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<PAGE>
NORTHERN FUNDS [LOGO]-Registered Trademark-
Income Equity Fund
Stock Index Fund
Large Cap Value Fund
Growth Equity Fund
Select Equity Fund
Mid Cap Growth Fund
Small Cap Index Fund
Small Cap Value Fund
Small Cap Growth Fund
Growth Opportunities Fund
International Growth Equity Fund
International Select Equity Fund
Technology Fund
Global Communications Fund
-------------------------------------------------------------------------------
EQUITY SEMIANNUAL
-------------------------------------------------------------------------------
[GRAPHIC PHOTO OF ABACUS]
[GRAPHIC PHOTO OF GEARS]
[GRAPHIC PHOTO OF STONES]
SEPTEMBER 30, 2000
<PAGE>
NORTHERN EQUITY FUNDS OVERVIEW
There has been a shift in the market toward stocks of companies with high
earnings certainty and lower valuations during the past several months and we
expect this trend to continue. This has caused a needed broadening in the
market leadership as more stocks have participated, moving the market away
from the technology leadership in 1999 and mega cap leadership prevalent from
1996-1998. We view this rotation from narrow leadership to be healthy for the
equity market. An additional interesting development has been the strong
relative performance of the mid-cap stocks, which has been substantially
better than both the large cap and small cap areas. This too has added to the
market's breadth as institutions and individual investors have turned toward
reasonably valued growth stocks that are liquid enough in which to establish
positions.
The decline of the Euro versus the U.S. dollar has generated concerns for
U.S. companies doing significant business in Europe not only from a softening
demand standpoint, but also considering the potential impact on reported
earnings. The technology sector continues to remain volatile since the
beginning of its sell off in March. In addition, earnings concerns have again
crept back into the market, particularly in the technology sector. The
financial, health care and energy sectors have benefited from slower economic
growth and higher oil prices. Prices for all energy products are 100% higher
than last year and the heating season has not yet begun. Energy prices will
remain an issue throughout the winter season.
We continue to remain constructive on the overall equity market as the
economic and interest rate environments are favorable. We also believe that
the market will continue to broaden with mid caps continuing to lead the
market.
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK.
<PAGE>
TABLE OF CONTENTS PAGE
Statements of Assets and Liabilities ..................2
Statements of Operations ..............................4
Statements of Changes in Net Assets ...................6
Financial Highlights .................................10
Schedules of Investments
Income Equity Fund ...............................19
Stock Index Fund .................................22
Large Cap Value Fund .............................30
Growth Equity Fund ...............................32
Select Equity Fund ...............................35
Mid Cap Growth Fund ..............................37
Small Cap Index Fund .............................39
Small Cap Value Fund .............................64
Small Cap Growth Fund ............................76
Growth Opportunities Fund ........................78
International Growth Equity Fund .................80
International Select Equity Fund .................82
Technology Fund ..................................84
Global Communications Fund .......................86
Notes to the Financial Statements .......................88
------------------------
NOT FDIC-INSURED
------------------------
May lose value
No bank guarantee
------------------------
An investment in Northern Funds is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other governmental agency.
An investment in a non-money market fund involves risks including possible
loss of principal.
Shares of Northern Funds are distributed by Northern Funds Distributors, LLC,
an independent third party.
With respect to the Schedules of Investments, the percentage shown for each
investment category reflects the value of investments in that category as a
percentage of total net assets.
1
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES SEPTEMBER 30, 2000 (UNAUDITED)
EQUITY FUNDS
<TABLE>
<CAPTION>
INCOME STOCK LARGE CAP GROWTH SELECT
AMOUNTS IN THOUSANDS, EQUITY INDEX VALUE EQUITY EQUITY
EXCEPT PER SHARE DATA FUND FUND FUND FUND FUND
--------------------- ------ ----- --------- ------ ------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost
$178,035, $335,673, $5,895,
$946,119, $429,803, $700,524,
$103,071, $174,623, $546,822,
$2,821, $724,028, $242,277,
$1,862,820 and $114,234,
respectively) $201,356 $527,098 $5,827 $1,335,622 $595,651
Cash and foreign currencies -- 2 1 -- --
Income receivable 698 390 10 469 189
Receivable for foreign tax withheld -- -- -- -- --
Receivable for securities sold 448 -- -- 4,154 25,384
Receivable for fund shares sold 20 85 25 2 1,069
Receivable from Adviser 6 13 4 30 13
Prepaid and other assets 2 12 10 54 15
-------------------------------------------------------------------------------------------------------
Total Assets 202,530 527,600 5,877 1,340,331 622,321
-------------------------------------------------------------------------------------------------------
LIABILITIES:
Cash overdraft -- -- -- -- 9
Payable for securities purchased 2,500 225 381 10,069 25,755
Payable for fund shares redeemed -- -- -- 45 15
Accrued investment advisory fees 28 34 1 185 83
Accrued administration fees 5 13 -- 33 15
Accrued custody and accounting fees 3 -- 4 -- --
Accrued transfer agent fees 3 9 -- 22 10
Accrued registration fees and
other liabilities 24 19 12 98 17
-------------------------------------------------------------------------------------------------------
Total Liabilities 2,563 300 398 10,452 25,904
-------------------------------------------------------------------------------------------------------
Net Assets $199,967 $527,300 $5,479 $1,329,879 $596,417
-------------------------------------------------------------------------------------------------------
ANALYSIS OF NET ASSETS:
Capital stock $150,335 $302,198 $5,545 $ 740,008 $380,867
Accumulated undistributed
(distributions in excess of)
net investment income (loss) 135 163 15 (909) (480)
Accumulated undistributed net
realized gains (losses) on
investments, futures and foreign
currency transactions 26,176 34,102 (13) 201,277 50,182
Net unrealized appreciation
(depreciation) on investments,
foreign currency transactions,
forward foreign currency
contracts and futures contracts 23,321 190,837 (68) 389,503 165,848
Net unrealized losses on
translation of assets and
liabilities denominated in
foreign currencies -- -- -- -- --
-------------------------------------------------------------------------------------------------------
Net Assets $199,967 $527,300 $5,479 $1,329,879 $596,417
-------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.0001 PAR
VALUE, UNLIMITED AUTHORIZATION) 13,960 27,406 549 53,241 16,662
NET ASSET VALUE, REDEMPTION AND
OFFERING PRICE PER SHARE $ 14.32 $ 19.24 $ 9.99 $ 24.98 $ 35.80
-------------------------------------------------------------------------------------------------------
SEE NOTES TO THE FINANCIAL STATEMENTS.
</TABLE>
2
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
MID SMALL SMALL SMALL INT'L.
CAP CAP CAP CAP GROWTH GROWTH
AMOUNTS IN THOUSANDS, GROWTH INDEX VALUE GROWTH OPPORTUNITIES EQUITY
EXCEPT PER SHARE DATA FUND FUND FUND FUND FUND FUND
--------------------- ------ ----- ----- ------ ------------- ------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (cost
$178,035, $335,673, $5,895,
$946,119, $429,803, $700,524,
$103,071, $174,623, $546,822,
$2,821, $724,028, $242,277,
$1,862,820 and $114,234,
respectively) $ 842,987 $ 103,585 $ 188,995 $ 657,929 $ 2,846 $ 704,286
Cash and foreign currencies 1 96 -- 1 2,983 66
Income receivable 15 -- 104 59 -- 907
Receivable for foreign tax withheld -- -- -- -- -- 728
Receivable for securities sold 5,993 77 3,316 20,718 -- 9,307
Receivable for fund shares sold 1,345 15 15 40 -- 4,022
Receivable from Adviser 18 6 6 2 3 14
Prepaid and other assets 32 57 3 81 16 53
--------------------------------------------------------------------------------------------------------------------------------
Total Assets 850,391 103,836 192,439 678,830 5,848 719,383
--------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Cash overdraft -- 3 10 -- -- --
Payable for securities purchased 7,289 6 2,381 22,283 2,821 26,264
Payable for fund shares redeemed -- -- 7 -- -- --
Accrued investment advisory fees 117 8 26 106 -- 114
Accrued administration fees 20 3 5 16 -- 17
Accrued custody and accounting fees -- -- 34 -- 1 --
Accrued transfer agent fees 14 2 3 11 -- 12
Accrued registration fees and
other liabilities 60 15 16 17 1 32
--------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 7,500 37 2,482 22,433 2,823 26,439
--------------------------------------------------------------------------------------------------------------------------------
Net Assets 842,891 103,799 189,957 656,397 3,025 692,944
--------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF NET ASSETS:
Capital stock $ 633,613 $ 79,704 $ 120,954 $ 543,974 $ 3,000 $ 632,207
Accumulated undistributed
(distributions in excess of)
net investment income (loss) (2,991) 636 481 (2,751) -- 2,863
Accumulated undistributed net
realized gains (losses) on
investments, futures and foreign
currency transactions 69,806 22,976 54,364 4,067 -- 77,706
Net unrealized appreciation
(depreciation) on investments,
foreign currency transactions,
forward foreign currency
contracts and futures contracts 142,463 483 14,158 111,107 25 (19,617)
Net unrealized losses on
translation of assets and
liabilities denominated in
foreign currencies -- -- -- -- -- (215)
--------------------------------------------------------------------------------------------------------------------------------
Net Assets $ 842,891 $ 103,799 $ 189,957 $ 656,397 $ 3,025 $ 692,944
--------------------------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.0001 PAR
VALUE, UNLIMITED AUTHORIZATION) 38,528 8,822 12,036 34,165 300 52,493
NET ASSET VALUE, REDEMPTION AND
OFFERING PRICE PER SHARE $ 21.88 $ 11.77 $ 15.78 $ 19.21 $ 10.08 $ 13.20
--------------------------------------------------------------------------------------------------------------------------------
SEE NOTES TO THE FINANCIAL STATEMENTS.
<CAPTION>
INT'L.
SELECT GLOBAL
AMOUNTS IN THOUSANDS, EQUITY TECHNOLOGY COMMUNICATIONS
EXCEPT PER SHARE DATA FUND FUND FUND
--------------------- ------ ---------- --------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost
$178,035, $335,673, $5,895,
$946,119, $429,803, $700,524,
$103,071, $174,623, $546,822,
$2,821, $724,028, $242,277,
$1,862,820 and $114,234,
respectively) $ 229,614 $ 2,552,016 $ 119,119
Cash and foreign currencies 2,649 1 --
Income receivable 301 113 4
Receivable for foreign tax withheld 282 -- --
Receivable for securities sold 2,527 31,218 695
Receivable for fund shares sold 3,394 2,800 15
Receivable from Adviser 5 21 3
Prepaid and other assets 39 129 9
--------------------------------------------------------------------------------------
Total Assets 238,811 2,586,298 119,845
--------------------------------------------------------------------------------------
LIABILITIES:
Cash overdraft -- -- --
Payable for securities purchased 4,101 28,838 1,323
Payable for fund shares redeemed -- 316 1
Accrued investment advisory fees 38 426 21
Accrued administration fees 6 64 3
Accrued custody and accounting fees -- -- --
Accrued transfer agent fees 4 42 2
Accrued registration fees and
other liabilities 15 210 19
--------------------------------------------------------------------------------------
Total Liabilities 4,164 29,896 1,369
--------------------------------------------------------------------------------------
Net Assets 234,647 2,556,402 118,476
--------------------------------------------------------------------------------------
ANALYSIS OF NET ASSETS:
Capital stock $ 213,038 $ 1,540,143 $ 115,557
Accumulated undistributed
(distributions in excess of)
net investment income (loss) 3,746 (10,311) (156)
Accumulated undistributed net
realized gains (losses) on
investments, futures and foreign
currency transactions 30,552 337,374 (1,810)
Net unrealized appreciation
(depreciation) on investments,
foreign currency transactions,
forward foreign currency
contracts and futures contracts (12,642) 689,196 4,885
Net unrealized losses on
translation of assets and
liabilities denominated in
foreign currencies (47) -- --
--------------------------------------------------------------------------------------
Net Assets $ 234,647 $ 2,556,402 $ 118,476
--------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.0001 PAR
VALUE, UNLIMITED AUTHORIZATION) 17,513 45,098 10,176
NET ASSET VALUE, REDEMPTION AND
OFFERING PRICE PER SHARE $ 13.40 $ 56.69 $ 11.64
--------------------------------------------------------------------------------------
SEE NOTES TO THE FINANCIAL STATEMENTS.
</TABLE>
3
<PAGE>
STATEMENTS OF OPERATIONS SIX MONTHS ENDED SEPTEMBER 30, 2000 (UNAUDITED)
EQUITY FUNDS
<TABLE>
<CAPTION>
INCOME STOCK LARGE CAP GROWTH SELECT
EQUITY INDEX VALUE EQUITY EQUITY
AMOUNTS IN THOUSANDS FUND FUND FUND(1) FUND FUND
-------------------- ------ ----- --------- ------ ------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $1,309 $ 342 $ 15 $ 4,884 $ 782
Dividend income 2,165 2,944 5 872 1,327
------------------------------------------------------------------------------------------------------
Total Investment Income 3,474 3,286 20 5,756 2,109
------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 1,015 1,596 5 6,665 3,107
Administration fees 152 399 1 1,000 388
Transfer agent fees 101 266 1 667 259
Custody and accounting fees 34 84 12 43 61
Professional fees 5 9 7 29 6
Registration fees 31 37 11 106 28
Trustees' fees and expenses 1 4 1 16 1
Other 14 17 1 41 11
------------------------------------------------------------------------------------------------------
Total Expenses 1,353 2,412 39 8,567 3,861
Less voluntary waivers of
investment advisory fees (152) (532) (1) (1,000) (906)
Less reimbursement of expenses
by Adviser (186) (417) (33) (902) (366)
------------------------------------------------------------------------------------------------------
Net Expenses 1,015 1,463 5 6,665 2,589
------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 2,459 1,823 15 (909) (480)
------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments 12,329 9,283 (13) 43,157 2,587
Futures contracts -- (231) -- -- --
Foreign currency transactions -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions,
forward foreign currency contracts
and futures contracts (11,897) (32,411) (68) (72,712) 3,125
Net change in unrealized losses on
translation of assets and
liabilities denominated in
foreign currencies -- -- -- -- --
------------------------------------------------------------------------------------------------------
Net Gains (Losses) on Investments 432 (23,359) (81) (29,555) 5,712
------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $2,891 $(21,536) $(66) $(30,464) $5,232
------------------------------------------------------------------------------------------------------
</TABLE>
(1) Commenced investment operations on August 3, 2000.
(2) Commenced investment operations on September 26, 2000.
(3) Net of $577 in non-reclaimable foreign withholding taxes.
(4) Net of $151 in non-reclaimable foreign withholding taxes.
(5) Commenced investment operations on May 15, 2000.
SEE NOTES TO THE FINANCIAL STATEMENTS.
4
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
MID SMALL SMALL SMALL
CAP CAP CAP CAP GROWTH
GROWTH INDEX VALUE GROWTH OPPORTUNITIES
AMOUNTS IN THOUSANDS FUND FUND FUND FUND FUND(2)
-------------------- ------ ----- ----- ------ -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $ 649 $ 86 $ 255 $ 457 $ --
Dividend income 249 677 952 341 --
----------------------------------------------------------------------------------------------------------------
Total Investment Income 898 763 1,207 798 --
----------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 3,889 331 1,131 3,408 --
Administration fees 583 76 141 426 --
Transfer agent fees 389 51 94 284 --
Custody and accounting fees 64 99 48 43 1
Professional fees 15 2 5 4 1
Registration fees 59 22 26 24 1
Trustees' fees and expenses 7 2 1 1 --
Other 21 6 11 7 --
----------------------------------------------------------------------------------------------------------------
Total Expenses 5,027 589 1,457 4,197 3
Less voluntary waivers of
investment advisory fees (583) (76) (330) (568) --
Less reimbursement of expenses
by Adviser (555) (182) (185) (79) (3)
----------------------------------------------------------------------------------------------------------------
Net Expenses 3,889 331 942 3,550 --
----------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (2,991) 432 265 (2,752) --
----------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments (18,193) 13,010 17,087 (53,695) --
Futures contracts -- (606) (929) -- --
Foreign currency transactions -- -- -- -- --
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions,
forward foreign currency contracts
and futures contracts (64,028) (16,672) (2,216) 65,729 25
Net change in unrealized losses on
translation of assets and
liabilities denominated in
foreign currencies -- -- -- -- --
----------------------------------------------------------------------------------------------------------------
Net Gains (Losses) on Investments (82,221) (4,268) 13,942 12,034 25
----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (85,212) $ (3,836) $ 14,207 $ 9,282 $ 25
----------------------------------------------------------------------------------------------------------------
<CAPTION>
INT'L. INT'L.
GROWTH SELECT GLOBAL
EQUITY EQUITY TECHNOLOGY COMMUNICATIONS
AMOUNTS IN THOUSANDS FUND FUND FUND FUND(5)
-------------------- ------ ------ ---------- --------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $ 6,312 $ 529 $ 4,807 $ 211
Dividend income 1,555 2,136 316 6
--------------------------------------------------------------------------------------------------------
Total Investment Income 7,867(3) 2,665(4) 5,123 217
--------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 4,297 1,519 14,817 359
Administration fees 537 190 1,852 43
Transfer agent fees 358 127 1,235 29
Custody and accounting fees 336 120 252 20
Professional fees 13 4 56 11
Registration fees 45 25 231 13
Trustees' fees and expenses 6 1 34 2
Other 22 7 84 3
--------------------------------------------------------------------------------------------------------
Total Expenses 5,614 1,993 18,561 480
Less voluntary waivers of
investment advisory fees (716) (253) (2,470) (58)
Less reimbursement of expenses
by Adviser (422) (157) (657) (49)
--------------------------------------------------------------------------------------------------------
Net Expenses 4,476 1,583 15,434 373
--------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) 3,391 1,082 (10,311) (156)
--------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on:
Investments 4,083 (956) (154,998) (1,810)
Futures contracts -- -- -- --
Foreign currency transactions (507) (77) -- --
Net change in unrealized appreciation
(depreciation) on investments,
foreign currency transactions,
forward foreign currency contracts
and futures contracts (64,193) (20,337) (234,648) 4,885
Net change in unrealized losses on
translation of assets and
liabilities denominated in
foreign currencies (148) (47) -- --
--------------------------------------------------------------------------------------------------------
Net Gains (Losses) on Investments (60,765) (21,417) (389,646) 3,075
--------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (57,374) $ (20,335) $(399,957) $ 2,919
--------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
EQUITY FUNDS
<TABLE>
<CAPTION>
LARGE
CAP
INCOME EQUITY STOCK INDEX VALUE
FUND FUND FUND
------------------------ -------------------------- -------------
SIX MONTHS SIX MONTHS PERIOD
ENDED YEAR ENDED YEAR ENDED
SEPT. 30, ENDED SEPT. 30, ENDED SEPT. 30,
2000 MARCH 31, 2000 MARCH 31, 2000(1)
AMOUNTS IN THOUSANDS (UNAUDITED) 2000 (UNAUDITED) 2000 (UNAUDITED)
----------------------------------------------------------- ------------------------ -------------------------- -------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $2,459 $4,465 $1,823 $2,854 $15
Net realized gains (losses) on investments,
futures contracts and foreign currency transactions 12,329 22,120 9,052 26,454 (13)
Net change in unrealized appreciation (depreciation)
on investments, futures contracts and
forward foreign currency contracts (11,897) 9,788 (32,411) 33,711 (68)
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations 2,891 36,373 (21,536) 63,019 (66)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 9,829 16,992 56,461 127,722 5,773
Shares issued upon conversion -- 123,163 -- 271,446 --
Shares from reinvestment of dividends 303 8,858 351 1,967 --
Shares redeemed (31,223) (70,056) (51,818) (82,187) (228)
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share Transactions (21,091) 78,957 4,994 318,948 5,545
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income (2,587) (4,168) (1,765) (2,756) --
From net realized gains -- (8,822) -- (2,666) --
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid (2,587) (12,990) (1,765) (5,422) --
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (20,787) 102,340 (18,307) 376,545 5,479
NET ASSETS:
Beginning of period 220,754 118,414 545,607 169,062 --
------------------------------------------------------------------------------------------------------------------------------------
End of period $199,967 $220,754 $527,300 $545,607 $5,479
------------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT INCOME (LOSS) $135 $263 $163 $105 $15
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Commenced investment operations on August 3, 2000.
