208,311 |
Match Group, Inc.* | 75,068 | 2,740 |
Meta Platforms, Inc., Class A* | 658,642 | 233,133 |
689,482 | ||
IT Services – 1.2% | ||
Accenture PLC, Class A | 186,602 | 65,481 |
Akamai Technologies, Inc.* | 46,255 | 5,474 |
Cognizant Technology Solutions Corp., Class A | 151,124 | 11,414 |
EPAM Systems, Inc.* | 16,468 | 4,897 |
Gartner, Inc.* | 23,173 | 10,454 |
International Business Machines Corp. | 269,949 | 44,150 |
VeriSign, Inc.* | 27,153 | 5,592 |
147,462 | ||
Leisure Products – 0.0% | ||
Hasbro, Inc. | 35,012 | 1,788 |
Life Sciences Tools & Services – 1.4% | ||
Agilent Technologies, Inc. | 85,411 | 11,875 |
Bio-Rad Laboratories, Inc., Class A* | 5,606 | 1,810 |
Bio-Techne Corp. | 49,447 | 3,815 |
Charles River Laboratories International, Inc.* | 16,049 | 3,794 |
Danaher Corp. | 194,187 | 44,923 |
Illumina, Inc.* | 45,581 | 6,347 |
IQVIA Holdings, Inc.* | 55,109 | 12,751 |
Mettler-Toledo International, Inc.* | 6,588 | 7,991 |
Revvity, Inc. | 34,613 | 3,784 |
Thermo Fisher Scientific, Inc. | 114,204 | 60,618 |
Waters Corp.* | 17,944 | 5,908 |
West Pharmaceutical Services, Inc. | 22,351 | 7,870 |
171,486 | ||
Machinery – 1.8% | ||
Caterpillar, Inc. | 151,934 | 44,922 |
Cummins, Inc. | 41,274 | 9,888 |
Deere & Co. | 79,907 | 31,953 |
Dover Corp. | 40,923 | 6,294 |
Fortive Corp. | 101,859 | 7,500 |
IDEX Corp. | 21,571 | 4,683 |
NORTHERN FUNDS QUARTERLY REPORT 172 EQUITY FUNDS
Schedule of Investments |
STOCK INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Machinery – 1.8%continued | ||
Illinois Tool Works, Inc. | 81,886 | $21,449 |
Ingersoll Rand, Inc. | 122,404 | 9,467 |
Nordson Corp. | 15,815 | 4,178 |
Otis Worldwide Corp. | 123,332 | 11,035 |
PACCAR, Inc. | 156,904 | 15,322 |
Parker-Hannifin Corp. | 38,494 | 17,734 |
Pentair PLC | 49,872 | 3,626 |
Snap-on, Inc. | 16,281 | 4,703 |
Stanley Black & Decker, Inc. | 43,692 | 4,286 |
Westinghouse Air Brake Technologies Corp. | 53,888 | 6,838 |
Xylem, Inc. | 69,841 | 7,987 |
211,865 | ||
Media – 0.7% | ||
Charter Communications, Inc., Class A* | 30,305 | 11,779 |
Comcast Corp., Class A | 1,194,780 | 52,391 |
Fox Corp., Class A | 67,225 | 1,995 |
Fox Corp., Class B | 32,601 | 901 |
Interpublic Group of (The) Cos., Inc. | 107,915 | 3,522 |
News Corp., Class A | 108,016 | 2,652 |
News Corp., Class B | 40,064 | 1,030 |
Omnicom Group, Inc. | 60,269 | 5,214 |
Paramount Global, Class B | 154,631 | 2,287 |
81,771 | ||
Metals & Mining – 0.4% | ||
Freeport-McMoRan, Inc. | 420,447 | 17,898 |
Newmont Corp. | 337,031 | 13,950 |
Nucor Corp. | 73,971 | 12,874 |
Steel Dynamics, Inc. | 44,649 | 5,273 |
49,995 | ||
Multi-Utilities – 0.6% | ||
Ameren Corp. | 75,694 | 5,476 |
CenterPoint Energy, Inc. | 193,255 | 5,521 |
CMS Energy Corp. | 83,457 | 4,846 |
Consolidated Edison, Inc. | 100,429 | 9,136 |
Dominion Energy, Inc. | 251,822 | 11,836 |
DTE Energy Co. | 59,522 | 6,563 |
NiSource, Inc. | 115,774 | 3,074 |
Public Service Enterprise Group, Inc. | 149,018 | 9,112 |
Sempra | 184,201 | 13,765 |
WEC Energy Group, Inc. | 91,396 | 7,693 |
