-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P237WXyQn04q49Iw1vmhDEuzcdpKhARwuwC/pLLJBMBUaAuGsgVsIYoIepG6WbLJ Kba1QgYY7IW1fcPv4JJRWg== 0001193125-10-042564.txt : 20100226 0001193125-10-042564.hdr.sgml : 20100226 20100226142538 ACCESSION NUMBER: 0001193125-10-042564 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100226 DATE AS OF CHANGE: 20100226 EFFECTIVENESS DATE: 20100226 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN FUNDS CENTRAL INDEX KEY: 0000916620 IRS NUMBER: 391777365 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08236 FILM NUMBER: 10638162 BUSINESS ADDRESS: STREET 1: NORTHERN TRUST STREET 2: 50 SOUTH LASALLE CITY: CHICAGO STATE: IL ZIP: 60603 BUSINESS PHONE: 312-557-2790 MAIL ADDRESS: STREET 1: NORTHERN TRUST STREET 2: 50 SOUTH LASALLE CITY: CHICAGO STATE: IL ZIP: 60603 0000916620 S000001243 NORTHERN ENHANCED LARGE CAP FUND C000003389 NORTHERN ENHANCED LARGE CAP FUND NOLCX 0000916620 S000001244 NORTHERN SMALL CAP CORE FUND C000003390 NORTHERN SMALL CAP CORE FUND NSGRX 0000916620 S000001245 NORTHERN SMALL CAP INDEX FUND C000003391 NORTHERN SMALL CAP INDEX FUND NSIDX 0000916620 S000001246 NORTHERN SMALL CAP VALUE FUND C000003392 NORTHERN SMALL CAP VALUE FUND NOSGX 0000916620 S000001247 NORTHERN STOCK INDEX FUND C000003393 NORTHERN STOCK INDEX FUND NOSIX 0000916620 S000001248 NORTHERN TECHNOLOGY FUND C000003394 NORTHERN TECHNOLOGY FUND NTCHX 0000916620 S000001249 NORTHERN ARIZONA TAX-EXEMPT FUND C000003395 NORTHERN ARIZONA TAX-EXEMPT FUND NOAZX 0000916620 S000001250 NORTHERN CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND C000003396 NORTHERN CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND NCITX 0000916620 S000001251 NORTHERN CALIFORNIA TAX-EXEMPT FUND C000003397 NORTHERN CALIFORNIA TAX-EXEMPT FUND NCATX 0000916620 S000001252 NORTHERN FIXED INCOME FUND C000003398 NORTHERN FIXED INCOME FUND NOFIX 0000916620 S000001254 NORTHERN GROWTH EQUITY FUND C000003400 NORTHERN GROWTH EQUITY FUND NOGEX 0000916620 S000001255 NORTHERN GLOBAL FIXED INCOME FUND C000003401 NORTHERN GLOBAL FIXED INCOME FUND NOIFX 0000916620 S000001256 NORTHERN HIGH YIELD FIXED INCOME FUND C000003402 NORTHERN HIGH YIELD FIXED INCOME FUND NHFIX 0000916620 S000001257 NORTHERN HIGH YIELD MUNICIPAL FUND C000003403 NORTHERN HIGH YIELD MUNICIPAL FUND NHYMX 0000916620 S000001258 NORTHERN INTERMEDIATE TAX-EXEMPT FUND C000003404 NORTHERN INTERMEDIATE TAX-EXEMPT FUND NOITX 0000916620 S000001259 NORTHERN SHORT-INTERMEDIATE U.S. GOVERNMENT FUND C000003405 NORTHERN SHORT-INTERMEDIATE U.S. GOVERNMENT FUND NSIUX 0000916620 S000001260 NORTHERN TAX-EXEMPT FUND C000003406 NORTHERN TAX-EXEMPT FUND NOTEX 0000916620 S000001261 NORTHERN U.S. GOVERNMENT FUND C000003407 NORTHERN U.S. GOVERNMENT FUND NOUGX 0000916620 S000001262 NORTHERN CALIFORNIA MUNICIPAL MONEY MARKET FUND C000003408 NORTHERN CALIFORNIA MUNICIPAL MONEY MARKET FUND NOCXX 0000916620 S000001263 NORTHERN MONEY MARKET FUND C000003409 NORTHERN MONEY MARKET FUND NORXX 0000916620 S000001264 NORTHERN MUNICIPAL MONEY MARKET FUND C000003410 NORTHERN MUNICIPAL MONEY MARKET FUND NOMXX 0000916620 S000001266 NORTHERN U.S. GOVERNMENT MONEY MARKET FUND C000003412 NORTHERN U.S. GOVERNMENT MONEY MARKET FUND NOGXX 0000916620 S000001267 NORTHERN U.S. GOVERNMENT SELECT MONEY MARKET FUND C000003413 NORTHERN U.S. GOVERNMENT SELECT MONEY MARKET FUND NOSXX 0000916620 S000001268 NORTHERN INTERNATIONAL EQUITY INDEX FUND C000003414 NORTHERN INTERNATIONAL EQUITY INDEX FUND NOINX 0000916620 S000001269 NORTHERN INCOME EQUITY FUND C000003415 NORTHERN INCOME EQUITY FUND NOIEX 0000916620 S000001270 NORTHERN INTERNATIONAL GROWTH EQUITY FUND C000003416 NORTHERN INTERNATIONAL GROWTH EQUITY FUND NOIGX 0000916620 S000001271 NORTHERN LARGE CAP VALUE FUND C000003417 NORTHERN LARGE CAP VALUE FUND NOLVX 0000916620 S000001272 NORTHERN MID CAP GROWTH FUND C000003418 NORTHERN MID CAP GROWTH FUND NOMCX 0000916620 S000001273 NORTHERN MID CAP INDEX FUND C000003419 NORTHERN MID CAP INDEX FUND NOMIX 0000916620 S000001274 NORTHERN SELECT EQUITY FUND C000003420 NORTHERN SELECT EQUITY FUND NOEQX 0000916620 S000005358 NORTHERN EMERGING MARKETS EQUITY FUND C000014609 NORTHERN EMERGING MARKETS EQUITY FUND NOEMX 0000916620 S000012490 NORTHERN MULTI-MANAGER MID CAP FUND C000033957 NORTHERN MULTI-MANAGER MID CAP FUND NMMCX 0000916620 S000012491 NORTHERN MULTI-MANAGER SMALL CAP FUND C000033958 NORTHERN MULTI-MANAGER SMALL CAP FUND NMMSX 0000916620 S000012492 NORTHERN MULTI-MANAGER INTERNATIONAL EQUITY FUND C000033959 NORTHERN MULTI-MANAGER INTERNATIONAL EQUITY FUND NMIEX 0000916620 S000012717 NORTHERN GLOBAL REAL ESTATE INDEX FUND C000034255 NORTHERN GLOBAL REAL ESTATE INDEX FUND NGREX 0000916620 S000015790 NORTHERN BOND INDEX FUND C000043366 NORTHERN BOND INDEX FUND NOBOX 0000916620 S000018520 NORTHERN MULTI-MANAGER LARGE CAP FUND C000051395 NORTHERN MULTI-MANAGER LARGE CAP FUND NMMLX 0000916620 S000018524 NORTHERN SHORT-INTERMEDIATE TAX-EXEMPT FUND C000051415 NORTHERN SHORT-INTERMEDIATE TAX-EXEMPT FUND NSITX 0000916620 S000019579 NORTHERN GLOBAL SUSTAINABILITY INDEX FUND C000054440 NORTHERN GLOBAL SUSTAINABILITY INDEX FUND NSRIX 0000916620 S000023396 NORTHERN DEVELOPED INTERNATIONAL SMALL CAP INDEX FUND C000068584 NORTHERN DEVELOPED INTERNATIONAL SMALL CAP INDEX FUND 0000916620 S000024144 NORTHERN MULTI-MANAGER EMERGING MARKETS EQUITY FUND C000070886 NORTHERN MULTI-MANAGER EMERGING MARKETS EQUITY FUND NMMEX 0000916620 S000024145 NORTHERN MULTI-MANAGER GLOBAL REAL ESTATE FUND C000070887 NORTHERN MULTI-MANAGER GLOBAL REAL ESTATE FUND NMMGX 0000916620 S000025872 NORTHERN ULTRA-SHORT FIXED INCOME FUND C000077366 NORTHERN ULTRA-SHORT FIXED INCOME FUND NUSFX 0000916620 S000025873 NORTHERN TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND C000077367 NORTHERN TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND NTAUX 0000916620 S000026479 NORTHERN MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND C000079432 NORTHERN MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND NMHYX N-Q 1 dnq.htm NORTHERN FUNDS Northern Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08236

Northern Funds

 

(Exact name of registrant as specified in charter)

50 South LaSalle Street

Chicago, IL 60603

 

(Address of principal executive offices) (Zip code)

Lloyd A. Wennlund, President

Northern Funds

50 South LaSalle Street

Chicago, IL 60603

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 557-2790

Date of fiscal year end: March 31

Date of reporting period: December 31, 2009

 

Item 1. Schedule of Investments.

The registrant’s schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), is as follows:

SCHEDULE OF INVESTMENTS

 

EMERGING MARKETS EQUITY FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0%

      

Brazil - 7.4%

      

All America Latina Logistica S.A.

    134,765    $ 1,258

B2W Companhia Global Do Varejo

    20,109      549

Banco Bradesco S.A. ADR

    17,948      392

Banco do Brasil S.A.

    176,534      3,001

Banco Santander Brasil S.A.

    61,713      847

Banco Santander Brasil S.A. ADR

    119,510      1,666

BM&FBOVESPA S.A.

    426,695      3,008

BR Malls Participacoes S.A.*

    44,355      547

Brasil Telecom S.A.*

    1      —  

Brasil Telecom S.A. ADR*

    870      25

BRF - Brasil Foods S.A.

    113,366      2,952

Centrais Eletricas Brasileiras S.A.

    78,515      1,635

Cia de Concessoes Rodoviarias

    67,489      1,545

Cia de Saneamento Basico do Estado de Sao Paulo

    39,757      779

Cia Siderurgica Nacional S.A.

    138,195      4,429

Cielo S.A.*

    212,177      1,867

Cosan S.A. Industria e Comercio*

    39,491      576

CPFL Energia S.A.

    33,219      675

Cyrela Brazil Realty S.A.

    101,565      1,422

Duratex S.A.*

    71,849      671

EDP - Energias do Brasil S.A.

    18,770      360

Empresa Brasileira de Aeronautica S.A.

    179,835      983

Fibria Celulose S.A.*

    64,941      1,457

Gafisa S.A.

    40,159      649

Gerdau S.A.

    35,461      451

Global Village Telecom Holding S.A.*

    31,113      996

Hypermarcas S.A.*

    23,926      545

JBS S.A.

    125,883      674

LLX Logistica S.A.*

    92,794      537

Localiza Rent A Car S.A.

    41,248      454

Lojas Renner S.A.

    42,325      957

Marfrig Alimentos S.A.

    70,419      767

MRV Engenharia e Participacoes S.A.

    92,533      743

Multiplan Empreendimentos Imobiliarios S.A.

    22,120      406

Natura Cosmeticos S.A.

    59,340      1,249

OGX Petroleo e Gas Participacoes S.A.*

    443,200      4,340

PDG Realty S.A. Empreendimentos e Participacoes

    95,737      953

Petroleo Brasileiro S.A. - Petrobras

    793,956      18,994

Petroleo Brasileiro S.A. ADR

    18,373      779

Porto Seguro S.A.

    31,108      358

Redecard S.A.

    116,429      1,936

Rossi Residencial S.A.

    56,537      494

Souza Cruz S.A.

    26,382      881

Tele Norte Leste Participacoes S.A.

    22,999      587

Tractebel Energia S.A.

    43,538      535

Usinas Siderurgicas de Minas Gerais S.A.

    39,533      1,130

Vale S.A.

    483,243      13,720

Vale S.A. ADR

    17,008      494

Vivo Participacoes S.A. ADR*

    1,900      59
           
        84,332
           

Chile - 1.3%

      

AES Gener S.A.

    810,763      365

Banco de Credito e Inversiones

    10,137      318

Banco Santander Chile

    16,031,162      963

CAP S.A.

    25,866      713

Centros Comerciales Sudamericanos S.A.

    303,302      1,023

Colbun S.A.

    2,368,141      602

Compania Cervecerias Unidas S.A.

    43,129      317

Empresa Nacional de Electricidad S.A. ADR

    3,800      191

Empresa Nacional de Electricidad S.A.

    1,017,919      1,670

Empresas CMPC S.A.*

    37,953      1,511

Empresas COPEC S.A.

    157,114      2,362

Enersis S.A.

    4,072,209      1,769

Enersis S.A. ADR

    9,024      206

ENTEL Chile S.A.

    36,689      520

Lan Airlines S.A.

    37,100      641

Lan Airlines S.A. ADR

    8,335      139

SACI Falabella

    98,072      585

Sociedad Quimica y Minera de Chile S.A. ADR

    3,193      120

Sociedad Quimica y Minera de Chile S.A., Class B

    28,120      1,072

Vina Concha y Toro S.A.

    160,015      374
           
        15,461
           

China - 17.4%

      

Agile Property Holdings Ltd.

    566,000      821

Air China Ltd., Class H*

    774,705      598

Alibaba.com Ltd.

    435,632      1,001

Aluminum Corp. of China Ltd., Class H*

    1,369,435      1,495

Angang Steel Co. Ltd., Class H

    378,798      824

Anhui Conch Cement Co. Ltd., Class H

    143,025      914

Anta Sports Products Ltd.

    255,432      376

Bank of China Ltd., Class H

    19,805,628      10,605

Bank of Communications Co. Ltd., Class H

    1,994,010      2,293

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

EMERGING MARKETS EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

China - 17.4% continued

      

BBMG Corp., Class H*

    305,841    $ 332

Beijing Capital International Airport Co. Ltd., Class H*

    622,000      409

Beijing Enterprises Holdings Ltd.

    177,271      1,275

Belle International Holdings Ltd.

    1,318,000      1,523

Byd Co. Ltd., Class H*

    179,699      1,568

China Agri-Industries Holdings Ltd.

    541,917      703

China BlueChemical Ltd., Class H

    584,851      357

China Citic Bank, Class H

    1,713,572      1,450

China Coal Energy Co., Class H

    1,218,232      2,209

China Communications Construction Co. Ltd., Class H

    1,465,287      1,392

China Communications Services Corp. Ltd., Class H

    621,035      304

China Construction Bank Corp., Class H

    15,602,832      13,281

China COSCO Holdings Co. Ltd., Class H

    846,721      1,029

China Dongxiang Group Co.

    796,752      612

China Everbright Ltd.

    249,110      610

China High Speed Transmission Equipment Group Co. Ltd.

    302,690      734

China International Marine Containers Co. Ltd., Class B

    258,800      324

China Life Insurance Co. Ltd., Class H

    2,590,544      12,677

China Longyuan Power Group Corp., Class H*

    534,473      692

China Mengniu Dairy Co. Ltd.*

    391,000      1,390

China Merchants Bank Co. Ltd., Class H

    1,199,427      3,112

China Merchants Holdings International Co. Ltd.

    377,249      1,215

China Minsheng Banking Corp. Ltd., Class H*

    1,087,355      1,223

China Mobile Ltd.

    2,090,712      19,489

China National Building Material Co. Ltd., Class H

    420,000      855

China Oilfield Services Ltd., Class H

    549,558      652

China Overseas Land & Investment Ltd.

    1,418,475      2,970

China Petroleum & Chemical Corp., Class H

    5,559,835      4,909

China Railway Construction Corp. Ltd., Class H

    651,000      829

China Railway Group Ltd., Class H*

    1,317,827      1,018

China Resources Enterprise Ltd.

    415,628      1,506

China Resources Land Ltd.

    697,756      1,571

China Resources Power Holdings Co. Ltd.

    568,200      1,124

China Shenhua Energy Co. Ltd., Class H

    1,125,136      5,440

China Shipping Container Lines Co. Ltd., Class H*

    1,128,695      403

China Shipping Development Co. Ltd., Class H

    448,485      668

China South Locomotive and Rolling Stock Corp., Class H

    686,669      501

China Taiping Insurance Holdings Co. Ltd.*

    267,660      858

China Telecom Corp. Ltd., Class H

    4,816,339      1,993

China Travel International Investment Hong Kong

    948,749      282

China Unicom Hong Kong Ltd.

    2,060,494      2,708

China Vanke Co. Ltd., Class B

    396,172      496

China Yurun Food Group Ltd.

    376,148      1,113

China Zhongwang Holdings Ltd.*

    579,600      462

Citic Pacific Ltd.

    381,363      1,019

CNOOC Ltd.

    6,218,433      9,682

CNPC Hong Kong Ltd.

    861,325      1,133

Cosco Pacific Ltd.

    402,000      510

Country Garden Holdings Co.

    1,449,439      537

Datang International Power Generation Co. Ltd., Class H

    1,069,875      457

Denway Motors Ltd.

    1,698,069      1,071

Dongfang Electric Corp. Ltd., Class H

    59,600      317

Dongfeng Motor Group Co. Ltd., Class H

    946,169      1,347

Fosun International

    541,160      375

Franshion Properties China Ltd.

    1,113,791      390

Fushan International Energy Group Ltd.

    955,933      921

Geely Automobile Holdings Ltd.

    1,268,423      690

Golden Eagle Retail Group Ltd.

    227,675      460

GOME Electrical Appliances Holdings Ltd.*

    2,623,874      941

Greentown China Holdings Ltd.

    194,151      301

Guangdong Investment Ltd.

    880,514      512

Guangzhou R&F Properties Co. Ltd., Class H

    339,214      592

Harbin Power Equipment Co. Ltd., Class H

    225,135      200

Hengan International Group Co. Ltd.

    231,398      1,713

Hidili Industry International Development Ltd.*

    349,465      435

Hopson Development Holdings Ltd.

    240,163      344

Huabao International Holdings Ltd.

    414,000      446

Huaneng Power International, Inc., Class H

    1,072,501      603

Industrial & Commercial Bank of China, Class H

    15,861,565      13,017

Inner Mongolia Yitai Coal Co., Class B

    111,100      956

Jiangsu Express Co. Ltd., Class H

    396,000      351

Jiangxi Cooper Co. Ltd., Class H

    483,000      1,128

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

China - 17.4% continued

      

Kingboard Chemical Holdings Ltd.

    205,757    $ 811

Lenovo Group Ltd.

    1,614,000      999

Li Ning Co. Ltd.*

    253,552      960

Maanshan Iron & Steel, Class H*

    623,290      450

Metallurgical Corp. of China Ltd., Class H*

    825,284      485

Motech Industries, Inc.

    89,741      423

Nine Dragons Paper Holdings Ltd.

    562,923      896

Parkson Retail Group Ltd.

    443,500      776

PetroChina Co. Ltd., Class H

    7,349,438      8,756

PICC Property & Casualty Co. Ltd., Class H*

    852,849      762

Ping An Insurance Group Co. of China Ltd., Class H

    445,953      3,868

Poly Hong Kong Investment Ltd.

    523,842      650

Renhe Commercial Holdings Co. Ltd.

    2,706,539      610

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    125,029      415

Shanghai Electric Group Co. Ltd., Class H

    1,008,000      463

Shanghai Industrial Holdings Ltd.

    188,043      954

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

    159,500      307

Shanghai Zhenhua Heavy Industry Co. Ltd., Class B

    295,470      249

Shimao Property Holdings Ltd.

    553,903      1,039

Shui On Land Ltd.

    959,397      564

Sinofert Holdings Ltd.

    702,000      388

Sino-Ocean Land Holdings Ltd.

    1,061,801      971

Sinopec Shanghai Petrochemical Co. Ltd., Class H*

    788,670      310

Sinotruk Hong Kong Ltd.

    253,430      295

Soho China Ltd.

    698,778      376

Tencent Holdings Ltd.

    314,714      6,783

Tingyi Cayman Islands Holding Corp.

    578,504      1,432

Tsingtao Brewery Co. Ltd., Class H

    115,767      639

Want Want China Holdings Ltd.

    923,870      644

Weichai Power Co. Ltd., Class H

    72,064      578

Xinao Gas Holdings Ltd.

    259,279      662

Yantai Changyu Pioneer Wine Co., Class B

    59,428      526

Yanzhou Coal Mining Co. Ltd., Class H

    683,138      1,493

Zhejiang Expressway Co. Ltd., Class H

    477,294      439

Zijin Mining Group Co. Ltd., Class H

    1,386,775      1,312

ZTE Corp., Class H

    97,388      595
           
        199,523
           

Colombia - 0.6%

      

Almacenes Exito S.A.

    38,218      364

BanColombia S.A.

    78,563      888

BanColombia S.A. ADR

    8,252      376

Cementos Argos S.A.

    101,813      537

Ecopetrol S.A.

    1,411,793      1,714

Grupo de Inversiones Suramericana S.A.

    74,258      890

Inversiones Argos S.A.

    100,588      933

ISA S.A.

    126,720      803
           
        6,505
           

Czech Republic - 0.4%

      

CEZ A/S

    56,728      2,661

Komercni Banka A/S

    4,893      1,043

Telefonica O2 Czech Republic A/S

    37,005      841
           
        4,545
           

Egypt - 0.5%

      

Al Ezz Steel Rebars S.A.E

    72,661      224

Commercial International Bank

    84,833      844

Egyptian Co. for Mobile Services

    10,074      443

Egyptian Financial Group-Hermes Holding S.A.E

    76,574      347

Egyptian Kuwait Holding Co.

    217,605      433

EL Ezz Aldekhela Steel Alexandria

    1,114      150

Elswedy Cables Holding Co.

    10,230      127

Orascom Construction Industries

    29,938      1,355

Orascom Telecom Holding S.A.E

    158,191      720

Sidi Kerir Petrochemcials Co.

    65,721      123

Talaat Moustafa*

    139,286      175

Telecom Egypt

    114,612      378
           
        5,319
           

Hungary - 0.5%

      

Magyar Telekom Telecommunications PLC

    165,821      643

MOL Hungarian Oil and Gas Nyrt*

    18,432      1,643

OTP Bank PLC*

    97,582      2,766

Richter Gedeon Nyrt.

    4,883      1,105
           
        6,157
           

India - 7.3%

      

ABB Ltd.

    16,853      277

ACC Ltd.

    18,350      342

Aditya Birla Nuvo Ltd.

    12,171      228

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

EMERGING MARKETS EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

India - 7.3% continued

      

Ambuja Cements Ltd.

    205,647    $ 459

Axis Bank Ltd.*

    74,942      1,580

Bajaj Auto Ltd.

    15,584      587

Bharat Heavy Electricals Ltd.

    40,866      2,101

Bharat Petroleum Corp. Ltd.

    29,982      409

Cairn India Ltd.*

    100,461      604

Cipla Ltd.

    110,822      793

DLF Ltd.

    141,791      1,088

Dr. Reddy’s Laboratories Ltd.

    22,968      563

Dr. Reddy’s Laboratories Ltd. ADR

    12,305      298

GAIL India Ltd.

    131,887      1,170

GMR Infrastructure Ltd.*

    251,766      358

Grasim Industries Ltd.

    6,121      324

HCL Technologies Ltd.

    54,729      435

HDFC Bank Ltd.

    77,199      2,808

HDFC Bank Ltd. ADR

    6,300      820

Hero Honda Motors Ltd.

    27,808      1,020

Hindalco Industries Ltd.*

    280,239      956

Hindustan Unilever Ltd.*

    302,233      1,709

Housing Development & Infrastructure Ltd.*

    42,611      327

Housing Development Finance Corp.

    73,185      4,198

ICICI Bank Ltd.

    225,359      4,201

ICICI Bank Ltd. ADR

    22,771      859

Idea Cellular Ltd.*

    223,271      276

Indiabulls Real Estate Ltd.*

    108,126      524

Infosys Technologies Ltd.

    132,052      7,347

Infosys Technologies Ltd. ADR

    27,237      1,505

Infrastructure Development Finance Co. Ltd.

    227,993      752

ITC Ltd.

    380,023      2,034

Jaiprakash Associates Ltd.

    330,638      1,034

Jindal Steel & Power Ltd.

    129,802      1,954

JSW Steel Ltd.

    26,379      570

Kotak Mahindra Bank Ltd.

    44,966      773

Larsen & Toubro Ltd.

    69,479      2,487

Mahindra & Mahindra Ltd.

    48,717      1,126

Maruti Suzuki India Ltd.

    24,196      803

NTPC Ltd.

    285,129      1,439

Oil & Natural Gas Corp. Ltd.

    89,590      2,259

Ranbaxy Laboratories Ltd.*

    36,454      403

Reliance Capital Ltd.

    34,434      628

Reliance Communications Ltd.

    215,394      788

Reliance Industries Ltd.

    342,419      7,966

Reliance Industries Ltd., GDR (London Exchange) (1) (2)

    57,426      2,639

Reliance Infrastructure Ltd.

    35,370      870

Reliance Natural Resources Ltd.*

    221,043      329

Satyam Computer Services Ltd.*

    176,769      368

Sesa Goa Ltd.

    109,899      960

Siemens India Ltd.

    27,979      347

State Bank of India Ltd.

    21,983      1,065

Steel Authority Of India Ltd.

    158,578      817

Sterlite Industries India Ltd.

    130,254      2,398

Sun Pharmaceuticals Industries Ltd.

    25,062      813

Suzlon Energy Ltd.*

    214,857      413

Tata Consultancy Services Ltd.

    163,131      2,618

Tata Motors Ltd.

    75,460      1,276

Tata Power Company Ltd.

    33,692      999

Tata Steel Ltd.

    99,518      1,308

Unitech Ltd.

    422,198      734

United Phosphorus Ltd.

    77,683      289

United Spirits Ltd.

    25,417      681

Wipro Ltd.

    88,159      1,284

Wipro Ltd. ADR

    13,570      302

Zee Entertainment Enterprises Ltd.

    67,489      371
           
        84,063
           

Indonesia - 1.8%

      

Adaro Energy PT

    2,814,720      518

Aneka Tambang Tbk PT*

    1,103,000      259

Astra Agro Lestari Tbk PT

    131,500      316

Astra International Tbk PT

    704,989      2,587

Bank Central Asia Tbk PT

    4,252,148      2,184

Bank Danamon Indonesia Tbk PT

    1,013,269      491

Bank Mandiri Tbk PT

    2,501,974      1,252

Bank Negara Indonesia Persero Tbk PT

    1,235,582      259

Bank Rakyat Indonesia

    1,898,278      1,533

Bumi Resources Tbk PT

    6,090,321      1,571

Indo Tambangraya Megah PT

    119,278      404

Indocement Tunggal Prakarsa Tbk PT*

    514,644      750

Indofood Sukses Makmur Tbk PT

    1,546,000      579

Indosat Tbk PT

    486,847      245

International Nickel Indonesia Tbk PT*

    657,886      256

Lippo Karawaci Tbk PT*

    3,056,868      166

Perusahaan Gas Negara PT

    4,159,893      1,717

Semen Gresik Persero Tbk PT*

    507,637      406

Tambang Batubara Bukit Asam Tbk PT

    286,000      525

Telekomunikasi Indonesia Tbk PT

    3,493,249      3,492

 

EQUITY FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

Indonesia - 1.8% continued

      

Unilever Indonesia Tbk PT

    514,028    $ 602

United Tractors Tbk PT

    522,322      863
           
        20,975
           

Israel - 2.7%

      

Bank Hapoalim BM*

    341,007      1,478

Bank Leumi Le-Israel BM*

    407,165      1,856

Bezeq Israeli Telecommunication Corp. Ltd.

    412,586      1,039

Cellcom Israel Ltd.

    1,239      39

Cellcom Israel Ltd. (New York Exchange)

    15,159      486

Check Point Software Technologies*

    57,831      1,959

Delek Group Ltd.

    1,448      293

Discount Investment Corp.

    9,075      212

Elbit Systems Ltd.

    7,494      483

Israel (The) Corp. Ltd.*

    650      467

Israel Chemicals Ltd.

    175,643      2,293

Israel Discount Bank Ltd., Class A*

    166,279      391

Makhteshim-Agan Industries Ltd.

    84,139      399

Mizrahi Tefahot Bank Ltd.*

    41,216      376

NICE Systems Ltd.*

    20,330      631

Ormat Industries Ltd.

    17,196      156

Partner Communications Co. Ltd.

    25,611      520

Teva Pharmaceutical Industries Ltd.

    319,187      17,944
           
        31,022
           

Malaysia - 2.5%

      

AirAsia Bhd.*

    365,000      146

Alliance Financial Group Bhd.

    316,800      249

AMMB Holdings Bhd.

    686,837      999

Axiata Group Bhd.*

    880,825      781

Berjaya Sports Toto Bhd.

    239,957      305

British American Tobacco Malaysia Bhd.

    48,200      601

Bursa Malaysia Bhd.

    111,900      260

CIMB Group Holdings Bhd.

    677,600      2,540

Digi.Com Bhd.

    115,400      739

Gamuda Bhd.

    576,700      435

Genting Bhd.

    772,000      1,645

Genting Malaysia Bhd.

    1,127,100      920

Genting Plantations Bhd.

    75,600      137

Hong Leong Bank Bhd.

    160,800      382

Hong Leong Financial Group Bhd.

    72,800      157

IGB Corp. Bhd.*

    292,600      169

IJM Corp. Bhd.

    400,920      524

IOI Corp. Bhd.

    1,271,740      2,031

KLCC Property Holdings Bhd.

    137,500      138

Kuala Lumpur Kepong Bhd.

    163,350      787

Lafarge Malayan Cement Bhd.

    122,900      224

Malayan Banking Bhd.

    1,211,906      2,427

Malaysian Airline System Bhd.*

    144,000      114

Maxis Bhd

    635,351      996

MISC Bhd. (Registered)

    374,500      924

MMC Corp. Bhd.

    253,800      180

Parkson Holdings Bhd.

    168,064      260

Petronas Dagangan Bhd.

    86,200      218

Petronas Gas Bhd.

    164,600      474

PLUS Expressways Bhd.

    494,300      470

PPB Group Bhd.

    183,500      853

Public Bank Bhd.

    4,142      14

Public Bank Bhd. (Registered)

    354,200      1,164

RHB Capital Bhd.

    150,800      232

Sime Darby Bhd.

    1,040,715      2,725

SP Setia Bhd.

    265,600      304

Telekom Malaysia Bhd.

    358,300      320

Tenaga Nasional Bhd.

    673,700      1,649

UMW Holdings Bhd.

    181,800      337

YTL Corp. Bhd.

    295,290      629

YTL Power International Bhd.

    693,299      453
           
        28,912
           

Mexico - 4.3%

      

Alfa S.A.B. de C.V., Class A

    108,472      692

America Movil S.A.B. de C.V., Series L

    6,393,486      15,038

Carso Global Telecom S.A.B. de C.V., Series A1*

    243,872      1,087

Cemex S.A.B. de C.V., Series CPO*

    3,190,711      3,800

Coca-Cola Femsa S.A.B. de C.V., Series L

    94,704      624

Desarrolladora Homex S.A.B. de C.V.*

    77,268      433

Fomento Economico Mexicano S.A.B. de C.V., Series UBD

    752,434      3,610

Grupo Aeroportuario del Pacifico S.A.B.de C.V., Class B

    167,652      523

Grupo Bimbo S.A.B. de C.V., Series A*

    122,907      813

Grupo Carso S.A.B. de C.V., Series A1

    204,204      624

Grupo Elektra S.A. de C.V.

    25,398      1,248

Grupo Financiero Banorte S.A.B. de C.V., Class O

    719,661      2,462

Grupo Mexico S.A.B. de C.V., Series B

    1,330,727      3,053

Grupo Modelo S.A.B. de C.V., Series C*

    176,510      985

Grupo Televisa S.A., Series CPO

    850,238      3,538

Industrias Penoles S.A.B. de C.V.

    34,469      735

 

NORTHERN FUNDS QUARTERLY REPORT    5    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

EMERGING MARKETS EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

Mexico - 4.3% continued

      

Kimberly-Clark de Mexico S.A.B. de C.V., Class A

    187,172    $ 838

Mexichem S.A.B. de C.V.*

    317,966      608

Telefonos de Mexico S.A.B. de C.V., Series L

    1,887,568      1,581

Telmex Internacional S.A.B. de C.V., Series L

    1,840,880      1,632

Urbi Desarrollos Urbanos S.A.B. de C.V.*

    168,134      379

Wal-Mart de Mexico S.A.B. de C.V., Series V

    1,021,659      4,584
           
        48,887
           

Morocco - 0.2%

      

Attijariwafa Bank*

    8,675      296

Douja Promotion Groupe Addoha S.A.

    32,712      429

Marco Telecom*

    59,377      1,021

ONA S.A.

    1,879      306
           
        2,052
           

Netherlands - 0.1%

      

Chaoda Modern Agriculture Holdings Ltd.

    842,110      894
           
        894
           

Peru - 0.4%

      

Cia de Minas Buenaventura S.A. ADR

    66,943      2,241

Credicorp Ltd.

    23,556      1,814
           
        4,055
           

Philippines - 0.4%

      

Ayala Corp.

    59,306      386

Ayala Land, Inc.

    1,707,580      415

Banco de Oro Unibank, Inc.

    248,600      209

Bank of the Philippine Islands

    420,908      435

Energy Development Corp.*

    2,603,250      263

Globe Telecom, Inc.

    11,190      221

Jollibee Foods Corp.

    142,600      169

Manila Electric Co. (3)

    157,330      698

Metropolitan Bank & Trust (3)

    180,800      176

Philippine Long Distance Telephone Co.

    15,830      896

SM Investments Corp. (3)

    65,377      457

SM Prime Holdings, Inc.

    1,375,251      290
           
        4,615
           

Poland - 1.2%

      

Asseco Poland S.A

    19,583      428

Bank Handlowy w Warszawie S.A.*

    11,586      283

Bank Millennium S.A.*

    107,759      179

Bank Pekao S.A.*

    40,816      2,301

Bank Zachodni WBK S.A.*

    7,294      479

BRE Bank S.A.*

    3,502      314

Cyfrowy Polsat S.A.

    24,400      116

Getin Holding S.A.*

    110,954      340

Globe Trade Centre S.A.*

    41,059      364

Grupa Lotos S.A.*

    18,908      208

ING Bank Slaski S.A.*

    1,151      312

KGHM Polska Miedz S.A.

    41,983      1,551

PBG S.A.*

    3,336      235

Polska Grupa Energetyczna S.A.*

    90,529      775

Polski Koncern Naftowy Orlen S.A.*

    112,519      1,321

Polskie Gornictwo Naftowe I Gazownictwo S.A.

    419,433      555

Powszechna Kasa Oszczednosci Bank Polski S.A.

    216,594      2,849

Telekomunikacja Polska S.A.

    231,925      1,278

TVN S.A.

    51,135      253
           
        14,141
           

Russia - 6.2%

      

Comstar United Telesystems OJSC GDR (Registered)

    57,080      312

Federal Grid Co. Unified Energy System JSC (3) *

    99,960,201      1,085

Gazaprom Neft JSC ADR

    2,065      57

Gazprom OAO

    292,041      1,795

Gazprom OAO ADR (London Exchange)

    741,628      18,487

Gazprom OAO ADR (OTC Exchange)

    7,800      195

Gazpromneft JSC

    101,127      546

Inter Rao Ues OAO*

    568,795,627      890

LUKOIL OAO

    11,773      652

LUKOIL OAO ADR (London Exchange)

    130,914      7,327

LUKOIL OAO ADR (OTC Exchange)

    19,800      1,117

Mechel ADR

    50,637      953

MMC Norilsk Nickel*

    6,229      871

MMC Norilsk Nickel ADR (London Exchange)*

    67,764      951

MMC Norilsk Nickel ADR (OTC Exchange)*

    167,233      2,400

Mobile Telesystems OJSC ADR

    70,406      3,442

NovaTek OAO GDR (Registered)

    31,594      2,059

Novolipetsk Steel OJSC GDR (Registered)*

    26,345      794

Pharmstandard GDR (Registered)*

    25,275      501

Polymetal*

    20,952      189

Polymetal GDR (Registered)*

    14,441      135

Polyus Gold Co.

    7,518      398

 

EQUITY FUNDS    6    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

Russia - 6.2% continued

      

Polyus Gold Co. ADR (London Exchange)

    10,289    $ 277

Polyus Gold Co. ADR (OTC Exchange)

    27,062      746

Rosneft Oil Co.

    186,275      1,560

Rosneft Oil Co. GDR

    254,070      2,132

RusHydro*

    16,340,271      615

RusHydro ADR*

    189,403      715

Sberbank (3) *

    56,000      157

Sberbank of Russian Federation

    2,939,209      8,220

Severstal*

    665      6

Severstal GDR (Registered)*

    66,525      618

Sistema JSFC GDR (Registered)*

    33,554      695

Surgutneftegaz

    530,752      458

Surgutneftegaz ADR (London Exchange)

    66,825      593

Surgutneftegaz ADR (OTC Exchange)

    127,109      1,130

Tatneft (3)

    86,666      457

Tatneft ADR

    1,663      48

Tatneft ADR (London Exchange)

    65,748      1,906

TMK OAO GDR (Registered)*

    18,262      312

Uralkali*

    113,050      478

Uralkali GDR (Registered) (3) *

    28,746      594

Vimpel-Communications ADR

    114,196      2,123

VTB Bank OJSC

    241,430,975      567

VTB Bank OJSC GDR (1) (2)

    11,036      47

VTB Bank OJSC GDR (Registered)

    138,094      648

Wimm-Bill-Dann Foods OJSC ADR*

    24,406      582
           
        70,840
           

South Africa - 6.7%

      

ABSA Group Ltd. (3)

    111,966      1,937

African Bank Investments Ltd. (3)

    267,780      1,079

African Rainbow Minerals Ltd. (3)

    36,584      852

Anglo Platinum Ltd. (3) *

    20,595      2,193

Anglogold Ashanti Ltd. (3)

    104,392      4,226

ArcelorMittal South Africa Ltd. (3)

    62,375      865

Aspen Pharmacare Holdings Ltd. (3) *

    88,330      880

Aveng Ltd. (3) *

    137,904      740

Bidvest Group Ltd. (3) *

    101,619      1,774

Discovery Holdings Ltd.

    91,117      394

Exxaro Resources Ltd.*

    41,792      587

FirstRand Ltd. (3)

    981,435      2,433

Foschini Ltd. (3)

    72,547      591

Gold Fields Ltd. (3)

    232,022      3,050

Growthpoint Properties Ltd. (3)

    487,094      923

Harmony Gold Mining Co. Ltd. (3)

    124,936      1,275

Impala Platinum Holdings Ltd. (3)

    186,268      5,060

Imperial Holdings Ltd. (3)

    58,255      696

Investec Ltd. (3)

    75,926      546

Kumba Iron Ore Ltd. (3)

    27,754      1,136

Liberty Holdings Ltd. (3) *

    40,391      378

Massmart Holdings Ltd.

    68,313      823

MTN Group Ltd. (3)

    511,350      8,129

Murray & Roberts Holdings Ltd. (3)

    109,598      684

Naspers Ltd., Class N (3)

    133,355      5,407

Nedbank Group Ltd. (3)

    59,726      997

Netcare Ltd. (3) *

    328,623      614

Northam Platinum Ltd.

    50,461      326

Pick’n Pay Stores Ltd.

    78,747      442

Pretoria Portland Cement Co. Ltd. (3) *

    171,889      805

Redefine Income Fund Ltd. (3)

    816,079      788

Remgro Ltd. (3)

    152,635      1,842

Reunert Ltd.

    58,996      465

RMB Holdings Ltd. (3)

    251,842      1,008

Sanlam Ltd. (3)

    717,114      2,198

Sappi Ltd. (3) *

    177,263      848

Sasol Ltd. (3)

    199,612      8,006

Shoprite Holdings Ltd. (3)

    140,219      1,234

Standard Bank Group Ltd. (3)

    404,982      5,559

Steinhoff International Holdings Ltd.*

    437,114      1,221

Telkom S.A. Ltd.

    87,936      443

Tiger Brands Ltd. (3)

    56,660      1,311

Truworths International Ltd. (3)

    150,072      878

Vodacom Group Pty Ltd.

    126,264      963

Woolworths Holdings Ltd. (3)

    242,064      582
           
        77,188
           

South Korea - 12.1%

      

Amorepacific Corp.*

    1,117      896

Busan Bank*

    55,562      662

Celltrion, Inc.*

    18,103      232

Cheil Industries, Inc.

    16,450      800

CJ CheilJedang Corp.*

    2,739      481

Daegu Bank*

    41,800      614

Daelim Industrial Co. Ltd.*

    9,725      691

Daewoo Engineering & Construction Co. Ltd.*

    38,460      420

Daewoo International Corp.*

    17,858      505

Daewoo Securities Co. Ltd.

    43,080      724

Daewoo Shipbuilding & Marine Engineering Co. Ltd.*

    34,240      512

Dongbu Insurance Co. Ltd.

    13,370      370

 

NORTHERN FUNDS QUARTERLY REPORT    7    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

EMERGING MARKETS EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

South Korea - 12.1% continued

      

Dongkuk Steel Mill Co. Ltd.*

    12,320    $ 284

Doosan Corp.

    3,400      277

Doosan Heavy Industries and Construction Co. Ltd.*

    11,127      770

Doosan Infracore Co. Ltd.*

    25,220      355

Glovis Co. Ltd.*

    3,847      372

GS Engineering & Construction Corp.*

    12,416      1,149

GS Holdings Corp.*

    18,010      521

Hana Financial Group, Inc.*

    66,260      1,880

Hanjin Heavy Industries & Construction Co. Ltd.*

    11,288      219

Hanjin Shipping Co. Ltd.*

    15,267      271

Hanjin Shipping Holdings Co. Ltd.*

    19,683      230

Hankook Tire Co. Ltd.

    26,840      584

Hanwha Chem Corp.*

    25,742      297

Hanwha Corp.*

    17,110      698

Hite Brewery Co. Ltd.*

    1,728      252

Honam Petrochemical Corp.*

    5,098      447

Hynix Semiconductor, Inc.*

    163,830      3,243

Hyosung Corp.*

    8,146      594

Hyundai Department Store Co. Ltd.*

    5,030      484

Hyundai Development Co.*

    19,640      638

Hyundai Engineering & Construction Co. Ltd.*

    17,372      1,052

Hyundai Heavy Industries Co. Ltd.*

    13,225      1,960

Hyundai Mipo Dockyard*

    3,990      352

Hyundai Mobis*

    22,010      3,210

Hyundai Motor Co.*

    53,691      5,543

Hyundai Securities Co.

    42,610      537

Hyundai Steel Co.*

    19,221      1,418

Industrial Bank of Korea*

    56,690      677

Kangwon Land, Inc.*

    34,140      483

KB Financial Group, Inc.*

    113,416      5,786

KCC Corp.

    1,609      512

KIA Motors Corp.*

    72,720      1,244

Korea Electric Power Corp.*

    89,006      2,597

Korea Exchange Bank*

    89,480      1,114

Korea Gas Corp.*

    7,974      332

Korea Investment Holdings Co. Ltd.

    12,700      363

Korea Zinc Co. Ltd.*

    3,039      530

Korean Air Lines Co. Ltd.*

    12,605      591

KT Corp.*

    44,376      1,490

KT&G Corp.

    38,422      2,123

LG Chem Ltd.*

    16,131      3,147

LG Corp.*

    33,097      2,068

LG Dacom Corp.

    13,920      212

LG Display Co. Ltd.

    80,920      2,732

LG Electronics, Inc.*

    32,708      3,390

LG Household & Health Care Ltd.*

    2,968      742

LG Telecom Ltd.*

    45,000      327

Lotte Confectionery Co. Ltd.*

    227      252

Lotte Shopping Co. Ltd.*

    3,056      909

LS Corp.*

    6,265      620

LS Industrial Systems Co. Ltd.*

    5,648      468

Mirae Asset Securities Co. Ltd.

    7,727      429

NCSoft Corp.*

    4,875      619

NHN Corp.*

    14,154      2,337

OCI Co. Ltd.*

    4,358      819

POSCO

    22,732      11,967

S1 Corp.*

    5,673      236

Samsung C&T Corp.*

    43,414      2,098

Samsung Card Co.

    13,007      643

Samsung Electro-Mechanics Co. Ltd.

    20,816      1,909

Samsung Electronics Co. Ltd.

    38,387      26,218

Samsung Engineering Co. Ltd.*

    10,427      962

Samsung Fire & Marine Insurance Co. Ltd.

    13,219      2,258

Samsung Heavy Industries Co. Ltd.*

    56,250      1,163

Samsung SDI Co. Ltd.

    11,884      1,505

Samsung Securities Co. Ltd.

    17,413      939

Samsung Techwin Co. Ltd.*

    12,932      1,003

Shinhan Financial Group Co. Ltd.*

    139,811      5,192

Shinsegae Co. Ltd.

    4,904      2,264

SK Broadband Co. Ltd.*

    48,675      200

SK Energy Co. Ltd.

    20,952      2,101

SK Holdings Co. Ltd.

    8,271      630

SK Networks Co. Ltd.*

    25,090      227

SK Telecom Co. Ltd.

    13,695      1,991

S-Oil Corp.

    15,658      726

STX Offshore & Shipbuilding Co. Ltd.*

    13,890      148

STX Pan Ocean Co. Ltd.*

    34,370      334

Taewoong Co. Ltd.*

    2,475      158

Tong Yang Securities, Inc.

    24,953      255

Woongjin Coway Co. Ltd.*

    17,360      572

Woori Finance Holdings Co. Ltd.*

    83,820      989

Woori Investment & Securities Co. Ltd.

    29,040      412

Yuhan Corp.*

    3,016      461
           
        139,018
           

 

EQUITY FUNDS    8    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

Taiwan - 11.0%

      

Acer, Inc.

    886,798    $ 2,649

Advanced Semiconductor Engineering, Inc.

    1,425,096      1,275

Advantech Co. Ltd.

    94,441      211

Asia Cement Corp.

    573,986      618

Asustek Computer, Inc.

    1,331,685      2,556

AU Optronics Corp.

    2,592,215      3,128

Capital Securities Corp.*

    340,936      209

Catcher Technology Co. Ltd.

    187,111      519

Cathay Financial Holding Co. Ltd.*

    2,036,180      3,773

Chang Hwa Commercial Bank

    1,701,000      805

Cheng Shin Rubber Industry Co. Ltd.

    289,165      661

Cheng Uei Precision Industry Co. Ltd.

    125,480      291

Chi Mei Optoelectronics Corp.*

    1,636,662      1,142

Chicony Electronics Co. Ltd.

    133,958      323

China Airlines Ltd.*

    612,324      216

China Development Financial Holding Corp.*

    3,279,206      996

China Steel Corp.

    3,412,238      3,506

Chinatrust Financial Holding Co. Ltd.

    2,931,130      1,813

Chinese Gamer International Corp.

    12,543      165

Chunghwa Picture Tubes Ltd.*

    3,511,961      448

Chunghwa Telecom Co. Ltd.

    1,753,379      3,255

Chunghwa Telecom Co. Ltd. ADR

    5,568      103

Clevo Co.*

    172,782      279

CMC Magnetics Corp.*

    929,344      239

Compal Communications, Inc.

    93,657      127

Compal Electronics, Inc.

    1,292,620      1,777

Coretronic Corp.

    244,000      352

Delta Electronics, Inc.

    586,521      1,824

E.Sun Financial Holding Co. Ltd.*

    1,060,227      439

Epistar Corp.

    212,351      794

Eternal Chemical Co. Ltd.

    195,921      206

Eva Airways Corp.*

    453,338      198

Evergreen International Storage & Transport Corp.*

    124,000      110

Evergreen Marine Corp. Tawain Ltd.*

    328,180      182

Everlight Electronics Co. Ltd.

    114,568      427

Far Eastern Department Stores Co. Ltd.

    292,802      333

Far Eastern New Century Corp.

    974,877      1,212

Far EasTone Telecommunications Co. Ltd.

    535,345      637

Farglory Land Development Co. Ltd.

    89,000      195

Feng Hsin Iron & Steel Co.

    155,160      261

First Financial Holding Co. Ltd.

    1,624,911      1,002

Formosa Chemicals & Fibre Corp.

    986,320      2,128

Formosa International Hotels Corp.

    12,500      160

Formosa Petrochemical Corp.

    429,487      1,102

Formosa Plastics Corp.

    1,379,349      2,890

Formosa Sumco Technology Corp.

    65,950      176

Formosa Taffeta Co. Ltd.

    261,540      211

Foxconn Technology Co. Ltd.

    202,157      778

Fubon Financial Holding Co. Ltd.*

    1,559,642      1,900

Giant Manufacturing Co. Ltd.

    88,600      247

HannStar Display Corp.*

    1,536,898      396

Hon Hai Precision Industry Co. Ltd.

    2,683,736      12,625

HTC Corp.

    231,357      2,633

Hua Nan Financial Holdings Co. Ltd.

    1,182,256      741

InnoLux Display Corp.

    726,703      1,070

Inotera Memories, Inc.*

    529,915      442

Inventec Co. Ltd.

    635,689      379

KGI Securities Co. Ltd.

    1,016,253      598

Kinsus Interconnect Technology Corp.

    85,587      228

Largan Precision Co. Ltd.

    33,835      443

Lite-On Technology Corp.

    703,880      1,053

Macronix International

    1,142,975      649

MediaTek, Inc.

    316,800      5,502

Mega Financial Holding Co. Ltd.

    2,671,655      1,533

Micro-Star International Co. Ltd.

    310,038      203

Mitac International

    359,144      184

Nan Ya Plastics Corp.

    1,769,695      3,204

Nan Ya Printed Circuit Board Corp.

    62,743      239

Nanya Technology Corp.*

    461,118      469

Novatek Microelectronics Corp. Ltd.

    156,850      521

Phison Electronics Corp.

    34,342      290

Pixart Imaging, Inc.

    31,227      262

Polaris Securities Co. Ltd.*

    683,612      404

Pou Chen Corp.

    805,425      636

Powerchip Semiconductor Corp.*

    2,810,758      346

Powertech Technology, Inc.

    190,062      641

President Chain Store Corp.

    172,220      409

Prime View International Co. Ltd.*

    157,095      410

Qisda Corp.*

    539,496      336

Quanta Computer, Inc.

    762,576      1,653

Realtek Semiconductor Corp.

    135,820      399

Richtek Technology Corp.

    42,285      429

Ruentex Industries Ltd.*

    142,000      253

Shin Kong Financial Holding Co. Ltd.*

    1,842,051      759

Siliconware Precision Industries Co.

    980,480      1,317

Simplo Technology Co. Ltd.

    68,000      401

SinoPac Financial Holdings Co. Ltd.*

    1,932,000      771

 

NORTHERN FUNDS QUARTERLY REPORT    9    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

EMERGING MARKETS EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

Taiwan - 11.0% continued

      

Synnex Technology International Corp.

    367,469    $ 794

Taishin Financial Holding Co. Ltd.*

    1,389,000      542

Taiwan Business Bank*

    755,000      195

Taiwan Cement Corp.

    1,030,101      1,090

Taiwan Cooperative Bank

    1,229,900      769

Taiwan Fertilizer Co. Ltd.

    250,000      884

Taiwan Glass Industrial Corp.

    320,576      261

Taiwan Mobile Co. Ltd.

    641,752      1,247

Taiwan Semiconductor Manufacturing Co. Ltd.

    8,544,193      17,139

Tatung Co. Ltd.*

    1,633,000      397

Teco Electric and Machinery Co. Ltd.

    578,000      252

Transcend Information, Inc.

    107,442      400

Tripod Technology Corp.

    130,516      438

TSRC Corp.

    154,093      190

Tung Ho Steel Enterprise Corp.

    232,271      250

U-Ming Marine Transport Corp.

    151,000      305

Unimicron Technology Corp.

    422,418      608

Uni-President Enterprises Corp.

    1,151,732      1,413

United Microelectronics Corp.*

    4,269,043      2,282

Vanguard International Semiconductor Corp.

    264,949      132

Walsin Lihwa Corp.*

    963,770      358

Wan Hai Lines Ltd.*

    330,310      176

Winbond Electronics Corp.*

    916,071      277

Wintek Corp.*

    320,000      284

Wistron Corp.

    613,371      1,185

WPG Holdings Co. Ltd.

    226,000      390

Ya Hsin Industrial Co. Ltd.*

    121,548      —  

Yang Ming Marine Transport Corp.

    443,415      167

Young Fast Optoelectronics Co. Ltd.

    29,000      316

Yuanta Financial Holding Co. Ltd.

    2,537,242      1,849

Yulon Motor Co. Ltd.

    313,257      366
           
        126,632
           

Thailand - 1.3%

      

Advanced Info Service PCL (Registered)

    194,000      503

Advanced Info Service PCL NVDR

    99,200      257

Bangkok Bank PCL

    74,500      259

Bangkok Bank PCL (Registered)

    229,800      803

Bangkok Bank PCL NVDR

    177,100      617

Bank of Ayudhya PCL (Registered)

    518,654      349

Bank of Ayudhya PCL NVDR

    83,100      56

Banpu PCL (Registered)

    28,300      491

Banpu PCL NVDR

    25,907      448

BEC World PCL (Registered)

    196,500      145

BEC World PCL NVDR

    100,187      74

Charoen Pokphand Foods PCL NVDR

    989,711      337

CP ALL PCL (Registered)*

    452,600      337

CP ALL PCL NVDR

    279,468      208

Glow Energy PCL

    100,200      99

Glow Energy PCL NVDR

    52,100      51

IRPC PCL (Registered)

    1,928,700      253

IRPC PCL NVDR

    1,387,581      182

Kasikornbank PCL (Registered)

    280,600      731

Kasikornbank PCL NVDR

    290,997      739

Krung Thai Bank PCL (Registered)

    559,800      163

Krung Thai Bank PCL NVDR

    400,855      118

Land and Houses PCL (Registered)

    444,100      88

Land and Houses PCL NVDR

    293,540      55

PTT Aromatics & Refining PCL (Registered)

    124,994      96

PTT Aromatics & Refining PCL NVDR

    241,100      184

PTT Chemical PCL (Registered)

    72,700      157

PTT Chemical PCL NVDR

    54,100      119

PTT Exploration & Production PCL NVDR

    126,542      556

PTT Exploration & Production PCL (Registered)

    259,300      1,143

PTT PCL (Registered)

    195,000      1,375

PTT PCL NVDR

    86,000      632

Siam Cement PCL (Registered)

    62,900      449

Siam Cement PCL NVDR

    31,900      224

Siam Commercial Bank PCL (Registered)

    255,900      637

Siam Commercial Bank PCL NVDR

    256,276      668

Thai Oil PCL (Registered)

    112,300      144

Thai Oil PCL NVDR

    168,397      215

TMB Bank PCL*

    3,729,497      139

TMB Bank PCL NVDR*

    2,117,400      78

Total Access Communication PCL

    93,341      104

Total Access Communication PCL NVDR

    50,000      53
           
        14,336
           

Turkey - 1.5%

      

Akbank TAS

    259,048      1,637

Aksigorta A.S.

    46,495      161

Anadolu Efes Biracilik Ve Malt Sanayii A.S.

    71,433      800

Asya Katilim Bankasi A.S.*

    156,901      363

BIM Birlesik Magazalar A.S.

    12,842      595

Coca-Cola Icecek A.S.

    21,991      221

Dogan Sirketler Grubu Holdings

    313,102      216

 

EQUITY FUNDS    10    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 88.0% continued

      

Turkey - 1.5% continued

      

Dogan Yayin Holding A.S.*

    1    $ —  

Enka Insaat ve Sanayi A.S.

    81,514      375

Eregli Demir ve Celik Fabrikalari TAS*

    133,758      401

Haci Omer Sabanci Holding A.S.

    167,976      646

Is Gayrimenkul Yatirim Ortakligi A.S.

    1      —  

KOC Holding A.S.*

    173,591      510

Tupras Turkiye Petrol Rafine

    43,982      870

Turk Hava Yollari

    125,560      479

Turk Sise ve Cam Fabrikalari A.S.*

    150,778      189

Turk Telekomunikasyon A.S.

    177,385      539

Turkcell Iletisim Hizmet A.S.

    266,521      1,874

Turkiye Garanti Bankasi A.S.

    730,050      3,099

Turkiye Halk Bankasi A.S.

    107,890      858

Turkiye Is Bankasi, Class C

    372,292      1,568

Turkiye Vakiflar Bankasi Tao, Class D*

    252,957      715

Yapi ve Kredi Bankasi A.S.*

    303,218      665
           
        16,781
           

United Kingdom - 0.0%

      

Astro All Asia Networks PLC

    163,600      143

Tanjong PLC

    66,700      328
           
        471
           

United States - 0.2%

      

Southern Copper Corp.

    73,759      2,427
           
        2,427
           

Total Common Stocks

(Cost $880,156) (4)

         1,009,151
           

PREFERRED STOCKS - 9.9%

      

Brazil - 9.3%

      

AES Tiete S.A.

    34,054      384

Banco Bradesco S.A.

    514,670      10,758

Banco do Estado do Rio Grande do Sul

    59,818      495

Bradespar S.A.

    78,599      1,731

Brasil Telecom S.A.*

    115,129      1,116

Braskem S.A., Class A*

    58,524      477

Centrais Eletricas Brasileiras S.A., Class B

    67,254      1,224

Cia Brasileira de Distribuicao Grupo Pao de Acucar, Class A

    28,537      1,062

Cia de Bebidas das Americas

    51,555      5,155

Cia de Transmissao de Energia Eletrica Paulista

    10,546      311

Cia Energetica de Minas Gerais

    121,153      2,189

Cia Energetica de Sao Paulo-Class B

    62,060      848

Cia Paranaense de Energia-Class B

    35,628      753

Eletropaulo Metropolitana de Sao Paulo S.A., Class B

    32,439      640

Fertilizantes Fosfatados S.A.*

    33,234      314

Gerdau S.A.

    228,068      3,815

Gol Linhas Aereas Inteligentes S.A.*

    32,256      482

Investimentos Itau S.A.

    790,447      5,371

Itau Unibanco Holding S.A.

    713,632      15,853

Klabin S.A.

    148,021      448

Lojas Americanas S.A.

    116,103      1,033

Metalurgica Gerdau S.A.

    96,254      1,927

Net Servicos de Comunicacao S.A. (Sao Paolo Exchange)*

    63,403      869

Petroleo Brasileiro S.A. - Petrobras

    1,057,860      22,293

Suzano Papel e Celulose S.A.

    50,112      585

Tam S.A.

    26,536      583

Tele Norte Leste Participacoes S.A.

    90,945      1,924

Telemar Norte Leste S.A., Class A

    8,923      316

Tim Participacoes S.A.

    217,284      637

Ultrapar Participacoes S.A.

    25,676      1,184

Usinas Siderurgicas de Minas Gerais S.A., Class A

    88,310      2,495

Vale S.A., Class A

    732,908      17,767

Vivo Participacoes S.A.

    52,855      1,647
           
        106,686
           

Colombia - 0.0%

      

BanColombia S.A.

    62,944      709
           
        709
           

Russia - 0.2%

      

Sberbank of Russian Federation

    489,196      1,162

Surgutneftegaz

    852,562      409

Surgutneftegaz ADR

    146,562      703
           
        2,274
           

South Korea - 0.4%

      

Hyundai Motor Co.*

    8,470      304

Hyundai Motor Co., Class 2*

    13,400      492

LG Electronics, Inc.*

    6,426      275

Samsung Electronics Co. Ltd.