(2) Commenced investment operations on September 3, 1999.
SEE NOTES TO THE FINANCIAL STATEMENTS
6
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
GROWTH EQUITY SELECT EQUITY
FUND FUND
------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
SEPT. 30, ENDED SEPT. 30, ENDED
2000 MARCH 31, 2000 MARCH 31,
AMOUNTS IN THOUSANDS (UNAUDITED) 2000 (UNAUDITED) 2000
----------------------------------------------------------------- ------------------------- ----------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $(909) $(1,177) $(480) $(1,240)
Net realized gains (losses) on investments,
futures contracts and foreign currency transactions 43,157 206,580 2,587 59,938
Net change in unrealized appreciation (depreciation)
on investments, futures contracts and
forward foreign currency contracts (72,712) 80,025 3,125 100,136
---------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations (30,464) 285,428 5,232 158,834
---------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 107,248 152,770 108,856 259,271
Shares issued upon conversion -- 458,132 -- --
Shares from reinvestment of dividends -- 74,208 -- 9,848
Shares redeemed (115,785) (162,282) (42,247) (89,448)
---------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share Transactions (8,537) 522,828 66,609 179,671
---------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income -- (346) -- --
From net realized gains -- (79,978) -- (12,459)
---------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (80,324) -- (12,459)
---------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (39,001) 727,932 71,841 326,046
NET ASSETS:
Beginning of period 1,368,880 640,948 524,576 198,530
---------------------------------------------------------------------------------------------------------------------------
End of period $1,329,879 $1,368,880 $596,417 $524,576
---------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT INCOME (LOSS) $(909) $-- $(480) $--
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SMALL CAP
MIDCAP GROWTH INDEX
FUND FUND
------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED PERIOD
SEPT. 30, ENDED SEPT. 30, ENDED
2000 MARCH 31, 2000 MARCH 31,
AMOUNTS IN THOUSANDS (UNAUDITED) 2000 (UNAUDITED) 2000(2)
------------------------------------------------------------ ------------------------- ----------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $(2,991) $(2,155) $432 $561
Net realized gains (losses) on investments,
futures contracts and foreign currency transactions (18,193) 96,574 12,404 11,959
Net change in unrealized appreciation (depreciation)
on investments, futures contracts and
forward foreign currency contracts (64,028) 191,329 (16,672) 15,367
---------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations (85,212) 285,748 (3,836) 27,887
---------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 190,796 551,606 6,673 3,529
Shares issued upon conversion -- -- -- 142,973
Shares from reinvestment of dividends --- 2,107 -- 1,399
Shares redeemed (121,811) (55,614) (12,750) (60,332)
---------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share Transactions 68,985 498,099 (6,077) 87,569
---------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income -- -- -- (342)
From net realized gains -- (2,107) -- (1,402)
---------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (2,107) -- (1,744)
---------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (16,227) 781,740 (9,913) 113,712
NET ASSETS:
Beginning of period 859,118 77,378 113,712 --
---------------------------------------------------------------------------------------------------------------------
End of period $842,891 $859,118 $103,799 $113,712
---------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT INCOME (LOSS) $(2,991) $-- $636 $204
---------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
EQUITY FUNDS
<TABLE>
<CAPTION>
SMALL CAP SMALL CAP GROWTH
VALUE GROWTH OPPORTUNITIES
FUND FUND FUND
------------------------ -------------------------- -------------
SIX MONTHS SIX MONTHS PERIOD
ENDED YEAR ENDED PERIOD ENDED
SEPT. 30, ENDED SEPT. 30, ENDED SEPT. 30,
2000 MARCH 31, 2000 MARCH 31, 2000(2)
AMOUNTS IN THOUSANDS (UNAUDITED) 2000 (UNAUDITED) 2000(1) (UNAUDITED)
----------------------------------------------------------- ------------------------- -------------------------- -------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $265 $1,247 $(2,752) $(786) $--
Net realized gains (losses) on investments,
futures contracts and foreign currency transactions 16,158 43,456 (53,695) 59,235 --
Net change in unrealized appreciation (depreciation)
on investments, futures contracts and
forward foreign currency contracts (2,216) 23,825 65,729 45,378 25
Net change in unrealized gains (losses)
on translation of assets and liabilities
denominated in foreign currencies -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations 14,207 68,528 9,282 103,827 25
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 15,110 78,615 139,067 463,651 3,000
Shares issued upon conversion -- -- -- -- --
Shares from reinvestment of dividends -- 16,641 -- 549 --
Shares redeemed (39,568) (207,601) (42,563) (16,730) --
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share Transactions (24,458) (112,345) 96,504 447,470 3,000
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income -- (1,822) -- -- --
From net realized gains -- (18,587) -- (686) --
In excess of net investment income -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (20,409) -- (686) --
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (10,251) (64,226) 105,786 550,611 3,025
NET ASSETS:
Beginning of period 200,208 264,434 550,611 -- --
------------------------------------------------------------------------------------------------------------------------------------
End of period $189,957 $200,208 $656,397 $550,611 $3,025
------------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT INCOME (LOSS) $481 $216 $(2,751) $1 $--
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Commenced investment operations after the close of business on
September 30, 1999.
(2) Commenced investment operations on September 26, 2000.
(3) Commenced investment operations on May 15, 2000.
SEE NOTES TO THE FINANCIAL STATEMENTS.
8
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
INTERNATIONAL INTERNATIONAL
GROWTH EQUITY SELECT EQUITY
FUND FUND
------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
SEPT. 30, ENDED SEPT. 30, ENDED
2000 MARCH 31, 2000 MARCH 31,
AMOUNTS IN THOUSANDS (UNAUDITED) 2000 (UNAUDITED) 2000
---------------------------------------------------------------------- ------------------------- ---------------------------
<S> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $3,391 $1,502 $1,082 $1,080
Net realized gains (losses) on investments,
futures contracts and foreign currency transactions 3,576 101,121 (1,033) 46,663
Net change in unrealized appreciation (depreciation)
on investments, futures contracts and
forward foreign currency contracts (64,193) 1,996 (20,337) (2,815)
Net change in unrealized gains (losses)
on translation of assets and liabilities
denominated in foreign currencies (148) (64) (47) 6
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations (57,374) 104,555 (20,335) 44,934
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 289,987 268,506 61,210 125,966
Shares issued upon conversion -- 191,041 -- --
Shares from reinvestment of dividends -- 39,478 -- 20,063
Shares redeemed (246,222) (61,461) (63,440) (29,324)
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share Transactions 43,765 437,564 (2,230) 116,705
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income -- -- -- (3,177)
From net realized gains -- (43,373) -- (25,637)
In excess of net investment income -- (7,849) -- (126)
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (51,222) -- (28,940)
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (13,609) 490,897 (22,565) 132,699
NET ASSETS:
Beginning of period 706,553 215,656 257,212 124,513
------------------------------------------------------------------------------------------------------------------------------------
End of period $692,944 $706,553 $234,647 $257,212
------------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT INCOME (LOSS) $2,863 $(528) $3,746 $2,664
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
GLOBAL
TECHNOLOGY COMMUNICATIONS
FUND FUND
------------------------- ------------------
SIX MONTHS
ENDED YEAR PERIOD
SEPT. 30, ENDED ENDED
2000 MARCH 31, MARCH 31,
AMOUNTS IN THOUSANDS (UNAUDITED) 2000 2000(3)
------------------------------------------------------------------------- -------------------------- ----------------
<S> <C> <C> <C>
OPERATIONS:
Net investment income (loss) $(10,311) $(12,476) $(156)
Net realized gains (losses) on investments,
futures contracts and foreign currency transactions (154,998) 595,002 (1,810)
Net change in unrealized appreciation (depreciation)
on investments, futures contracts and
forward foreign currency contracts (234,648) 667,237 4,885
Net change in unrealized gains (losses)
on translation of assets and liabilities
denominated in foreign currencies -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations (399,957) 1,249,763 2,919
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 578,834 1,179,134 124,825
Shares issued upon conversion -- 359,270 --
Shares from reinvestment of dividends -- 116,860 --
Shares redeemed (465,225) (272,507) (9,268)
------------------------------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Capital Share Transactions 113,609 1,382,757 115,557
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS PAID:
From net investment income -- -- --
From net realized gains -- (133,479) --
In excess of net investment income -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (133,479) --
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS (286,348) 2,499,041 118,476
NET ASSETS:
Beginning of period 2,842,750 343,709 --
------------------------------------------------------------------------------------------------------------------------------------
End of period $2,556,402 $2,842,750 $118,476
------------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED (DISTRIBUTIONS IN
EXCESS OF) NET INVESTMENT INCOME (LOSS) $(10,311) $-- $(156)
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
FINANCIAL HIGHLIGHTS
EQUITY FUNDS
<TABLE>
<CAPTION>
INCOME EQUITY
FUND
-------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
SEPT. 30, ENDED ENDED ENDED ENDED ENDED
2000 MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
(UNAUDITED) 2000 1999 1998 1997 1996
----------------------- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING OF YEAR $ 14.26 $ 12.73 $ 13.81 $ 11.81 $ 11.59 $ 9.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.17 0.31 0.46 0.45 0.44 0.34
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions 0.07 2.02 (0.41) 3.02 1.19 1.66
-----------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations 0.24 2.33 0.05 3.47 1.63 2.00
-----------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.18) (0.29) (0.48) (0.44) (0.44) (0.36)
From net realized gains -- (0.51) (0.65) (1.03) (0.97) --
-----------------------------------------------------------------------------------------------------------------------
Total Distributions Paid (0.18) (0.80) (1.13) (1.47) (1.41) (0.36)
-----------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 14.32 $ 14.26 $ 12.73 $ 13.81 $ 11.81 $ 11.59
-----------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 1.73% 19.10% 0.67% 31.00% 14.42% 20.41%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $199,967 $220,754 $118,414 $117,562 $77,102 $55,919
Ratio to average net assets of (4):
Expenses, net of waivers and
reimbursements 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and
reimbursements 1.33% 1.34% 1.35% 1.37% 1.42% 1.48%
Net investment income, net of
waivers and reimbursements 2.42% 2.44% 3.54% 3.53% 3.71% 3.17%
Net investment income (loss), before
waivers and reimbursements 2.09% 2.10% 3.19% 3.16% 3.29% 2.69%
Portfolio Turnover Rate 39.15% 125.49% 79.95% 81.24% 72.04% 67.32%
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Commenced investment operations on October 7, 1996.
(2) Commenced investment operations on August 3, 2000.
(3) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.
(4) Annualized for periods less than a full year.
SEE NOTES TO THE FINANCIAL STATEMENTS.
10
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
LARGE CAP
STOCK INDEX VALUE
FUND FUND
------------------------------------------------------------- ------------
SIX MONTHS PERIOD
ENDED YEAR YEAR YEAR YEAR ENDED
SEPT. 30, ENDED ENDED ENDED ENDED SEPT. 30,
2000 MARCH 31, MARCH 31, MARCH 31, MARCH 31, 2000(2)
(UNAUDITED) 2000 1999 1998 1997(1) (UNAUDITED)
----------------------- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING OF YEAR $ 20.09 $ 17.34 $ 15.03 $ 10.74 $ 10.00 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.06 0.13 0.16 0.15 0.08 0.03
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions (0.85) 2.85 2.49 4.80 0.74 (0.04)
---------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations (0.79) 2.98 2.65 4.95 0.82 (0.01)
---------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income (0.06) (0.13) (0.17) (0.15) (0.07) --
From net realized gains -- (0.10) (0.17) (0.51) (0.01) --
---------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid (0.06) (0.23) (0.34) (0.66) (0.08) --
---------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 19.24 $ 20.09 $ 17.34 $ 15.03 $ 10.74 $ 9.99
---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) (3.91)% 17.27% 17.78% 47.11% 8.21% (0.10)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $527,300 $545,607 $169,062 $93,907 $35,840 $5,479
Ratio to average net assets of (4):
Expenses, net of waivers and
reimbursements 0.55% 0.55% 0.55% 0.55% 0.55% 1.10%
Expenses, before waivers and
reimbursements 0.91% 0.93% 1.00% 1.18% 2.23% 7.68%
Net investment income, net of
waivers and reimbursements 0.69% 0.77% 1.10% 1.23% 1.92% 2.94%
Net investment income (loss), before
waivers and reimbursements 0.33% 0.39% 0.65% 0.60% 0.24% (3.64)%
Portfolio Turnover Rate 4.92% 12.01% 2.46% 32.06% 64.94% 3.51%
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
FINANCIAL HIGHLIGHTS (CONTINUED)
EQUITY FUNDS
<TABLE>
<CAPTION>
GROWTH EQUITY
FUND
-------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
SEPT. 30, ENDED ENDED ENDED ENDED ENDED
2000 MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
(UNAUDITED) 2000 1999 1998 1997 1996
--------------------------------------------------- -------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING OF YEAR $ 25.55 $ 21.94 $ 18.62 $ 13.93 $ 13.15 $ 10.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.02) 0.01 0.02 0.03 0.08 0.08
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions (0.55) 5.61 4.51 6.36 1.49 2.59
-----------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations (0.57) 5.62 4.53 6.39 1.57 2.67
-----------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income -- (0.01) (0.02) (0.03) (0.08) (0.08)
From net realized gains -- (2.00) (1.19) (1.67) (0.71) (0.05)
-----------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (2.01) (1.21) (1.70) (0.79) (0.13)
-----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 24.98 $ 25.55 $ 21.94 $ 18.62 $ 13.93 $ 13.15
-----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (2.23)% 27.60% 24.72% 48.06% 11.72% 25.13%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $1,329,879 $1,368,880 $640,948 $479,782 $302,605 $224,571
Ratio to average net assets of (3):
Expenses, net of waivers and reimbursements 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and reimbursements 1.28% 1.30% 1.30% 1.30% 1.33% 1.36%
Net investment income (loss), net of waivers
and reimbursements (0.14)% (0.12)% 0.08% 0.18% 0.56% 0.70%
Net investment income (loss), before waivers
and reimbursements (0.42)% (0.42)% (0.22)% (0.12)% 0.23% 0.34%
Portfolio Turnover Rate 22.65% 88.01% 49.67% 73.85% 67.34% 73.20%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Commenced investment operations after the close of business March 31, 1998.
(2) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.
(3) Annualized for periods less than a full year.
SEE NOTES TO THE FINANCIAL STATEMENTS.
12
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
SELECT EQUITY
FUND
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
SEPT. 30, ENDED ENDED ENDED ENDED ENDED
2000 MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
(UNAUDITED) 2000 1999 1998 1997 1996
--------------------------------------------------- -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING OF YEAR $ 35.87 $ 23.33 $ 19.16 $ 14.55 $ 13.12 $ 10.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.03) -- -- 0.02 0.02 0.02
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions (0.04) 13.66 5.40 6.81 2.05 2.73
------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations (0.07) 13.66 5.40 6.83 2.07 2.75
------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income -- -- (0.01) (0.02) (0.02) (0.03)
From net realized gains -- (1.12) (1.22) (2.20) (0.62) (0.37)
------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (1.12) (1.23) (2.22) (0.64) (0.40)
------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 35.80 $ 35.87 $ 23.33 $ 19.16 $ 14.55 $ 13.12
------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(2) (0.20)% 59.78% 28.79% 49.71% 15.64% 25.70%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $596,417 $524,576 $198,530 $126,536 $63,677 $33,842
Ratio to average net assets of (3):
Expenses, net of waivers and reimbursements 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and reimbursements 1.49% 1.52% 1.54% 1.58% 1.67% 1.91%
Net investment income (loss), net of waivers
and reimbursements (0.19)% (0.41)% (0.15)% 0.15% 0.21% 0.22%
Net investment income (loss), before waivers
and reimbursements (0.68)% (0.93)% (0.69)% (0.43)% (0.46)% (0.69)%
Portfolio Turnover Rate 89.93% 153.06% 87.73% 148.55% 72.68% 137.99%
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
MIDCAP
GROWTH
FUND
----------------------------------
SIX MONTHS
ENDED YEAR PERIOD
SEPT. 30, ENDED ENDED
2000 MARCH 31, MARCH 31,
(UNAUDITED) 2000 1999(1)
------------------------------------------------ ----------------------------------
<S> <C> <C> <C>
SELECTED PER SHARE DATA
NET ASSET VALUE, BEGINNING OF YEAR $ 24.33 $ 11.72 $ 10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.08) -- --
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions (2.37) 13.50 1.72
-----------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations (2.45) 13.50 1.72
-----------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income -- -- --
From net realized gains -- (0.89) --
-----------------------------------------------------------------------------------------
Total Distributions Paid -- (0.89) --
-----------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $ 21.88 $ 24.33 $ 11.72
-----------------------------------------------------------------------------------------
TOTAL RETURN(2) (10.07)% 108.66% 17.19%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $842,891 $859,118 $77,378
Ratio to average net assets of (3):
Expenses, net of waivers and reimbursements 1.00% 1.00% 1.00%
Expenses, before waivers and reimbursements 1.29% 1.31% 1.65%
Net investment income (loss), net of waivers
and reimbursements (0.77)% (0.61)% (0.51)%
Net investment income (loss), before waivers
and reimbursements (1.06)% (0.92)% (1.16)%
Portfolio Turnover Rate 177.56% 156.49% 173.39%
-----------------------------------------------------------------------------------------
</TABLE>
13
<PAGE>
FINANCIAL HIGHLIGHTS (CONTINUED)
EQUITY FUNDS
<TABLE>
<CAPTION>
SMALL CAP
INDEX
FUND
------------------------
SIX MONTHS
ENDED PERIOD
SEPT. 30, ENDED
2000 MAR. 31,
(UNAUDITED) 2000(1)
--------------------------------------------------------------------- ------------------------
SELECTED PER SHARE DATA
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $12.15 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.05 0.05
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions (0.43) 2.25
------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations (0.38) 2.30
------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income -- (0.03)
From net realized gains -- (0.12)
------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (0.15)
------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $11.77 $12.15
------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) (3.13)% 23.22%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $103,799 $113,712
Ratio to average net assets of (5):
Expenses, net of waivers and reimbursements 0.65% 0.65%
Expenses, before waivers and reimbursements 1.16% 1.08%
Net investment income (loss), net of waivers
and reimbursements 0.85% 0.76%
Net investment income (loss), before waivers
and reimbursements 0.34% 0.33%
Portfolio Turnover Rate 46.67% 57.01%
------------------------------------------------------------------------------------------------------
</TABLE>
(1) Commenced investment operations on September 3, 1999.