77,022 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Office Real Estate Investment Trusts – 0.1% | ||
Alexandria Real Estate Equities, Inc. | 47,884 | $6,070 |
Boston Properties, Inc. | 45,629 | 3,202 |
9,272 | ||
Oil, Gas & Consumable Fuels – 3.5% | ||
APA Corp. | 96,117 | 3,449 |
Chevron Corp. | 519,296 | 77,458 |
ConocoPhillips | 353,659 | 41,049 |
Coterra Energy, Inc. | 230,268 | 5,876 |
Devon Energy Corp. | 185,886 | 8,421 |
Diamondback Energy, Inc. | 52,936 | 8,209 |
EOG Resources, Inc. | 171,401 | 20,731 |
EQT Corp. | 117,048 | 4,525 |
Exxon Mobil Corp. | 1,185,878 | 118,564 |
Hess Corp. | 83,042 | 11,971 |
Kinder Morgan, Inc. | 563,104 | 9,933 |
Marathon Oil Corp. | 174,076 | 4,206 |
Marathon Petroleum Corp. | 113,814 | 16,886 |
Occidental Petroleum Corp. | 194,782 | 11,630 |
ONEOK, Inc. | 170,049 | 11,941 |
Phillips 66 | 131,859 | 17,556 |
Pioneer Natural Resources Co. | 68,373 | 15,376 |
Targa Resources Corp. | 68,207 | 5,925 |
Valero Energy Corp. | 102,407 | 13,313 |
Williams (The) Cos., Inc. | 361,347 | 12,586 |
419,605 | ||
Passenger Airlines – 0.2% | ||
American Airlines Group, Inc.* | 200,433 | 2,754 |
Delta Air Lines, Inc. | 186,498 | 7,503 |
Southwest Airlines Co. | 182,583 | 5,273 |
United Airlines Holdings, Inc.* | 100,610 | 4,151 |
19,681 | ||
Personal Care Products – 0.2% | ||
Estee Lauder (The) Cos., Inc., Class A | 67,583 | 9,884 |
Kenvue, Inc. | 502,492 | 10,819 |
20,703 | ||
Pharmaceuticals – 3.7% | ||
Bristol-Myers Squibb Co. | 599,804 | 30,776 |
Catalent, Inc.* | 48,709 | 2,188 |
Eli Lilly & Co. | 236,737 | 137,999 |
Johnson & Johnson | 712,617 | 111,696 |
Merck & Co., Inc. | 749,642 | 81,726 |
Pfizer, Inc. | 1,667,972 | 48,021 |
EQUITY FUNDS 173 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Pharmaceuticals – 3.7%continued | ||
Viatris, Inc. | 337,782 | $3,658 |
Zoetis, Inc. | 137,051 | 27,050 |
443,114 | ||
Professional Services – 0.7% | ||
Automatic Data Processing, Inc. | 121,848 | 28,387 |
Broadridge Financial Solutions, Inc. | 34,291 | 7,055 |
Ceridian HCM Holding, Inc.* | 43,614 | 2,927 |
Equifax, Inc. | 35,780 | 8,848 |
Jacobs Solutions, Inc. | 36,487 | 4,736 |
Leidos Holdings, Inc. | 39,148 | 4,237 |
Paychex, Inc. | 94,484 | 11,254 |
Paycom Software, Inc. | 13,608 | 2,813 |
Robert Half, Inc. | 29,659 | 2,608 |
Verisk Analytics, Inc. | 43,727 | 10,445 |
83,310 | ||
Real Estate Management & Development – 0.2% | ||
CBRE Group, Inc., Class A* | 92,520 | 8,613 |
CoStar Group, Inc.* | 122,102 | 10,670 |
19,283 | ||
Residential Real Estate Investment Trusts – 0.3% | ||
AvalonBay Communities, Inc. | 41,096 | 7,694 |
Camden Property Trust | 29,778 | 2,957 |
Equity Residential | 99,415 | 6,080 |
Essex Property Trust, Inc. | 18,888 | 4,683 |
Invitation Homes, Inc. | 165,285 | 5,638 |
Mid-America Apartment Communities, Inc. | 33,212 | 4,466 |
UDR, Inc. | 84,736 | 3,244 |
34,762 | ||
Retail Real Estate Investment Trusts – 0.3% | ||
Federal Realty Investment Trust | 23,562 | 2,428 |
Kimco Realty Corp. | 197,160 | 4,202 |
Realty Income Corp. | 217,890 | 12,511 |