    7,129      3,222
           
        4,293
           

Total Preferred Stocks

(Cost $86,453) (4)

         113,962
           

 

NORTHERN FUNDS QUARTERLY REPORT    11    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

EMERGING MARKETS EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)		  

INVESTMENT COMPANIES - 2.4%

      

Northern Institutional Funds - Diversified Assets Portfolio (5) (6)

    27,186,587    $ 27,187   
             

Total Investment Companies

(Cost $27,187)

         27,187   
             

RIGHTS - 0.0%

      

JBS S.A.*

    180      —     
             

Total Rights

(Cost $ — ) (4)

         —     
             

Total Investments - 100.3%

(Cost $993,796)

         1,150,300   
             

Liabilities less Other Assets - (0.3)%

         (3,436 ) 
             

NET ASSETS - 100.0%

       $ 1,146,864   

 

(1) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly sold without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers, or if not available in accordance with procedures established by the Trustees of Northern Funds.
(2) Restricted security that has been deemed illiquid. At December 31, 2009, the value of these restricted illiquid securities amounted to approximately $2,686,000 or 0.2% of net assets. Additional information on each restricted illiquid security is as follows:

 

SECURITY

    ACQUISITION
AND
ENFORCEABLE
DATE		    ACQUISITION
COST
(000S)

Reliance Industries Ltd., GDR (London Exchange)

    11/1/06-12/22/06    $ 1,617

VTB Bank OJSC GDR

    5/11/07-10/28/09      80
           

 

(3) When-Issued Security.
(4) In accordance with the Fund’s prospectus, adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.
(5) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(6) The Fund had approximately $27,187,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Emerging Markets Equity Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

Dax Index (Euro)

    8    $ 1,709    Long    3/10    $ 33

FTSE JSE (South African Rand)

    113      3,852    Long    3/10      21

Hang Seng Index (Hong Kong Dollar)

    35      4,949    Long    1/10      71

MSCI Taiwan Index (U.S. Dollar)

    143      4,227    Long    1/10      75

S&P/TSX (Canadian Dollar)

    26      3,435    Long    3/10      51

SPI 200 (Australian Dollar)

    13      1,424    Long    3/10      69

TOPIX Index (Japanese Yen)

    5      486    Long    3/10      8
                            

Total

                $ 328
                            

At December 31, 2009, the Emerging Markets Equity Fund’s investments were denominated in the following currencies:

 

CONCENTRATION BY CURRENCY

    % OF LONG-TERM
INVESTMENTS		  

Hong Kong Dollar

    17.7 % 

Brazilian Real

    16.7   

Korean Won

    12.8   

Taiwan Dollar

    11.3   

U.S. Dollar

    8.5   

South African Rand

    6.9   

Indian Rupee

    6.9   

All other currencies less than 5%

    19.2   
      

Total

    100.0 % 
      

 

EQUITY FUNDS    12    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

At December 31, 2009, the Emerging Markets Equity Fund had outstanding forward foreign currency exchange contracts as follows:

 

CONTRACTS TO DELIVER CURRENCY

    AMOUNT
(LOCAL
CURRENCY)
(000S)		   

IN EXCHANGE
FOR CURRENCY

    AMOUNT
(LOCAL
CURRENCY)
(000S)		    SETTLEMENT
DATE		    UNREALIZED
GAIN (LOSS)
(000S) 		 

U.S. Dollar

    5,548    South Korean Won    6,459,268    1/4/10    $ (1 ) 

U.S. Dollar

    710    Malaysian Ringgit    2,432    1/4/10      1   

U.S. Dollar

    780    Indonesian Rupiah    7,328,166    1/5/10      (2 ) 

U.S. Dollar

    46    Thailand Baht    1,530    1/5/10      —     

Total

                $ (2 ) 
                            

At December 31, 2009, the industry sectors for the Emerging Markets Equity Fund were:

 

INDUSTRY SECTOR

    % OF LONG-TERM
INVESTMENTS		  

Consumer Discretionary

    23.6 % 

Consumer Staples

    15.0   

Energy

    14.9   

Financials

    13.6   

Health Care

    8.7   

Industrials

    6.8   

Information Technology

    5.9   

Materials

    5.6   

Telecommunication Services

    3.7   

Utilities

    2.2   
      

Total

    100.0 % 
      

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 993,796   
        

Gross tax appreciation of investments

    $ 186,679   

Gross tax depreciation of investments

      (30,175 ) 
        

Net tax appreciation of investments

    $ 156,504   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 Fund valued certain securities using evaluated prices, based on broker quotes, from a primary pricing source.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Emerging Markets Equity Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

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

Common Stocks

           

Consumer Discretionary

    $ 11,949    $ 50,649      $ —      $ 62,598

Consumer Staples

      22,819      34,522        —        57,341

Energy

      28,972      113,508        —        142,480

Financials

      19,774      217,526        47      237,347

Health Care

      298      24,722        —        25,020

Industrials

      9,757      64,520        —        74,277

Information Technology

      7,570      140,675        —        148,245

Materials

      44,198      93,492        —        137,690

Telecommunication Services

      27,680      63,402        —        91,082

Utilities

      9,690      25,146        —        34,836

Preferred Stocks

           

Consumer Discretionary

      1,902      1,071        —        2,973

Consumer Staples

      5,156      —          —        5,156

Energy

      23,477      409        —        23,886

Financials

      33,185      1,162        —        34,347

Industrials

      1,066      —          —        1,066

Information Technology

      —        3,222        —        3,222

Materials

      29,559      —          —        29,559

Telecommunication

           

Services

      5,640      —          —        5,640

Utilities

      6,348      —          —        6,348

Investment Companies

      27,187      —          —        27,187
                            

Total Investments

    $ 316,227    $ 834,026      $ 47    $ 1,150,300
                            

Other Financial Instruments*

    $ 328    $ (2 )    $ —      $ 326
                            

 

* Other financial instruments include futures and forwards, if applicable.

 

NORTHERN FUNDS QUARTERLY REPORT    13    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

EMERGING MARKETS EQUITY FUND continued    DECEMBER 31, 2009 (UNAUDITED)

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     BALANCE
AS OF
3/31/09
(000S)		    REALIZED
GAIN(LOSS)
(000S)		    CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION
(000S)		    NET
PURCHASES
(SALES)
(000S)		    TRANSFERS IN AND/OR
OUT OF LEVEL 3
(000S)		    BALANCE
AS OF 12/31/09
(000S)

Common Stock

                  

Banks

    $ —      $ —      $ —      $ —      $ 47    $ 47
                                         

The amount of change in total unrealized gain on investments in Level 3 securities still held at December 31, 2009 was approximately $14,000.

 

EQUITY FUNDS    14    NORTHERN FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

 

ENHANCED LARGE CAP FUND    DECEMBER 31, 2009 (UNAUDITED)

 

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2%

      

Advertising - 0.7%

      

Interpublic Group of Cos., Inc.*

    3,071    $ 22

Omnicom Group, Inc.

    3,877      152
           
        174
           

Aerospace/Defense - 2.9%

      

General Dynamics Corp.

    2,556      174

L-3 Communications Holdings, Inc.

    527      46

Lockheed Martin Corp.

    229      17

Raytheon Co.

    3,341      172

United Technologies Corp.

    3,899      271
           
        680
           

Agriculture - 2.4%

      

Altria Group, Inc.

    10,514      206

Archer-Daniels-Midland Co.

    1,638      51

Philip Morris International, Inc.

    3,709      179

Reynolds American, Inc.

    2,694      143
           
        579
           

Apparel - 0.1%

      

VF Corp.

    467      34
           

Auto Manufacturers - 0.2%

      

Ford Motor Co.*

    4,042      40
           

Banks - 8.8%

      

Bank of America Corp.

    18,268      275

Capital One Financial Corp.

    4,088      157

Citigroup, Inc.

    26,201      87

Comerica, Inc.

    4,080      121

Fifth Third Bancorp

    5,287      51

Goldman Sachs Group (The), Inc.

    1,875      317

JPMorgan Chase & Co.

    10,732      447

Morgan Stanley

    6,724      199

Wells Fargo & Co.

    16,467      444
           
        2,098
           

Beverages - 1.9%

      

Coca-Cola (The) Co.

    3,436      196

Coca-Cola Enterprises, Inc.

    6,494      138

Dr Pepper Snapple Group, Inc.

    83      2

Pepsi Bottling Group, Inc.

    341      12

PepsiCo, Inc

    1,773      108
           
        456
           

Biotechnology - 1.3%

      

Amgen, Inc.*

    4,515      256

Gilead Sciences, Inc.*

    1,435      62
           
        318
           

Building Materials - 0.0%

      

Masco Corp.

    455      6
           

Chemicals - 2.2%

      

CF Industries Holdings, Inc.

    1,335      121

Eastman Chemical Co.

    2,172      131

International Flavors & Fragrances, Inc.

    3,012      124

PPG Industries, Inc.

    2,447      143
           
        519
           

Commercial Services - 0.6%

      

R.R. Donnelley & Sons Co.

    5,973      133
           

Computers - 7.2%

      

Apple, Inc.*

    1,511      319

Computer Sciences Corp.*

    2,576      148

Dell, Inc.*

    10,528      151

EMC Corp.*

    3,381      59

Hewlett-Packard Co.

    7,893      406

International Business Machines Corp.

    4,093      536

Western Digital Corp.*

    1,941      86
           
        1,705
           

Cosmetics/Personal Care - 1.4%

      

Procter & Gamble (The) Co.

    5,385      327
           

Distribution/Wholesale - 0.2%

      

W.W. Grainger, Inc.

    531      51
           

Diversified Financial Services - 0.5%

      

American Express Co.

    652      26

Ameriprise Financial, Inc.

    1,414      55

Legg Mason, Inc.

    413      13

SLM Corp.*

    1,795      20
           
        114
           

Electric - 2.6%

      

Constellation Energy Group, Inc.

    4,110      145

DTE Energy Co.

    3,336      145

Edison International

    4,188      146

FirstEnergy Corp.

    2,192      102

PPL Corp.

    1,428      46

Public Service Enterprise Group, Inc.

    707      23
           
        607
           

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

ENHANCED LARGE CAP FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2% continued

      

Electrical Components & Equipment - 0.8%

      

Emerson Electric Co.

    4,487    $ 191
           

Electronics - 0.7%

      

Jabil Circuit, Inc.

    4,718      82

Thermo Fisher Scientific, Inc.*

    963      46

Waters Corp.*

    776      48
           
        176
           

Food - 2.1%

      

Campbell Soup Co.

    3,142      106

Kellogg Co.

    2,733      146

Sara Lee Corp.

    11,238      137

Tyson Foods, Inc., Class A

    8,489      104
           
        493
           

Forest Products & Paper - 1.0%

      

International Paper Co.

    6,065      162

MeadWestvaco Corp.

    2,782      80
           
        242
           

Gas - 1.2%

      

CenterPoint Energy, Inc.

    5,527      80

Nicor, Inc.

    3,060      129

NiSource, Inc.

    349      5

Sempra Energy

    1,276      72
           
        286
           

Healthcare - Products - 4.1%

      

Hospira, Inc.*

    2,310      118

Intuitive Surgical, Inc.*

    65      20

Johnson & Johnson

    8,485      546

Medtronic, Inc.

    5,579      245

Stryker Corp.

    813      41
           
        970
           

Healthcare - Services - 0.4%

      

UnitedHealth Group, Inc.

    2,692      82

WellPoint, Inc.*

    268      16
           
        98
           

Home Furnishings - 0.6%

      

Whirlpool Corp.

    1,723      139
           

Household Products/Wares - 1.3%

      

Avery Dennison Corp.

    3,171      116

Kimberly-Clark Corp.

    2,886      184
           
        300
           

Insurance - 2.6%

      

Chubb Corp.

    739      36

Genworth Financial, Inc., Class A*

    1,112      13

Lincoln National Corp.

    1,466      37

Loews Corp.

    3,996      145

MetLife, Inc.

    634      22

Travelers (The) Cos., Inc.

    3,499      174

Unum Group

    3,185      62

XL Capital Ltd., Class A

    6,638      122
           
        611
           

Internet - 2.3%

      

Amazon.com, Inc.*

    541      73

eBay, Inc.*

    4,051      96

Google, Inc., Class A*

    523      324

Yahoo!, Inc.*

    3,765      63
           
        556
           

Iron/Steel - 0.2%

      

Nucor Corp.

    994      46
           

Leisure Time - 0.0%

      

Carnival Corp.*

    284      9
           

Media - 2.5%

      

Gannett Co., Inc.

    11,536      171

McGraw-Hill (The) Cos., Inc.

    3,540      119

News Corp., Class A

    3,164      43

Viacom, Inc., Class B*

    5,205      155

Walt Disney (The) Co.

    3,237      104
           
        592
           

Mining - 0.1%

      

Freeport-McMoRan Copper & Gold, Inc.

    242      19
           

Miscellaneous Manufacturing - 4.5%

      

3M Co.

    3,259      269

Dover Corp.

    3,121      130

Eaton Corp.

    1,256      80

General Electric Co.

    23,166      351

Illinois Tool Works, Inc.

    2,412      116

ITT Corp.

    2,634      131
           
        1,077
           

Oil & Gas - 9.7%

      

Chesapeake Energy Corp.

    155      4

Chevron Corp.

    6,215      479

ConocoPhillips

    4,191      214

Ensco International PLC

    2,879      115

Exxon Mobil Corp.

    12,833      875

Nabors Industries Ltd.*

    5,958      130

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2% continued

      

Oil & Gas - 9.7% continued

      

Occidental Petroleum Corp.

    3,307    $ 269

Rowan Cos., Inc.*

    1,322      30

XTO Energy, Inc.

    4,094      191
           
        2,307
           

Oil & Gas Services - 0.9%

      

National-Oilwell Varco, Inc.

    3,689      163

Schlumberger Ltd.

    967      63
           
        226
           

Packaging & Containers - 0.1%

      

Sealed Air Corp.

    806      18
           

Pharmaceuticals - 6.2%

      

Abbott Laboratories

    1,526      83

AmerisourceBergen Corp.

    4,161      109

Eli Lilly & Co.

    5,159      184

Forest Laboratories, Inc.*

    963      31

McKesson Corp.

    2,518      157

Medco Health Solutions, Inc.*

    2,940      188

Merck & Co., Inc.

    6,961      254

Pfizer, Inc.

    25,629      466
           
        1,472
           

Pipelines - 0.6%

      

Williams (The) Cos., Inc.

    6,608      139
           

Real Estate Investment Trusts - 1.4%

      

HCP, Inc.

    1,183      36

Host Hotels & Resorts, Inc.*

    12,932      151

ProLogis

    10,120      139
           
        326
           

Retail - 7.6%

      

Best Buy Co., Inc.

    327      13

Big Lots, Inc.*

    4,801      139

CVS Caremark Corp.

    4,449      143

Darden Restaurants, Inc.

    92      3

Gap (The), Inc.

    6,429      135

Home Depot, Inc.

    8,180      237

J.C. Penney Co., Inc.

    4,203      112

Limited Brands, Inc.

    7,526      145

McDonald’s Corp.

    2,513      157

RadioShack Corp.

    4,681      91

Sears Holdings Corp.*

    1,608      134

Target Corp.

    249      12

TJX Cos., Inc.

    485      18

Walgreen Co.

    1,662      61

Wal-Mart Stores, Inc.

    7,371      394
           
        1,794
           

Semiconductors - 2.5%

      

Intel Corp.

    19,107      390

Texas Instruments, Inc.

    7,833      204
           
        594
           

Software - 4.8%

      

BMC Software, Inc.*

    2,732      110

IMS Health, Inc.

    432      9

Microsoft Corp.

    22,286      679

Oracle Corp.

    13,654      335
           
        1,133
           

Telecommunications - 5.5%

      

AT&T, Inc.

    18,295      513

Cisco Systems, Inc.*

    18,849      451

Harris Corp.

    994      47

QUALCOMM, Inc.

    1,342      62

Qwest Communications International, Inc.

    33,844      143

Verizon Communications, Inc.

    3,091      102
           
        1,318
           

Transportation - 0.5%

      

FedEx Corp.

    512      43

Ryder System, Inc.

    1,430      59

United Parcel Service, Inc., Class B

    361      20
           
        122
           

Total Common Stocks

(Cost $20,308)

         23,095
           

CONVERTIBLE PREFERRED STOCKS - 0.8%

      

Banks - 0.8%

      

Bank of America Corp.*

    12,304      184
           

Total Convertible Preferred Stocks

(Cost $196)

         184
           

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

ENHANCED LARGE CAP FUND continued   DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)		  

INVESTMENT COMPANIES - 1.6%

      

Northern Institutional Funds - Diversified Assets Portfolio (1) (2)

      387,668    $ 388   
               

Total Investment Companies

(Cost $388)

         388   
               
     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)		  

SHORT-TERM INVESTMENTS - 0.4%

      

U.S. Treasury Bill,

      

0.00%, 5/6/10 (3)

    $ 100    $ 100   
               

Total Short-Term Investments

(Cost $100)

         100   
               

Total Investments - 100.0%

(Cost $20,992)

         23,767   
               

Liabilities less Other Assets - 0.0%

         (12 ) 
               

NET ASSETS - 100.0%

       $ 23,755   

 

(1) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(2) The fund had approximately $388,000 of net purchases in the Diversified Asset Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
(3) Security pledged as collateral to cover margin requirements for open futures contracts.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Enhanced Large Cap Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

S&P 500 E-mini

    8    $ 444    Long    3/10    $ 10

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 20,992   
        

Gross tax appreciation of investments

    $ 3,147   

Gross tax depreciation of investments

      (372 ) 
        

Net tax appreciation of investments

    $ 2,775   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 or other financial instruments, if any. Following is a summary of the inputs used in valuing the Enhanced Large Cap Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

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

Common Stock

    $ 23,095 (1)    $ —      $ —      $ 23,095

Convertible Preferred Stock

      184 (1)      —        —        184

Investment Companies

      388        —        —        388

Short-Term Investments

      —          100      —        100
                            

Total Investments

    $ 23,667      $ 100    $ —      $ 23,971
                            

Other Financial Instruments*

    $ 10      $ —      $ —      $ 10
                            

 

(1) Classifications as defined in the Schedule of Investments.
* Other financial instruments include futures and forwards, if applicable.

 

EQUITY FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

  SCHEDULE OF INVESTMENTS
GROWTH EQUITY FUND   DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 99.2%

      

Aerospace/Defense - 3.7%

      

L-3 Communications Holdings, Inc.

    14,942    $ 1,299

Raytheon Co.

    24,957      1,286

Rolls-Royce Group PLC ADR

    34,206      1,334

United Technologies Corp.

    27,534      1,911
           
        5,830
           

Agriculture - 1.8%

      

Philip Morris International, Inc.

    57,974      2,794
           

Apparel - 2.4%

      

Coach, Inc.

    51,642      1,886

Polo Ralph Lauren Corp.

    24,312      1,969
           
        3,855
           

Banks - 9.4%

      

Bank of America Corp.

    152,078      2,290

Citigroup, Inc.

    320,943      1,062

Goldman Sachs Group (The), Inc.

    12,084      2,040

JPMorgan Chase & Co.

    73,278      3,053

Morgan Stanley

    54,020      1,599

State Street Corp.

    38,092      1,659

SunTrust Banks, Inc.

    66,374      1,347

Wells Fargo & Co.

    70,899      1,914
           
        14,964
           

Beverages - 1.5%

      

Dr Pepper Snapple Group, Inc.

    49,299      1,395

Pepsi Bottling Group, Inc.

    27,579      1,034
           
        2,429
           

Biotechnology - 0.8%

      

Amgen, Inc.*

    20,991      1,187
           

Chemicals - 1.7%

      

Dow Chemical (The) Co.

    29,740      822

Potash Corp. of Saskatchewan, Inc.(1)

    17,181      1,864
           
        2,686
           

Computers - 8.6%

      

Apple, Inc.*

    7,676      1,618

Brocade Communications Systems, Inc.*

    194,811      1,486

EMC Corp.*

    88,241      1,542

Hewlett-Packard Co.

    62,434      3,216

International Business Machines Corp.

    27,039      3,539

Micros Systems, Inc.*

    27,485      853

Seagate Technology

    73,260      1,333
           
        13,587
           

Cosmetics/Personal Care - 1.0%

      

Procter & Gamble (The) Co.

    25,918      1,571
           

Diversified Financial Services - 0.5%

      

Discover Financial Services

    50,206      739
           

Electric - 2.8%

      

Entergy Corp.

    15,345      1,256

FPL Group, Inc.

    26,227      1,385

NRG Energy, Inc.*

    73,067      1,725
           
        4,366
           

Food - 3.7%

      

Cadbury PLC ADR

    23,912      1,229

General Mills, Inc.

    26,277      1,861

Mead Johnson Nutrition Co., Class A

    24,190      1,057

Unilever PLC ADR

    54,110      1,726
           
        5,873
           

Healthcare - Products - 3.5%

      

Covidien PLC

    53,103      2,543

Johnson & Johnson

    46,420      2,990
           
        5,533
           

Healthcare - Services - 3.8%

      

CIGNA Corp.(1)

    47,502      1,675

Humana, Inc.(1) *

    25,590      1,123

Quest Diagnostics, Inc.

    20,313      1,227

Tenet Healthcare Corp.*

    384,017      2,070
           
        6,095
           

Home Builders - 1.4%

      

Pulte Homes, Inc.*

    222,665      2,227
           

Insurance - 3.7%

      

ACE Ltd.*

    24,408      1,230

Conseco, Inc.*

    318,734      1,594

Genworth Financial, Inc., Class A*

    125,118      1,420

Unum Group

    83,667      1,633
           
        5,877
           

Internet - 1.5%

      

AOL, Inc.*

    5,702      133

Google, Inc., Class A*

    3,731      2,313
           
        2,446
           

Machinery - Construction & Mining - 1.0%

      

Joy Global, Inc.(1)

    30,775      1,588
           

Machinery - Diversified - 0.7%

      

Cummins, Inc.

    24,259      1,113
           

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

GROWTH EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 99.2% continued

      

Media - 1.8%

      

Time Warner, Inc.

    62,548    $ 1,823

Walt Disney (The) Co.

    30,920      997
           
        2,820
           

Metal Fabrication/Hardware - 1.0%

      

Precision Castparts Corp.

    14,253      1,573
           

Mining - 1.6%

      

Sterlite Industries India Ltd. ADR

    62,755      1,143

Vale S.A. ADR

    45,494      1,321
           
        2,464
           

Miscellaneous Manufacturing - 2.5%

      

Dover Corp.

    31,546      1,313

General Electric Co.

    93,254      1,411

Parker Hannifin Corp.

    23,016      1,240
           
        3,964
           

Oil & Gas - 11.5%

      

Chevron Corp.

    49,586      3,818

ENSCO International PLC ADR

    33,674      1,345

Exxon Mobil Corp.

    64,987      4,431

Noble Corp.(1)

    46,365      1,887

Occidental Petroleum Corp.

    40,677      3,309

Petroleo Brasileiro S.A. ADR (1)

    36,763      1,753

Talisman Energy, Inc.

    90,728      1,691
           
        18,234
           

Pharmaceuticals - 5.8%

      

Cephalon, Inc.*

    24,222      1,512

Forest Laboratories, Inc.*

    53,808      1,728

Merck & Co., Inc.

    82,829      3,026

Pfizer, Inc.

    86,340      1,570

Teva Pharmaceutical Industries Ltd. ADR

    22,780      1,280
           
        9,116
           

Real Estate Investment Trusts - 0.8%

      

Annaly Capital Management, Inc.

    72,257      1,254
           

Retail - 7.1%

      

Best Buy Co., Inc.

    20,246      799

Gap (The), Inc.

    80,023      1,676

McDonald’s Corp.

    23,715      1,481

Nordstrom, Inc.

    35,430      1,331

TJX Cos., Inc.

    55,592      2,032

Wal-Mart Stores, Inc.

    73,448      3,926
           
        11,245
           

Semiconductors - 3.6%

      

ASML Holding N.V. ADR

    61,907      2,110

Intel Corp.

    108,867      2,221

Texas Instruments, Inc.

    54,688      1,425
           
        5,756
           

Software - 4.1%

      

Activision Blizzard, Inc.*

    107,465      1,194

Check Point Software Technologies*

    35,157      1,191

Microsoft Corp.

    136,398      4,159
           
        6,544
           

Telecommunications - 4.9%

      

AT&T, Inc.

    50,760      1,423

Cisco Systems, Inc.*

    75,696      1,812

QUALCOMM, Inc.

    26,906      1,245

Qwest Communications International, Inc.

    396,319      1,669

Verizon Communications, Inc.

    50,391      1,669
           
        7,818
           

Transportation - 1.0%

      

Kansas City Southern*

    48,057      1,600
           

Total Common Stocks

(Cost $136,594)

         157,148
           

CONVERTIBLE PREFERRED STOCKS - 0.5%

      

Banks - 0.5%

      

Bank of America Corp.*

    55,000      821
           

Total Convertible Preferred Stocks

(Cost $825)

         821
           

INVESTMENT COMPANIES - 0.2%

      

Northern Institutional Funds - Diversified Assets Portfolio (2) (3)

    353,385      353
           

Total Investment Companies

(Cost $353)

         353
           

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER OF
CONTRACTS		    VALUE
(000S)

CALL OPTIONS - 0.0%

      

Lehman Brothers Holdings, Inc.,

      

Exp. Date 1/16/10, Strike Price $20.00*

    375    $ —  

Lehman Brothers Holdings, Inc.,

      

Exp. Date 1/16/10, Strike Price $22.50*

    631      1
           

Total Call Options

(Premiums Paid $484)

         1
           

Total Investments - 99.9%

(Cost $138,256)

         158,323
           

Other Assets less Liabilities - 0.1%

         161
           

NET ASSETS - 100.0%

       $ 158,484

 

(1) A portion of the security is held to cover open written option contracts.
(2) The Fund had approximately $353,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
(3) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Growth Equity Fund had open written call options as follows:

 

TYPE

    NUMBER OF
CONTRACTS		     VALUE
(000S)

CIGNA Corp.,

     

Exp. Date 1/16/10, Strike Price $40.00

    (47 )    $ —  

Humana, Inc.,

     

Exp. Date 1/16/10, Strike Price $47.00

    (37 )      1

Joy Global, Inc.,

     

Exp. Date 1/16/10, Strike Price $65.00

    (56 )      —  

Noble Corp.,

     

Exp. Date 1/16/10, Strike Price $45.00

    (37 )      —  

Petro Brasileiro S.A.,

     

Exp. Date 1/16/10, Strike Price $60.00

    (28 )      —  

Potash Corp. of Saskatchewan, Inc.,

     

Exp. Date 1/16/10, Strike Price $140.00

    (19 )      —  
            

Total Written Option Contracts

(Premiums Received $—)

      $ 1
            

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 138,256   
        

Gross tax appreciation of investments

    $ 24,749   

Gross tax depreciation of investments

      (4,682 ) 
        

Net tax appreciation of investments

    $ 20,067   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 or other financial instruments, if any. Following is a summary of the inputs used in valuing the Growth Equity Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

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

Common Stocks

    $ 157,148 (1)    $ —      $ —      $ 157,148

Convertible Preferred Stocks

      821        —        —        821

Investment Companies

      353        —        —        353

Call Options

      1        —        —        1
                            

Total Investments

    $ 158,323      $ —      $ —      $ 158,323
                            

Other Financial Instruments*

    $ 1      $ —      $ —      $ 1
                            

 

(1) Classifications as defined in the Schedule of Investments.
* Other financial instruments include futures and forwards, if applicable.

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

GROWTH EQUITY FUND continued   DECEMBER 31, 2009 (UNAUDITED)

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     BALANCE
AS OF
3/31/09
(000S)		    NET
REALIZED
GAIN(LOSS)
(000S)		    NET
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)		     NET
PURCHASES
(SALES)
(000S)		    NET
TRANSFERS IN AND/OR
OUT OF LEVEL 3
(000S)		     BALANCE
AS OF 12/31/09
(000S)

Open Call Options

    $ 6    $ —      $ (2 )    $ —      $ (4 )    $ —  
                                           

 

EQUITY FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

  SCHEDULE OF INVESTMENTS
INCOME EQUITY FUND   DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 57.7%

      

Auto Parts & Equipment - 1.0%

      

Magna International, Inc., Class A

    60,000    $ 3,035
           

Beverages - 1.3%

      

Coca-Cola (The) Co.

    65,000      3,705
           

Chemicals - 1.9%

      

Dow Chemical (The) Co.

    200,000      5,526
           

Computers - 4.3%

      

Accenture PLC, Class A

    145,000      6,018

Computer Sciences Corp.*

    110,000      6,328
           
        12,346
           

Cosmetics/Personal Care - 0.9%

      

Procter & Gamble (The) Co.

    45,000      2,728
           

Electrical Components & Equipment - 0.8%

      

Emerson Electric Co.

    55,000      2,343
           

Food - 4.6%

      

B&G Foods, Inc., Class A

    280,000      2,570

Kellogg Co.

    55,000      2,926

Kraft Foods, Inc., Class A

    180,000      4,893

SUPERVALU, Inc.

    240,000      3,050
           
        13,439
           

Forest Products & Paper - 1.7%

      

Rayonier, Inc.

    120,000      5,059
           

Healthcare - Products - 1.9%

      

Johnson & Johnson

    85,000      5,475
           

Healthcare - Services - 1.1%

      

UnitedHealth Group, Inc.

    100,000      3,048
           

Insurance - 4.2%

      

Berkshire Hathaway, Inc., Class A*

    20      1,984

Chubb Corp.

    100,000      4,918

Travelers (The) Cos., Inc.

    105,000      5,235
           
        12,137
           

Media - 3.4%

      

Comcast Corp., Class A

    200,000      3,372

Walt Disney (The) Co.

    200,000      6,450
           
        9,822
           

Mining - 1.6%

      

Southern Copper Corp.

    140,000      4,607
           

Miscellaneous Manufacturing - 4.5%

      

3M Co.

    75,000      6,200

Eaton Corp.

    60,000      3,817

General Electric Co.

    205,000      3,102
           
        13,119
           

Office/Business Equipment - 0.9%

      

Xerox Corp.

    300,000      2,538
           

Oil & Gas - 8.0%

      

Cenovus Energy, Inc.

    100,000      2,520

ConocoPhillips

    65,000      3,320

Devon Energy Corp.

    50,000      3,675

EnCana Corp.

    100,000      3,239

Marathon Oil Corp.

    124,000      3,871

Occidental Petroleum Corp.

    60,000      4,881

Valero Energy Corp.

    95,000      1,591
           
        23,097
           

Pharmaceuticals - 7.7%

      

Abbott Laboratories

    60,000      3,239

AstraZeneca PLC ADR

    35,000      1,643

Bristol-Myers Squibb Co.

    75,000      1,894

GlaxoSmithKline PLC ADR

    127,000      5,366

Merck & Co., Inc.

    151,366      5,531

Pfizer, Inc.

    255,000      4,638
           
        22,311
           

Real Estate Investment Trusts - 1.4%

      

Healthcare Realty Trust, Inc.

    185,000      3,970
           

Retail - 1.5%

      

Home Depot (The), Inc.

    150,000      4,340
           

Savings & Loans - 2.3%

      

New York Community Bancorp, Inc.

    450,000      6,530
           

Telecommunications - 2.7%

      

Nokia OYJ ADR

    215,000      2,763

Verizon Communications, Inc.

    150,000      4,969
           
        7,732
           

Total Common Stocks

(Cost $168,990)

         166,907
           

CONVERTIBLE PREFERRED STOCKS - 7.5%

      

Chemicals - 1.4%

      

Celanese Corp., 4.25%

    100,000      4,082
           

Electric - 3.2%

      

FPL Group, Inc., 8.38%

    60,000      3,129

Great Plains Energy, Inc., 12.00%

    95,000      6,270
           
        9,399
           

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

INCOME EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

CONVERTIBLE PREFERRED STOCKS - 7.5% continued

      

Pharmaceuticals - 1.8%

      

Mylan, Inc., 6.50%

      4,500    $ 5,150
             

Savings & Loans - 1.1%

      

Sovereign Capital Trust IV, 4.38%

      100,000      3,200
             

Total Convertible Preferred Stocks

(Cost $19,928)

         21,831
             
     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

CONVERTIBLE BONDS - 29.7%

      

Aerospace/Defense - 1.3%

      

Alliant Techsystems, Inc.,

      

3.00%, 8/15/24

    $ 3,000    $ 3,765
             

Commercial Services - 0.8%

      

United Rentals, Inc.,

      

4.00%, 11/15/15

      2,100      2,321
             

Computers - 8.3%

      

CACI International, Inc.,

      

2.13%, 5/1/14

      6,000      6,412

Maxtor Corp.,

      

2.38%, 8/15/12

      4,500      5,349

Mentor Graphics Corp.,

      

6.25%, 3/1/26

      5,000      4,888

NetApp, Inc.,

      

1.75%, 6/1/13

      6,000      7,433
             
        24,082
             

Healthcare - Services - 2.6%

      

AMERIGROUP Corp.,

      

2.00%, 5/15/12

      3,000      2,869

LifePoint Hospitals, Inc.,

      

3.50%, 5/15/14

      5,000      4,681
             
        7,550
             

Home Builders - 0.7%

      

DR Horton, Inc.,

      

2.00%, 5/15/14

      1,750      1,953
             

Housewares - 0.3%

      

Newell Rubbermaid, Inc.,

      

5.50%, 3/15/14

      500      946
             

Insurance - 4.3%

      

American Equity Investment Life Holding Co.,

      

5.25%, 12/6/24

      8,000      7,980

Old Republic International Corp.,

      

8.00%, 5/15/12

      4,000      4,450
             
        12,430
             

Iron/Steel - 0.7%

      

ArcelorMittal,

      

5.00%, 5/15/14

      1,100      1,827
             

Mining - 2.2%

      

Newmont Mining Corp.,

      

1.63%, 7/15/17

      5,000      6,256
             

Miscellaneous Manufacturing - 0.2%

      

Ingersoll-Rand Co. Ltd.,

      

4.50%, 4/15/12

      250      515
             

Oil & Gas - 2.7%

      

Transocean, Inc.,

      

1.50%, 12/15/37

      5,000      4,831

1.63%, 12/15/37

      3,000      2,959
             
        7,790
             

Semiconductors - 2.0%

      

Intel Corp.,

      

2.95%, 12/15/35

      6,000      5,813
             

Telecommunications - 3.6%

      

Alaska Communications Systems Group, Inc.,

      

5.75%, 3/1/13

      5,500      5,026

NII Holdings, Inc.,

      

3.13%, 6/15/12

      6,000      5,437
             
        10,463
             

Total Convertible Bonds

(Cost $81,171)

         85,711
             

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER OF
SHARES		    VALUE
(000S)

INVESTMENT COMPANIES - 4.8%

      

Northern Institutional Funds - Diversified Assets Portfolio (1) (2)

    13,789,737    $ 13,790
           

Total Investment Companies

(Cost $13,790)

         13,790
           

Total Investments - 99.7%

(Cost $283,879)

         288,239
           

Other Assets less Liabilities - 0.3%

         782
           

NET ASSETS - 100.0%

       $ 289,021

 

(1) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(2) The Fund had approximately $13,790,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 283,879   
        

Gross tax appreciation of investments

    $ 26,129   

Gross tax depreciation of investments

      (21,769 ) 
        

Net tax appreciation of investments

    $ 4,360   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 or other financial instruments, if any. Following is a summary of the inputs used in valuing the Income Equity Fund’s investments, which are carried at fair value, as of December 31, 2009:

 

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

Common Stocks

    $ 166,907 (1)    $ —        $ —      $ 166,907

Convertible Preferred Stocks

      21,831 (1)      —          —        21,831

Convertible Bonds

      —          85,711 (1)      —        85,711

Investment Companies

      13,790        —          —        13,790
                             

Total Investments

    $ 202,528      $ 85,711      $ —      $ 288,239
                             

 

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

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

INCOME EQUITY FUND continued    DECEMBER 31, 2009 (UNAUDITED)

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     BALANCE
AS OF 3/31/09
(000S)		    NET
REALIZED
GAIN(LOSS)
(000S)		    NET
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)		    NET
PURCHASES
(SALES)
(000S)		     NET
TRANSFERS IN
AND/OR OUT
OF LEVEL 3
(000S)		     BALANCE
AS OF 12/31/09
(000S)

Convertible Bonds

                

Computers

    $ 4,980    $ —      $ 976    $ (5,956 )    $ —        $ —  

Telecommunications

      3,843      —        1,183      —          (5,026 )      —  
                                           

Total

    $ 8,823    $ —      $ 2,159    $ (5,956 )    $ (5,026 )    $ —  
                                           

 

EQUITY FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

 

INTERNATIONAL GROWTH EQUITY FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.3%

      

Australia - 2.8%

      

Myer Holdings Ltd.*

    682,701    $ 2,232

QBE Insurance Group Ltd.

    141,814      3,237

Telstra Corp. Ltd.

    1,000,055      3,065
           
        8,534
           

Belgium - 2.2%

      

Anheuser-Busch InBev N.V.

    131,248      6,781
           

Brazil - 2.3%

      

Petroleo Brasileiro S.A. ADR

    63,408      3,023

Vale S.A. ADR

    141,391      4,105
           
        7,128
           

Canada - 1.8%

      

Bombardier, Inc., Class B

    408,453      1,874

Rogers Communications, Inc., Class B

    51,882      1,622

Talisman Energy, Inc.

    105,525      1,987
           
        5,483
           

China - 2.4%

      

Bank of China Ltd., Class H

    6,957,000      3,725

China Yurun Food Group Ltd.

    1,254,000      3,709
           
        7,434
           

Finland - 1.2%

      

UPM-Kymmene OYJ

    302,698      3,600
           

France - 7.9%

      

Air Liquide S.A.

    23,917      2,823

BNP Paribas

    88,169      6,958

Societe Generale

    120,396      8,331

Total S.A.

    69,643      4,463

Veolia Environnement

    58,677      1,929
           
        24,504
           

Germany - 6.1%

      

Allianz S.E. (Registered)

    36,538      4,548

Deutsche Bank A.G. (Registered)

    46,293      3,263

E.ON A.G.

    89,779      3,748

GEA Group A.G.

    93,937      2,091

Linde A.G.

    24,219      2,915

Siemens A.G. (Registered)

    22,965      2,107
           
        18,672
           

Hong Kong - 2.3%

      

Esprit Holdings Ltd.

    412,800      2,717

Huabao International Holdings Ltd.

    4,052,000      4,369
           
        7,086
           

India - 0.5%

      

Sterlite Industries India Ltd. ADR

    89,350      1,628
           

Ireland - 0.8%

      

Covidien PLC

    52,015      2,491
           

Italy - 0.9%

      

Enel S.p.A.

    465,212      2,701
           

Japan - 18.8%

      

Canon, Inc.

    82,600      3,492

Chiyoda Corp.

    353,000      2,684

East Japan Railway Co.

    37,700      2,379

Fast Retailing Co. Ltd.

    21,000      3,919

Kansai Electric Power (The) Co., Inc.

    99,800      2,250

Kawasaki Heavy Industries Ltd.

    986,000      2,485

Kinden Corp.

    237,000      1,996

Kubota Corp.

    337,000      3,099

Mitsubishi UFJ Financial Group, Inc.

    1,007,448      4,933

Mitsui & Co. Ltd.

    281,500      3,985

Murata Manufacturing Co. Ltd.

    44,900      2,217

NGK Insulators Ltd.

    85,000      1,850

Nomura Holdings, Inc.

    405,600      2,989

Shin-Etsu Chemical Co. Ltd.

    51,600      2,908

Shiseido Co. Ltd.

    50,300      964

Sony Corp.

    133,800      3,878

Sumitomo Metal Mining Co. Ltd.

    165,000      2,432

Tokio Marine Holdings, Inc.

    101,000      2,742

Toyota Motor Corp.

    156,100      6,559
           
        57,761
           

Netherlands - 6.8%

      

ASML Holding N.V.

    126,640      4,307

Koninklijke KPN N.V.

    183,686      3,116

Qiagen N.V.*

    94,895      2,120

Royal Dutch Shell PLC, Class B (London Exchange)

    226,029      6,587

Unilever N.V. - CVA

    147,690      4,812
           
        20,942
           

Portugal - 0.9%

      

Jeronimo Martins SGPS S.A.

    275,198      2,737
           

Singapore - 2.7%

      

CapitaLand Ltd.

    1,401,600      4,151

DBS Group Holdings Ltd.

    388,000      4,219
           
        8,370
           

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL GROWTH EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.3% continued

      

South Korea - 1.3%

      

Hyundai Motor Co.

    38,700    $ 3,995
           

Spain - 2.7%

      

Iberdrola Renovables S.A.

    245,771      1,171

Iberdrola S.A.

    275,244      2,620

Telefonica S.A.

    160,021      4,460
           
        8,251
           

Switzerland - 7.7%

      

ABB Ltd-Reg*

    118,284      2,262

Credit Suisse Group A.G. (Registered)

    94,143      4,637

Novartis A.G. (Registered)

    120,858      6,585

Roche Holding A.G. (Genusschein)

    45,880      7,805

Syngenta A.G. (Registered)

    9,227      2,586
           
        23,875
           

Taiwan - 0.9%

      

MediaTek, Inc.

    156,000      2,709
           

United Kingdom - 23.2%

      

Autonomy Corp. PLC*

    134,383      3,277

BAE Systems PLC

    246,276      1,419

Barclays PLC

    671,122      2,957

BP PLC

    577,719      5,587

Compass Group PLC

    515,980      3,685

GlaxoSmithKline PLC

    300,600      6,368

HSBC Holdings PLC

    271,099      3,094

ITV PLC*

    2,361,166      1,993

National Grid PLC

    231,878      2,535

Pearson PLC

    243,614      3,502

Prudential PLC

    466,809      4,755

QinetiQ Group PLC

    575,662      1,505

Reckitt Benckiser Group PLC

    84,620      4,585

Rolls-Royce Group PLC*

    614,466      4,795

Royal Bank of Scotland Group PLC*

    2,643,459      1,240

Standard Chartered PLC

    239,257      5,992

Vodafone Group PLC

    2,916,931      6,755

Weir Group (The) PLC

    287,533      3,296

WPP PLC

    402,047      3,926
           
        71,266
           

United States - 2.1%

      

Activision Blizzard, Inc.*

    199,012      2,211

Mead Johnson Nutrition Co., Class A

    24,925      1,089

Schlumberger Ltd.

    47,139      3,068
           
        6,368
           

Total Common Stocks

(Cost $273,539) (1)

         302,316
           

INVESTMENT COMPANIES - 0.6%

      

Northern Institutional Funds - Diversified Assets Portfolio (2) (3)

    1,879,244      1,879
           

Total Investment Companies

(Cost $1,879)

         1,879
           

Total Investments - 98.9%

(Cost $275,418)

         304,195
           

Other Assets less Liabilities - 1.1%

         3,321
           

NET ASSETS - 100.0%

       $ 307,516

 

(1) In accordance with the Fund’s prospectus, adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.
(2) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(3) The Fund had approximately $1,879,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

At December 31, 2009, the industry sectors for the International Growth Equity Fund were:

 

INDUSTRY SECTOR

    % OF LONG TERM
INVESTMENTS		  

Consumer Discretionary

    12.0 % 

Consumer Staples

    8.2   

Energy

    8.2   

Financials

    23.7   

Health Care

    8.4   

Industrials

    12.5   

Information Technology

    6.0   

Materials

    9.1   

Telecommunication Services

    6.3   

Utilities

    5.6   
      

Total

    100.0 % 
      

At December 31, 2009, the International Growth Equity Fund’s investments were denominated in the following currencies:

 

CONCENTRATION BY CURRENCY

    % OF LONG-TERM
INVESTMENTS		  

Euro

    27.0 % 

British Pound

    25.8   

Japanese Yen

    19.1   

Swiss Franc

    7.9   

U.S. Dollar

    5.8   

All other currencies less than 5%

    14.4   
      

Total

    100.0 % 
      

At December 31, 2009, the International Growth Equity Fund had outstanding forward foreign currency exchange contracts as follows:

 

CONTRACTS TO DELIVER CURRENCY

    AMOUNT
(LOCAL
CURRENCY)
(000S)		    IN EXCHANGE
FOR CURRENCY		    AMOUNT
(LOCAL
CURRENCY)
(000S)		    SETTLEMENT
DATE		    UNREALIZED
LOSS (000S)		  

British Pound

    1,250    U.S. Dollar    1,995    1/4/10    $ (24 ) 
                            

Total

                $ (24 ) 
                            

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 275,418   
        

Gross tax appreciation of investments

    $ 50,894   

Gross tax depreciation of investments

      (22,117 ) 
        

Net tax appreciation of investments

    $ 28,777   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis.

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, 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. Following is a summary of the inputs used in valuing the International Growth Equity Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stocks

           

Consumer Discretionary

    $ —      $ 36,408      $ —      $ 36,408   

Consumer Staples

      1,089      23,588        —        24,677   

Energy

      8,078      16,637        —        24,715   

Financials

      —        71,769        —        71,769   

Health Care

      2,491      22,877        —        25,368   

Industrials

      1,875      35,954        —        37,829   

Information Technology

      2,211      16,002        —        18,213   

Materials

      5,732      21,634        —        27,366   

Telecommunication Services

      1,622      17,395        —        19,017   

Utilities

      —        16,954        —        16,954   

Investment Companies

      1,879      —          —        1,879   
                              

Total Investments

    $ 24,977    $ 279,218      $ —      $ 304,195   
                              

Other Financial Instruments*

    $ —      $ (24 )    $ —      $ (24 ) 
                              

 

* Other financial instruments include futures and forwards, if applicable.

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

LARGE CAP VALUE FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 94.6%

      

Advertising - 2.1%

      

Omnicom Group, Inc.

    120,785    $ 4,729
           

Aerospace/Defense - 4.0%

      

Boeing (The) Co.

    108,635      5,881

Lockheed Martin Corp.

    42,830      3,227
           
        9,108
           

Banks - 8.9%

      

Bank of New York Mellon (The) Corp.

    149,415      4,179

BB&T Corp.

    226,105      5,736

Goldman Sachs Group (The), Inc.

    24,123      4,073

Wells Fargo & Co.

    227,950      6,153
           
        20,141
           

Beverages - 2.9%

      

Coca-Cola (The) Co.

    45,090      2,570

PepsiCo, Inc.

    64,880      3,945
           
        6,515
           

Chemicals - 2.4%

      

Dow Chemical (The) Co.

    199,385      5,509
           

Computers - 1.0%

      

International Business Machines Corp.

    16,655      2,180
           

Cosmetics/Personal Care - 1.8%

      

Procter & Gamble (The) Co.

    67,940      4,119
           

Diversified Financial Services - 3.3%

      

American Express Co.

    185,620      7,521
           

Food - 0.9%

      

Kraft Foods, Inc., Class A

    75,925      2,064
           

Hand/Machine Tools - 1.2%

      

Black & Decker Corp.

    41,740      2,706
           

Healthcare - Products - 4.2%

      

Johnson & Johnson

    71,415      4,600

Medtronic, Inc.

    110,110      4,842
           
        9,442
           

Insurance - 6.8%

      

Allstate (The) Corp.

    203,870      6,124

Chubb Corp.

    47,900      2,356

Hartford Financial Services Group, Inc.

    56,505      1,314

MetLife, Inc.

    162,255      5,736
           
        15,530
           

Machinery - Diversified - 1.4%

      

Deere & Co.

    57,880      3,131
           

Media - 2.4%

      

McGraw-Hill Cos. (The), Inc.

    163,095      5,465
           

Mining - 3.2%

      

Alcoa, Inc.

    318,960      5,142

Vulcan Materials Co.

    39,945      2,104
           
        7,246
           

Miscellaneous Manufacturing - 4.9%

      

3M Co.

    45,010      3,721

General Electric Co.

    495,540      7,497
           
        11,218
           

Oil & Gas - 7.7%

      

Cenovus Energy, Inc.

    112,910      2,845

Chevron Corp.

    62,950      4,847

EnCana Corp.

    100,410      3,252

Exxon Mobil Corp.

    96,840      6,604
           
        17,548
           

Oil & Gas Services - 4.3%

      

Baker Hughes, Inc.

    120,790      4,889

Schlumberger Ltd.

    76,030      4,949
           
        9,838
           

Pharmaceuticals - 5.9%

      

Bristol-Myers Squibb Co.

    153,110      3,866

Pfizer, Inc.

    248,448      4,519

Sanofi-Aventis ADR

    127,810      5,019
           
        13,404
           

Retail - 5.6%

      

Gap (The), Inc.

    131,745      2,760

Home Depot (The), Inc.

    201,620      5,833

J.C. Penney Co., Inc.

    151,895      4,042
           
        12,635
           

Savings & Loans - 4.0%

      

Hudson City Bancorp, Inc.

    201,710      2,770

New York Community Bancorp, Inc.

    429,380      6,230
           
        9,000
           

Semiconductors - 5.4%

      

Analog Devices, Inc.

    155,375      4,907

Intel Corp.

    355,505      7,252
           
        12,159
           

Software - 3.4%

      

Microsoft Corp.

    253,540      7,730
           

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

LARGE CAP VALUE FUND continued    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)		  

COMMON STOCKS - 94.6% continued

      

Telecommunications - 5.0%

      

AT&T, Inc.

    99,090    $ 2,778   

Telefonaktiebolaget LM Ericsson ADR

    396,555      3,644   

Verizon Communications, Inc.

    145,640      4,825   
             
        11,247   
             

Tobacco - 1.9%

      

Philip Morris International, Inc.

    89,700      4,323   
             

Total Common Stocks

(Cost $196,885)

         214,508   
             

INVESTMENT COMPANIES - 5.5%

      

Northern Institutional Funds - Diversified Assets Portfolio (1) (2)

    12,553,388    $ 12,553   
             

Total Investment Companies

(Cost $12,553)

         12,553   
             

Total Investments - 100.1%

(Cost $209,438)

         227,061   
             

Liabilities less Other Assets - (0.1)%

         (221 ) 
             

NET ASSETS - 100.0%

       $ 226,840   

 

(1) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(2) The Fund had approximately $12,553,000 of net purchases in the Diversified Assets Portfolio of the Northern Trust Institutional Funds during the nine months ended December 31, 2009.

Percentages shown are based on Net Assets.

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 209,438   
        

Gross tax appreciation of investments

    $ 27,423   

Gross tax depreciation of investments

      (9,800 ) 
        

Net tax appreciation of investments

    $ 17,623   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 or other financial instruments, if any. Following is a summary of the inputs used in valuing the Large Cap Value Fund’s investments, which are carried at fair value, as of December 31, 2009:

 

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

Common Stocks

    $ 214,508 (1)    $ —      $ —      $ 214,508

Investment Companies

      12,553        —        —        12,553
                            

Total Investments

    $ 227,061      $ —      $ —      $ 227,061
                            

 

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

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

 

MID CAP GROWTH FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.9%

      

Aerospace/Defense - 2.8%

      

BE Aerospace, Inc.*

    46,632    $ 1,096

Goodrich Corp.

    31,226      2,006
           
        3,102
           

Banks - 3.1%

      

Capital One Financial Corp.

    18,912      725

City National Corp.

    32,383      1,477

Credicorp Ltd.

    17,181      1,323
           
        3,525
           

Beverages - 3.4%

      

Central European Distribution Corp.*

    26,396      750

Coca-Cola Femsa S.A.B de C.V. ADR

    20,786      1,366

Hansen Natural Corp.*

    45,555      1,749
           
        3,865
           

Biotechnology - 3.3%

      

Alexion Pharmaceuticals, Inc.*

    24,786      1,210

Charles River Laboratories International, Inc.*

    23,227      782

Life Technologies Corp.*

    31,910      1,667
           
        3,659
           

Chemicals - 1.0%

      

FMC Corp.

    20,938      1,168
           

Commercial Services - 2.7%

      

Monster Worldwide, Inc.*

    99,515      1,732

TNS, Inc.*

    48,624      1,249
           
        2,981
           

Computers - 6.8%

      

Brocade Communications Systems, Inc.*

    177,333      1,353

Micros Systems, Inc.*

    43,948      1,364

NetApp, Inc.*

    61,934      2,130

SRA International, Inc., Class A*

    61,634      1,177

Western Digital Corp.*

    37,768      1,667
           
        7,691
           

Distribution/Wholesale - 1.7%

      

LKQ Corp.*

    98,002      1,920
           

Diversified Financial Services - 5.7%

      

IntercontinentalExchange, Inc.*

    12,634      1,419

Invesco Ltd.

    75,073      1,764

Lazard Ltd., Class A

    35,985      1,366

Stifel Financial Corp.*

    30,892      1,830
           
        6,379
           

Electrical Components & Equipment - 0.9%

      

GrafTech International Ltd.*

    62,833      977
           

Electronics - 3.3%

      

Harman International Industries, Inc.

    22,244      785

Jabil Circuit, Inc.

    98,112      1,704

Waters Corp.*

    19,892      1,232
           
        3,721
           

Engineering & Construction - 1.0%

      

Fluor Corp.

    24,392      1,099
           

Entertainment - 1.2%

      

Bally Technologies, Inc.*

    32,669      1,349
           

Food - 2.1%

      

Cia Brasileira de Distribuicao Grupo Pao de Acucar, Class A ADR

    9,001      676

TreeHouse Foods, Inc.*

    43,410      1,687
           
        2,363
           

Healthcare - Products - 5.2%

      

Henry Schein, Inc.*

    21,163      1,113

Intuitive Surgical, Inc.*

    3,026      918

Inverness Medical Innovations, Inc.*

    39,658      1,646

NuVasive, Inc.*

    28,902      924

ResMed, Inc.*

    24,134      1,262
           
        5,863
           

Healthcare - Services - 2.4%

      

Mednax, Inc.*

    20,274      1,219

Quest Diagnostics, Inc.

    24,879      1,502
           
        2,721
           

Home Builders - 0.9%

      

KB Home

    75,439      1,032
           

Household Products/Wares - 0.7%

      

Tupperware Brands Corp.

    16,383      763
           

Internet - 4.1%

      

AsiaInfo Holdings, Inc.*

    31,502      960

F5 Networks, Inc.*

    19,750      1,046

McAfee, Inc.*

    32,872      1,334

Perfect World Co. Ltd. ADR*

    31,034      1,224
           
        4,564
           

Leisure Time - 1.2%

      

Royal Caribbean Cruises Ltd.*

    53,318      1,348
           

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

MID CAP GROWTH FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.9% continued

      

Lodging - 1.2%

      

Marriott International, Inc., Class A

    51,657    $ 1,408

Marriott International, Inc., Class A - Fractional Shares*

    34,801      —  
           
        1,408
           

Machinery - Construction & Mining - 1.4%

      

Joy Global, Inc.

    30,442      1,570
           

Machinery - Diversified - 3.3%

      

Flowserve Corp.

    14,404      1,362

Gardner Denver, Inc.

    29,092      1,238

Roper Industries, Inc.

    20,510      1,074
           
        3,674
           

Media - 1.6%

      

Discovery Communications, Inc., Class A*

    56,909      1,745
           

Mining - 1.0%

      

Teck Resources Ltd., Class B*

    33,731      1,180
           

Miscellaneous Manufacturing - 2.4%

      

Cooper Industries PLC

    32,986      1,406

Hexcel Corp.*

    97,994      1,272
           
        2,678
           

Oil & Gas - 2.8%

      

Concho Resources, Inc.*

    25,231      1,133

Newfield Exploration Co.*

    18,649      900

Noble Energy, Inc.

    15,142      1,078
           
        3,111
           

Oil & Gas Services - 3.0%

      

Cameron International Corp.*

    36,320      1,518

Oceaneering International, Inc.*

    20,981      1,228

Oil States International, Inc.*

    14,763      580
           
        3,326
           

Packaging & Containers - 1.3%

      

Rock-Tenn Co., Class A

    29,391      1,482
           

Pharmaceuticals - 2.2%

      

Express Scripts, Inc.*

    13,935      1,205

Mylan, Inc.*

    67,724      1,248
           
        2,453
           

Retail - 9.1%

      

Cheesecake Factory (The), Inc.*

    58,160      1,256

Dollar Tree, Inc.*

    22,475      1,085

Guess?, Inc.

    44,133      1,867

Nordstrom, Inc.

    49,919      1,876

Urban Outfitters, Inc.*

    33,756      1,181

Williams-Sonoma, Inc.

    58,045      1,206

World Fuel Services Corp.

    63,220      1,694
           
        10,165
           

Semiconductors - 5.7%

      

Marvell Technology Group Ltd.*

    99,129      2,057

ON Semiconductor Corp.*

    189,794      1,672

Silicon Laboratories, Inc.*

    20,687      1,000

Teradyne, Inc.*

    154,276      1,655
           
        6,384
           

Software - 4.0%

      

Allscripts-Misys Healthcare Solutions, Inc.*

    33,953      687

Cerner Corp.*

    10,373      855

Longtop Financial Technologies Ltd., ADR*

    1      —  

Quality Systems, Inc.

    12,389      778

Red Hat, Inc.*

    40,818      1,261

Sybase, Inc.*

    21,539      935
           
        4,516
           

Telecommunications - 3.3%

      

CommScope, Inc.*

    52,320      1,388

Millicom International Cellular S.A.

    10,931      806

NII Holdings, Inc.*

    45,642      1,533
           
        3,727
           

Transportation - 2.1%

      

CSX Corp.

    25,903      1,256

J.B. Hunt Transport Services, Inc.

    35,236      1,137
           
        2,393
           

Total Common Stocks

(Cost $83,367)

         109,902
           

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)		  

INVESTMENT COMPANIES - 2.6%

      

Northern Institutional Funds - Diversified Assets Portfolio (1) (2)

    2,908,126    $ 2,908   
             

Total Investment Companies

(Cost $2,908)

         2,908   
             

Total Investments - 100.5%

(Cost $86,275)

         112,810   
             

Liabilities less Other Assets - (0.5)%

         (602 ) 
             

NET ASSETS - 100.0%

       $ 112,208   

 

(1) The Fund had approximately $2,908,000 of net purchases in the Diversified Asset portfolio of Northern Institutional Funds during the nine months ended December 31, 2009.
(2) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 86,275   
        

Gross tax appreciation of investments

    $ 27,633   

Gross tax depreciation of investments

      (1,098 ) 
        

Federal tax appreciation of investments

    $ 26,535   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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. Following is a summary of the inputs used in valuing the Mid Cap Growth Fund’s investments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stock

    $ 109,902 (1)    $ —      $ —      $ 109,902

Investment Companies

      2,908        —        —        2,908
                            

Total Investments

    $ 112,810      $ —      $ —      $ 112,810
                            

 

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

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

SELECT EQUITY FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.7%

      

Aerospace/Defense - 3.9%

      

Boeing (The) Co.

    19,000    $ 1,028

Rockwell Collins, Inc.

    20,500      1,135

United Technologies Corp.

    17,200      1,194
           
        3,357
           

Apparel - 1.9%

      

NIKE, Inc., Class B

    24,911      1,646
           

Auto Parts & Equipment - 0.9%

      

Johnson Controls, Inc.

    27,275      743
           

Banks - 2.1%

      

Goldman Sachs Group (The), Inc.

    5,250      886

JPMorgan Chase & Co.

    22,200      925
           
        1,811
           

Beverages - 2.1%

      

PepsiCo, Inc.

    30,000      1,824
           

Biotechnology - 3.1%

      

Amgen, Inc.*

    15,000      849

Celgene Corp.*

    12,020      669

Gilead Sciences, Inc.*

    25,535      1,105
           
        2,623
           

Chemicals - 4.9%

      

Air Products & Chemicals, Inc.

    12,300      997

Ecolab, Inc.

    19,500      869

Monsanto Co.

    13,100      1,071

Mosaic (The) Co.

    20,850      1,246
           
        4,183
           

Coal - 0.5%

      

Peabody Energy Corp.

    9,300      420
           

Commercial Services - 2.6%

      

Mastercard, Inc., Class A

    8,825      2,259
           

Computers - 12.9%

      

Accenture PLC, Class A

    21,670      899

Apple, Inc.*

    19,500      4,112

Cognizant Technology Solutions Corp., Class A*

    13,535      613

EMC Corp.*

    15,200      266

Hewlett-Packard Co.

    32,600      1,679

International Business Machines Corp.

    16,305      2,134

NetApp, Inc.*

    9,920      341

Research In Motion Ltd.*

    14,250      963
           
        11,007
           

Cosmetics/Personal Care - 2.9%

      

Avon Products, Inc.

    38,400      1,210

Procter & Gamble (The) Co.

    21,200      1,285
           
        2,495
           

Diversified Financial Services - 4.2%

      

BlackRock, Inc.

    6,450      1,498

Charles Schwab (The) Corp.

    60,270      1,134

CME Group, Inc.

    2,800      941
           
        3,573
           

Electric - 0.7%

      

FPL Group, Inc.

    11,900      629
           

Engineering & Construction - 1.8%

      

ABB Ltd. ADR*

    43,220      825

Jacobs Engineering Group, Inc.*

    18,500      696
           
        1,521
           

Food - 0.8%

      

Sysco Corp.

    23,280      650
           

Healthcare - Products - 7.8%

      

Alcon, Inc.

    7,850      1,290

Baxter International, Inc.

    13,300      781

Covidien PLC

    27,700      1,327

Intuitive Surgical, Inc.*

    3,380      1,025

Johnson & Johnson

    25,000      1,610

Medtronic, Inc.

    14,625      643
           
        6,676
           

Healthcare - Services - 0.9%

      

UnitedHealth Group, Inc.

    26,115      796
           

Internet - 6.3%

      

Amazon.com, Inc.*

    11,330      1,524

Google, Inc., Class A*

    6,205      3,847
           
        5,371
           

Machinery - Diversified - 0.6%

      

Cummins, Inc.

    11,830      543
           

Media - 1.9%

      

Walt Disney (The) Co.