(2) Commenced investment operations after the close of business on
September 30, 1999.
(3) Commenced investment operations on September 26, 2000.
(4) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year. Total return is
not annualized for periods less than one year.
(5) Annualized for periods less than a full year.
SEE NOTES TO THE FINANCIAL STATEMENTS.
14
<PAGE>
<TABLE>
NORTHERN FUNDS Semiannual Report
<CAPTION>
SMALL CAP
VALUE
FUND
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
SEPT. 30, ENDED ENDED ENDED ENDED ENDED
2000 MAR. 31, MAR. 31, MAR. 31, MAR. 31, MAR. 31,
(UNAUDITED) 2000 1999 1998 1997 1996
----------------------------------------------------- -----------------------------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $14.62 $12.32 $16.76 $12.31 $11.58 $9.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) 0.02 0.09 0.04 0.03 0.07 0.05
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions 1.14 3.46 (3.93) 5.14 1.37 2.29
----------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations 1.16 3.55 (3.89) 5.17 1.44 2.34
----------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income -- (0.11) (0.01) (0.04) (0.06) (0.07)
From net realized gains -- (1.14) (0.54) (0.68) (0.65) (0.67)
----------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (1.25) (0.55) (0.72) (0.71) (0.74)
----------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $15.78 $14.62 $12.32 $16.76 $12.31 $11.58
----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) 7.93% 30.01% (23.46)% 42.71% 12.48% 24.09%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $189,957 $200,208 $264,434 $368,579 $197,113 $155,238
Ratio to average net assets of (5):
Expenses, net of waivers and reimbursements 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Expenses, before waivers and reimbursements 1.55% 1.53% 1.52% 1.53% 1.54% 1.61%
Net investment income (loss), net of waivers
and reimbursements 0.28% 0.46% 0.25% 0.28% 0.54% 0.65%
Net investment income (loss), before waivers
and reimbursements (0.27)% (0.07)% (0.27)% (0.25)% 0.00% 0.04%
Portfolio Turnover Rate 23.56% 28.97% 18.74% 18.59% 18.92% 46.59%
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
SMALL CAP GROWTH
GROWTH OPPORTUNITIES
FUND FUND
------------------------ ----------------
SIX MONTHS PERIOD
ENDED PERIOD ENDED
SEPT. 30, ENDED SEPT. 30,
2000 MAR. 31, 2000(3)
(UNAUDITED) 2000(2) (UNAUDITED)
------------------------------------------------------------------- ------------------------ ----------------
SELECTED PER SHARE DATA
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $19.21 $10.00 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss) (0.08) -- --
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions 0.08 9.28 0.08
-----------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations -- 9.28 0.08
-----------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income -- -- --
From net realized gains -- (0.07) --
-----------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (0.07) --
-----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $19.21 $19.21 $10.08
-----------------------------------------------------------------------------------------------------------------
TOTAL RETURN(4) --% 93.05% 0.80%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $656,397 $550,611 $3,025
Ratio to average net assets of (5):
Expenses, net of waivers and reimbursements 1.25% 1.25% 1.25%
Expenses, before waivers and reimbursements 1.48% 1.52% 9.65%
Net investment income (loss), net of waivers
and reimbursements (0.97)% (0.68)% (1.25)%
Net investment income (loss), before waivers
and reimbursements (1.20)% (0.95)% (9.65)%
Portfolio Turnover Rate 141.55 % 127.56% --%
-----------------------------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE>
FINANCIAL HIGHLIGHTS (CONTINUED)
EQUITY FUNDS
<TABLE>
<CAPTION>
INTERNATIONAL
GROWTH EQUITY
FUND
-------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
SEPT. 30, ENDED ENDED ENDED ENDED ENDED
2000 MAR. 31, MAR. 31, MAR. 31, MAR. 31, MAR. 31,
(UNAUDITED) 2000 1999 1998 1997 1996
---------------------------------------------- -------------------------------------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $14.32 $12.57 $11.66 $10.05 $10.23 $9.61
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.07 0.26 0.13 0.09 0.09 0.17
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions (1.19) 3.37 1.36 1.98 0.18 0.65
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations (1.12) 3.63 1.49 2.07 0.27 0.82
------------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income -- -- -- (0.07) (0.09) (0.11)
From net realized gains -- (1.68) (0.46) (0.29) (0.23) --
In excess of net investment income -- (0.20) (0.12) (0.10) -- (0.09)
In excess of accumulated net realized gains on
investment transactions -- -- -- -- (0.13) --
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (1.88) (0.58) (0.46) (0.45) (0.20)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $13.20 $14.32 $12.57 $11.66 $10.05 $10.23
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) (7.82)% 30.51% 13.04% 21.34% 2.61% 8.61%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $692,944 $706,553 $215,656 $178,210 $165,892 $181,237
Ratio to average net assets of (2):
Expenses, net of waivers and reimbursements 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%
Expenses, before waivers and reimbursements 1.57% 1.58% 1.62% 1.62% 1.63% 1.65%
Net investment income, net of waivers
and reimbursements 0.95% 0.35% 0.52% 0.79% 0.78% 0.92%
Net investment income, before waivers
and reimbursements 0.63% 0.02% 0.15% 0.42% 0.40% 0.52%
Portfolio Turnover Rate 72.04% 155.57% 177.89% 145.02% 190.94% 216.86%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.
(2) Annualized for periods less than a full year.
SEE NOTES TO THE FINANCIAL STAEMENTS.
16
<PAGE>
<TABLE>
NORTHERN FUNDS Semiannual Report
<CAPTION>
INTERNATIONAL
SELECT EQUITY
FUND
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
SEPT. 30, ENDED ENDED ENDED ENDED ENDED
2000 MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
(UNAUDITED) 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C> C>
NET ASSET VALUE, BEGINNING OF YEAR $14.56 $12.98 $12.52 $10.37 $10.73 $9.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income 0.06 0.37 0.04 0.22 0.04 0.01
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions (1.22) 3.57 1.08 2.19 (0.25) 0.99
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations (1.16) 3.94 1.12 2.41 (0.21) 1.00
------------------------------------------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS PAID:
From net investment income -- (0.27) -- (0.16) (0.03) (0.02)
From net realized gains -- (2.09) (0.65) -- -- --
In excess of net investment income -- -- (0.01) (0.10) (0.04) (0.03)
In excess of accumulated net realized gains on
investment transactions -- -- -- -- (0.08) --
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (2.36) (0.66) (0.26) (0.15) (0.05)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $13.40 $14.56 $12.98 $12.52 $10.37 $10.73
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) (7.97)% 31.25% 9.16% 23.74% (1.95)% 10.20%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $234,647 $257,212 $124,513 $117,618 $108,944 $102,719
Ratio to average net assets of (2):
Expenses, net of waivers and reimbursements 1.25% 1.25% 1.25% 1.25% 1.25% 1.25%
Expenses, before waivers and reimbursements 1.57% 1.61% 1.66% 1.64% 1.66% 1.71%
Net investment income, net of waivers
and reimbursements 0.85% 0.62% 0.38% 0.29% 0.47% 0.12%
Net investment income, before waivers
and reimbursements 0.53% 0.26% (0.03)% (0.10)% 0.06% (0.34)%
Portfolio Turnover Rate 69.69% 145.46% 168.19% 98.22% 97.60% 176.71%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
17
<PAGE>
FINANCIAL HIGHLIGHTS (CONTINUED)
EQUITY FUNDS
<TABLE>
<CAPTION>
TECHNOLOGY
FUND
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
SEPT. 30, ENDED ENDED ENDED ENDED
2000 MARCH 31, MARCH 31, MARCH 31, MARCH 31,
(UNAUDITED) 2000 1999 1998 1997(1)
----------------------------------------------------- ------------------------------------------------------------------------------
SELECTED PER SHARE DATA
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR $65.81 $29.99 $17.11 $11.95 $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (0.23) -- -- -- --
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions (8.89) 41.56 13.55 6.06 2.10
------------------------------------------------------------------------------------------------------------------------------------
Total Income (Loss) from Investment Operations (9.12) 41.56 13.55 6.06 2.10
LESS DISTRIBUTIONS PAID:
From net investment income -- -- -- -- --
From net realized gains -- (5.74) (0.67) (0.90) (0.15)
------------------------------------------------------------------------------------------------------------------------------------
Total Distributions Paid -- (5.74) (0.67) (0.90) (0.15)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $56.69 $65.81 $29.99 $17.11 $11.95
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) (13.86)% 154.28% 79.97% 52.62% 20.82%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $2,556,402 $2,842,750 $343,709 $104,389 $43,754
Ratio to average net assets of (4):
Expenses, net of waivers and reimbursements 1.25% 1.25% 1.23% 1.25% 1.25%
Expenses, before waivers and reimbursements 1.50% 1.50% 1.53% 1.59% 2.02%
Net investment loss, net of
waivers and reimbursements (0.84)% (1.05)% (0.87)% (0.96)% (0.75)%
Net investment loss, before
waivers and reimbursements (1.09)% (1.30)% (1.17)% (1.30)% (1.52)%
Portfolio Turnover Rate 63.74% 156.37% 61.01% 74.75% 67.89%
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GLOBAL
COMMUNICATIONS
FUND
--------------
PERIOD
ENDED
SEPT. 30,
2000(2)
(UNAUDITED)
----------------------------------------------------- --------------
SELECTED PER SHARE DATA
<S> <C>
NET ASSET VALUE, BEGINNING OF YEAR $10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment loss (0.02)
Net realized and unrealized gains (losses) on
investments, options, futures contracts and
foreign currency transactions 1.66
---------------------------------------------------------------------
Total Income (Loss) from Investment Operations 1.64
LESS DISTRIBUTIONS PAID:
From net investment income --
From net realized gains --
---------------------------------------------------------------------
Total Distributions Paid --
---------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $11.64
---------------------------------------------------------------------
TOTAL RETURN(3) 16.40%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, in thousands, end of period $118,476
Ratio to average net assets of (4):
Expenses, net of waivers and reimbursements 1.30%
Expenses, before waivers and reimbursements 1.67%
Net investment loss, net of
waivers and reimbursements (0.54)%
Net investment loss, before
waivers and reimbursements (0.91)%
Portfolio Turnover Rate 47.08%
---------------------------------------------------------------------
</TABLE>
(1) Commenced investment operations on April 1, 1996.
(2) Commenced investment operations on May 15, 2000.
(3) Assumes investment at net asset value at the beginning of the year,
reinvestment of all dividends and distributions, and a complete redemption
of the investment at net asset value at the end of the year. Total return
is not annualized for periods less than one year.
(4) Annualized for periods less than a full year.
SEE NOTES TO THE FINANCIAL STATEMENTS.
18
<PAGE>
NORTHERN FUNDS Semiannual Report
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
INCOME EQUITY FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
CONVERTIBLE
PREFERRED STOCKS - 31.2%
ELECTRIC - 7.0%
40,000 AES Trust III $ 4,140
20,000 AES Trust VII(1) 1,620
20,000 Calpine Capital Trust II(1) 2,103
30,000 Calpine Capital Trust III(1) 2,021
10,000 SEI Trust I 663
125,000 Utilicorp United, Inc. 3,515
---------
14,062
---------
FOOD - 3.0%
150,000 Suiza Capital Trust II 5,905
---------
FOREST PRODUCTS & PAPER - 0.6%
30,000 International Paper Capital Trust 1,155
---------
HOUSEWARES - 1.5%
84,000 Newell Financial Trust I 3,066
---------
INSURANCE - 2.3%
47,600 Lincoln National Corp. PRIDES 1,131
40,000 Metlife Capital Trust I 3,400
---------
4,531
---------
MEDIA - 2.1%
135,000 Readers Digest TRACES 4,185
---------
OIL & GAS PRODUCERS - 3.2%
20,000 Apache Corp., Series C 1,026
25,000 Pogo Trust I 1,488
80,000 Unocal Capital Trust 3,930
---------
6,444
---------
OIL & GAS SERVICES - 3.3%
40,000 Hanover Compressor Capital Trust(1) 3,955
50,000 Weatherford International, Inc. 2,550
---------
6,505
---------
PIPELINES - 2.7%
70,000 El Paso Energy Capital Trust I 5,469
---------
REAL ESTATE INVESTMENT TRUSTS - 0.6%
40,000 Prologis Trust, Series B 1,230
---------
SAVINGS & LOANS - 2.1%
75,000 Sovereign Bancorp $ 4,308
---------
TELECOMMUNICATIONS - 1.8%
25,000 Amdocs Automatic Common
Exchange Securities Trust 1,361
9,000 Global Crossing Ltd. 2,234
---------
3,595
---------
TRANSPORTAION - 1.0%
50,000 Union Pacific Capital Trust 2,019
---------
Total Convertible Preferred Stocks
(cost $39,372) 62,474
---------
PRINCIPAL
AMOUNT
(000S)
---------
CONVERTIBLE BONDS - 39.2%
ADVERTISING - 0.8%
$1,000 Omnicom Group, Inc.,
2.25%, 1/16/13 1,542
---------
AUTO PARTS & EQUIPMENT - 0.9%
2,000 Magna International, Inc.,
4.875%, 2/15/05 1,783
---------
BANKS - 0.5%
1,000 JMH Finance Ltd.,
4.75%, 9/6/07(1) 1,026
---------
COMMERCIAL SERVICES - 1.9%
1,000 Cendant Corp.,
3.00%, 2/15/02 918
4,000 Spherion Corp.,
4.50%, 6/1/05 2,790
---------
3,708
---------
COMPUTERS - 1.0%
500 Veritas Software Corp.
1.856%, 8/13/06 2,044
---------
DISTRIBUTION/WHOLESLE - 2.1%
5,000 Costco Wholesale Corp.,
0.00%, 8/19/17 4,255
---------
SEE NOTES TO THE FINANCIAL STATEMENTS.
19
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
INCOME EQUITY FUND (CONTINUED)
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
CONVERTIBLE BONDS - 39.2% (CONT'D.)
DIVERSIFIED FINANCIAL SERVICES - 0.4%
$ 750 Providian Financial Corp.,
3.25%, 8/15/05 $ 853
---------
ELECTRONICS - 4.5%
2,000 Celestica, Inc.,
0.00%, 8/1/20 988
2,002 PerkinElmer, Inc.,
0.00%, 8/7/20 1,393
500 Sanmina Corp.,
4.25%, 5/1/04 1,115
Solectron Corp.,
2,000 0.00%, 1/27/19 1,461
6,000 0.00%, 5/8/20 3,989
---------
8,946
---------
MEDIA - 2.3%
2,000 Clear Channel Communications, Inc.,
1.50%, 12/1/02 1,824
Liberty Media,
3,000 4.00%, 11/15/29(1) 2,808
---------
4,632
---------
OIL & GAS PRODUCERS - 7.1%
5,000 Devon Energy Corp.,
4.90%, 8/15/08 4,550
2,000 Diamond Offshore Drilling, Inc.,
3.75%, 2/15/07 2,256
3,000 Kerr-McGee Corp.,
5.25%, 2/15/10 3,715
4,000 Loews Corp.,
3.125%, 9/15/07 3,589
---------
14,110
---------
PHARMACEUTICALS - 3.8%
4,000 Athena Neurosciences, Inc.,
4.75%, 11/15/04 6,087
1,000 IVAX Corp.,
5.50%, 5/15/07(1) 1,452
---------
7,539
---------
RETAIL - 1.2%
4,000 Kohls Corp.,
0.00%, 6/12/20(1) 2,315
---------
SEMICONDUCTORS - 3.9%
$2,000 Analog Devices, Inc.,
4.75%, 10/1/05(1) $ 2,068
1,000 Burr-Brown Corp.,
4.25%, 2/15/07(1) 1,312
1,559 Credit Suisse First Boston,
10.00%, 6/5/01 1,676
Cypress Semiconductor Corp.,
1,000 4.00%, 2/1/05 1,144
500 3.75%, 7/1/05 474
500 International Rectifier Corp.,
4.25%, 7/15/07 461
1,000 LSI Logic Corp.,
4.00%, 2/15/05 825
---------
7,960
---------
SOFTWARE - 5.4%
1,000 BEA Systems, Inc.,
4.00%, 12/15/06 2,395
1,000 Checkfree Corp.,
6.50%, 12/1/06(1) 879
2,000 Mercury Interactive Corp.,
4.75%, 7/1/07(1) 3,093
2,000 Network Associates, Inc.,
0.00%, 2/13/18(1) 751
1,000 Rational Software Corp.,
5.00%, 2/1/07 2,029
350 Siebel Systems, Inc.,
5.50%, 9/15/06 1,691
---------
10,838
---------
TELECOMMUNICATIONS - 3.4%
2,000 Echostar Communications Corp.,
4.875%, 1/1/07 2,648
900 Juniper Networks, Inc.,
4.75%, 3/15/07 1,375
1,000 Level 3 Communications, Inc.,
6.00%, 3/15/10 843
Nextel Communications, Inc.
1,000 5.25%, 1/15/10 933
1,000 5.25%, 1/15/10(1) 933
---------
6,732
---------
Total Convertible Bonds
(cost $75,859) 78,283
---------
SEE NOTES TO THE FINANCIAL STATEMENTS.