Regency Centers Corp. | 45,926 | 3,077 |
Simon Property Group, Inc. | 95,415 | 13,610 |
35,828 | ||
Semiconductors & Semiconductor Equipment – 8.0% | ||
Advanced Micro Devices, Inc.* | 480,331 | 70,806 |
Analog Devices, Inc. | 148,676 | 29,521 |
Applied Materials, Inc. | 249,157 | 40,381 |
Broadcom, Inc. | 130,178 | 145,311 |
Enphase Energy, Inc.* | 38,715 | 5,116 |
First Solar, Inc.* | 30,415 | 5,240 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Semiconductors & Semiconductor Equipment – 8.0%continued | ||
Intel Corp. | 1,246,027 | $62,613 |
KLA Corp. | 40,619 | 23,612 |
Lam Research Corp. | 39,318 | 30,796 |
Microchip Technology, Inc. | 162,402 | 14,645 |
Micron Technology, Inc. | 327,418 | 27,942 |
Monolithic Power Systems, Inc. | 13,909 | 8,773 |
NVIDIA Corp. | 732,726 | 362,860 |
NXP Semiconductors N.V. | 75,895 | 17,431 |
ON Semiconductor Corp.* | 129,942 | 10,854 |
Qorvo, Inc.* | 27,370 | 3,082 |
QUALCOMM, Inc. | 330,670 | 47,825 |
Skyworks Solutions, Inc. | 45,602 | 5,127 |
Teradyne, Inc. | 44,201 | 4,797 |
Texas Instruments, Inc. | 268,162 | 45,711 |
962,443 | ||
Software – 10.6% | ||
Adobe, Inc.* | 135,275 | 80,705 |
ANSYS, Inc.* | 26,304 | 9,545 |
Autodesk, Inc.* | 64,157 | 15,621 |
Cadence Design Systems, Inc.* | 81,311 | 22,147 |
Fair Isaac Corp.* | 7,480 | 8,707 |
Fortinet, Inc.* | 192,192 | 11,249 |
Gen Digital, Inc. | 159,265 | 3,634 |
Intuit, Inc. | 83,394 | 52,124 |
Microsoft Corp. | 2,204,136 | 828,843 |
Oracle Corp. | 469,336 | 49,482 |
Palo Alto Networks, Inc.* | 91,578 | 27,005 |
PTC, Inc.* | 34,190 | 5,982 |
Roper Technologies, Inc. | 31,998 | 17,444 |
Salesforce, Inc.* | 289,184 | 76,096 |
ServiceNow, Inc.* | 60,834 | 42,979 |
Synopsys, Inc.* | 45,405 | 23,379 |
Tyler Technologies, Inc.* | 12,082 | 5,052 |
1,279,994 | ||
Specialized Real Estate Investment Trusts – 1.1% | ||
American Tower Corp. | 137,355 | 29,652 |
Crown Castle, Inc. | 130,233 | 15,001 |
Digital Realty Trust, Inc. | 88,485 | 11,908 |
Equinix, Inc. | 27,630 | 22,253 |
Extra Space Storage, Inc. | 63,916 | 10,248 |
Iron Mountain, Inc. | 89,237 | 6,245 |
Public Storage | 46,274 | 14,114 |
SBA Communications Corp. | 31,987 | 8,115 |
NORTHERN FUNDS QUARTERLY
REPORT 174 EQUITY FUNDS
Schedule of Investments |
STOCK INDEX FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Specialized Real Estate Investment Trusts – 1.1%continued | ||
VICI Properties, Inc. | 300,983 | $9,595 |
Weyerhaeuser Co. | 215,754 | 7,502 |
134,633 | ||
Specialty Retail – 2.0% | ||
AutoZone, Inc.* | 5,295 | 13,691 |
Bath & Body Works, Inc. | 71,978 | 3,106 |
Best Buy Co., Inc. | 58,101 | 4,548 |
CarMax, Inc.* | 45,852 | 3,519 |
Home Depot (The), Inc. | 297,050 | 102,943 |
Lowe's Cos., Inc. | 171,962 | 38,270 |
O'Reilly Automotive, Inc.* | 17,723 | 16,838 |
Ross Stores, Inc. | 101,710 | 14,076 |
TJX (The) Cos., Inc. | 341,160 | 32,004 |
Tractor Supply Co. | 32,219 | 6,928 |
Ulta Beauty, Inc.* | 14,955 | 7,328 |
243,251 | ||
Technology Hardware, Storage & Peripherals – 7.2% | ||
Apple, Inc. | 4,335,612 | 834,735 |