    49,700      1,603
           

Mining - 3.0%

      

BHP Billiton Ltd. ADR

    19,400      1,486

Freeport-McMoRan Copper & Gold, Inc.*

    13,110      1,052
           
        2,538
           

Miscellaneous Manufacturing - 1.5%

      

Danaher Corp.

    17,460      1,313
           

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SELECT EQUITY FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)		  

COMMON STOCKS - 98.7% continued

      

Oil & Gas - 4.1%

      

Apache Corp.

    13,590    $ 1,402   

Talisman Energy, Inc.

    50,285      937   

Transocean Ltd.*

    14,530      1,203   
             
        3,542   
             

Oil & Gas Services - 3.3%

      

National-Oilwell Varco, Inc.

    27,900      1,230   

Schlumberger Ltd.

    24,125      1,570   
             
        2,800   
             

Pharmaceuticals - 3.4%

      

Abbott Laboratories

    23,950      1,293   

Forest Laboratories, Inc.*

    8,000      257   

McKesson Corp.

    5,400      338   

Teva Pharmaceutical Industries Ltd. ADR

    18,195      1,022   
             
        2,910   
             

Retail - 5.9%

      

Costco Wholesale Corp.

    16,800      994   

CVS Caremark Corp.

    23,600      760   

Kohl’s Corp.*

    11,210      605   

McDonald’s Corp.

    22,410      1,399   

Wal-Mart Stores, Inc.

    23,705      1,267   
             
        5,025   
             

Software - 8.8%

      

Activision Blizzard, Inc.*

    47,120      524   

Adobe Systems, Inc.*

    34,670      1,275   

Cerner Corp.*

    14,880      1,227   

Microsoft Corp.

    78,230      2,385   

Oracle Corp.

    75,070      1,842   

Salesforce.com, Inc.*

    3,185      235   
             
        7,488   
             

Telecommunications - 5.3%

      

Cisco Systems, Inc.*

    110,690      2,650   

Juniper Networks, Inc.*

    16,200      432   

QUALCOMM, Inc.

    30,510      1,411   
             
        4,493   
             

Transportation - 0.6%

      

FedEx Corp.

    5,760      481   

Total Common Stocks

(Cost $70,648)

         84,320   
             

INVESTMENT COMPANIES - 1.4%

      

Northern Institutional Funds - Diversified Assets Portfolio (1) (2)

    1,176,958      1,177   
             

Total Investment Companies

(Cost $1,177)

         1,177   
             

Total Investments - 100.1%

(Cost $71,825)

         85,497   
             

Liabilities less Other Assets - (0.1)%

         (101 ) 
             

NET ASSETS - 100.0%

       $ 85,396   

 

(1) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(2) The fund had approximately $1,177,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 71,825   
        

Gross tax appreciation of investments

    $ 14,294   

Gross tax depreciation of investments

      (622 ) 
        

Net tax appreciation of investments

    $ 13,672   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Select Equity Fund’s investments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stock

    $ 84,320 (1)    $ —      $ —      $ 84,320

Investment Companies

      1,177        —        —        1,177
                            

Total Investments

    $ 85,497      $ —      $ —      $ 85,497
                            

 

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

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

SMALL CAP GROWTH FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.6%

      

Aerospace/Defense - 0.8%

      

BE Aerospace, Inc.*

    12,522    $ 294
           

Auto Parts & Equipment - 0.9%

      

Cooper Tire & Rubber Co.

    17,057      342
           

Banks - 0.8%

      

Wintrust Financial Corp.

    10,468      322
           

Beverages - 0.5%

      

Central European Distribution Corp.*

    6,650      189
           

Biotechnology - 4.6%

      

Affymax, Inc.*

    13,328      330

Charles River Laboratories International, Inc.*

    6,557      221

Enzon Pharmaceuticals, Inc.*

    47,152      496

Incyte Corp. Ltd.*

    41,070      374

Regeneron Pharmaceuticals, Inc.*

    14,580      353
           
        1,774
           

Commercial Services - 9.7%

      

Dollar Financial Corp.*

    16,067      380

Emergency Medical Services Corp.,

      

Class A*

    8,304      450

Gartner, Inc.*

    22,683      409

HMS Holdings Corp.*

    6,906      336

Lincoln Educational Services Corp.*

    17,712      384

Monro Muffler Brake, Inc.

    8,073      270

Monster Worldwide, Inc.*

    23,323      406

RSC Holdings, Inc.*

    48,867      344

Steiner Leisure Ltd.*

    8,685      345

TNS, Inc.*

    16,339      420
           
        3,744
           

Computers - 2.7%

      

Brocade Communications Systems, Inc.*

    45,685      349

Micros Systems, Inc.*

    9,152      284

SRA International, Inc., Class A*

    20,796      397
           
        1,030
           

Distribution/Wholesale - 3.0%

      

Beacon Roofing Supply, Inc.*

    19,713      315

LKQ Corp.*

    28,550      559

Owens & Minor, Inc.

    6,769      291
           
        1,165
           

Diversified Financial Services - 3.3%

      

Lazard Ltd., Class A

    8,414      320

Portfolio Recovery Associates, Inc.*

    10,314      463

Stifel Financial Corp.*

    8,125      481
           
        1,264
           

Electrical Components & Equipment - 4.6%

      

EnerSys*

    19,978      437

GrafTech International Ltd.*

    23,669      368

Harbin Electric, Inc.*

    16,518      340

Littelfuse, Inc.*

    19,541      628
           
        1,773
           

Electronics - 4.5%

      

American Science & Engineering, Inc.

    5,250      398

Jabil Circuit, Inc.

    26,746      465

OSI Systems, Inc.*

    18,044      492

Plexus Corp.*

    13,428      383
           
        1,738
           

Engineering & Construction - 1.0%

      

MYR Group, Inc.*

    21,361      386
           

Entertainment - 2.3%

      

Bally Technologies, Inc.*

    14,146      584

National CineMedia, Inc.

    17,925      297
           
        881
           

Food - 1.2%

      

TreeHouse Foods, Inc.*

    11,965      465
           

Healthcare - Products - 6.7%

      

Bruker Corp.*

    28,583      345

Cepheid, Inc.*

    19,551      244

Conceptus, Inc.*

    13,609      255

ICU Medical, Inc.*

    6,043      220

Masimo Corp.*

    10,412      317

NuVasive, Inc.*

    6,886      220

ResMed, Inc.*

    5,462      286

SonoSite, Inc.*

    10,462      247

Techne Corp.

    2,845      195

Zoll Medical Corp.*

    10,334      276
           
        2,605
           

Healthcare - Services - 4.4%

      

Alliance HealthCare Services, Inc.*

    30,573      175

Genoptix, Inc.*

    11,586      412

Mednax, Inc.*

    6,728      404

RehabCare Group, Inc.*

    23,639      719
           
        1,710
           

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP GROWTH FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.6% continued

      

Home Builders - 0.8%

      

KB Home

    22,091    $ 302
           

Home Furnishings - 0.6%

      

Harman International Industries, Inc.

    6,487      229
           

Internet - 7.1%

      

AsiaInfo Holdings, Inc.*

    10,777      328

F5 Networks, Inc.*

    6,565      348

GSI Commerce, Inc.*

    18,359      466

MercadoLibre, Inc.*

    6,713      348

Perfect World Co. Ltd. ADR*

    9,437      372

Perficient, Inc.*

    51,572      435

TIBCO Software, Inc.*

    48,465      467
           
        2,764
           

Machinery - Construction & Mining - 1.1%

      

Bucyrus International, Inc.

    7,222      407
           

Machinery - Diversified - 1.9%

      

Altra Holdings, Inc.*

    26,770      331

Gardner Denver, Inc.

    9,378      399
           
        730
           

Mining - 1.2%

      

Horsehead Holding Corp.*

    35,865      457
           

Miscellaneous Manufacturing - 2.8%

      

AZZ, Inc.*

    9,488      311

Colfax Corp.*

    23,174      279

Hexcel Corp.*

    38,149      495
           
        1,085
           

Oil & Gas - 1.5%

      

Berry Petroleum Co., Class A

    8,650      252

Encore Acquisition Co.*

    7,227      347
           
        599
           

Oil & Gas Services - 2.3%

      

Cameron International Corp.*

    9,397      393

CARBO Ceramics, Inc.

    4,773      325

Oil States International, Inc.*

    4,677      184
           
        902
           

Packaging & Containers - 1.2%

      

Rock-Tenn Co., Class A

    8,954      451
           

Pharmaceuticals - 4.6%

      

Allos Therapeutics, Inc.*

    49,980      328

Catalyst Health Solutions, Inc.*

    12,738      464

Medicis Pharmaceutical Corp., Class A

    10,565      286

Medivation, Inc.*

    9,659      364

Nektar Therapeutics*

    34,422      321
           
        1,763
           

Retail - 9.9%

      

Asbury Automotive Group, Inc.*

    24,003      277

Big 5 Sporting Goods Corp.

    24,648      423

Cheesecake Factory (The), Inc.*

    17,143      370

Collective Brands, Inc.*

    13,481      307

Cracker Barrel Old Country Store, Inc.

    10,309      391

Finish Line (The), Inc., Class A

    29,933      376

Guess?, Inc.

    11,564      489

hhgregg, Inc.*

    13,193      291

OfficeMax, Inc.*

    31,105      395

World Fuel Services Corp.

    19,068      511
           
        3,830
           

Semiconductors - 3.4%

      

Entegris, Inc.*

    124,820      659

Silicon Laboratories, Inc.*

    4,983      241

Teradyne, Inc.*

    40,139      431
           
        1,331
           

Software - 6.7%

      

Allscripts-Misys Healthcare Solutions, Inc.*

    10,028      203

athenahealth, Inc.*

    5,541      251

Blackboard, Inc.*

    8,703      395

Bottomline Technologies, Inc.*

    14,901      262

China TransInfo Technology Corp.*

    17,609      144

Informatica Corp.*

    16,224      419

Longtop Financial Technologies Ltd. ADR*

    2      —  

Quality Systems, Inc.

    4,306      270

Sybase, Inc.*

    6,437      279

Taleo Corp., Class A*

    16,186      381
           
        2,604
           

Telecommunications - 1.5%

      

Applied Signal Technology, Inc.

    13,215      255

CommScope, Inc.*

    12,783      339
           
        594
           

Total Common Stocks

(Cost $28,787)

         37,730
           

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

INVESTMENT COMPANIES - 2.2%

      

Northern Institutional Funds - Diversified Assets Portfolio (1) (2)

    854,935    $ 855
           

Total Investment Companies

(Cost $855)

         855
           

Total Investments - 99.8%

(Cost $29,642)

         38,585
           

Other Assets less Liabilities - 0.2%

         61
           

NET ASSETS - 100.0%

       $ 38,646

 

(1) The fund had approximately $855,000 of net purchases in the Diversified Asset Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
(2) Investment in affiliated Fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information: At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 29,642   
        

Gross tax appreciation of investments

    $ 9,412   

Gross tax depreciation of investments

      (469 ) 
        

Net tax appreciation of investments

    $ 8,943   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 or other financial instruments, if any. Following is a summary of the inputs used in valuing the Small Cap Growth Fund’s investments, which are carried at fair value, as of December 31, 2009:

 

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

Common Stock

    $ 37,730 (1)    $ —      $ —      $ 37,730

Investment Companies

      855        —        —        855
                            

Total Investments

    $ 38,585      $ —      $ —      $ 38,585
                            

 

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

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

SMALL CAP VALUE FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.3%

      

Advertising - 0.1%

      

Harte-Hanks, Inc.

    92,586    $ 998
           

Aerospace/Defense - 1.7%

      

AAR Corp.*

    126,665      2,911

Cubic Corp.

    41,600      1,552

Ducommun, Inc.

    75,636      1,415

Esterline Technologies Corp.*

    181,417      7,396

Moog, Inc., Class A*

    192,314      5,621

Triumph Group, Inc.

    100,231      4,836
           
        23,731
           

Agriculture - 0.4%

      

Andersons (The), Inc.

    31,374      810

Universal Corp.

    95,701      4,365
           
        5,175
           

Airlines - 0.5%

      

Skywest, Inc.

    430,896      7,291
           

Apparel - 1.3%

      

Columbia Sportswear Co.

    102,703      4,010

Iconix Brand Group, Inc.*

    87,470      1,106

Jones Apparel Group, Inc.

    72,709      1,168

K-Swiss, Inc., Class A*

    70,460      700

Oxford Industries, Inc.

    56,540      1,169

Skechers U.S.A., Inc., Class A*

    268,276      7,890

Timberland (The) Co., Class A*

    120,514      2,161
           
        18,204
           

Auto Parts & Equipment - 1.0%

      

ATC Technology Corp.*

    151,988      3,625

Cooper Tire & Rubber Co.

    62,300      1,249

Dorman Products, Inc.*

    61,761      967

Exide Technologies*

    375,373      2,669

Miller Industries, Inc.*

    43,680      496

Modine Manufacturing Co.*

    135,400      1,603

Superior Industries International, Inc.

    86,831      1,329

Titan International, Inc.

    238,139      1,931
           
        13,869
           

Banks - 8.8%

      

Bancfirst Corp.

    22,247      824

Bancorp Rhode Island, Inc.

    11,799      303

Bank Mutual Corp.

    160,413      1,110

Bank of the Ozarks, Inc.

    24,692      723

Capital City Bank Group, Inc.

    52,461      726

Chemical Financial Corp.

    198,020      4,669

City Holding Co.

    35,861      1,159

Community Bank System, Inc.

    250,418      4,836

Community Trust Bancorp, Inc.

    91,251      2,231

CVB Financial Corp.

    204,806      1,770

Enterprise Financial Services Corp.

    31,822      245

Farmers Capital Bank Corp.

    47,981      490

First Bancorp of North Carolina

    55,883      781

First Commonwealth Financial Corp.

    551,072      2,563

First Community Bancshares, Inc.

    114,219      1,376

First Financial Bancorp

    199,415      2,904

First Financial Corp.

    56,349      1,720

First Merchants Corp.

    190,615      1,132

First Midwest Bancorp, Inc.

    287,698      3,133

FirstMerit Corp.

    288,486      5,810

FNB Corp.

    558,824      3,794

Glacier Bancorp, Inc.

    56,601      777

Heartland Financial USA, Inc.

    52,072      747

Iberiabank Corp.

    73,590      3,960

Independent Bank Corp.

    51,760      1,081

International Bancshares Corp.

    286,017      5,414

Lakeland Bancorp, Inc.

    164,077      1,048

Lakeland Financial Corp.

    36,602      631

MainSource Financial Group, Inc.

    119,167      570

National Penn Bancshares, Inc.

    723,900      4,191

NBT Bancorp, Inc.

    90,766      1,849

Old National Bancorp

    371,923      4,623

Old Second Bancorp, Inc.

    48,175      332

Pinnacle Financial Partners, Inc.*

    167,501      2,382

Prosperity Bancshares, Inc.

    243,269      9,845

Renasant Corp.

    121,315      1,650

S&T Bancorp, Inc.

    110,158      1,874

Sandy Spring Bancorp, Inc.

    44,661      397

SCBT Financial Corp.

    73,475      2,035

Sierra Bancorp

    28,072      214

Simmons First National Corp., Class A

    148,862      4,138

StellarOne Corp.

    100,715      1,003

Sterling Bancshares, Inc.

    358,177      1,837

Sun Bancorp, Inc.*

    84,095      315

Susquehanna Bancshares, Inc.

    298,409      1,758

Texas Capital Bancshares, Inc.*

    104,146      1,454

Trico Bancshares

    61,532      1,025

Trustmark Corp.

    303,449      6,840

UMB Financial Corp.

    150,539      5,924

Union Bankshares Corp.

    85,518      1,060

United Bankshares, Inc.

    180,087      3,596

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.3% continued

      

Banks - 8.8% continued

      

Univest Corp. of Pennsylvania

    52,440    $ 919

Washington Banking Co.

    29,978      358

Washington Trust Bancorp, Inc.

    68,920      1,074

WesBanco, Inc.

    56,350      695

Wilshire Bancorp, Inc.

    167,437      1,371

Wintrust Financial Corp.

    26,524      817
           
        120,103
           

Biotechnology - 0.3%

      

American Oriental Bioengineering, Inc.*

    371,332      1,726

Cambrex Corp.*

    41,907      234

Enzo Biochem, Inc.*

    123,774      666

Martek Biosciences Corp.*

    96,507      1,828
           
        4,454
           

Building Materials - 1.7%

      

Apogee Enterprises, Inc.

    99,067      1,387

Comfort Systems USA, Inc.

    143,737      1,774

Drew Industries, Inc.*

    115,755      2,390

Gibraltar Industries, Inc.*

    201,132      3,164

Interline Brands, Inc.*

    159,676      2,758

LSI Industries, Inc.

    131,798      1,038

Quanex Building Products Corp.

    152,736      2,592

Simpson Manufacturing Co., Inc.

    140,662      3,782

Texas Industries, Inc.

    18,441      645

Universal Forest Products, Inc.

    98,581      3,629
           
        23,159
           

Chemicals - 4.0%

      

A. Schulman, Inc.

    229,848      4,638

Aceto Corp.

    227,104      1,170

Arch Chemicals, Inc.

    192,733      5,952

Cabot Corp.

    90,054      2,362

H.B. Fuller Co.

    182,232      4,146

Innophos Holdings, Inc.

    45,334      1,042

Innospec, Inc.

    55,573      561

Minerals Technologies, Inc.

    85,774      4,672

NewMarket Corp.

    13,649      1,567

Olin Corp.

    259,109      4,540

OM Group, Inc.*

    143,419      4,502

PolyOne Corp.*

    305,019      2,279

Quaker Chemical Corp.

    32,362      668

Rockwood Holdings, Inc.*

    164,537      3,876

Sensient Technologies Corp.

    290,269      7,634

ShengdaTech, Inc.*

    319,327      1,957

Symyx Technologies, Inc.*

    127,310      700

Westlake Chemical Corp.

    93,678      2,335
           
        54,601
           

Coal - 0.3%

      

Massey Energy Co.

    98,040      4,119
           

Commercial Services - 3.9%

      

ABM Industries, Inc.

    95,110      1,965

Albany Molecular Research, Inc.*

    176,699      1,605

AMN Healthcare Services, Inc.*

    64,816      587

Barrett Business Services, Inc.

    24,316      299

CDI Corp.

    106,814      1,383

CRA International, Inc.*

    28,792      767

Cross Country Healthcare, Inc.*

    165,532      1,640

Electro Rent Corp.

    131,510      1,518

Emergency Medical Services Corp., Class A*

    43,293      2,344

H&E Equipment Services, Inc.*

    97,910      1,027

Heidrick & Struggles International, Inc.

    96,620      3,018

Jackson Hewitt Tax Service, Inc.*

    147,172      648

Kelly Services, Inc., Class A*

    66,899      798

Kforce, Inc.*

    69,330      867

Korn/Ferry International*

    130,457      2,153

MAXIMUS, Inc.

    25,878      1,294

MoneyGram International, Inc.*

    248,400      715

MPS Group, Inc.*

    750,000      10,305

Multi-Color Corp.

    60,034      733

On Assignment, Inc.*

    217,141      1,553

PHH Corp.*

    197,400      3,180

Rent-A-Center, Inc.*

    350,578      6,212

Rewards Network, Inc.

    28,304      358

Stewart Enterprises, Inc., Class A

    583,872      3,007

Viad Corp.

    159,386      3,288

Watson Wyatt Worldwide, Inc., Class A*

    45,599      2,167
           
        53,431
           

Computers - 1.3%

      

Agilysys, Inc.

    281,786      2,564

CACI International, Inc., Class A*

    18,613      909

CIBER, Inc.*

    625,909      2,159

Cray, Inc.*

    239,969      1,541

Electronics for Imaging, Inc.*

    147,669      1,921

Imation Corp.*

    92,286      805

Insight Enterprises, Inc.*

    272,636      3,114

Mentor Graphics Corp.*

    142,728      1,260

MTS Systems Corp.

    38,807      1,115

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.3% continued

      

Computers - 1.3% continued

      

Ness Technologies, Inc.*

    163,277    $ 800

SRA International, Inc., Class A*

    94,131      1,798
           
        17,986
           

Cosmetics/Personal Care - 0.0%

      

Inter Parfums, Inc.

    65,012      791
           

Distribution/Wholesale - 1.3%

      

BMP Sunstone Corp.*

    100,261      570

Core-Mark Holding Co., Inc.*

    41,698      1,374

Owens & Minor, Inc.

    39,039      1,676

School Specialty, Inc.*

    162,112      3,792

Tech Data Corp.*

    64,179      2,995

United Stationers, Inc.*

    125,043      7,109
           
        17,516
           

Diversified Financial Services - 2.1%

      

Altisource Portfolio Solutions S.A.*

    66,025      1,386

E*TRADE Financial Corp.*

    1,428,600      2,500

Encore Capital Group, Inc.*

    64,869      1,129

Financial Federal Corp.

    154,190      4,240

GFI Group, Inc.

    99,332      454

Investment Technology Group, Inc.*

    118,838      2,341

Janus Capital Group, Inc.

    94,800      1,275

Knight Capital Group, Inc., Class A*

    302,918      4,665

Nelnet, Inc., Class A

    141,837      2,444

NewStar Financial, Inc.*

    184,621      724

Ocwen Financial Corp.*

    214,240      2,050

Penson Worldwide, Inc.*

    137,008      1,241

Stifel Financial Corp.*

    31,164      1,846

SWS Group, Inc.

    165,553      2,003
           
        28,298
           

Electric - 3.6%

      

Allete, Inc.

    164,084      5,362

Avista Corp.

    279,656      6,038

Central Vermont Public Service Corp.

    145,769      3,032

El Paso Electric Co.*

    292,473      5,931

Idacorp, Inc.

    271,144      8,663

NorthWestern Corp.

    108,475      2,822

Otter Tail Corp.

    122,688      3,043

Pike Electric Corp.*

    59,817      555

Portland General Electric Co.

    200,888      4,100

Unisource Energy Corp.

    191,014      6,149

Westar Energy, Inc.

    143,305      3,113
           
        48,808
           

Electrical Components & Equipment - 1.0%

      

Belden, Inc.

    165,558      3,629

Encore Wire Corp.

    194,882      4,106

GrafTech International Ltd.*

    229,377      3,567

Littelfuse, Inc.*

    57,233      1,840

Ultralife Corp.*

    85,559      370
           
        13,512
           

Electronics - 3.9%

      

Analogic Corp.

    89,220      3,436

Bel Fuse, Inc., Class B

    62,895      1,352

Benchmark Electronics, Inc.*

    182,506      3,451

Brady Corp., Class A

    222,079      6,665

China Security & Surveillance Technology, Inc.*

    81,700      624

Coherent, Inc.*

    106,210      3,158

CTS Corp.

    408,471      3,929

Cymer, Inc.*

    165,155      6,339

FEI Co.*

    184,479      4,309

LaBarge, Inc.*

    38,760      467

Measurement Specialties, Inc.*

    116,271      1,168

OSI Systems, Inc.*

    69,699      1,901

Park Electrochemical Corp.

    58,028      1,604

Plexus Corp.*

    73,258      2,088

Rofin-Sinar Technologies, Inc.*

    102,585      2,422

Rogers Corp.*

    108,382      3,285

Spectrum Control, Inc.*

    39,538      374

Varian, Inc.*

    42,893      2,211

Watts Water Technologies, Inc., Class A

    127,672      3,948
           
        52,731
           

Engineering & Construction - 0.8%

      

Dycom Industries, Inc.*

    135,778      1,090

EMCOR Group, Inc.*

    197,263      5,307

Granite Construction, Inc.

    71,183      2,396

Layne Christensen Co.*

    97,248      2,792
           
        11,585
           

Entertainment - 0.8%

      

Churchill Downs, Inc.

    124,680      4,657

Great Wolf Resorts, Inc.*

    145,995      346

Speedway Motorsports, Inc.

    332,744      5,863

Vail Resorts, Inc.*

    20,574      777
           
        11,643
           

Food - 1.5%

      

Fresh Del Monte Produce, Inc.*

    124,670      2,755

Hain Celestial Group (The), Inc.*

    301,578      5,130

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.3% continued

      

Food - 1.5% continued

      

Imperial Sugar Co.

    97,700    $ 1,704

Nash Finch Co.

    61,970      2,298

Ruddick Corp.

    281,545      7,244

Winn-Dixie Stores, Inc.*

    77,141      775
           
        19,906
           

Forest Products & Paper - 0.6%

      

Domtar Corp.*

    71,828      3,980

Glatfelter

    285,422      3,468

Potlatch Corp.

    19,287      615
           
        8,063
           

Gas - 1.3%

      

Laclede Group (The), Inc.

    51,959      1,755

Nicor, Inc.

    55,795      2,349

Piedmont Natural Gas Co., Inc.

    84,000      2,247

Southwest Gas Corp.

    282,701      8,065

WGL Holdings, Inc.

    101,093      3,391
           
        17,807
           

Hand/Machine Tools - 0.7%

      

Regal-Beloit Corp.

    178,897      9,292
           

Healthcare - Products - 1.2%

      

Angiodynamics, Inc.*

    120,315      1,935

Cantel Medical Corp.*

    56,062      1,131

Conmed Corp.*

    286,886      6,541

Cooper (The) Cos., Inc.

    36,525      1,392

CryoLife, Inc.*

    181,808      1,167

Greatbatch, Inc.*

    121,451      2,336

Hansen Medical, Inc.*

    199,000      603

Invacare Corp.

    50,552      1,261
           
        16,366
           

Healthcare - Services - 2.8%

      

American Dental Partners, Inc.*

    62,488      806

Amsurg Corp.*

    127,775      2,814

Capital Senior Living Corp.*

    56,314      283

Centene Corp.*

    89,691      1,899

Continucare Corp.*

    295,824      1,293

Gentiva Health Services, Inc.*

    74,377      2,009

Healthsouth Corp.*

    84,224      1,581

Healthspring, Inc.*

    192,598      3,392

Kindred Healthcare, Inc.*

    339,866      6,274

LifePoint Hospitals, Inc.*

    102,163      3,321

Medcath Corp.*

    100,270      793

Molina Healthcare, Inc.*

    105,292      2,408

Odyssey HealthCare, Inc.*

    111,905      1,743

Psychiatric Solutions, Inc.*

    85,691      1,811

RadNet, Inc.*

    229,361      468

RehabCare Group, Inc.*

    45,448      1,383

Res-Care, Inc.*

    179,914      2,015

Triple-S Management Corp., Class B*

    139,461      2,454

WellCare Health Plans, Inc.*

    23,511      864
           
        37,611
           

Holding Companies - Diversified - 0.1%

      

Compass Diversified Holdings

    161,367      2,059
           

Home Builders - 0.0%

      

Cavco Industries, Inc.*

    12,387      445
           

Home Furnishings - 0.5%

      

American Woodmark Corp.

    40,200      791

Audiovox Corp., Class A*

    56,182      398

Ethan Allen Interiors, Inc.

    114,955      1,543

Hooker Furniture Corp.

    29,061      359

Tempur-Pedic International, Inc.*

    142,603      3,370
           
        6,461
           

Household Products/Wares - 1.2%

      

American Greetings Corp., Class A

    218,972      4,771

Blyth, Inc.

    52,118      1,758

CSS Industries, Inc.

    51,545      1,002

Ennis, Inc.

    259,099      4,350

Helen of Troy Ltd.*

    90,881      2,223

Prestige Brands Holdings, Inc.*

    295,502      2,323
           
        16,427
           

Insurance - 6.3%

      

American Equity Investment Life Holding Co.

    132,693      987

American Physicians Service Group, Inc.

    13,037      301

AMERISAFE, Inc.*

    66,865      1,202

Argo Group International Holdings Ltd.*

    85,841      2,501

Assured Guaranty Ltd.

    173,200      3,769

CNA Surety Corp.*

    352,965      5,256

Delphi Financial Group, Inc., Class A

    258,700      5,787

Donegal Group, Inc., Class A

    143,730      2,234

EMC Insurance Group, Inc.

    55,697      1,198

FBL Financial Group, Inc., Class A

    169,951      3,147

First Mercury Financial Corp.

    35,413      486

FPIC Insurance Group, Inc.*

    64,539      2,493

Hallmark Financial Services, Inc.*

    65,007      517

Harleysville Group, Inc.

    162,237      5,158

 

EQUITY FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.3% continued

      

Insurance - 6.3% continued

      

Horace Mann Educators Corp.

    426,741    $ 5,334

Meadowbrook Insurance Group, Inc.

    318,574      2,357

Montpelier Re Holdings Ltd.

    60,264      1,044

Navigators Group, Inc.*

    114,733      5,405

Phoenix (The) Cos., Inc.*

    278,872      775

Platinum Underwriters Holdings Ltd.

    89,900      3,442

PMA Capital Corp., Class A*

    121,140      763

ProAssurance Corp.*

    150,000      8,057

RLI Corp.

    48,000      2,556

Safety Insurance Group, Inc.

    63,045      2,284

SeaBright Insurance Holdings, Inc.*

    169,373      1,946

Selective Insurance Group, Inc.

    374,509      6,161

State Auto Financial Corp.

    41,386      766

United America Indemnity Ltd., Class A*

    18,078      143

United Fire & Casualty Co.

    63,878      1,164

Universal American Corp.*

    120,768      1,413

Validus Holdings Ltd.

    53,639      1,445

Zenith National Insurance Corp.

    175,712      5,229
           
        85,320
           

Internet - 1.0%

      

Digital River, Inc.*

    22,400      605

Earthlink, Inc.

    90,700      754

Infospace, Inc.*

    96,393      826

Internet Brands, Inc., Class A*

    66,069      517

PC-Tel, Inc.*

    98,758      585

RealNetworks, Inc.*

    225,674      837

SonicWALL, Inc.*

    190,024      1,446

TIBCO Software, Inc.*

    689,657      6,641

United Online, Inc.

    122,053      878
           
        13,089
           

Investment Companies - 0.7%

      

Apollo Investment Corp.

    233,190      2,222

Hercules Technology Growth Capital, Inc.

    154,282      1,603

Medallion Financial Corp.

    61,327      501

MVC Capital, Inc.

    151,179      1,784

Prospect Capital Corp.

    244,277      2,885
           
        8,995
           

Iron/Steel - 0.4%

      

Carpenter Technology Corp.

    75,520      2,035

China Precision Steel, Inc.*

    177,388      364

General Steel Holdings, Inc.*

    158,221      698

Universal Stainless & Alloy*

    102,781      1,938
           
        5,035
           

Leisure Time - 0.6%

      

Callaway Golf Co.

    575,183      4,337

Life Time Fitness, Inc.*

    151,461      3,776
           
        8,113
           

Lodging - 0.4%

      

Gaylord Entertainment Co.*

    109,297      2,158

Marcus Corp.

    270,179      3,464
           
        5,622
           

Machinery - Diversified - 1.5%

      

Albany International Corp., Class A

    114,454      2,571

Altra Holdings, Inc.*

    122,360      1,511

Briggs & Stratton Corp.

    248,273      4,645

Cascade Corp.

    76,249      2,096

Chart Industries, Inc.*

    57,593      953

Cognex Corp.

    90,819      1,609

Columbus McKinnon Corp.*

    160,223      2,189

Gerber Scientific, Inc.*

    261,734      1,322

Hurco Cos., Inc.*

    15,071      223

Intevac, Inc.*

    131,910      1,513

NACCO Industries, Inc., Class A

    28,773      1,433
           
        20,065
           

Media - 0.5%

      

Crown Media Holdings, Inc., Class A*

    186,240      270

Journal Communications, Inc., Class A

    570,747      2,220

Scholastic Corp.

    169,081      5,044
           
        7,534
           

Metal Fabrication/Hardware - 1.0%

      

A.M. Castle & Co.

    87,851      1,203

Circor International, Inc.

    95,419      2,403

Haynes International, Inc.

    36,015      1,187

Mueller Industries, Inc.

    117,896      2,929

Northwest Pipe Co.*

    35,266      947

Olympic Steel, Inc.

    46,698      1,521

Worthington Industries, Inc.

    245,830      3,213
           
        13,403
           

Mining - 1.0%

      

Brush Engineered Materials, Inc.*

    144,648      2,682

Coeur d’Alene Mines Corp.*

    196,144      3,542

Compass Minerals International, Inc.

    71,300      4,791

General Moly, Inc.*

    175,290      365

Hecla Mining Co.*

    293,729      1,815
           
        13,195
           

 

NORTHERN FUNDS QUARTERLY REPORT    5    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.3% continued

      

Miscellaneous Manufacturing - 1.9%

      

American Railcar Industries, Inc.

    165,150    $ 1,820

Ameron International Corp.

    77,384      4,911

Barnes Group, Inc.

    166,963      2,821

Ceradyne, Inc.*

    219,634      4,219

EnPro Industries, Inc.*

    155,763      4,114

Federal Signal Corp.

    232,696      1,401

Griffon Corp.*

    144,340      1,764

Myers Industries, Inc.

    252,509      2,298

Reddy Ice Holdings, Inc.*

    41,900      180

Standex International Corp.

    72,353      1,453

Tredegar Corp.

    70,036      1,108
           
        26,089
           

Oil & Gas - 3.3%

      

Alon USA Energy, Inc.

    160,607      1,099

Approach Resources, Inc.*

    63,923      493

Berry Petroleum Co., Class A

    138,952      4,050

Bill Barrett Corp.*

    130,040      4,045

Clayton Williams Energy, Inc.*

    69,662      2,441

Delek US Holdings, Inc.

    282,156      1,921

Georesources, Inc.*

    54,321      742

GMX Resources, Inc.*

    69,475      955

Gran Tierra Energy, Inc.*

    503,586      2,886

Parker Drilling Co.*

    505,800      2,504

Penn Virginia Corp.

    135,502      2,885

Petroleum Development Corp.*

    113,879      2,074

Precision Drilling Trust

    14,353      104

Rosetta Resources, Inc.*

    206,019      4,106

St. Mary Land & Exploration Co.

    134,743      4,614

Stone Energy Corp.*

    176,300      3,182

Swift Energy Co.*

    274,838      6,585

Vaalco Energy, Inc.

    206,089      938
           
        45,624
           

Oil & Gas Services - 2.0%

      

Cal Dive International, Inc.*

    227,702      1,722

Complete Production Services, Inc.*

    77,000      1,001

Geokinetics, Inc.*

    45,673      439

Hornbeck Offshore Services, Inc.*

    166,962      3,887

Key Energy Services, Inc.*

    171,448      1,507

Natural Gas Services Group, Inc.*

    48,875      921

Newpark Resources, Inc.*

    713,557      3,018

Oil States International, Inc.*

    88,503      3,477

SEACOR Holdings, Inc.*

    12,012      916

Superior Well Services, Inc.*

    77,601      1,107

T.G.C. Industries, Inc.*

    82,922      324

T-3 Energy Services, Inc.*

    170,204      4,340

Union Drilling, Inc.*

    227,762      1,424

Willbros Group, Inc.*

    161,871      2,731
           
        26,814
           

Packaging & Containers - 0.2%

      

Rock-Tenn Co., Class A

    51,781      2,610
           

Pharmaceuticals - 0.5%

      

Adolor Corp.*

    322,923      471

Caraco Pharmaceutical Laboratories Ltd.*

    337,509      2,039

Nutraceutical International Corp.*

    70,829      876

Viropharma, Inc.*

    406,801      3,413
           
        6,799
           

Pipelines - 0.3%

      

Crosstex Energy, Inc.

    194,779      1,179

Enbridge Energy Management LLC*

    53,075      2,819

Enbridge Energy Management LLC (Fractional Shares) (1)*

    616,242      —  

Kinder Morgan Management LLC (Fractional Shares) (1)*

    18,496      —  
           
        3,998
           

Real Estate - 0.2%

      

Avatar Holdings, Inc.*

    56,234      956

W.P. Carey & Co. LLC

    45,533      1,259
           
        2,215
           

Real Estate Investment Trusts - 8.7%

      

Acadia Realty Trust

    58,885      993

Agree Realty Corp.

    32,944      767

Alexandria Real Estate Equities, Inc.

    44,368      2,852

Anthracite Capital, Inc.*

    890,200      86

Anworth Mortgage Asset Corp.

    107,900      755

BioMed Realty Trust, Inc.

    559,576      8,830

Capstead Mortgage Corp.

    181,097      2,472

CBL & Associates Properties, Inc.

    231,150      2,235

Cedar Shopping Centers, Inc.

    415,964      2,829

Colonial Properties Trust

    74,593      875

Corporate Office Properties Trust

    35,703      1,308

DiamondRock Hospitality Co.

    203,628      1,725

Duke Realty Corp.

    190,712      2,321

Entertainment Properties Trust

    103,424      3,648

Equity One, Inc.

    234,256      3,788

Extra Space Storage, Inc.

    608,182      7,025

First Industrial Realty Trust, Inc.*

    153,900      805

 

EQUITY FUNDS    6    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.3% continued

      

Real Estate Investment Trusts - 8.7% continued

      

First Potomac Realty Trust

    229,845    $ 2,889

Franklin Street Properties Corp.

    190,244      2,779

Gramercy Capital Corp.*

    303,610      786

Hatteras Financial Corp.

    27,739      776

Healthcare Realty Trust, Inc.

    107,610      2,309

Highwoods Properties, Inc.

    118,795      3,962

Home Properties, Inc.

    56,910      2,715

Investors Real Estate Trust

    67,495      607

Kite Realty Group Trust

    288,879      1,176

LaSalle Hotel Properties

    190,659      4,048

LTC Properties, Inc.

    165,814      4,436

Medical Properties Trust, Inc.

    642,200      6,422

MFA Financial, Inc.

    159,198      1,170

National Health Investors, Inc.

    124,132      4,592

National Retail Properties, Inc.

    442,283      9,385

NorthStar Realty Finance Corp.

    679,101      2,329

Parkway Properties, Inc.

    106,622      2,220

Pennsylvania Real Estate Investment Trust

    111,253      941

Post Properties, Inc.

    78,680      1,542

Ramco-Gershenson Properties Trust

    155,621      1,485

Redwood Trust, Inc.

    195,300      2,824

SL Green Realty Corp.

    65,010      3,266

Sovran Self Storage, Inc.

    161,891      5,784

Strategic Hotels & Resorts, Inc.*

    342,942      638

Washington Real Estate Investment Trust

    139,306      3,838

Weingarten Realty Investors

    111,997      2,216
           
        118,449
           

Retail - 6.1%

      

Allion Healthcare, Inc.*

    115,810      760

Asbury Automotive Group, Inc.*

    114,851      1,324

Bob Evans Farms, Inc.

    107,166      3,102

Brown Shoe Co., Inc.

    69,050      682

Cabela’s, Inc.*

    167,387      2,387

Cash America International, Inc.

    182,994      6,397

Charming Shoppes, Inc.*

    247,710      1,603

Collective Brands, Inc.*

    233,808      5,324

Cracker Barrel Old Country Store, Inc.

    70,985      2,697

Dillard’s, Inc., Class A

    294,029      5,425

Dress Barn, Inc.*

    225,867      5,218

DSW, Inc., Class A*

    47,804      1,237

Einstein Noah Restaurant Group, Inc.*

    43,752      430

Fred’s, Inc., Class A

    233,455      2,381

Genesco, Inc.*

    85,031      2,335

Group 1 Automotive, Inc.*

    25,342      718

Haverty Furniture Cos., Inc.

    62,036      852

HOT Topic, Inc.*

    171,088      1,088

Jo-Ann Stores, Inc.*

    12,827      465

Kenneth Cole Productions, Inc., Class A*

    60,454      583

Landry’s Restaurants, Inc.*

    202,010      4,301

Luby’s, Inc.*

    187,439      690

Men’s Wearhouse (The), Inc.

    284,729      5,996

Pantry (The), Inc.*

    120,323      1,635

PC Connection, Inc.*

    153,769      1,038

Red Robin Gourmet Burgers, Inc.*

    84,569      1,514

Regis Corp.

    399,083      6,214

Retail Ventures, Inc.*

    440,214      3,914

Rex Stores Corp.*

    53,374      750

Rush Enterprises, Inc., Class A*

    211,563      2,515

Shoe Carnival, Inc.*

    35,007      717

Sonic Automotive, Inc., Class A*

    416,724      4,330

Sport Supply Group, Inc.

    35,825      451

Stage Stores, Inc.

    121,491      1,502

Systemax, Inc.

    100,731      1,582

Zale Corp.*

    113,400      308
           
        82,465
           

Savings & Loans - 2.1%

      

Abington Bancorp, Inc.

    126,048      868

BankFinancial Corp.

    59,331      587

Berkshire Hills Bancorp, Inc.

    77,797      1,609

Dime Community Bancshares

    225,757      2,646

First Financial Holdings, Inc.

    119,614      1,554

First Niagara Financial Group, Inc.

    59,425      827

Flushing Financial Corp.

    261,130      2,940

NewAlliance Bancshares, Inc.

    300,164      3,605

Northwest Bancshares, Inc.

    85,217      965

OceanFirst Financial Corp.

    43,990      497

Provident Financial Services, Inc.

    306,140      3,260

Provident New York Bancorp

    231,221      1,952

United Financial Bancorp, Inc.

    67,625      887

Washington Federal, Inc.

    257,310      4,976

WSFS Financial Corp.

    49,080      1,258
           
        28,431
           

Semiconductors - 1.7%

      

Actel Corp.*

    57,700      685

ATMI, Inc.*

    63,582      1,184

Brooks Automation, Inc.*

    490,606      4,209

Cabot Microelectronics Corp.*

    44,029      1,451

 

NORTHERN FUNDS QUARTERLY REPORT    7    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP VALUE FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.3% continued

      

Semiconductors - 1.7% continued

      

Cohu, Inc.

    87,149    $ 1,216

Emulex Corp.*

    186,376      2,032

GSI Technology, Inc.*

    95,942      430

Lattice Semiconductor Corp.*

    612,261      1,653

Microtune, Inc.*

    333,973      755

MKS Instruments, Inc.*

    183,972      3,203

Omnivision Technologies, Inc.*

    197,168      2,865

Pericom Semiconductor Corp.*

    104,201      1,201

Sigma Designs, Inc.*

    111,661      1,195

Silicon Image, Inc.*

    209,652      541
           
        22,620
           

Software - 1.9%

      

China Information Security Technology, Inc.*

    133,175      820

Digi International, Inc.*

    213,603      1,948

DivX, Inc.*

    117,914      665

infoGROUP, Inc.*

    160,369      1,286

JDA Software Group, Inc.*

    254,165      6,474

Lawson Software, Inc.*

    633,942      4,216

Quest Software, Inc.*

    160,477      2,953

Schawk, Inc.

    141,692      1,927

Seachange International, Inc.*

    100,298      659

SYNNEX Corp.*

    120,920      3,707

Take-Two Interactive Software, Inc.*

    95,500      960
           
        25,615
           

Storage/Warehousing - 0.2%

      

Mobile Mini, Inc.*

    189,996      2,677
           

Telecommunications - 1.8%

      

Adaptec, Inc.*

    228,331      765

Black Box Corp.

    81,227      2,302

CPI International, Inc.*

    34,210      453

EMS Technologies, Inc.*

    85,089      1,234

Extreme Networks, Inc.*

    254,044      729

Fairpoint Communications, Inc.*

    343,375      11

General Communication, Inc., Class A*

    47,175      301

Globecomm Systems, Inc.*

    109,044      853

Harris Stratex Networks, Inc.*

    118,060      816

Iowa Telecommunications Services, Inc.

    62,054      1,040

Netgear, Inc.*

    60,127      1,304

Oplink Communications, Inc.*

    73,489      1,205

Plantronics, Inc.

    79,538      2,066

Premiere Global Services, Inc.*

    266,562      2,199

Shenandoah Telecommunications Co.

    30,875      628

Sycamore Networks, Inc.

    77,408      1,619

Syniverse Holdings, Inc.*

    204,140      3,568

Tekelec*

    188,498      2,880
           
        23,973
           

Textiles - 0.9%

      

G&K Services, Inc., Class A

    220,725      5,547

Unifirst Corp.

    155,292      7,471
           
        13,018
           

Toys, Games & Hobbies - 0.3%

      

Jakks Pacific, Inc.*

    259,436      3,144

RC2 Corp.*

    64,800      956
           
        4,100
           

Transportation - 2.8%

      

Arkansas Best Corp.

    208,069      6,124

Bristow Group, Inc.*

    139,121      5,349

Eagle Bulk Shipping, Inc.*

    361,012      1,787

Genco Shipping & Trading Ltd.*

    136,760      3,061

General Maritime Corp.

    136,930      957

Gulfmark Offshore, Inc.*

    163,801      4,637

Nordic American Tanker Shipping

    71,198      2,136

Overseas Shipholding Group, Inc.

    68,625      3,016

PHI, Inc.*

    49,485      1,024

Saia, Inc.*

    70,490      1,045

Ship Finance International Ltd.

    163,919      2,234

Werner Enterprises, Inc.

    331,285      6,556
           
        37,926
           

Trucking & Leasing - 0.3%

      

AMERCO, Inc.*

    59,532      2,960

Tal International Group, Inc.

    86,704      1,147

Willis Lease Finance Corp.*

    29,439      442
           
        4,549
           

Total Common Stocks

(Cost $1,332,077)

         1,324,785
           

PREFERRED STOCKS - 0.1%

      

Healthcare - Products - 0.1%

      

Inverness Medical Innovations, Inc.*

    3,037      807
           

Total Preferred Stocks

(Cost $724)

         807
           

 

EQUITY FUNDS    8    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER OF
SHARES		    VALUE
(000S)		  

OTHER - 0.0%

      

Escrow DLB Oil & Gas (1) *

      2,100    $ —     
               

Total Other

(Cost $ —   )

         —     
               
     NUMBER OF
WARRANTS		    VALUE
(000S)		  

WARRANTS - 0.0%

      

American Satellite Network (1) *

      255    $ —     
               

Total Warrants

(Cost $ —  )

         —     
               
     NUMBER OF
SHARES		    VALUE
(000S)		  

INVESTMENT COMPANIES - 2.4%

      

Northern Institutional Funds - Diversified Assets Portfolio (2) (3)

      32,692,429    $ 32,693   
               

Total Investment Companies

(Cost $32,693)

         32,693   
               
     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)		  

SHORT-TERM INVESTMENTS - 0.2%

      

U.S. Treasury Bill,

      

0.11%, 5/6/10(4)

    $ 3,355    $ 3,354   
               

Total Short-Term Investments

(Cost $3,354)

         3,354   
               

Total Investments - 100.0%

(Cost $1,368,848)

         1,361,639   
               

Liabilities less Other Assets - 0.0%

         (506 ) 
               

NET ASSETS - 100.0%

       $ 1,361,133   

 

(1) Security has been deemed worthless by the Northern Trust Global Investments Valuation Committee.
(2) The fund had approximately $32,693,000 of net sales in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009
(3) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(4) Security pledged as collateral to cover margin requirements for open futures contracts.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Small Cap Value Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

S&P 500 E-Mini

    98    $ 5,442    Long    3/10    $ 125

Russell 2000 Mini

    468      29,199    Long    3/10      1,322
                            

Total

                $ 1,447
                            

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 1,368,848   
        

Gross tax appreciation of investments

    $ 144,021   

Gross tax depreciation of investments

      (151,230 ) 
        

Net tax depreciation of investments

    $ (7,209 ) 
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 or other financial instruments, if any. Following is a summary of the inputs used in valuing the Small Cap Value Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stocks

    $ 1,324,785 (1)    $ —      $ —      $ 1,324,785

Preferred Stock

      807 (1)      —        —        807

Investment Companies

      32,693        —        —        32693

Short-Term Investments

      —          3,354      —        3,354
                            

Total Investments

    $ 1,358,285      $ 3,354    $ —      $ 1,361,639
                            

Other Financial Instruments*

    $ 1,447      $ —      $ —      $ 1,447
                            

 

(1) Classifications as defined in the Schedule of Investments.
* Other financial instruments include futures and forwards, if applicable.

 

NORTHERN FUNDS QUARTERLY REPORT    9    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

SMALL CAP VALUE FUND continued   DECEMBER 31, 2009 (UNAUDITED)

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     BALANCE
AS OF
3/31/09
(000S)		    NET
REALIZED
GAIN(LOSS)
(000S)		    NET
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)		     NET
PURCHASES
(SALES)
(000S)		    NET
TRANSFERS IN AND/OR
OUT OF LEVEL 3
(000S)		    BALANCE
AS OF 12/31/09
(000S)

Warrants

    $ 17    $ —      $ (17 )    $ —      $ —      $ —  
                                          

 

EQUITY FUNDS    10    NORTHERN FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

 

TECHNOLOGY FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.9%

      

Aerospace/Defense - 1.0%

      

Raytheon Co.

    15,804    $ 814
           

Biotechnology - 5.5%

      

Amgen, Inc.*

    14,249      806

Celgene Corp.*

    18,025      1,004

Gilead Sciences, Inc.*

    25,858      1,119

Life Technologies Corp.*

    16,285      850

Vertex Pharmaceuticals, Inc.*

    15,680      672
           
        4,451
           

Commercial Services - 1.4%

      

Western Union (The) Co.

    61,705      1,163
           

Computers - 27.5%

      

Accenture PLC, Class A

    32,160      1,335

Apple, Inc.*

    19,305      4,071

Brocade Communications Systems, Inc.*

    211,236      1,612

Cognizant Technology Solutions Corp., Class A*

    26,895      1,218

EMC Corp.*

    100,722      1,759

Hewlett-Packard Co.

    49,722      2,561

International Business Machines Corp.

    19,087      2,498

Micros Systems, Inc.*

    55,632      1,726

NetApp, Inc.*

    84,619      2,910

Research In Motion Ltd.*

    12,524      846

SanDisk Corp.*

    34,553      1,002

Seagate Technology

    51,716      941
           
        22,479
           

Electronics - 1.8%

      

Cogent, Inc.*

    65,827      684

Thermo Fisher Scientific, Inc.*

    16,702      797
           
        1,481
           

Healthcare - Products - 3.9%

      

Alcon, Inc.

    5,348      879

Intuitive Surgical, Inc.*

    2,296      697

Medtronic, Inc.

    20,035      881

Thoratec Corp.*

    27,273      734
           
        3,191
           

Internet - 12.5%

      

Amazon.com, Inc.*

    9,471      1,274

AsiaInfo Holdings, Inc.*

    25,555      779

F5 Networks, Inc.*

    20,217      1,071

Google, Inc., Class A*

    4,742      2,940

j2 Global Communications, Inc.*

    62,172      1,265

McAfee, Inc.*

    38,611      1,566

VeriSign, Inc.*

    53,293      1,292
           
        10,187
           

Retail - 0.6%

      

GameStop Corp., Class A*

    22,571      495
           

Semiconductors - 11.1%

      

Analog Devices, Inc.

    38,429      1,213

Applied Materials, Inc.

    66,616      929

Broadcom Corp., Class A*

    28,991      912

Intel Corp.

    79,398      1,620

KLA-Tencor Corp.

    20,667      747

Microchip Technology, Inc.

    22,989      668

National Semiconductor Corp.

    77,809      1,195

Texas Instruments, Inc.

    43,849      1,143

Xilinx, Inc.

    26,370      661
           
        9,088
           

Software - 22.3%

      

Activision Blizzard, Inc.*

    145,055      1,612

Adobe Systems, Inc.*

    58,058      2,135

BMC Software, Inc.*

    41,504      1,664

CA, Inc.

    24,893      559

Cerner Corp.*

    17,841      1,471

Check Point Software Technologies*

    50,730      1,719

CommVault Systems, Inc.*

    29,387      696

Double-Take Software, Inc.*

    46,350      463

Microsoft Corp.

    40,600      1,238

Open Text Corp.*

    18,152      738

Oracle Corp.

    82,694      2,029

Red Hat, Inc.*

    43,685      1,350

SAP A.G. ADR

    16,277      762

Seachange International, Inc.*

    77,710      511

Sybase, Inc.*

    29,211      1,268
           
        18,215
           

Telecommunications - 11.3%

      

Amdocs Ltd.*

    60,092      1,715

Cisco Systems, Inc.*

    69,169      1,656

Juniper Networks, Inc.*

    26,177      698

Nokia OYJ ADR

    74,722      960

Polycom, Inc.*

    66,690      1,665

QUALCOMM, Inc.

    35,558      1,645

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY FUNDS

SCHEDULE OF INVESTMENTS

 

TECHNOLOGY FUND continued    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.9% continued

      

Telecommunications - 11.3% continued

      

Telefonaktiebolaget LM Ericsson ADR

    93,804    $ 862
           
        9,201
           

Total Common Stocks

(Cost $65,687)

         80,765
           
     NUMBER
OF SHARES		    VALUE
(000S)

INVESTMENT COMPANIES - 0.0%

      

Northern Institutional Funds - Diversified Assets Portfolio (1) (2)

    34,087    $ 34
           

Total Investment Companies

(Cost $34)

         34
           

Total Investments - 98.9%

(Cost $65,721)

         80,799
           

Other Assets less Liabilities - 1.1%

         874
           

NET ASSETS - 100.0%

       $ 81,673

 

(1) The Fund had approximately $34,000 of net purchases in the Diversified Asset portfolio of Northern Institutional Funds during the nine months ended December 31,2009.
(2) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 65,721   
        

Gross tax appreciation of investments

    $ 17,128   

Gross tax depreciation of investments

      (2,050 ) 
        

Net tax appreciation of investments

    $ 15,078   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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. Following is a summary of the inputs used in valuing the Technology Fund’s investments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stocks

    $ 80,765 (1)    $ —      $ —      $ 80,765

Investment Companies

      34        —        —        34
                            

Total Investments

    $ 80,799      $ —      $ —      $ 80,799
                            

 

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

 

EQUITY FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

GLOBAL REAL ESTATE INDEX FUND

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.9%

      

Australia - 8.6%

      

BGP Holdings PLC - Fractional Shares*

    6,535,576    $ —  

Bunnings Warehouse Property Trust

    267,852      446

CFS Retail Property Trust

    1,224,007      2,073

Commonwealth Property Office Fund

    1,295,050      1,120

Dexus Property Group

    3,130,269      2,364

FKP Property Group

    572,184      403

Goodman Group

    3,950,649      2,223

GPT Group

    6,091,299      3,271

ING Industrial Fund*

    1,411,477      602

ING Office Fund

    1,792,537      1,019

Macquarie CountryWide Trust

    964,388      501

Macquarie Office Trust

    3,109,215      855

Mirvac Group

    1,842,153      2,563

Stockland

    1,564,695      5,499

Westfield Group

    1,515,076      16,897
           
        39,836
           

Austria - 0.3%

      

CA Immobilien Anlagen A.G*

    57,271      648

Conwert Immobilien Invest S.E.*

    56,029      686
           
        1,334
           

Belgium - 0.6%

      

Befimmo SCA Sicafi

    11,042      974

Cofinimmo

    8,191      1,158

Intervest Offices*

    4,390      138

Leasinvest Real Estate SCA

    1,028      87

Warehouses De Pauw SCA

    5,522      268

Wereldhave Belgium N.V.

    1,399      123
           
        2,748
           

Brazil - 2.1%

      

BR Malls Participacoes S.A.*

    99,241      1,224

Brookfield, Incorporacoes S.A.

    144,311      644

Camargo Correa Desenvolvimento Imobiliario S.A.

    31,358      98

Cyrela Brazil Realty S.A.

    207,771      2,909

Cyrela Commercial Properties S.A. Empreendimentos e Participacoes

    44,157      309

Gafisa S.A.

    87,176      1,408

Iguatemi Empresa de Shopping Centers S.A.

    25,505      493

Inpar S.A.*

    100,042      200

Klabin Segall S.A.*

    73,499      209

MRV Engenharia e Participacoes S.A.

    157,575      1,265

Multiplan Empreendimentos Imobiliarios S.A.

    32,946      605

Rodobens Negocios Imobiliarios S.A.

    16,343      167
           
        9,531
           

Canada - 3.5%

      

Allied Properties Real Estate Investment Trust

    25,552      472

Artis Real Estate Investment Trust

    24,501      267

Boardwalk Real Estate Investment Trust

    31,795      1,126

Brookfield Properties Corp.

    246,483      3,017

Calloway Real Estate Investment Trust

    54,305      1,013

Canadian Apartment Properties Real Estate Investment Trust

    44,529      599

Canadian Real Estate Investment Trust

    43,367      1,125

Chartwell Seniors Housing Real Estate Investment Trust

    75,110      505

Cominar Real Estate Investment Trust

    35,774      662

Dundee Real Estate Investment Trust

    14,280      283

Extendicare Real Estate Investment Trust

    46,391      422

First Capital Realty, Inc.

    25,079      519

H&R Real Estate Investment Trust

    96,826      1,430

InnVest Real Estate Investment Trust

    55,978      285

Killam Properties, Inc.

    25,164      212

Morguard Real Estate Investment Trust

    28,856      360

Northern Property Real Estate Investment Trust

    14,590      305

Primaris Retail Real Estate Investment Trust

    40,928      632

RioCan Real Estate Investment Trust

    157,577      2,991
           
        16,225
           

China - 1.6%

      

Agile Property Holdings Ltd.

    941,268      1,365

Beijing North Star Co. Ltd., Class H

    477,662      167

China Merchants Property Development Co. Ltd., Class B

    166,808      389

China Vanke Co. Ltd., Class B

    862,756      1,079

Country Garden Holdings Co.

    2,148,051      796

Guangzhou R&F Properties Co. Ltd., Class H

    634,628      1,108

KWG Property Holding Ltd.

    759,500      579

Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B

    164,275      166

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

    334,031      643

Shui On Land Ltd.

    988,743      581

Soho China Ltd.

    1,362,000      732
           
        7,605
           

 

EQUITY INDEX FUNDS    1    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.9% continued

      

Egypt - 0.1%

      

Six of October Development & Investment Co.*

    23,837    $ 346
           

Finland - 0.2%

      

Citycon OYJ

    106,935      450

Sponda OYJ*

    136,451      534

Technopolis OYJ

    37,894      169
           
        1,153
           

France - 4.8%

      

Affine S.A.

    2,557      59

Fonciere Des Regions

    22,935      2,346

Gecina S.A.

    12,260      1,327

ICADE

    12,926      1,229

Klepierre

    58,004      2,360

Mercialys

    29,717      1,046

Societe de la Tour Eiffel

    3,385      255

Societe Immobiliere de Location pour I’Industrie et le Commerce

    8,542      1,040

Unibail-Rodamco S.E.

    57,970      12,761
           
        22,423
           

Germany - 0.6%

      

Alstria Office REIT A.G.

    18,484      200

Colonia Real Estate A.G.*

    18,933      118

Deutsche Euroshop A.G.

    24,796      841

Deutsche Wohnen A.G. (Bearer)*

    53,707      515

DIC Asset A.G.

    15,496      181

GAGFAH S.A.

    59,050      540

Patrizia Immobilien A.G.*

    17,710      78

TAG Immobilien A.G.*

    21,259      137
           
        2,610
           

Greece - 0.1%

      

Babis Vovos International

      

Construction S.A.*

    16,810      104

Eurobank Properties Real Estate Investment Co.

    12,561      149

Lamda Development S.A.*

    8,746      95
           
        348
           

Hong Kong - 14.5%

      

Champion REIT

    1,583,365      670

China Overseas Land & Investment Ltd.

    2,679,679      5,611

China Resources Land Ltd.

    1,237,342      2,785

Great Eagle Holdings Ltd.

    204,062      528

Hang Lung Properties Ltd.

    1,359,061      5,310

Henderson Land Development Co. Ltd.

    704,751      5,251

Hongkong Land Holdings Ltd.

    1,106,618      5,446

Hopson Development Holdings Ltd.

    418,023      598

Hysan Development Co. Ltd.

    517,179      1,464

Kerry Properties Ltd.

    375,206      1,895

Kowloon Development Co. Ltd.

    377,235      436

Link REIT (The)

    1,431,720      3,644

New World China Land Ltd.

    1,118,895      422

New World Development Ltd.

    1,896,698      3,871

Shenzhen Investment Ltd.

    1,157,736      488

Shimao Property Holdings Ltd.

    929,201      1,743

Sino Land Co. Ltd.

    1,579,213      3,049

Sun Hung Kai Properties Ltd.

    1,261,964      18,726

Wharf Holdings Ltd.

    903,000      5,164
           
        67,101
           

India - 1.1%

      

Ansal Properties & Infrastructure Ltd.

    55,952      84

DLF Ltd.

    335,685      2,576

IVR Prime Urban Developers Ltd.*

    13,045      49

Parsvnath Developers Ltd.*

    37,119      98

Peninsula Land Ltd.

    74,147      122

Unitech Ltd.