20
<PAGE>
NORTHERN FUNDS Semiannual Report
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 18.5%
BEVERAGES - 0.7%
25,000 Coca-Cola Co. $ 1,378
---------
BIOTECHNOLOGY - 1.5%
22,000 Amgen, Inc. * 1,536
25,000 Biogen, Inc. * 1,525
---------
3,061
---------
COMMERCIAL SERVICES - 0.8%
30,000 Paychex, Inc. 1,575
---------
COMPUTERS - 0.5%
10,000 Hewlett-Packard Co. 970
---------
DIVERSIFIED FINANCIAL SERVICES - 2.9%
20,000 Alliance Capital Management Holding 1,003
66,666 Citigroup, Inc. 3,604
20,000 Merrill Lynch & Co. 1,320
---------
5,927
---------
INSURANCE - 2.1%
84,919 St. Paul Cos. 4,188
---------
INTERNET - 1.1%
40,000 America Online, Inc. * 2,150
---------
MACHINERY - DIVERSIFIED - 0.2%
10,000 Ingersoll-Rand Co. 339
---------
MISCELLANEOUS MANUFACTURER - 0.4%
15,000 Tyco International Ltd. 778
---------
OIL & GAS PRODUCERS - 1.9%
20,000 Baker Hughes, Inc. 743
15,000 Schlumberger Ltd. 1,235
30,000 Transocean Sedco Forex, Inc. 1,758
---------
3,736
---------
PHARMACEUTICALS - 1.1%
26,184 Alza Corp. * 2,265
---------
PIPELINES - 1.1%
25,000 Enron Corp. 2,191
---------
SEMICONDUCTORS - 0.7%
35,000 Intel Corp. $ 1,455
---------
SOFTWARE - 1.4%
43,000 Automatic Data Processing 2,876
---------
TELECOMMUNICATIONS - 2.1%
51,000 Motorola, Inc. 1,441
20,000 Qwest Communications International * 961
25,000 US Cellular Corp. * 1,750
---------
4,152
---------
Total Common Stocks
(cost $39,246) 37,041
---------
PRINCIPAL
AMOUNT
(000S)
---------
SHORT-TERM INVESTMENT - 11.8%
(cost $23,558)
$23,558 Bayerische Hypo-Und Vereinsbank, Grand
Cayman, Eurodollar Time Deposits,
6.72%,10/2/00 23,558
---------
Total Investments - 100.7%
(cost $178,035) 201,356
Liabilities less Other Assets - (0.7%) (1,389)
---------
NET ASSETS - 100% $199,967
=========
</TABLE>
(1) Securities exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers. At September 30, 2000, the value of
these securities amounted to approximately $26,336,000 or 13.2% of net assets.
SEE NOTES TO THE FINANCIAL STATEMENTS.
21
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
STOCK INDEX FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 97.1%
ADVERTISING - 0.2%
12,500 Interpublic Group of Cos., Inc. $ 426
7,200 Omnicom Group, Inc. 525
3,000 Young & Rubicam, Inc. 149
---------
1,100
---------
AEROSPACE - 1.0%
36,468 Boeing (The) Co. 2,297
8,100 General Dynamics Corp. 509
4,100 Goodrich (B.F.) Co. 161
17,346 Lockheed Martin Corp. 572
2,900 Northrop Grumman Corp. 264
13,800 Raytheon Co. 392
19,000 United Technologies Corp. 1,316
---------
5,511
---------
AIRLINES - 0.2%
6,040 AMR Corp. 197
5,000 Delta Air Lines, Inc. 222
20,287 Southwest Airlines Co. 492
2,700 U.S. Airways Group, Inc. 82
---------
993
---------
APPAREL - 0.1%
2,200 Liz Claiborne, Inc. 85
11,000 NIKE, Inc., Class B 441
2,300 Reebok International Ltd. 43
1,300 Russell Corp. 21
4,628 VF Corp. 114
---------
704
---------
AUTO MANUFACTURERS - 0.7%
76,875 Ford Motor Co. 1,946
21,800 General Motors Corp. 1,417
2,380 Navistar International Corp. 71
3,060 PACCAR, Inc. 114
---------
3,548
---------
AUTO PARTS & EQUIPMENT - 0.2%
2,900 Cooper Tire & Rubber Co. 29
6,072 Dana Corp. 131
22,710 Delphi Automotive Systems Corp. 343
6,358 Goodyear (The) Tire & Rubber Co. 115
5,000 TRW, Inc. 203
5,299 Visteon Corp. $ 80
---------
901
---------
BANKS - 4.7%
15,250 AmSouth Bancorp. 191
66,657 Bank of America Corp. 3,491
30,000 Bank of New York Co., Inc. 1,682
46,946 Bank One Corp. 1,813
16,200 BB&T Corp. 488
53,128 Chase Manhattan Corp. 2,454
6,350 Comerica, Inc. 371
18,862 Fifth Third Bancorp 1,016
39,974 First Union Corp. 1,287
38,909 Firstar Corp. 871
36,609 FleetBoston Financial Corp. 1,428
10,172 Huntington Bancshares, Inc. 149
17,500 KeyCorp 443
19,800 Mellon Financial Corp. 918
24,700 National City Corp. 546
5,575 Old Kent Financial Corp. 161
11,700 PNC Bank Corp. 761
8,900 Regions Financial Corp. 202
6,800 SouthTrust Corp. 214
6,500 State Street Corp. 845
7,100 Summit Bancorp 245
12,100 SunTrust Banks, Inc. 603
11,550 Synovus Financial Corp. 245
30,242 U.S. Bancorp 688
5,500 Union Planters Corp. 182
8,300 Wachovia Corp. 471
66,860 Wells Fargo & Co. 3,070
---------
24,835
---------
BEVERAGES - 1.9%
36,688 Anheuser-Busch Cos., Inc. 1,552
2,800 Brown-Forman Corp., Class B 153
100,600 Coca-Cola (The) Co. 5,546
17,000 Coca-Cola Enterprises, Inc. 271
1,500 Coors (Adolph) Co., Class B 95
58,600 PepsiCo, Inc. 2,696
---------
10,313
---------
BIOTECHNOLOGY - 0.6%
41,800 Amgen, Inc.* 2,919
6,000 Biogen, Inc. * 366
---------
3,285
---------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
22
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
BUILDING MATERIALS - 0.1%
1,600 Armstrong World Industries, Inc. $ 19
18,600 Masco Corp. 346
2,300 Owens Corning 6
4,100 Vulcan Materials Co. 165
---------
536
---------
CHEMICALS - 0.8%
9,300 Air Products & Chemicals, Inc. 335
2,800 Ashland Inc. 94
27,550 Dow Chemical Co. 687
42,377 du Pont (E.I.) de Nemours & Co. 1,756
3,075 Eastman Chemical Co. 114
5,162 Engelhard Corp. 84
2,100 Great Lakes Chemical Corp. 62
4,400 Hercules, Inc. 62
7,100 PPG Industries, Inc. 282
6,400 Praxair, Inc. 239
8,843 Rohm & Haas Co. 257
6,600 Sherwin-Williams Co. 141
3,300 Sigma-Aldrich Corp. 108
5,500 Union Carbide Corp. 207
2,700 W.R. Grace & Co. 19
---------
4,447
---------
COMMERCIAL SERVICES - 0.5%
4,000 Block (H&R), Inc. 148
29,508 Cendant Corp.* 321
6,200 Convergys Corp. 241
2,900 Deluxe Corp. 59
4,900 Donnelley (R.R.) & Sons Co. 120
5,200 Ecolab, Inc. 188
5,700 Equifax, Inc. 154
11,541 McKesson HBOC, Inc. 353
6,602 Moody's Corp. 227
15,100 Paychex, Inc. 793
4,700 Quintiles Transnational Corp. * 74
---------
2,678
---------
COMPUTERS - 7.5%
13,200 Apple Computer, Inc. 340
5,900 Ceridian Corp. 166
68,989 Compaq Computer Corp.* 1,903
6,800 Computer Sciences Corp. 505
105,000 Dell Computer Corp.* 3,235
18,900 Electronic Data Systems Corp. 784
88,512 EMC Corp.* $ 8,774
13,100 Gateway 2000, Inc.* 612
40,500 Hewlett-Packard Co. 3,929
71,500 International Business Machines Corp. 8,044
5,200 Lexmark International Group, Inc.* 195
3,900 NCR Corp. * 147
4,800 Sapient Corp. 195
9,300 Seagate Technology, Inc.* 642
64,400 Sun Microsystems, Inc.* 7,519
12,700 Unisys Corp. 143
16,300 Veritas Software Corp. 2,314
---------
39,447
---------
COSMETICS/PERSONAL CARE - 1.5%
2,300 Alberto-Culver Co., Class B 66
9,672 Avon Products, Inc. 395
23,300 Colgate-Palmolive Co. 1,100
42,788 Gillette Co. 1,321
4,100 International Flavors & Fragrances, Inc. 75
21,836 Kimberly-Clark Corp. 1,219
53,056 Procter & Gamble Co. 3,555
---------
7,731
---------
DISTRIBUTION/WHOLESALE - 0.0%
7,150 Genuine Parts Co. 136
3,800 Grainger (W.W.), Inc. 100
---------
236
---------
DIVERSIFIED FINANCIAL SERVICES - 6.7%
54,100 American Express Co. 3,287
29,586 Associates First Capital Corp. 1,124
4,376 Bear (The) Stearns Cos., Inc. 276
8,000 Capital One Financial Corp. 561
10,700 CIT Group, Inc. 187
182,620 Citigroup Inc. 9,873
4,600 Countrywide Credit Industries, Inc. 174
40,900 Fannie Mae 2,924
9,900 Franklin Resources, Inc. 440
28,200 Freddie Mac 1,525
19,145 Household International, Inc. 1,084
6,500 J.P. Morgan & Co., Inc. 1,062
4,900 Lehman Brothers Holdings, Inc. 724
34,605 MBNA Corp. 1,332
32,600 Merrill Lynch & Co., Inc. 2,152
45,718 Morgan Stanley, Dean Witter & Co. 4,180
6,000 Paine Webber Group, Inc. 409
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
23
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
STOCK INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 97.1% (CONT'D.)
DIVERSIFIED FINANCIAL SERVICES - 6.7% (CONT'D.)
4,900 Price (T. Rowe) Associates, Inc. $ 230
5,800 Providian Corp. 737
56,025 Schwab (Charles) Corp. 1,989
9,100 Stilwell Financial, Inc. 395
6,300 USA Education, Inc. 303
---------
34,968
---------
ELECTRIC - 2.1%
18,500 AES Corp. 1,267
5,600 Ameren Corp. 235
13,040 American Electric Power Co. 510
6,500 CP&L Energy, Inc. 271
6,441 Cinergy Corp. 213
4,500 CMS Energy Corp. 121
8,600 Consolidated Edison, Inc. 293
6,100 Constellation Energy Group, Inc. 303
9,693 Dominion Resources, Inc. 563
5,800 DTE Energy Co. 222
14,952 Duke Energy Corp. 1,282
13,200 Edison International 255
9,100 Entergy Corp. 339
9,300 FirstEnergy Corp. 251
4,000 Florida Progress Corp. 212
7,200 FPL Group, Inc. 473
4,900 GPU, Inc. 159
6,500 Niagara Mohawk Power Corp. 102
6,900 PECO Energy Co. 418
15,700 PG&E Corp. 380
3,400 Pinnacle West Capital Corp. 173
5,900 PP&L Resources, Inc. 246
8,750 Public Service Enterprise Group, Inc. 391
11,922 Reliant Energy, Inc. 554
26,300 Southern Co. 853
10,684 TXU Corp. 423
7,100 Unicom Corp. 400
13,785 Xcel Energy, Inc. 379
---------
11,288
---------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.3%
7,900 American Power Conversion Corp. 152
17,300 Emerson Electric Co. 1,159
7,975 Molex, Inc. 434
---------
1,745
---------
ELECTRONICS - 0.9%
18,356 Agilnet Technologies, Inc. $ 898
3,500 Johnson Controls, Inc. 186
1,900 Millipore Corp. 92
4,525 Parker-Hannifin Corp. 153
8,500 PE Corp-PE Biosystems Group 990
2,000 PerkinElmer, Inc. 209
6,100 Sanmina Corp. 571
24,400 Solectron Corp.* 1,125
1,950 Tektronix, Inc. 150
7,000 Thermo Electron Corp.* 182
2,400 Thomas & Betts Corp. 42
---------
4,598
---------
ENGINEERING & CONSTRUCTION - 0.0%
3,100 Fluor Corp. 93
---------
ENVIRONMENTAL CONTROL - 0.1%
8,000 Allied Waste Industries, Inc.* 74
25,273 Waste Management, Inc. 440
---------
514
---------
FOOD - 1.8%
17,145 Albertson's, Inc. 360
25,665 Archer-Daniels-Midland Co. 221
11,300 Bestfoods 822
17,100 Campbell Soup Co. 442
21,600 ConAgra Foods, Inc. 433
11,600 General Mills, Inc. 412
14,100 Heinz (H.J.) Co. 523
5,600 Hershey Foods Corp. 303
16,500 Kellogg Co. 399
33,500 Kroger Co. 756
13,300 Nabisco Group Holdings Corp. 379
5,400 Quaker Oats (The) Co. 427
12,500 Ralston Purina Group 296
20,200 Safeway, Inc.* 943
35,300 Sara Lee Corp. 717
5,400 SUPERVALU Inc. 81
13,500 Sysco Corp. 625
23,171 Unilever N.V.-ADR 1,118
5,700 Winn-Dixie Stores, Inc. 82
4,600 Wrigley (Wm.) Jr. Co. 346
---------
9,685
---------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
24
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
FOREST PRODUCTS & PAPER - 0.4%
2,333 Boise Cascade Co. $ 62
8,300 Fort James Corp. 254
6,900 Georgia-Pacific Corp. 162
19,672 International Paper Co. 564
4,216 Louisiana-Pacific Corp. 39
4,200 Mead Corp. 98
1,200 Potlatch Corp. 38
2,050 Temple-Inland, Inc. 78
4,100 Westvaco Corp. 109
8,900 Weyerhaeuser Co. 359
4,400 Willamette Industries, Inc. 124
---------
1,887
---------
GAS - 0.1%
1,100 Eastern Enterprises 70
5,500 KeySpan Corp. 221
1,900 NICOR, Inc. 69
1,200 ONEOK, Inc. 48
1,400 Peoples Energy Corp. 47
8,271 Sempra Energy, Inc. 171
---------
626
---------
HAND/MACHINE TOOLS - 0.0%
3,400 Black & Decker Corp. 116
2,350 Snap-On, Inc. 55
3,500 Stanley Works (The) 81
---------
252
---------
HEALTH CARE - PRODUCTS - 2.1%
2,100 Bard (C.R.), Inc. 89
2,200 Bausch & Lomb, Inc. 86
11,900 Baxter International, Inc. 950
10,300 Becton, Dickinson & Co. 272
7,200 Biomet, Inc. 252
16,500 Boston Scientific Corp.* 271
12,500 Guidant Corp. 884
56,500 Johnson & Johnson 5,307
2,700 Mallinckrodt, Inc. 123
48,600 Medtronic, Inc. 2,518
3,450 St. Jude Medical, Inc. 176
---------
10,928
---------
HEALTHCARE - SERVICES - 0.5%
22,647 HCA-The Healthcare Co. $ 841
15,700 HEALTHSOUTH Corp. * 128
6,700 Humana, Inc. 72
4,150 Manor Care, Inc. * 65
12,800 Tenet Healthcare Corp.* 466
6,500 United Health Group Corp. 641
2,500 Wellpoint Health Networks, Inc., Class A* 240
---------
2,453
---------
HOME BUILDERS - 0.0%
2,400 Centex Corp. 77
1,986 Kaufman & Broad Home Corp. 53
1,600 Pulte Corp. 53
---------
183
---------
HOME FURNISHINGS - 0.1%
8,000 Leggett & Platt, Inc. 127
3,100 Maytag Corp. 96
2,900 Whirlpool Corp. 113
---------
336
---------
HOUSEHOLD PRODUCTS/WARES - 0.2%
2,600 American Greetings Corp., Class A 46
4,500 Avery Dennison Corp. 209
9,500 Clorox (The) Co. 375
6,400 Fortune Brands, Inc. 170
2,300 Tupperware Corp. 41
---------
841
---------
HOUSEWARES - 0.0%
10,808 Newell Rubbermaid, Inc. 247
---------
INSURANCE - 3.6%
5,723 Aetna, Inc. 332
10,800 AFLAC, Inc. 692
29,814 Allstate Corp. 1,036
10,210 American General Corp. 796
93,919 American International Group, Inc. 8,987
10,375 Aon Corp. 407
7,100 Chubb (The) Corp. 562
6,400 CIGNA Corp. 668
6,500 Cincinnati Financial Corp. 231
13,248 Conseco, Inc. 101
9,100 Hartford Financial Services Group (The), Inc. 664
4,175 Jefferson-Pilot Corp. 283
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
25
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
STOCK INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 97.1% (CONT'D.)
INSURANCE - 3.6% (CONT'D.)