Hewlett Packard Enterprise Co. | 381,134 | 6,472 |
HP, Inc. | 252,008 | 7,583 |
NetApp, Inc. | 63,912 | 5,634 |
Seagate Technology Holdings PLC | 55,541 | 4,742 |
Western Digital Corp.* | 97,014 | 5,081 |
864,247 | ||
Textiles, Apparel & Luxury Goods – 0.5% | ||
Lululemon Athletica, Inc.* | 34,371 | 17,574 |
NIKE, Inc., Class B | 364,398 | 39,563 |
Ralph Lauren Corp. | 10,854 | 1,565 |
Tapestry, Inc. | 62,683 | 2,307 |
VF Corp. | 88,049 | 1,655 |
62,664 | ||
Tobacco – 0.5% | ||
Altria Group, Inc. | 520,280 | 20,988 |
Philip Morris International, Inc. | 458,384 | 43,125 |
64,113 | ||
Trading Companies & Distributors – 0.3% | ||
Fastenal Co. | 172,193 | 11,153 |
United Rentals, Inc. | 20,444 | 11,723 |
W.W. Grainger, Inc. | 13,313 | 11,032 |
33,908 | ||
Water Utilities – 0.1% | ||
American Water Works Co., Inc. | 56,380 | 7,442 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 98.5%continued | ||
Wireless Telecommunication Services – 0.2% | ||
T-Mobile U.S., Inc. | 151,976 | $24,366 |
Total Common Stocks | ||
(Cost $3,349,383) | 11,871,049 | |
INVESTMENT COMPANIES – 1.3% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(2) (3) | 164,381,911 | 164,382 |
Total Investment Companies | ||
(Cost $164,382) | 164,382 |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.1% | ||
U.S. Treasury Bill, | ||
5.29%, 4/11/24(4) (5) | $9,195 | $9,063 |
Total Short-Term Investments | ||
(Cost $9,058) | 9,063 | |
Total Investments – 99.9% | ||
(Cost $3,522,823) | 12,044,494 | |
Other Assets less Liabilities – 0.1% | 10,212 | |
NET ASSETS – 100.0% | $12,054,706 |
(1) | Investment in affiliate. |
(2) | Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the investment adviser to the Fund and the investment adviser to Northern Institutional Funds. |
(3) | 7-day current yield as of December 31, 2023 is disclosed. |
(4) | Discount rate at the time of purchase. |
(5) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
S&P - Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 | 739 | $178,099 | Long | 3/24 | $6,349 |
EQUITY FUNDS 175 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
At December 31, 2023, the security types for the
Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 98.5% |
Investment Companies | 1.3% |
Short-Term Investments | 0.1% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks(1) | $11,871,049 | $— | $— | $11,871,049 |
Investment Companies | 164,382 | — | — | 164,382 |
Short-Term Investments | — | 9,063 | — | 9,063 |
Total Investments | $12,035,431 | $9,063 | $— | $12,044,494 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $6,349 | $— | $— | $6,349 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, were as follows:
AFFILIATE | VALUE, BEGINNING OF PERIOD (000S) | PURCHASES (000S) | SALES PROCEEDS (000S) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) (000S) | NET REALIZED GAINS (LOSSES) (000S) | DIVIDEND INCOME (000S) | VALUE, END OF PERIOD (000S) | SHARES, END OF PERIOD |