    1,176,166      2,046
           
        4,975
           

Indonesia - 0.2%

      

Bakrieland Development Tbk PT*

    12,686,048      261

Ciputra Development Tbk PT*

    3,212,137      165

Lippo Karawaci Tbk PT*

    7,893,217      428
           
        854
           

Italy - 0.1%

      

Beni Stabili S.p.A.

    253,776      208

Immobiliare Grande Distribuzione

    82,132      183
           
        391
           

Japan - 9.1%

      

Aeon Mall Co. Ltd.

    59,397      1,149

Daibiru Corp.

    39,000      279

Heiwa Real Estate Co. Ltd.

    97,661      313

Japan Prime Realty Investment Corp.

    407      843

Japan Real Estate Investment Corp.

    269      1,974

Japan Retail Fund Investment Corp.

    254      1,137

Kenedix Realty Investment Corp.

    153      417

Mitsubishi Estate Co. Ltd.

    684,318      10,854

Mitsui Fudosan Co. Ltd.

    578,562      9,716

Mori Trust Sogo REIT, Inc.

    53      426

Nippon Building Fund, Inc.

    356      2,697

 

NORTHERN FUNDS QUARTERLY REPORT    2    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

GLOBAL REAL ESTATE INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.9% continued

      

Japan - 9.1% continued

      

Nomura Real Estate Office Fund, Inc.

    199    $ 1,079

NTT Urban Development Corp.

    864      573

Orix JREIT, Inc.

    164      815

Premier Investment Corp.

    86      280

Sumitomo Realty & Development Co. Ltd.

    312,425      5,860

TOC Co. Ltd.

    68,200      258

Tokyo Tatemono Co. Ltd.

    208,201      791

Tokyu Land Corp.

    261,556      960

Tokyu REIT, Inc.

    83      444

Top REIT, Inc.

    102      451

United Urban Investment Corp.

    131      689
           
        42,005
           

Malaysia - 0.4%

      

IGB Corp. Bhd.*

    732,809      423

KLCC Property Holdings Bhd.

    301,248      301

Land & General Bhd.*

    426,727      44

SP Setia Bhd.

    661,511      757

YNH Property Bhd.*

    267,712      120
           
        1,645
           

Mexico - 0.6%

      

Consorcio ARA S.A.B. de C.V.*

    638,276      444

Corporacion GEO S.A.B. de C.V., Series B*

    267,828      711

Desarrolladora Homex S.A.B. de C.V.*

    165,247      927

Sare Holding S.A.B. de C.V., Class B*

    260,405      96

Urbi Desarrollos Urbanos S.A.B. de C.V.*

    321,336      725
           
        2,903
           

Netherlands - 1.6%

      

Corio N.V.

    50,116      3,423

Eurocommercial Properties N.V.-CVA

    23,445      968

Nieuwe Steen Investments Funds N.V.*

    25,798      525

Vastned Offices/Industrial N.V.

    12,151      203

Vastned Retail N.V.

    12,175      799

Wereldhave N.V.

    13,959      1,334
           
        7,252
           

New Zealand - 0.1%

      

Kiwi Income Property Trust

    508,172      384
           

Norway - 0.1%

      

Norwegian Property ASA*

    297,444      689
           

Philippines - 0.4%

      

Ayala Land, Inc.

    3,393,051      825

Filinvest Land, Inc.

    6,395,989      123

Megaworld Corp.

    6,577,101      208

Robinsons Land Corp.

    728,575      203

SM Prime Holdings, Inc.

    2,626,003      553

Vista Land & Lifescapes, Inc.

    2,255,661      91
           
        2,003
           

Poland - 0.2%

      

Globe Trade Centre S.A.*

    72,260      642

LC Corp. S.A.*

    134,072      72
           
        714
           

Singapore - 4.5%

      

Allgreen Properties Ltd.

    516,562      448

Ascendas Real Estate Investment Trust

    1,226,753      1,921

CapitaCommercial Trust

    1,371,014      1,135

CapitaLand Ltd.

    2,080,915      6,163

CapitaMall Trust

    1,553,715      1,970

CapitaMalls Asia Ltd.*

    765,000      1,383

City Developments Ltd.

    447,000      3,646

Keppel Land Ltd.

    469,027      1,159

Mapletree Logistics Trust

    1,015,299      566

Singapore Land Ltd.

    107,756      502

Suntec Real Estate Investment Trust

    1,068,291      1,022

Wing Tai Holdings Ltd.

    390,380      505

Yanlord Land Group Ltd.

    379,000      580
           
        21,000
           

South Africa - 1.3%

      

Emira Property Fund

    240,148      374

Fountainhead Property Trust

    653,273      555

Growthpoint Properties Ltd.

    1,015,744      1,925

Hyprop Investments Ltd.

    81,675      507

Pangbourne Properties Ltd.

    288,239      666

Redefine Income Fund Ltd.

    1,742,232      1,683

SA Corporate Real Estate Fund

    1,379,209      488
           
        6,198
           

Sweden - 0.8%

      

Castellum AB

    107,672      1,087

Fabege AB

    111,199      702

Hufvudstaden AB, Class A

    53,137      402

Klovern AB

    83,958      267

Kungsleden AB

    89,626      614

Wihlborgs Fastigheter AB

    24,427      452
           
        3,524
           

 

EQUITY INDEX FUNDS    3    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.9% continued

      

Switzerland - 0.8%

      

Allreal Holding A.G. (Registered)

    3,721    $ 443

PSP Swiss Property A.G. (Registered)*

    30,767      1,741

Swiss Prime Site A.G. (Registered)*

    26,203      1,469

Zueblin Immobilien Holding A.G. (Registered)*

    26,428      103
           
        3,756
           

Taiwan - 0.0%

      

Hung Poo Real Estate Development Corp.

    96,539      154
           

Thailand - 0.5%

      

Amata Corp. PCL

    204,186      51

Amata Corp. PCL NVDR

    7,171      2

Asian Property Development PCL

    439,399      76

Asian Property Development PCL NVDR

    22,337      4

Central Pattana PCL

    401,563      245

Central Pattana PCL NVDR

    19,841      12

Land and Houses PCL

    4,845,400      911

Land and Houses PCL NVDR

    101,002      19

LPN Development PCL

    947,603      209

Preuksa Real Estate PCL NVDR

    432,500      231

Property Perfect PCL

    487,301      56

Property Perfect PCL NVDR

    10,327      1

Quality Houses PCL

    1,437,210      115

Quality Houses PCL NVDR

    179,765      14

SC Asset Corp. PCL

    91,400      31

SC Asset Corp. PCL NVDR

    689      —  

Supalai PCL

    1,145,755      208
           
        2,185
           

Turkey - 0.0%

      

Is Gayrimenkul Yatirim Ortakligi A.S.

    121,483      134
           

United Kingdom - 5.7%

      

A&J Mucklow Group PLC

    16,075      82

Big Yellow Group PLC*

    86,230      492

British Land Co. PLC

    566,931      4,346

CLS Holdings PLC*

    16,316      129

Daejan Holdings PLC

    3,274      149

Derwent London PLC

    65,972      1,393

Development Securities PLC

    55,105      304

F&C Commercial Property Trust Ltd.

    174,817      254

Grainger PLC

    204,061      418

Great Portland Estates PLC

    205,132      950

Hammerson PLC

    457,502      3,107

Helical Bar PLC

    69,245      380

Invista Foundation Property Trust Ltd.

    217,055      140

Land Securities Group PLC

    496,203      5,438

Liberty International PLC

    408,164      3,362

Minerva PLC*

    105,723      128

Primary Health Properties PLC

    41,539      194

Quintain Estates & Development PLC*

    339,620      326

Segro PLC

    481,937      2,660

Shaftesbury PLC

    147,763      937

St. Modwen Properties PLC*

    98,503      306

Unite Group PLC*

    104,412      505

Workspace Group PLC

    679,778      254
           
        26,254
           

United States - 33.4%

      

Acadia Realty Trust

    26,036      439

Agree Realty Corp.

    5,449      127

Alexander’s, Inc.*

    1,287      392

Alexandria Real Estate Equities, Inc.

    28,858      1,855

AMB Property Corp.

    95,975      2,452

American Campus Communities, Inc.

    34,205      961

Apartment Investment & Management Co., Class A

    76,667      1,221

Ashford Hospitality Trust, Inc.*

    45,070      209

Associated Estates Realty Corp.

    11,172      126

AvalonBay Communities, Inc.

    53,486      4,392

BioMed Realty Trust, Inc.

    63,823      1,007

Boston Properties, Inc.

    90,952      6,100

Brandywine Realty Trust

    84,403      962

BRE Properties, Inc.

    35,838      1,186

Camden Property Trust

    42,092      1,783

CBL & Associates Properties, Inc.

    90,492      875

Cedar Shopping Centers, Inc.

    33,772      230

Colonial Properties Trust

    43,482      510

Corporate Office Properties Trust

    38,055      1,394

Corrections Corp. of America*

    75,528      1,854

Cousins Properties, Inc.

    65,065      496

DCT Industrial Trust, Inc.

    135,451      680

Developers Diversified Realty Corp.

    129,046      1,195

DiamondRock Hospitality Co.

    77,658      658

Digital Realty Trust, Inc.

    49,764      2,502

Douglas Emmett, Inc.

    59,718      851

Duke Realty Corp.

    146,915      1,788

DuPont Fabros Technology, Inc.

    27,412      493

EastGroup Properties, Inc.

    17,020      652

Education Realty Trust, Inc.

    34,816      169

Entertainment Properties Trust

    27,593      973

 

NORTHERN FUNDS QUARTERLY REPORT    4    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

GLOBAL REAL ESTATE INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.9% continued

      

United States - 33.4% continued

      

Equity Lifestyle Properties, Inc.

    19,873    $ 1,003

Equity One, Inc.

    28,223      456

Equity Residential

    181,304      6,124

Essex Property Trust, Inc.

    19,128      1,600

Extra Space Storage, Inc.

    56,636      654

Federal Realty Investment Trust

    40,015      2,710

FelCor Lodging Trust, Inc.*

    42,582      153

First Industrial Realty Trust, Inc.*

    41,443      217

First Potomac Realty Trust

    19,945      251

Forest City Enterprises, Inc., Class A*

    87,812      1,034

Franklin Street Properties Corp.

    52,294      764

Getty Realty Corp.

    12,389      292

Government Properties Income Trust

    10,677      245

HCP, Inc.

    192,370      5,875

Health Care REIT, Inc.

    80,730      3,578

Healthcare Realty Trust, Inc.

    38,609      829

Hersha Hospitality Trust

    37,002      116

Highwoods Properties, Inc.

    46,448      1,549

Hilltop Holdings, Inc.*

    27,103      316

Home Properties, Inc.

    22,025      1,051

Hospitality Properties Trust

    81,024      1,921

Host Hotels & Resorts, Inc.*

    412,611      4,815

HRPT Properties Trust

    146,783      950

Inland Real Estate Corp.

    55,259      450

Investors Real Estate Trust

    48,030      432

Kilroy Realty Corp.

    28,277      867

Kimco Realty Corp.

    263,754      3,569

Kite Realty Group Trust

    41,130      167

LaSalle Hotel Properties

    41,607      883

Lexington Realty Trust

    79,137      481

Liberty Property Trust

    73,320      2,347

LTC Properties, Inc.

    15,202      407

Macerich (The) Co.

    64,439      2,317

Mack-Cali Realty Corp.

    51,355      1,775

Medical Properties Trust, Inc.

    52,578      526

Mid-America Apartment Communities, Inc.

    18,826      909

National Health Investors, Inc.

    18,203      673

National Healthcare Corp.

    6,898      249

National Retail Properties, Inc.

    54,211      1,150

Nationwide Health Properties, Inc.

    73,697      2,593

Omega Healthcare Investors, Inc.

    55,687      1,083

Orient-Express Hotels Ltd., Class A*

    50,390      511

Parkway Properties, Inc.

    14,143      295

Pebblebrook Hotel Trust*

    11,500      253

Pennsylvania Real Estate Investment Trust

    28,705      243

Post Properties, Inc.

    31,911      625

ProLogis

    310,571      4,252

PS Business Parks, Inc.

    11,857      593

Public Storage

    83,755      6,822

Ramco-Gershenson Properties Trust

    20,231      193

Realty Income Corp.

    68,420      1,773

Regency Centers Corp.

    57,977      2,033

Saul Centers, Inc.

    8,743      286

Senior Housing Properties Trust

    83,359      1,823

Simon Property Group, Inc.

    187,965      15,000

SL Green Realty Corp.

    50,399      2,532

Sovran Self Storage, Inc.

    18,060      645

Sun Communities, Inc.

    12,432      246

Sunstone Hotel Investors, Inc.*

    64,567      573

Tanger Factory Outlet Centers, Inc.

    26,420      1,030

Taubman Centers, Inc.

    26,025      935

TravelCenters of America LLC - Fractional Shares (1) *

    50,000      —  

UDR, Inc.

    100,260      1,648

Universal Health Realty Income Trust

    7,918      254

Urstadt Biddle Properties, Inc., Class A

    12,239      187

U-Store-It Trust

    60,939      446

Ventas, Inc.

    102,742      4,494

Vornado Realty Trust

    117,963      8,250

Washington Real Estate Investment Trust

    39,354      1,084

Weingarten Realty Investors

    78,524      1,554

Winthrop Realty Trust

    9,952      108
           
        154,601
           

Total Common Stocks

(Cost $471,499) (2)

         452,881
           

INVESTMENT COMPANIES - 0.2%

      

ING UK Real Estate Income Trust Ltd.

    220,178      191

IRP Property Investments Ltd.

    55,276      76

ISIS Property Ltd.

    38,219      63

ProLogis European Properties*

    36,681      226

Standard Life Investment Property Income Trust PLC

    80,785      84

UK Commercial Property Trust Ltd.

    189,455      240
           

Total Investment Companies

(Cost $1,219) (2)

         880
           

 

EQUITY INDEX FUNDS    5    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

RIGHTS - 0.0%

      

Egypt - 0.0%

      

Six of October Development & Investment Co.*

    5,155    $ 9
           

United States - 0.0%

      

ProLogis European Properties*

    37,133      —  
           

Total Rights

(Cost $ — ) (2)

         9
           
     NUMBER OF
WARRANTS		    VALUE
(000S)

WARRANTS - 0.0%

      

France - 0.0%

      

Fonciere Des Regions, Exp. 12/31/10, Strike 65 Euro*

    23,692    $ 20
           

Total Warrants

(Cost $ — )

         20
           

Total Investments - 98.1%

(Cost $472,718)

         453,790
           

Other Assets less Liabilities - 1.9%

         8,634
           

NET ASSETS - 100.0%

       $ 462,424

 

(1) Security has been deemed worthless by the Northern Trust Global Invest-

ments Valuation Committee.

(2) In accordance with the Fund’s prospectus, adjustment factors were provided by an independent evaluation service to determine the value of certain

foreign securities.

* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Global Real Estate Index Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

DJ Euro Stoxx 50 (Euro)

    34    $ 1,449    Long    3/10    $ 40

Hang Seng Index (Hong Kong Dollar)

    14      1,980    Long    1/10      32

SPI 200 (Australian Dollar)

    11      1,205    Long    3/10      56

S&P MidCap 400 E-Mini (U.S. Dollar)

    47      3,407    Long    3/10      161

TOPIX Index (Japanese Yen)

    5      486    Long    3/10      7
                            

Total

                $ 296
                            

At December 31, 2009, the industry sectors for the Global Real Estate Index Fund were:

 

INDUSTRY SECTOR

    % OF LONG-TERM
INVESTMENTS		  

Commercial Services & Supplies

    0.4 % 

Healthcare Providers & Services

    0.1   

Hotels Restaurants & Leisure

    0.1   

Household Durables

    2.2   

Insurance

    0.1   

Real Estate

    4.2   

Real Estate Investment Trusts

    58.2   

Real Estate Management/Development

    34.7   
      

Total

    100.0 % 
      

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 472,718   
        

Gross tax appreciation of investments

    $ 38,550   

Gross tax depreciation of investments

      (57,478 ) 
        

Net tax depreciation of investments

    $ (18,928 ) 
        

 

NORTHERN FUNDS QUARTERLY REPORT    6    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

 

GLOBAL REAL ESTATE INDEX FUND continued    DECEMBER 31, 2009 (UNAUDITED)

 

At December 31, 2009, the Global Real Estate Index Fund’s investments were denominated in the following currencies:

 

CONCENTRATION BY CURRENCY

    % OF LONG-TERM
INVESTMENTS		  

U.S. Dollar

    35.4 % 

Hong Kong Dollar

    15.1   

Japanese Yen

    9.3   

Australian Dollar

    8.8   

Euro

    8.5   

British Pound

    5.9   

All other currencies less than 5%

    17.0   
      

Total

    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 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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. Following is a summary of the inputs used in valuing the Global Real Estate Index Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stocks

           

Consumer Discretionary

    $ 10,313      $ —      $ —      $ 10,313

Financials

      170,845        269,620      —        440,465

Health Care

      249        —        —        249

Industrials

      1,854        —        —        1,854

Investment Companies

      —          880      —        880

Rights

      9 (1)      —        —        9

Warrants

      20 (1)      —        —        20
                            

Total Investments

    $ 183,290      $ 270,500    $ —      $ 453,790
                            

Other Financial Instruments*

    $ 296      $ —      $ —      $ 296
                            

 

(1) Classifications as defined in the Schedule of Investments.
* Other financial instruments include futures and forwards, if applicable.

 

EQUITY INDEX FUNDSS    7    NORTHERN FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

 

GLOBAL SUSTAINABILITY INDEX FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4%

      

Australia - 5.1%

      

AGL Energy Ltd.

    2,877    $ 36

Alumina Ltd.*

    14,620      24

AMP Ltd.

    12,845      77

APA Group

    2,692      8

Asciano Group*

    17,778      29

Australia & New Zealand Banking Group Ltd.

    14,738      300

Billabong International Ltd.

    1,056      10

BlueScope Steel Ltd.

    11,227      31

Bradken Ltd.

    907      6

Brambles Ltd.

    8,793      53

Cochlear Ltd.

    390      24

Commonwealth Bank of Australia

    9,849      480

CSR Ltd.

    8,773      14

Downer EDI Ltd.

    1,461      12

Fairfax Media Ltd.

    5,889      9

Fortescue Metals Group Ltd.*

    14,572      57

Leighton Holdings Ltd.

    955      32

Macquarie Infrastructure Group

    13,522      16

MAp Group

    4,225      11

Monadelphous Group Ltd.

    475      6

National Australia Bank Ltd.

    13,253      323

Newcrest Mining Ltd.

    3,035      95

Orica Ltd.

    2,223      52

Origin Energy Ltd.

    5,459      82

QBE Insurance Group Ltd.

    6,709      153

Santos Ltd.

    5,222      66

SP AusNet

    12,257      10

Suncorp-Metway Ltd.

    7,887      61

Toll Holdings Ltd.

    4,475      35

Transfield Services Ltd.

    2,563      10

Transpacific Industries Group Ltd.*

    3,351      4

Transurban Group

    7,980      40

UGL Ltd.

    1,165      15

Wesfarmers Ltd.

    6,315      176

West Australian Newspapers Holdings Ltd.

    412      3

Westpac Banking Corp.

    19,074      429

Woodside Petroleum Ltd.

    3,828      161

Woolworths Ltd.

    7,769      195
           
        3,145
           

Austria - 0.2%

      

OMV A.G.

    944      42

RHI A.G.*

    136      3

Telekom Austria A.G.

    2,174      31

Verbund - Oesterreichische Elektrizita-etswirtschafts A.G., Class A

    287      12

Voestalpine A.G.

    1,011      37
           
        125
           

Belgium - 0.4%

      

Bekaert N.V.

    110      17

Belgacom S.A.

    1,102      40

Compagnie Maritime Belge S.A.

    78      2

Delhaize Group S.A.

    627      48

Dexia S.A.*

    3,312      21

Elia System Operator S.A./N.V.

    80      3

Euronav N.V.

    47      1

KBC Groep N.V.*

    1,121      49

Solvay S.A., Class A

    261      28

Umicore

    796      26
           
        235
           

Canada - 7.1%

      

Agnico-Eagle Mines Ltd.

    975      53

Agrium, Inc.

    990      62

Astral Media, Inc.

    291      9

Atco Ltd., Class I

    382      17

Bank of Montreal

    3,505      187

Bank of Nova Scotia

    6,418      302

BCE, Inc.

    1,649      46

Bombardier, Inc., Class B

    8,942      41

Brookfield Asset Management, Inc., Class A

    3,604      81

Canadian Imperial Bank of Commerce

    2,399      156

Canadian National Railway Co.

    2,948      162

Canadian Pacific Railway Ltd.

    1,058      57

Canadian Tire Corp. Ltd., Class A

    529      29

Canadian Utilities Ltd., Class A

    496      21

Cardiome Pharma Corp.*

    207      1

Cenovus Energy, Inc.

    4,732      120

CML Healthcare Income Fund

    504      7

Enbridge, Inc.

    2,362      110

EnCana Corp.

    4,732      154

Finning International, Inc.

    1,218      19

George Weston Ltd.

    316      20

Gildan Activewear, Inc.*

    713      18

Groupe Aeroplan, Inc.

    1,221      13

Inmet Mining Corp.

    358      22

Kinross Gold Corp.

    4,343      80

Loblaw Cos. Ltd.

    672      22

 

NORTHERN FUNDS QUARTERLY REPORT    1     EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

GLOBAL SUSTAINABILITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Canada - 7.1% continued

      

Manulife Financial Corp.

    11,385    $ 210

MDS, Inc.*

    704      6

Methanex Corp.

    611      12

Metro, Inc., Class A

    674      25

Nexen, Inc.

    3,261      79

Potash Corp. of Saskatchewan, Inc.

    1,865      204

QLT, Inc.*

    354      2

Rogers Communications, Inc., Class B

    3,205      100

RONA, Inc.*

    819      12

Royal Bank of Canada

    9,007      486

Saputo, Inc.

    1,014      30

Shaw Communications, Inc., Class B

    2,538      53

Shoppers Drug Mart Corp.

    1,422      62

Sun Life Financial, Inc.

    3,530      102

Suncor Energy, Inc.

    9,847      350

Talisman Energy, Inc.

    6,377      120

Teck Resources Ltd., Class B*

    3,644      128

TELUS Corp.

    297      9

Toronto-Dominion (The) Bank

    5,445      343

TransAlta Corp.

    1,343      30

TransCanada Corp.

    4,302      149

Viterra, Inc.*

    2,317      22

Yamana Gold, Inc.

    4,608      53
           
        4,396
           

Denmark - 0.6%

      

Danisco A/S

    323      22

FLSmidth & Co. A/S

    322      22

Novo-Nordisk A/S, Class B

    3,338      214

Novozymes A/S, Class B

    338      35

Vestas Wind Systems A/S*

    1,276      78
           
        371
           

Finland - 0.8%

      

Kesko OYJ, Class B

    331      11

Kone OYJ, Class B

    1,011      43

Konecranes OYJ

    342      9

Metso OYJ

    892      31

Neste Oil OYJ

    958      17

Nokia OYJ

    23,545      302

Rautaruukki OYJ

    718      17

Stora Enso OYJ (Registered)*

    3,939      28

UPM-Kymmene OYJ

    3,398      40

YIT OYJ

    767      16
           
        514
           

France - 3.1%

      

Accor S.A.

    1,486      81

Air Liquide S.A.

    1,637      193

Bouygues S.A.

    1,610      84

Carrefour S.A.

    4,449      214

Cie de Saint-Gobain

    3,181      171

Compagnie Generale des Establissements Michelin, Class B

    680      52

Danone

    4,006      244

Dassault Systemes S.A.

    385      22

Lafarge S.A.

    1,399      115

L’Oreal S.A.

    1,901      211

Peugeot S.A.*

    1,112      37

PPR

    594      71

Renault S.A.*

    1,346      69

Schneider Electric S.A.

    1,624      188

Vinci S.A.

    3,103      174
           
        1,926
           

Germany - 1.8%

      

Allianz S.E. (Registered)

    2,886      359

Bayerische Motoren Werke A.G.

    1,905      87

Beiersdorf A.G.

    611      40

Deutsche Lufthansa A.G. (Registered)

    1,624      27

Deutsche Post A.G. (Registered)

    5,682      109

K+S A.G.

    1,218      70

Linde A.G.

    829      100

Metro A.G.

    1,030      63

Muenchener Rueckversicherungs A.G. (Registered)

    1,249      195

Q-Cells S.E.*

    221      4

Solarworld A.G.

    614      13

Volkswagen A.G.

    559      62
           
        1,129
           

Greece - 0.1%

      

Alapis Holding Industrial and Commercial S.A.

    10,162      7

Athens Water Supply & Sewage (The) Co. S.A.

    110      1

Coca Cola Hellenic Bottling Co. S.A.

    910      21

GEK Terna Holding Real Estate Construction S.A.

    326      3

Hellenic Petroleum S.A.

    653      7

Public Power Corp. S.A.*

    706      13

Titan Cement Co. S.A.

    446      13
           
        65
           

 

EQUITY INDEX FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Hong Kong - 1.2%

      

CLP Holdings Ltd.

    11,599    $ 78

Hang Lung Properties Ltd.

    13,061      51

Hang Seng Bank Ltd.

    4,878      72

Hong Kong & China Gas Co. Ltd.

    31,699      79

Hongkong & Shanghai (The) Hotels

    5,500      8

Hongkong Electric Holdings Ltd.

    10,258      56

Li & Fung Ltd.

    18,000      74

MTR Corp.

    10,528      36

New World Development Ltd.

    18,000      37

Noble Group Ltd.

    18,600      43

Sun Hung Kai Properties Ltd.

    12,208      181
           
        715
           

Ireland - 0.5%

      

CRH PLC

    4,362      118

Experian PLC

    6,369      63

Grafton Group PLC*

    1,240      5

Ingersoll-Rand Plc

    1,980      71

Kerry Group PLC, Class A

    816      24

Kingspan Group PLC (Dublin Exchange)*

    971      8
           
        289
           

Italy - 2.3%

      

Atlantia S.p.A.

    2,666      69

Autogrill S.p.A.*

    828      10

Enel S.p.A.

    44,581      259

ENI S.p.A.

    17,465      445

Italcementi S.p.A.

    456      6

Italcementi S.p.A. (RSP)

    873      6

Pirelli & C. S.p.A.*

    22,641      13

Snam Rete Gas S.p.A.

    11,164      56

Telecom Italia S.p.A.

    84,224      131

Telecom Italia S.p.A. (RSP)

    37,637      42

Terna S.p.A.

    9,769      42

UniCredit S.p.A. (Milan Exchange)*

    107,800      359
           
        1,438
           

Japan - 9.3%

      

Advantest Corp.

    900      23

Aeon Co. Ltd.

    3,700      30

Air Water, Inc.

    1,000      12

Aisin Seiki Co. Ltd.

    900      26

Ajinomoto Co., Inc.

    3,000      28

All Nippon Airways Co. Ltd.

    5,000      14

Asahi Glass Co. Ltd.

    5,000      47

Asahi Kasei Corp.

    7,000      35

Astellas Pharma, Inc.

    2,100      78

Benesse Holdings, Inc.

    500      21

Canon, Inc.

    8,500      359

Chugai Pharmaceutical Co. Ltd.

    1,510      28

Dai Nippon Printing Co. Ltd.

    3,000      38

Daido Steel Co. Ltd.

    2,000      7

Daiichi Sankyo Co. Ltd.

    3,500      73

Daito Trust Construction Co. Ltd.

    600      28

Daiwa House Industry Co. Ltd.

    3,000      32

Daiwa Securities Group, Inc.

    11,000      55

Denso Corp.

    2,800      84

Eisai Co. Ltd.

    1,400      51

Fanuc Ltd.

    1,200      112

Fast Retailing Co. Ltd.

    300      56

FUJIFILM Holdings Corp.

    2,400      72

Fujitsu Ltd.

    10,000      64

Hankyu Hanshin Holdings, Inc.

    8,000      35

Hitachi Construction Machinery Co. Ltd.

    500      13

Hitachi Metals Ltd.

    1,000      10

Honda Motor Co. Ltd.

    8,700      294

Ibiden Co. Ltd.

    700      25

JGC Corp.

    1,000      18

Joyo Bank (The) Ltd.

    4,000      16

JS Group Corp.

    1,500      26

JSR Corp.

    1,200      24

Kaneka Corp.

    1,000      6

Kao Corp.

    3,500      82

Kawasaki Kisen Kaisha Ltd.*

    3,000      8

KDDI Corp.

    21      111

Keihin Electric Express Railway Co. Ltd.

    2,000      15

Keio Corp.

    3,000      18

Kikkoman Corp.

    1,000      12

Kintetsu Corp.

    8,000      26

Konica Minolta Holdings, Inc.

    2,500      26

Kubota Corp.

    4,000      37

Kuraray Co. Ltd.

    2,500      29

Kurita Water Industries Ltd.

    700      22

Kyocera Corp.

    1,200      106

Lawson, Inc.

    500      22

Makita Corp.

    700      24

Mazda Motor Corp.*

    8,000      18

Mitsubishi Chemical Holdings Corp.

    7,000      29

Mitsubishi Estate Co. Ltd.

    7,000      111

Mitsubishi Gas Chemical Co., Inc.

    2,000      10

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

GLOBAL SUSTAINABILITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Japan - 9.3% continued

      

Mitsubishi Materials Corp.*

    8,000    $ 20

Mitsui Chemicals, Inc.

    4,000      10

Mitsui Fudosan Co. Ltd.

    6,000      101

Mizuho Financial Group, Inc.

    73,533      132

Murata Manufacturing Co. Ltd.

    1,400      69

NGK Insulators Ltd.

    2,000      44

Nidec Corp.

    300      28

Nikon Corp.

    1,900      37

Nippon Express Co. Ltd.

    5,000      20

Nippon Mining Holdings, Inc.

    4,000      17

Nippon Sheet Glass Co. Ltd.

    5,000      14

Nippon Steel Corp.

    32,000      129

Nippon Yusen Kabushiki Kaisha

    9,000      28

Nissan Motor Co. Ltd.*

    14,300      125

Nisshin Seifun Group, Inc.

    1,000      13

Nisshin Steel Co. Ltd.

    4,000      7

Nissin Foods Holdings Co. Ltd.

    600      20

Nitto Denko Corp.

    900      32

Nomura Holdings, Inc.

    23,800      175

NSK Ltd.

    2,000      15

NTT DoCoMo, Inc.

    113      157

Obayashi Corp.

    3,000      10

Odakyu Electric Railway Co. Ltd.

    4,000      31

Olympus Corp.

    1,300      42

Omron Corp.

    1,400      25

Osaka Gas Co. Ltd.

    9,000      30

Panasonic Corp.

    15,700      225

Panasonic Electric Works Co. Ltd.

    1,000      12

Rengo Co. Ltd.

    1,000      6

Resona Holdings, Inc.

    3,300      33

Ricoh Co. Ltd.

    4,000      56

Rohm Co. Ltd.

    700      45

Sanyo Electric Co. Ltd.*

    14,000      26

Secom Co. Ltd.

    1,100      52

Sekisui Chemical Co. Ltd.

    3,000      19

Sekisui House Ltd.

    4,000      36

Sharp Corp.

    5,000      63

Shimano, Inc.

    500      20

Shimizu Corp.

    4,000      14

Shin-Etsu Chemical Co. Ltd.

    2,100      118

Shinsei Bank Ltd.*

    10,000      11

Shionogi & Co. Ltd.

    1,600      35

Shiseido Co. Ltd.

    2,000      38

Shizuoka Bank (The) Ltd.

    3,000      26

SMC Corp.

    300      34

Sojitz Corp.

    8,000      15

Sony Corp.

    6,300      183

Sumitomo Chemical Co. Ltd.

    8,000      35

Sumitomo Metal Industries Ltd.

    22,000      59

Sumitomo Metal Mining Co. Ltd.

    4,000      59

Sumitomo Trust & Banking (The) Co. Ltd.

    8,000      39

T&D Holdings, Inc.

    1,300      26

Taiyo Nippon Sanso Corp.

    2,000      21

TDK Corp.

    600      37

Teijin Ltd.

    4,000      13

Terumo Corp.

    1,000      60

Tobu Railway Co. Ltd.

    4,000      21

Tohoku Electric Power Co., Inc.

    2,300      45

Tokyo Electron Ltd.

    900      58

Tokyo Gas Co. Ltd.

    13,000      52

Tokyu Corp.

    6,000      24

Toppan Printing Co. Ltd.

    4,000      32

Toray Industries, Inc.

    7,000      38

Tosoh Corp.

    4,000      11

Toyo Seikan Kaisha Ltd.

    1,100      17

Toyota Industries Corp.

    800      24

Ube Industries Ltd. of Japan

    4,000      11

Unicharm Corp.

    200      19

Yakult Honsha Co. Ltd.

    1,100      33

Yamaha Corp.

    1,100      13

Yamaha Motor Co. Ltd.*

    1,100      14

Yamato Holdings Co. Ltd.

    2,100      29

Yamato Kogyo Co. Ltd.

    400      13
           
        5,747
           

Luxembourg - 0.6%

      

ArcelorMittal

    7,268      330
           

Netherlands - 4.2%

      

Aegon N.V.*

    10,731      68

Akzo Nobel N.V.

    1,451      96

ASML Holding N.V.

    2,711      92

Fugro N.V. - CVA

    491      28

ING Groep N.V. - CVA*

    24,424      236

Koninklijke Ahold N.V.

    7,512      100

Koninklijke Boskalis Westminster N.V.

    385      15

Koninklijke DSM N.V.

    1,148      56

Koninklijke Philips Electronics N.V.

    6,288      186

Randstad Holding N.V.*

    786      39

Reed Elsevier N.V.

    4,419      54

 

EQUITY INDEX FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Netherlands - 4.2% continued

      

Royal Dutch Shell PLC, Class A (London Exchange)

    22,605    $ 683

Royal Dutch Shell PLC, Class B (London Exchange)

    17,358      506

TNT N.V.

    2,299      70

Unilever N.V. - CVA

    9,824      320

Wolters Kluwer N.V.

    1,802      40
           
        2,589
           

New Zealand - 0.1%

      

AMP NZ Office Trust

    3,266      2

Auckland International Airport Ltd.

    6,296      9

Contact Energy Ltd.*

    1,975      9

Fletcher Building Ltd.

    3,874      22

Freightways Ltd.

    2,224      5

Infratil Ltd.

    5,032      6

Kiwi Income Property Trust

    4,050      3

Mainfreight Ltd.

    161      1

Telecom Corp. of New Zealand Ltd.

    11,393      21

Vector Ltd.

    704      1
           
        79
           

Norway - 1.0%

      

DnB NOR ASA*

    7,678      83

Norsk Hydro ASA*

    5,950      50

Orkla ASA

    6,371      62

Petroleum Geo-Services ASA*

    1,132      13

ProSafe S.E.*

    1,757      11

Renewable Energy Corp. ASA*

    2,013      15

Schibsted ASA*

    462      10

Statoil ASA

    8,049      201

Storebrand ASA*

    2,959      20

Tandberg ASA

    650      19

Telenor ASA*

    5,212      73

Tomra Systems ASA

    817      4

Yara International ASA

    1,370      62
           
        623
           

Portugal - 0.3%

      

Banco Comercial Portugues S.A. (Registered)

    22,064      26

Banco Espirito Santo S.A. (Registered)

    1,806      12

Brisa Auto-Estradas de Portugal S.A.

    3,152      32

Cimpor Cimentos de Portugal SGPS S.A.

    1,631      15

Galp Energia SGPS S.A., Class B

    1,555      27

Jeronimo Martins SGPS S.A.

    1,773      18

Portugal Telecom, SGPS, S.A. (Registered)

    5,603      68

Sonae*

    5,703      7
           
        205
           

Singapore - 0.2%

      

City Developments Ltd.

    5,000      41

ComfortDelgro Corp. Ltd.

    11,000      13

Ezra Holdings Ltd.

    2,000      3

Hyflux Ltd.

    2,000      5

SembCorp Industries Ltd.

    5,000      13

SembCorp Marine Ltd.

    5,000      13

Singapore Airlines Ltd.

    4,000      42
           
        130
           

Spain - 3.7%

      

Abertis Infraestructuras S.A.

    2,205      50

Acciona S.A.

    154      20

Acerinox S.A.

    1,586      33

ACS Actividades de Construccion y Servicios S.A.

    1,664      83

Banco Bilbao Vizcaya Argentaria S.A.

    23,787      431

Banco Santander S.A.

    52,062      855

Ebro Puleva S.A.

    853      18

Ferrovial S.A.

    3,493      41

Gamesa Corp. Tecnologica S.A.

    1,497      25

Gas Natural SDG S.A.

    2,904      62

Gestevision Telecinco S.A.

    712      10

Iberdrola S.A.

    33,087      315

Inditex S.A.

    1,562      97

NH Hoteles S.A.*

    1,427      7

Repsol YPF S.A.

    7,847      209

SOS Corporacion Alimentaria S.A.*

    322      1

Viscofan S.A.

    261      7

Zardoya Otis S.A.

    864      17
           
        2,281
           

Sweden - 1.7%

      

Alfa Laval AB

    2,199      30

Assa Abloy AB, Class B

    2,351      45

Electrolux AB, Class B*

    1,907      45

Elekta AB, Class B

    386      9

Hennes & Mauritz AB, Class B

    1,859      103

Holmen AB, Class B

    362      9

Sandvik AB

    7,790      93

Scania AB, Class B

    2,526      33

Skanska AB, Class B

    2,568      44

SKF AB, Class B

    2,516      43

 

NORTHERN FUNDS QUARTERLY REPORT    5    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

GLOBAL SUSTAINABILITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Sweden - 1.7% continued

      

SSAB AB, Class A

    1,435    $ 24

Svenska Cellulosa AB, Class B

    3,678      49

Svenska Handelsbanken AB, Class A

    3,894      111

Telefonaktiebolaget LM Ericsson, Class B

    18,806      173

TeliaSonera AB

    14,230      103

Volvo AB, Class A

    4,313      37

Volvo AB, Class B

    9,063      77
           
        1,028
           

Switzerland - 4.1%

      

Adecco S.A. (Registered)

    878      48

Credit Suisse Group A.G. (Registered)

    7,183      354

Geberit A.G. (Registered)

    238      42

Givaudan S.A. (Registered)

    55      44

Holcim Ltd. (Registered)*

    1,525      118

Novartis A.G. (Registered)

    14,429      786

Roche Holding A.G. (Genusschein)

    4,475      761

Romande Energie Holding S.A.

    1      2

Swiss Reinsurance Co. Ltd. (Registered)

    2,226      107

Swisscom A.G. (Registered)

    137      52

Xstrata PLC*

    13,796      243
           
        2,557
           

United Kingdom - 8.0%

      

Acergy S.A.

    1,050      17

Aggreko PLC

    1,756      26

Arriva PLC

    1,086      9

AstraZeneca PLC

    9,338      439

Aviva PLC

    17,285      109

Balfour Beatty PLC

    4,107      17

British Airways PLC*

    4,242      13

Bunzl PLC

    2,260      24

Burberry Group PLC

    2,789      27

Capita Group (The) PLC

    4,107      50

Centrica PLC

    32,225      146

Compass Group PLC

    11,634      83

Cookson Group PLC*

    1,928      13

De La Rue PLC

    601      10

Hays PLC

    9,531      16

Home Retail Group PLC

    5,402      25

HSBC Holdings PLC

    110,565      1,262

Inchcape PLC*

    33,064      16

Intercontinental Hotels Group PLC

    1,704      24

International Power PLC

    9,772      48

Invensys PLC

    4,870      23

ITV PLC*

    23,505      20

Kingfisher PLC

    14,864      54

Lloyds Banking Group PLC*

    229,070      184

National Grid PLC

    15,504      169

Next PLC

    1,228      41

Pearson PLC

    5,016      72

Persimmon PLC*

    2,004      15

Reckitt Benckiser Group PLC

    4,578      248

Reed Elsevier PLC

    8,134      67

Royal Bank of Scotland Group PLC*

    107,390      50

Scottish & Southern Energy PLC

    5,817      109

Stagecoach Group PLC

    4,130      11

Tesco PLC

    50,523      347

Tomkins PLC

    5,224      16

TUI Travel PLC

    3,329      14

Unilever PLC

    8,123      260

Vodafone Group PLC

    335,160      776

Wolseley PLC*

    1,761      35

WPP PLC

    7,829      76
           
        4,961
           

United States - 41.0%

      

3M Co.

    4,516      373

Adobe Systems, Inc.*

    3,289      121

AES (The) Corp.*

    4,149      55

Aetna, Inc.

    2,763      88

Aflac, Inc.

    2,945      136

Agilent Technologies, Inc.*

    2,160      67

Air Products & Chemicals, Inc.

    1,322      107

Airgas, Inc.

    390      19

Allergan, Inc.

    1,937      122

Amazon.com, Inc.*

    2,147      289

American Express Co.

    7,516      304

Amgen, Inc.*

    6,460      365

Apache Corp.

    2,099      216

Applied Materials, Inc.

    8,391      117

AutoZone, Inc.*

    263      42

AvalonBay Communities, Inc.

    521      43

Ball Corp.

    670      35

Bank of New York Mellon (The) Corp.

    7,638      214

Baxter International, Inc.

    3,831      225

BB&T Corp.

    4,340      110

Becton, Dickinson & Co.

    1,513      119

Bed Bath & Beyond, Inc.*

    1,650      64

Best Buy Co., Inc.

    2,625      104

 

EQUITY INDEX FUNDS    6    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

United States - 41.0% continued

      

Biogen Idec, Inc.*

    1,826    $ 98

Black & Decker Corp.

    368      24

BorgWarner, Inc.*

    760      25

Boston Properties, Inc.

    870      58

Bristol-Myers Squibb Co.

    10,883      275

Burlington Northern Santa Fe Corp.

    2,140      211

C.H. Robinson Worldwide, Inc.

    1,070      63

Calpine Corp.*

    2,169      24

Caterpillar, Inc.

    4,014      229

Celgene Corp.*

    2,904      162

Centerpoint Energy, Inc.

    2,380      34

Charles Schwab (The) Corp.

    7,313      138

Chesapeake Energy Corp.

    4,041      105

Chubb Corp.

    2,232      110

Cisco Systems, Inc.*

    36,656      877

CME Group, Inc.

    423      142

Coach, Inc.

    2,012      73

Colgate-Palmolive Co.

    3,164      260

Consolidated Edison, Inc.

    1,823      83

Cooper Industries PLC

    1,106      47

Corning, Inc.

    9,812      189

Costco Wholesale Corp.

    2,731      162

Crown Castle International Corp.*

    1,857      72

CSX Corp.

    2,460      119

Cummins, Inc.

    1,259      58

Danaher Corp.

    1,982      149

Darden Restaurants, Inc.

    930      33

Deere & Co.

    2,754      149

Dell, Inc.*

    12,739      183

Devon Energy Corp.

    2,805      206

Discover Financial Services

    3,390      50

Dover Corp.

    1,159      48

Dun & Bradstreet Corp.

    323      27

Eaton Corp.

    1,050      67

Ecolab, Inc.

    1,472      66

Edison International

    2,050      71

Emerson Electric Co.

    4,855      207

EOG Resources, Inc.

    1,589      155

EQT Corp.

    805      35

Equity Residential

    1,710      58

Expeditors International of Washington, Inc.

    1,390      48

Family Dollar Stores, Inc.

    870      24

Fastenal Co.

    1,014      42

FedEx Corp.

    1,964      164

Fifth Third Bancorp

    5,002      49

First Solar, Inc.*

    465      63

FPL Group, Inc.

    2,582      136

Franklin Resources, Inc.

    1,108      117

Gap (The), Inc.

    3,275      69

General Mills, Inc.

    2,080      147

Genuine Parts Co.

    1,020      39

Genworth Financial, Inc., Class A*

    3,072      35

Genzyme Corp.*

    1,708      84

Gilead Sciences, Inc.*

    5,762      249

Google, Inc., Class A*

    1,492      925

Harley-Davidson, Inc.

    1,455      37

Hartford Financial Services Group, Inc.

    2,439      57

Hess Corp.

    2,046      124

Hewlett-Packard Co.

    15,183      782

Host Hotels & Resorts, Inc.*

    3,930      46

Hudson City Bancorp, Inc.

    3,265      45

Illinois Tool Works, Inc.

    3,221      155

Intel Corp.

    35,495      724

IntercontinentalExchange, Inc.*

    480      54

International Business Machines Corp.

    8,361      1,094

International Paper Co.

    2,722      73

J.C. Penney Co., Inc.

    1,512      40

Johnson & Johnson

    17,701      1,140

Johnson Controls, Inc.

    4,221      115

KeyCorp

    5,519      31

Kimberly-Clark Corp.

    2,635      168

Kimco Realty Corp.

    2,760      37

Kraft Foods, Inc., Class A

    9,319      253

Limited Brands, Inc.

    1,999      38

Lincoln National Corp.

    1,930      48

M&T Bank Corp.

    741      50

Marriott International, Inc., Class A

    2,416      66

Marriott International, Inc., Class A - Fractional Shares*

    40,652      —  

Martin Marietta Materials, Inc.

    275      25

Masco Corp.

    2,340      32

Mattel, Inc.

    2,348      47

McDonald’s Corp.

    6,902      431

MDU Resources Group, Inc.

    1,200      28

MeadWestvaco Corp.

    1,138      33

MetroPCS Communications, Inc.*

    1,637      12

Motorola, Inc.*

    14,456      112

National-Oilwell Varco, Inc.

    2,712      120

NetApp, Inc.*

    2,106      72

 

NORTHERN FUNDS QUARTERLY REPORT    7    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

GLOBAL SUSTAINABILITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

United States - 41.0% continued

      

NII Holdings, Inc.*

    1,036    $ 35

NIKE, Inc., Class B

    1,930      127

Nordstrom, Inc.

    1,357      51

Norfolk Southern Corp.

    2,307      121

Northern Trust Corp.(1) (2)

    1,185      62

NRG Energy, Inc.*

    1,661      39

Nucor Corp.

    1,974      92

NYSE Euronext

    1,642      41

Omnicom Group, Inc.

    1,939      76

Owens-Illinois, Inc.*

    779      26

PACCAR, Inc.

    2,375      86

People’s United Financial, Inc.

    2,147      36

PepsiCo, Inc.

    10,013      609

PG&E Corp.

    2,335      104

Pitney Bowes, Inc.

    1,350      31

PNC Financial Services Group, Inc.

    2,909      154

PPL Corp.

    2,380      77

Praxair, Inc.

    1,944      156

Principal Financial Group, Inc.

    2,002      48

Procter & Gamble (The) Co.

    18,668      1,132

Progressive (The) Corp.

    4,271      77

ProLogis

    2,870      39

Public Service Enterprise Group, Inc.

    3,207      107

QUALCOMM, Inc.

    10,516      486

Questar Corp.

    1,109      46

R.R. Donnelley & Sons Co.

    1,417      32

Regions Financial Corp.

    7,483      40

Rockwell Automation, Inc.

    967      45

Roper Industries, Inc.

    589      31

RRI Energy, Inc.*

    2,138      12

Sempra Energy

    1,627      91

Sigma-Aldrich Corp.

    800      40

Sprint Nextel Corp.*

    19,052      70

SPX Corp.

    338      18

St. Jude Medical, Inc.*

    2,169      80

Stanley Works (The)

    490      25

Staples, Inc.

    4,555      112

Starbucks Corp.*

    4,812      111

Starwood Hotels & Resorts Worldwide, Inc.

    1,180      43

State Street Corp.

    3,126      136

SunTrust Banks, Inc.

    3,138      64

Sysco Corp.

    3,717      104

T.Rowe Price Group, Inc.

    1,629      87

Target Corp.

    4,771      231

Texas Instruments, Inc.

    7,972      208

Thermo Fisher Scientific, Inc.*

    2,575      123

Thomson Reuters Corp.

    2,597      84

Tiffany & Co.

    767      33

TJX Cos., Inc.

    2,668      97

Travelers (The) Cos., Inc.

    3,397      169

U.S. Bancorp

    12,005      270

United Parcel Service, Inc., Class B

    4,441      255

United States Steel Corp.

    920      51

VF Corp.

    711      52

Vornado Realty Trust

    1,136      79

Vulcan Materials Co.

    790      42

W.W. Grainger, Inc.

    461      45

Walt Disney (The) Co.

    11,758      379

WellPoint, Inc.*

    2,897      169

Wells Fargo & Co.

    32,550      878

Weyerhaeuser Co.

    1,343      58

Whirlpool Corp.

    460      37

Windstream Corp.

    2,890      32

Wisconsin Energy Corp.

    750      37

Xerox Corp.

    5,449      46

XTO Energy, Inc.

    3,656      170

Zimmer Holdings, Inc.*

    1,353      80
           
        25,381
           

Total Common Stocks

(Cost $56,276) (3)

         60,259
           

PREFERRED STOCKS - 0.2%

      

Germany - 0.2%

      

Henkel A.G. & Co. KGaA

    1,136      59

Volkswagen A.G.

    660      62
           
        121
           

Total Preferred Stocks

(Cost $108) (3)

         121
           

INVESTMENT COMPANIES - 0.9%

      

Northern Institutional Funds - Diversified Assets Portfolio (4) (5)

    563,453      563
           

Total Investment Companies

(Cost $563)

         563
           

RIGHTS - 0.0%

      

Fortis*

    6,339      —  

 

EQUITY INDEX FUNDS    8    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

RIGHTS - 0.0% continued

      

Woodside Petroleum Ltd.

    279    $ 1
           

Total Rights

(Cost $ — ) (3)

         1
           

Total Investments - 98.5%

(Cost $56,947)

         60,944
           

Other Assets less Liabilities - 1.5%

         958
           

NET ASSETS - 100.0%

       $ 61,902

 

(1) At March 31, 2009, the value of the Fund’s investment in Northern Trust Corp. was approximately $62,000 with no purchases or sales during the nine months ended December 31, 2009.
(2) Investment in affiliate.
(3) In accordance with the Fund’s prospectus, adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.
(4) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(5) The Fund had approximately $563,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Global Sustainability Index Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

DJ Euro Stoxx 50 (Euro)

    12    $ 511    Long    3/10    $ 6

S&P 500 E-Mini (U.S. Dollar)

    11      611    Long    3/10      8

FTSE 100 Index (British Pound)

    3      260    Long    3/10      1

TOPIX Index (Japanese Yen)

    2      194    Long    3/10      2
                            

Total

                $ 17
                            

At December 31, 2009, the Global Sustainability Index Fund’s investments were denominated in the following currencies:

 

CONCENTRATION BY CURRENCY

    % OF LONG-TERM
INVESTMENTS		  

U.S. Dollar

    42.3 % 

Euro

    16.3   

British Pound

    10.7   

Japanese Yen

    9.5   

Canadian Dollar

    7.2   

Australian Dollar

    5.2   

All other currencies less than 5%

    8.8   
      

Total

    100.0 % 
      

At December 31, 2009, the industry sectors for the Global Sustainability Index Fund were:

 

INDUSTRY SECTOR

    % OF LONG-TERM
INVESTMENTS		  

Consumer Discretionary

    9.9 % 

Consumer Staples

    9.9   

Energy

    7.8   

Financials

    22.9   

Health Care

    9.9   

Industrials

    11.8   

Information Technology

    12.6   

Materials

    7.4   

Telecommunication Services

    3.3   

Utilities

    4.5   
      

Total

    100.0 % 
      

At December 31, 2009, the Global Sustainability Index Fund had outstanding forward foreign currency exchange contracts as follows:

 

CONTRACTS TO DELIVER CURRENCY

    AMOUNT
(LOCAL
CURRENCY)
(000S)		   

IN EXCHANGE
FOR CURRENCY

    AMOUNT
(LOCAL
CURRENCY
(000S)		    SETTLEMENT
DATE		    UNREALIZED
GAIN/(LOSS)
(000S)		  

U.S. Dollar

    38    Euro    27    01/04/10      —     

U.S. Dollar

    96    British Pound    60    01/04/10      1   

U.S. Dollar

    7    Euro    5    03/17/10      —     

U.S. Dollar

    102    Japanese Yen    9,001    03/17/10      (5 ) 

British Pound

    23    U.S. Dollar    38    03/17/10      —     
                            

Total

                $ (4 ) 
                            

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 56,947   
        

Gross tax appreciation of investments

    $ 6,740   

Gross tax depreciation of investments

      (2,743 ) 
        

Net tax appreciation of investments

    $ 3,997   
        

 

NORTHERN FUNDS QUARTERLY REPORT    9    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

 

GLOBAL SUSTAINABILITY INDEX FUND continued    DECEMBER 31, 2009 (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 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, and/or securities indices)

Level 3 - Valuation based on inputs that are unobservable and significant. The Fund utilized the following valuation techniques on Level 3 investments: The Fund valued certain securities using a quote from a third party provider.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the Global Sustainability Index Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stocks

           

Consumer Discretionary

    $ 3,127    $ 2,793      $ —      $ 5,920

Consumer Staples

      3,015      2,883        —        5,898

Energy

      2,177      2,534        —        4,711

Financials

      5,979      7,887        —        13,866

Health Care

      3,393      2,608        —        6,001

Industrials

      3,291      3,821        —        7,112

Information Technology

      6,006      1,601        —        7,607

Materials

      1,435      3,008        —        4,443

Telecommunication Services

      377      1,604        —        1,981

Utilities

      1,048      1,672        —        2,720

Preferred Stocks

           

Consumer Discretionary

      —        62        —        62

Consumer Staples

      —        59        —        59

Rights

      —        —          1      1

Short-Term Investments

      563      —          —        563
                            

Total Investments

    $ 30,411    $ 30,532      $ 1    $ 60,944
                            

Other Financial Instruments*

    $ 17    $ (4 )    $ —      $ 13
                            

 

* Other financial instruments include futures and forwards, if applicable.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     BALANCE
AS OF
3/31/09
(000S)		    NET
REALIZED
GAIN(LOSS)
(000S)		    NET
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)		    NET
PURCHASES
(SALES)
(000S)		    NET
TRANSFERS IN AND/OR
OUT OF LEVEL 3
(000S)		    BALANCE
AS OF 12/31/09
(000S)

Rights

    $ —      $ —      $ 1    $ —      $ —      $ 1
                                         

Total

    $ —      $ —      $ 1    $ —      $ —      $ 1
                                         

The amount of change in total unrealized gain on investments in Level 3 securities still held at December 31, 2009 was approximately $1,000.

 

EQUITY INDEX FUNDS     10    NORTHERN FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

 

INTERNATIONAL EQUITY INDEX FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8%

      

Australia - 8.2%

      

AGL Energy Ltd.

    61,827    $ 778

Alumina Ltd.*

    336,422      552

Amcor Ltd.

    167,853      935

AMP Ltd.

    277,308      1,670

Aristocrat Leisure Ltd.

    55,936      200

Arrow Energy Ltd.*

    80,334      297

Asciano Group*

    383,303      619

ASX Ltd.

    23,580      734

Australia & New Zealand Banking Group Ltd.

    342,963      6,978

AXA Asia Pacific Holdings Ltd.

    140,164      825

Bendigo and Adelaide Bank Ltd.

    47,739      419

BGP Holdings PLC - Fractional Shares*

    980,773      —  

BHP Billiton Ltd.

    460,242      17,624

Billabong International Ltd.

    27,813      270

BlueScope Steel Ltd.

    251,509      694

Boral Ltd.

    81,809      432

Brambles Ltd.

    193,287      1,171

Caltex Australia Ltd.*

    18,349      152

CFS Retail Property Trust

    239,906      406

Coca-Cola Amatil Ltd.

    76,853      792

Cochlear Ltd.

    7,756      479

Commonwealth Bank of Australia

    208,151      10,150

Computershare Ltd.

    61,368      626

Crown Ltd.

    67,657      484

CSL Ltd.

    81,334      2,366

CSR Ltd.

    198,752      320

Dexus Property Group

    648,123      489

Energy Resources of Australia Ltd.

    9,255      198

Fairfax Media Ltd.

    291,692      450

Fortescue Metals Group Ltd.*

    170,576      672

Foster’s Group Ltd.

    265,802      1,308

Goodman Fielder Ltd.

    178,044      259

Goodman Group

    823,326      463

GPT Group

    1,179,655      634

Harvey Norman Holdings Ltd.

    73,421      276

Incitec Pivot Ltd.

    224,072      710

Insurance Australia Group Ltd.

    285,573      1,023

Leighton Holdings Ltd.

    20,563      695

Lend Lease Corp. Ltd.

    59,940      546

Macquarie Group Ltd.

    45,848      1,963

Macquarie Infrastructure Group

    311,652      371

MAp Group

    105,702      285

Metcash Ltd.

    105,824      424

Mirvac Group

    370,605      516

National Australia Bank Ltd.

    287,002      6,984

Newcrest Mining Ltd.

    66,618      2,088

Nufarm Ltd.

    24,201      236

OneSteel Ltd.

    182,927      544

Orica Ltd.

    49,682      1,152

Origin Energy Ltd.

    120,661      1,811

OZ Minerals Ltd.*

    430,651      450

Paladin Energy Ltd.*

    88,780      330

Qantas Airways Ltd.

    156,186      415

QBE Insurance Group Ltd.

    138,286      3,156

Rio Tinto Ltd.

    59,582      3,942

Santos Ltd.

    114,409      1,441

Sims Metal Management Ltd.

    22,246      436

Sonic Healthcare Ltd.

    50,732      699

SP AusNet

    178,711      146

Stockland

    328,497      1,154

Suncorp-Metway Ltd.

    173,238      1,338

TABCORP Holdings Ltd.

    83,497      518

Tatts Group Ltd.

    167,152      365

Telstra Corp. Ltd.

    600,257      1,840

Toll Holdings Ltd.

    91,212      711

Transurban Group

    160,071      793

Wesfarmers Ltd.

    137,404      3,820

Wesfarmers Ltd. - PPS

    20,942      582

Westfield Group

    283,710      3,164

Westpac Banking Corp.

    402,954      9,070

Woodside Petroleum Ltd.

    73,935      3,107

Woolworths Ltd.

    168,288      4,215

WorleyParsons Ltd.

    22,613      586
           
        116,348
           

Austria - 0.3%

      

Erste Group Bank A.G.

    25,997      964

Immoeast A.G.*

    57,496      315

OMV A.G.

    20,703      907

Raiffeisen International Bank Holding A.G.

    7,436      421

Telekom Austria A.G.

    42,837      611

Verbund - Oesterreichische Elektrizitaetswirtschafts A.G., Class A

    10,654      452

Vienna Insurance Group

    5,312      273

Voestalpine A.G.

    16,222      591
           
        4,534
           

Belgium - 0.9%

      

Anheuser-Busch InBev N.V.

    98,737      5,101

 

NORTHERN FUNDS QUARTERLY REPORT    1     EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Belgium - 0.9% continued

      

Belgacom S.A.

    20,995    $ 757

Cie Nationale A Portefeuille

    4,440      237

Colruyt S.A.

    2,078      501

Delhaize Group S.A.

    13,614      1,043

Dexia S.A.*

    72,644      457

Fortis*

    307,948      1,141

Groupe Bruxelles Lambert S.A.

    11,114      1,046

KBC Groep N.V.*

    22,153      959

Mobistar S.A.

    4,156      284

Solvay S.A., Class A

    8,180      882

UCB S.A.

    13,923      583

Umicore*

    15,739      524
           
        13,515
           

China - 0.0%

      

Foxconn International Holdings Ltd.*

    297,000      342
           

Cyprus - 0.0%

      

Bank of Cyprus Public Co. Ltd.

    77,793      542
           

Denmark - 0.9%

      

A.P. Moller - Maersk A/S, Class A

    76      512

A.P. Moller - Maersk A/S, Class B

    182      1,273

Carlsberg A/S, Class B

    14,747      1,088

Coloplast A/S, Class B

    3,144      286

Danske Bank A/S*

    62,471      1,422

DSV A/S*

    28,833      517

H. Lundbeck A/S

    8,277      151

Novo-Nordisk A/S, Class B

    59,567      3,811

Novozymes A/S, Class B

    6,369      661

Topdanmark A/S*

    1,971      267

TrygVesta A/S

    3,551      235

Vestas Wind Systems A/S*

    28,084      1,718

William Demant Holding A/S*

    3,267      246
           
        12,187
           

Finland - 1.1%

      

Elisa OYJ

    18,364      420

Fortum OYJ

    61,206      1,658

Kesko OYJ, Class B

    9,160      302

Kone OYJ, Class B

    21,208      906

Metso OYJ

    17,590      619

Neste Oil OYJ

    17,625      313

Nokia OYJ

    512,868      6,584

Nokian Renkaat OYJ

    14,635      355

Orion OYJ, Class B

    12,359      266

Outokumpu OYJ

    16,338      307

Pohjola Bank PLC

    19,297      209

Rautaruukki OYJ

    11,690      268

Sampo OYJ, Class A

    57,858      1,404

Sanoma OYJ

    11,121      250

Stora Enso OYJ, Class R*

    80,025      561

UPM-Kymmene OYJ

    71,570      851

Wartsila OYJ

    11,564      462
           
        15,735
           

France - 10.2%

      

Accor S.A.