7,700 Lincoln National Corp. $ 371
4,000 Loews Corp. 334
11,050 Marsh & McLennan Cos., Inc. 1,467
4,000 MBIA, Inc. 285
4,300 MGIC Investment Corp. 263
3,000 Progressive Corp. 246
5,200 SAFECO Corp. 142
9,080 St. Paul Cos., Inc. 448
5,200 Torchmark Corp. 143
9,761 UnumProvident Corp. 265
---------
18,723
---------
INTERNET - 1.3%
93,700 America Online, Inc. 5,036
22,300 Yahoo! Inc. 2,030
---------
7,066
---------
IRON/STEEL - 0.0%
3,332 Allegheny Teledyne, Inc. 60
5,400 Bethlehem Steel Corp.* 17
3,300 Nucor Corp. 99
3,600 USX-U.S. Steel Group 55
---------
231
---------
LEISURE TIME - 0.3%
3,500 Brunswick Corp. 64
23,896 Carnival Corp. 588
12,300 Harley-Davidson, Inc. 589
5,281 Sabre Holdings Corp. * 153
---------
1,394
---------
LODGING - 0.1%
4,750 Harrah's Entertainment, Inc. 131
15,000 Hilton Hotels Corp. 173
9,700 Marriott International, Inc. 354
---------
658
---------
MACHINERY - CONSTRUCTION & MINING - 0.1%
14,000 Caterpillar, Inc. 473
---------
MACHINERY - DIVERSIFIED - 0.2%
900 Briggs & Stratton Corp. $ 34
1,700 Cummins Engine Co., Inc. 51
9,500 Deere & Co. 316
8,200 Dover Corp. 385
6,550 Ingersoll-Rand Co. 222
2,400 McDermott International, Inc. 26
7,500 Rockwell International Corp. 227
---------
1,261
---------
MEDIA - 3.3%
23,800 Clear Channel Communications, Inc.* 1,345
36,700 Comcast Corp., Class A 1,502
84,600 Disney (The Walt) Co. 3,236
3,500 Dow Jones & Co., Inc. 212
10,700 Gannett Co., Inc. 567
3,011 Harcourt General, Inc. 178
3,100 Knight-Ridder, Inc. 158
7,900 McGraw Hill Cos., Inc. 502
2,100 Meredith Corp. 62
6,800 New York Times Co., Class A 267
17,700 Seagram Co. Ltd. 1,017
53,700 Time Warner, Inc. 4,202
12,500 Tribune Co. 545
61,548 Viacom, Inc., Class B* 3,600
---------
17,393
---------
METAL FABRICATE/HARDWARE - 0.0%
2,500 Timken (The) Co. 34
3,525 Worthington Industries, Inc. 33
---------
67
---------
METALS - DIVERSIFIED - 0.4%
8,925 Alcan Aluminum Ltd. 258
35,212 Alcoa Inc. 891
16,100 Barrick Gold Corp. 246
6,200 Freeport-McMoRan Copper &
Gold, Inc., Class B 55
10,700 Homestake Mining Co. 56
7,400 Inco Ltd. 119
6,777 Newmont Mining Corp. 115
3,230 Phelps Dodge Corp. 135
13,335 Placer Dome, Inc. 125
---------
2,000
---------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
26
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
MISCELLANEOUS MANUFACTURING - 6.0%
3,800 Cooper Industries, Inc. $ 134
2,418 Crane Co. 55
5,800 Danaher Corp. 289
12,500 Eastman Kodak Co. 511
3,000 Eaton Corp. 185
1,200 FMC Corp. 80
402,200 General Electric Co. 23,202
32,512 Honeywell International, Inc. 1,158
12,300 Illinois Tool Works, Inc. 687
3,600 ITT Industries, Inc. 117
16,100 Minnesota Mining & Manufacturing Co. 1,467
1,700 National Service Industries, Inc. 33
4,966 Pall Corp. 99
1,828 Polaroid Corp. 25
5,800 Textron, Inc. 268
68,422 Tyco International Ltd. 3,549
---------
31,859
---------
OFFICE/BUSINESS EQUIPMENT - 0.2%
10,400 Pitney Bowes, Inc. 410
27,096 Xerox Corp. 408
---------
818
---------
OIL & GAS PRODUCERS - 5.2%
3,700 Amerada Hess Corp. 248
9,906 Anadarko Petroleum Corp. 658
5,000 Apache Corp. 296
8,782 Burlington Resources, Inc. 323
26,500 Chevron Corp. 2,259
8,700 Coastal Corp. 645
25,291 Conoco Inc. 681
5,200 Devon Energy Corp. 313
141,457 Exxon Mobil Corp. 12,607
3,849 Kerr-McGee Corp. 255
15,000 Occidental Petroleum Corp. 327
10,300 Phillips Petroleum Co. 646
3,800 Rowan Cos., Inc. 110
87,100 Royal Dutch Petroleum Co. ADR 5,221
3,500 Sunoco, Inc. 94
22,400 Texaco, Inc. 1,176
5,900 Tosco Corp. 184
8,510 Trasocean Sedco Forex, Inc. 499
9,900 Unocal Corp. 352
12,700 USX-Marathon Group 360
---------
27,254
---------
OIL & GAS SERVICES - 0.6%
13,440 Baker Hughes, Inc. $ 499
18,100 Halliburton Co. 886
23,100 Schlumberger Ltd. 1,901
---------
3,286
---------
PACKAGING & CONTAINERS - 0.1%
1,200 Ball Corp. 38
2,200 Bemis Co. 71
5,100 Crown Cork & Seal Co., Inc. 55
5,900 Owens-Illinois, Inc.* 55
6,900 Pactiv Corp. * 77
3,353 Sealed Air Corp.* 151
---------
447
---------
PHARMACEUTICALS - 7.9%
62,900 Abbott Laboratories 2,992
5,300 Allergan, Inc. 448
4,700 ALZA Corp.* 407
52,900 American Home Products Corp. 2,992
79,760 Bristol-Myers Squibb Co. 4,556
11,300 Cardinal Health, Inc. 997
45,896 Lilly (Eli) & Co. 3,723
8,500 MedImmune, Inc. 657
93,400 Merck & Co., Inc. 6,952
256,350 Pfizer, Inc. 11,520
52,702 Pharmacia Corp. 3,172
59,500 Schering-Plough Corp. 2,767
4,200 Watson Pharmaceuticals, Inc.* 271
---------
41,454
---------
PIPELINES - 0.8%
3,250 Columbia Energy Group 231
9,400 El Paso Energy Corp. 579
30,000 Enron Corp. 2,629
18,000 Williams (The) Cos., Inc. 760
---------
4,199
---------
RETAIL - 5.1%
5,200 Autozone, Inc.* 118
11,500 Bed Bath & Beyond, Inc. * 280
8,400 Best Buy Co., Inc.* 534
8,300 Circuit City Stores, Inc. 191
4,500 Consolidated Stores Corp.* 61
18,116 Costco Wholesale Corp. 633
15,900 CVS Corp. 736
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
27
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
STOCK INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 97.1% (CONT'D.)
RETAIL - 5.1% (CONT'D.)
5,000 Darden Restaurants, Inc. $ 104
3,800 Dillard's, Inc., Class A 40
13,305 Dollar General Corp. 223
8,400 Federated Department Stores, Inc. 219
34,487 Gap (The), Inc. 694
94,055 Home Depot (The), Inc. 4,991
19,500 Kmart Corp. 117
13,400 Kohl's Corp.* 773
17,500 Limited (The), Inc. 386
1,500 Longs Drug Stores, Inc. 29
15,500 Lowe's Cos., Inc. 696
12,948 May Department Stores Co. 265
53,600 McDonald's Corp. 1,618
5,300 Nordstrom, Inc. 82
12,400 Office Depot, Inc. * 97
10,600 Penney (J.C.) & Co., Inc. 125
7,500 RadioShack Corp. 485
13,900 Sears, Roebuck & Co. 451
18,450 Staples, Inc. * 262
7,600 Starbucks Corp. 304
36,900 Target Corp. 946
5,900 Tiffany & Co. 228
11,900 TJX Cos., Inc. 268
8,775 Toys R US, Inc. 143
5,900 Tricon Global Restaurants, Inc.* 181
41,000 Walgreen Co. 1,555
181,300 Wal-Mart Stores, Inc. 8,725
4,600 Wendy's International, Inc. 92
---------
26,652
---------
SAVINGS & LOANS - 0.3%
8,525 Charter One Financial, Inc. 208
6,400 Golden West Financial Corp. 343
21,880 Washington Mutual, Inc. 871
---------
1,422
---------
SEMICONDUCTORS - 5.1%
12,600 Advanced Micro Devices, Inc.* 298
16,200 Altera Corp. 774
14,400 Analog Devices, Inc. * 1,189
32,900 Applied Materials, Inc. * 1,951
9,000 Broadcom Corp. 2,194
9,300 Conexant Systems, Inc. * 389
272,600 Intel Corp. $ 11,330
7,600 KLA-Tencor Corp.* 313
12,600 Linear Technology Corp. 816
12,600 LSI Logic Corp.* 369
11,500 Maxim Integrated Products, Inc. 925
22,900 Micron Technology, Inc. 1,053
7,200 National Semiconductor Corp.* 290
5,300 Novellus Systems, Inc. 247
7,000 Teradyne, Inc. * 245
70,200 Texas Instruments, Inc. 3,313
13,300 Xlinx, Inc. * 1,137
---------
26,833
---------
SOFTWARE - 5.6%
4,900 Adobe Systems, Inc. 761
2,300 Autodesk, Inc. 58
25,500 Automatic Data Processing, Inc. 1,705
10,000 BMC Software, Inc.* 191
7,500 Citrix Systems, Inc. * 150
23,976 Computer Associates International, Inc. 604
14,800 Compuware Corp.* 124
16,500 First Data Corp. 645
12,104 IMS Health, Inc. 251
3,200 Mercury Interactive Corp. 502
213,700 Microsoft Corp.* 12,889
13,200 Novell, Inc.* 131
114,250 Oracle Corp.* 8,997
11,100 Parametric Technology Co.* 121
11,400 Peoplesoft, Inc.* 318
16,900 Siebel Systems, Inc. 1,882
---------
29,329
---------
TELECOMMUNICATIONS - 14.7%
4,000 Adaptec, Inc. 80
28,700 ADC Telecommunications, Inc.* 772
12,800 Alltel Corp. 668
3,262 Andrew Corp.* 85
152,555 AT&T Corp. 4,481
76,100 BellSouth Corp. 3,063
7,500 Cabletron Systems, Inc. 220
5,750 Century Telephone Enterprises, Inc. 157
288,100 Cisco Systems, Inc. 15,918
6,300 Comverse Technology, Inc. * 680
11,900 Corning, Inc. 3,534
35,765 Global Crossing Ltd.* 1,109
38,000 JDS Uniphase Corp. 3,598
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
28
<PAGE>
NORTHERN FUNDS Semiannual Report Principal
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
135,600 Lucent Technologies, Inc. $ 4,144
88,565 Motorola, Inc. 2,502
12,700 Network Appliance, Inc. 1,618
30,900 Nextel Communications, Inc.* 1,445
121,300 Nortel Networks Corp. 7,225
22,909 Palm, Inc. 1,213
30,300 QUALCOMM, Inc.* 2,159
67,455 Qwest Communications International, Inc. 3,242
137,592 SBC Communications, Inc. 6,880
6,500 Scientific-Atlanta, Inc. 414
35,900 Sprint Corp. (FON Group) 1,052
37,700 Sprint Corp. (PCS Group) 1,322
16,700 Tellabs, Inc.* 797
110,370 Verizon Wireless Communications 5,346
116,617 MCI WorldCom, Inc.* 3,542
---------
77,266
---------
TEXTILES - 0.0%
700 Springs Industries, Inc., Class A 20
---------
TOBACCO - 0.5%
91,400 Philip Morris Cos., Inc. 2,691
6,600 UST, Inc. 151
---------
2,842
---------
TOYS, GAMES & HOBBIES - 0.1%
7,012 Hasbro, Inc. 80
17,341 Mattel, Inc. 194
---------
274
---------
TRANSPORTATION - 0.3%
16,428 Burlington Northern Santa Fe Corp. 354
8,924 CSX Corp. 195
11,540 FedEx Corp. * 512
15,600 Norfolk Southern Corp. 228
10,100 Union Pacific Corp. 392
---------
1,681
---------
TRUCKING & LEASING - 0.0%
2,400 Ryder System, Inc. 44
---------
Total Common Stocks
(cost $320,430) 511,855
---------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000s) (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS - 2.9%
$14,222 Bayerische Hypo-Und Vereinsbank,
Grand Cayman,
Eurodollar Time Deposits,
6.72%, 10/2/00 $ 14,222
1,040 U.S. Treasury Bill,(1)
6.09%, 1/18/01 1,021
---------
Total Short-Term Investments
(cost $15,243) 15,243
---------
Total Investments - 100.0%
(cost $335,673) 527,098
Other Assets less Liabilities - 0.0% 202
---------
NET ASSETS - 100.0% $ 527,300
=========
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Notional Unrealized
Number of Amount Contract Contract Loss
Type Contracts (000s) Position Exp. (000s)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
S&P 500 41 $14,900 Long 12/00 $(588)
-----
-----
</TABLE>
(1) Security pledged as collateral to cover margin requirements for open futures
contracts.
SEE NOTES TO THE FINANCIAL STATEMENTS.
29
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
LARGE CAP VALUE FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 97.0%
AIRLINES - 1.8%
2,300 UAL Corp. $ 97
---------
AUTO MANUFACTURERS - 1.8%
3,776 Ford Motor Co. 96
---------
BANKS - 8.6%
2,400 Bank of America Corp. 126
2,800 Chase Manhattan Corp. 129
3,900 First Union Corp. 126
1,400 PNC Financial Services Group 91
---------
472
---------
BUILDING MATERIALS - 1.7%
5,100 Masco Corp. 95
---------
CHEMICALS - 6.2%
2,800 du Pont (E.I.) de Nemours & Co. 116
2,800 Eastman Chemical Co. 103
4,100 Rohm & Haas Co. 119
---------
338
---------
COMMERCIAL SERVICES - 2.0%
3,000 Block (H&R), Inc. 111
---------
COSMETICS/PERSONAL CARE - 5.7%
2,500 Avon Products, Inc. 102
1,900 Kimberly-Clark Corp. 106
1,600 Procter & Gamble Co. 107
---------
315
---------
ELECTRICAL COMPONENTS & EQUIPMENT - 1.2%
1,000 Emerson Electric Co. 67
---------
ELECTRONICS - 2.1%
6,700 Thomas & Betts Corp. 117
---------
FOOD - 3.9%
2,700 General Mills, Inc. 96
3,100 Heinz (H.J.) Co. 115
---------
211
---------
FOREST PRODUCTS & PAPER - 3.8%
3,500 International Paper Co. $ 100
2,800 Temple-Inland, Inc. 106
---------
206
---------
HAND/MACHINE TOOLS - 2.1%
4,800 Snap-On, Inc. 113
---------
HEALTH CARE - 1.8%
1,200 Baxter International, Inc. 96
---------
HOUSEHOLD PRODUCTS/WARES - 1.6%
5,100 Tupperware Corp. 92
---------
INSURANCE - 5.9%
3,200 Allstate Corp. 111
1,200 Hartford Financial Services
Group (The), Inc. 88
2,600 Lincoln National Corp. 125
---------
324
---------
MACHINERY - DIVERSIFIED - 2.0%
3,300 Deere & Co. 110
---------
MEDIA - 1.5%
1,300 McGraw-Hill Cos., Inc. 83
---------
METAL - ALUMINUM - 2.3%
4,900 Alcoa, Inc. 124
---------
MISCELLANEOUS MANUFACTURERS - 8.1%
2,600 Eastman Kodak Co. 106
3,400 Honeywell International, Inc. 121
1,200 Minnesota Mining & Manufacturing Co. 109
5,500 Pall Corp. 110
---------
446
---------
OFFICE/BUSINESS EQUIPMENT - 4.0%
2,700 Pitney Bowes, Inc. 106
7,600 Xerox Corp. 114
---------
220
---------
OIL & GAS PRODUCERS - 9.5%
3,700 Conoco, Inc. 100
4,500 Sunoco, Inc 121
1,900 Texaco, Inc. 100
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
30
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
2,800 Unocal Corp. $ 99
3,600 USX-Marathon Group 102
---------
522
---------
PHARMACEUTICALS - 1.8%
1,700 American Home Products Corp. 96
---------
PIPELINES - 4.2%
2,000 El Paso Energy Corp. 123
2,600 Williams (The) Cos., Inc. 110
---------
233
---------
RETAIL - 2.1%
5,500 May Department Stores Co. 113
---------
SAVINGS & LOANS - 1.8%
2,400 Washington Mutual, Inc. 96
---------
TELECOMMUNICATIONS - 9.5%
2,600 Alltel Corp. 136
4,100 AT&T Corp. 120
2,500 SBC Communications, Inc. 125
2,900 Verizon Wireless Communications 140
---------
521
---------
Total Common Stocks
(cost $5,382) 5,314
---------
<CAPTION>
PRINCIPAL
AMOUNT
(000S)
--------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENT - 9.4%
(cost $513)
$513 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 $ 513
--------
Total Investments - 106.4% 5,827
(cost $5,895)
Liabilities less Other Assets - (6.4)% (348)
--------
NET ASSETS - 100.0% $ 5,479
========
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
31
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
GROWTH EQUITY FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.2%
ADVERTISING - 0.6%
200,000 Lamar Advertising Co.* $ 7,575
---------
AEROSPACE - 1.1%
240,000 Boeing Co. 15,120
---------
AUTO MANUFACTURERS - 0.2%
50,842 General Motors Corp. 3,305
---------
BANKS - 3.2%
226,800 Chase Manhattan Corp. 10,475
220,000 Fleet Boston Financial Corp. 8,580
71,700 State Street Corp. 9,321
319,500 Wells Fargo & Co. 14,677
---------
43,053
---------
BEVERAGES - 1.2%
146,000 Anheuser-Busch Cos., Inc. 6,178
218,200 Pepsico, Inc. 10,037
---------
16,215
---------
BIOTECHNOLOGY - 1.3%
93,800 Amgen Inc.* 6,550
58,800 Genentech, Inc.* 10,918
---------
17,468
---------
CHEMICALS - 0.4%
113,600 du Pont (E.I.) de Nemours & Co. 4,707
---------
COMMERCIAL SERVICES - 1.0%
254,237 Paychex, Inc. 13,347
---------
COMPUTERS & NETWORKING - 6.0%
76,700 Computer Sciences Corp.* 5,695
221,600 EMC Corp.* 21,966
110,000 Hewlett-Packard Co. 10,670
203,100 International Business Machines Corp. 22,849
163,600 Sun Microsystems, Inc.* 19,100
---------
80,280
---------
DIVERSIFIED FINANCIAL SERVICES - 9.5%
208,200 American Express Company 12,648
237,100 Capital One Financial Corp. 16,612
443,200 Citigroup, Inc. 23,961
151,600 Fannie Mae $10,839
216,800 Household International, Inc. 12,276
357,500 MBNA Corp. 13,764
124,000 Merrill Lynch & Co. 8,184
171,100 Morgan Stanley Dean Witter & Co. 15,645
97,300 Providian Financial Corp. 12,357
---------
126,286
---------
ELECTRIC - 0.7%
108,500 Duke Energy Corp. 9,304
---------
ELECTRONICS - 2.5%
80,000 Flextronics International Ltd.* 6,570
105,500 Sanmina Corp.* 9,877
376,000 Solectron Corp.* 17,343
---------
33,790
---------
FOOD - 1.1%
346,635 Keebler Foods Co. 14,559
---------
FOREST PRODUCTS & PAPER - 0.6%
160,000 Georgia-Pacific Corp. 3,760
162,000 International Paper Co. 4,647
---------
8,407
---------
HEALTH CARE - 3.4%
213,800 Guidant Corp. 15,113
130,800 Johnson & Johnson 12,287
336,200 Medtronic, Inc. 17,419
---------
44,819
---------
INSURANCE - 2.1%
198,450 American International Group, Inc. 18,989
67,300 Marsh & McLennan Cos., Inc. 8,934
---------
27,923
---------
INTERNET - 0.9%
117,600 America Online, Inc.* 6,321
62,900 Yahoo! Inc.* 5,724
---------
12,045
---------
MEDIA - 5.5%
152,500 Comcast Corp. 6,243
215,000 Disney (The Walt) Co. 8,224
154,200 Gemstar-TV Guide International, Inc.* 13,444
241,600 Hispanic Broadcasting Corp.* 6,735
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
32
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
321,700 Infinity Broadcasting Corp.* $10,616
231,800 Time Warner, Inc. 18,138
245,400 Univision Communications, Inc.* 9,172
---------
72,572
---------
METALS - DIVERSIFIED - 0.4%
226,000 Alcoa, Inc. 5,721
---------
MISCELLANEOUS MANUFACTURING - 6.0%
215,200 Danaher Corp. 10,706
1,039,100 General Electric Co. 59,943
176,000 Tyco International Ltd. 9,130
---------
79,779
---------
OIL & GAS PRODUCERS - 4.6%
74,000 Chevron Corp. 6,309
202,200 Ensco International, Inc. 7,734
250,200 Exxon Corp. 22,299
168,500 Royal Dutch Petroleum Co. 10,099
148,157 Transocean Sedco Forex, Inc. 8,686
215,000 USX-Marathon Group Inc. 6,101
---------
61,228
---------
OIL & GAS SERVICES - 1.3%
94,500 BJ Services Co.* 5,776
147,600 Schlumberger Ltd. 12,149
---------
17,925
---------
PHARMACEUTICALS - 8.9%
151,600 American Home Products Corp. 8,575
371,400 Bristol-Myers Squibb Co. 21,216
121,600 Lilly (Eli) & Co. 9,865
72,000 Forest Laboratories, Inc.* 8,258
181,000 Merck & Co., Inc. 13,473
654,800 Pfizer, Inc. 29,425
296,400 Pharmacia Corp. 17,840
195,025 Schering-Plough Corp. 9,069
---------
117,721
---------
PIPELINES - 2.2%
102,500 El Paso Energy Corp. 6,317
217,400 Enron Corp. 19,050
102,000 Williams (The) Cos., Inc. 4,310
---------
29,677
---------
REAL ESTATE INVESTMENT TRUSTS - 0.5%
269,600 Pinnacle Holdings, Inc.* $ 7,178
---------
RETAIL - 5.6%
423,800 Home Depot (The), Inc. 22,488
233,800 Kohl's Corp.* 13,487
416,800 Walgreen Co. 15,812
453,400 Wal-Mart Stores, Inc. 21,820
---------
73,607
---------
SEMICONDUCTORS - 6.0%
137,600 Altera Corp.* 6,570
187,000 Applied Materials, Inc.* 11,091
747,800 Intel Corp. 31,080
186,800 Linear Technology Corp. 12,095
257,200 Texas Instruments, Inc. 12,137
76,400 Vitesse Semiconductor Corp.* 6,795
---------
79,768
---------
SOFTWARE - 6.2%
72,800 BEA Systems, Inc.* 5,669
211,200 Fiserv, Inc* 12,646
521,000 Microsoft Corp.* 31,423
303,900 Oracle Corp.* 23,932
72,800 Siebel Systems, Inc.* 8,104
---------
81,774
---------
TELECOMMUNICATIONS - 15.2%
130,000 Alcatel 8,174
155,000 Allegiance Telecom, Inc.* 5,774
287,000 BellSouth Corp. 11,552
747,500 Cisco Systems, Inc.* 41,299
59,600 Corning, Inc. 17,701
340,300 Crown Castle International Corp.* 10,571
391,041 Hughes Electronics Corp. 14,539
42,000 JDS Uniphase Corp.* 3,977
345,000 Lucent Technologies Inc. 10,544
193,500 Motorola, Inc. 5,466
171,000 Nextel Communications, Inc.* 7,994
338,000 Nortel Networks Corp. 20,132
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
33
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
GROWTH EQUITY FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.2% (CONT'D)
TELECOMMUNICATIONS - 15.2% (CONT'D.)