Northern Institutional Funds - U.S. Government Portfolio (Shares) | $85,432 | $798,998 | $720,048 | $— | $— | $5,106 | $164,382 | $164,381,911 |
Northern Trust Corp. | 5,580 | 396 | 325 | (254) | (32) | 136 | 5,365 | 63,584 |
Total | $91,012 | $799,394 | $720,373 | $(254) | $(32) | $5,242 | $169,747 | 164,445,495 |
NORTHERN FUNDS QUARTERLY REPORT 176 EQUITY FUNDS
Schedule of Investments |
U.S. QUALITY ESG FUND |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS – 99.5% | ||
Air Freight & Logistics – 1.1% | ||
C.H. Robinson Worldwide, Inc. | 22,226 | $1,920 |
Expeditors International of Washington, Inc. | 17,035 | 2,167 |
United Parcel Service, Inc., Class B | 2,987 | 470 |
4,557 | ||
Automobiles – 2.2% | ||
Tesla, Inc.* | 34,905 | 8,673 |
Banks – 2.8% | ||
Citigroup, Inc. | 69,847 | 3,593 |
Commerce Bancshares, Inc. | 17,558 | 938 |
First Hawaiian, Inc. | 63,680 | 1,456 |
JPMorgan Chase & Co. | 29,945 | 5,093 |
11,080 | ||
Beverages – 2.2% | ||
Coca-Cola (The) Co. | 98,343 | 5,795 |
PepsiCo, Inc. | 17,344 | 2,946 |
8,741 | ||
Biotechnology – 3.5% | ||
AbbVie, Inc. | 13,774 | 2,134 |
Amgen, Inc. | 19,185 | 5,526 |
Biogen, Inc.* | 6,809 | 1,762 |
Gilead Sciences, Inc. | 44,887 | 3,636 |
Vertex Pharmaceuticals, Inc.* | 2,511 | 1,022 |
14,080 | ||
Broadline Retail – 2.3% | ||
Amazon.com, Inc.* | 55,322 | 8,406 |
eBay, Inc. | 4,248 | 185 |
Etsy, Inc.* | 6,703 | 543 |
9,134 | ||
Building Products – 2.0% | ||
Fortune Brands Innovations, Inc. | 29,991 | 2,284 |
Masco Corp. | 16,396 | 1,098 |
Owens Corning | 14,338 | 2,125 |
Trane Technologies PLC | 10,975 | 2,677 |
8,184 | ||
Capital Markets – 2.9% | ||
Bank of New York Mellon (The) Corp. | 47,998 | 2,498 |
BlackRock, Inc. | 3,037 | 2,466 |
Invesco Ltd. | 124,282 | 2,217 |
Janus Henderson Group PLC | 69,332 | 2,090 |
State Street Corp. | 28,986 | 2,245 |
11,516 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Chemicals – 0.6% | ||
Mosaic (The) Co. | 4,993 | $178 |
Sherwin-Williams (The) Co. | 7,550 | 2,355 |
2,533 | ||
Commercial Services & Supplies – 0.1% | ||
Rollins, Inc. | 6,418 | 280 |
Communications Equipment – 0.5% | ||
Cisco Systems, Inc. | 36,810 | 1,860 |
F5, Inc.* | 1,391 | 249 |
2,109 | ||
Construction & Engineering – 0.8% | ||
AECOM | 13,713 | 1,267 |
EMCOR Group, Inc. | 998 | 215 |
WillScot Mobile Mini Holdings Corp.* | 39,524 | 1,759 |
3,241 | ||
Consumer Finance – 0.6% | ||
Ally Financial, Inc. | 17,975 | 628 |
SLM Corp. | 93,622 | 1,790 |
2,418 | ||
Consumer Staples Distribution & Retail – 0.1% | ||
Sysco Corp. | 2,649 | 194 |
Distributors – 0.6% | ||
Pool Corp. | 5,651 | 2,253 |
Diversified Telecommunication Services – 0.4% | ||
Iridium Communications, Inc. | 39,561 | 1,628 |
Electric Utilities – 0.3% | ||
Exelon Corp. | 28,404 | 1,020 |
Electrical Equipment – 0.9% | ||
Acuity Brands, Inc. | 11,932 | 2,444 |
Rockwell Automation, Inc. | 3,884 | 1,206 |
3,650 | ||
Entertainment – 0.6% | ||
Electronic Arts, Inc. | 17,676 | 2,418 |
Financial Services – 4.2% | ||
Berkshire Hathaway, Inc., Class B* | 6,372 | 2,273 |
Equitable Holdings, Inc. | 58,051 | 1,933 |