    20,185      1,096

Aeroports de Paris

    4,102      330

Air France-KLM*

    18,962      296

Air Liquide S.A.

    34,279      4,046

Alcatel-Lucent*

    319,566      1,070

Alstom S.A.

    27,807      1,932

Atos Origin S.A.*

    6,262      285

AXA S.A.

    232,400      5,496

BioMerieux

    1,912      222

BNP Paribas

    129,782      10,241

Bouygues S.A.

    30,830      1,608

Bureau Veritas S.A.

    6,758      350

Cap Gemini S.A.

    20,204      915

Carrefour S.A.

    86,787      4,173

Casino Guichard Perrachon S.A.

    7,604      681

Christian Dior S.A.

    8,773      902

Cie de Saint-Gobain

    52,539      2,820

Cie Generale d’Optique Essilor International S.A.

    27,717      1,650

CNP Assurances

    5,120      496

Compagnie Generale de Geophysique-Veritas*

    19,735      421

Compagnie Generale des Establissements Michelin, Class B

    20,324      1,559

Credit Agricole S.A.

    127,772      2,227

Danone

    75,253      4,583

Dassault Systemes S.A.

    8,953      510

EDF S.A.

    32,276      1,921

Eiffage S.A.

    5,581      315

Eramet

    732      228

Eurazeo

    3,849      269

Eutelsat Communications

    13,691      439

Fonciere Des Regions

    2,846      291

France Telecom S.A.

    254,278      6,349

GDF Suez

    170,249      7,386

GDF Suez (VVPR)*

    8,064      —  

 

EQUITY INDEX FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

France - 10.2% continued

      

Gecina S.A.

    2,589    $ 280

Hermes International

    7,277      968

ICADE

    2,720      259

Iliad S.A.

    2,265      270

Imerys S.A.

    4,681      278

Ipsen S.A.

    3,525      196

JC Decaux S.A.*

    9,279      225

Klepierre

    12,539      510

Lafarge S.A.

    27,519      2,263

Lagardere S.C.A.

    16,280      657

Legrand S.A.

    14,546      406

L’Oreal S.A.

    32,782      3,640

LVMH Moet Hennessy Louis Vuitton S.A.

    33,499      3,761

M6-Metropole Television

    8,980      230

Natixis*

    119,911      597

Neopost S.A.

    4,322      357

PagesJaunes Groupe

    17,028      190

Pernod-Ricard S.A.

    27,265      2,340

Peugeot S.A.*

    20,958      702

PPR

    10,470      1,255

Publicis Groupe

    16,235      659

Renault S.A.*

    25,521      1,300

Safran S.A.

    25,922      504

Sanofi-Aventis S.A.

    144,279      11,309

Schneider Electric S.A.

    32,234      3,734

SCOR S.E.

    22,862      571

SES S.A.

    39,023      875

Societe BIC S.A.

    3,697      256

Societe Des Autoroutes Paris-Rhin-Rhone*

    3,147      241

Societe Generale

    86,110      5,958

Societe Television Francaise 1

    16,430      303

Sodexo

    13,022      744

Suez Environnement Co.

    37,154      858

Technip S.A.

    14,311      1,003

Thales S.A.

    12,359      633

Total S.A.

    289,708      18,565

Unibail-Rodamco S.E.

    12,056      2,654

Vallourec S.A.

    7,800      1,419

Veolia Environnement

    54,415      1,789

Vinci S.A.

    59,969      3,359

Vivendi

    167,526      4,946
           
        146,171
           

Germany - 7.5%

      

Adidas A.G.

    26,680      1,440

Allianz S.E. (Registered)

    62,072      7,726

BASF S.E.

    125,844      7,806

Bayer A.G.

    113,328      9,058

Bayerische Motoren Werke A.G.

    45,664      2,076

Beiersdorf A.G.

    12,176      800

Celesio A.G.

    11,728      298

Commerzbank A.G.*

    97,518      818

Daimler A.G. (Registered)

    123,520      6,599

Deutsche Bank A.G. (Registered)

    81,082      5,715

Deutsche Boerse A.G.

    26,869      2,234

Deutsche Lufthansa A.G. (Registered)

    32,206      541

Deutsche Post A.G. (Registered)

    115,422      2,221

Deutsche Postbank A.G.*

    12,012      393

Deutsche Telekom A.G. (Registered)

    388,165      5,733

E.ON A.G.

    260,574      10,878

Fraport A.G. Frankfurt Airport Services Worldwide

    5,084      264

Fresenius Medical Care A.G. & Co. KGaA

    26,391      1,397

Fresenius S.E.

    3,969      247

GEA Group A.G.

    21,586      481

Hannover Rueckversicherung A.G. (Registered)*

    8,316      390

HeidelbergCement A.G.

    19,383      1,333

Henkel A.G. & Co. KGaA

    17,945      801

Hochtief A.G.

    5,800      443

Infineon Technologies A.G.*

    149,871      827

K+S A.G.

    23,759      1,366

Linde A.G.

    20,698      2,491

MAN S.E.

    14,583      1,136

Merck KGaA

    8,910      833

Metro A.G.

    15,640      953

Muenchener Rueckversicherungs A.G. (Registered)

    27,005      4,210

Puma A.G. Rudolf Dassler Sport

    718      238

RWE A.G.

    57,329      5,571

Salzgitter A.G.

    5,387      527

SAP A.G.

    117,480      5,541

Siemens A.G. (Registered)

    112,779      10,344

Solarworld A.G.

    11,539      253

Suedzucker A.G.

    9,399      195

ThyssenKrupp A.G.

    46,117      1,737

TUI A.G.*

    18,428      154

United Internet A.G. (Registered)*

    17,486      231

Volkswagen A.G.

    6,099      675

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Germany - 7.5% continued

      

Wacker Chemie A.G.

    2,164    $ 377
           
        107,351
           

Greece - 0.5%

      

Alpha Bank A.E.*

    64,008      741

Coca Cola Hellenic Bottling Co. S.A.

    25,192      574

EFG Eurobank Ergasias S.A.*

    44,289      491

Hellenic Petroleum S.A.

    13,011      145

Hellenic Telecommunications Organization S.A.

    33,738      494

Marfin Investment Group S.A.*

    89,277      254

National Bank of Greece S.A.*

    83,548      2,130

OPAP S.A.

    30,798      674

Piraeus Bank S.A.*

    41,490      473

Public Power Corp. S.A.*

    15,977      295

Titan Cement Co. S.A.

    8,000      232
           
        6,503
           

Guernsey - 0.0%

      

Resolution Ltd.*

    332,230      480
           

Hong Kong - 2.3%

      

ASM Pacific Technology Ltd.

    27,200      256

Bank of East Asia Ltd.

    202,320      794

BOC Hong Kong Holdings Ltd.

    508,500      1,144

Cathay Pacific Airways Ltd.*

    150,000      278

Cheung Kong Holdings Ltd.

    189,000      2,424

Cheung Kong Infrastructure Holdings Ltd.

    62,000      235

Chinese Estates Holdings Ltd.*

    96,000      163

CLP Holdings Ltd.

    277,501      1,875

Esprit Holdings Ltd.

    154,800      1,019

Genting Singapore PLC*

    641,380      587

Hang Lung Group Ltd.

    110,000      544

Hang Lung Properties Ltd.

    286,000      1,117

Hang Seng Bank Ltd.

    105,000      1,545

Henderson Land Development Co. Ltd.

    148,000      1,103

Hong Kong & China Gas Co. Ltd.

    541,890      1,352

Hong Kong Aircraft Engineerg Co. Ltd.

    9,200      119

Hong Kong Exchanges and Clearing Ltd.*

    139,000      2,475

Hongkong Electric Holdings Ltd.

    191,500      1,041

Hopewell Holdings Ltd.

    79,500      256

Hutchison Whampoa Ltd.

    294,000      2,011

Hysan Development Co. Ltd.

    87,267      247

Kerry Properties Ltd.

    98,199      496

Li & Fung Ltd.

    310,800      1,279

Lifestyle International Holdings Ltd.*

    79,500      147

Link REIT (The)

    298,754      760

Mongolia Energy Co. Ltd.*

    423,000      215

MTR Corp.

    197,078      677

New World Development Ltd.

    347,139      709

Noble Group Ltd.

    211,400      484

NWS Holdings Ltd.

    115,000      211

Orient Overseas International Ltd.

    29,700      138

PCCW Ltd.

    494,000      119

Shangri-La Asia Ltd.

    180,000      337

Sino Land Co. Ltd.

    232,038      448

Sun Hung Kai Properties Ltd.

    194,000      2,879

Swire Pacific Ltd., Class A

    106,000      1,278

Television Broadcasts Ltd.

    40,000      192

Wharf Holdings Ltd.

    190,000      1,086

Wheelock & Co. Ltd.

    126,000      383

Wing Hang Bank Ltd.

    24,500      228

Yue Yuen Industrial Holdings Ltd.

    91,000      263
           
        32,914
           

Ireland - 0.5%

      

Anglo Irish Bank Corp. Ltd.*

    93,434      —  

CRH PLC

    95,474      2,586

Elan Corp. PLC*

    68,374      428

Experian PLC

    139,399      1,378

Kerry Group PLC, Class A

    19,311      569

Ryanair Holdings PLC ADR*

    5,370      144

Shire PLC

    77,288      1,512
           
        6,617
           

Italy - 3.4%

      

A2A S.p.A.

    152,175      318

Assicurazioni Generali S.p.A.

    159,713      4,282

Atlantia S.p.A.

    35,549      924

Autogrill S.p.A.*

    14,004      176

Banca Carige S.p.A.

    89,611      238

Banca Monte dei Paschi di Siena S.p.A.

    300,595      526

Banca Popolare di Milano Scarl

    54,051      383

Banco Popolare S.C.*

    88,082      659

Enel S.p.A.

    900,952      5,232

ENI S.p.A.

    356,764      9,083

Exor S.p.A.

    10,014      194

Fiat S.p.A.*

    105,418      1,534

Finmeccanica S.p.A.

    55,945      892

Fondiaria-Sai S.p.A.

    8,780      139

Intesa Sanpaolo S.p.A.*

    1,053,870      4,722

 

EQUITY INDEX FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Italy - 3.4% continued

      

Intesa Sanpaolo S.p.A. (RSP)

    128,450    $ 429

Italcementi S.p.A.

    10,066      137

Luxottica Group S.p.A.

    16,020      415

Mediaset S.p.A.

    97,980      801

Mediobanca S.p.A.*

    65,327      775

Mediolanum S.p.A.

    30,695      191

Parmalat S.p.A.

    235,476      660

Pirelli & C. S.p.A.*

    362,480      216

Prysmian S.p.A.

    13,807      242

Saipem S.p.A.

    36,522      1,255

Snam Rete Gas S.p.A.

    197,534      982

Telecom Italia S.p.A.

    1,384,028      2,147

Telecom Italia S.p.A. (RSP)

    831,686      918

Tenaris S.A.

    65,135      1,393

Terna S.p.A.

    180,069      775

UniCredit S.p.A.*

    1,950,416      6,488

Unione di Banche Italiane SCPA

    79,031      1,132

Unipol Gruppo Finanziario S.p.A.*

    99,457      136
           
        48,394
           

Japan - 20.3%

      

77 Bank (The) Ltd.

    46,000      243

ABC-Mart, Inc.

    3,500      97

Acom Co. Ltd.

    5,250      80

Advantest Corp.

    22,000      572

Aeon Co. Ltd.

    88,000      712

Aeon Credit Service Co. Ltd.

    10,900      105

Aeon Mall Co. Ltd.

    11,300      219

Aioi Insurance Co. Ltd.

    67,000      320

Air Water, Inc.

    19,569      230

Aisin Seiki Co. Ltd.

    26,400      755

Ajinomoto Co., Inc.

    92,000      866

Alfresa Holdings Corp.

    5,100      202

All Nippon Airways Co. Ltd.

    117,000      317

Amada Co. Ltd.

    48,000      298

Aozora Bank Ltd.*

    101,000      107

Asahi Breweries Ltd.

    53,200      976

Asahi Glass Co. Ltd.

    139,000      1,302

Asahi Kasei Corp.

    174,000      869

Asics Corp.

    22,000      197

Astellas Pharma, Inc.

    61,700      2,298

Bank of Kyoto (The) Ltd.

    42,000      339

Bank of Yokohama (The) Ltd.

    167,000      756

Benesse Holdings, Inc.

    10,300      431

Bridgestone Corp.

    84,100      1,474

Brother Industries Ltd.

    30,600      350

Canon Marketing Japan, Inc.

    9,100      134

Canon, Inc.

    146,100      6,176

Casio Computer Co. Ltd.

    33,100      263

Central Japan Railway Co.

    207      1,381

Chiba Bank (The) Ltd.

    104,000      621

Chiyoda Corp.

    21,746      165

Chubu Electric Power Co., Inc.

    90,300      2,152

Chugai Pharmaceutical Co. Ltd.

    30,855      575

Chugoku Bank (The) Ltd.

    24,000      296

Chugoku Electric Power (The) Co., Inc.

    38,200      728

Chuo Mitsui Trust Holdings, Inc.*

    124,000      414

Citizen Holdings Co. Ltd.

    39,600      225

Coca-Cola West Co. Ltd.

    7,700      135

Cosmo Oil Co. Ltd.

    79,000      165

Credit Saison Co. Ltd.

    21,700      243

Dai Nippon Printing Co. Ltd.

    77,000      971

Daicel Chemical Industries Ltd.

    37,000      216

Daido Steel Co. Ltd.

    40,000      148

Daihatsu Motor Co. Ltd.

    26,000      259

Daiichi Sankyo Co. Ltd.

    92,700      1,940

Daikin Industries Ltd.

    32,300      1,261

Dainippon Sumitomo Pharma Co. Ltd.

    22,500      235

Daito Trust Construction Co. Ltd.

    10,800      509

Daiwa House Industry Co. Ltd.

    70,000      749

Daiwa Securities Group, Inc.

    228,000      1,143

Dena Co. Ltd.

    36      212

Denki Kagaku Kogyo KK

    66,000      295

Denso Corp.

    67,000      2,008

Dentsu, Inc.

    22,918      527

Dowa Holdings Co. Ltd.

    36,000      200

East Japan Railway Co.

    46,422      2,929

Eisai Co. Ltd.

    34,700      1,272

Electric Power Development Co. Ltd.

    18,300      519

Elpida Memory, Inc.*

    24,400      398

FamilyMart Co. Ltd.

    8,100      239

Fanuc Ltd.

    26,100      2,427

Fast Retailing Co. Ltd.

    6,600      1,232

Fuji Electric Holdings Co. Ltd.*

    74,000      128

Fuji Heavy Industries Ltd.*

    81,000      393

Fuji Media Holdings, Inc.

    64      88

FUJIFILM Holdings Corp.

    63,800      1,906

Fujitsu Ltd.

    257,000      1,653

Fukuoka Financial Group, Inc.

    107,000      371

 

NORTHERN FUNDS QUARTERLY REPORT    5    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Japan - 20.3% continued

      

Furukawa Electric Co. Ltd.

    87,000    $ 362

GS Yuasa Corp.

    51,000      374

Gunma Bank (The) Ltd.

    53,000      269

Hachijuni Bank (The) Ltd.

    58,523      340

Hakuhodo DY Holdings, Inc.

    3,180      154

Hankyu Hanshin Holdings, Inc.

    157,800      701

Hino Motors Ltd.*

    36,000      125

Hirose Electric Co. Ltd.

    4,100      427

Hiroshima Bank (The) Ltd.

    68,000      261

Hisamitsu Pharmaceutical Co., Inc.

    9,200      297

Hitachi Chemical Co. Ltd.

    14,400      290

Hitachi Construction Machinery Co. Ltd.

    14,800      386

Hitachi High-Technologies Corp.

    9,500      187

Hitachi Ltd.*

    614,000      1,881

Hitachi Metals Ltd.

    23,000      219

Hokkaido Electric Power Co., Inc.

    25,100      455

Hokuhoku Financial Group, Inc.

    171,000      348

Hokuriku Electric Power Co.

    25,800      561

Honda Motor Co. Ltd.

    226,200      7,648

Hoya Corp.

    57,000      1,511

Ibiden Co. Ltd.

    17,700      630

Idemitsu Kosan Co. Ltd.

    3,100      180

IHI Corp.*

    183,000      290

INPEX Corp.

    114      856

Isetan Mitsukoshi Holdings Ltd.

    48,900      441

Isuzu Motors Ltd.*

    164,000      306

Ito En Ltd.

    8,500      127

Itochu Corp.

    207,000      1,522

Itochu Techno-Solutions Corp.

    4,000      107

Iyo Bank (The) Ltd.

    33,000      267

J Front Retailing Co. Ltd.

    66,200      292

Jafco Co. Ltd.

    4,300      103

Japan Airlines Corp.*

    125,000      90

Japan Petroleum Exploration Co.

    3,900      171

Japan Prime Realty Investment Corp.

    78      161

Japan Real Estate Investment Corp.

    67      492

Japan Retail Fund Investment Corp.

    48      215

Japan Steel Works (The) Ltd.

    46,000      578

Japan Tobacco, Inc.

    620      2,092

JFE Holdings, Inc.

    67,100      2,642

JGC Corp.

    29,000      534

Joyo Bank (The) Ltd.

    89,000      355

JS Group Corp.

    34,500      594

JSR Corp.

    24,700      501

JTEKT Corp.

    26,500      339

Jupiter Telecommunications Co. Ltd.

    335      332

Kajima Corp.

    117,000      235

Kamigumi Co. Ltd.

    36,000      262

Kaneka Corp.

    41,000      260

Kansai Electric Power (The) Co., Inc.

    104,200      2,349

Kansai Paint Co. Ltd.

    30,000      249

Kao Corp.

    74,400      1,737

Kawasaki Heavy Industries Ltd.

    195,000      492

Kawasaki Kisen Kaisha Ltd.*

    85,000      241

KDDI Corp.

    402      2,120

Keihin Electric Express Railway Co. Ltd.

    61,000      447

Keio Corp.

    79,000      476

Keisei Electric Railway Co. Ltd.

    37,000      202

Keyence Corp.

    5,660      1,167

Kikkoman Corp.

    23,000      281

Kinden Corp.

    18,000      152

Kintetsu Corp.

    223,000      738

Kirin Holdings Co. Ltd.

    115,000      1,833

Kobe Steel Ltd.*

    343,000      621

Koito Manufacturing Co. Ltd.

    13,814      220

Komatsu Ltd.

    129,500      2,700

Konami Corp.

    13,100      234

Konica Minolta Holdings, Inc.

    66,000      677

Kubota Corp.

    151,000      1,389

Kuraray Co. Ltd.

    47,500      556

Kurita Water Industries Ltd.

    15,500      484

Kyocera Corp.

    22,400      1,975

Kyowa Hakko Kirin Co. Ltd.

    36,000      379

Kyushu Electric Power Co., Inc.

    52,200      1,073

Lawson, Inc.

    8,900      392

Mabuchi Motor Co. Ltd.

    4,000      197

Makita Corp.

    15,400      524

Marubeni Corp.

    227,000      1,236

Marui Group Co. Ltd.*

    31,100      191

Maruichi Steel Tube Ltd.

    5,300      106

Matsui Securities Co. Ltd.

    16,800      117

Mazda Motor Corp.*

    203,000      464

McDonald’s Holdings Co. Japan Ltd.

    9,400      179

MEDIPAL HOLDINGS CORP.

    20,200      249

MEIJI Holdings Co. Ltd.*

    9,412      354

Minebea Co. Ltd.

    50,000      270

Mitsubishi Chemical Holdings Corp.

    166,000      699

Mitsubishi Corp.

    174,000      4,326

 

EQUITY INDEX FUNDS    6    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Japan - 20.3% continued

      

Mitsubishi Electric Corp.*

    266,000    $ 1,964

Mitsubishi Estate Co. Ltd.

    161,000      2,554

Mitsubishi Gas Chemical Co., Inc.

    53,000      266

Mitsubishi Heavy Industries Ltd.

    418,000      1,468

Mitsubishi Logistics Corp.

    16,000      187

Mitsubishi Materials Corp.*

    149,000      365

Mitsubishi Motors Corp.*

    496,000      683

Mitsubishi Rayon Co. Ltd.

    70,000      280

Mitsubishi Tanabe Pharma Corp.*

    31,000      385

Mitsubishi UFJ Financial Group, Inc.

    1,727,165      8,456

Mitsubishi UFJ Lease & Finance Co. Ltd.

    7,830      235

Mitsui & Co. Ltd.

    236,900      3,354

Mitsui Chemicals, Inc.

    109,000      280

Mitsui Engineering & Shipbuilding Co. Ltd.

    104,000      249

Mitsui Fudosan Co. Ltd.

    115,000      1,931

Mitsui Mining & Smelting Co. Ltd.*

    77,000      199

Mitsui O.S.K. Lines Ltd.

    158,000      829

Mitsui Sumitomo Insurance Group Holdings, Inc.

    58,000      1,472

Mitsumi Electric Co. Ltd.

    11,700      206

Mizuho Financial Group, Inc.

    1,870,918      3,348

Mizuho Securities Co. Ltd.

    79,000      236

Mizuho Trust & Banking Co. Ltd.*

    208,000      193

Murata Manufacturing Co. Ltd.

    29,500      1,457

Namco Bandai Holdings, Inc.

    27,600      263

NEC Corp.*

    347,000      894

NGK Insulators Ltd.

    35,000      762

NGK Spark Plug Co. Ltd.

    22,000      248

NHK Spring Co. Ltd.

    22,000      204

Nidec Corp.

    15,000      1,379

Nikon Corp.

    44,200      872

Nintendo Co. Ltd.

    13,500      3,200

Nippon Building Fund, Inc.

    71      538

Nippon Electric Glass Co. Ltd.

    47,500      648

Nippon Express Co. Ltd.

    117,000      479

Nippon Meat Packers, Inc.

    25,000      287

Nippon Mining Holdings, Inc.

    121,500      520

Nippon Oil Corp.

    171,000      792

Nippon Paper Group, Inc.

    12,758      326

Nippon Sheet Glass Co. Ltd.

    87,000      249

Nippon Steel Corp.

    697,000      2,818

Nippon Telegraph & Telephone Corp.

    70,952      2,791

Nippon Yusen Kabushiki Kaisha

    206,000      630

Nipponkoa Insurance Co. Ltd.

    90,000      509

Nishi-Nippon City Bank (The) Ltd.

    94,000      230

Nissan Chemical Industries Ltd.

    19,000      271

Nissan Motor Co. Ltd.*

    339,600      2,968

Nissay Dowa General Insurance Co. Ltd.

    24,000      114

Nissha Printing Co. Ltd.

    3,792      186

Nisshin Seifun Group, Inc.

    26,000      349

Nisshin Steel Co. Ltd.

    97,000      171

Nisshinbo Holdings, Inc.

    18,000      165

Nissin Foods Holdings Co. Ltd.

    9,600      313

Nitori Co. Ltd.

    5,150      383

Nitto Denko Corp.

    22,700      809

NOK Corp.

    15,600      215

Nomura Holdings, Inc.

    487,600      3,593

Nomura Real Estate Holdings, Inc.

    12,700      187

Nomura Real Estate Office Fund, Inc.

    38      206

Nomura Research Institute Ltd.

    13,900      272

NSK Ltd.

    64,000      470

NTN Corp.

    65,000      292

NTT Data Corp.

    174      537

NTT DoCoMo, Inc.

    2,104      2,931

NTT Urban Development Corp.

    155      103

Obayashi Corp.

    89,000      303

Obic Co. Ltd.

    950      155

Odakyu Electric Railway Co. Ltd.

    86,000      659

OJI Paper Co. Ltd.

    117,000      487

Olympus Corp.

    29,900      961

Omron Corp.

    28,000      499

Ono Pharmaceutical Co. Ltd.

    11,600      496

Oracle Corp. Japan

    5,300      220

Oriental Land Co. Ltd.

    6,900      453

ORIX Corp.

    14,420      981

Osaka Gas Co. Ltd.

    267,000      900

Otsuka Corp.

    2,100      104

Panasonic Corp.

    268,300      3,837

Panasonic Electric Works Co. Ltd.

    52,000      625

Rakuten, Inc.*

    992      754

Resona Holdings, Inc.

    66,610      673

Ricoh Co. Ltd.

    92,000      1,298

Rinnai Corp.

    5,200      250

Rohm Co. Ltd.

    13,500      877

Sankyo Co. Ltd.

    7,400      369

Santen Pharmaceutical Co. Ltd.

    10,200      326

Sanyo Electric Co. Ltd.*

    232,000      426

Sapporo Hokuyo Holdings, Inc.

    39,800      144

Sapporo Holdings Ltd.

    35,000      191

 

NORTHERN FUNDS QUARTERLY REPORT    7    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Japan - 20.3% continued

      

SBI Holdings, Inc.

    2,303    $ 409

Secom Co. Ltd.

    28,900      1,367

Sega Sammy Holdings, Inc.

    27,300      325

Seiko Epson Corp.

    19,200      308

Sekisui Chemical Co. Ltd.

    60,000      371

Sekisui House Ltd.

    74,000      664

Senshu Ikeda Holdings, Inc.*

    66,458      242

Seven & I Holdings Co. Ltd.

    106,100      2,153

Seven Bank Ltd.

    72      143

Sharp Corp.

    138,000      1,736

Shikoku Electric Power Co., Inc.

    24,500      632

Shimadzu Corp.

    34,000      225

Shimamura Co. Ltd.

    3,100      295

Shimano, Inc.

    9,200      368

Shimizu Corp.

    81,000      290

Shin-Etsu Chemical Co. Ltd.

    56,100      3,162

Shinko Electric Industries Co. Ltd.

    9,300      134

Shinsei Bank Ltd.*

    126,000      137

Shionogi & Co. Ltd.

    41,100      889

Shiseido Co. Ltd.

    48,000      920

Shizuoka Bank (The) Ltd.

    82,000      711

Showa Denko KK

    189,000      377

Showa Shell Sekiyu KK

    26,000      212

SMC Corp.

    7,400      836

Softbank Corp.

    103,400      2,417

Sojitz Corp.

    169,600      319

Sompo Japan Insurance, Inc.

    122,000      776

Sony Corp.

    137,400      3,983

Sony Financial Holdings, Inc.

    120      313

Square Enix Holdings Co. Ltd.

    8,500      178

Stanley Electric Co. Ltd.

    19,500      392

Sumco Corp.

    16,000      281

Sumitomo Chemical Co. Ltd.

    217,000      947

Sumitomo Corp.

    155,000      1,560

Sumitomo Electric Industries Ltd.

    103,900      1,288

Sumitomo Heavy Industries Ltd.*

    79,000      399

Sumitomo Metal Industries Ltd.

    463,000      1,234

Sumitomo Metal Mining Co. Ltd.

    72,000      1,061

Sumitomo Mitsui Financial Group, Inc.

    125,332      3,573

Sumitomo Realty & Development Co. Ltd.

    52,000      975

Sumitomo Rubber Industries Ltd.

    23,200      200

Sumitomo Trust & Banking (The) Co. Ltd.

    196,000      953

Suruga Bank Ltd.

    28,000      243

Suzuken Co. Ltd.

    9,700      318

Suzuki Motor Corp.

    48,600      1,193

Sysmex Corp.

    4,628      242

T&D Holdings, Inc.

    38,900      793

Taiheiyo Cement Corp.*

    119,000      135

Taisei Corp.

    136,000      233

Taisho Pharmaceutical Co. Ltd.

    17,000      291

Taiyo Nippon Sanso Corp.

    39,000      414

Takashimaya Co. Ltd.

    42,000      266

Takeda Pharmaceutical Co. Ltd.

    102,600      4,212

TDK Corp.

    16,100      982

Teijin Ltd.

    129,000      415

Terumo Corp.

    23,200      1,388

THK Co. Ltd.

    16,600      293

Tobu Railway Co. Ltd.

    112,000      584

Toho Co. Ltd.

    15,500      251

Toho Gas Co. Ltd.

    62,000      329

Tohoku Electric Power Co., Inc.

    58,800      1,162

Tokio Marine Holdings, Inc.

    99,700      2,706

Tokuyama Corp.

    39,000      217

Tokyo Electric Power (The) Co., Inc.

    166,900      4,183

Tokyo Electron Ltd.

    23,600      1,509

Tokyo Gas Co. Ltd.

    318,000      1,268

Tokyo Steel Manufacturing Co. Ltd.

    13,500      152

Tokyo Tatemono Co. Ltd.

    52,000      198

Tokyu Corp.

    156,000      621

Tokyu Land Corp.

    61,000      224

TonenGeneral Sekiyu KK

    39,000      325

Toppan Printing Co. Ltd.

    77,000      623

Toray Industries, Inc.

    183,000      986

Toshiba Corp.*

    550,000      3,033

Tosoh Corp.

    71,000      195

TOTO Ltd.

    35,000      221

Toyo Seikan Kaisha Ltd.

    20,800      315

Toyo Suisan Kaisha Ltd.

    12,000      275

Toyoda Gosei Co. Ltd.

    9,100      274

Toyota Boshoku Corp.

    9,300      207

Toyota Industries Corp.

    24,700      733

Toyota Motor Corp.

    401,900      16,886

Toyota Tsusho Corp.

    29,200      431

Trend Micro, Inc.*

    14,500      551

Tsumura & Co.

    8,300      267

Ube Industries Ltd.

    139,000      381

UniCharm Corp.

    5,700      534

UNY Co. Ltd.

    25,100      175

 

EQUITY INDEX FUNDS    8    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Japan - 20.3% continued

      

Ushio, Inc.

    15,400    $ 256

USS Co. Ltd.

    3,110      189

West Japan Railway Co.

    234      783

Yahoo! Japan Corp.

    1,999      598

Yakult Honsha Co. Ltd.

    13,300      400

Yamada Denki Co. Ltd.

    11,960      804

Yamaguchi Financial Group, Inc.

    29,000      268

Yamaha Corp.

    22,000      262

Yamaha Motor Co. Ltd.*

    29,500      370

Yamato Holdings Co. Ltd.

    53,500      740

Yamato Kogyo Co. Ltd.

    6,000      194

Yamazaki Baking Co. Ltd.

    17,000      201

Yaskawa Electric Corp.

    33,000      275

Yokogawa Electric Corp.

    31,700      277
           
        290,247
           

Macau - 0.0%

      

Sands China Ltd.*

    277,728      339
           

Netherlands - 4.4%

      

Aegon N.V.*

    215,270      1,372

Akzo Nobel N.V.

    31,491      2,076

ArcelorMittal

    117,523      5,330

ASML Holding N.V.

    58,769      1,999

Corio N.V.

    7,376      504

European Aeronautic Defence & Space Co. N.V.

    56,174      1,122

Fugro N.V. - CVA

    9,241      528

Heineken Holding N.V.

    15,232      638

Heineken N.V.

    33,783      1,601

ING Groep N.V. - CVA*

    498,127      4,815

James Hardie Industries N.V.*

    59,696      450

Koninklijke Ahold N.V.

    164,340      2,180

Koninklijke Boskalis Westminster N.V.

    8,834      340

Koninklijke DSM N.V.

    21,292      1,044

Koninklijke KPN N.V.

    228,477      3,875

Koninklijke Philips Electronics N.V.

    132,970      3,937

Koninklijke Vopak N.V.*

    4,340      343

Qiagen N.V.*

    31,275      699

Randstad Holding N.V.*

    14,041      694

Reed Elsevier N.V.

    99,733      1,224

Royal Dutch Shell PLC, Class A (London Exchange)

    486,200      14,680

Royal Dutch Shell PLC, Class B (London Exchange)

    369,534      10,768

SBM Offshore N.V.

    22,655      443

TNT N.V.

    51,161      1,566

Wolters Kluwer N.V.

    38,404      842
           
        63,070
           

New Zealand - 0.1%

      

Auckland International Airport Ltd.

    121,175      177

Contact Energy Ltd.*

    42,047      187

Fletcher Building Ltd.

    83,000      479

Sky City Entertainment Group Ltd.

    81,063      193

Telecom Corp. of New Zealand Ltd.

    254,198      460
           
        1,496
           

Norway - 0.8%

      

DnB NOR ASA*

    123,333      1,339

Norsk Hydro ASA*

    94,250      783

Orkla ASA

    106,450      1,039

Renewable Energy Corp. ASA*

    45,808      350

Seadrill Ltd.

    38,600      978

Statoil ASA

    153,552      3,830

Telenor ASA*

    114,400      1,604

Yara International ASA

    26,150      1,184
           
        11,107
           

Portugal - 0.3%

      

Banco Comercial Portugues

      

S.A., Class R

    320,466      385

Banco Espirito Santo S.A. (Registered)

    71,766      466

Brisa Auto-Estradas de Portugal S.A.

    24,997      255

Cimpor Cimentos de Portugal SGPS S.A.

    32,554      300

Energias de Portugal S.A.

    241,126      1,067

Galp Energia SGPS S.A., Class B

    21,201      365

Jeronimo Martins SGPS S.A.

    30,424      303

Portugal Telecom, SGPS, S.A. (Registered)

    80,346      977
           
        4,118
           

Singapore - 1.4%

      

Ascendas Real Estate Investment Trust

    207,213      324

CapitaLand Ltd.

    350,500      1,038

CapitaMall Trust

    306,600      389

CapitaMalls Asia Ltd.*

    187,718      339

City Developments Ltd.

    69,000      563

ComfortDelgro Corp. Ltd.

    260,000      302

Cosco Corp. Singapore Ltd.

    134,000      113

DBS Group Holdings Ltd.

    235,029      2,555

Fraser and Neave Ltd.

    134,563      400

Golden Agri-Resources Ltd.*

    874,787      315

Jardine Cycle & Carriage Ltd.

    15,576      297

 

NORTHERN FUNDS QUARTERLY REPORT    9    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Singapore - 1.4% continued

      

Keppel Corp. Ltd.

    176,000    $ 1,024

Neptune Orient Lines Ltd.

    125,750      146

Olam International Ltd.

    164,381      308

Oversea-Chinese Banking Corp. Ltd.

    351,307      2,261

SembCorp Industries Ltd.

    135,600      354

SembCorp Marine Ltd.

    114,400      298

Singapore Airlines Ltd.

    72,067      761

Singapore Exchange Ltd.

    118,000      696

Singapore Press Holdings Ltd.

    220,000      572

Singapore Technologies Engineering Ltd.

    187,000      430

Singapore Telecommunications Ltd.

    1,086,600      2,393

StarHub Ltd.

    86,000      131

United Overseas Bank Ltd.

    167,000      2,324

UOL Group Ltd.

    71,700      206

Wilmar International Ltd.

    176,000      799

Yangzijiang Shipbuilding Holdings Ltd.

    230,566      197
           
        19,535
           

Spain - 4.5%

      

Abertis Infraestructuras S.A.

    38,883      877

Acciona S.A.

    3,508      456

Acerinox S.A.

    19,312      399

ACS Actividades de Construccion y Servicios S.A.

    19,566      973

Banco Bilbao Vizcaya Argentaria S.A.

    487,911      8,838

Banco de Sabadell S.A.

    123,116      684

Banco de Valencia S.A.

    28,335      216

Banco Popular Espanol S.A.

    118,822      868

Banco Santander S.A.

    1,118,509      18,377

Bankinter S.A.*

    38,865      395

Criteria Caixacorp S.A.

    116,004      548

EDP Renovaveis S.A.*

    30,270      286

Enagas

    24,767      548

Ferrovial S.A.

    60,701      709

Fomento de Construcciones y Contratas S.A.

    5,366      225

Gamesa Corp. Tecnologica S.A.

    25,178      422

Gas Natural SDG S.A.

    30,912      665

Gestevision Telecinco S.A.

    13,701      200

Grifols S.A.

    17,654      308

Iberdrola Renovables S.A.

    116,840      557

Iberdrola S.A.

    503,125      4,789

Iberia Lineas Aereas de Espana*

    68,317      185

Inditex S.A.

    29,707      1,841

Indra Sistemas S.A.

    13,688      322

Mapfre S.A.*

    2,046      8

Mapfre S.A. (Continuous Exchange)

    99,123      414

Red Electrica Corp. S.A.

    14,586      808

Repsol YPF S.A.

    99,993      2,670

Sacyr Vallehermoso S.A.*

    12,497      142

Telefonica S.A.

    580,687      16,185

Zardoya Otis S.A.

    18,482      360
           
        64,275
           

Sweden - 2.5%

      

Alfa Laval AB

    46,610      642

Assa Abloy AB, Class B

    43,056      825

Atlas Copco AB, Class A

    92,534      1,352

Atlas Copco AB, Class B

    53,795      698

Electrolux AB, Class B*

    33,075      776

Getinge AB, Class B

    27,582      523

Hennes & Mauritz AB, Class B

    69,904      3,868

Holmen AB, Class B

    7,354      188

Husqvarna AB, Class B*

    56,083      414

Investor AB, Class B

    62,611      1,158

Lundin Petroleum AB*

    30,844      243

Millicom International Cellular S.A. SDR

    10,431      773

Nordea Bank AB

    441,888      4,477

Sandvik AB

    138,988      1,666

Scania AB, Class B

    44,076      565

Securitas AB, Class B

    43,181      421

Skandinaviska Enskilda Banken AB, Class A*

    208,894      1,284

Skanska AB, Class B

    55,049      937

SKF AB, Class B

    53,669      922

SSAB AB, Class A

    24,864      420

SSAB AB, Class B

    11,775      182

Svenska Cellulosa AB, Class B

    78,532      1,049

Svenska Handelsbanken AB, Class A

    67,241      1,923

Swedbank AB, Class A*

    83,842      834

Swedish Match AB

    34,617      757

Tele2 AB, Class B

    41,642      638

Telefonaktiebolaget LM Ericsson, Class B

    408,048      3,753

TeliaSonera AB

    306,130      2,210

Volvo AB, Class A

    60,686      514

Volvo AB, Class B

    149,827      1,277
           
        35,289
           

Switzerland - 7.8%

      

ABB Ltd-Reg*

    302,137      5,779

Actelion Ltd. (Registered)*

    13,814      738

 

EQUITY INDEX FUNDS    10    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

Switzerland - 7.8% continued

      

Adecco S.A. (Registered)

    16,949    $ 936

Aryzta A.G.

    6,887      257

Aryzta A.G. (Dublin Exchange)*

    4,329      160

Baloise Holding A.G. (Registered)

    6,898      574

BKW FMB Energie A.G.

    1,918      149

Compagnie Financiere Richemont S.A., Class A

    71,223      2,383

Credit Suisse Group A.G. (Registered)

    154,186      7,594

GAM Holdings Ltd.

    29,046      353

Geberit A.G. (Registered)

    5,256      931

Givaudan S.A. (Registered)

    1,056      840

Holcim Ltd. (Registered)*

    33,489      2,596

Julius Baer Group Ltd.

    28,479      995

Kuehne & Nagel International A.G. (Registered)

    7,461      722

Lindt & Spruengli A.G.

    120      258

Lindt & Spruengli A.G. (Registered)

    15      369

Logitech International S.A. (Registered)*

    25,170      433

Lonza Group A.G. (Registered)

    6,256      439

Nestle S.A. (Registered)

    475,688      23,111

Nobel Biocare Holding A.G. (Registered)

    17,065      571

Novartis A.G. (Registered)

    289,366      15,766

Pargesa Holding S.A. (Bearer)

    3,736      327

Roche Holding A.G. (Genusschein)

    96,348      16,391

Schindler Holding A.G. (Partcipation Certificate)

    6,740      517

Schindler Holding A.G. (Registered)

    3,021      229

SGS S.A. (Registered)

    756      984

Sonova Holding A.G. (Registered)*

    6,406      775

STMicroelectronics N.V.

    94,140      854

Straumann Holding A.G. (Registered)

    1,081      305

Swatch Group (The) A.G. (Bearer)

    4,254      1,071

Swatch Group (The) A.G. (Registered)

    6,021      288

Swiss Life Holding (Registered)*

    3,980      504

Swiss Reinsurance Co. Ltd. (Registered)

    47,608      2,281

Swisscom A.G. (Registered)

    3,218      1,227

Syngenta A.G. (Registered)

    12,934      3,624

UBS A.G. (Registered)*

    487,466      7,489

Xstrata PLC*

    260,866      4,595

Zurich Financial Services A.G.

    20,154      4,382
           
        111,797
           

United Kingdom - 18.8%

      

3i Group PLC

    133,490      603

Admiral Group PLC

    25,708      490

Amec PLC

    45,903      583

Anglo American PLC*

    180,370      7,806

Antofagasta PLC

    54,410      863

Associated British Foods PLC

    49,261      654

AstraZeneca PLC

    198,611      9,332

Autonomy Corp. PLC*

    29,729      725

Aviva PLC

    377,552      2,391

BAE Systems PLC

    483,250      2,785

Balfour Beatty PLC

    94,682      393

Barclays PLC

    1,563,964      6,892

BG Group PLC

    460,553      8,248

BHP Billiton PLC

    302,478      9,662

BP PLC

    2,571,302      24,868

British Airways PLC*

    81,075      242

British American Tobacco PLC

    273,579      8,875

British Land Co. PLC

    118,304      907

British Sky Broadcasting Group PLC

    157,152      1,416

BT Group PLC

    1,057,418      2,290

Bunzl PLC

    45,417      492

Burberry Group PLC

    59,803      573

Cable & Wireless PLC

    354,100      800

Cadbury PLC

    188,432      2,425

Cairn Energy PLC*

    189,690      1,011

Capita Group (The) PLC

    86,018      1,038

Carnival PLC*

    22,477      768

Carphone Warehouse Group PLC

    55,880      168

Centrica PLC

    703,020      3,175

Cobham PLC

    158,301      638

Compass Group PLC

    252,061      1,800

Diageo PLC

    342,284      5,969

Drax Group PLC

    50,369      337

Eurasian Natural Resources Corp.

    35,604      525

FirstGroup PLC

    66,485      454

Fresnillo PLC

    24,746      312

G4S PLC

    175,371      733

GlaxoSmithKline PLC

    712,122      15,085

Hammerson PLC

    95,904      651

Home Retail Group PLC

    121,106      552

HSBC Holdings PLC

    2,380,894      27,172

ICAP PLC

    72,261      501

Imperial Tobacco Group PLC

    139,065      4,383

Inmarsat PLC

    60,283      670

Intercontinental Hotels Group PLC

    35,596      509

International Power PLC

    209,852      1,038

 

NORTHERN FUNDS QUARTERLY REPORT    11    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 96.8% continued

      

United Kingdom - 18.8% continued

      

Invensys PLC

    111,404    $ 534

Investec PLC

    58,208      399

J. Sainsbury PLC

    165,525      861

Johnson Matthey PLC

    29,649      732

Kazakhmys PLC*

    29,532      618

Kingfisher PLC

    325,867      1,195

Land Securities Group PLC

    104,160      1,141

Legal & General Group PLC

    807,603      1,039

Liberty International PLC

    68,503      564

Lloyds Banking Group PLC*

    5,232,687      4,201

London Stock Exchange Group PLC

    20,581      238

Lonmin PLC*

    21,269      660

Man Group PLC

    235,761      1,160

Marks & Spencer Group PLC

    217,763      1,413

National Grid PLC

    336,300      3,676

Next PLC

    27,189      906

Old Mutual PLC*

    727,447      1,270

Pearson PLC

    110,219      1,584

Petrofac Ltd.

    28,633      477

Prudential PLC

    345,050      3,515

Randgold Resources Ltd.

    12,350      981

Reckitt Benckiser Group PLC

    83,590      4,529

Reed Elsevier PLC

    167,026      1,372

Rexam PLC

    120,810      564

Rio Tinto PLC

    187,933      10,129

Rolls-Royce Group PLC*

    252,564      1,971

Royal Bank of Scotland Group PLC*

    2,328,219      1,092

RSA Insurance Group PLC

    464,225      903

SABmiller PLC

    128,964      3,782

Sage Group (The) PLC

    181,413      644

Schroders PLC

    16,942      362

Scottish & Southern Energy PLC

    125,918      2,353

Segro PLC

    101,191      559

Serco Group PLC

    67,698      576

Severn Trent PLC

    32,599      569

Smith & Nephew PLC

    121,893      1,252

Smiths Group PLC

    53,732      879

Standard Chartered PLC

    275,323      6,895

Standard Life PLC

    305,116      1,059

Tesco PLC

    1,089,566      7,486

Thomas Cook Group PLC

    118,473      440

Tomkins PLC

    121,714      376

TUI Travel PLC

    77,457      319

Tullow Oil PLC

    110,662      2,308

Unilever PLC

    175,722      5,625

United Utilities Group PLC

    93,876      747

Vedanta Resources PLC

    18,832      778

Vodafone Group PLC

    7,220,911      16,722

Whitbread PLC

    24,207      544

WM Morrison Supermarkets PLC

    292,322      1,303

Wolseley PLC*

    39,144      783

WPP PLC

    170,561      1,665
           
        267,554
           

United States - 0.1%

      

Synthes, Inc.

    8,192      1,073
           

Total Common Stocks

(Cost $1,296,292) (1)

         1,381,533
           

PREFERRED STOCKS - 0.9%

      

Germany - 0.4%

      

Bayerische Motoren Werke A.G.

    7,249      238

Fresenius S.E.

    11,106      794

Henkel A.G. & Co. KGaA

    24,579      1,280

Porsche Automobil Holding S.E.

    12,065      758

RWE A.G.

    5,391      481

Volkswagen A.G.

    14,510      1,364
           
        4,915
           

Netherlands - 0.5%

      

Unilever N.V. - CVA

    223,136      7,271
           

Total Preferred Stocks

(Cost $9,388) (1)

         12,186
           

INVESTMENT COMPANIES - 1.0%

      

Northern Institutional Funds - Diversified Assets Portfolio (2) (3)

    14,871,911      14,872
           

Total Investment Companies

(Cost $14,872)

         14,872
           

 

EQUITY INDEX FUNDS    12    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

RIGHTS - 0.0%

      

Australia - 0.0%

      

Woodside Petroleum Ltd.*

    5,500    $ 25
           

Belgium - 0.0%

      

Fortis*

    274,692      —  
           

Total Rights

(Cost $ — )

         25
           
     NUMBER
OF WARRANTS		    VALUE
(000S)

WARRANTS - 0.0%

      

France - 0.0%

      

Fonciere Des Regions, Exp. 12/31/10, Strike 65.00 Euro*

    3,216    $ 3

Italy - 0.0%

      

Mediobanca S.p.A., Exp. 3/18/11, Strike 9.00 Euro*

    49,510      8

Japan - 0.0%

      

Dowa Holdings Co. Ltd., Exp. 1/29/10, Strike 1.00 Yen*

    29,000      8

Mauritius - 0.0%

      

Golden Agri-Resources Ltd., Exp. 7/23/12, Strike 0.54 Singapore Dollar*

    46,251      4

Total Warrants

(Cost $ — )

         23

Total Investments - 98.7%

(Cost $1,320,552)

         1,408,639
           

Other Assets less Liabilities - 1.3%

         18,046
           

NET ASSETS - 100.0%

       $ 1,426,685

 

(1) In accordance with the Fund’s prospectus, adjustment factors were provided by an independent evaluation service to determine the value of certain foreign securities.
(2) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(3) The Fund had approximately $14,872,000 of net Purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the International Equity Index Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

SPI 200 (Australian Dollar)

    33    $ 3,616    Long    3/10    $ 140

DJ Euro Stoxx 50 (Euro)

    350      14,912    Long    3/10      289

FTSE 100 Index (British Pound)

    93      8,054    Long    3/10      127

Hang Seng Index (Hong Kong Dollar)

    8      1,131    Long    1/10      21

TOPIX Index (Japanese Yen)

    82      7,964    Long    3/10      72
                            

Total

                $ 649
                            

At December 31, 2009, the International Equity Index Fund’s investments were denominated in the following currencies:

 

CONCENTRATION BY CURRENCY

    % OF LONG-TERM
INVESTMENTS		  

Euro

    33.4 % 

British Pound

    21.6   

Japanese Yen

    20.8   

Australian Dollar

    8.4   

Swiss Franc

    7.7   

All other currencies less than 5%

    8.1   
      

Total

    100.0 % 
      

At December 31, 2009, the industry sectors for the International Equity Index Fund were:

 

INDUSTRY SECTOR

    % OF LONG-TERM
INVESTMENTS		  

Consumer Discretionary

    9.7 % 

Consumer Staples

    10.1   

Energy

    8.4   

Financials

    25.3   

Health Care

    8.4   

Industrials

    11.2   

Information Technology

    4.8   

Materials

    10.4   

Telecommunication Services

    5.8   

Utilities

    5.9   
      

Total

    100.0 % 
      

 

NORTHERN FUNDS QUARTERLY REPORT    13    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

INTERNATIONAL EQUITY INDEX FUND continued

 

At December 31, 2009, the International Equity Index Fund had outstanding forward foreign currency exchange contracts as follows:

 

CONTRACTS TO DELIVER CURRENCY

    AMOUNT
(LOCAL
CURRENCY)
(000S)		   

IN EXCHANGE
FOR CURRENCY

    AMOUNT
(LOCAL
CURRENCY)
(000S)		    SETTLEMENT
DATE		    UNREALIZED
GAIN/(LOSS)
(000S)		  

Swedish

               

Kronor

    3,953    U.S. Dollar    550    1/4/10    $ (3 ) 

Danish Kroner

    2,290    U.S. Dollar    440    1/5/10      (1 ) 

U.S. Dollar

    4,623    Australian Dollar    5,089    3/17/10      (88 ) 

U.S. Dollar

    750    Australian Dollar    831    3/17/10      (10 ) 

U.S. Dollar

    575    Australian Dollar    644    3/17/10      (2 ) 

U.S. Dollar

    2,200    Australian Dollar    2,528    3/17/10      52   

U.S. Dollar

    3,300    British Pound    2,026    3/17/10      (28 ) 

U.S. Dollar

    5,971    British Pound    3,675    3/17/10      (38 ) 

U.S. Dollar

    400    British Pound    246    3/17/10      (3 ) 

U.S. Dollar

    2,045    British Pound    1,261    3/17/10      (9 ) 

U.S. Dollar

    945    British Pound    577    3/17/10      (13 ) 

U.S. Dollar

    500    British Pound    309    3/17/10      (1 ) 

U.S. Dollar

    5,500    British Pound    3,452    3/17/10      73   

U.S. Dollar

    3,500    Euro    2,372    3/17/10      (100 ) 

U.S. Dollar

    1,230    Euro    837    3/17/10      (31 ) 

U.S. Dollar

    15,523    Euro    10,525    3/17/10      (438 ) 

U.S. Dollar

    821    Euro    557    3/17/10      (23 ) 

U.S. Dollar

    1,900    Euro    1,300    3/17/10      (36 ) 

U.S. Dollar

    800    Euro    546    3/17/10      (17 ) 

U.S. Dollar

    535    Euro    367    3/17/10      (9 ) 

U.S. Dollar

    800    Euro    558    3/17/10      (1 ) 

U.S. Dollar

    9,700    Euro    6,798    3/17/10      44   

U.S. Dollar

    435    Hong Kong Dollar    3,369    3/17/10      —     

U.S. Dollar

    1,996    Hong Kong Dollar    15,461    3/17/10      (1 ) 

U.S. Dollar

    13,403    Japanese Yen    1,182,772    3/17/10      (698 ) 

U.S. Dollar

    1,650    Japanese Yen    147,960    3/17/10      (61 ) 

U.S. Dollar

    550    Japanese Yen    48,670    3/17/10      (27 ) 

U.S. Dollar

    1,030    Japanese Yen    92,129    3/17/10      (40 ) 

U.S. Dollar

    500    Japanese Yen    45,142    3/17/10      (15 ) 

U.S. Dollar

    4,500    Japanese Yen    412,470    3/17/10      (69 ) 

U.S. Dollar

    3,217    Swiss Franc    3,290    3/17/10      (34 ) 

U.S. Dollar

    880    Swiss Franc    911    3/17/10      1   

U.S. Dollar

    530    Swiss Franc    549    3/17/10      1   

Australian Dollar

    7,406    U.S. Dollar    6,500    3/17/10      (99 ) 

Australian Dollar

    617    U.S. Dollar    550    3/17/10      —     

British Pound

    3,446    U.S. Dollar    5,500    3/17/10      (63 ) 

British Pound

    3,754    U.S. Dollar    6,000    3/17/10      (61 ) 

British Pound

    2,611    U.S. Dollar    4,150    3/17/10      (66 ) 

British Pound

    403    U.S. Dollar    650    3/17/10      —     

Euro

    6,808    U.S. Dollar    9,700    3/17/10      (59 ) 

Euro

    8,189    U.S. Dollar    11,802    3/17/10      63   

Euro

    4,490    U.S. Dollar    6,420    3/17/10      (15 ) 

Euro

    1,607    U.S. Dollar    2,300    3/17/10      (3 ) 

Hong Kong Dollar

    5,271    U.S. Dollar    680    3/17/10      —     

Hong Kong Dollar

    11,007    U.S. Dollar    1,420    3/17/10      —     

Hong Kong Dollar

    1,085    U.S. Dollar    140    3/17/10      —     

Japanese Yen

    44,819    U.S. Dollar    500    3/17/10      18   

Japanese Yen

    1,049,542    U.S. Dollar    11,455    3/17/10      181   

Japanese Yen

    388,279    U.S. Dollar    4,200    3/17/10      29   

Japanese Yen

    116,310    U.S. Dollar    1,250    3/17/10      1   

Swiss Franc

    2,582    U.S. Dollar    2,500    3/17/10      3   

Swiss Franc

    1,455    U.S. Dollar    1,400    3/17/10      (7 ) 
                            

Total

                $ (1,703 ) 
                            

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 1,320,552   
        

Gross tax appreciation of investments

    $ 207,983   

Gross tax depreciation of investments

      (119,896 ) 
        

Net tax appreciation of investments

    $ 88,087   
        

 

EQUITY INDEX FUNDS    14    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (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 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, and/or securities indices)

Level 3 - Valuation based on inputs that are unobservable and significant. The Fund utilized the following valuation techniques on level 3 investments: The Fund valued certain securities using a quote from a third party provider.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities or other financial instruments, if any. Following is a summary of the inputs used in valuing the International Equity Index Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stock

          

Consumer Discretionary

    $ —      $ 133,011      $ —        $ 133,011   

Consumer Staples

      —        139,165        —          139,165   

Energy

      —        116,437        —          116,437   

Financials

      —        353,765        —          353,765   

Health Care

      —        116,514        —          116,514   

Industrials

      144      156,452        —          156,596   

Information Technology

      —        66,644        —          66,644   

Materials

      —        144,255        —          144,255   

Telecommunication Services

      —        81,153        —          81,153   

Utilities

      —        81,264        —          81,264   

Preferred Stocks

      —        4,915 (1)      —          4,915   

Investment Companies

      14,872      —          —          14,872   

Rights

      —        —          25 (1)      25   

Warrants

          

Consumer Staples

      4      —          —          4   

Financials

      11      —          —          11   

Materials

      —        —          8        8   
                               

Total Investments

    $ 15,031    $ 1,393,575      $ 33      $ 1,408,639   
                               

Other Financial Instruments*

    $ 649    $ (1,703 )    $ —        $ (1,054 ) 
                               

 

(1) Classifications as defined in the Schedule of Investments.
* Other financial instruments include futures and forwards, if applicable.

 

NORTHERN FUNDS QUARTERLY REPORT    15    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

 

INTERNATIONAL EQUITY INDEX FUND continued    DECEMBER 31, 2009 (UNAUDITED)

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

     BALANCE
AS OF 3/31/09
(000S)		    NET
REALIZED
GAIN(LOSS)
(000S)		    NET
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)		    NET
PURCHASES
(SALES)
(000S)		    NET
TRANSFERS IN
AND/OR OUT
OF LEVEL 3
(000S)		    BALANCE
AS OF 12/31/09
(000S)

Rights

    $ 18    $ —      $ 7    $ —      $ —      $ 25

Warrants

      5      —        3      —        —        8
                                         

Total

    $ 23    $ —      $ 10    $ —      $ —      $ 33
                                         

The amount of change in total unrealized gain on investments in Level 3 securities still held at December 31, 2009 was approximately $28,000.

 

EQUITY INDEX FUNDS    16    NORTHERN FUNDS QUARTERLY REPORT

   SCHEDULE OF INVESTMENTS

 

MID CAP INDEX FUND

   

 

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2%

      

Advertising - 0.2%

      

Harte-Hanks, Inc.

    12,170    $ 131

Lamar Advertising Co., Class A*

    16,123      501
           
        632
           

Aerospace/Defense - 0.6%

      

Alliant Techsystems, Inc.*

    10,139      895

BE Aerospace, Inc.*

    30,705      722
           
        1,617
           

Agriculture - 0.1%

      

Universal Corp.

    7,672      350
           

Airlines - 0.3%

      

Airtran Holdings, Inc.*

    40,146      210

Alaska Air Group, Inc.*

    10,948      378

JetBlue Airways Corp.*

    62,141      339
           
        927
           

Apparel - 0.7%

      

Hanesbrands, Inc.*

    28,913      697

Timberland (The) Co., Class A*

    13,861      249

Under Armour, Inc., Class A*

    11,626      317

Warnaco Group (The), Inc.*

    14,054      593
           
        1,856
           

Auto Manufacturers - 0.4%

      

Oshkosh Corp.

    27,233      1,008
           

Auto Parts & Equipment - 0.4%

      

BorgWarner, Inc.

    35,565      1,181
           

Banks - 3.2%

      

Associated Banc-Corp

    38,615      425

BancorpSouth, Inc.

    22,627      531

Bank of Hawaii Corp.

    14,792      696

Cathay General Bancorp

    18,261      138

City National Corp.

    13,374      610

Commerce Bancshares, Inc.

    22,457      870

Cullen/Frost Bankers, Inc.

    18,458      923

FirstMerit Corp.

    25,993      523

Fulton Financial Corp.

    53,320      465

International Bancshares Corp.

    16,187      306

PacWest Bancorp

    8,815      178

SVB Financial Group*

    12,412      517

Synovus Financial Corp.

    148,636      305

TCF Financial Corp.

    33,883      461

Trustmark Corp.

    17,372      392

Valley National Bancorp

    44,836      633

Webster Financial Corp.

    20,128      239

Westamerica Bancorporation

    9,040      501

Wilmington Trust Corp.

    21,420      264
           
        8,977
           

Beverages - 0.8%

      

Green Mountain Coffee Roasters, Inc.*

    10,608      864

Hansen Natural Corp.*

    21,666      832

PepsiAmericas, Inc.

    17,336      507
           
        2,203
           

Biotechnology - 1.8%

      

Bio-Rad Laboratories, Inc., Class A*

    5,947      574

Charles River Laboratories International, Inc.*

    20,000      674

OSI Pharmaceuticals, Inc.*

    17,928      556

United Therapeutics Corp.*

    14,577      767

Vertex Pharmaceuticals, Inc.*

    58,854      2,522
           
        5,093
           

Building Materials - 0.7%

      

Lennox International, Inc.

    15,017      586

Louisiana-Pacific Corp.*

    36,926      258

Martin Marietta Materials, Inc.

    13,724      1,227
           
        2,071
           

Chemicals - 2.9%

      

Albemarle Corp.

    28,207      1,026

Ashland, Inc.

    22,797      903

Cabot Corp.

    20,203      530

Cytec Industries, Inc.

    15,025      547

Lubrizol Corp.

    20,966      1,530

Minerals Technologies, Inc.

    5,715      311

Olin Corp.

    23,732      416

RPM International, Inc.

    39,258      798

Sensient Technologies Corp.

    15,180      399

Terra Industries, Inc.

    30,396      978

Valspar Corp.

    31,048      843
           
        8,281
           

Coal - 0.5%

      

Arch Coal, Inc.

    49,470      1,101

Patriot Coal Corp.*

    22,899      354
           
        1,455
           

Commercial Services - 6.1%

      

Aaron’s, Inc.

    16,805      466

Alliance Data Systems Corp.*

    15,914      1,028

Brink’s Home Security Holdings, Inc.*

    14,184      463

 

NORTHERN FUNDS QUARTERLY REPORT    1    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

MID CAP INDEX FUND continued

 

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2% continued

      

Commercial Services - 6.1% continued

      

Career Education Corp.*

    21,260    $ 496

Convergys Corp.*

    37,124      399

Corinthian Colleges, Inc.*

    26,418      364

Corporate Executive Board (The) Co.