356,800 SBC Communicaions Inc. $ 17,840
100,000 Tellabs, Inc.* 4,775
183,700 Verizon Wireless Communications 8,898
155,200 Williams Communications Group* 3,104
285,300 WorldCom, Inc.* 8,666
----------
201,006
----------
Total Common Stocks
(cost $916,656) 1,306,159
----------
<CAPTION>
PRINCIPAL
AMOUNT
(000S)
--------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENT - 2.2%
(cost $29,463)
$29,463 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 $ 29,463
----------
Total Investments - 100.4%
(cost $946,119) 1,335,622
Liabilities less Other Assets - (0.4)% (5,743)
----------
NET ASSETS - 100.0% $1,329,879
==========
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
34
<PAGE>
NORTHERN FUNDS Semiannual Report
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SELECT EQUITY FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 99.5%
AEROSPACE/DEFENSE - 3.2%
110,000 General Dynamics Corp. $ 6,909
75,000 Goodrich (B.F.) Co. 2,939
135,000 Lockheed Martin Corp. 4,450
50,000 Northrop Grumman Corp. 4,544
---------
18,842
---------
BEVERAGES - 0.7%
90,000 Anheuser-Busch Cos., Inc. 3,808
---------
BIOTECHNOLOGY - 1.0%
15,000 Human Genome Sciences, Inc.* 2,597
20,000 IDEC Pharmaceuticals Corp.* 3,507
---------
6,104
---------
COMMERCIAL SERVICES - 0.6%
50,000 Plexus Corp.* 3,524
---------
COMPUTERS - 9.2%
50,000 Brocade Communications Systems, Inc.* 11,800
50,000 Check Point Software Technologies, Ltd.* 7,875
160,000 EMC Corp.* 15,860
120,000 Sun Microsystems, Inc.* 14,010
40,000 Veritas Software Corp.* 5,680
---------
55,225
---------
DIVERSIFIED FINANCIAL SERVICES - 9.1%
205,000 American Express Co. 12,454
100,000 Capital One Financial Corp. 7,005
310,667 Citigroup, Inc. 16,795
185,500 Household International, Inc. 10,504
118,000 Merrill Lynch & Co., Inc. 7,788
---------
54,546
---------
ELECTRIC - 5.3%
100,000 AES Corp.* 6,850
75,000 Allegheny Energy, Inc. 2,864
45,000 Calpine Corp.* 4,697
60,000 Constellation Energy Group, Inc. 2,985
75,000 Entergy Corp. 2,794
50,000 PECO Energy Co. 3,028
135,000 Reliant Energy, Inc. 6,278
67,361 Southern Energy, Inc.* 2,113
---------
31,609
---------
ELECTRONICS - 3.0%
90,000 Flextronics International Ltd.* $ 7,391
35,000 PE Corp.-PE Biosystems Group 4,078
70,000 Waters Corp.* 6,230
---------
17,699
---------
HEALTHCARE - 5.2%
125,000 Baxter International, Inc. 9,977
175,000 Health Management Associates, Inc.* 3,642
160,000 Tenet Healthcare Corp.* 5,820
85,000 UnitedHealth Group, Inc. 8,393
35,000 Universal Health Services, Inc.* 2,997
---------
30,829
---------
INSURANCE - 9.8%
125,000 ACE Ltd. 4,906
135,000 AFLAC, Inc. 8,648
95,000 American General Corp. 7,410
190,555 American International Group, Inc. 18,234
112,000 Hartford Financial Services
Group (The), Inc. 8,169
84,000 Marsh & McLennan Cos., Inc. 11,151
---------
58,518
---------
INTERNET - 1.5%
25,000 Agile Software Corp.* 2,248
25,000 Ariba, Inc.* 3,582
24,000 CacheFlow, Inc.* 3,432
---------
9,262
---------
MISCELLANEOUS MANUFACTURING - 5.7%
475,000 General Electric Co. 27,402
130,000 Tyco International Ltd. 6,744
---------
34,146
---------
OIL & GAS PRODUCERS - 6.2%
55,000 Anadarko Petroleum Corp. 3,655
100,000 Coastal Corp. 7,413
110,000 Ensco International, Inc. 4,208
55,000 Exxon Mobil Corp. 4,902
57,000 Phillips Petroleum Co. 3,577
91,000 Schlumberger Ltd. 7,490
100,008 Transocean Sedco Forex, Inc. 5,863
---------
37,108
---------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
35
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SELECT EQUITY FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 99.5% (CONT'D.)
PHARMACEUTICALS - 9.2%
25,000 Abgenix, Inc.* $ 2,020
70,000 Alza Corp.* 6,055
125,000 American Home Products Corp. 7,070
90,000 Amerisource Health Corp.* 4,230
115,000 Cardinal Health, Inc. 10,142
120,000 Elan Corp. PLC ADR* 6,570
30,000 Forest Laboratories, Inc., Class A* 3,441
200,000 Pfizer, Inc. 8,988
85,000 Teva Pharmaceutical Industries Ltd. ADR 6,221
---------
54,737
---------
PIPELINES - 3.8%
160,000 Dynegy, Inc. 9,120
155,000 Enron Corp. 13,582
---------
22,702
---------
RETAIL - 1.8%
70,000 Kohl's Corp.* 4,038
175,000 Walgreen Co. 6,639
---------
10,677
---------
SEMICONDUCTORS - 1.6%
105,000 Integrated Device Technology, Inc.* 9,502
---------
SOFTWARE - 8.8%
30,000 Advent Software, Inc.* 2,096
100,000 Automatic Data Processing, Inc. 6,688
115,000 BEA Systems, Inc.* 8,956
50,000 Electronic Arts, Inc.* 2,469
22,000 I2 Technologies, Inc.* 4,115
37,000 Mercury Interactive Corp.* 5,800
190,000 Oracle Corp.* 14,963
68,000 Siebel Systems, Inc.* 7,569
---------
52,656
---------
TELECOMMUNICATION EQUIPMENT - 13.8%
66,000 CIENA Corp.* $ 8,105
33,000 Corning, Inc. 9,801
70,000 Extreme Networks, Inc.* 8,015
50,000 Finisar Corp.* 2,419
50,000 JDS Uniphase Corp.* 4,734
70,000 Juniper Networks, Inc.* 15,326
85,000 Network Appliance, Inc.* 10,827
20,000 Newport Corp. 3,185
120,000 Nortel Networks Corp. 7,148
40,500 SDL, Inc.* 12,527
---------
82,087
---------
Total Common Stocks
(cost $427,733) 593,581
---------
<CAPTION>
PRINCIPAL
AMOUNT
(000s)
--------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENT - 0.4%
(cost $2,070)
$2,070 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 2,070
--------
Total Investments - 99.9%
(cost $429,803) 595,651
Other Assets less Liabilities - 0.1% 766
--------
NET ASSETS - 100.0% $596,417
========
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
36
<PAGE>
NORTHERN FUNDS Semiannual Report
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
MID CAP GROWTH FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.5%
ADVERTISING - 1.3%
140,000 TMP Worldwide, Inc. * $11,270
-------
BIOTECHNOLOGY - 5.4%
100,000 Genzyme Corp-Genl Division * 6,819
53,000 Idec Pharmaceuticals Corp. * 9,294
190,000 Intermune Pharmaceuticals, Inc * 10,307
150,000 Invitrogen Corp * 10,669
73,000 Protein Design Labs, Inc. * 8,797
-------
45,886
-------
CHEMICALS - 0.6%
100,000 Cabot Microelectronics Corp. * 4,800
-------
COMMERCIAL SERVICES - 3.1%
25,000 Albany Molecular Research, Inc. * 1,405
200,000 Plexus Corp. * 14,100
300,000 Robert Half International, Inc. * 10,406
-------
25,911
-------
COMPUTERS - 7.5%
100,000 Brocade Communications System* 23,600
450,000 Mentor Graphics Corp. * 10,603
132,000 Netegrity, Inc. * 9,240
405,000 Silicon Storage Technology, Inc. * 11,011
208,000 Sungard Data Systems, Inc.* 8,905
-------
63,359
-------
DIVERSIFIED FINANCIAL SERVICES - 3.2%
100,000 Eaton Vance Corp. 5,100
430,000 Federated Investors, Inc. 10,643
115,000 Legg Mason, Inc. 6,684
136,000 Waddell & Reed Financial, Inc. 4,216
-------
26,643
-------
ELECTRIC - 0.0%
2,947 Proton Energy Systems, Inc.* 84
10,363 Southern Energy, Inc.* 325
-------
409
-------
ELECTRONICS - 6.1%
82,500 Amphenol Corp. * 4,698
371,000 Jabil Circuit, Inc.* 21,054
85,000 Merix Corp. * 5,509
80,000 Molecular Devices Corp.* 7,860
120,000 PerkinElmer, Inc. * 12,525
-------
51,646
-------
ENERGY - ALTERNATE SOURCES - 2.2%
192,000 FuelCell Energy, Inc. * 18,477
-------
ENTERTAINMENT - 1.8%
189,000 Macrovision Corp. * 15,309
-------
HEALTHCARE - 9.8%
145,000 LifePoint Hospitals, Inc. 5,148
214,000 Minimed, Inc. * 19,126
130,000 Quest Diagnostics, Inc. * 14,918
375,000 Tenet Healthcare Corp. * 13,641
140,000 Triad Hospitals, Inc.* 4,112
240,000 Trigon Healthcare, Inc. * 12,615
135,000 UnitedHealth Group, Inc. 13,331
-------
82,891
-------
HOME FURNISHINGS - 0.9%
200,000 Harman International Industries, Inc. 7,820
-------
INSURANCE - 1.8%
50,000 PMI Group, Inc. (The) 3,388
175,000 Radian Group, Inc. 11,812
-------
15,200
-------
INTERNET - 1.6%
33,000 CacheFlow, Inc. * 4,719
75,000 Interwoven, Inc. * 8,480
-------
13,199
-------
OIL & GAS - 5.6%
75,000 Cooper Cameron Corp. * 5,527
809,850 Cross Timbers Oil Co. 15,539
135,000 Devon Energy Corp. 8,120
150,000 EOG Resources, Inc. 5,831
100,000 Hanover Compressor Co. * 3,294
75,000 HS Resources, Inc.* 2,522
150,000 Weatherford International, Inc.* 6,450
-------
47,283
-------
PHARMACEUTICALS - 14.7%
235,000 Alza Corp. * 20,328
200,000 Amerisource Health Corp. * 9,400
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
37
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
MID CAP GROWTH FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE NUMBER
OF SHARES (000S) OF SHARES
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.5% (CONT'D.)
PHARMACEUTICALS - 14.7% (CONT'D.)
150,000 Biovail Corp. * $ 12,216
160,000 Celgene Corp. * 9,520
90,000 Cell Therapeutics, Inc. * 6,002
100,000 Forest Laboratories - Class A * 11,469
235,000 IVAX Corp.* 10,810
330,000 Teva Pharmaceutical Industries 24,151
108,000 Trimeris, Inc. * 7,553
150,000 Vertex Pharmaceuticals, Inc.* 12,675
-------
124,124
-------
PIPELINES - 1.4%
200,000 Dynegy, Inc. 11,400
-------
RETAIL - 4.6%
275,000 Dollar Tree Stores, Inc.* 11,155
150,000 Krispy Kreme Doughnuts, Inc. * 12,562
265,000 PC Connection, Inc.* 15,105
-------
38,822
-------
SEMICONDUCTORS - 10.5%
151,000 Elantec Semiconductor, Inc.* 15,043
67,500 Exar Corp. * 8,167
170,000 Integrated Device Technology, Inc. * 15,385
200,000 Integrated Silicon Solutions* 2,838
100,000 Intersil Holding Corp. * 4,988
75,000 Micrel, Inc. * 5,025
240,000 Novellus Systems, Inc. * 11,175
170,000 OAK Technology, Inc. * 4,654
366,000 Semtech Corp. * 15,783
80,000 Transwitch Corp. * 5,100
-------
88,158
-------
SOFTWARE - 6.6%
185,000 Advent Software, Inc.* $ 12,927
180,000 Fiserv, Inc. * 10,778
94,000 Mercury Interactive Corp. * 14,734
160,000 Rational Software Corp. * 11,100
60,000 Research In Motion Ltd.* 5,914
-------
55,453
-------
TELECOMMUNICATIONS - 9.8%
7,912 Avici Systems, Inc. * 753
150,000 Commscope, Inc. * 3,675
133,200 Copper Mountain Networks* 4,995
6,061 Cosine Communications, Inc. * 337
210,000 Extreme Networks * 24,045
150,000 Network Appliance, Inc.* 19,106
127,000 Newport Corp. 20,226
127,000 Nice Systems Ltd.* 9,143
-------
82,280
-------
Total Common Stocks
(cost $687,877) 830,340
-------
PRINCIPAL
AMOUNT
(OOOs)
---------
SHORT-TERM INVESTMENT - 1.5%
(cost $12,647)
$12,647 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 12,647
-------
Total Investments - 100.0%
(cost $700,524) 842,987
Liabilities less Other Assets - 0.0% (96)
-------
NET ASSETS - 100% $842,891
========
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
38
<PAGE>
NORTHERN FUNDS Semiannual Report
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4%
ADVERTISING - 0.4%
1,841 Advo, Inc.* $ 61
2,500 Apac Teleservices, Inc.* 13
600 Avenue A, Inc.* 3
100 Grey Global Group, Inc. 62
6,150 Ha-Lo Industries, Inc.* 24
1,750 Key3Media Group, Inc.* 19
1,100 Modem Media, Inc.* 5
2,300 Penton Media, Inc. 63
3,400 R.H. Donnelley Corp.* 72
4,900 Sitel Corp.* 14
4,100 Valuevision International, Inc.* 103
1,700 Ventiv Health, Inc.* 21
-------
460
-------
AEROSPACE/DEFENSE - 0.7%
2,900 AAR Corp. 33
2,850 Aeroflex, Inc.* 139
1,000 Alliant Techsystems, Inc.* 82
1,800 Armor Holdings, Inc.* 27
500 Curtiss-Wright Corp. 23
1,900 Esterline Technologies Corp.* 37
3,600 Gencorp, Inc. 29
800 Heico Corp. 10
2,400 Kaman Corp., Class A 30
4,000 Orbital Sciences Corp.* 33
1,000 Primex Technologies, Inc. 29
4,000 Remec, Inc.* 118
600 Sequa Corp., Class A* 26
3,300 Teledyne Technologies, Inc.* 96
1,200 Triumph Group, Inc.* 43
-------
755
-------
AGRICULTURE - 0.2%
1,100 Agribrands International, Inc.* 48
3,800 Cadiz, Inc.* 38
4,100 Delta & Pine Land Co. 105
1,300 Seminis, Inc., Class A* 2
700 Tejon Ranch Co. 18
-------
211
-------
AIRLINES - 0.4%
6,200 Airtran Holdings, Inc.* 27
2,600 Alaska Air Group, Inc.* 62
3,573 America West Holdings Corp., Class B* 44
1,600 Atlantic Coast Airlines Holdings, Inc.* 51
1,900 Frontier Airlines, Inc.* 37
3,700 Mesa Air Group, Inc.* 20
1,300 Mesaba Holdings, Inc.* 14
1,500 Midwest Express Holdings, Inc.* 30
2,600 Skywest, Inc. 133
-------
418
-------
APPAREL - 0.7%
700 Columbia Sportswear Co.* 32
800 Guess ?, Inc.* 9
2,550 Kellwood Co. 46
1,100 Steven Madden Ltd.* 9
2,986 Nautica Enterprises, Inc.* 39
1,200 Oshkosh B'gosh, Inc., Class A 18
2,200 Phillips-Van Heusen Corp. 23
5,700 Polo Ralph Lauren Corp.* 92
2,450 Quiksilver, Inc.* 47
4,800 Reebok International Ltd.* 90
2,900 Russell Corp. 46
1,500 Skechers U.S.A., Inc., Class A* 23
4,600 Stride Rite Corp. 23
1,900 Timberland Co., Class A* 78
6,100 Unifi, Inc.* 62
1,300 Vans, Inc.* 20
5,600 Warnaco Group, Inc., Class A 22
4,800 Wolverine World Wide, Inc. 45
-------
724
-------
AUTO MANUFACTURERS - 0.1%
1,600 Oshkosh Truck Corp., Class B 62
2,300 Wabash National Corp. 21
-------
83
-------
AUTO PARTS & EQUIPMENT - 0.8%
1,000 American Axle & Manufacturing
Holdings, Inc.* 11
7,600 ArvinMeritor, Inc. 112
1,200 Bandag, Inc. 43
2,600 Borg Warner, Inc. 86
6,600 Collins & Aikman Corp.* 31
6,800 Cooper Tire & Rubber Co. 68
2,300 Delco Remy International, Inc.* 17
1,300 Dura Automotive Systems, Inc.* 12
2,100 Exide Corp. 19
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
39
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
AUTO PARTS & EQUIPMENT - 0.8% (CONT'D.)
