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Northern Funds Equity Funds Semi-Annual

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Northern Funds Equity Funds Semi-Annual NORTHERN EQUITY FUNDS SEMI-ANNUAL REPORT SEPTEMBER 30, 2020 Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of Northern Funds shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from Northern Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website (northerntrust.com) and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you have already elected to receive your shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from Northern Funds electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if your account is held directly with Northern Funds, by calling the Northern Funds Center at 800-595-9111 or by sending an e-mail request to: [email protected]. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, please contact your financial intermediary to continue receiving paper copies of your shareholder reports. If you invest directly with Northern Funds, you can inform Northern Funds that you wish to continue receiving paper copies of your shareholder reports by calling the Northern Funds Center at 800-595-9111 or by sending an e-mail request to: [email protected]. Your election to receive reports in paper will apply to all Northern Funds you hold in your account at the financial intermediary or through an account with Northern Funds. You must provide separate instructions to each of your financial intermediaries. EQUITY FUNDS TABLE OF CONTENTS 2 STATEMENTS OF ASSETS AND LIABILITIES 4 STATEMENTS OF OPERATIONS 6 STATEMENTS OF CHANGES IN NET ASSETS 8 FINANCIAL HIGHLIGHTS 17 SCHEDULES OF INVESTMENTS 17 INCOME EQUITY FUND Ticker Symbol: NOIEX 21 INTERNATIONAL EQUITY FUND Ticker Symbol: NOIGX 26 LARGE CAP CORE FUND Ticker Symbol: NOLCX 30 LARGE CAP VALUE FUND Ticker Symbol: NOLVX 35 SMALL CAP CORE FUND Ticker Symbols: Class K: NSCKX Class I: NSGRX 57 SMALL CAP VALUE FUND Ticker Symbol: NOSGX 67 U.S. QUALITY ESG FUND Ticker Symbols: Class K: NUESK ClassI:NUEIX 71 NOTES TO THE FINANCIAL STATEMENTS 83 FUND EXPENSES This report has been prepared for the general 85 APPROVAL OF MANAGEMENT AGREEMENT information of Northern Funds shareholders. It 92 FOR MORE INFORMATION is not authorized for distribution to prospective investors unless accompanied or preceded by a current Northern Funds summary prospectus or prospectus, which contains more complete information about a fund’s investment objectives, risks, fees and expenses. Investors are reminded to read a summary prospectus or prospectus carefully before investing or sending money. Northern Funds are distributed by Northern Funds Distributors, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101, not affiliated with Northern Trust. NOT FDIC INSURED May lose value / No bank guarantee NORTHERN FUNDS SEMIANNUAL REPORT 1 EQUITY FUNDS EQUITY FUNDS STATEMENTS OF ASSETS AND LIABILITIES INCOME INTERNATIONAL LARGE CAP LARGE CAP Amounts in thousands, except per share data EQUITY FUND EQUITY FUND CORE FUND VALUE FUND ASSETS: Investments, at value $129,871 $90,602 $218,003 $51,768 Investments in affiliates, at value 1,212 266 2,140 458 Cash held at broker (restricted $0) —41—— Foreign currencies held at broker, at value (restricted $168) —385(1) —— Foreign currencies, at value (cost $194) —194—— Dividend income receivable 153 409 175 48 Receivable for foreign tax reclaims —480—— Receivable for securities sold ———— Receivable for variation margin on futures contracts 7—133 Receivable for fund shares sold —1201— Receivable from investment adviser 5643 Prepaid and other assets 610714 Total Assets 131,254 92,394 220,543 52,294 LIABILITIES: Payable for securities purchased ———— Payable for variation margin on futures contracts —11—— Payable for fund shares redeemed 116 2 56 4 Payable to affiliates: Management fees 20 7 16 4 Custody fees 3124— Shareholder servicing fees 37 1 7 7 Transfer agent fees 4372 Trustee fees 49177 Outstanding options written, at value (premiums received $31) 21 — — — Accrued other liabilities 843127 Total Liabilities 213 88 119 31 Net Assets $131,041 $92,306 $220,424 $52,263 ANALYSIS OF NET ASSETS: Capital stock $89,014 $137,666 $160,508 $59,105 Distributable earnings 42,027 (45,360) 59,916 (6,842) Net Assets $131,041 $92,306 $220,424 $52,263 Net Assets: Shares $131,041 $92,306 $220,424 $52,263 Class K ———— Class I ———— Total Shares Outstanding ($.001 par value, unlimited authorization): Shares 9,924 10,939 10,603 3,352 Class K ———— Class I ———— Net Asset Value, Redemption and Offering Price Per Share: Shares $13.20 $8.44 $20.79 $15.59 Class K ———— Class I ———— Investments, at cost $97,262 $92,142 $158,848 $53,709 Investments in affiliates, at cost 1,212 266 2,140 458 (1) Costs associated with foreign