    10,696      244

Corrections Corp. of America*

    35,560      873

Deluxe Corp.

    15,366      227

FTI Consulting, Inc.*

    15,743      742

Gartner, Inc.*

    18,623      336

Global Payments, Inc.

    24,905      1,341

Hewitt Associates, Inc., Class A*

    25,593      1,082

ITT Educational Services, Inc.*

    9,442      906

Korn/Ferry International*

    14,322      236

Lender Processing Services, Inc.

    29,451      1,198

Manpower, Inc.

    23,918      1,306

MPS Group, Inc.*

    28,120      386

Navigant Consulting, Inc.*

    15,549      231

Pharmaceutical Product Development, Inc.

    35,917      842

Rent-A-Center, Inc.*

    20,523      364

Rollins, Inc.

    13,621      263

SEI Investments Co.

    39,341      689

Service Corp. International

    76,849      629

Sotheby’s

    20,241      455

Strayer Education, Inc.

    4,312      916

TravelCenters of America LLC - (Fractional Shares) (1)*

    80,000      —  

United Rentals, Inc.*

    17,958      176

Watson Wyatt Worldwide, Inc., Class A*

    13,169      626
           
        17,284
           

Computers - 1.9%

      

Cadence Design Systems, Inc.*

    81,343      487

Diebold, Inc.

    20,538      584

DST Systems, Inc.*

    12,148      529

Jack Henry & Associates, Inc.

    26,151      605

Mentor Graphics Corp.*

    31,021      274

Micros Systems, Inc.*

    24,561      762

NCR Corp.*

    48,234      537

Palm, Inc.*

    50,136      503

SRA International, Inc., Class A*

    13,484      258

Synopsys, Inc.*

    44,347      988
           
        5,527
           

Cosmetics/Personal Care - 0.3%

      

Alberto-Culver Co.

    26,318      771
           

Distribution/Wholesale - 1.2%

      

Fossil, Inc.*

    14,868      499

Ingram Micro, Inc., Class A*

    49,768      868

LKQ Corp.*

    43,555      853

Owens & Minor, Inc.

    12,943      556

Tech Data Corp.*

    15,690      732
           
        3,508
           

Diversified Financial Services - 1.7%

      

Affiliated Managers Group, Inc.*

    12,954      872

AmeriCredit Corp.*

    29,110      554

Eaton Vance Corp.

    36,132      1,099

Jefferies Group, Inc.*

    36,323      862

Raymond James Financial, Inc.

    30,447      724

Waddell & Reed Financial, Inc., Class A

    26,293      803
           
        4,914
           

Electric - 3.7%

      

Alliant Energy Corp.

    34,029      1,030

Black Hills Corp.

    12,145      323

Cleco Corp.

    18,714      511

DPL, Inc.

    36,468      1,007

Dynegy, Inc., Class A*

    151,471      274

Great Plains Energy, Inc.

    41,141      798

Hawaiian Electric Industries, Inc.

    28,439      594

IDACORP, Inc.

    14,736      471

MDU Resources Group, Inc.

    57,697      1,362

NSTAR

    32,841      1,209

NV Energy, Inc.

    71,405      884

OGE Energy Corp.

    29,773      1,098

PNM Resources, Inc.

    26,087      330

Westar Energy, Inc.

    33,620      730
           
        10,621
           

Electrical Components & Equipment - 1.2%

      

AMETEK, Inc.

    33,145      1,267

Energizer Holdings, Inc.*

    21,267      1,303

Hubbell, Inc., Class B

    17,964      850
           
        3,420
           

Electronics - 3.0%

      

Arrow Electronics, Inc.*

    36,469      1,080

Avnet, Inc.*

    46,121      1,391

Gentex Corp.

    41,884      748

Itron, Inc.*

    12,363      835

Mettler-Toledo International, Inc.*

    10,382      1,090

National Instruments Corp.

    17,551      517

Thomas & Betts Corp.*

    16,176      579

 

EQUITY INDEX FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2% continued

      

Electronics - 3.0% continued

      

Trimble Navigation Ltd.*

    36,622    $ 923

Varian, Inc.*

    8,953      461

Vishay Intertechnology, Inc.*

    56,447      471

Woodward Governor Co.

    17,374      448
           
        8,543
           

Engineering & Construction - 1.4%

      

Aecom Technology Corp.*

    34,267      942

Granite Construction, Inc.

    10,313      347

KBR, Inc.

    48,786      927

Shaw Group (The), Inc.*

    25,432      731

URS Corp.*

    25,806      1,149
           
        4,096
           

Entertainment - 0.5%

      

DreamWorks Animation SKG, Inc., Class A*

    23,234      928

International Speedway Corp., Class A

    9,626      274

Scientific Games Corp., Class A*

    19,496      284
           
        1,486
           

Environmental Control - 0.5%

      

Clean Harbors, Inc.*

    7,074      422

Mine Safety Appliances Co.

    9,419      250

Waste Connections, Inc.*

    24,244      808
           
        1,480
           

Food - 1.3%

      

Corn Products International, Inc.

    23,097      675

Flowers Foods, Inc.

    23,888      568

Lancaster Colony Corp.

    6,062      301

Ralcorp Holdings, Inc.*

    17,263      1,031

Ruddick Corp.

    12,707      327

Smithfield Foods, Inc.*

    42,771      650

Tootsie Roll Industries, Inc.

    8,078      221
           
        3,773
           

Forest Products & Paper - 0.5%

      

Potlatch Corp.

    12,344      394

Rayonier, Inc.

    24,194      1,020
           
        1,414
           

Gas - 2.4%

      

AGL Resources, Inc.

    23,837      869

Atmos Energy Corp.

    28,528      839

Energen Corp.

    22,074      1,033

National Fuel Gas Co.

    24,766      1,238

Southern Union Co.

    38,216      868

UGI Corp.

    33,508      811

Vectren Corp.

    25,054      618

WGL Holdings, Inc.

    15,508      520
           
        6,796
           

Hand/Machine Tools - 0.7%

      

Kennametal, Inc.

    25,120      651

Lincoln Electric Holdings, Inc.

    13,118      701

Regal-Beloit Corp.

    11,334      589
           
        1,941
           

Healthcare - Products - 4.3%

      

Affymetrix, Inc.*

    20,763      121

Beckman Coulter, Inc.

    21,301      1,394

Edwards Lifesciences Corp.*

    17,376      1,509

Gen-Probe, Inc.*

    15,147      650

Henry Schein, Inc.*

    27,591      1,451

Hill-Rom Holdings, Inc.

    19,416      466

Hologic, Inc.*

    78,570      1,139

IDEXX Laboratories, Inc.*

    18,036      964

Immucor, Inc.*

    21,733      440

Kinetic Concepts, Inc.*

    19,108      720

Masimo Corp.*

    16,091      490

ResMed, Inc.*

    23,041      1,204

STERIS Corp.

    17,775      497

Techne Corp.

    11,480      787

Thoratec Corp.*

    17,209      463
           
        12,295
           

Healthcare - Services - 2.3%

      

Community Health Systems, Inc.*

    28,292      1,007

Covance, Inc.*

    19,700      1,075

Health Management Associates, Inc., Class A*

    75,264      547

Health Net, Inc.*

    31,583      735

Kindred Healthcare, Inc.*

    11,955      221

LifePoint Hospitals, Inc.*

    16,876      549

Lincare Holdings, Inc.*

    20,708      769

Psychiatric Solutions, Inc.*

    16,967      359

Universal Health Services, Inc., Class B

    29,945      913

WellCare Health Plans, Inc.*

    13,100      481
           
        6,656
           

Home Builders - 1.2%

      

KB Home

    22,242      304

MDC Holdings, Inc.

    11,682      363

NVR, Inc.*

    1,825      1,297

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

MID CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2% continued

      

Home Builders - 1.2% continued

      

Ryland Group, Inc.

    13,117    $ 258

Thor Industries, Inc.

    11,048      347

Toll Brothers, Inc.*

    41,673      784
           
        3,353
           

Household Products/Wares - 1.1%

      

American Greetings Corp., Class A

    12,323      268

Church & Dwight Co., Inc.

    21,620      1,307

Scotts Miracle-Gro (The) Co., Class A

    13,903      547

Tupperware Brands Corp.

    19,343      901
           
        3,023
           

Insurance - 4.2%

      

American Financial Group, Inc.

    24,521      612

Arthur J. Gallagher & Co.

    31,396      707

Brown & Brown, Inc.

    36,385      654

Everest Re Group Ltd.

    18,540      1,589

Fidelity National Financial, Inc., Class A

    70,128      944

First American Corp.

    30,932      1,024

Hanover Insurance Group (The), Inc.

    15,435      686

HCC Insurance Holdings, Inc.

    34,626      969

Horace Mann Educators Corp.

    12,194      152

Mercury General Corp.

    11,035      433

Old Republic International Corp.

    73,136      734

Protective Life Corp.

    25,876      428

Reinsurance Group of America, Inc.

    22,396      1,067

StanCorp Financial Group, Inc.

    15,175      607

Unitrin, Inc.

    15,511      342

W.R. Berkley Corp.

    41,109      1,013
           
        11,961
           

Internet - 1.6%

      

AOL, Inc.*

    34,199      796

Digital River, Inc.*

    11,620      314

Equinix, Inc.*

    11,982      1,272

F5 Networks, Inc.*

    24,157      1,280

NetFlix, Inc.*

    13,114      723

ValueClick, Inc.*

    25,641      259
           
        4,644
           

Investment Companies - 0.2%

      

Apollo Investment Corp.

    52,766      503
           

Iron/Steel - 0.8%

      

Carpenter Technology Corp.

    13,616      367

Reliance Steel & Aluminum Co.

    19,461      841

Steel Dynamics, Inc.

    65,691      1,164
           
        2,372
           

Leisure Time - 0.3%

      

Life Time Fitness, Inc.*

    12,876      321

WMS Industries, Inc.*

    16,034      641
           
        962
           

Lodging - 0.1%

      

Boyd Gaming Corp.*

    17,516      147
           

Machinery - Construction & Mining - 1.3%

      

Bucyrus International, Inc.

    22,896      1,291

Joy Global, Inc.

    31,220      1,610

Terex Corp.*

    32,806      650
           
        3,551
           

Machinery - Diversified - 1.4%

      

AGCO Corp.*

    28,122      909

Graco, Inc.

    18,508      529

IDEX Corp.

    24,907      776

Nordson Corp.

    10,375      635

Wabtec Corp.

    14,697      600

Zebra Technologies Corp., Class A*

    18,196      516
           
        3,965
           

Media - 0.6%

      

FactSet Research Systems, Inc.

    12,966      854

John Wiley & Sons, Inc., Class A

    13,217      553

Scholastic Corp.

    7,800      233
           
        1,640
           

Metal Fabrication/Hardware - 0.7%

      

Commercial Metals Co.

    34,158      535

Timken (The) Co.

    24,526      581

Valmont Industries, Inc.

    6,178      485

Worthington Industries, Inc.

    18,195      238
           
        1,839
           

Miscellaneous Manufacturing - 2.6%

      

Aptargroup, Inc.

    20,828      744

Brink’s (The) Co.

    14,520      353

Carlisle Cos., Inc.

    18,911      648

Crane Co.

    14,493      444

Donaldson Co., Inc.

    23,778      1,012

Federal Signal Corp.

    15,832      95

Harsco Corp.

    24,750      798

Matthews International Corp., Class A

    9,441      334

 

EQUITY INDEX FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2% continued

      

Miscellaneous Manufacturing - 2.6% continued

      

Pentair, Inc.

    30,261    $ 977

SPX Corp.

    15,184      831

Teleflex, Inc.

    12,260      661

Trinity Industries, Inc.

    23,981      418
           
        7,315
           

Office Furnishings - 0.2%

      

Herman Miller, Inc.

    17,430      279

HNI Corp.

    13,980      386
           
        665
           

Oil & Gas - 4.6%

      

Atwood Oceanics, Inc.*

    17,159      615

Bill Barrett Corp.*

    12,007      374

Cimarex Energy Co.

    25,456      1,348

Comstock Resources, Inc.*

    14,392      584

Encore Acquisition Co.*

    16,887      811

Forest Oil Corp.*

    34,120      759

Frontier Oil Corp.

    31,546      380

Helmerich & Payne, Inc.

    32,173      1,283

Mariner Energy, Inc.*

    30,675      356

Newfield Exploration Co.*

    40,553      1,956

Patterson-UTI Energy, Inc.

    46,671      716

Plains Exploration & Production Co.*

    42,437      1,174

Pride International, Inc.*

    53,253      1,699

Quicksilver Resources, Inc.*

    35,873      539

Unit Corp.*

    12,489      531
           
        13,125
           

Oil & Gas Services - 0.8%

      

Exterran Holdings, Inc.*

    18,882      405

Helix Energy Solutions Group, Inc.*

    27,635      325

Oceaneering International, Inc.*

    16,891      988

Superior Energy Services, Inc.*

    24,169      587
           
        2,305
           

Packaging & Containers - 1.2%

      

Greif, Inc., Class A

    10,594      572

Packaging Corp. of America

    31,283      720

Silgan Holdings, Inc.

    8,192      474

Sonoco Products Co.

    30,792      901

Temple-Inland, Inc.

    32,465      685
           
        3,352
           

Pharmaceuticals - 1.8%

      

Endo Pharmaceuticals Holdings, Inc.*

    35,618      731

Medicis Pharmaceutical Corp., Class A

    17,996      487

NBTY, Inc.*

    18,815      819

Omnicare, Inc.

    36,304      878

Perrigo Co.

    24,764      987

Valeant Pharmaceuticals International*

    20,832      662

VCA Antech, Inc.*

    26,378      657
           
        5,221
           

Pipelines - 0.5%

      

Oneok, Inc.

    32,410      1,444
           

Real Estate - 0.3%

      

Jones Lang LaSalle, Inc.

    12,895      779
           

Real Estate Investment Trusts-6.6%

      

Alexandria Real Estate Equities, Inc.

    13,609      875

AMB Property Corp.

    44,573      1,139

BRE Properties, Inc.

    16,827      557

Camden Property Trust

    19,506      826

Corporate Office Properties Trust

    17,908      656

Cousins Properties, Inc.

    30,685      234

Duke Realty Corp.

    68,102      829

Equity One, Inc.

    10,388      168

Essex Property Trust, Inc.

    8,910      745

Federal Realty Investment Trust

    18,645      1,263

Highwoods Properties, Inc.

    21,591      720

Hospitality Properties Trust

    37,519      890

Liberty Property Trust

    34,302      1,098

Macerich (The) Co.

    29,889      1,074

Mack-Cali Realty Corp.

    23,916      827

Nationwide Health Properties, Inc.

    34,196      1,203

Omega Healthcare Investors, Inc.

    25,757      501

Realty Income Corp.

    31,715      822

Regency Centers Corp.

    24,423      856

Senior Housing Properties Trust

    38,735      847

SL Green Realty Corp.

    23,532      1,182

UDR, Inc.

    46,426      763

Weingarten Realty Investors

    31,619      626
           
        18,701
           

Retail - 7.0%

      

99 Cents Only Stores*

    13,634      178

Advance Auto Parts, Inc.

    28,832      1,167

Aeropostale, Inc.*

    20,054      683

American Eagle Outfitters, Inc.

    63,269      1,074

AnnTaylor Stores Corp.*

    17,628      241

Barnes & Noble, Inc.

    11,716      223

BJ’s Wholesale Club, Inc.*

    16,878      552

 

NORTHERN FUNDS QUARTERLY REPORT    5    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

MID CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2% continued

      

Retail - 7.0% continued

      

Bob Evans Farms, Inc.

    9,570    $ 277

Brinker International, Inc.

    30,988      462

Carmax, Inc.*

    67,651      1,641

Cheesecake Factory (The), Inc.*

    18,176      392

Chico’s FAS, Inc.*

    54,086      760

Chipotle Mexican Grill, Inc.,*

    9,762      861

Coldwater Creek, Inc.*

    16,588      74

Collective Brands, Inc.*

    19,385      441

Copart, Inc.*

    20,734      760

Dick’s Sporting Goods, Inc.*

    27,122      675

Dollar Tree, Inc.*

    26,904      1,300

Foot Locker, Inc.

    47,338      527

Guess?, Inc.

    17,643      746

J. Crew Group, Inc.*

    17,009      761

MSC Industrial Direct Co., Class A

    13,571      638

Panera Bread Co., Class A*

    9,732      652

PetSmart, Inc.

    37,624      1,004

Phillips-Van Heusen Corp.

    15,942      649

Regis Corp.

    17,815      277

Saks, Inc.*

    49,561      325

Urban Outfitters, Inc.*

    39,506      1,382

Wendy’s/Arby’s Group, Inc., Class A

    109,268      513

Williams-Sonoma, Inc.

    32,113      667
           
        19,902
           

Savings & Loans - 1.4%

      

Astoria Financial Corp.

    24,473      304

First Niagara Financial Group, Inc.

    57,194      796

New York Community Bancorp, Inc.

    126,896      1,841

NewAlliance Bancshares, Inc.

    32,005      385

Washington Federal, Inc.

    34,085      659
           
        3,985
           

Semiconductors - 2.7%

      

Atmel Corp.*

    137,613      635

Cree, Inc.*

    31,618      1,782

Fairchild Semiconductor International, Inc.*

    37,371      373

Integrated Device Technology, Inc.*

    49,917      323

International Rectifier Corp.*

    22,073      488

Intersil Corp., Class A

    37,172      570

Lam Research Corp.*

    38,811      1,522

Rovi Corp.*

    31,366      1,000

Semtech Corp.*

    19,194      327

Silicon Laboratories, Inc.*

    14,116      682
           
        7,702
           

Software - 3.4%

      

ACI Worldwide, Inc.*

    10,626      182

Acxiom Corp.*

    24,483      328

Advent Software, Inc.*

    4,936      201

ANSYS, Inc.*

    27,281      1,186

Broadridge Financial Solutions, Inc.

    42,119      950

Cerner Corp.*

    20,804      1,715

Fair Isaac Corp.

    15,013      320

Informatica Corp.*

    27,150      702

Mantech International Corp., Class A*

    6,702      324

MSCI, Inc., Class A*

    31,463      1,000

Parametric Technology Corp.*

    35,738      584

Quest Software, Inc.*

    18,957      349

Solera Holdings, Inc.

    21,459      773

Sybase, Inc.*

    24,829      1,078
           
        9,692
           

Telecommunications - 2.4%

      

3Com Corp.*

    119,311      895

ADC Telecommunications, Inc.*

    28,697      178

Adtran, Inc.

    16,879      381

Ciena Corp.*

    27,519      298

Cincinnati Bell, Inc.*

    60,423      209

CommScope, Inc.*

    28,502      756

NeuStar, Inc., Class A*

    23,000      530

Plantronics, Inc.

    15,250      396

Polycom, Inc.*

    25,594      639

RF Micro Devices, Inc.*

    80,950      386

Syniverse Holdings, Inc.*

    21,352      373

Telephone & Data Systems, Inc.

    28,807      977

tw telecom, inc.*

    45,747      784
           
        6,802
           

Textiles-0.3%

      

Mohawk Industries, Inc.*

    17,070      812
           

Transportation-1.9%

      

Alexander & Baldwin, Inc.

    12,717      435

Con-way, Inc.

    14,905      520

J.B. Hunt Transport Services, Inc.

    26,691      861

Kansas City Southern*

    29,214      973

Kirby Corp.*

    16,620      579

Landstar System, Inc.

    15,699      609

Overseas Shipholding Group, Inc.

    7,339      323

 

EQUITY INDEX FUNDS    6    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.2% continued

      

Transportation - 1.9% continued

      

Tidewater, Inc.

      15,942    $ 764

Werner Enterprises, Inc.

      13,071      259
             
        5,323
             

Trucking & Leasing - 0.1%

      

GATX Corp.

      14,290      411
             

Water - 0.3%

      

Aqua America, Inc.

      41,399      725
             

Total Common Stocks

(Cost $263,435)

         276,397
             

INVESTMENT COMPANIES - 2.3%

      

Northern Institutional Funds - Diversified Assets Portfolio (2) (3)

      6,421,429      6,421
             

Total Investment Companies

(Cost $6,421)

         6,421
             
     NUMBER OF
WARRANTS		    VALUE
(000S)

WARRANTS - 0.0%

      

Krispy Kreme Doughnuts, Inc., Exp. 3/2/12, Strike $12.21*

      16    $ —  
             

Total Warrants

(Cost $ — )

         —  
             
     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS - 0.4%

      

U.S. Treasury Bill,

      

0.00%, 5/6/10(4)

    $ 1,140    $ 1,140
             

Total Short-Term Investments

(Cost $1,140)

         1,140
             

Total Investments - 99.9%

(Cost $270,996)

         283,958
             

Other Assets less Liabilities - 0.1%

         373
             

NET ASSETS-100.0%

       $ 284,331

 

(1) Security has been deemed worthless by the Northern Trust Global Investments Valuation Committee.
(2) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(3) The Fund had approximately $6,421,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009.
(4) Security pledged as collateral to cover margin requirements for open futures contracts.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Mid Cap Index Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

S&P Midcap 400 E-Mini

    107    $ 7,756    Long    3/10    $ 122

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 270,996   
        

Gross tax appreciation of investments

    $ 39,916   

Gross tax depreciation of investments

      (26,954 ) 
        

Net tax appreciation of investments

    $ 12,962   
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 or other financial instruments, if any. Following is a summary of the inputs used in valuing the Mid Cap Index Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stocks

    $ 276,397 (1)    $ —      $ —      $ 276,397

Investment Companies

      6,421        —        —        6,421

Short-Term Investments

      —          1,140      —        1,140
                            

Total Investments

    $ 282,818      $ 1,140    $ —      $ 283,958
                            

Other Financial Instruments*

    $ 122      $ —      $ —      $ 122
                            

 

(1) Classifications as defined in the Schedule of Investments.
* Other financial instruments include futures and forwards, if applicable.

 

NORTHERN FUNDS QUARTERLY REPORT    7    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

 

SMALL CAP INDEX FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8%

      

Advertising - 0.1%

      

APAC Customer Services, Inc.*

    6,196    $ 37

Harte-Hanks, Inc.

    9,000      97

inVentiv Health, Inc.*

    8,368      135

Marchex, Inc., Class B

    5,500      28
           
        297
           

Aerospace/Defense - 1.3%

      

AAR Corp.*

    9,471      218

Aerovironment, Inc.*

    3,357      98

Argon ST, Inc.*

    3,451      75

Astronics Corp.*

    2,198      19

Cubic Corp.

    3,919      146

Curtiss-Wright Corp.

    10,996      344

Ducommun, Inc.

    2,502      47

Esterline Technologies Corp.*

    7,288      297

GenCorp, Inc.*

    12,271      86

HEICO Corp.

    5,619      249

Herley Industries, Inc.*

    3,237      45

Kaman Corp.

    6,526      151

LMI Aerospace, Inc.*

    2,062      27

Moog, Inc., Class A*

    11,266      329

National Presto Industries, Inc.

    1,215      133

Orbital Sciences Corp.*

    13,800      210

Teledyne Technologies, Inc.*

    8,682      333

Triumph Group, Inc.

    4,025      194
           
        3,001
           

Agriculture - 0.4%

      

AgFeed Industries, Inc.*

    8,159      41

Alico, Inc.

    900      26

Alliance One International, Inc.*

    21,411      104

Andersons (The), Inc.

    4,666      120

Cadiz, Inc.*

    3,243      39

Griffin Land & Nurseries, Inc.

    600      17

Star Scientific, Inc.*

    19,200      13

Tejon Ranch Co.*

    2,600      76

Universal Corp.

    6,110      279

Vector Group Ltd.

    9,539      134
           
        849
           

Airlines - 0.9%

      

AirTran Holdings, Inc.*

    33,465      175

Alaska Air Group, Inc.*

    8,927      309

Allegiant Travel Co.*

    3,820      180

Hawaiian Holdings, Inc.*

    13,184      92

JetBlue Airways Corp.*

    62,174      339

Republic Airways Holdings, Inc.*

    8,885      66

Skywest, Inc.

    13,545      229

UAL Corp.*

    41,549      536

US Airways Group, Inc.*

    39,488      191
           
        2,117
           

Apparel - 1.6%

      

American Apparel, Inc.*

    7,871      24

Carter’s, Inc.*

    13,786      362

Cherokee, Inc.

    1,800      32

Columbia Sportswear Co.

    2,749      107

CROCS, Inc.*

    21,127      122

Deckers Outdoor Corp.*

    3,202      326

G-III Apparel Group Ltd.*

    3,173      69

Iconix Brand Group, Inc.*

    17,743      224

Jones Apparel Group, Inc.

    20,900      336

K-Swiss, Inc., Class A*

    6,322      63

Maidenform Brands, Inc.*

    4,952      83

Oxford Industries, Inc.

    3,186      66

Perry Ellis International, Inc.*

    2,456      37

Quiksilver, Inc.*

    33,000      67

Skechers U.S.A., Inc., Class A*

    8,206      241

Steven Madden Ltd.*

    3,811      157

Timberland (The) Co., Class A*

    10,900      195

True Religion Apparel, Inc.*

    6,312      117

Under Armour, Inc., Class A*

    8,209      224

Unifi, Inc.*

    10,000      39

Volcom, Inc.*

    4,585      77

Warnaco Group (The), Inc.*

    11,198      472

Weyco Group, Inc.

    1,700      40

Wolverine World Wide, Inc.

    11,989      326
           
        3,806
           

Auto Manufacturers - 0.0%

      

Force Protection, Inc.*

    17,452      91
           

Auto Parts & Equipment - 0.9%

      

American Axle & Manufacturing Holdings, Inc.*

    11,111      89

Amerigon, Inc.*

    5,251      42

ArvinMeritor, Inc.*

    18,846      211

ATC Technology Corp.*

    5,127      122

China Automotive Systems, Inc.*

    1,063      20

Cooper Tire & Rubber Co.

    14,831      297

Dana Holding Corp.*

    34,648      376

Dorman Products, Inc.*

    2,790      44

 

NORTHERN FUNDS QUARTERLY REPORT    1     EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Auto Parts & Equipment - 0.9% continued

      

Exide Technologies*

    12,242    $ 87

Fuel Systems Solutions, Inc.*

    3,499      144

Miller Industries, Inc.*

    2,473      28

Modine Manufacturing Co.*

    11,640      138

Spartan Motors, Inc.

    8,839      50

Standard Motor Products, Inc.*

    4,001      34

Superior Industries International, Inc.

    6,106      93

Tenneco, Inc.*

    14,514      257

Titan International, Inc.

    8,862      72

Wonder Auto Technology, Inc.*

    4,395      52
           
        2,156
           

Banks - 5.6%

      

1st Source Corp.

    3,861      62

Alliance Financial Corp.

    1,000      27

American National Bankshares, Inc.

    1,484      32

Ameris Bancorp

    3,167      23

Ames National Corp.

    1,500      32

Arrow Financial Corp.

    2,270      57

Auburn National Bancorporation, Inc.

    564      11

Bancfirst Corp.

    1,586      59

Banco Latinoamericano de Comercio Exterior S.A., Class E

    6,668      93

Bancorp (The), Inc.*

    4,546      31

Bancorp Rhode Island, Inc.

    879      23

Bank Mutual Corp.

    11,416      79

Bank of Kentucky Financial Corp.

    400      8

Bank of Marin Bancorp

    1,259      41

Bank of the Ozarks, Inc.

    3,175      93

Banner Corp.

    5,342      14

Bar Harbor Bankshares

    697      19

Boston Private Financial Holdings, Inc.

    17,402      100

Bridge Bancorp, Inc.

    1,235      30

Bryn Mawr Bank Corp.

    1,686      25

Camden National Corp.

    1,858      61

Capital City Bank Group, Inc.

    2,808      39

Cardinal Financial Corp.

    6,886      60

Cass Information Systems, Inc.

    2,011      61

Cathay General Bancorp

    15,051      114

Center Bancorp, Inc.

    2,990      27

Centerstate Banks , Inc.

    4,510      45

Central Pacific Financial Corp.*

    8,965      12

Century Bancorp, Inc., Class A

    484      11

Chemical Financial Corp.

    5,176      122

Citizens & Northern Corp.

    2,932      28

Citizens Holding Co.

    1,000      22

Citizens Republic Bancorp, Inc.*

    98,124      68

City Holding Co.

    3,894      126

CNB Financial Corp.

    2,101      34

CoBiz Financial, Inc.

    5,750      27

Columbia Banking System, Inc.

    7,001      113

Community Bank System, Inc.

    7,990      154

Community Trust Bancorp, Inc.

    3,682      90

CVB Financial Corp.

    20,729      179

Eagle Bancorp, Inc.*

    3,688      39

East-West Bancorp, Inc.

    22,585      357

Enterprise Bancorp, Inc.

    808      9

Enterprise Financial Services Corp.

    2,400      18

Farmers Capital Bank Corp.

    1,200      12

Financial Institutions, Inc.

    2,200      26

First Bancorp

    3,582      50

First Bancorp of Puerto Rico

    18,520      43

First Bancorp, Inc.

    2,114      33

First Busey Corp.

    11,593      45

First Commonwealth Financial Corp.

    21,051      98

First Community Bancshares, Inc.

    3,184      38

First Financial Bancorp

    12,553      183

First Financial Bankshares, Inc.

    5,079      275

First Financial Corp.

    2,869      88

First Financial Service Corp.

    953      9

First Merchants Corp.

    5,080      30

First Midwest Bancorp, Inc.

    13,629      148

First of Long Island (The) Corp.

    1,316      33

First South Bancorp, Inc.

    1,900      20

FirstMerit Corp.

    20,154      406

FNB Corp.

    27,813      189

German American Bancorp, Inc.

    2,697      44

Glacier Bancorp, Inc.

    14,997      206

Great Southern Bancorp, Inc.

    2,445      52

Guaranty Bancorp*

    13,000      17

Hampton Roads Bankshares, Inc.

    3,255      6

Hancock Holding Co.

    7,031      308

Harleysville National Corp.

    10,878      70

Heartland Financial USA, Inc.

    3,000      43

Heritage Financial Corp.

    2,290      32

Home Bancshares, Inc.

    4,500      108

IBERIABANK Corp.

    5,023      270

Independent Bank Corp.

    5,093      106

International Bancshares Corp.

    12,928      245

 

EQUITY INDEX FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Banks - 5.6% continued

      

Lakeland Bancorp, Inc.

    4,641    $ 30

Lakeland Financial Corp.

    3,859      67

MainSource Financial Group, Inc.

    4,570      22

MB Financial, Inc.

    12,253      242

Merchants Bancshares, Inc.

    1,159      26

Metro Bancorp, Inc.*

    2,324      29

Midsouth Bancorp, Inc.

    702      10

Nara Bancorp, Inc.*

    8,195      93

National Bankshares, Inc.

    1,686      48

National Penn Bancshares, Inc.

    30,807      178

NBT Bancorp, Inc.

    8,359      170

Northrim BanCorp, Inc.

    1,526      26

Norwood Financial Corp.

    447      13

Ohio Valley Banc Corp.

    964      21

Old National Bancorp

    21,272      264

Old Point Financial Corp.

    467      7

Old Second Bancorp, Inc.

    3,138      22

Oriental Financial Group, Inc.

    5,906      64

Orrstown Financial Services, Inc.

    1,246      43

Pacific Capital Bancorp

    14,880      14

Pacific Continental Corp.

    4,478      51

PacWest Bancorp

    6,886      139

Park National Corp.

    2,681      158

Peapack Gladstone Financial Corp.

    1,785      23

Penns Woods Bancorp, Inc.

    933      30

Peoples Bancorp, Inc.

    2,460      24

Peoples Financial Corp.

    895      18

Pinnacle Financial Partners, Inc.*

    8,020      114

Porter Bancorp, Inc.

    679      10

Premierwest Bancorp

    3,255      5

PrivateBancorp, Inc.

    12,904      116

Prosperity Bancshares, Inc.

    11,262      456

Renasant Corp.

    5,129      70

Republic Bancorp, Inc., Class A

    2,275      47

S & T Bancorp, Inc.

    5,735      98

Sandy Spring Bancorp, Inc.

    3,900      35

Santander BanCorp*

    1,079      13

SCBT Financial Corp.

    3,075      85

Shore Bancshares, Inc.

    1,600      23

Sierra Bancorp

    1,600      12

Signature Bank*

    10,011      319

Simmons First National Corp., Class A

    4,097      114

Smithtown Bancorp, Inc.

    4,525      27

South Financial Group (The), Inc.

    41,700      27

Southside Bancshares, Inc.

    3,213      63

Southwest Bancorp, Inc.

    3,547      25

State Bancorp, Inc.

    2,700      19

StellarOne Corp.

    4,900      49

Sterling Bancorp

    4,381      31

Sterling Bancshares, Inc.

    20,089      103

Sterling Financial Corp.*

    14,782      9

Suffolk Bancorp

    2,333      69

Sun Bancorp, Inc.*

    3,803      14

Susquehanna Bancshares, Inc.

    21,752      128

SVB Financial Group*

    10,017      418

SY Bancorp, Inc.

    2,784      59

Texas Capital Bancshares, Inc.*

    8,792      123

Tompkins Financial Corp.

    2,014      82

Tower Bancorp, Inc.

    1,160      26

TowneBank

    5,094      59

Trico Bancshares

    3,381      56

Trustco Bank Corp.

    18,556      117

Trustmark Corp.

    15,528      350

UMB Financial Corp.

    8,012      315

Umpqua Holdings Corp.

    21,162      284

Union Bankshares Corp.

    4,449      55

United Bankshares, Inc.

    9,310      186

United Community Banks, Inc.*

    20,413      69

United Security Bancshares, Inc.

    1,459      25

Univest Corp.

    4,000      70

Washington Banking Co.

    3,716      44

Washington Trust Bancorp, Inc.

    3,414      53

Webster Financial Corp.

    16,858      200

WesBanco, Inc.

    5,592      69

West Bancorporation

    3,700      18

Westamerica Bancorporation

    7,126      395

Western Alliance Bancorp*

    11,200      42

Wilber Corp.

    1,390      10

Wilshire Bancorp, Inc.

    4,677      38

Wintrust Financial Corp.

    5,850      180

Yadkin Valley Financial Corp.

    2,800      10
           
        13,174
           

Beverages - 0.2%

      

Boston Beer Co., Inc., Class A*

    2,310      108

Coca-Cola Bottling Co. Consolidated

    1,022      55

Diedrich Coffee, Inc.*

    735      26

Farmer Bros. Co.

    1,600      32

Heckmann Corp.*

    21,598      108

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Beverages - 0.2% continued

      

National Beverage Corp.

    2,760    $ 38

Peet’s Coffee & Tea, Inc.*

    2,777      92
           
        459
           

Biotechnology - 2.8%

      

Acorda Therapeutics, Inc.*

    9,609      242

Affymax, Inc.*

    4,265      106

Alnylam Pharmaceuticals, Inc.*

    8,900      157

AMAG Pharmaceuticals, Inc.*

    4,278      163

American Oriental Bioengineering, Inc.*

    14,600      68

Arena Pharmaceuticals, Inc.*

    24,139      86

Ariad Pharmaceuticals, Inc.*

    25,952      59

Arqule, Inc.*

    11,026      41

ARYx Therapeutics, Inc.*

    5,449      17

BioCryst Pharmaceuticals, Inc.*

    5,832      38

Cambrex Corp.*

    7,110      40

Cardium Therapeutics, Inc.*

    8,011      5

Celera Corp.*

    20,085      139

Cell Therapeutics, Inc.*

    139,649      159

Celldex Therapeutics, Inc.*

    6,473      30

Chelsea Therapeutics International, Inc.*

    6,924      19

China-Biotics, Inc.*

    1,900      29

Clinical Data, Inc.*

    3,265      60

Cubist Pharmaceuticals, Inc.*

    14,375      273

Curis, Inc.*

    15,600      51

Cytokinetics, Inc.*

    8,855      26

Discovery Laboratories, Inc.*

    36,814      23

Emergent Biosolutions, Inc.*

    4,142      56

Enzo Biochem, Inc.*

    7,307      39

Enzon Pharmaceuticals, Inc.*

    11,044      116

Exelixis, Inc.*

    26,052      192

Facet Biotech Corp.*

    6,394      112

Geron Corp.*

    22,100      123

GTX, Inc.*

    4,323      18

Halozyme Therapeutics, Inc.*

    16,510      97

Harvard Bioscience, Inc.*

    5,910      21

Human Genome Sciences, Inc.*

    44,677      1,367

Idera Pharmaceuticals, Inc.*

    4,900      25

Immunogen, Inc.*

    14,020      110

Immunomedics, Inc.*

    16,387      53

Incyte Corp. Ltd.*

    21,640      197

Insmed, Inc.*

    30,838      24

InterMune, Inc.*

    9,226      120

Lexicon Pharmaceuticals, Inc.*

    25,463      43

Ligand Pharmaceuticals, Inc., Class B*

    26,275      57

Martek Biosciences Corp.*

    8,124      154

Maxygen, Inc.*

    7,596      46

Medicines (The) Co.*

    13,227      110

Micromet, Inc.*

    14,031      93

Molecular Insight Pharmaceuticals, Inc.*

    5,180      12

Momenta Pharmaceuticals, Inc.*

    9,595      121

Nanosphere, Inc.*

    3,141      20

Novavax, Inc.*

    17,700      47

NPS Pharmaceuticals, Inc.*

    13,763      47

Omeros Corp.*

    1,690      12

OncoGenex Pharmaceutical, Inc.*

    1,276      28

PDL BioPharma, Inc.

    29,014      199

Protalix BioTherapeutics, Inc.*

    8,010      53

Regeneron Pharmaceuticals, Inc.*

    15,800      382

Repligen Corp.*

    7,570      31

RTI Biologics, Inc.*

    12,700      49

Sangamo BioSciences, Inc.*

    10,696      63

Seattle Genetics, Inc.*

    20,374      207

Sequenom, Inc.*

    14,964      62

StemCells, Inc.*

    30,714      39

SuperGen, Inc.*

    14,443      38

Vical, Inc.*

    11,500      38

Zymogenetics, Inc.*

    9,176      59
           
        6,511
           

Building Materials - 0.8%

      

AAON, Inc.

    3,182      62

Apogee Enterprises, Inc.

    7,141      100

Broadwind Energy, Inc.*

    7,642      62

Builders FirstSource, Inc.*

    10,374      40

Comfort Systems USA, Inc.

    9,759      120

Drew Industries, Inc.*

    4,700      97

Gibraltar Industries, Inc.*

    6,612      104

Interline Brands, Inc.*

    8,056      139

Louisiana-Pacific Corp.*

    31,228      218

LSI Industries, Inc.

    4,312      34

NCI Building Systems, Inc.*

    22,425      41

Quanex Building Products Corp.

    9,289      158

Simpson Manufacturing Co., Inc.

    9,414      253

Texas Industries, Inc.

    5,971      209

Trex Co., Inc.*

    3,607      71

U.S. Concrete, Inc.*

    9,200      8

Universal Forest Products, Inc.

    4,898      180
           
        1,896
           

 

EQUITY INDEX FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Chemicals - 2.0%

      

A. Schulman, Inc.

    5,587    $ 113

Aceto Corp.

    5,996      31

American Vanguard Corp.

    5,000      42

Arch Chemicals, Inc.

    6,117      189

Balchem Corp.

    4,473      150

China Green Agriculture, Inc.*

    2,859      42

Ferro Corp.

    21,007      173

H.B. Fuller Co.

    12,015      273

Hawkins, Inc.

    2,117      46

ICO, Inc.

    5,900      43

Innophos Holdings, Inc.

    4,337      100

Innospec, Inc.

    5,500      56

Landec Corp.*

    6,800      42

Minerals Technologies, Inc.

    4,551      248

NewMarket Corp.

    2,459      282

Olin Corp.

    19,317      338

OM Group, Inc.*

    7,588      238

Omnova Solutions, Inc.*

    11,544      71

PolyOne Corp.*

    22,551      168

Quaker Chemical Corp.

    2,681      55

Rockwood Holdings, Inc.*

    12,321      290

Sensient Technologies Corp.

    11,999      316

ShengdaTech, Inc.*

    6,900      42

Solutia, Inc.*

    29,073      369

Spartech Corp.*

    7,367      76

Stepan Co.

    1,868      121

Symyx Technologies, Inc.*

    8,288      46

W.R. Grace & Co.*

    17,801      451

Westlake Chemical Corp.

    4,755      119

Zep, Inc.

    5,650      98

Zoltek Cos., Inc.*

    6,771      64
           
        4,692
           

Coal - 0.3%

      

Cloud Peak Energy, Inc.*

    7,494      109

International Coal Group, Inc.*

    23,128      89

James River Coal Co.*

    6,760      125

Patriot Coal Corp.*

    18,266      283

Westmoreland Coal Co.*

    1,900      17
           
        623
           

Commercial Services - 6.0%

      

ABM Industries, Inc.

    11,363      235

Administaff, Inc.

    5,166      122

Advance America Cash Advance Centers, Inc.

    11,010      61

Advisory Board (The) Co.*

    3,787      116

Albany Molecular Research, Inc.*

    5,500      50

American Caresource Holdings, Inc.*

    1,936      5

American Public Education, Inc.*

    4,459      153

AMN Healthcare Services, Inc.*

    8,572      78

Arbitron, Inc.

    6,483      152

Asset Acceptance Capital Corp.*

    3,600      24

Avis Budget Group, Inc.*

    24,866      326

Barrett Business Services, Inc.

    1,864      23

Bridgepoint Education, Inc.*

    3,545      53

Capella Education Co.*

    3,665      276

Cardtronics, Inc.*

    3,800      42

CBIZ, Inc.*

    11,347      87

CDI Corp.

    2,800      36

Cenveo, Inc.*

    13,119      115

Chemed Corp.

    5,480      263

ChinaCast Education Corp.*

    8,800      67

Coinstar, Inc.*

    7,541      209

Consolidated Graphics, Inc.*

    2,394      84

Corinthian Colleges, Inc.*

    19,547      269

Cornell Cos., Inc.*

    2,688      61

Corporate Executive Board (The) Co.

    8,535      195

Corvel Corp.*

    1,825      61

CoStar Group, Inc.*

    5,008      209

CPI Corp.

    1,609      20

CRA International, Inc.*

    2,658      71

Cross Country Healthcare, Inc.*

    7,300      72

Deluxe Corp.

    12,711      188

Diamond Management & Technology Consultants, Inc.

    5,828      43

Dollar Financial Corp.*

    6,018      142

Dollar Thrifty Automotive Group, Inc.*

    6,959      178

DynCorp International, Inc., Class A*

    5,981      86

Electro Rent Corp.

    4,348      50

Emergency Medical Services Corp., Class A*

    7,086      384

Euronet Worldwide, Inc.*

    11,883      261

ExlService Holdings, Inc.*

    3,650      66

Forrester Research, Inc.*

    3,982      103

Franklin Covey Co.*

    3,086      19

Gartner, Inc.*

    14,702      265

Geo Group (The), Inc.*

    12,734      279

Global Cash Access Holdings, Inc.*

    9,086      68

Grand Canyon Education, Inc.*

    3,944      75

Great Lakes Dredge & Dock Corp.

    10,067      65

 

NORTHERN FUNDS QUARTERLY REPORT    5    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Commercial Services - 6.0% continued

      

H&E Equipment Services, Inc.*

    6,868    $ 72

Hackett Group (The), Inc.*

    9,300      26

Healthcare Services Group, Inc.

    10,603      228

Heartland Payment Systems, Inc.

    9,675      127

Heidrick & Struggles International, Inc.

    4,367      136

Hill International, Inc.*

    5,600      35

HMS Holdings Corp.*

    6,326      308

Huron Consulting Group, Inc.*

    5,259      121

ICF International, Inc.*

    2,249      60

ICT Group, Inc.*

    2,237      37

Information Services Group, Inc.*

    5,781      18

Jackson Hewitt Tax Service, Inc.*

    8,000      35

K12, Inc.*

    5,765      117

Kelly Services, Inc., Class A*

    6,608      79

Kendle International, Inc.*

    3,627      66

Kenexa Corp.*

    5,505      72

Kforce, Inc.*

    7,261      91

Korn/Ferry International*

    10,910      180

Landauer, Inc.

    2,281      140

Learning Tree International, Inc.*

    1,811      22

Lincoln Educational Services Corp.*

    2,482      54

Live Nation, Inc.*

    21,139      180

Mac-Gray Corp.*

    2,246      23

MAXIMUS, Inc.

    4,277      214

McGrath Rentcorp

    6,019      135

Medifast, Inc.*

    3,385      104

MedQuist, Inc.

    1,361      9

Midas, Inc.*

    3,300      28

MoneyGram International, Inc.*

    20,505      59

Monro Muffler Brake, Inc.

    4,076      136

MPS Group, Inc.*

    22,972      316

Multi-Color Corp.

    2,350      29

National Research Corp.

    409      8

Navigant Consulting, Inc.*

    12,214      181

Net 1 UEPS Technologies, Inc.*

    7,545      147

Nobel Learning Communities, Inc.*

    974      7

Odyssey Marine Exploration, Inc.*

    18,444      26

On Assignment, Inc.*

    9,054      65

Parexel International Corp.*

    14,058      198

PHH Corp.*

    13,742      221

Pre-Paid Legal Services, Inc.*

    1,896      78

Princeton Review, Inc.*

    3,552      14

Providence Service (The) Corp.*

    2,577      41

Rent-A-Center, Inc.*

    16,414      291

Resources Connection, Inc.*

    11,003      233

Rewards Network, Inc.

    1,482      19

Riskmetrics Group, Inc.*

    5,564      89

Rollins, Inc.

    10,614      205

RSC Holdings, Inc.*

    12,146      86

Sotheby’s

    16,362      368

Spherion Corp.*

    12,726      72

Standard Parking Corp.*

    1,831      29

StarTek, Inc.*

    2,300      17

Steiner Leisure Ltd.*

    3,681      146

Stewart Enterprises, Inc., Class A

    20,000      103

SuccessFactors, Inc.*

    11,495      191

Team, Inc.*

    4,598      86

TeleTech Holdings, Inc.*

    8,300      166

Ticketmaster Entertainment, Inc.*

    9,575      117

TNS, Inc.*

    6,376      164

Transcend Services, Inc.*

    1,731      37

Tree.com, Inc.*

    2,264      21

TrueBlue, Inc.*

    10,700      158

United Rentals, Inc.*

    15,151      149

Universal Technical Institute, Inc.*

    4,952      100

Valassis Communications, Inc.*

    11,757      215

Viad Corp.

    5,131      106

Volt Information Sciences, Inc.*

    2,931      29

Watson Wyatt Worldwide, Inc., Class A*

    10,419      495

Wright Express Corp.*

    9,566      305
           
        14,047
           

Computers - 2.4%

      

3D Systems Corp.*

    4,500      51

3PAR, Inc.*

    6,836      81

Agilysys, Inc.

    3,704      34

CACI International, Inc., Class A*

    7,485      366

CIBER, Inc.*

    16,715      58

Cogo Group, Inc.*

    5,604      41

Compellent Technologies, Inc.*

    4,272      97

Computer Task Group, Inc.*

    3,653      29

COMSYS IT Partners, Inc.*

    3,300      29

Cray, Inc.*

    8,351      54

Dynamics Research Corp.*

    2,106      22

Echelon Corp.*

    7,913      91

Electronics for Imaging, Inc.*

    11,992      156

eLoyalty Corp.*

    1,608      11

Fortinet, Inc.*

    3,047      54

iGate Corp.

    5,400      54

 

EQUITY INDEX FUNDS    6    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Computers - 2.4% continued

      

Imation Corp.*

    6,900    $ 60

Immersion Corp.*

    6,796      31

Insight Enterprises, Inc.*

    11,436      131

Integral Systems, Inc.*

    4,205      36

Isilon Systems, Inc.*

    6,301      43

Jack Henry & Associates, Inc.

    20,774      480

LivePerson, Inc.*

    10,205      71

Manhattan Associates, Inc.*

    5,624      135

Maxwell Technologies, Inc.*

    5,749      103

Mentor Graphics Corp.*

    23,408      207

Mercury Computer Systems, Inc.*

    5,512      61

MTS Systems Corp.

    4,183      120

NCI, Inc., Class A*

    1,594      44

Ness Technologies, Inc.*

    10,587      52

Netezza Corp.*

    11,867      115

Netscout Systems, Inc.*

    6,507      95

Palm, Inc.*

    41,052      412

PAR Technology Corp.*

    1,959      11

Quantum Corp.*

    51,360      150

Radiant Systems, Inc.*

    6,600      69

Radisys Corp.*

    5,683      54

Rimage Corp.*

    2,400      42

Riverbed Technology, Inc.*

    13,370      307

Silicon Graphics International Corp.*

    7,271      51

Silicon Storage Technology, Inc.*

    17,900      46

Smart Modular Technologies WWH, Inc.*

    8,962      56

SRA International, Inc., Class A*

    10,124      193

STEC, Inc.*

    6,294      103

Stratasys, Inc.*

    5,250      91

Super Micro Computer, Inc.*

    5,588      62

SYKES Enterprises, Inc.*

    8,741      223

Synaptics, Inc.*

    8,381      257

Syntel, Inc.

    3,178      121

Tier Technologies, Inc., Class B*

    3,198      26

Unisys Corp.*

    10,516      406

Virtusa Corp.*

    3,227      29
           
        5,721
           

Cosmetics/Personal Care - 0.4%

      

Bare Escentuals, Inc.*

    16,471      202

Chattem, Inc.*

    4,858      453

Elizabeth Arden, Inc.*

    6,325      91

Inter Parfums, Inc.

    3,600      44

Revlon, Inc.*

    4,772      81
           
        871
           

Distribution/Wholesale - 1.2%

      

Beacon Roofing Supply, Inc.*

    11,450      183

BlueLinx Holdings, Inc.*

    2,067      6

BMP Sunstone Corp.*

    6,722      38

Brightpoint, Inc.*

    12,689      93

Chindex International, Inc.*

    3,258      46

Core-Mark Holding Co., Inc.*

    2,362      78

FGX International Holdings Ltd.*

    3,556      70

Fossil, Inc.*

    11,478      385

Houston Wire & Cable Co.

    4,310      51

MWI Veterinary Supply, Inc.*

    2,717      102

Owens & Minor, Inc.

    10,185      437

Pool Corp.

    12,201      233

Rentrak Corp.*

    2,313      41

Scansource, Inc.*

    6,563      175

School Specialty, Inc.*

    4,793      112

Titan Machinery, Inc.*

    3,173      37

United Stationers, Inc.*

    5,937      338

Watsco, Inc.

    6,495      318
           
        2,743
           

Diversified Financial Services - 2.1%

      

Artio Global Investors, Inc.*

    6,777      173

BGC Partners, Inc., Class A

    11,366      53

Broadpoint Gleacher Securities, Inc.*

    13,221      59

Calamos Asset Management, Inc., Class A

    4,609      53

Cohen & Steers, Inc.

    4,216      96

CompuCredit Holdings Corp.

    3,800      13

Cowen Group, Inc.*

    3,844      23

Credit Acceptance Corp.*

    1,445      61

Diamond Hill Investment Group, Inc.

    556      36

Duff & Phelps Corp., Class A

    3,909      71

E*TRADE Financial Corp.*

    384,794      673

Encore Capital Group, Inc.*

    3,448      60

Epoch Holding Corp.

    3,121      33

Evercore Partners, Inc., Class A

    3,550      108

FBR Capital Markets Corp.*

    3,494      22

Financial Federal Corp.

    6,343      174

First Marblehead (The) Corp.*

    16,000      34

GAMCO Investors, Inc., Class A

    1,839      89

GFI Group, Inc.

    16,880      77

International Assets Holding Corp.*

    3,300      48

JMP Group, Inc.

    3,612      35

KBW, Inc.*

    8,723      239

Knight Capital Group, Inc., Class A*

    23,306      359

LaBranche & Co., Inc.*

    16,248      46

 

NORTHERN FUNDS QUARTERLY REPORT    7    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Diversified Financial Services - 2.1% continued

      

MarketAxess Holdings, Inc.

    7,645    $ 106

MF Global Ltd.*

    23,471      163

National Financial Partners Corp.*

    10,799      87

Nelnet, Inc., Class A

    4,807      83

NewStar Financial, Inc.*

    5,457      21

Ocwen Financial Corp.*

    13,834      132

Oppenheimer Holdings, Inc., Class A

    2,423      81

optionsXpress Holdings, Inc.

    10,125      156

Penson Worldwide, Inc.*

    4,784      43

Piper Jaffray Cos.*

    4,962      251

Portfolio Recovery Associates, Inc.*

    3,727      167

Pzena Investment Management, Inc., Class A*

    2,746      22

Sanders Morris Harris Group, Inc.

    3,800      21

Stifel Financial Corp.*

    7,463      442

SWS Group, Inc.

    6,824      83

Teton Advisors, Inc., Class A

    31      1

Thomas Weisel Partners Group, Inc.*

    6,650      25

TradeStation Group, Inc.*

    8,342      66

US Global Investors, Inc., Class A

    3,157      39

Virtus Investment Partners, Inc.*

    1,437      23

Westwood Holdings Group, Inc.

    1,384      50

World Acceptance Corp.*

    3,940      141
           
        4,838
           

Electric - 1.8%

      

Allete, Inc.

    7,100      232

Avista Corp.

    13,716      296

Black Hills Corp.

    9,478      252

Central Vermont Public Service Corp.

    2,853      59

CH Energy Group, Inc.

    3,869      165

Cleco Corp.

    15,053      411

El Paso Electric Co.*

    10,996      223

Empire District Electric (The) Co.

    9,160      172

EnerNOC, Inc.*

    3,337      101

IDACORP, Inc.

    11,456      366

MGE Energy, Inc.

    5,651      202

NorthWestern Corp.

    8,799      229

Otter Tail Corp.

    8,671      215

Pike Electric Corp.*

    4,800      45

PNM Resources, Inc.

    20,934      265

Portland General Electric Co.

    18,399      376

UIL Holdings Corp.

    7,200      202

Unisource Energy Corp.

    8,758      282

Unitil Corp.

    2,596      60

US Geothermal, Inc.*

    15,158      23
           
        4,176
           

Electrical Components & Equipment - 1.2%

      

Advanced Battery Technologies, Inc.*

    13,800      55

Advanced Energy Industries, Inc.*

    8,146      123

American Superconductor Corp.*

    10,608      434

Belden, Inc.

    11,603      254

China BAK Battery, Inc.*

    9,444      26

Encore Wire Corp.

    4,494      95

Ener1, Inc.*

    12,458      79

Energy Conversion Devices, Inc.*

    11,163      118

EnerSys*

    10,013      219

Evergreen Solar, Inc.*

    45,399      69

Fushi Copperweld, Inc.*

    3,860      39

GrafTech International Ltd.*

    29,987      466

Graham Corp.

    2,467      51

Harbin Electric, Inc.*

    3,740      77

Insteel Industries, Inc.

    4,269      55

Lihua International, Inc.*

    759      8

Littelfuse, Inc.*

    5,297      170

Orion Energy Systems, Inc.*

    4,217      19

Powell Industries, Inc.*

    1,900      60

Power-One, Inc.*

    18,776      82

PowerSecure International, Inc.*

    4,192      30

SatCon Technology Corp.*

    16,931      48

SmartHeat, Inc.*

    2,187      32

Ultralife Corp.*

    2,140      9

Universal Display Corp.*

    7,700      95

Valence Technology, Inc.*

    11,100      10

Vicor Corp.*

    4,600      43
           
        2,766
           

Electronics - 2.5%

      

American Science & Engineering, Inc.

    2,221      168

Analogic Corp.

    3,194      123

Badger Meter, Inc.

    3,805      152

Bel Fuse, Inc., Class B

    2,800      60

Benchmark Electronics, Inc.*

    15,963      302

Brady Corp., Class A

    11,938      358

Checkpoint Systems, Inc.*

    9,400      143

China Security & Surveillance Technology, Inc.*

    10,716      82

Cogent, Inc.*

    10,790      112

Coherent, Inc.*

    5,434      162

CTS Corp.

    8,180      79

 

EQUITY INDEX FUNDS    8    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Electronics - 2.5% continued

      

Cymer, Inc.*

    7,349    $ 282

Daktronics, Inc.

    7,975      73

DDi Corp.*

    3,408      17

Dionex Corp.*

    4,400      325

Electro Scientific Industries, Inc.*

    7,068      76

FARO Technologies, Inc.*

    4,081      87

FEI Co.*

    9,110      213

ICx Technologies, Inc.*

    2,000      19

II-VI, Inc.*

    6,000      191

L-1 Identity Solutions, Inc.*

    18,414      138

LaBarge, Inc.*

    3,072      37

Measurement Specialties, Inc.*

    3,400      34

MEMSIC, Inc.*

    3,789      12

Methode Electronics, Inc.

    9,524      83

Microvision, Inc.*

    22,192      70

Multi-Fineline Electronix, Inc.*

    2,395      68

Newport Corp.*

    9,413      87

NVE Corp.*

    1,141      47

OSI Systems, Inc.*

    3,795      104

Park Electrochemical Corp.

    5,064      140

Plexus Corp.*

    9,631      274

Rofin-Sinar Technologies, Inc.*

    7,293      172

Rogers Corp.*

    4,020      122

Spectrum Control, Inc.*

    3,043      29

SRS Labs, Inc.*

    2,880      21

Stoneridge, Inc.*

    4,121      37

Taser International, Inc.*

    14,968      66

Technitrol, Inc.

    9,989      44

TTM Technologies, Inc.*

    10,400      120

Varian, Inc.*

    7,105      366

Watts Water Technologies, Inc., Class A

    7,100      220

Woodward Governor Co.

    14,723      379

X-Rite, Inc.*

    6,234      14

Zygo Corp.*

    3,600      24
           
        5,732
           

Energy - Alternate Sources - 0.2%

      

Ascent Solar Technologies, Inc.*

    4,807      25

Clean Energy Fuels Corp.*

    8,668      134

Comverge, Inc.*

    5,740      65

Evergreen Energy, Inc.*

    28,200      10

FuelCell Energy, Inc.*

    18,700      70

Green Plains Renewable Energy, Inc.*

    2,267      34

Headwaters, Inc.*

    14,729      96

Syntroleum Corp.*

    15,541      41
           
        475
           

Engineering & Construction - 0.8%

      

Argan, Inc.*

    1,846      27

Dycom Industries, Inc.*

    9,655      77

EMCOR Group, Inc.*

    16,054      432

ENGlobal Corp.*

    6,800      21

Exponent, Inc.*

    3,592      100

Granite Construction, Inc.

    8,405      283

Insituform Technologies, Inc., Class A*

    9,832      223

Integrated Electrical Services, Inc.*

    896      5

Layne Christensen Co.*

    5,018      144

Michael Baker Corp.*

    1,928      80

Mistras Group, Inc.*

    2,491      37

MYR Group, Inc.*

    4,239      77

Orion Marine Group, Inc.*

    6,662      140

Stanley, Inc.*

    3,062      84

Sterling Construction Co., Inc.*

    3,261      63

Tutor Perini Corp.*

    6,563      119

VSE Corp.

    995      45
           
        1,957
           

Entertainment - 0.8%

      

Ascent Media Corp., Class A*

    3,429      87

Bally Technologies, Inc.*

    13,413      554

Bluegreen Corp.*

    3,200      8

Carmike Cinemas, Inc.*

    3,548      27

Churchill Downs, Inc.

    2,452      92

Cinemark Holdings, Inc.

    8,201      118

Dover Downs Gaming & Entertainment, Inc.

    5,227      20

Great Wolf Resorts, Inc.*

    6,160      15

Isle of Capri Casinos, Inc.*

    4,428      33

Lakes Entertainment, Inc.*

    4,644      12

National CineMedia, Inc.

    10,715      177

Pinnacle Entertainment, Inc.*

    14,708      132

Reading International, Inc., Class A*

    4,236      17

Shuffle Master, Inc.*

    13,790      114

Speedway Motorsports, Inc.

    3,200      56

Vail Resorts, Inc.*

    7,300      276

Youbet.com, Inc.*

    9,574      27
           
        1,765
           

Environmental Control - 0.7%

      

American Ecology Corp.

    4,407      75

 

NORTHERN FUNDS QUARTERLY REPORT    9    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Environmental Control - 0.7% continued

      

Calgon Carbon Corp.*

    13,600    $ 189

Clean Harbors, Inc.*

    5,190      309

Darling International, Inc.*

    20,500      172

Energy Recovery, Inc.*

    8,171      56

EnergySolutions, Inc.