7,500 Federal-Mogul Corp. $ 41
1,900 Hayes Lemmerz International, Inc.* 20
500 IMPCO Technologies, Inc.* 14
7,100 Lear Corp.* 146
2,400 Modine Manufacturing Co. 68
2,000 Superior Industries International, Inc. 60
3,800 Tenneco Automotive, Inc. 20
4,300 Tower Automotive, Inc.* 40
-------
808
-------
BANKS - 5.3%
900 Alabama National Bancorp 19
2,882 Amcore Financial, Inc. 57
1,000 Area Bancshares Corp. 22
500 Barcfirst Corp. 16
9,017 Bancorpsouth, Inc. 130
3,042 Bay View Capital Corp. 33
1,168 Bank of Granite Corp. 27
1,107 BOK Financial Corp. 20
1,542 Brenton Banks, Inc. 19
1,000 BSB Bancorp, Inc. 22
1,784 BT Financial Corp. 33
450 Capital City Bank Group, Inc. 9
1,000 Cathay Bancorp, Inc. 49
1,200 Century South Banks, Inc. 22
1,521 Chemical Financial Corp. 36
2,857 Chittenden Corp. 73
1,000 City Bank Lynnwood 17
5,400 Community First Bankshares, Inc. 95
10,500 Colonial Bancgroup, Inc. 109
3,364 Commerce Bancorp, Inc. 196
1,000 Corus Bankshares, Inc. 36
900 CPB, Inc. 24
5,150 Citizens Banking Corp. 118
5,600 Cullen/Frost Bankers, Inc. 182
1,818 CVB Financial Corp. 31
2,400 East-West Bancorp, Inc. 47
1,143 F&M Bancorp 23
2,631 F & M National Corp. 64
700 Farmers Capital Bank Corp. 25
2,250 First Bancorp 55
1,000 First Busey Corp., Class A 19
3,300 First Charter Corp. 48
6,200 First Commonwealth Financial Corp. 60
600 First Citizens Bancshares, Inc. 43
3,761 First Financial Bancorp 59
1,114 First Financial Bankshares, Inc. 36
753 First Financial Corp. 23
1,250 First Merchants Corp. 28
4,409 First Midwest Bancorp 117
1,259 First Source Corp. 26
2,369 F.N.B. Corp. 51
1,600 Frontier Financial Corp. 30
7,900 Fulton Financial Corp. 157
1,170 GBC Bancorp 40
3,100 Gold Banc Corp. 16
2,100 Greater Bay Bancorp 146
975 Hancock Holding Co. 30
970 Harleysville National Corp. 29
5,197 Hudson United Bancorp 144
3,882 Imperial Bancorp 74
1,300 Independent Bancorp 16
1,843 Integra Bancorp 41
1,693 International Bancshares Corp. 52
3,236 Investors Financial Services Corp. 204
1,100 Irwin Financial Corp. 18
5,300 Keystone Financial, Inc. 115
2,000 Merchants New York Bancorp 41
945 Mid-America Bancorp 25
1,200 Mid-State Bancshares 37
700 Mississippi Valley Bancshares, Inc. 18
1,863 National Penn Bancshares, Inc. 36
2,504 NBT Bancorp 30
950 Omega Financial Corp. 29
1,266 Oriental Financial Group, Inc. 20
2,600 Pacific Capital Bancorp 70
1,450 Pacific Northwest Bancorp 19
1,060 Park National Corp. 102
1,700 Premier National Bancorp, Inc. 34
2,680 Provident Bankshares Corp. 45
2,300 Provident Financial Group, Inc. 68
1,100 R & G Financial Corp. 11
4,817 Republic Bancorp 46
5,332 Republic Security Financial Corp. 26
2,000 Riggs National Corp. 25
2,900 S&T Bancorp 55
1,000 Sandy Spring Bancorp 25
890 Santander Bancorp 15
4,500 Silicon Valley Bancshares Co.* 262
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
40
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------
<S> <C> <C>
8,254 Sky Financial Group, Inc. $ 147
4,657 South Financial Group, Inc. 59
3,000 Southwest Bancorp* 98
2,850 Sterling Bancshares, Inc. 43
4,237 Susquehanna Bancshares, Inc. 65
1,550 Texas Regional Bancshares, Inc. 44
1,700 Trust Company of New Jersey 28
5,764 Trustco Bank Corp. 71
6,500 Trustmark Corp. 127
1,108 USB Holding Co. 15
1,000 UCBH Holdings, Inc. 36
1,706 UMB Financial Corp. 64
3,700 United Bankshares, Inc. 73
1,638 United National Bancorp 29
3,000 W Holding Company, Inc. 31
2,100 Wesbanco, Inc. 45
3,900 Westamerica Bancorp 130
2,450 Whitney Holding Corp. 89
-------
5,464
-------
BEVERAGES - 0.2%
800 Beringer Wine Estates Holdings, Inc.* 44
127 Coca-Cola Bottling Co. Consolidated 5
1,600 Constellation Brands, Inc.* 87
100 Farmer Brothers Co. 18
900 Robert Mondavi Corp., Class A* 37
2,700 PepsiAmericas, Inc., Class B* 9
-------
200
-------
BIOTECHNOLOGY - 3.1%
1,100 Aclara BioSciences, Inc.* 33
6,400 Advanced Tissue Sciences, Inc.* 48
1,400 Alexion Pharmaceuticals, Inc.* 160
1,500 Aphton Corp.* 43
2,600 Ariad Pharmaceuticals, Inc.* 33
5,300 Avant Immunotherapeutics, Inc.* 57
1,500 Avigen, Inc.* 60
2,000 Aviron Corp.* 117
1,400 Biocryst Pharmaceuticals, Inc.* 29
900 Bio-Rad Laboratories, Inc., Class A* 20
5,800 Bio-Technology General Corp.* 66
3,600 Cell Genesys, Inc.* 108
800 Collateral Therapeutics, Inc.* 23
1,100 Cryolife, Inc.* 38
2,700 CuraGen Corp.* 144
7,800 Cytogen Corp.* 49
1,100 Digene Corp.* 40
800 Diversa Corp.* 22
1,600 Entremed, Inc.* 45
2,397 Enzo Biochem, Inc.* 116
4,300 Enzon, Inc.* 284
1,000 Exelixis, Inc.* 31
2,700 Gene Logic, Inc.* 62
2,400 Genome Therapeutics Corp.* 49
100 Genomic Solutions, Inc.* 2
2,000 Genzyme Transgenics Corp.* 71
2,300 Geron Corp.* 65
3,400 Immunomedics, Inc.* 71
3,500 Inhale Therapeutic Systems, Inc.* 197
700 Intermune Pharmaceuticals, Inc.* 38
900 Invitrogen Corp.* 64
1,100 Lexicon Genetics, Inc.* 35
1,100 Lynx Therapeutics, Inc.* 34
1,900 Martek Biosciences Corp.* 37
2,400 Maxim Pharmaceuticals, Inc.* 146
800 Maxygen, Inc.* 42
2,000 Myriad Genetics, Inc.* 172
1,500 Nanogen, Inc.* 29
1,200 Neose Technologies, Inc.* 58
800 Nexell Therapeutics, Inc.* 7
700 Orchid BioSciences, Inc.* 24
3,645 Organogenesis, Inc.* 54
600 Paradigm Genetics, Inc.* 14
2,000 Regeneron Pharmaceutical, Inc.* 65
1,000 Ribozyme Pharmaceuticals, Inc.* 29
600 Sequenom, Inc.* 25
2,900 Targeted Genetics Corp.* 34
9,000 Techniclone International Corp.* 22
2,100 Transkaryotic Therapies, Inc.* 90
4,400 Texas Biotech Corp.* 72
2,100 Vical, Inc.* 54
-------
3,228
-------
BUILDING MATERIALS - 0.8%
1,600 Advanced Lighting Technologies* 20
4,100 Armstrong Holdings, Inc. 49
800 Centex Construction Products, Inc. 20
3,100 Comfort Systems USA, Inc.* 16
400 CoorsTek, Inc.* 15
5,900 Dal-Tile International, Inc.* 74
2,107 Elcor Corp. 31
1,940 Florida Rock Industries, Inc. 77
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
41
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
BUILDING MATERIALS - 0.8% (CONT'D.)
1,300 Genlyte Group, Inc.* $ 33
4,200 Lennox International, Inc. 39
1,900 NCI Building Systems, Inc.* 28
1,000 Nortek, Inc.* 18
5,400 Owens Corning 14
2,900 Rayonier, Inc. 104
900 Simpson Manufacturing Co., Inc.* 40
2,300 Texas Industries, Inc. 73
600 Trex Company, Inc.* 18
1,200 Universal Forest Products, Inc. 14
500 U.S. Aggregates, Inc. 8
4,100 York International Corp. 102
-------
793
-------
CHEMICALS - 2.2%
5,400 Airgas, Inc.* 37
2,600 Albemarle Corp. 52
2,000 Arch Chemicals, Inc. 37
700 Bush Boake Allen, Inc.* 33
400 Cabot Microelectronics Corp.* 19
2,700 Cambrex Corp. 100
1,600 Chemfirst, Inc. 33
12,210 Crompton Corp. 96
4,300 Cytec Industries, Inc.* 144
6,700 Ethyl Corp. 10
3,750 Ferro Corp. 71
3,400 Georgia Gulf Corp. 39
4,900 Great Lakes Chemical Corp. 144
1,400 H. B. Fuller Co. 40
1,500 International Specialty Products, Inc.* 8
2,434 Lilly Industries, Inc., Class A 72
5,700 Lubrizol Corp. 112
1,900 MacDermid, Inc. 40
6,900 Millennium Chemicals, Inc. 102
2,200 Minerals Technologies, Inc. 101
2,300 NL Industries, Inc. 49
3,900 Olin Corp. 63
2,550 OM Group, Inc. 111
3,700 Omnova Solutions, Inc. 21
10,400 PolyOne Corp.* 76
10,900 RPM, Inc. 99
3,200 Schulman (A.), Inc. 35
11,400 Solutia, Inc.* 130
1,600 Spartech Corp. 25
600 Stepan Co. 12
2,300 Symyx Technologies, Inc.* 100
1,500 Uniroyal Technology Corp.* 23
900 Valhi, Inc. 11
4,000 Valspar Corp. 92
6,500 W.R. Grace & Co.* 45
3,400 Wellman, Inc. 49
-------
2,231
-------
COAL - 0.1%
1,800 Arch Coal, Inc. 18
2,700 Consolidated Energy, Inc. 43
-------
61
-------
COMMERCIAL SERVICES - 4.4%
1,900 Aaron Rents, Inc., Class B 24
1,724 ABM Industries, Inc. 47
5,800 ACNielsen Corp.* 138
1,000 Administaff, Inc.* 76
1,800 Albany Molecular Research, Inc.* 101
1,300 Arch Capital Group Ltd.* 20
2,200 Aurora Biosciences Corp.* 150
2,400 Avis Group Holdings, Inc.* 71
500 Bacou USA, Inc.* 13
2,650 Banta Corp. 65
4,500 Billing Concepts Corp.* 14
3,800 Bowne & Co., Inc. 37
1,300 Bright Horizons Family Solutions, Inc.* 33
2,000 Career Education Corp.* 89
22,700 Caremark Rx, Inc.* 255
1,200 CDI Corp.* 19
1,350 Central Parking Corp. 27
7,900 Century Business Services, Inc.* 10
1,000 Chemed Corp. 32
2,200 Coinstar, Inc.* 30
500 Corinthian Colleges, Inc.* 30
2,000 Corporate Executive Board Co.* 81
600 Corvel Corp.* 17
1,300 CoStar Group, Inc.* 48
700 CPI Corp. 15
7,400 Data Broadcasting Corp.* 24
2,100 Diamond Technology Partners, Inc.* 156
2,600 Dollar Thrifty Automotive Group* 51
500 Ebenx, Inc.* 6
2,200 Education Management Corp.* 59
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
42
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
1,500 Edison Schools, Inc., Class A* $ 48
1,574 Electro Rent Corp.* 20
6,804 Encompass Services Corp.* 55
1,400 F.Y.I., Inc.* 52
1,900 First Consulting Group, Inc.* 11
1,200 Forrester Research, Inc.* 77
300 Gaiam, Inc.* 5
7,800 Gartner Group, Inc., Class A* 91
1,000 Hall Kinion & Associates, Inc.* 28
2,100 Heidrick & Struggles, Inc.* 108
7,000 Hooper Holmes, Inc. 67
1,000 Horizon Offshore, Inc.* 18
900 Insurance Auto Auctions, Inc.* 15
3,500 Integrated Electrical Services, Inc.* 24
1,525 ITT Educational Services, Inc.* 41
1,800 Kelly Services, Inc., Class A 43
4,045 Kforce.com, Inc.* 14
4,000 Korn/Ferry International* 151
3,600 Labor Ready, Inc.* 15
1,200 Learning Tree International, Inc.* 57
5,000 Mail-Well, Inc.* 22
600 Management Network Group, Inc.* 13
1,200 Maximus, Inc.* 27
932 Mcgrath Rentcorp. 18
1,505 MedQuist, Inc.* 30
1,100 Memberworks, Inc.* 36
900 Meta Group, Inc.* 11
1,700 Midas, Inc. 24
9,700 Modis Professional Services, Inc.* 50
3,900 NationsRent, Inc.* 15
700 National Processing, Inc.* 10
4,000 Navigant Consulting Co.* 14
2,050 NCO Group, Inc.* 24
5,300 Ogden Corp.* 72
2,300 On Assignment, Inc.* 72
700 Organic, Inc.* 3
4,400 Orthodontic Centers of America, Inc.* 147
2,700 Parexel International Corp.* 23
4,450 Profit Recovery Group International, Inc.* 44
1,967 Pharmaceutical Product Development Corp.* 52
3,900 Plexus Corp.* 275
2,000 Prepaid Legal Services, Inc.* 65
400 Professional Detailing, Inc.* 23
2,100 ProsoftTraining.com* 30
2,100 Protection One, Inc.* 3
1,800 Rent-A-Center, Inc.* 62
2,587 Rent-Way, Inc.* 79
1,800 Rollins, Inc. 27
29,100 Service Corp. International 71
3,500 Sodexho Marriott Services, Inc.* 58
4,400 Sotheby's Holdings, Inc., Class A* 109
1,100 Source Information Management Co.* 7
6,230 Spherion Corp.* 74
800 Startek, Inc.* 23
9,800 Stewart Enterprises, Inc. 19
800 Strayer Education, Inc. 18
3,300 Sylvan Learning Systems, Inc.* 49
2,400 Trico Marine Services, Inc.* 38
3,500 United Rentals, Inc.* 84
850 Volt Information Sciences, Inc.* 18
1,000 Wackenhut Corp.* 15
1,700 Xceed, Inc.* 4
-------
4,536
-------
COMPUTERS - 3.6%
900 Adept Technology, Inc.* 47
5,500 Advanced Digital Information* 84
2,200 Analysts International Corp. 16
3,600 Answerthink, Inc.* 59
4,206 Avant! Corp.* 77
3,100 Axent Technologies, Inc.* 67
1,600 Bell & Howell Co.* 35
1,400 Breakaway Solutions, Inc.* 12
1,300 Brooktrout, Inc.* 43
1,100 Caci International, Inc., Class A* 24
5,600 Cambridge Technology Partners, Inc.* 25
1,000 Carreker Corp.* 20
4,900 Ciber, Inc.* 40
600 Cognizant Technology Solutions Corp.* 23
2,800 Complete Business Solutions* 38
3,350 Computer Horizons Corp.* 23
5,800 Concurrent Computer Corp.* 110
2,300 Cylink Corp.* 24
900 Digimarc Corp.* 17
1,000 Digitas, Inc.* 18
1,200 Dot Hill Systems Corp.* 8
5,012 Eloyalty Corp.* 64
2,200 eMachines, Inc.* 2
1,000 EpicEdge, Inc.* 3
800 Extended Systems, Inc.* 43
2,200 Factset Research Systems, Inc. 83
4,300 FutureLink Corp.* 13
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
43
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (cont'd.)
COMPUTERS - 3.6% (CONT'D.)