currencies held at broker is $378. See Notes to the Financial Statements. EQUITY FUNDS 2 NORTHERN FUNDS SEMIANNUAL REPORT SEPTEMBER 30, 2020 (UNAUDITED) SMALL CAP SMALL CAP U.S. QUALITY CORE FUND VALUE FUND ESG FUND $382,373 $2,174,835 $186,294 5,352 37,213 70 ——— ——— ——— 310 3,942 128 ——— 800 — — —42— 14 1,821 — 6584 38 30 31 388,893 2,217,941 186,527 2,286 — — 765— 160 12,223 — 29 339 11 —25— 40 1,085 — 13 74 6 4132 ——— 5116 2,544 13,835 25 $386,349 $2,204,106 $186,502 $261,347 $2,047,635 $159,378 125,002 156,471 27,124 $386,349 $2,204,106 $186,502 — 2,204,106 — 208,937 — 186,442 177,412 — 60 — 139,548 — 8,910 — 13,922 7,567 — 4 — 15.79 — 23.45 — 13.39 23.44 — 13.39 $280,867 $2,177,130 $159,872 5,352 37,213 70 See Notes to the Financial Statements. NORTHERN FUNDS SEMIANNUAL REPORT 3 EQUITY FUNDS EQUITY FUNDS STATEMENTS OF OPERATIONS INCOME INTERNATIONAL LARGE CAP LARGE CAP Amounts in thousands EQUITY FUND EQUITY FUND CORE FUND VALUE FUND INVESTMENT INCOME: Dividend income $1,765 $1,946(1) $2,190 $744 Dividend income from investments in affiliates 111— Interest income 1— 21 Total Investment Income 1,767 1,947 2,193 745 EXPENSES: Management fees 607 244 439 138 Custody fees 12 59 18 7 Transfer agent fees 25 20 38 10 Registration fees 11 10 11 10 Printing fees 30 30 30 30 Professional fees 20 23 20 20 Shareholder servicing fees (Shares) 67 2 16 16 Shareholder servicing fees (Class I) ———— Trustee fees 3333 Interest expense —1—— Other 71488 Total Expenses 782 406 583 242 Less expenses reimbursed by investment adviser (138) (137) (128) (93) Net Expenses 644 269 455 149 Net Investment Income 1,123 1,678 1,738 596 NET REALIZED AND UNREALIZED GAINS (LOSSES): Net realized gains (losses) on: Investments 9,564 (16,621) 2,377 (3,370) Options written 352 — — — Futures contracts 525 719 982 281 Foreign currency transactions — (16) — — Net changes in unrealized appreciation (depreciation) on: Investments 19,090 32,090 39,791 12,266 Options written (30) — — — Futures contracts (192) (385) (92) (35) Foreign currency translations —41—— Net Gains 29,309 15,828 43,058 9,142 NetIncreaseinNetAssetsResultingfromOperations $30,432 $17,506 $44,796 $9,738 (1) Net of $188 in foreign withholding taxes. See Notes to the Financial Statements. EQUITY FUNDS 4 NORTHERN FUNDS SEMIANNUAL REPORT FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2020 (UNAUDITED) SMALL CAP SMALL CAP U.S. QUALITY CORE FUND VALUE FUND ESG FUND $2,700 $27,277 $1,365 3421 535— 2,708 27,354 1,366 1,095 10,630 299 40 94 10 74 431 29 15 24 12 48 117 48 20 38 20 71 1,893 — 33 — — 3141 ——— 7196 1,406 13,260 425 (229) (2,048) (110) 1,177 11,212 315 1,531 16,142 1,051 19,447 152,916 1,720 ——— 2,918 29,782 261 ——— 62,900 142,354 35,219 ——— (545) (3,898) (34) ——— 84,720 321,154 37,166 $86,251 $337,296 $38,217 See Notes to the Financial Statements. NORTHERN FUNDS SEMIANNUAL REPORT 5 EQUITY FUNDS EQUITY FUNDS STATEMENTS OF CHANGES IN NET ASSETS INCOME INTERNATIONAL LARGE CAP LARGE CAP EQUITY FUND EQUITY FUND CORE FUND VALUE FUND SEP 30, MAR 31, SEP 30, MAR 31, SEP 30, MAR 31, SEP 30, MAR 31, Amounts in thousands 2020 2020 2020 2020 2020 2020 2020 2020 OPERATIONS: Net investment income $1,123 $3,464 $1,678 $5,733 $1,738 $4,468 $596 $1,429 Net realized gains (losses) 10,441 6,801 (15,918) (15,908) 3,359 2,258 (3,089) 990 Net change in unrealized appreciation (depreciation) 18,868 (25,216) 31,746 (24,618) 39,699 (27,339) 12,231 (13,245) Net Increase (Decrease) in Net Assets Resulting from Operations 30,432 (14,951) 17,506 (34,793) 44,796 (20,613) 9,738 (10,826) CAPITAL SHARE TRANSACTIONS: Net increase (decrease) in net assets resulting from Shares transactions (13,838) (41,592) (47,389) (39,768) 12,681 (50,039) (3,261) (27,469) Net increase in net assets resulting from Class K transactions ———————— Net increase in net assets resulting from Class I transactions ———————— Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions (13,838) (41,592) (47,389) (39,768) 12,681 (50,039) (3,261) (27,469) DISTRIBUTIONS TO SHARES SHAREHOLDERS: Distributable earnings (1,115) (15,527) — (6,938) (1,748) (9,873) — (1,500) Total Distributions to Shares Shareholders (1,115) (15,527) — (6,938) (1,748) (9,873) — (1,500) DISTRIBUTIONS TO CLASS K SHAREHOLDERS: Distributable earnings ———————— Total Distributions to Class K Shareholders ———————— DISTRIBUTIONS TO CLASS I SHAREHOLDERS: Distributable earnings ———————— Total Distributions to Class I Shareholders ———————— Total Increase (Decrease) in Net Assets 15,479 (72,070) (29,883) (81,499) 55,729 (80,525) 6,477 (39,795) NET ASSETS: Beginning of period 115,562 187,632 122,189 203,688 164,695 245,220 45,786 85,581 End of period $131,041 $115,562 $92,306 $122,189 $220,424 $164,695 $52,263 $45,786 * Amounts round to less than $1,000.
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