Fidelity National Information Services, Inc. | 38,830 | 2,332 |
Mastercard, Inc., Class A | 4,864 | 2,075 |
MGIC Investment Corp. | 110,750 | 2,136 |
Visa, Inc., Class A | 10,056 | 2,618 |
EQUITY FUNDS 177 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Financial Services – 4.2%continued | ||
Voya Financial, Inc. | 24,257 | $1,770 |
Western Union (The) Co. | 149,397 | 1,781 |
16,918 | ||
Food Products – 0.9% | ||
General Mills, Inc. | 24,378 | 1,588 |
Kellanova | 33,761 | 1,888 |
WK Kellogg Co. | 8,461 | 111 |
3,587 | ||
Ground Transportation – 0.5% | ||
Landstar System, Inc. | 10,290 | 1,993 |
Health Care Equipment & Supplies – 2.3% | ||
Abbott Laboratories | 12,717 | 1,400 |
Edwards Lifesciences Corp.* | 24,927 | 1,901 |
Hologic, Inc.* | 27,885 | 1,992 |
IDEXX Laboratories, Inc.* | 4,780 | 2,653 |
Intuitive Surgical, Inc.* | 4,116 | 1,389 |
9,335 | ||
Health Care Providers & Services – 4.2% | ||
Cardinal Health, Inc. | 22,484 | 2,266 |
Cencora, Inc. | 11,931 | 2,451 |
Cigna Group (The) | 10,485 | 3,140 |
DaVita, Inc.* | 18,796 | 1,969 |
Humana, Inc. | 3,847 | 1,761 |
Laboratory Corp. of America Holdings | 9,849 | 2,239 |
McKesson Corp. | 5,124 | 2,372 |
UnitedHealth Group, Inc. | 1,398 | 736 |
16,934 | ||
Health Care Real Estate Investment Trusts – 0.3% | ||
Healthpeak Properties, Inc. | 55,204 | 1,093 |
Hotel & Resort Real Estate Investment Trusts – 0.3% | ||
Host Hotels & Resorts, Inc. | 64,971 | 1,265 |
Hotels, Restaurants & Leisure – 2.7% | ||
Airbnb, Inc., Class A* | 4,104 | 559 |
Booking Holdings, Inc.* | 1,207 | 4,281 |
Domino's Pizza, Inc. | 1,340 | 552 |
Hilton Worldwide Holdings, Inc. | 14,377 | 2,618 |
Starbucks Corp. | 15,389 | 1,478 |
Travel + Leisure Co. | 28,776 | 1,125 |
10,613 | ||
Household Products – 2.6% | ||
Clorox (The) Co. | 11,408 | 1,626 |
Colgate-Palmolive Co. | 29,961 | 2,388 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Household Products – 2.6%continued | ||
Kimberly-Clark Corp. | 14,928 | $1,814 |
Procter & Gamble (The) Co. | 31,423 | 4,605 |
10,433 | ||
Independent Power & Renewable Electricity Producers – 0.5% | ||
Clearway Energy, Inc., Class C | 75,548 | 2,072 |
Insurance – 2.5% | ||
Aflac, Inc. | 28,181 | 2,325 |
Allstate (The) Corp. | 1,702 | 238 |
American International Group, Inc. | 7,570 | 513 |
Hartford Financial Services Group (The), Inc. | 18,801 | 1,511 |
Lincoln National Corp. | 26,286 | 709 |
MetLife, Inc. | 28,194 | 1,865 |
Principal Financial Group, Inc. | 8,380 | 659 |
Prudential Financial, Inc. | 22,467 | 2,330 |
10,150 | ||
Interactive Media & Services – 5.2% | ||
Alphabet, Inc., Class A* | 83,949 | 11,727 |
Alphabet, Inc., Class C* | 43,025 | 6,063 |
Match Group, Inc.* | 5,503 | 201 |
Meta Platforms, Inc., Class A* | 7,718 | 2,732 |
20,723 | ||
IT Services – 2.8% | ||
Accenture PLC, Class A | 15,734 | 5,521 |
Cognizant Technology Solutions Corp., Class A | 2,795 | 211 |
International Business Machines Corp. | 32,570 | 5,327 |
11,059 | ||
Life Sciences Tools & Services – 1.5% | ||
Agilent Technologies, Inc. | 18,976 | 2,638 |