    18,828      160

Fuel Tech, Inc.*

    5,000      41

Metalico, Inc.*

    8,180      40

Met-Pro Corp.

    3,532      38

Mine Safety Appliances Co.

    6,736      179

Perma-Fix Environmental Services*

    10,723      24

Tetra Tech, Inc.*

    14,676      399

Waste Services, Inc.*

    4,307      39
           
        1,721
           

Food - 1.8%

      

American Dairy, Inc.*

    2,390      52

American Italian Pasta Co., Class A*

    5,110      178

Arden Group, Inc., Class A

    300      29

B&G Foods, Inc., Class A

    7,119      65

Calavo Growers, Inc.

    2,535      43

Cal-Maine Foods, Inc.

    3,416      116

Chiquita Brands International, Inc.*

    11,059      199

Diamond Foods, Inc.

    4,018      143

Dole Food Co., Inc.*

    8,711      108

Fresh Del Monte Produce, Inc.*

    10,300      228

Great Atlantic & Pacific Tea Co.*

    8,492      100

Hain Celestial Group (The), Inc.*

    9,900      168

HQ Sustainable Maritime Industries, Inc.*

    3,131      22

Imperial Sugar Co.

    2,967      52

Ingles Markets, Inc., Class A

    3,048      46

J & J Snack Foods Corp.

    3,456      138

Lancaster Colony Corp.

    4,860      242

Lance, Inc.

    7,043      185

Lifeway Foods, Inc.*

    1,174      14

M & F Worldwide Corp.*

    2,625      104

Nash Finch Co.

    3,124      116

Overhill Farms, Inc.*

    3,849      19

Ruddick Corp.

    10,600      273

Sanderson Farms, Inc.

    5,086      214

Seaboard Corp.

    82      111

Seneca Foods Corp., Class A*

    2,434      58

Smart Balance, Inc.*

    16,300      98

Spartan Stores, Inc.

    5,400      77

Tootsie Roll Industries, Inc.

    5,967      163

TreeHouse Foods, Inc.*

    7,763      302

United Natural Foods, Inc.*

    10,483      280

Village Super Market, Class A

    1,466      40

Weis Markets, Inc.

    2,600      94

Winn-Dixie Stores, Inc.*

    13,659      137

Zhongpin, Inc.*

    5,750      90
           
        4,304
           

Forest Products & Paper - 0.9%

      

Boise, Inc.*

    8,480      45

Buckeye Technologies, Inc.*

    9,800      96

Clearwater Paper Corp.*

    2,859      157

Deltic Timber Corp.

    2,645      122

Domtar Corp.*

    10,268      569

Glatfelter

    11,143      135

Kapstone Paper and Packaging Corp.*

    8,057      79

Neenah Paper, Inc.

    3,594      50

Orchids Paper Products Co.*

    1,672      34

Potlatch Corp.

    9,759      311

Schweitzer-Mauduit International, Inc.

    4,328      305

Wausau Paper Corp.

    10,806      125
           
        2,028
           

Gas - 1.2%

      

Chesapeake Utilities Corp.

    2,300      74

Laclede Group (The), Inc.

    5,385      182

New Jersey Resources Corp.

    10,248      383

Nicor, Inc.

    11,038      464

Northwest Natural Gas Co.

    6,522      294

Piedmont Natural Gas Co., Inc.

    18,322      490

South Jersey Industries, Inc.

    7,285      278

Southwest Gas Corp.

    10,933      312

WGL Holdings, Inc.

    12,366      415
           
        2,892
           

Hand/Machine Tools - 0.4%

      

Baldor Electric Co.

    11,296      317

Franklin Electric Co., Inc.

    5,760      168

K-Tron International, Inc.*

    606      66

Regal-Beloit Corp.

    8,806      457
           
        1,008
           

Healthcare - Products - 4.0%

      

Abaxis, Inc.*

    5,362      137

ABIOMED, Inc.*

    8,093      71

Accuray, Inc.*

    10,041      56

Affymetrix, Inc.*

    18,374      107

AGA Medical Holdings, Inc.*

    3,368      50

 

EQUITY INDEX FUNDS    10    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Healthcare - Products - 4.0% continued

      

Align Technology, Inc.*

    14,231    $ 254

Alphatec Holdings, Inc.*

    8,086      43

American Medical Systems Holdings, Inc.*

    18,440      356

Angiodynamics, Inc.*

    5,979      96

Atrion Corp.

    370      58

ATS Medical, Inc.*

    11,640      38

BioMimetic Therapeutics, Inc.*

    3,525      42

Bovie Medical Corp.*

    4,206      33

Bruker Corp.*

    12,239      148

Cantel Medical Corp.

    3,068      62

Cardiac Science Corp.*

    3,700      8

CardioNet, Inc.*

    5,779      34

Cardiovascular Systems, Inc.*

    1,303      6

Cepheid, Inc.*

    14,800      185

Conceptus, Inc.*

    7,789      146

Conmed Corp.*

    7,105      162

CryoLife, Inc.*

    6,664      43

Cutera, Inc.*

    3,258      28

Cyberonics, Inc.*

    6,861      140

Cynosure, Inc., Class A*

    2,389      27

Delcath Systems, Inc.*

    7,594      39

DexCom, Inc.*

    11,251      91

Electro-Optical Sciences, Inc.*

    5,416      56

Endologix, Inc.*

    11,821      62

EnteroMedics, Inc.*

    3,282      2

ev3, Inc.*

    18,210      243

Exactech, Inc.*

    1,800      31

Female Health (The) Co.*

    4,080      19

Genomic Health, Inc.*

    3,622      71

Greatbatch, Inc.*

    5,743      110

Haemonetics Corp.*

    6,326      349

Hanger Orthopedic Group, Inc.*

    6,292      87

Hansen Medical, Inc.*

    7,437      23

HeartWare International, Inc.*

    1,510      54

Home Diagnostics, Inc.*

    2,846      17

ICU Medical, Inc.*

    3,119      114

Immucor, Inc.*

    17,580      356

Insulet Corp.*

    8,614      123

Integra LifeSciences Holdings Corp.*

    4,644      171

Invacare Corp.

    7,075      177

IRIS International, Inc.*

    4,399      54

Kensey Nash Corp.*

    2,034      52

LCA-Vision, Inc.*

    3,986      20

Luminex Corp.*

    10,541      157

MAKO Surgical Corp.*

    4,262      47

Masimo Corp.*

    12,694      386

Medical Action Industries, Inc.*

    3,500      56

Merge Healthcare, Inc.*

    8,192      28

Meridian Bioscience, Inc.

    9,924      214

Merit Medical Systems, Inc.*

    7,006      135

Micrus Endovascular Corp.*

    3,860      58

Natus Medical, Inc.*

    7,121      105

NuVasive, Inc.*

    8,907      285

NxStage Medical, Inc.*

    6,400      53

OraSure Technologies, Inc.*

    11,100      56

Orthofix International N.V.*

    4,188      130

Orthovita, Inc.*

    16,202      57

Palomar Medical Technologies, Inc.*

    4,292      43

PSS World Medical, Inc.*

    14,852      335

Quidel Corp.*

    6,419      89

Rochester Medical Corp.*

    2,464      27

Rockwell Medical Technologies, Inc.*

    4,154      32

Sirona Dental Systems, Inc.*

    4,153      132

Somanetics Corp.*

    2,958      52

SonoSite, Inc.*

    4,353      103

Spectranetics Corp.*

    7,900      55

Stereotaxis, Inc.*

    8,253      32

STERIS Corp.

    14,223      398

SurModics, Inc.*

    3,886      88

Symmetry Medical, Inc.*

    9,015      73

Synovis Life Technologies, Inc.*

    2,831      37

Thoratec Corp.*

    13,803      372

TomoTherapy, Inc.*

    10,834      42

TranS1, Inc.*

    2,600      10

Utah Medical Products, Inc.

    805      24

Vascular Solutions, Inc.*

    3,982      33

Vital Images, Inc.*

    3,501      44

Volcano Corp.*

    12,217      212

West Pharmaceutical Services, Inc.

    8,127      319

Wright Medical Group, Inc.*

    9,700      184

Young Innovations, Inc.

    1,345      33

Zoll Medical Corp.*

    5,385      144
           
        9,331
           

Healthcare - Services - 2.3%

      

Air Methods Corp.*

    2,731      92

Alliance HealthCare Services, Inc.*

    6,397      36

Allied Healthcare International, Inc.*

    10,883      32

Almost Family, Inc.*

    2,127      84

 

NORTHERN FUNDS QUARTERLY REPORT    11    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Healthcare - Services - 2.3% continued

      

Amedisys, Inc.*

    6,851    $ 333

America Service Group, Inc.

    1,983      31

American Dental Partners, Inc.*

    3,747      48

AMERIGROUP Corp.*

    12,972      350

Amsurg Corp.*

    7,810      172

Assisted Living Concepts, Inc., Class A*

    2,531      67

Bio-Reference Labs, Inc.*

    2,881      113

Capital Senior Living Corp.*

    6,200      31

Centene Corp.*

    10,610      225

Continucare Corp.*

    7,173      31

Emeritus Corp.*

    4,868      91

Ensign Group (The), Inc.

    2,665      41

Genoptix, Inc.*

    4,111      146

Gentiva Health Services, Inc.*

    7,025      190

Healthsouth Corp.*

    22,794      428

Healthspring, Inc.*

    12,134      214

Healthways, Inc.*

    8,224      151

IPC The Hospitalist Co., Inc.*

    3,924      130

Kindred Healthcare, Inc.*

    9,533      176

LHC Group, Inc.*

    3,856      129

Magellan Health Services, Inc.*

    8,813      359

Medcath Corp.*

    4,400      35

Metropolitan Health Netwrks*

    8,854      18

Molina Healthcare, Inc.*

    3,300      75

National Healthcare Corp.

    1,900      68

Nighthawk Radiology Holdings, Inc.*

    4,565      21

NovaMed, Inc.*

    4,849      19

Odyssey HealthCare, Inc.*

    8,024      125

Psychiatric Solutions, Inc.*

    13,771      291

RadNet, Inc.*

    6,400      13

RehabCare Group, Inc.*

    6,019      183

Res-Care, Inc.*

    6,317      71

Select Medical Holdings Corp.*

    8,229      87

Skilled Healthcare Group, Inc., Class A*

    4,705      35

Sun Healthcare Group, Inc.*

    10,698      98

Sunrise Senior Living, Inc.*

    11,700      38

Triple-S Management Corp., Class B*

    5,001      88

U.S. Physical Therapy, Inc.*

    3,000      51

Virtual Radiologic Corp.*

    1,700      22

WellCare Health Plans, Inc.*

    10,311      379
           
        5,417
           

Holding Companies - Diversified - 0.0%

      

Compass Diversified Holdings

    6,128      78

Harbinger Group, Inc.*

    2,123      15

Primoris Services Corp.

    2,042      16

Resource America, Inc., Class A

    2,500      10
           
        119
           

Home Builders - 0.4%

      

Amrep Corp.*

    400      6

Beazer Homes USA, Inc.*

    10,700      52

Brookfield Homes Corp.*

    2,267      18

Cavco Industries, Inc.*

    1,792      64

China Housing & Land Development, Inc.*

    6,336      26

Hovnanian Enterprises, Inc., Class A*

    12,585      48

M/I Homes, Inc.*

    5,100      53

Meritage Homes Corp.*

    7,900      153

Ryland Group, Inc.

    10,700      211

Skyline Corp.

    1,674      31

Standard-Pacific Corp.*

    24,707      92

Winnebago Industries, Inc.*

    7,200      88
           
        842
           

Home Furnishings - 0.6%

      

American Woodmark Corp.

    2,544      50

Audiovox Corp., Class A*

    4,000      28

DTS, Inc.*

    4,297      147

Ethan Allen Interiors, Inc.

    6,097      82

Furniture Brands International, Inc.*

    10,100      55

Hooker Furniture Corp.

    2,603      32

Kimball International, Inc., Class B

    8,179      70

La-Z-Boy, Inc.*

    12,795      122

Sealy Corp.*

    10,628      34

Stanley Furniture Co., Inc.*

    2,487      25

Tempur-Pedic International, Inc.*

    18,330      433

TiVo, Inc.*

    27,179      277

Universal Electronics, Inc.*

    3,314      77
           
        1,432
           

Household Products/Wares - 0.8%

      

ACCO Brands Corp.*

    13,324      97

American Greetings Corp., Class A

    9,633      210

Blyth, Inc.

    1,444      49

Central Garden and Pet Co., Class A*

    15,200      151

CSS Industries, Inc.

    1,900      37

Ennis, Inc.

    6,300      106

Helen of Troy Ltd.*

    7,617      186

Oil-Dri Corp. of America

    1,289      20

Prestige Brands Holdings, Inc.*

    7,910      62

Standard Register (The) Co.

    3,400      18

 

EQUITY INDEX FUNDS    12    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Household Products/Wares - 0.8% continued

      

Tupperware Brands Corp.

    15,314    $ 713

WD-40 Co.

    4,058      131
           
        1,780
           

Insurance - 3.2%

      

Ambac Financial Group, Inc.*

    74,400      62

American Equity Investment Life Holding Co.

    13,871      103

American Physicians Capital, Inc.

    2,156      65

American Physicians Service Group, Inc.

    1,676      39

American Safety Insurance Holdings Ltd.*

    2,100      30

AMERISAFE, Inc.*

    4,606      83

Amtrust Financial Services, Inc.

    5,721      68

Argo Group International Holdings Ltd.*

    7,543      220

Assured Guaranty Ltd.

    30,046      654

Baldwin & Lyons, Inc., Class B

    2,050      50

Citizens, Inc.*

    8,500      56

CNA Surety Corp.*

    4,255      63

Conseco, Inc.*

    49,373      247

Crawford & Co., Class B*

    6,621      26

Delphi Financial Group, Inc., Class A

    11,340      254

Donegal Group, Inc., Class A

    2,777      43

Eastern Insurance Holdings, Inc.

    1,897      16

eHealth, Inc.*

    5,656      93

EMC Insurance Group, Inc.

    1,400      30

Employers Holdings, Inc.

    10,756      165

Enstar Group Ltd.*

    1,549      113

FBL Financial Group, Inc., Class A

    3,341      62

First Acceptance Corp.*

    4,721      9

First Mercury Financial Corp.

    3,496      48

Flagstone Reinsurance Holdings Ltd.

    9,524      104

FPIC Insurance Group, Inc.*

    1,716      66

Greenlight Capital Re Ltd., Class A*

    7,178      169

Hallmark Financial Services, Inc.*

    2,319      18

Harleysville Group, Inc.

    3,226      103

Horace Mann Educators Corp.

    9,590      120

Independence Holding Co.

    1,480      9

Infinity Property & Casualty Corp.

    3,353      136

Kansas City Life Insurance Co.

    1,100      33

Life Partners Holdings, Inc.

    1,768      37

Maiden Holdings Ltd.

    12,200      89

Max Capital Group Ltd.

    11,282      252

Meadowbrook Insurance Group, Inc.

    14,081      104

Mercer Insurance Group, Inc.

    1,372      25

MGIC Investment Corp.*

    31,473      182

Montpelier Re Holdings Ltd.

    21,410      371

National Interstate Corp.

    1,400      24

National Western Life Insurance Co., Class A

    500      87

Navigators Group, Inc.*

    3,052      144

NYMAGIC, Inc.

    1,100      18

Phoenix (The) Cos., Inc.*

    30,700      85

Platinum Underwriters Holdings Ltd.

    12,510      479

PMA Capital Corp., Class A*

    7,500      47

PMI Group (The), Inc.*

    17,279      44

Presidential Life Corp.

    5,000      46

Primus Guaranty Ltd.*

    5,800      18

ProAssurance Corp.*

    8,062      433

Radian Group, Inc.

    20,801      152

RLI Corp.

    4,626      246

Safety Insurance Group, Inc.

    3,243      118

SeaBright Insurance Holdings, Inc.*

    5,293      61

Selective Insurance Group, Inc.

    12,862      212

State Auto Financial Corp.

    3,580      66

Stewart Information Services Corp.

    4,826      54

Tower Group, Inc.

    10,871      254

United America Indemnity Ltd., Class A*

    9,245      73

United Fire & Casualty Co.

    5,559      101

Universal American Corp.*

    6,989      82

Universal Insurance Holdings, Inc.

    3,242      19

Zenith National Insurance Corp.

    9,062      270
           
        7,550
           

Internet - 3.2%

      

1-800-Flowers.com, Inc., Class A*

    6,700      18

AboveNet, Inc.*

    3,166      206

ActivIdentity Corp.*

    11,116      26

Ancestry.com, Inc.*

    1,911      27

Archipelago Learning, Inc.*

    1,772      37

Art Technology Group, Inc.*

    30,963      140

AsiaInfo Holdings, Inc.*

    7,637      233

Blue Coat Systems, Inc.*

    9,862      281

Blue Nile, Inc.*

    3,114      197

Chordiant Software, Inc.*

    7,520      21

Cogent Communications Group, Inc.*

    11,030      109

comScore, Inc.*

    5,372      94

Constant Contact, Inc.*

    5,863      94

CyberSource Corp.*

    17,273      347

DealerTrack Holdings, Inc.*

    9,100      171

Dice Holdings, Inc.*

    3,575      23

 

NORTHERN FUNDS QUARTERLY REPORT    13    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Internet - 3.2% continued

      

Digital River, Inc.*

    9,394    $ 254

Drugstore.com, Inc.*

    21,172      65

Earthlink, Inc.

    26,404      219

ePlus, Inc.*

    887      15

eResearch Technology, Inc.*

    10,404      63

Global Sources Ltd.*

    3,660      23

GSI Commerce, Inc.*

    7,427      189

Health Grades, Inc.*

    4,300      18

i2 Technologies, Inc.*

    3,938      75

Imergent, Inc.

    1,937      12

Infospace, Inc.*

    8,541      73

Internap Network Services Corp.*

    12,367      58

Internet Brands, Inc., Class A*

    6,739      53

Internet Capital Group, Inc.*

    8,991      60

iPass, Inc.*

    11,923      12

j2 Global Communications, Inc.*

    10,990      224

Keynote Systems, Inc.

    2,900      32

Knot (The), Inc.*

    7,375      74

Limelight Networks, Inc.*

    7,610      30

Lionbridge Technologies, Inc.*

    10,987      25

Liquidity Services, Inc.*

    3,700      37

LoopNet, Inc.*

    5,416      54

MercadoLibre, Inc.*

    6,317      328

ModusLink Global Solutions, Inc.*

    11,163      105

Move, Inc.*

    36,181      60

NIC, Inc.

    12,368      113

NutriSystem, Inc.

    7,706      240

Online Resources Corp.*

    6,200      33

OpenTable, Inc.*

    751      19

Openwave Systems, Inc.*

    20,282      46

Orbitz Worldwide, Inc.*

    9,045      66

Overstock.com, Inc.*

    3,611      49

PC-Tel, Inc.*

    4,800      28

Perficient, Inc.*

    7,023      59

Rackspace Hosting, Inc.*

    16,611      346

RealNetworks, Inc.*

    20,673      77

S1 Corp.*

    12,843      84

Saba Software, Inc.*

    4,560      19

Safeguard Scientifics, Inc.*

    5,034      52

Sapient Corp.*

    20,518      170

Shutterfly, Inc.*

    5,017      89

SonicWALL, Inc.*

    13,685      104

Sourcefire, Inc.*

    5,687      152

Stamps.com, Inc.*

    3,150      28

support.com, Inc.*

    9,000      24

TechTarget, Inc.*

    2,947      17

TeleCommunication Systems, Inc., Class A*

    9,928      96

Terremark Worldwide, Inc.*

    14,000      96

TIBCO Software, Inc.*

    43,726      421

Travelzoo, Inc.*

    1,377      17

United Online, Inc.

    21,179      152

US Auto Parts Network, Inc.*

    2,105      11

ValueClick, Inc.*

    21,700      220

VASCO Data Security International, Inc.*

    7,200      45

Vitacost.com, Inc.*

    2,709      28

Vocus, Inc.*

    4,036      73

Web.com Group, Inc.*

    6,488      42

Websense, Inc.*

    10,813      189

Zix Corp.*

    15,422      26
           
        7,413
           

Investment Companies - 0.8%

      

Allied Capital Corp.*

    44,415      160

American Capital Ltd.*

    68,794      168

Ampal-American Israel Corp., Class A*

    5,124      14

Apollo Investment Corp.

    39,821      379

Ares Capital Corp.

    26,818      334

BlackRock Kelso Capital Corp.

    2,700      23

Capital Southwest Corp.

    725      57

Fifth Street Finance Corp.

    8,062      87

Gladstone Capital Corp.

    5,199      40

Gladstone Investment Corp.

    5,402      25

Harris & Harris Group, Inc.*

    6,000      27

Hercules Technology Growth Capital, Inc.

    8,655      90

Kohlberg Capital Corp.

    4,484      20

Main Street Capital Corp.

    1,800      29

MCG Capital Corp.*

    15,988      69

Medallion Financial Corp.

    3,473      28

MVC Capital, Inc.

    5,297      63

NGP Capital Resources Co.

    5,300      43

PennantPark Investment Corp.

    6,475      58

Prospect Capital Corp.

    15,739      186

TICC Capital Corp.

    6,562      40

Triangle Capital Corp.

    2,644      32
           
        1,972
           

Iron/Steel - 0.0%

      

China Precision Steel, Inc.*

    10,305      21

General Steel Holdings, Inc.*

    5,177      23

 

EQUITY INDEX FUNDS    14    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Iron/Steel - 0.0% continued

      

Sutor Technology Group Ltd.*

    1,800    $ 5

Universal Stainless & Alloy*

    1,700      32
           
        81
           

Leisure Time - 0.5%

      

Ambassadors Group, Inc.

    4,839      64

Brunswick Corp.

    22,200      282

Callaway Golf Co.

    15,782      119

Interval Leisure Group, Inc.*

    9,711      121

Life Time Fitness, Inc.*

    10,136      253

Marine Products Corp.

    2,500      13

Multimedia Games, Inc.*

    6,540      39

Polaris Industries, Inc.

    7,430      324

Town Sports International Holdings, Inc.*

    4,600      11

Universal Travel Group*

    2,453      25
           
        1,251
           

Lodging - 0.3%

      

Ameristar Casinos, Inc.

    6,258      95

Gaylord Entertainment Co.*

    9,862      195

Marcus Corp.

    5,127      66

Monarch Casino & Resort, Inc.*

    2,247      18

Morgans Hotel Group Co.*

    5,355      24

Orient-Express Hotels Ltd., Class A*

    19,198      195

Red Lion Hotels Corp.*

    3,299      16
           
        609
           

Machinery-Construction & Mining - 0.1%

      

Astec Industries, Inc.*

    4,656      125
           

Machinery - Diversified - 1.3%

      

Alamo Group, Inc.

    1,836      31

Albany International Corp., Class A

    6,590      148

Altra Holdings, Inc.*

    6,506      80

Applied Industrial Technologies, Inc.

    10,315      228

Briggs & Stratton Corp.

    12,100      226

Cascade Corp.

    2,216      61

Chart Industries, Inc.*

    7,248      120

Cognex Corp.

    9,829      174

Columbus McKinnon Corp.*

    4,651      64

Duoyuan Printing, Inc.*

    2,098      17

DXP Enterprises, Inc.*

    1,889      25

Flow International Corp.*

    9,400      29

Gorman-Rupp (The) Co.

    3,520      97

Hurco Cos., Inc.*

    1,555      23

Intermec, Inc.*

    15,210      196

Intevac, Inc.*

    5,500      63

iRobot Corp.*

    4,730      83

Kadant, Inc.*

    2,983      48

Lindsay Corp.

    3,152      126

Middleby Corp.*

    3,937      193

NACCO Industries, Inc., Class A

    1,412      70

Nordson Corp.

    8,340      510

Raser Technologies, Inc.*

    17,511      22

Robbins & Myers, Inc.

    6,500      153

Sauer-Danfoss, Inc.*

    2,864      34

Tecumseh Products Co., Class A*

    4,492      52

Tennant Co.

    4,500      118

Twin Disc, Inc.

    2,200      23
           
        3,014
           

Media - 0.5%

      

Acacia Research-Acacia Technologies*

    7,793      71

Belo Corp., Class A

    21,797      119

CKX, Inc.*

    14,753      78

Courier Corp.

    2,525      36

Crown Media Holdings, Inc., Class A*

    2,500      4

DG FastChannel, Inc.*

    5,057      141

Dolan Media Co.*

    7,683      78

EW Scripps Co., Class A*

    6,100      42

Fisher Communications, Inc.*

    1,500      24

Journal Communications, Inc., Class A

    11,000      43

LIN TV Corp., Class A*

    7,100      32

Lodgenet Interactive Corp.*

    4,969      27

Martha Stewart Living Omnimedia, Inc., Class A*

    6,900      34

Mediacom Communications Corp., Class A*

    9,611      43

Outdoor Channel Holdings, Inc.*

    2,400      14

Playboy Enterprises, Inc., Class B*

    5,400      17

Primedia, Inc.

    4,160      15

Scholastic Corp.

    5,521      165

Sinclair Broadcast Group, Inc., Class A*

    10,451      42

Value Line, Inc.

    300      8

World Wrestling Entertainment, Inc., Class A

    5,354      82
           
        1,115
           

Metal Fabrication/Hardware - 0.9%

      

A.M. Castle & Co.

    4,344      59

Ampco-Pittsburgh Corp.

    2,083      66

CIRCOR International, Inc.

    4,173      105

Dynamic Materials Corp.

    3,146      63

 

NORTHERN FUNDS QUARTERLY REPORT    15    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Metal Fabrication/Hardware - 0.9% continued

      

Eastern (The) Co.

    960    $ 13

Furmanite Corp.*

    11,048      42

Hawk Corp., Class A*

    1,332      23

Haynes International, Inc.

    3,078      102

Kaydon Corp.

    8,252      295

L.B. Foster Co., Class A*

    2,484      74

Ladish Co., Inc.*

    4,025      61

Lawson Products, Inc.

    1,040      18

Mueller Industries, Inc.

    9,040      225

Mueller Water Products, Inc., Class A

    37,739      196

North American Galvanizing & Coating, Inc.*

    3,085      15

Northwest Pipe Co.*

    2,265      61

Olympic Steel, Inc.

    2,325      76

Omega Flex, Inc.

    662      9

RBC Bearings, Inc.*

    5,556      135

RTI International Metals, Inc.*

    7,349      185

Sun Hydraulics, Corp.

    3,027      79

Worthington Industries, Inc.

    15,200      199
           
        2,101
           

Mining - 0.9%

      

Allied Nevada Gold Corp.*

    13,317      201

AMCOL International Corp.

    5,761      164

Brush Engineered Materials, Inc.*

    5,200      96

Century Aluminum Co.*

    13,868      224

Coeur d’Alene Mines Corp.*

    18,594      336

General Moly, Inc.*

    18,859      39

Hecla Mining Co.*

    58,843      364

Horsehead Holding Corp.*

    11,136      142

Kaiser Aluminum Corp.

    3,767      157

Paramount Gold and Silver Corp.*

    21,122      31

Stillwater Mining Co.*

    9,650      91

U.S. Gold Corp.*

    18,872      47

United States Lime & Minerals, Inc.*

    456      16

Uranerz Energy Corp.*

    9,264      12

Uranium Energy Corp.*

    13,844      52

USEC, Inc.*

    27,984      108
           
        2,080
           

Miscellaneous Manufacturing - 2.1%

      

A.O. Smith Corp.

    5,322      231

Actuant Corp., Class A

    16,941      314

Acuity Brands, Inc.

    10,464      373

American Railcar Industries, Inc.

    2,223      25

Ameron International Corp.

    2,307      146

AZZ, Inc.*

    3,117      102

Barnes Group, Inc.

    11,477      194

Blount International, Inc.*

    9,800      99

Ceradyne, Inc.*

    6,350      122

Chase Corp.

    1,467      17

China Fire & Security Group, Inc.*

    3,653      49

CLARCOR, Inc.

    12,378      402

Colfax Corp.*

    5,800      70

Eastman Kodak Co.*

    67,441      285

EnPro Industries, Inc.*

    4,851      128

ESCO Technologies, Inc.

    6,504      233

Federal Signal Corp.

    12,428      75

Flanders Corp.*

    2,744      12

Freightcar America, Inc.

    2,976      59

GP Strategies Corp.*

    3,829      29

Griffon Corp.*

    10,607      130

Hexcel Corp.*

    24,043      312

John Bean Technologies Corp.

    6,601      112

Koppers Holdings, Inc.

    4,997      152

LSB Industries, Inc.*

    4,205      59

Matthews International Corp., Class A

    7,666      272

Metabolix, Inc.*

    5,769      64

Movado Group, Inc.*

    4,140      40

Myers Industries, Inc.

    8,015      73

NL Industries, Inc.

    1,800      12

PMFG, Inc.*

    2,800      45

Polypore International, Inc.*

    5,520      66

Portec Rail Products, Inc.

    1,605      17

Raven Industries, Inc.

    4,100      130

Smith & Wesson Holding Corp.*

    14,631      60

Standex International Corp.

    3,010      60

STR Holdings, Inc.*

    2,989      47

Sturm Ruger & Co., Inc.

    4,698      46

Tredegar Corp.

    7,540      119

Trimas Corp.*

    2,900      20
           
        4,801
           

Office Furnishings - 0.4%

      

Herman Miller, Inc.

    13,266      212

HNI Corp.

    11,100      307

Interface, Inc., Class A

    12,417      103

Knoll, Inc.

    12,132      125

Steelcase, Inc., Class A

    18,162      116
           
        863
           

 

EQUITY INDEX FUNDS    16    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Oil & Gas - 2.5%

      

Alon USA Energy, Inc.

    2,500    $ 17

Apco Oil and Gas International, Inc.

    2,052      45

Approach Resources, Inc.*

    2,326      18

Arena Resources, Inc.*

    9,323      402

Atlas Energy, Inc.

    16,477      497

ATP Oil & Gas Corp.*

    9,688      177

Berry Petroleum Co., Class A

    10,722      313

Bill Barrett Corp.*

    9,531      297

BPZ Resources, Inc.*

    22,574      214

Brigham Exploration Co.*

    24,169      327

Bronco Drilling Co., Inc.*

    6,500      33

Carrizo Oil & Gas, Inc.*

    7,054      187

Cheniere Energy, Inc.*

    13,660      33

Clayton Williams Energy, Inc.*

    1,544      54

Contango Oil & Gas Co.*

    2,940      138

CREDO Petroleum Corp.*

    1,651      15

Cubic Energy, Inc.*

    6,432      10

CVR Energy, Inc.*

    5,703      39

Delek US Holdings, Inc.

    3,900      27

Delta Petroleum Corp.*

    42,856      45

Endeavour International Corp.*

    28,600      31

FX Energy, Inc.*

    9,300      27

Georesources, Inc.*

    2,108      29

GMX Resources, Inc.*

    7,602      104

Goodrich Petroleum Corp.*

    6,100      149

Gran Tierra Energy, Inc.*

    49,626      284

Gulfport Energy Corp.*

    6,375      73

Harvest Natural Resources, Inc.*

    7,941      42

Hercules Offshore, Inc.*

    28,517      136

Isramco, Inc.*

    200      14

McMoRan Exploration Co.*

    18,506      148

Northern Oil And Gas, Inc.*

    8,846      105

Oilsands Quest, Inc.*

    53,979      62

Panhandle Oil and Gas, Inc., Class A

    1,718      44

Parker Drilling Co.*

    29,054      144

Penn Virginia Corp.

    11,225      239

Petroleum Development Corp.*

    4,886      89

Petroquest Energy, Inc.*

    12,300      75

Pioneer Drilling Co.*

    11,500      91

Rex Energy Corp.*

    6,168      74

Rosetta Resources, Inc.*

    12,897      257

Stone Energy Corp.*

    10,297      186

Sulphco, Inc.*

    10,300      7

Swift Energy Co.*

    9,017      216

Toreador Resources Corp.

    5,228      52

Vaalco Energy, Inc.

    14,083      64

Vantage Drilling Co.*

    16,074      26

Venoco, Inc.*

    4,884      64

W&T Offshore, Inc.

    8,066      94

Warren Resources, Inc.*

    17,130      42

Western Refining, Inc.*

    9,882      47

Zion Oil & Gas, Inc.*

    3,497      25
           
        5,928
           

Oil & Gas Services - 1.3%

      

Allis-Chalmers Energy, Inc.*

    15,037      57

Basic Energy Services, Inc.*

    5,790      52

Bolt Technology Corp.*

    2,026      22

Boots & Coots, Inc.*

    18,683      31

Cal Dive International, Inc.*

    11,136      84

CARBO Ceramics, Inc.

    4,700      320

Complete Production Services, Inc.*

    14,214      185

Dawson Geophysical Co.*

    1,871      43

Dril-Quip, Inc.*

    7,125      402

Geokinetics, Inc.*

    1,966      19

Global Industries Ltd.*

    24,272      173

Gulf Island Fabrication, Inc.

    2,946      62

Hornbeck Offshore Services, Inc.*

    5,500      128

ION Geophysical Corp.*

    25,912      153

Key Energy Services, Inc.*

    30,185      265

Lufkin Industries, Inc.

    3,572      262

Matrix Service Co.*

    6,436      69

Natural Gas Services Group, Inc.*

    2,903      55

Newpark Resources, Inc.*

    22,432      95

OYO Geospace Corp.*

    979      42

RPC, Inc.

    6,741      70

Superior Well Services, Inc.*

    4,360      62

T-3 Energy Services, Inc.*

    3,046      78

Tetra Technologies, Inc.*

    18,690      207

TGC Industries, Inc.*

    2,093      8

Union Drilling, Inc.*

    3,300      21

Willbros Group, Inc.*

    9,619      162
           
        3,127
           

Packaging & Containers - 0.4%

      

AEP Industries, Inc.*

    1,384      53

Bway Holding Co.*

    1,850      36

Graphic Packaging Holding Co.*

    27,349      95

Rock-Tenn Co., Class A

    9,473      477

 

NORTHERN FUNDS QUARTERLY REPORT    17    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Packaging & Containers - 0.4% continued

      

Silgan Holdings, Inc.

    6,495    $ 376
           
        1,037
           

Pharmaceuticals - 3.0%

      

Acura Pharmaceuticals, Inc.*

    1,968      10

Adolor Corp.*

    11,200      16

Akorn, Inc.*

    13,710      25

Alkermes, Inc.*

    23,122      218

Allos Therapeutics, Inc.*

    18,150      119

Amicus Therapeutics, Inc.*

    3,121      12

Ardea Biosciences, Inc.*

    3,457      48

Array Biopharma, Inc.*

    11,400      32

Auxilium Pharmaceuticals, Inc.*

    11,502      345

AVANIR Pharmaceuticals, Inc., Class A*

    18,237      35

AVI BioPharma, Inc.*

    23,668      35

Biodel, Inc.*

    3,439      15

BioDelivery Sciences International, Inc.*

    1,788      7

BioScrip, Inc.*

    10,149      85

Biospecifics Technologies Corp.*

    893      26

Cadence Pharmaceuticals, Inc.*

    5,992      58

Caraco Pharmaceutical Laboratories Ltd.*

    2,000      12

Catalyst Health Solutions, Inc.*

    9,009      329

China Sky One Medical, Inc.*

    2,545      58

Clarient, Inc.*

    9,723      26

Cornerstone Therapeutics, Inc.*

    1,082      7

Cumberland Pharmaceuticals, Inc.*

    2,077      28

Cypress Bioscience, Inc.*

    9,312      54

Cytori Therapeutics, Inc.*

    7,700      47

Depomed, Inc.*

    12,563      42

Durect Corp.*

    18,900      47

Dyax Corp.*

    17,845      61

Hemispherx Biopharma, Inc.*

    30,601      17

Hi-Tech Pharmacal Co., Inc.*

    2,210      62

Idenix Pharmaceuticals, Inc.*

    6,100      13

Impax Laboratories, Inc.*

    15,291      208

Infinity Pharmaceuticals, Inc.*

    4,405      27

Inspire Pharmaceuticals, Inc.*

    15,020      83

Isis Pharmaceuticals, Inc.*

    23,500      261

Ista Pharmaceuticals, Inc.*

    8,120      37

Javelin Pharmaceuticals, Inc.*

    9,600      12

KV Pharmaceutical Co., Class A*

    9,067      33

Lannett Co., Inc.*

    1,218      7

Mannatech, Inc.

    3,900      12

MannKind Corp.*

    14,167      124

MAP Pharmaceuticals, Inc.*

    2,341      22

Matrixx Initiatives, Inc.*

    1,939      8

Medicis Pharmaceutical Corp., Class A

    14,641      396

Medivation, Inc.*

    7,026      265

MiddleBrook Pharmaceuticals, Inc.*

    8,700      4

Myriad Pharmaceuticals, Inc.*

    5,799      29

Nabi Biopharmaceuticals*

    12,000      59

Nektar Therapeutics*

    22,936      214

Neogen Corp.*

    4,838      114

Neurocrine Biosciences, Inc.*

    9,200      25

NeurogesX, Inc.*

    2,356      18

Nutraceutical International Corp.*

    2,646      33

Obagi Medical Products, Inc.*

    4,207      50

Omega Protein Corp.*

    4,520      20

Onyx Pharmaceuticals, Inc.*

    15,122      444

Opko Health, Inc.*

    7,168      13

Optimer Pharmaceuticals, Inc.*

    7,024      79

Orexigen Therapeutics, Inc.*

    6,473      48

Osiris Therapeutics, Inc.*

    4,908      35

Oxigene, Inc.*

    9,570      11

Pain Therapeutics, Inc.*

    8,425      45

Par Pharmaceutical Cos., Inc.*

    8,485      230

Pharmasset, Inc.*

    5,374      111

PharMerica Corp.*

    7,434      118

Poniard Pharmaceuticals, Inc.*

    5,536      10

Pozen, Inc.*

    5,900      35

Progenics Pharmaceuticals, Inc.*

    8,221      37

Questcor Pharmaceuticals, Inc.*

    14,062      67

Rigel Pharmaceuticals, Inc.*

    12,804      122

Salix Pharmaceuticals Ltd.*

    13,559      344

Santarus, Inc.*

    12,697      59

Savient Pharmaceuticals, Inc.*

    16,565      225

Schiff Nutrition International, Inc.

    2,710      21

Sciclone Pharmaceuticals, Inc.*

    7,100      17

SIGA Technologies, Inc.*

    7,443      43

Spectrum Pharmaceuticals, Inc.*

    9,505      42

Sucampo Pharmaceuticals, Inc., Class A*

    2,546      10

Synta Pharmaceuticals Corp.*

    3,500      18

Synutra International, Inc.*

    4,532      61

Theravance, Inc.*

    13,200      173

USANA Health Sciences, Inc.*

    1,605      51

Vanda Pharmaceuticals, Inc.*

    6,530      73

Viropharma, Inc.*

    18,900      159

Vivus, Inc.*

    19,615      180

 

EQUITY INDEX FUNDS    18    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Pharmaceuticals - 3.0% continued

      

XenoPort, Inc.*

    7,470    $ 139
           
        6,970
           

Pipelines - 0.0%

      

Crosstex Energy, Inc.

    9,849      60
           

Real Estate - 0.2%

      

American Realty Investors, Inc.*

    676      8

Avatar Holdings, Inc.*

    1,920      33

Consolidated-Tomoka Land Co.

    1,300      45

Forestar Group, Inc.*

    8,800      193

Hilltop Holdings, Inc.*

    9,659      113

United Capital Corp.*

    480      12
           
        404
           

Real Estate Investment Trusts - 6.1%

      

Acadia Realty Trust

    9,687      163

Agree Realty Corp.

    1,729      40

Alexander’s, Inc.*

    500      152

American Campus Communities, Inc.

    12,903      363

American Capital Agency Corp.

    3,923      104

Anworth Mortgage Asset Corp.

    27,945      196

Apollo Commercial Real Estate Finance, Inc.*

    2,428      44

Ashford Hospitality Trust, Inc.*

    12,840      60

Associated Estates Realty Corp.

    3,648      41

BioMed Realty Trust, Inc.

    24,491      387

CapLease, Inc.

    12,569      55

Capstead Mortgage Corp.

    16,899      231

Care Investment Trust, Inc.

    2,949      23

CBL & Associates Properties, Inc.

    33,862      328

Cedar Shopping Centers, Inc.

    9,468      64

Cogdell Spencer, Inc.

    7,302      41

Colonial Properties Trust

    16,490      193

Colony Financial, Inc.

    3,496      71

Cousins Properties, Inc.

    18,014      138

CreXus Investment Corp.*

    3,309      46

Cypress Sharpridge Investments, Inc.

    4,243      57

DCT Industrial Trust, Inc.

    50,119      252

Developers Diversified Realty Corp.

    39,469      366

DiamondRock Hospitality Co.

    28,360      240

DuPont Fabros Technology, Inc.

    6,458      116

Dynex Capital, Inc.

    2,037      18

EastGroup Properties, Inc.

    6,289      241

Education Realty Trust, Inc.

    14,760      71

Entertainment Properties Trust

    10,262      362

Equity Lifestyle Properties, Inc.

    6,279      317

Equity One, Inc.

    8,106      131

Extra Space Storage, Inc.

    21,800      252

FelCor Lodging Trust, Inc.*

    16,762      60

First Industrial Realty Trust, Inc.*

    12,820      67

First Potomac Realty Trust

    7,306      92

Franklin Street Properties Corp.

    16,283      238

Getty Realty Corp.

    4,264      100

Gladstone Commercial Corp.

    2,082      28

Glimcher Realty Trust

    15,893      43

Government Properties Income Trust

    2,956      68

Gramercy Capital Corp.*

    10,369      27

Hatteras Financial Corp.

    9,119      255

Healthcare Realty Trust, Inc.

    14,491      311

Hersha Hospitality Trust

    14,400      45

Highwoods Properties, Inc.

    17,385      580

Home Properties, Inc.

    8,155      389

Inland Real Estate Corp.

    17,127      140

Invesco Mortgage Capital, Inc.

    2,266      52

Investors Real Estate Trust

    18,153      163

iStar Financial, Inc.*

    23,409      60

Kilroy Realty Corp.

    10,535      323

Kite Realty Group Trust

    11,242      46

LaSalle Hotel Properties

    15,520      330

Lexington Realty Trust

    23,670      144

LTC Properties, Inc.

    5,646      151

Medical Properties Trust, Inc.

    19,575      196

MFA Financial, Inc.

    68,542      504

Mid-America Apartment Communities, Inc.

    6,979      337

Mission West Properties, Inc.

    3,400      24

Monmouth Reit, Class A

    5,293      39

National Health Investors, Inc.

    6,326      234

National Retail Properties, Inc.

    19,906      422

NorthStar Realty Finance Corp.

    16,449      56

Omega Healthcare Investors, Inc.

    20,430      397

Parkway Properties, Inc.

    5,263      110

Pennsylvania Real Estate Investment Trust

    9,258      78

Pennymac Mortgage Investment Trust*

    3,783      65

Post Properties, Inc.

    12,048      236

PS Business Parks, Inc.

    4,361      218

RAIT Financial Trust*

    14,200      19

Ramco-Gershenson Properties Trust

    6,679      64

Redwood Trust, Inc.

    19,374      280

Resource Capital Corp.

    5,000      25

 

NORTHERN FUNDS QUARTERLY REPORT    19    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Real Estate Investment Trusts - 6.1% continued

      

Saul Centers, Inc.

    1,570    $ 51

Sovran Self Storage, Inc.

    6,838      244

Starwood Property Trust, Inc.

    11,336      214

Strategic Hotels & Resorts, Inc.*

    19,453      36

Sun Communities, Inc.

    4,040      80

Sunstone Hotel Investors, Inc.*

    24,417      217

Tanger Factory Outlet Centers, Inc.

    9,834      383

UMH Properties, Inc.

    2,235      19

Universal Health Realty Income Trust

    2,691      86

Urstadt Biddle Properties, Inc., Class A

    4,957      76

U-Store-It Trust

    19,704      144

Walter Investment Management Corp.

    5,727      82

Washington Real Estate Investment Trust

    14,198      391

Winthrop Realty Trust

    2,792      30
           
        14,232
           

Retail - 6.0%

      

99 Cents Only Stores*

    11,300      148

AFC Enterprises, Inc.*

    6,265      51

Allion Healthcare, Inc.*

    5,334      35

America’s Car-Mart, Inc.*

    2,420      64

AnnTaylor Stores Corp.*

    14,222      194

Asbury Automotive Group, Inc.*

    7,900      91

Bebe Stores, Inc.

    6,305      40

Benihana, Inc., Class A*

    2,400      9

Big 5 Sporting Goods Corp.

    5,288      91

BJ’s Restaurants, Inc.*

    5,046      95

Bob Evans Farms, Inc.

    7,527      218

Books-A-Million, Inc.

    921      6

Borders Group, Inc.*

    14,433      17

Brown Shoe Co., Inc.

    9,845      97

Buckle (The), Inc.

    6,298      184

Buffalo Wild Wings, Inc.*

    4,434      179

Build-A-Bear Workshop, Inc.*

    4,400      22

Cabela’s, Inc.*

    9,719      139

California Pizza Kitchen, Inc.*

    5,131      69

Caribou Coffee Co., Inc.*

    1,711      13

Carrols Restaurant Group, Inc.*

    2,847      20

Casey’s General Stores, Inc.

    12,513      399

Cash America International, Inc.

    7,321      256

Cato (The) Corp., Class A

    7,088      142

CEC Entertainment, Inc.*

    5,605      179

Charming Shoppes, Inc.*

    28,098      182

Cheesecake Factory (The), Inc.*

    14,974      323

Children’s Place Retail Stores (The), Inc.*

    5,502      182

Christopher & Banks Corp.

    8,690      66

Citi Trends, Inc.*

    3,677      102

CKE Restaurants, Inc.

    12,000      102

Coldwater Creek, Inc.*

    14,378      64

Collective Brands, Inc.*

    16,031      365

Conn’s, Inc.*

    3,104      18

Cracker Barrel Old Country Store, Inc.

    5,553      211

Denny’s Corp.*

    23,455      51

Destination Maternity Corp.*

    822      16

Dillard’s, Inc., Class A

    12,485      230

DineEquity, Inc.*

    4,300      104

Domino’s Pizza, Inc.*

    9,099      76

Dress Barn, Inc.*

    13,790      319

DSW, Inc., Class A*

    3,211      83

Einstein Noah Restaurant Group, Inc.*

    1,854      18

Ezcorp, Inc., Class A*

    10,998      189

Finish Line (The), Inc., Class A

    10,564      133

First Cash Financial Services, Inc.*

    5,563      123

Fred’s, Inc., Class A

    10,212      104

Frisch’s Restaurants, Inc.

    576      14

Fuqi International, Inc.*

    2,957      53

Gaiam, Inc., Class A*

    3,910      30

Genesco, Inc.*

    5,596      154

Group 1 Automotive, Inc.*

    5,925      168

Gymboree Corp.*

    7,114      309

Haverty Furniture Cos., Inc.

    4,300      59

hhgregg, Inc.*

    3,245      71

Hibbett Sports, Inc.*

    7,205      158

HOT Topic, Inc.*

    10,929      70

HSN, Inc.*

    9,762      197

J. Crew Group, Inc.*

    12,431      556

Jack in the Box, Inc.*

    14,052      276

Jo-Ann Stores, Inc.*

    6,465      234

Jos. A. Bank Clothiers, Inc.*

    4,533      191

Kenneth Cole Productions, Inc., Class A*

    2,342      23

Kirkland’s, Inc.*

    3,028      53

Krispy Kreme Doughnuts, Inc.*

    14,400      42

Landry’s Restaurants, Inc.*

    1,796      38

Lithia Motors, Inc., Class A*

    4,296      35

Liz Claiborne, Inc.*

    23,350      131

Luby’s, Inc.*

    4,300      16

Lululemon Athletica, Inc.*

    9,923      299

Lumber Liquidators, Inc.*

    3,730      100

McCormick & Schmick’s Seafood Restaurants, Inc.*

    3,648      25

 

EQUITY INDEX FUNDS    20    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Retail - 6.0% continued

      

Men’s Wearhouse (The), Inc.

    12,702    $ 268

New York & Co., Inc.*

    5,400      23

Nu Skin Enterprises, Inc., Class A

    12,236      329

O’Charleys, Inc.*

    5,200      34

OfficeMax, Inc.*

    18,954      241

P.F. Chang’s China Bistro, Inc.*

    5,798      220

Pacific Sunwear of California, Inc.*

    15,971      64

Pantry (The), Inc.*

    5,552      75

Papa John’s International, Inc.*

    5,611      131

PC Connection, Inc.*

    1,600      11

PC Mall, Inc.*

    2,800      15

Pep Boys - Manny, Moe & Jack

    12,225      103

PetMed Express, Inc.

    5,943      105

Pier 1 Imports, Inc.*

    28,122      143

Pricesmart, Inc.

    4,045      83

Red Robin Gourmet Burgers, Inc.*

    4,003      72

Regis Corp.

    14,150      220

Retail Ventures, Inc.*

    6,069      54

Rex Stores Corp.*

    1,500      21

Ruby Tuesday, Inc.*

    15,485      112

Rue21, Inc.*

    1,634      46

Rush Enterprises, Inc., Class A*

    7,785      93

Ruth’s Hospitality Group, Inc.*

    6,300      13

Saks, Inc.*

    30,963      203

Sally Beauty Holdings, Inc.*

    22,900      175

Shoe Carnival, Inc.*

    2,200      45

Sonic Automotive, Inc., Class A*

    7,507      78

Sonic Corp.*

    15,657      158

Sport Supply Group, Inc.

    2,248      28

Stage Stores, Inc.

    9,075      112

Steak N Shake (The) Co.*

    306      99

Stein Mart, Inc.*

    6,207      66

Steinway Musical Instruments*

    1,700      27

Susser Holdings Corp.*

    1,400      12

Syms Corp.*

    1,508      11

Systemax, Inc.

    2,488      39

Talbots, Inc.*

    6,034      54

Texas Roadhouse, Inc.*

    12,600      142

Tractor Supply Co.*

    8,930      473

Tuesday Morning Corp.*

    7,500      19

Ulta Salon Cosmetics & Fragrance, Inc.*

    6,757      123

Vitamin Shoppe, Inc.*

    2,213      49

West Marine, Inc.*

    2,600      21

Wet Seal (The), Inc., Class A*

    23,065      80

World Fuel Services Corp.

    14,379      385

Zale Corp.*

    7,002      19

Zumiez, Inc.*

    5,223      66
           
        14,081
           

Savings & Loans - 1.1%

      

Abington Bancorp, Inc.

    5,266      36

Astoria Financial Corp.

    21,025      261

BankFinancial Corp.

    5,146      51

Beneficial Mutual Bancorp, Inc.*

    7,906      78

Berkshire Hills Bancorp, Inc.

    3,325      69

Brookline Bancorp, Inc.

    14,395      143

Brooklyn Federal Bancorp, Inc.

    724      7

Cape Bancorp, Inc.*

    2,828      19

Chicopee Bancorp, Inc.*

    1,523      19

Clifton Savings Bancorp, Inc.

    2,500      23

Danvers Bancorp, Inc.

    5,500      71

Dime Community Bancshares

    6,301      74

ESB Financial Corp.

    2,236      30

ESSA Bancorp, Inc.

    3,672      43

First Defiance Financial Corp.

    1,951      22

First Financial Holdings, Inc.

    3,867      50

First Financial Northwest, Inc.

    4,500      30

Flagstar Bancorp, Inc.*

    15,400      9

Flushing Financial Corp.

    7,741      87

Fox Chase Bancorp, Inc.*

    1,259      12

Home Bancorp, Inc.*

    2,153      26

Home Federal Bancorp, Inc.

    4,046      54

Investors Bancorp, Inc.*

    11,421      125

Kearny Financial Corp.

    4,000      40

Kentucky First Federal Bancorp

    725      8

K-Fed Bancorp

    961      8

Legacy Bancorp, Inc.

    1,760      17

Meridian Interstate Bancorp, Inc.*

    2,329      20

NASB Financial, Inc.

    800      19

NewAlliance Bancshares, Inc.

    26,591      319

Northeast Community Bancorp, Inc.

    1,385      9

Northfield Bancorp, Inc.

    4,702      64

Northwest Bancshares, Inc.

    10,908      124

OceanFirst Financial Corp.

    3,165      36

Oritani Financial Corp.

    2,600      36

Provident Financial Services, Inc.

    14,573      155

Provident New York Bancorp

    8,394      71

Prudential Bancorp, Inc.

    882      8

Rockville Financial, Inc.

    2,200      23

 

NORTHERN FUNDS QUARTERLY REPORT    21    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Savings & Loans - 1.1% continued

      

Roma Financial Corp.

    1,994    $ 25

Territorial Bancorp, Inc.*

    3,143      57

United Financial Bancorp, Inc.

    3,989      52

ViewPoint Financial Group

    2,600      37

Waterstone Financial, Inc.*

    1,700      4

Westfield Financial, Inc.

    7,576      63

WSFS Financial Corp.

    1,981      51
           
        2,585
           

Semiconductors - 3.1%

      

Actel Corp.*

    6,380      76

Advanced Analogic Technologies, Inc.*

    10,461      41

Amkor Technology, Inc.*

    26,900      193

Anadigics, Inc.*

    15,221      64

Applied Micro Circuits Corp.*

    17,075      128

ATMI, Inc.*

    7,800      145

Brooks Automation, Inc.*

    15,492      133

Cabot Microelectronics Corp.*

    5,797      191

Cavium Networks, Inc.*

    8,880      212

Ceva, Inc.*

    4,741      61

Cirrus Logic, Inc.*

    15,772      108

Cohu, Inc.

    6,128      85

Diodes, Inc.*

    8,223      168

DSP Group, Inc.*

    5,300      30

EMCORE Corp.*

    22,300      24

Emulex Corp.*

    20,700      226

Entegris, Inc.*

    31,780      168

Entropic Communications, Inc.*

    11,180      34

Exar Corp.*

    8,578      61

Formfactor, Inc.*

    12,403      270

GSI Technology, Inc.*

    4,533      20

GT Solar International, Inc.*

    8,300      46

Hittite Microwave Corp.*

    5,343      218

IXYS Corp.*

    5,772      43

Kopin Corp.*

    16,456      69

Kulicke & Soffa Industries, Inc.*

    16,400      88

Lattice Semiconductor Corp.*

    28,113      76

Micrel, Inc.

    11,956      98

Microsemi Corp.*

    20,300      360

Microtune, Inc.*

    12,800      29

MIPS Technologies, Inc.*

    10,982      48

MKS Instruments, Inc.*

    12,473      217

Monolithic Power Systems, Inc.*

    8,368      201

Netlogic Microsystems, Inc.*

    4,441      205

Omnivision Technologies, Inc.*

    12,100      176

Pericom Semiconductor Corp.*

    6,187      71

Photronics, Inc.*

    13,658      61

PLX Technology, Inc.*

    7,200      23

Power Integrations, Inc.

    6,034      219

Rubicon Technology, Inc.*

    3,070      62

Rudolph Technologies, Inc.*

    7,495      50

Semtech Corp.*

    14,900      253

Sigma Designs, Inc.*

    7,271      78

Silicon Image, Inc.*

    18,201      47

Skyworks Solutions, Inc.*

    40,921      581

Standard Microsystems Corp.*

    5,361      111

Supertex, Inc.*

    2,874      86

Techwell, Inc.*

    3,860      51

Tessera Technologies, Inc.*

    12,201      284

TriQuint Semiconductor, Inc.*

    36,002      216

Ultratech, Inc.*

    5,958      88

Veeco Instruments, Inc.*

    9,415      311

Virage Logic Corp.*

    3,953      22

Volterra Semiconductor Corp.*

    5,851      112

White Electronic Designs Corp.*

    5,583      26

Zoran Corp.*

    13,108      145
           
        7,209
           

Shipbuilding - 0.0%

      

Todd Shipyards Corp.

    1,344      22
           

Software - 4.6%

      

Accelrys, Inc.*

    6,635      38

ACI Worldwide, Inc.*

    8,822      151

Actuate Corp.*

    10,923      47

Acxiom Corp.*

    16,585      223

Advent Software, Inc.*

    3,917      159

American Reprographics Co.*

    9,640      68

American Software, Inc., Class A

    5,413      32

AMICAS, Inc.*

    8,588      47

ArcSight, Inc.*

    4,501      115

Ariba, Inc.*

    21,750      272

athenahealth, Inc.*

    8,182      370

Avid Technology, Inc.*

    6,900      88

Blackbaud, Inc.

    10,616      251

Blackboard, Inc.*

    7,942      360

Bottomline Technologies, Inc.*

    6,123      108

Bowne & Co., Inc.

    9,357      62

Callidus Software, Inc.*

    5,900      18

China Information Security Technology, Inc.*

    6,595      41

 

EQUITY INDEX FUNDS    22    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Software - 4.6% continued

      

China TransInfo Technology Corp.*

    1,599    $ 13

CommVault Systems, Inc.*

    10,171      241

Computer Programs & Systems, Inc.

    2,377      109

Concur Technologies, Inc.*

    9,748      417

CSG Systems International, Inc.*

    8,585      164

Deltek, Inc.*

    4,486      35

DemandTec, Inc.*

    4,100      36

Digi International, Inc.*

    5,991      55

DivX, Inc.*

    7,897      45

Double-Take Software, Inc.*

    4,183      42

Ebix, Inc.*

    1,844      90

Eclipsys Corp.*

    14,000      259

Epicor Software Corp.*

    12,288      94

EPIQ Systems, Inc.*

    8,451      118

Fair Isaac Corp.

    12,235      261

FalconStor Software, Inc.*

    8,373      34

Global Defense Technology & Systems, Inc.*

    1,122      18

GSE Systems, Inc.*

    4,632      25

inContact, Inc.*

    6,571      19

infoGROUP, Inc.*

    8,372      67

Informatica Corp.*

    21,564      558

Innerworkings, Inc.*

    6,041      36

Innodata Isogen, Inc.*

    5,235      29

Interactive Intelligence, Inc.*

    3,083      57

JDA Software Group, Inc.*

    7,000      178

Lawson Software, Inc.*

    33,908      225

Mantech International Corp., Class A*

    5,351      258

MedAssets, Inc.*

    9,933      211

Medidata Solutions, Inc.*

    1,863      29

MicroStrategy, Inc., Class A*

    2,206      207

Monotype Imaging Holdings, Inc.*

    5,289      48

NetSuite, Inc.*

    4,080      65

Omnicell, Inc.*

    7,522      88

OpenTV Corp., Class A*

    18,700      25

OPNET Technologies, Inc.

    3,190      39

Parametric Technology Corp.*

    28,307      462

Pegasystems, Inc.

    3,771      128

Pervasive Software, Inc.*

    3,720      18

Phase Forward, Inc.*

    10,543      162

Phoenix Technologies Ltd.*

    7,200      20

Progress Software Corp.*

    9,600      280

PROS Holdings, Inc.*

    4,657      48

QAD, Inc.

    2,900      18

Quality Systems, Inc.

    5,762      362

Quest Software, Inc.*

    15,247      281

Renaissance Learning, Inc.

    1,557      18

RightNow Technologies, Inc.*

    5,747      100

Rosetta Stone, Inc.*

    1,874      34

Schawk, Inc.

    3,500      48

Seachange International, Inc.*

    7,728      51

Smith Micro Software, Inc.*

    7,348      67

SolarWinds, Inc.*

    2,975      68

Solera Holdings, Inc.

    17,236      621

Synchronoss Technologies, Inc.*

    4,632      73

SYNNEX Corp.*

    4,700      144

Take-Two Interactive Software, Inc.*

    20,540      206

Taleo Corp., Class A*

    9,615      226

THQ, Inc.*

    16,420      83

Trident Microsystems, Inc.*

    15,002      28

Tyler Technologies, Inc.*

    7,636      152

Ultimate Software Group, Inc.*

    5,951      175

Unica Corp.*

    3,466      27

VeriFone Holdings, Inc.*

    17,890      293
           
        10,838
           

Storage/Warehousing - 0.1%

      

Mobile Mini, Inc.*

    9,068      128
           

Telecommunications - 4.2%

      

3Com Corp.*

    95,921      719

Acme Packet, Inc.*

    9,687      107

Adaptec, Inc.*

    30,044      101

ADC Telecommunications, Inc.*

    24,148      150

Adtran, Inc.

    13,574      306

Airvana, Inc.*

    6,029      46

Alaska Communications Systems Group, Inc.

    10,796      86

Anaren, Inc.*

    3,525      53

Anixter International, Inc.*

    7,418      349

Applied Signal Technology, Inc.