Mettler-Toledo International, Inc.* | 1,838 | 2,229 |
Waters Corp.* | 3,392 | 1,117 |
5,984 | ||
Machinery – 1.1% | ||
Donaldson Co., Inc. | 20,115 | 1,314 |
Illinois Tool Works, Inc. | 10,890 | 2,853 |
Otis Worldwide Corp. | 4,468 | 400 |
4,567 | ||
Media – 1.2% | ||
Comcast Corp., Class A | 73,616 | 3,228 |
Sirius XM Holdings, Inc. | 279,609 | 1,529 |
4,757 |
NORTHERN FUNDS QUARTERLY
REPORT 178 EQUITY FUNDS
Schedule of Investments |
U.S. QUALITY ESG FUND continued |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Metals & Mining – 1.1% | ||
Nucor Corp. | 8,655 | $1,506 |
Reliance Steel & Aluminum Co. | 7,568 | 2,117 |
Steel Dynamics, Inc. | 7,928 | 936 |
4,559 | ||
Multi-Utilities – 0.2% | ||
Public Service Enterprise Group, Inc. | 13,505 | 826 |
Oil, Gas & Consumable Fuels – 2.7% | ||
Cheniere Energy, Inc. | 10,069 | 1,719 |
ConocoPhillips | 20,371 | 2,364 |
Exxon Mobil Corp. | 4,663 | 466 |
Marathon Petroleum Corp. | 15,872 | 2,355 |
ONEOK, Inc. | 25,201 | 1,770 |
Valero Energy Corp. | 15,964 | 2,075 |
10,749 | ||
Pharmaceuticals – 2.6% | ||
Bristol-Myers Squibb Co. | 69,721 | 3,577 |
Eli Lilly & Co. | 1,413 | 824 |
Johnson & Johnson | 11,761 | 1,843 |
Merck & Co., Inc. | 6,197 | 676 |
Zoetis, Inc. | 16,621 | 3,281 |
10,201 | ||
Professional Services – 2.7% | ||
Automatic Data Processing, Inc. | 14,852 | 3,460 |
Broadridge Financial Solutions, Inc. | 10,893 | 2,241 |
Paychex, Inc. | 10,661 | 1,270 |
Paylocity Holding Corp.* | 10,038 | 1,655 |
Robert Half, Inc. | 26,377 | 2,319 |
10,945 | ||
Real Estate Management & Development – 0.6% | ||
CBRE Group, Inc., Class A* | 26,038 | 2,424 |
Residential Real Estate Investment Trusts – 0.5% | ||
AvalonBay Communities, Inc. | 11,001 | 2,060 |
Semiconductors & Semiconductor Equipment – 6.0% | ||
Applied Materials, Inc. | 30,315 | 4,913 |
Enphase Energy, Inc.* | 16,677 | 2,204 |
Lam Research Corp. | 4,817 | 3,773 |
NVIDIA Corp. | 23,720 | 11,746 |
Texas Instruments, Inc. | 8,206 | 1,399 |
24,035 | ||
Software – 12.2% | ||
Adobe, Inc.* | 10,805 | 6,446 |
Autodesk, Inc.* | 10,653 | 2,594 |
NUMBER OF SHARES | VALUE (000S) | |
COMMON STOCKS - 99.5%continued | ||
Software – 12.2%continued | ||
Cadence Design Systems, Inc.* | 10,106 | $2,752 |
Intuit, Inc. | 9,287 | 5,805 |
Manhattan Associates, Inc.* | 1,434 | 309 |
Microsoft Corp. | 77,840 | 29,271 |
Teradata Corp.* | 39,438 | 1,716 |
48,893 | ||
Specialized Real Estate Investment Trusts – 0.6% | ||
Weyerhaeuser Co. | 63,819 | 2,219 |
Specialty Retail – 4.2% | ||
Best Buy Co., Inc. | 15,432 | 1,208 |
Home Depot (The), Inc. | 20,457 | 7,089 |
Lowe's Cos., Inc. | 21,431 | 4,770 |
Ulta Beauty, Inc.* | 1,878 | 920 |
Williams-Sonoma, Inc. | 13,584 | 2,741 |
16,728 | ||
Technology Hardware, Storage & Peripherals – 7.2% | ||
Apple, Inc. | 143,826 | 27,691 |
HP, Inc. | 31,855 | 958 |
28,649 | ||
Textiles, Apparel & Luxury Goods – 0.4% | ||
Deckers Outdoor Corp.* | 720 | 481 |
NIKE, Inc., Class B | 9,149 | 994 |
Tapestry, Inc. | 7,634 | 281 |
1,756 | ||
Trading Companies & Distributors – 1.2% | ||
Fastenal Co. | 36,920 | 2,392 |
W.W. Grainger, Inc. | 3,104 | 2,572 |
4,964 | ||
Total Common Stocks | ||
(Cost $294,291) | 398,200 | |
INVESTMENT COMPANIES – 0.5% | ||
Northern Institutional Funds - U.S. Government Portfolio (Shares), 5.17%(1) (2) | 1,723,632 | 1,724 |
Total Investment Companies | ||
(Cost $1,724) | 1,724 |
EQUITY FUNDS 179 NORTHERN FUNDS QUARTERLY REPORT
December 31, 2023 (UNAUDITED) |
PRINCIPAL AMOUNT (000S) | VALUE (000S) | |
SHORT-TERM INVESTMENTS – 0.0% | ||
U.S. Treasury Bill, | ||
5.30%, 4/11/24(3) (4) | $75 | $74 |
Total Short-Term Investments | ||
(Cost $74) | 74 | |
Total Investments – 100.0% | ||
(Cost $296,089) | 399,998 | |
Other Assets less Liabilities – 0.0% | 80 | |
NET ASSETS – 100.0% | $400,078 |
(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 December 31, 2023 is disclosed. |
(3) | Discount rate at the time of purchase. |
(4) | Security pledged as collateral to cover margin requirements for open futures contracts. |
* | Non-Income Producing Security |
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS: |
S&P - Standard & Poor's |
Percentages shown are based on Net
Assets.
At December 31, 2023, the Fund had
open futures contracts as follows:
TYPE | NUMBER OF CONTRACTS | NOTIONAL AMOUNT (000s) | CONTRACT POSITION | CONTRACT EXP. | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) (000s) |
E-Mini S&P 500 | 6 | $1,446 | Long | 3/24 | $53 |
At December 31, 2023, the security types for the
Fund were:
Security Type(1) | % of Net Assets |
Common Stocks | 99.5% |
Investment Companies | 0.5% |
Short-Term Investments | 0.0% |
(1) | Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. |
Various inputs are used in
determining the value of the Fund’s investments. These inputs are summarized in three levels listed below:
Level 1 - Unadjusted quoted market
prices in active markets for identical securities on the measurement date.
Level 2 - Other observable inputs (e.g., quoted prices in active markets for similar securities, securities valuations based on commonly quoted benchmark interest rates and yield curves, maturities, ratings and/or securities indices).
Level 3 - Significant unobservable inputs (e.g., information about assumptions, including risk, market participants would use in pricing a security).
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 December 31, 2023:
INVESTMENTS | LEVEL 1 (000s) | LEVEL 2 (000s) | LEVEL 3 (000s) | TOTAL (000s) |
Common Stocks(1) | $398,200 | $— | $— | $398,200 |
Investment Companies | 1,724 | — | — | 1,724 |
Short-Term Investments | — | 74 | — | 74 |
Total Investments | $399,924 | $74 | $— | $399,998 |
OTHER FINANCIAL INSTRUMENTS | ||||
Assets | ||||
Futures Contracts | $53 | $— | $— | $53 |
(1) | Classifications as defined in the Schedule of Investments. |
Transactions in
affiliated investments for the nine months ended December 31, 2023, 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) | $8,063 | $33,616 | $39,955 | $122 | $1,724 | $1,723,632 |
NORTHERN FUNDS QUARTERLY
REPORT 180 EQUITY FUNDS