    3,159      61

Arris Group, Inc.*

    30,248      346

Aruba Networks, Inc.*

    14,135      151

Atheros Communications, Inc.*

    15,920      545

Atlantic Tele-Network, Inc.

    2,180      120

BigBand Networks, Inc.*

    7,583      26

Black Box Corp.

    4,346      123

Cbeyond, Inc.*

    5,634      89

Cincinnati Bell, Inc.*

    49,647      171

Communications Systems, Inc.

    1,468      18

Comtech Telecommunications Corp.*

    6,953      244

 

NORTHERN FUNDS QUARTERLY REPORT    23    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

SMALL CAP INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Telecommunications - 4.2% continued

      

Consolidated Communications Holdings, Inc.

    5,680    $ 99

CPI International, Inc.*

    1,900      25

DigitalGlobe, Inc.*

    3,668      89

EMS Technologies, Inc.*

    3,689      53

Extreme Networks, Inc.*

    21,578      62

General Communication, Inc., Class A*

    10,700      68

GeoEye, Inc.*

    4,702      131

Global Crossing Ltd.*

    6,830      97

Globecomm Systems, Inc.*

    5,069      40

Harmonic, Inc.*

    23,024      146

Harris Stratex Networks, Inc.*

    14,137      98

Hickory Tech Corp.

    3,174      28

Hughes Communications, Inc.*

    2,182      57

Infinera Corp.*

    20,814      185

InterDigital, Inc.*

    10,671      283

Iowa Telecommunications Services, Inc.

    7,973      134

IPG Photonics Corp.*

    5,629      94

Ixia*

    8,543      64

Knology, Inc.*

    7,373      81

KVH Industries, Inc.*

    3,404      50

LogMeIn, Inc.*

    1,906      38

Loral Space & Communications, Inc.*

    2,550      81

MasTec, Inc.*

    12,534      157

Netgear, Inc.*

    8,393      182

Network Equipment Technologies, Inc.*

    6,036      24

Neutral Tandem, Inc.*

    8,228      187

Novatel Wireless, Inc.*

    7,417      59

NTELOS Holdings Corp.

    7,398      132

Oplink Communications, Inc.*

    4,977      82

Opnext, Inc.*

    4,732      9

PAETEC Holding Corp.*

    29,587      123

Parkervision, Inc.*

    5,400      10

Plantronics, Inc.

    11,933      310

Polycom, Inc.*

    20,807      519

Powerwave Technologies, Inc.*

    37,000      47

Preformed Line Products Co.

    500      22

Premiere Global Services, Inc.*

    14,800      122

RCN Corp.*

    9,217      100

RF Micro Devices, Inc.*

    65,509      312

SAVVIS, Inc.*

    9,000      126

Shenandoah Telecommunications Co.

    5,982      122

ShoreTel, Inc.*

    11,349      66

Sonus Networks, Inc.*

    50,502      107

SureWest Communications*

    2,919      29

Switch & Data Facilities Co., Inc.*

    5,078      103

Sycamore Networks, Inc.

    4,844      101

Symmetricom, Inc.*

    10,583      55

Syniverse Holdings, Inc.*

    17,046      298

Tekelec*

    16,434      251

USA Mobility, Inc.

    5,586      61

UTStarcom, Inc.*

    28,564      62

Viasat, Inc.*

    6,334      201
           
        9,793
           

Textiles - 0.1%

      

G&K Services, Inc., Class A

    4,728      119

Unifirst Corp.

    3,445      165
           
        284
           

Toys, Games & Hobbies - 0.1%

      

Jakks Pacific, Inc.*

    6,868      83

Leapfrog Enterprises, Inc.*

    8,282      33

RC2 Corp.*

    5,367      79
           
        195
           

Transportation - 1.8%

      

Air Transport Services Group, Inc.*

    13,560      36

American Commercial Lines, Inc.*

    2,349      43

Arkansas Best Corp.

    6,264      184

Atlas Air Worldwide Holdings, Inc.*

    5,092      190

Bristow Group, Inc.*

    8,759      337

CAI International, Inc.*

    2,358      21

Celadon Group, Inc.*

    5,339      58

DHT Maritime, Inc.

    13,500      50

Dynamex, Inc.*

    2,357      43

Eagle Bulk Shipping, Inc.*

    15,099      75

Echo Global Logistics, Inc.*

    1,407      18

Forward Air Corp.

    7,055      177

Genco Shipping & Trading Ltd.*

    6,367      143

General Maritime Corp.

    12,228      85

Genesee & Wyoming, Inc., Class A*

    9,064      296

Golar LNG Ltd.*

    7,867      101

Gulfmark Offshore, Inc.*

    5,504      156

Heartland Express, Inc.

    12,277      187

Horizon Lines, Inc., Class A

    7,066      39

HUB Group, Inc., Class A*

    9,200      247

International Shipholding Corp.

    1,331      41

Knight Transportation, Inc.

    13,978      270

Knightsbridge Tankers Ltd.

    4,134      55

Marten Transport Ltd.*

    3,735      67

 

EQUITY INDEX FUNDS    24    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 98.8% continued

      

Transportation - 1.8% continued

      

Nordic American Tanker Shipping

    10,342    $ 310

Old Dominion Freight Line, Inc.*

    6,872      211

Pacer International, Inc.*

    8,981      28

Patriot Transportation Holding, Inc.*

    400      38

PHI, Inc. N.V.*

    3,100      64

RailAmerica, Inc.*

    5,354      65

Saia, Inc.*

    3,270      48

Ship Finance International Ltd.

    10,726      146

TBS International Ltd., Class A*

    3,232      24

Teekay Tankers Ltd., Class A

    2,541      22

Ultrapetrol Bahamas Ltd.*

    5,211      25

Universal Truckload Services, Inc.

    1,500      27

USA Truck, Inc.*

    1,863      23

Werner Enterprises, Inc.

    10,534      208

YRC Worldwide, Inc.*

    15,145      13
           
        4,171
           

Trucking & Leasing - 0.2%

      

Aircastle Ltd.

    11,300      111

AMERCO, Inc.*

    2,200      110

Greenbrier Cos., Inc.*

    4,069      42

TAL International Group, Inc.

    3,400      45

Textainer Group Holdings Ltd.

    2,000      34

Willis Lease Finance Corp.*

    1,150      17
           
        359
           

Water - 0.4%

      

American States Water Co.

    4,520      160

Artesian Resources Corp., Class A

    1,521      28

California Water Service Group

    5,000      184

Connecticut Water Service, Inc.

    2,076      51

Consolidated Water Co., Inc.

    3,537      51

Middlesex Water Co.

    3,281      58

Pennichuck Corp.

    1,134      24

Pico Holdings, Inc.*

    5,529      181

SJW Corp.

    3,156      71

Southwest Water Co.

    5,973      35

York Water Co.

    3,063      45
           
        888
           

Total Common Stocks

(Cost $233,803)

         230,923
           

INVESTMENT COMPANIES - 0.8%

      

Kayne Anderson Energy Development Co.

    2,489      37

Northern Institutional Funds - Diversified Assets Portfolio (1) (2)

    1,936,361      1,936
           

Total Investment Companies

(Cost $1,988)

         1,973
           

RIGHTS - 0.0%

      

Builders FirstSource, Inc.*

    6,766      2

CSF Holdings, Inc.(3) *

    4,212      —  

Flagstar Bancorp, Inc.*

    23,100      —  
           

Total Rights

(Cost $ — )

         2
           

 

     NUMBER
OF
WARRANTS		    VALUE
(000S)

WARRANTS - 0.0%

      

Krispy Kreme Doughnuts, Inc., Exp. 3/2/12, Strike $12.21*

    429    $ —  

Lantronix, Inc., Exp. 2/9/11*

    141      —  
           

Total Warrants

(Cost $ — )

         —  
           
     

 

     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS - 0.2%

      

U.S. Treasury Bill, 0.11%, 5/6/10 (4)

    $ 585    $ 585
             

Total Short-Term Investments

(Cost $585)

         585
             

Total Investments - 99.8%

(Cost $236,376)

         233,483
             

Other Assets less Liabilities - 0.2%

         358
             

NET ASSETS - 100.0%

       $ 233,841

 

(1) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Portfolio and the investment adviser to other Northern Institutional Funds and to the Northern Funds.
(2) The fund had approximately $1,936,000 of net purchases in the Diversified Assets Portfolio of the Northern Institutional Funds during the nine months ended December 31, 2009
(3) Security has been deemed worthless by the Northern Trust Global Investments Valuation Committee.
(4) Security pledged as collateral to cover margin requirements for open futures contracts.

 

NORTHERN FUNDS QUARTERLY REPORT    25    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

 

SMALL CAP INDEX FUND continued    DECEMBER 31, 2009 (UNAUDITED)

 

* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Small Cap Index Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

Russell 2000 Mini

    45    $ 2,808    Long    3/10    $ 100
                            

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 236,376   
        

Gross tax appreciation of investments

    $ 41,322   

Gross tax depreciation of investments

      (44,216 ) 
        

Net tax depreciation of investments

    $ (2,894 ) 
        

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

Level 1 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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 or other financial instruments, if any. Following is a summary of the inputs used in valuing the Small Cap Index Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stock

    $ 230,923 (1)    $ —      $ —      $ 230,923

Investment Companies

      1,973        —        —        1,973

Rights

      2        —        —        2

Warrants

      —          —        —        —  

Short-Term Investments

      —          585      —        585
                            

Total Investments

    $ 232,898      $ 585    $ —      $ 233,483
                            

Other Financial Instruments*

    $ 100      $ —      $ —      $ 100
                            

 

(1) Classifications as defined in the Schedule of Investments.
* Other financial instruments include futures and forwards, if applicable.

 

EQUITY INDEX FUNDS    26    NORTHERN FUNDS QUARTERLY REPORT

SCHEDULE OF INVESTMENTS

 

STOCK INDEX FUND    DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4%

      

Advertising - 0.2%

      

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

    68,796    $ 508

Omnicom Group, Inc.

    42,809      1,676
           
        2,184
           

Aerospace/Defense - 2.2%

      

Boeing (The) Co.

    98,963      5,357

General Dynamics Corp.

    52,678      3,591

Goodrich Corp.

    16,432      1,056

L-3 Communications Holdings, Inc.

    15,999      1,391

Lockheed Martin Corp.

    43,695      3,292

Northrop Grumman Corp.

    43,001      2,402

Raytheon Co.

    52,431      2,701

Rockwell Collins, Inc.

    21,760      1,205

United Technologies Corp.

    127,448      8,846
           
        29,841
           

Agriculture - 1.7%

      

Altria Group, Inc.

    279,523      5,487

Archer-Daniels-Midland Co.

    87,429      2,737

Lorillard, Inc.

    22,104      1,774

Philip Morris International, Inc.

    257,644      12,416

Reynolds American, Inc.

    22,453      1,189
           
        23,603
           

Airlines - 0.1%

      

Southwest Airlines Co.

    98,179      1,122
           

Apparel - 0.5%

      

Coach, Inc.

    43,888      1,603

NIKE, Inc., Class B

    53,162      3,512

Polo Ralph Lauren Corp.

    8,120      658

VF Corp.

    12,399      908
           
        6,681
           

Auto Manufacturers - 0.5%

      

Ford Motor Co.*

    446,057      4,461

PACCAR, Inc.

    49,974      1,812
           
        6,273
           

Auto Parts & Equipment - 0.2%

      

Goodyear Tire & Rubber (The) Co.*

    32,881      463

Johnson Controls, Inc.

    91,953      2,505
           
        2,968
           

Banks - 8.4%

      

Bank of America Corp.

    1,345,169      20,258

Bank of New York Mellon (The) Corp.

    162,238      4,538

BB&T Corp.

    92,596      2,349

Capital One Financial Corp.

    61,540      2,360

Citigroup, Inc.*

    2,635,442      8,723

Comerica, Inc.

    19,553      578

Fifth Third Bancorp

    105,274      1,027

First Horizon National Corp.*

    29,676      398

First Horizon National Corp. - Fractional Shares*

    82,872      —  

Goldman Sachs Group (The), Inc.

    69,521      11,738

Huntington Bancshares, Inc.

    89,529      327

JPMorgan Chase & Co.

    533,506      22,231

KeyCorp

    114,422      635

M&T Bank Corp.

    11,648      779

Marshall & Ilsley Corp.

    66,941      365

Morgan Stanley

    183,388      5,428

Northern Trust Corp.(1) (2)

    34,394      1,802

PNC Financial Services Group, Inc.

    63,047      3,328

Regions Financial Corp.

    156,014      825

State Street Corp.

    67,390      2,934

SunTrust Banks, Inc.

    66,376      1,347

U.S. Bancorp

    258,016      5,808

Wells Fargo & Co.

    691,765      18,671

Zions Bancorporation

    16,769      215
           
        116,664
           

Beverages - 2.6%

      

Brown-Forman Corp., Class B

    14,341      768

Coca-Cola (The) Co.

    313,634      17,877

Coca-Cola Enterprises, Inc.

    41,995      890

Constellation Brands, Inc., Class A*

    28,591      456

Dr Pepper Snapple Group, Inc.

    33,565      950

Molson Coors Brewing Co., Class B

    21,853      987

Pepsi Bottling Group, Inc.

    20,107      754

PepsiCo, Inc.

    211,081      12,834
           
        35,516
           

Biotechnology - 1.6%

      

Amgen, Inc.*

    137,645      7,787

Biogen Idec, Inc.*

    39,730      2,126

Celgene Corp.*

    62,750      3,494

Genzyme Corp.*

    36,509      1,789

Gilead Sciences, Inc.*

    121,371      5,253

Life Technologies Corp.*

    23,958      1,251

Millipore Corp.*

    7,788      563
           
        22,263
           

 

NORTHERN FUNDS QUARTERLY REPORT    1     EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

STOCK INDEX FUND continued

 

     NUMBER OF
SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Building Materials - 0.1%

      

Masco Corp.

    50,051    $ 691
           

Chemicals - 2.0%

      

Air Products & Chemicals, Inc.

    28,838      2,338

Airgas, Inc.

    11,663      555

CF Industries Holdings, Inc.

    6,586      598

Dow Chemical (The) Co.

    154,050      4,256

E.I. du Pont de Nemours & Co.

    121,680      4,097

Eastman Chemical Co.

    10,290      620

Ecolab, Inc.

    32,342      1,442

FMC Corp.

    10,194      568

International Flavors & Fragrances, Inc.

    11,281      464

Monsanto Co.

    73,567      6,014

PPG Industries, Inc.

    22,183      1,299

Praxair, Inc.

    41,912      3,366

Sherwin-Williams (The) Co.

    13,185      813

Sigma-Aldrich Corp.

    16,104      814
           
        27,244
           

Coal - 0.2%

      

Consol Energy, Inc.

    24,818      1,236

Massey Energy Co.

    11,624      489

Peabody Energy Corp.

    36,102      1,632
           
        3,357
           

Commercial Services - 1.7%

      

Apollo Group, Inc., Class A*

    17,116      1,037

Automatic Data Processing, Inc.

    68,833      2,947

DeVry, Inc.

    8,642      490

Equifax, Inc.

    16,264      502

H&R Block, Inc.

    44,160      999

Iron Mountain, Inc.*

    25,817      588

Mastercard, Inc., Class A

    13,107      3,355

Monster Worldwide, Inc.*

    16,848      293

Moody’s Corp.

    27,471      736

Paychex, Inc.

    44,304      1,358

Quanta Services, Inc.*

    27,632      576

R.R. Donnelley & Sons Co.

    26,740      596

Robert Half International, Inc.

    21,461      574

SAIC, Inc.*

    40,127      760

Total System Services, Inc.

    28,024      484

Visa, Inc., Class A

    61,126      5,346

Washington Post (The) Co., Class B

    851      374

Western Union (The) Co.

    95,184      1,794
           
        22,809
           

Computers - 6.0%

      

Affiliated Computer Services, Inc., Class A*

    13,248      791

Apple, Inc.*

    121,949      25,714

Cognizant Technology Solutions Corp., Class A*

    40,116      1,817

Computer Sciences Corp.*

    20,261      1,166

Dell, Inc.*

    231,442      3,323

EMC Corp.*

    274,913      4,803

Hewlett-Packard Co.

    320,875      16,528

International Business Machines Corp.

    178,240      23,332

Lexmark International, Inc., Class A*

    10,186      265

NetApp, Inc.*

    45,213      1,555

SanDisk Corp.*

    29,981      869

Sun Microsystems, Inc.*

    99,243      930

Teradata Corp.*

    23,903      751

Western Digital Corp.*

    30,301      1,338
           
        83,182
           

Cosmetics/Personal Care - 2.3%

      

Avon Products, Inc.

    58,532      1,844

Colgate-Palmolive Co.

    67,702      5,562

Estee Lauder (The) Cos., Inc., Class A

    16,534      799

Procter & Gamble (The) Co.

    395,608      23,986
           
        32,191
           

Distribution/Wholesale - 0.2%

      

Fastenal Co.

    18,564      773

Genuine Parts Co.

    20,932      794

W.W. Grainger, Inc.

    8,289      803
           
        2,370
           

Diversified Financial Services - 1.8%

      

American Express Co.

    160,542      6,505

Ameriprise Financial, Inc.

    35,039      1,360

Charles Schwab (The) Corp.

    127,690      2,403

CME Group, Inc.

    9,087      3,053

Discover Financial Services

    73,826      1,086

E*TRADE Financial Corp.*

    199,274      349

Federated Investors, Inc., Class B

    12,391      341

Franklin Resources, Inc.

    20,450      2,155

IntercontinentalExchange, Inc.*

    10,179      1,143

Invesco Ltd.

    56,922      1,337

Janus Capital Group, Inc.

    25,817      347

Legg Mason, Inc.

    22,293      672

NASDAQ OMX Group (The), Inc.*

    20,697      410

NYSE Euronext

    35,192      890

SLM Corp.*

    64,122      723

 

EQUITY INDEX FUNDS    2    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Diversified Financial Services - 1.8% continued

      

T.Rowe Price Group, Inc.

    35,024    $ 1,865
           
        24,639
           

Electric - 3.2%

      

AES (The) Corp.*

    88,578      1,179

Allegheny Energy, Inc.

    24,132      567

Ameren Corp.

    32,009      895

American Electric Power Co., Inc.

    64,856      2,256

CMS Energy Corp.

    32,851      514

Consolidated Edison, Inc.

    37,440      1,701

Constellation Energy Group, Inc.

    27,994      985

Dominion Resources, Inc.

    81,147      3,158

DTE Energy Co.

    21,745      948

Duke Energy Corp.

    175,313      3,017

Edison International

    44,001      1,530

Entergy Corp.

    25,927      2,122

Exelon Corp.

    89,816      4,389

FirstEnergy Corp.

    41,338      1,920

FPL Group, Inc.

    56,306      2,974

Integrys Energy Group, Inc.

    10,892      457

Northeast Utilities

    24,810      640

Pepco Holdings, Inc.

    31,528      531

PG&E Corp.

    50,874      2,272

Pinnacle West Capital Corp.

    14,436      528

PPL Corp.

    51,359      1,659

Progress Energy, Inc.

    38,078      1,562

Public Service Enterprise Group, Inc.

    68,593      2,281

SCANA Corp.

    14,310      539

Southern Co.

    109,175      3,638

TECO Energy, Inc.

    30,366      493

Wisconsin Energy Corp.

    15,290      762

Xcel Energy, Inc.

    61,569      1,306
           
        44,823
           

Electrical Components & Equipment - 0.3%

      

Emerson Electric Co.

    102,579      4,370

Molex, Inc.

    18,856      406
           
        4,776
           

Electronics - 0.5%

      

Agilent Technologies, Inc.*

    46,760      1,453

Amphenol Corp., Class A

    23,647      1,092

FLIR Systems, Inc.*

    20,920      685

Jabil Circuit, Inc.

    25,071      435

PerkinElmer, Inc.

    16,968      349

Thermo Fisher Scientific, Inc.*

    55,887      2,665

Waters Corp.*

    13,101      812
           
        7,491
           

Energy - Alternate Sources - 0.1%

      

First Solar, Inc.*

    6,647      900
           

Engineering & Construction - 0.1%

      

Fluor Corp.

    24,002      1,081

Jacobs Engineering Group, Inc.*

    17,603      662
           
        1,743
           

Entertainment - 0.1%

      

International Game Technology

    41,234      774
           

Environmental Control - 0.3%

      

Republic Services, Inc.

    43,617      1,235

Stericycle, Inc.*

    11,949      659

Waste Management, Inc.

    67,052      2,267
           
        4,161
           

Food - 1.9%

      

Campbell Soup Co.

    26,513      896

ConAgra Foods, Inc.

    60,084      1,385

Dean Foods Co.*

    26,031      470

General Mills, Inc.

    44,658      3,162

H.J. Heinz Co.

    42,403      1,813

Hershey (The) Co.

    23,364      836

Hormel Foods Corp.

    9,282      357

JM Smucker (The) Co.

    15,775      974

Kellogg Co.

    34,959      1,860

Kraft Foods, Inc., Class A

    199,241      5,415

Kroger (The) Co.

    86,913      1,784

McCormick & Co., Inc.

    17,005      615

Safeway, Inc.

    55,270      1,177

Sara Lee Corp.

    92,681      1,129

SUPERVALU, Inc.

    28,903      367

Sysco Corp.

    80,567      2,251

Tyson Foods, Inc., Class A

    43,487      534

Whole Foods Market, Inc.*

    19,518      536
           
        25,561
           

Forest Products & Paper - 0.3%

      

International Paper Co.

    57,917      1,551

MeadWestvaco Corp.

    24,128      691

Plum Creek Timber Co., Inc.

    22,778      860

Weyerhaeuser Co.

    28,041      1,210
           
        4,312
           

 

NORTHERN FUNDS QUARTERLY REPORT    3    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

STOCK INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Gas - 0.3%

      

CenterPoint Energy, Inc.

    54,729    $ 794

Nicor, Inc.

    6,753      284

NiSource, Inc.

    37,447      576

Sempra Energy

    33,066      1,851
           
        3,505
           

Hand/Machine Tools - 0.1%

      

Black & Decker Corp.

    8,216      533

Snap-On, Inc.

    8,573      362

Stanley Works (The)

    11,410      588
           
        1,483
           

Healthcare - Products - 3.7%

      

Baxter International, Inc.

    82,166      4,822

Becton, Dickinson & Co.

    32,485      2,562

Boston Scientific Corp.*

    201,688      1,815

C.R. Bard, Inc.

    12,981      1,011

CareFusion Corp.*

    25,103      628

DENTSPLY International, Inc.

    20,591      724

Hospira, Inc.*

    22,290      1,137

Intuitive Surgical, Inc.*

    5,222      1,584

Johnson & Johnson

    373,581      24,062

Medtronic, Inc.

    149,435      6,572

Patterson Cos., Inc.*

    13,336      373

St. Jude Medical, Inc.*

    46,004      1,692

Stryker Corp.

    38,705      1,950

Varian Medical Systems, Inc.*

    16,379      767

Zimmer Holdings, Inc.*

    29,276      1,731
           
        51,430
           

Healthcare - Services - 1.2%

      

Aetna, Inc.

    59,206      1,877

CIGNA Corp.

    36,347      1,282

Coventry Health Care, Inc.*

    21,146      514

DaVita, Inc.*

    13,509      793

Humana, Inc.*

    23,624      1,037

Laboratory Corp. of America Holdings*

    14,662      1,097

Quest Diagnostics, Inc.

    21,030      1,270

Tenet Healthcare Corp.*

    53,653      289

UnitedHealth Group, Inc.

    156,679      4,776

WellPoint, Inc.*

    62,540      3,645
           
        16,580
           

Holding Companies - Diversified - 0.0%

      

Leucadia National Corp.*

    26,854      639
           

Home Builders - 0.1%

      

D.R. Horton, Inc.

    34,860      379

Lennar Corp., Class A

    21,871      280

Pulte Homes, Inc.*

    39,927      399
           
        1,058
           

Home Furnishings - 0.1%

      

Harman International Industries, Inc.*

    8,961      316

Whirlpool Corp.

    10,193      822
           
        1,138
           

Household Products/Wares - 0.5%

      

Avery Dennison Corp.

    15,998      584

Clorox Co.

    19,381      1,182

Fortune Brands, Inc.

    19,710      851

Kimberly-Clark Corp.

    56,676      3,611
           
        6,228
           

Housewares - 0.0%

      

Newell Rubbermaid, Inc.

    39,438      592
           

Insurance - 2.4%

      

Aflac, Inc.

    63,906      2,956

Allstate (The) Corp.

    73,640      2,212

American International Group, Inc.*

    19,069      572

AON Corp.

    36,833      1,412

Assurant, Inc.

    16,718      493

Chubb Corp.

    46,833      2,303

Cincinnati Financial Corp.

    20,943      549

Genworth Financial, Inc., Class A*

    63,856      725

Hartford Financial Services Group, Inc.

    50,807      1,182

Lincoln National Corp.

    41,112      1,023

Loews Corp.

    49,660      1,805

Marsh & McLennan Cos., Inc.

    71,996      1,590

MetLife, Inc.

    110,278      3,898

Principal Financial Group, Inc.

    43,226      1,039

Progressive (The) Corp.

    92,813      1,670

Prudential Financial, Inc.

    63,296      3,149

Torchmark Corp.

    11,165      491

Travelers (The) Cos., Inc.

    74,562      3,718

Unum Group

    43,468      848

XL Capital Ltd., Class A

    47,729      875
           
        32,510
           

Internet - 2.8%

      

Akamai Technologies, Inc.*

    24,111      611

Amazon.com, Inc.*

    44,983      6,051

eBay, Inc.*

    151,307      3,562

 

EQUITY INDEX FUNDS    4    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Internet - 2.8% continued

      

Expedia, Inc.*

    29,035    $ 747

Google, Inc., Class A*

    32,726      20,289

McAfee, Inc.*

    21,624      877

priceline.com, Inc.*

    5,842      1,276

Symantec Corp.*

    108,360      1,939

VeriSign, Inc.*

    24,883      603

Yahoo!, Inc.*

    159,730      2,680
           
        38,635
           

Iron/Steel - 0.3%

      

AK Steel Holding Corp.

    13,534      289

Allegheny Technologies, Inc.

    13,478      603

Cliffs Natural Resources, Inc.

    17,165      791

Nucor Corp.

    42,925      2,003

United States Steel Corp.

    18,892      1,041
           
        4,727
           

Leisure Time - 0.2%

      

Carnival Corp.

    60,018      1,902

Harley-Davidson, Inc.

    32,217      812
           
        2,714
           

Lodging - 0.2%

      

Marriott International, Inc., Class A

    35,332      963

Marriott International, Inc., Class A - Fractional Shares*

    79,497      —  

Starwood Hotels & Resorts Worldwide, Inc.

    25,839      945

Wyndham Worldwide Corp.

    25,465      513

Wynn Resorts Ltd.

    8,998      524
           
        2,945
           

Machinery - Construction & Mining - 0.3%

      

Caterpillar, Inc.

    83,951      4,784
           

Machinery - Diversified - 0.5%

      

Cummins, Inc.

    26,780      1,228

Deere & Co.

    57,801      3,127

Flowserve Corp.

    7,378      697

Rockwell Automation, Inc.

    19,838      932

Roper Industries, Inc.

    12,361      647
           
        6,631
           

Media - 2.6%

      

CBS Corp., Class B

    89,801      1,262

Comcast Corp., Class A

    385,421      6,498

DIRECTV, Class A*

    128,782      4,295

Gannett Co., Inc.

    30,118      447

McGraw-Hill (The) Cos., Inc.

    43,447      1,456

Meredith Corp.

    4,118      127

New York Times (The) Co., Class A*

    14,403      178

News Corp., Class A

    303,416      4,154

Scripps Networks Interactive, Inc., Class A

    12,851      533

Time Warner Cable, Inc.

    48,380      2,003

Time Warner, Inc.

    157,373      4,586

Viacom, Inc., Class B*

    83,142      2,472

Walt Disney (The) Co.

    260,726      8,408
           
        36,419
           

Metal Fabrication/Hardware - 0.2%

      

Precision Castparts Corp.

    19,312      2,131
           

Mining - 0.8%

      

Alcoa, Inc.

    130,279      2,100

Freeport-McMoRan Copper & Gold, Inc.

    57,933      4,652

Newmont Mining Corp.

    65,914      3,118

Titanium Metals Corp.*

    13,822      173

Vulcan Materials Co.

    16,586      874
           
        10,917
           

Miscellaneous Manufacturing - 3.3%

      

3M Co.

    95,636      7,906

Danaher Corp.

    35,635      2,680

Dover Corp.

    25,817      1,074

Eastman Kodak Co.*

    32,823      139

Eaton Corp.

    22,876      1,455

General Electric Co.

    1,441,554      21,811

Honeywell International, Inc.

    102,995      4,037

Illinois Tool Works, Inc.

    52,827      2,535

ITT Corp.

    24,357      1,212

Leggett & Platt, Inc.

    21,764      444

Pall Corp.

    16,620      602

Parker Hannifin Corp.

    21,437      1,155

Textron, Inc.

    37,076      697
           
        45,747
           

Office/Business Equipment - 0.1%

      

Pitney Bowes, Inc.

    29,238      665

Xerox Corp.

    114,642      970
           
        1,635
           

Oil & Gas - 9.1%

      

Anadarko Petroleum Corp.

    67,044      4,185

Apache Corp.

    45,829      4,728

Cabot Oil & Gas Corp.

    13,415      585

 

NORTHERN FUNDS QUARTERLY REPORT    5    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

STOCK INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Oil & Gas - 9.1% continued

      

Chesapeake Energy Corp.

    86,722    $ 2,244

Chevron Corp.

    271,604      20,911

ConocoPhillips

    200,587      10,244

Denbury Resources, Inc.*

    32,241      477

Devon Energy Corp.

    60,580      4,453

Diamond Offshore Drilling, Inc.

    9,687      953

EOG Resources, Inc.

    34,489      3,356

EQT Corp.

    18,023      792

Exxon Mobil Corp.

    643,100      43,853

Hess Corp.

    39,951      2,417

Marathon Oil Corp.

    96,779      3,021

Murphy Oil Corp.

    26,052      1,412

Nabors Industries Ltd.*

    39,126      856

Noble Energy, Inc.

    23,940      1,705

Occidental Petroleum Corp.

    110,351      8,977

Pioneer Natural Resources Co.

    16,233      782

Questar Corp.

    24,088      1,001

Range Resources Corp.

    21,918      1,093

Rowan Cos., Inc.*

    14,313      324

Southwestern Energy Co.*

    47,389      2,284

Sunoco, Inc.

    15,957      416

Tesoro Corp.

    20,289      275

Valero Energy Corp.

    74,895      1,255

XTO Energy, Inc.

    78,095      3,634
           
        126,233
           

Oil & Gas Services - 1.6%

      

Baker Hughes, Inc.

    42,156      1,707

BJ Services Co.

    38,466      715

Cameron International Corp.*

    33,385      1,396

FMC Technologies, Inc.*

    16,807      972

Halliburton Co.

    121,351      3,651

National-Oilwell Varco, Inc.

    57,297      2,526

Schlumberger Ltd.

    162,341      10,567

Smith International, Inc.

    32,555      885
           
        22,419
           

Packaging & Containers - 0.2%

      

Ball Corp.

    13,057      675

Bemis Co., Inc.

    15,497      460

Owens-Illinois, Inc.*

    23,040      757

Pactiv Corp.*

    18,029      435

Sealed Air Corp.

    22,915      501
           
        2,828
           

Pharmaceuticals - 5.6%

      

Abbott Laboratories

    210,120      11,344

Allergan, Inc.

    41,891      2,640

AmerisourceBergen Corp.

    40,068      1,045

Bristol-Myers Squibb Co.

    223,837      5,652

Cardinal Health, Inc.

    49,272      1,589

Cephalon, Inc.*

    9,851      615

Eli Lilly & Co.

    136,309      4,868

Express Scripts, Inc.*

    37,525      3,244

Forest Laboratories, Inc.*

    40,153      1,289

King Pharmaceuticals, Inc.*

    31,394      385

McKesson Corp.

    36,744      2,297

Mead Johnson Nutrition Co., Class A

    30,569      1,336

Medco Health Solutions, Inc.*

    65,052      4,157

Merck & Co., Inc.

    413,323      15,103

Mylan, Inc.*

    39,897      735

Pfizer, Inc.

    1,092,366      19,870

Watson Pharmaceuticals, Inc.*

    15,084      597
           
        76,766
           

Pipelines - 0.3%

      

El Paso Corp.

    92,371      908

Spectra Energy Corp.

    87,496      1,794

Williams (The) Cos., Inc.

    77,935      1,643
           
        4,345
           

Real Estate - 0.0%

      

CB Richard Ellis Group, Inc., Class A*

    34,490      468
           

Real Estate Investment Trusts - 1.1%

      

Apartment Investment & Management Co., Class A

    16,697      266

AvalonBay Communities, Inc.

    11,342      931

Boston Properties, Inc.

    18,654      1,251

Equity Residential

    38,244      1,292

HCP, Inc.

    40,541      1,238

Health Care REIT, Inc.

    17,261      765

Host Hotels & Resorts, Inc.*

    84,826      990

Kimco Realty Corp.

    52,312      708

ProLogis

    62,212      852

Public Storage

    18,176      1,480

Simon Property Group, Inc.

    38,990      3,111

Ventas, Inc.

    20,773      909

Vornado Realty Trust

    21,062      1,473
           
        15,266
           

Retail - 5.8%

      

Abercrombie & Fitch Co., Class A

    11,961      417

 

EQUITY INDEX FUNDS    6    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (UNAUDITED)

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Retail - 5.8% continued

      

AutoNation, Inc.*

    13,463    $ 258

AutoZone, Inc.*

    4,221      667

Bed Bath & Beyond, Inc.*

    35,465      1,370

Best Buy Co., Inc.

    45,667      1,802

Big Lots, Inc.*

    10,645      309

Costco Wholesale Corp.

    59,441      3,517

CVS Caremark Corp.

    190,333      6,131

Darden Restaurants, Inc.

    19,593      687

Family Dollar Stores, Inc.

    18,705      521

GameStop Corp., Class A*

    21,548      473

Gap (The), Inc.

    63,307      1,326

Home Depot (The), Inc.

    229,565      6,641

J.C. Penney Co., Inc.

    31,022      826

Kohl’s Corp.*

    41,888      2,259

Limited Brands, Inc.

    36,402      700

Lowe’s Cos., Inc.

    198,403      4,641

Macy’s, Inc.

    55,511      930

McDonald’s Corp.

    145,854      9,107

Nordstrom, Inc.

    21,681      815

Office Depot, Inc.*

    35,116      227

O’Reilly Automotive, Inc.*

    17,769      677

RadioShack Corp.

    16,787      327

Ross Stores, Inc.

    16,359      699

Sears Holdings Corp.*

    6,931      578

Staples, Inc.

    97,047      2,386

Starbucks Corp.*

    99,506      2,295

Target Corp.

    101,412      4,905

Tiffany & Co.

    16,230      698

TJX Cos., Inc.

    57,591      2,105

Walgreen Co.

    133,335      4,896

Wal-Mart Stores, Inc.

    288,719      15,432

Yum! Brands, Inc.

    63,153      2,208
           
        80,830
           

Savings & Loans - 0.1%

      

Hudson City Bancorp, Inc.

    62,214      854

People’s United Financial, Inc.

    48,567      811
           
        1,665
           

Semiconductors - 2.5%

      

Advanced Micro Devices, Inc.*

    73,395      710

Altera Corp.

    38,928      881

Analog Devices, Inc.

    38,852      1,227

Applied Materials, Inc.

    178,814      2,493

Broadcom Corp., Class A

    57,543      1,810

Intel Corp.

    747,122      15,241

Kla-Tencor Corp.

    22,923      829

Linear Technology Corp.

    31,000      947

LSI Corp.*

    83,799      504

MEMC Electronic Materials, Inc.*

    29,681      404

Microchip Technology, Inc.

    25,809      750

Micron Technology, Inc.*

    112,155      1,184

National Semiconductor Corp.

    30,852      474

Novellus Systems, Inc.*

    12,806      299

NVIDIA Corp.*

    73,633      1,375

QLogic Corp.*

    16,146      305

Teradyne, Inc.*

    22,034      236

Texas Instruments, Inc.

    168,779      4,398

Xilinx, Inc.

    38,336      961
           
        35,028
           

Software - 4.3%

      

Adobe Systems, Inc.*

    71,693      2,637

Autodesk, Inc.*

    32,218      819

BMC Software, Inc.*

    25,358      1,017

CA, Inc.

    54,336      1,220

Citrix Systems, Inc.*

    24,464      1,018

Compuware Corp.*

    34,566      250

Dun & Bradstreet Corp.

    7,095      598

Electronic Arts, Inc.*

    42,869      761

Fidelity National Information Services, Inc.

    43,292      1,015

Fiserv, Inc.*

    20,912      1,014

IMS Health, Inc.

    23,428      493

Intuit, Inc.*

    43,683      1,341

Microsoft Corp.

    1,046,206      31,899

Novell, Inc.*

    52,063      216

Oracle Corp.

    528,876      12,979

Red Hat, Inc.*

    26,373      815

Salesforce.com, Inc.*

    14,950      1,103
           
        59,195
           

Telecommunications - 5.9%

      

American Tower Corp., Class A*

    53,844      2,327

AT&T, Inc.

    798,903      22,393

CenturyTel, Inc.

    39,455      1,429

Cisco Systems, Inc.*

    778,617      18,640

Corning, Inc.

    209,498      4,045

Frontier Communications Corp.

    44,265      346

Harris Corp.

    17,859      849

JDS Uniphase Corp.*

    27,981      231

 

NORTHERN FUNDS QUARTERLY REPORT    7    EQUITY INDEX FUNDS

SCHEDULE OF INVESTMENTS

STOCK INDEX FUND continued

 

     NUMBER
OF SHARES		    VALUE
(000S)

COMMON STOCKS - 97.4% continued

      

Telecommunications - 5.9% continued

      

Juniper Networks, Inc.*

      70,207    $ 1,872

MetroPCS Communications, Inc.*

      31,867      243

Motorola, Inc.*

      310,009      2,406

QUALCOMM, Inc.

      225,811      10,446

Qwest Communications International, Inc.

      194,992      821

Sprint Nextel Corp.*

      395,629      1,448

Tellabs, Inc.*

      47,652      271

Verizon Communications, Inc.

      384,229      12,729

Windstream Corp.

      61,565      677
             
        81,173
             

Textiles - 0.0%

      

Cintas Corp.

      16,907      441
             

Toys, Games & Hobbies - 0.1%

      

Hasbro, Inc.

      17,426      559

Mattel, Inc.

      48,430      967
             
        1,526
             

Transportation - 2.0%

      

Burlington Northern Santa Fe Corp.

      35,260      3,477

C.H. Robinson Worldwide, Inc.

      22,974      1,349

CSX Corp.

      53,743      2,606

Expeditors International of Washington, Inc.

      29,510      1,025

FedEx Corp.

      42,706      3,564

Norfolk Southern Corp.

      50,304      2,637

Ryder System, Inc.

      8,218      338

Union Pacific Corp.

      68,798      4,396

United Parcel Service, Inc., Class B

      135,012      7,746
             
        27,138
             

Total Common Stocks

(Cost $1,317,645)

         1,345,908
             

INVESTMENT COMPANIES - 2.4%

      

Northern Institutional Funds - Diversified Assets Portfolio (3) (4)

      32,909,373      32,909
             

Total Investment Companies

(Cost $32,909)

         32,909
             
     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

SHORT-TERM INVESTMENTS - 0.2%

      

U.S. Treasury Bill,

      

0.00%, 5/6/10(5)

    $ 3,185    $ 3,184
             

Total Short-Term Investments

(Cost $3,184)

         3,184
             

Total Investments - 100.0%

(Cost $1,353,738)

         1,382,001
             

Other Assets less Liabilities - 0.0%

         83
             

NET ASSETS - 100.0%

       $ 1,382,084

 

(1) Investment in affiliate.
(2) At March 31, 2009, the value of the Fund’s investment in Northern Trust Corp. was approximately $1,483,000 with gross purchases of approximately $319,000 during the period ended December 31, 2009. There were no sales during the period ended December 31, 2009.
(3) Investment in affiliated fund. Northern Trust Investments, N.A. is an investment adviser of the Fund and the investment adviser to the Northern Institutional Funds.
(4) The Fund had approximately $32,909,000 of net purchases in the Diversified Asset portfolio of Northern Institutional Funds during the nine months ended December 31, 2009.
(5) Security pledged as collateral to cover margin requirements for open futures contracts.
* Non-Income Producing Security

Percentages shown are based on Net Assets.

At December 31, 2009, the Stock Index Fund had open futures contracts as follows:

 

TYPE

    NUMBER OF
CONTRACTS		    NOTIONAL
AMOUNT
(000S)		    CONTRACT
POSITION		    CONTRACT
EXP.		    UNREALIZED
GAIN
(000S)

S&P 500 E-mini

    646    $ 35,876    Long    03/10    $ 448
                            

Federal Tax Information:

At December 31, 2009, the components of investments for federal income tax purposes were as follows: (Amounts in thousands)

 

Federal tax cost of investments

    $ 1,353,738   
        

Gross tax appreciation of investments

    $ 152,733   

Gross tax depreciation of investments

      (124,471 ) 
        

Net tax appreciation of investments

    $ 28,262   
        

 

EQUITY INDEX FUNDS    8    NORTHERN FUNDS QUARTERLY REPORT

DECEMBER 31, 2009 (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 - Quoted market prices in active markets for identical securities on the measurement date and on an ongoing basis

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, 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. Following is a summary of the inputs used in valuing the Stock Index Fund’s investments and other financial instruments, which are carried at fair value, as of December 31, 2009:

 

INVESTMENTS

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

Common Stocks

    $ 1,345,908 (1)    $ —      $ —      $ 1,345,908

Investment Companies

      32,909        —        —        32,909

Short-Term Investments

    $ —          3,184      —        3,184
                            

Total Investments

    $ 1,378,817      $ 3,184    $ —      $ 1,382,001
                            

Other Financial Instruments *

    $ 448      $ —      $ —      $ 448
                            

 

(1) Classifications as defined in the Schedule of Investments.
* Other financial instruments include futures and forwards, if applicable.

 

NORTHERN FUNDS QUARTERLY REPORT    9    EQUITY INDEX FUNDS

CALIFORNIA MUNICIPAL MONEY MARKET FUND

    SCHEDULE OF INVESTMENTS
   DECEMBER 31, 2009 (UNAUDITED)

 

     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL INVESTMENTS - 100.0%

      

California - 100.0%

      

ABAG Finance Authority for Nonprofit Corp. California COPS VRDB,

      

Series 2000, Episcopal Homes Foundation (Wells Fargo Bank N.A. LOC),

      

0.19%, 1/11/10

    $ 19,700    $ 19,700

ABAG Finance Authority for Nonprofit Corp. California Revenue VRDB,

      

Series 2009-D, Sharp Healthcare (Citibank N.A. LOC),

      

0.20%, 1/11/10

      14,500      14,500

ABAG Finance Authority for Nonprofit Corp. Multifamily Revenue Refunding VRDB,

      

Series 2002A, Amber Court Apartments (FNMA Gtd.),

      

0.20%, 1/11/10

      6,600      6,600

ABAG Finance Authority for Nonprofit Corp. Revenue VRDB,

      

Series A, Elder Care Alliance (Banco Santander Central Hispano LOC),

      

0.19%, 1/11/10

      15,585      15,585

ABAG Finance Authority for Nonprofit Corp. Revenue VRDB, Series 2007,

      

Oshman Family Jewish Community (Bank of America N.A. LOC),

      

0.21%, 1/4/10

      15,050      15,050

ABAG Finance Authority for Nonprofit Corp. Revenue VRDB, Series 2008,

      

On Lok Senior Health Services (Wells Fargo Bank N.A. LOC),

      

0.17%, 1/11/10

      4,500      4,500

Affordable Housing Agency Multifamily Revenue VRDB,

      

Series 2003A, Westridge Hilltop (FNMA Insured),

      

0.19%, 1/11/10

      4,730      4,730

Alameda-Contra Costa Schools Financing Authority COPS VRDB,

      

Series 2002J, Capital Improvement Project (KBC Bank N.V. LOC),

      

0.28%, 1/11/10

      3,955      3,955

Series 2002K, Capital Improvement Project (KBC Bank N.V. LOC),

      

0.39%, 1/11/10

      3,100      3,100

Anaheim Housing Authority Multifamily Revenue,

      

Refunding VRDB, Series 1992A, Heritage Village Apartments (FNMA LOC),

      

0.22%, 1/11/10

      4,985      4,985

California Educational Facilities Authority Revenue Bonds, University of Southern

      

California, Series 2003-45A, Soc Gen Municipal Trust Receipts (U.S. Treasuries Escrowed), (1)

      

0.21%, 1/11/10

      5,000      5,000

California Educational Facilities Authority Revenue Bonds Tax Exempt CP,

      

Series 1993-B, Carnegie Institution of Washington,

      

0.32%, 1/13/10

      15,500      15,500

California Health Facilities Financing Authority Revenue VRDB,

      

Series 2006-C, Kaiser Permanente,

      

0.20%, 1/11/10

      14,100      14,100

California Health Facilities Financing Authority Revenue VRDB,

      

Series 2009-B, Adventist Health System-West (U.S. Bank N.A. LOC),

      

0.20%, 1/4/10

      2,400      2,400

California Health Facilities Financing Authority Revenue VRDB,

      

Series 2009-L, Catholic Healthcare (Citibank N.A. LOC),

      

0.20%, 1/11/10

      4,600      4,600

California Infrastructure and Economic Development Bank Revenue Refunding VRDB,

      

American National Red Cross (U.S. Bank N.A. LOC),

      

0.21%, 1/11/10

      5,000      5,000

Series 2009-B, Pacific Gas & Electric Company (Wells Fargo Bank N.A. LOC),

      

0.21%, 1/4/10

      5,655      5,655

California Infrastructure and Economic Development Bank Revenue Refunding VRDB,

      

Series 2009-D, Pacific Gas & Electric Company (Wells Fargo Bank N.A. LOC),

      

0.18%, 1/4/10

      3,950      3,950

 

MONEY MARKET FUNDS 1 NORTHERN FUNDS QUARTERLY REPORT

CALIFORNIA MUNICIPAL MONEY MARKET FUND continued    SCHEDULE OF INVESTMENTS
   DECEMBER 31, 2009 (UNAUDITED)

 

     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL INVESTMENTS - 100.0% continued

      

California - 100.0% continued

      

California Infrastructure and Economic Development Bank Revenue VRDB,

      

Asian Art Museum Foundation (JPMorgan Chase Bank LOC),

      

0.20%, 1/4/10

    $ 3,100    $ 3,100

California Infrastructure and Economic Development Bank Revenue VRDB,

      

Series 2008, Pinewood School Project (Comerica Bank LOC),

      

0.30%, 1/11/10

      12,150      12,150

California Infrastructure and Economic Development Bank Revenue VRDB,

      

Series 2008-A, California Academy (U.S. Bank N.A. LOC),

      

0.20%, 1/4/10

      5,000      5,000

California Infrastructure and Economic Development Bank Revenue VRDB,

      

Series 2008-F, California Academy (Wells Fargo Bank N.A. LOC),

      

0.20%, 1/4/10

      18,395      18,395

California Pollution Control Financing Authority Revenue Refunding Bonds,

      

Series 1996-C, Pacific Gas & Electric Company (JPMorgan Chase Bank LOC),

      

0.20%, 1/4/10

      3,000      3,000

California Pollution Control Financing Authority Revenue Refunding VRDB,

      

Series 2000, Exxon Mobil Corp. Project,

      

0.17%, 1/4/10

      4,940      4,940

California State Department of Water Resources and Power Supply Revenue VRDB,

      

Series 2002B-1 (Bank of New York LOC),

      

0.20%, 1/4/10

      200      200

Series 2002B-2 (BNP Paribas LOC),

      

0.26%, 1/4/10

      3,800      3,800

Series 2002C-7 (FSA Corp. Insured),

      

0.21%, 1/11/10

      9,420      9,420

Series 2002C-16 (Bank of New York LOC),

      

0.15%, 1/11/10

      14,300      14,300

Subseries G-1 (Bank of Nova Scotia LOC),

      

0.15%, 1/11/10

      1,000      1,000

Subseries G-3 (FSA Corp. Insured),

      

0.21%, 1/11/10

      18,550      18,550

California State Economic Recovery G.O. VRDB,

      

Series 2004C-16 (FSA Corp. Insured),

      

0.25%, 1/11/10

      7,375      7,375

California State G.O. VRDB, Series A, Subseries A-3

      

(Bank of America N.A. LOC),

      

0.22%, 1/11/10

      25,050      25,050

California Statewide Communities Development Authority COPS,

      

Series 1995, Covenant Retirement Communities (Bank of America N.A. LOC),

      

0.19%, 1/11/10

      11,600      11,600

California Statewide Communities Development Authority COPS VRDB,

      

Covenant Retirement Communities (Bank of America N.A. LOC),

      

0.19%, 1/11/10

      14,200      14,200

California Statewide Communities Development Authority Multifamily Housing Revenue Bonds,

      

Series 2680, Putters (JPMorgan Chase Bank LOC), (1)

      

0.35%, 1/11/10

      15,000      15,000

California Statewide Communities Development Authority Multifamily Housing

      

Revenue Refunding VRDB, Series 2005C, Chateau Project (FNMA Insured),

      

0.21%, 1/11/10

      6,000      6,000

California Statewide Communities Development Authority Multifamily Housing

      

Revenue VRDB, Series A, Pine View Apartments (Citibank N.A. LOC),

      

0.36%, 1/11/10

      3,400      3,400

 

MONEY MARKET FUNDS 2 NORTHERN FUNDS QUARTERLY REPORT

CALIFORNIA MUNICIPAL MONEY MARKET FUND continued    SCHEDULE OF INVESTMENTS
   DECEMBER 31, 2009 (UNAUDITED)

 

     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL INVESTMENTS - 100.0% continued

      

California - 100.0% continued

      

California Statewide Communities Development Authority Revenue Refunding VRDB,

      

Series 2008, Retirement Housing Foundation (KBC Bank N.V. LOC),

      

0.19%, 1/11/10

    $ 27,260    $ 27,260

California Statewide Communities Development Authority Revenue Refunding VRDB,

      

Series 2008-D, Los Angeles County Museum of Art (Wells Fargo Bank N.A. LOC),

      

0.20%, 1/4/10

      3,800      3,800

California Statewide Communities Development Authority Revenue VRDB,

      

Series 2001, Senior Living Facility (Banco Santander Central Hispano LOC),

      

0.19%, 1/11/10

      2,200      2,200

California Statewide Communities Development Authority Revenue VRDB,

      

Series 2003B, Kaiser Permanente Project,

      

0.20%, 1/11/10

      11,400      11,400

Series 2004L, Kaiser Permanente Project,

      

0.20%, 1/11/10

      9,300      9,300

Series 2004M, Kaiser Permanente Project,

      

0.20%, 1/11/10

      1,400      1,400

California Statewide Communities Development Authority Revenue VRDB,

      

Series 2006, Livermore Valley Arts Center Project (Bank of New York LOC),

      

0.17%, 1/11/10

      5,000      5,000

California Statewide Communities Development Authority Revenue VRDB,

      

Series 2007-B, Front Porch Communities (Banco Santander Central Hispano LOC),

      

0.20%, 1/11/10

      18,100      18,100

California Statewide Communities Development Authority Revenue VRDB,

      

Series 2008, Goodwill of Santa Cruz (Wells Fargo Bank N.A. LOC),

      

0.22%, 1/11/10

      1,000      1,000

California Statewide Communities Development Authority Revenue VRDB,

      

Series A (Assured Guaranty Insured),

      

0.18%, 1/11/10

      10,000      10,000

Calleguas-Las Virgenes Public Financing Authority Revenue Refunding VRDB,

      

Series 2008-A, Municipal Water District Project (Wells Fargo Bank N.A. LOC),

      

0.17%, 1/11/10

      7,725      7,725

Castaic Lake Water Agency Revenue COPS,

      

Series 2008-A, 1994 Refunding Project (Wells Fargo Bank N.A. LOC),

      

0.17%, 1/11/10

      4,600      4,600

Covina Redevelopment Agency Multifamily Revenue Refunding VRDB,

      

Series 1994A, Shadowhills Apartments (FNMA LOC),

      

0.21%, 1/11/10

      5,350      5,350

Daly City Multifamily Housing Development Finance Agency Revenue Refunding VRDB,

      

Series 1999A, Serramonte Del Ray (FNMA Gtd.),

      

0.21%, 1/11/10

      8,230      8,230

East Bay Municipal Utility District Wastewater System Revenue Refunding VRDB,

      

Subseries 2008-A,

      

0.17%, 1/11/10

      3,000      3,000

East Bay Municipal Utility District Water System Revenue Refunding VRDB,

      

Series 2009A-1,

      

0.25%, 1/11/10

      29,500      29,500

Series 2009A-2,

      

0.25%, 1/11/10

      30,525      30,525

Escondido Community Development Multifamily Housing Revenue

      

Refunding VRDB, Series 1992A, Heritage Park Apartments Project (FNMA LOC),

      

0.22%, 1/11/10

      4,250      4,250

Fremont COPS VRDB, Series 2001,

      

Capital Improvement Financing Project (Bank of Nova Scotia LOC),

      

0.28%, 1/11/10

      9,100      9,100

 

MONEY MARKET FUNDS 3 NORTHERN FUNDS QUARTERLY REPORT

CALIFORNIA MUNICIPAL MONEY MARKET FUND continued    SCHEDULE OF INVESTMENTS
   DECEMBER 31, 2009 (UNAUDITED)

 

     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL INVESTMENTS - 100.0% continued

      

California - 100.0% continued

      

Fresno Multifamily Housing Revenue Refunding VRDB, Series 2001A,

      

Heron Pointe Apartments (FNMA LOC),

      

0.21%, 1/11/10

    $ 8,050    $ 8,050

Golden State Tobacco Securitization Corp. Settlement Revenue Bonds,

      

Citi ROCS RR-II-R-11442 (Assured Guaranty Insured), (1)

      

0.30%, 1/11/10

      23,000      23,000

Grand Terrace Community Redevelopment Multifamily Revenue Bonds,

      

Series 1985A, Mount Vernon Villas Project (FNMA LOC),

      

0.19%, 1/11/10

      12,125      12,125

Hemet Unified School District COPS VRDB,

      

School Facilities Project (State Street Bank & Trust LOC),

      

0.22%, 1/11/10

      10,000      10,000

Irvine Improvement Bond Act 1915, Series A,

      

Special Assessment, District Number 04-20, (KBC Bank N.V. LOC),

      

0.20%, 1/4/10

      5,185      5,185

Kings County Housing Authority Multifamily Housing Revenue Refunding VRDB,

      

Series 2001A, Edgewater Isle Apartments (FNMA LOC),

      

0.21%, 1/11/10

      2,300      2,300

Lemon Grove Multifamily Housing Revenue Refunding VRDB,

      

Series 2001-A, Hillside Terrace (FNMA Insured),

      

0.26%, 1/11/10

      5,455      5,455

Livermore Multifamily Housing Finance Authority Revenue Refunding VRDB,

      

Series 1992A, Richards Manor Project (FNMA LOC),

      

0.22%, 1/11/10

      4,770      4,770

Livermore Multifamily Housing Revenue Refunding VRDB,

      

Series 1990, Diablo Vista Apartments (FNMA LOC),

      

0.21%, 1/11/10

      4,200      4,200

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Refunding VRDB,

      

Series 2008-A-1, Property A First Tier,

      

0.20%, 1/11/10

      1,690      1,690

Series 2008-A-2, Property A First Tier,

      

0.18%, 1/11/10

      15,700      15,700

Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Refunding VRDB,

      

Series 2009-A-1, Property C 2nd Senior,

      

0.20%, 1/4/10

      20,000      20,000

Los Angeles County Multifamily Housing Revenue VRDB,

      

Series 1984-A, Crescent Gardens Apartments Project (FHLMC LOC),

      

0.24%, 1/11/10

      4,200      4,200

Los Angeles County Schools Pooled Financing Program Participation Certificates G.O. TRANS,

      

Series 2009-A,

      

2.50%, 6/30/10

      7,200      7,258

Los Angeles Community Redevelopment Agency Multifamily Housing Revenue Refunding VRDB,

      

Series 2002, Grand Promenade Project (FHLMC Gtd.),

      

0.21%, 1/11/10

      9,600      9,600

Los Angeles Department of Water and Power Revenue VRDB,

      

Subseries A-3, Power System,

      

0.19%, 1/11/10

      6,400      6,400

Subseries A-4, Power System,

      

0.19%, 1/11/10

      11,500      11,500

Subseries A-6, Power System,

      

0.20%, 1/11/10

      1,300      1,300

 

MONEY MARKET FUNDS 4 NORTHERN FUNDS QUARTERLY REPORT

CALIFORNIA MUNICIPAL MONEY MARKET FUND continued    SCHEDULE OF INVESTMENTS
   DECEMBER 31, 2009 (UNAUDITED)

 

     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL INVESTMENTS - 100.0% continued

      

California - 100.0% continued

      

Los Angeles Department of Water and Power Waterworks Revenue VRDB,

      

Subseries 2001B-1,

      

0.15%, 1/11/10

    $ 13,000    $ 13,000

Subseries 2001B-3,

      

0.17%, 1/11/10

      7,000      7,000

Los Angeles Multifamily Housing Revenue VRDB,

      

Series 1985, Masselin Manor (Bank of America N.A. LOC),

      

0.21%, 1/11/10

      2,500      2,500

Los Angeles Multifamily Revenue Refunding VRDB,

      

Series 1991 B, Mountainback I Apartments Project (FHLMC LOC),

      

0.23%, 1/11/10

      8,140      8,140

Los Angeles Wastewater System Revenue Refunding VRDB,

      

Subseries 2008-A (Bank of Nova Scotia LOC),

      

0.15%, 1/11/10

      9,900      9,900

Subseries 2008-B (Bank of Nova Scotia LOC),

      

0.20%, 1/11/10

      12,200      12,200

Subseries 2008-C (Bank of Nova Scotia LOC),

      

0.20%, 1/11/10

      9,035      9,035

Subseries 2008-G (Bank of America N.A. LOC),

      

0.19%, 1/11/10

      3,000      3,000

Manteca Redevelopment Agency Tax Allocation Revenue Refunding VRDB,

      

Sub Amended Merged Project (State Street Bank & Trust LOC),

      

0.25%, 1/4/10

      4,560      4,560

Metropolitan Water District of Southern California Waterworks Revenue Refunding VRDB,

      

Series 2004C,

      

0.26%, 1/11/10

      8,580      8,580

Metropolitan Water District of Southern California Waterworks Revenue VRDB,

      

Series 2000B-3,

      

0.20%, 1/4/10

      7,900      7,900

Series 2001C-2,

      

0.22%, 1/4/10

      6,600      6,600

Series 2005B-2,

      

0.27%, 1/4/10

      1,500      1,500

Series 2000B-2,

      

0.20%, 1/11/10

      4,125      4,125

Northern California Power Agency Revenue Refunding VRDB,

      

Series 2008-A, Hydroelectric Project 1 (Dexia Credit Local LOC),

      

0.23%, 1/11/10

      11,500      11,500

Ontario IDA Revenue Bonds,

      

Series 1985 D, L.D. Brinkman & Co. (Bank of America N.A. LOC),

      

0.20%, 1/4/10

      5,200      5,200

Orange County Development Revenue Refunding Bonds,

      

Series 1997A, Larkspur Canyon Apartments (FNMA LOC),

      

0.21%, 1/11/10

      7,435      7,435

Orange County Development Revenue Refunding VRDB,

      

Issue G of 1998 Series 3, WLCO LF Partners (FNMA LOC),

      

0.18%, 1/11/10

      11,800      11,800

Orange County Housing Development Authority Revenue Refunding VRDB,

      

Series 1998I, Oasis Martinique (FNMA Gtd.),

      

0.22%, 1/11/10

      33,160      33,160

Orange County Water District COPS,

      

Series 2003A,

      

0.18%, 1/11/10

      2,700      2,700

 

MONEY MARKET FUNDS 5 NORTHERN FUNDS QUARTERLY REPORT

CALIFORNIA MUNICIPAL MONEY MARKET FUND continued    SCHEDULE OF INVESTMENTS
   DECEMBER 31, 2009 (UNAUDITED)

 

     PRINCIPAL
AMOUNT
(000S)		    VALUE
(000S)

MUNICIPAL INVESTMENTS - 100.0% continued

      

California - 100.0% continued

      

Rancho Water District Financing Authority Revenue Refunding Bonds,

      

Series 2008-B (UBS AG LOC),