1,100 Gadzoox Networks, Inc.* $ 8
2,615 Hutchinson Technology, Inc.* 55
3,700 iGate Capital Corp.* 20
1,400 Immersion Corp.* 22
4,000 InFocus Corp.* 212
200 Inforte Corp.* 7
4,700 Intergraph Corp.* 34
3,500 InterVoice-Brite, Inc.* 37
29,000 Iomega Corp.* 145
4,500 iXL Enterprises, Inc.* 20
1,375 Kronos, Inc.* 41
400 LivePerson, Inc.* 2
500 Manhattan Associates, Inc.* 31
6,800 Maxtor Corp.* 71
700 Mcafee.com, Inc.* 10
1,100 MCSi, Inc.* 37
1,100 Media 100, Inc.* 12
6,800 Mentor Graphics Corp.* 160
2,300 Mercury Computer Systems, Inc.* 64
3,800 Micron Electronics, Inc.* 34
1,800 Micros Systems, Inc.* 27
3,400 MTI Technology Corp.* 13
2,750 Netegrity, Inc.* 193
600 Netguru, Inc.* 10
1,500 Netscout Systems, Inc.* 36
700 Netsolve, Inc.* 5
1,000 Nhancement Technologies, Inc.* 17
500 Nuance Communications, Inc.* 61
2,200 NYFIX, Inc.* 98
300 Pec Solutions, Inc.* 2
6,200 Perot Systems Corp.* 67
400 Predictive Systems, Inc.* 8
500 Procom Technology, Inc.* 15
8,500 Quantum Corp.* 84
1,750 Radiant Systems, Inc.* 37
1,600 Radisys Corp.* 81
1,100 Rainbow Technologies, Inc.* 39
9,800 S3, Inc.* 101
1,400 SCM Microsystems, Inc.* 53
2,700 Secure Computing Corp.* 70
19,800 Silicon Graphics, Inc.* 82
700 SmartDisk Corp.* 10
2,400 SonicWall, Inc.* 68
10,100 Storage Technology Corp.* 137
2,600 SYKES Enterprises, Inc.* 14
600 Syntel, Inc.* 5
3,466 Systems & Computer Technology Corp.* 61
1,300 Tanning Technology Corp.* 18
4,712 Technology Solutions Co.* 12
1,300 Vasco Data Security International Corp.* 21
3,000 Vertel Corp.* 28
1,200 Vertex Interactive, Inc.* 22
1,900 viaLink (The) Co.* 17
4,800 Wave Systems Corp., Class A* 80
15,400 Western Digital Corp.* 90
3,400 Xybernaut Corp.* 20
-------
3,742
-------
COSMETICS/PERSONAL CARE - 0.1%
3,900 Alberto-Culver Co., Class B 112
900 Revlon, Inc., Class A* 6
-------
118
-------
DISTRIBUTION/WHOLESALE - 0.4%
800 Advanced Marketing Services, Inc. 14
5,524 Brightpoint, Inc.* 28
2,800 Handleman Co.* 35
2,575 Hughes Supply, Inc. 51
3,562 Owens & Minor, Inc. 56
1,600 SCP Pool Corp.* 47
3,500 United Stationers, Inc.* 94
2,150 Watsco, Inc. 22
2,100 Wesco International, Inc.* 17
-------
364
-------
DIVERSIFIED FINANCIAL SERVICES - 2.1%
2,300 Advanta Corp., Class A 26
2,400 Affiliated Managers Group, Inc.* 137
8,100 AmeriCredit Corp.* 233
4,400 Associates First Capital Corp.* -
1,900 Blackrock, Inc., Class A* 61
2,200 Charter Municipal Mortgage Acceptance Co. 30
3,800 Cityscape Financial Corp.* -
1,300 CompuCredit Corp.* 73
1,800 Credit Acceptance Corp. 11
1,386 Dain Rauscher Corp 129
3,500 Doral Financial Corp. 57
1,000 DVI, Inc.* 19
3,200 Eaton Vance Corp. 163
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
44
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
6,600 Finova Group, Inc. $ 48
1,200 Financial Federal Corp.* 29
2,600 Friedman, Billings, & Ramsey Group, Inc.* 24
600 Gabelli Asset Management, Inc., Class A* 18
3,000 Investment Technology Group, Inc.* 120
2,600 Jefferies Group, Inc. 70
700 John Nuveen Co., Class A 34
4,000 LaBranche & Co, Inc.* 134
1,200 Medallion Financial Corp. 20
6,499 Metris Cos., Inc. 257
2,335 Morgan Keegan, Inc. 41
4,850 Phoenix Investment Partners Ltd. 75
2,500 Pioneer Group, Inc. 110
4,200 Raymond James Financial Corp. 138
1,652 Southwest Securities Group, Inc. 48
700 Stockwalk.com Group, Inc.* 3
400 Student Loan Corp. 20
1,800 Tucker Anthony Sutro Corp. 46
1,081 Westcorp, Inc. 16
1,000 WFS Financial, Inc. 17
-------
2,207
-------
ELECTRIC - 2.5%
7,900 Allete* 175
5,000 Avista Corp. 113
2,423 Black Hills Corp. 68
1,800 CH Energy Group, Inc. 72
2,400 Cleco Corp. 112
9,500 Conectiv, Inc. 170
5,800 EL Paso Electric Co.* 80
1,900 Empire District Electric Co. 50
16 Energy East Corp. -
3,500 Hawaiian Electric Industrial, Inc. 122
4,000 Idacorp, Inc. 185
6,600 Kansas City Power & Light Co. 176
1,725 Madison Gas & Electric Co. 39
6,725 MDU Resources Group, Inc. 200
2,500 Northwestern Corp. 49
8,300 OGE Energy Corp. 177
2,600 Otter Tail Power Co. 60
3,700 Public Service Co. of New Mexico 96
3,800 RGS Energy Group, Inc. 107
8,388 Sierra Pacific Resources 151
1,500 UIL Holdings Corp. 77
3,220 Unisource Energy Corp. 53
7,400 Western Resources, Inc. 160
2,800 WPS Resources Corp. 92
-------
2,584
-------
ELECTRICAL COMPONENTS & EQUIPMENT - 1.1%
1,200 Advanced Energy Industries, Inc.* 40
2,100 American Superconductor Corp.* 103
3,400 Ametek, Inc. 72
1,200 Applied Science & Technology Co.* 18
3,391 Artesyn Technologies, Inc.* 99
2,600 Belden, Inc. 61
2,700 C&D Technologies, Inc. 153
4,625 Cable Design Technologies Corp.* 112
1,300 Energy Conversion Devices, Inc.* 48
3,200 General Cable Corp. 24
2,100 Littelfuse, Inc.* 62
2,900 Rayovac Corp.* 50
1,100 Research Frontiers, Inc.* 21
1,925 SLI, Inc. 14
1,900 Superconductor Technologies, Inc.* 34
4,800 Ucar International, Inc.* 61
1,400 Universal Display Corp.* 31
3,200 Valence Technology, Inc.* 55
2,100 Vicor Corp.* 114
-------
1,172
-------
ELECTRONICS - 3.2%
1,200 ACT Manufacturing, Inc.* 63
300 American Technical Ceramics Corp.* 5
700 Analogic Corp. 27
900 Bel Fuse, Inc., Class A 40
2,000 Benchmark Electronics, Inc.* 104
1,869 Brady Corp., Class A 57
1,400 California Amplifier, Inc.* 32
3,100 Checkpoint Systems, Inc.* 23
2,900 Coherent, Inc.* 197
2,980 CTS Corp. 151
600 Cubic Corp. 14
700 Cyberoptics Corp.* 13
3,100 Cymer, Inc.* 95
1,200 DDI Corp.* 53
2,400 Dionex Corp.* 66
2,900 DSP Group, Inc.* 108
2,900 Electro Scientific Industries, Inc.* 102
1,000 Excel Technology, Inc.* 32
1,500 FEI Co.* 33
4,300 Fisher Scientific International, Inc.* 145
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
45
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
ELECTRONICS - 3.2% (CONT'D.)
2,900 Genrad, Inc.* $ 32
1,000 Li-Vi, Inc.* 19
2,800 Identix, Inc.* 34
900 Interlink Electronics, Inc.* 17
912 Interlogix, Inc.* 12
900 Keithley Instruments, Inc. 63
3,000 Kent Electronics Corp.* 72
900 Meade Instruments Corp.* 18
2,500 Mechanical Technology, Inc.* 27
3,842 Methode Electronics, Inc., Class A 170
4,100 Mettler Toledo International, Inc.* 180
1,700 Molecular Devices Corp.* 167
800 Moog, Inc., Class A* 24
500 Nanometrics, Inc.* 27
1,300 Packard Biosciences, Inc.* 25
4,220 Paxar Corp.* 38
1,300 Photon Dynamics, Inc.* 49
1,000 Park Electrochemical Corp. 56
3,700 Robotic Vision Systems, Inc.* 22
1,600 Rogers Corp.* 51
1,200 SBS Technologies, Inc.* 28
7,600 Sensormatic Electronics Corp.* 114
400 Spectra-Physics Lasers, Inc.* 21
1,300 Stoneridge, Inc.* 13
1,300 Technitrol, Inc. 131
2,500 Trimble Navigation Ltd.* 56
1,500 Universal Electronics, Inc.* 36
3,500 Varian, Inc.* 151
4,700 Viasystems Group, Inc.* 80
1,800 Watts Industries, Inc., Class A 18
1,200 Woodhead Industries, Inc. 25
900 Woodward Governor Co. 40
1,800 X-Rite, Inc. 16
1,400 Zygo Corp.* 122
-------
3,314
-------
ENERGY - ALTERNATE SOURCES - 0.2%
1,200 FuelCell Energy, Inc.* 115
3,500 Syntroleum Corp.* 71
-------
186
-------
ENGINEERING & CONSTRUCTION - 0.3%
1,000 EMCOR Group, Inc.* 26
4,100 Foster Wheeler Corp. 30
2,075 Granite Construction, Inc. 50
2,000 Insituform Technologies, Inc.* 67
2,400 Jacobs Engineering Group, Inc.* 97
1,400 URS Corp.* 19
3,500 Washington Group International, Inc.* 40
-------
329
-------
ENTERTAINMENT - 0.5%
700 Anchor Gaming Corp.* 56
2,200 Argosy Gaming Corp.* 40
1,200 Championship Auto Racing Teams, Inc.* 29
900 Churchill Downs, Inc. 23
1,300 Dover Downs Entertainment, Inc. 17
4,500 Fairfield Communities, Inc.* 46
1,900 Gaylord Entertainment Co. 45
600 GC Cos., Inc.* 2
3,700 Gtech Holdings Corp.* 61
2,700 Isle of Capri Casinos, Inc.* 42
300 Liberty Livewire Corp.* 9
900 Penn National Gaming, Inc.* 14
2,000 Pinnacle Entertainment, Inc.* 44
1,500 Speedway Motorsports, Inc.* 31
400 Trendwest Resorts, Inc.* 7
1,600 Vail Resorts, Inc.* 32
3,000 Zomax, Inc.* 21
-------
519
-------
ENVIRONMENTAL CONTROL - 0.3%
3,700 Calgon Carbon Corp. 25
2,000 Casella Waste Systems, Inc., Class A* 20
3,200 Catalytica, Inc.* 40
1,700 Ionics, Inc.* 36
1,000 Mine Safety Appliances Co. 22
1,500 Stericycle, Inc.* 37
3,693 Tetra Tech, Inc.* 105
2,100 Waste Connections, Inc.* 54
-------
339
-------
FOOD - 1.6%
2,000 American Italian Pasta Co., Class A* 38
1,900 Aurora Foods, Inc.* 6
4,000 Chiquita Brands International, Inc. 13
3,800 Corn Products International, Inc. 86
3,800 Dean Foods Co. 126
5,600 Del Monte Foods Co.* 35
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
46
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
4,900 Dole Food Co. $ 74
1,700 Dreyer's Grand Ice Cream, Inc. 37
4,500 Earthgrains Co. 83
4,200 Fleming Cos., Inc. 55
1,900 Great Atlantic & Pacific Tea Co. 21
3,100 Hain Celestial Group, Inc.* 109
1,100 Ingles Markets, Inc., Class A 12
3,900 Interstate Bakeries Corp. 57
1,800 International Multifoods Corp. 31
2,700 Lance, Inc. 26
1,500 Michael Foods, Inc. 35
1,350 Performance Food Group Co.* 51
1,700 Pilgrims Pride Corp., Class B 12
3,000 Ralcorp Holdings, Inc.* 42
800 Rica Foods, Inc.* 13
700 Riviana Foods, Inc. 12
3,200 Ruddick Corp. 44
5,900 Smithfield Foods, Inc.* 155
2,300 Smucker (J.M.) Co., Class A* 56
3,000 Suiza Foods Corp.* 152
900 United Natural Foods, Inc.* 11
4,800 Universal Foods Corp. 98
2,800 Whole Foods Market, Inc.* 150
2,050 Wild Oats Markets, Inc.* 24
-------
1,664
-------
FOOD SERVICE - 0.0%
1,330 Morrison Management Specialist, Inc. 39
-------
FOREST PRODUCTS & PAPER - 0.5%
2,900 Buckeye Technologies, Inc.* 60
2,800 Caraustar Industries, Inc. 31
1,600 Chesapeake Corp. 31
1,100 Deltic Timber Corp. 19
2,800 Glatfelter (P.H.) Co. 34
11,200 Louisiana-Pacific Corp. 103
1,500 Pope & Talbot, Inc. 21
3,000 Potlatch Corp. 95
1,240 Rock-Tenn Co., Class A 12
1,500 Schweitzer-Mauduit International, Inc. 20
5,542 Wausau-Mosinee Paper Corp. 43
-------
469
-------
GAS - 1.4%
5,800 AGL Resources, Inc. 116
3,422 Atmos Energy Corp. 71
1,200 Cascade Natural Gas Corp. 21
2,900 Energen Corp. 86
400 Energynorth, Inc. 24
2,000 Laclede Gas Co. 43
1,900 New Jersey Resources Corp. 77
2,650 Northwest Natural Gas Co. 60
1,400 NUI Corp. 42
3,100 Oneok, Inc. 123
3,800 Peoples Energy Corp. 127
3,400 Piedmont Natural Gas Co. 104
1,213 South Jersey Industries, Inc. 35
3,400 Southwest Gas Corp. 71
2,700 Southwestern Energy Co. 24
1,975 SEMCO Energy, Inc. 30
3,378 Southern Union Co. 67
2,886 UGI Corp. 70
6,565 Vectren Corp. 133
5,000 Washington Gas Light Co. 134
-------
1,458
-------
HAND/MACHINE TOOLS - 0.4%
2,553 Baldor Electric Co. 52
500 Franklin Electric Co, Inc. 35
3,300 Kennametal, Inc. 85
3,700 Lincoln Electric Holdings, Inc. 49
3,700 Milacron, Inc. 49
2,200 Regal Beloit Corp. 37
6,300 Snap-On, Inc. 148
-------
455
-------
HEALTH CARE - PRODUCTS - 2.4%
800 Abiomed, Inc.* 55
2,200 Acuson Corp.* 50
2,200 Adac Laboratories, Inc.* 46
1,200 Arrow International, Inc. 44
2,100 Arthrocare Corp.* 41
400 Aspect Medical Systems, Inc.* 5
2,300 ATS Medical, Inc.* 35
1,500 Biosite Diagnostics, Inc.* 60
3,000 Cardiodynamics International Corp.* 16
5,200 Celsion Corp.* 13
1,000 Cerus Corp.* 56
1,500 ChromaVision Medical Systems, Inc.* 14
700 Closure Medical Corp.* 18
2,600 Columbia Laboratories, Inc.* 15
1,550 Conmed Corp.* 21
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
47
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
HEALTH CARE - PRODUCTS - 2.4% (CONT'D.)
1,500 Cooper Cos., Inc. $ 53
1,800 Cyberonics, Inc.* 39
1,300 Datascope Corp. 44
1,200 Diagnostic Products Corp. 64
2,700 Diametrics Medical, Inc.* 22
6,300 Edwards Lifesciences Corp.* 137
1,100 Endocare, Inc.* 22
1,000 Gliatech, Inc.* 6
2,700 Haemonetics Corp.* 69
3,800 Idexx Laboratories, Inc.* 102
1,000 Igen International, Inc.* 20
9,700 Imatron, Inc.* 22
1,400 Inamed Corp.* 39
2,512 Invacare Corp. 81
1,700 I-Stat Corp.* 38
500 Luminex Corp.* 19
2,300 Mentor Corp. 36
1,200 Microvision, Inc.* 46
1,700 Novoste Corp.* 72
2,400 Oakley, Inc.* 42
1,700 Ocular Sciences, Inc.* 20
500 Oratec Interventions, Inc.* 6
1,000 Photogen Technologies, Inc.* 4
1,100 PolyMedica Corp.* 47
7,650 PSS World Medical, Inc.* 28
3,200 Resmed, Inc.* 100
3,561 Respironics, Inc.* 59
2,400 Henry Schein, Inc.* 48
400 Sonic Innovations, Inc.* 4
1,000 SonoSite, Inc.* 19
1,300 Staar Surgical Co.* 23
7,200 Steris Corp.* 86
5,200 Sunrise Technologies International, Inc.* 37
1,700 Thermo Cardiosystems, Inc.* 15
1,600 Thoratec Labs Corp.* 35
3,400 Varian Medical Systems, Inc.* 154
5,400 Vasomedical, Inc.* 26
1,100 Ventana Medical Systems* 28
5,700 VISX, Inc.* 154
600 Vital Signs, Inc. 16
2,000 Wesley Jessen Visioncare, Inc.* 77
1,076 West Pharmaceutical Services, Inc. 25
900 Zoll Medical Corp.* 44
-------
2,517
-------
HEALTH CARE - SERVICES - 2.0%
2,300 Ameripath, Inc.* 33
4,200 Apria Healthcare Group, Inc.* 59
10,800 Beverly Enterprises, Inc.* 64
6,100 Covance, Inc.* 50
6,300 Coventry Health Care, Inc.* 95
11,100 Foundation Health Systems, Inc.* 185
1,800 Gentiva Health Services, Inc.* 23
16,800 Humana, Inc.* 181
1,600 Impath, Inc.* 101
1,900 Laboratory Corp. of America Holdings* 228
3,400 LifePoint Hospitals, Inc.* 121
4,400 Lincare Holdings, Inc.* 126
8,600 Manor Care, Inc.* 135
4,600 MID Atlantic Medical Services, Inc.* 70
3,300 Province Healthcare Co.* 132
7,600 Quorum Health Group, Inc.* 99
1,400 RehabCare Group, Inc.* 60
4,825 Renal Care Group, Inc.* 90
2,050 Res-Care, Inc.* 9
400 RightChoice Managed Care, Inc.* 10
2,000 Sunrise Assisted Living, Inc.* 43
7,900 Total Renal Care Holdings, Inc.* 59
3,700 Triad Hospitals, Inc.* 109
7,806 US Oncology, Inc.* 35
-------
2,117
-------
HOLDING COMPANIES - DIVERSIFIED - 0.1%
13,200 Terremark Worldwide, Inc.* 34
1,401 Triarc Cos., Inc.* 34
3,500 Walter Industries, Inc. 31
-------
99
-------
HOME BUILDERS - 1.3%
6,300 Centex Corp. 202
5,008 Champion Enterprises, Inc. 21
10,600 Clayton Homes, Inc. 106
1,500 Coachmen Industries, Inc. 16
800 Crossmann Communities, Inc.* 16
5,652 DR Horton, Inc. 97
3,500 Fleetwood Enterprises, Inc. 47
5,200 Kaufman & Broad Home Corp. 140
5,166 Lennar Corp. 153
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
48
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
2,300 MDC Holdings, Inc. $ 60
1,700 Monaco Coach Corp.* 28
1,000 NVR, Inc.* 81
2,012 Palm Harbor Homes, Inc.* 28
3,200 Pulte Corp. 106
1,400 Ryland Group, Inc. 43
700 Skyline Corp. 15
2,500 Standard-Pacific Corp. 45
699 Thor Industries, Inc. 16
2,200 Toll Brothers, Inc.* 76
1,800 Webb (Del E.) Corp. 50
1,500 Winnebago Industries, Inc. 19
-------
1,365
-------
HOME FURNISHINGS - 0.6%
2,453 Applica, Inc.* 15
850 Bush Industries, Inc., Class A 10
4,200 Ethan Allen Interiors, Inc. 119
2,800 Fedders Corp. 11
5,300 Furniture Brands International, Inc.* 88
3,430 Harman International Industries, Inc. 134
3,400 Kimball International, Inc., Class B 61
6,500 La-Z-Boy, Inc. 95
900 Parkervision, Inc.* 43
1,000 Salton, Inc.* 32
8,238 Sunbeam, Corp.* 11
-------
619
--------
HOUSEHOLD PRODUCTS/WARES - 0.9%
6,900 American Greetings Corp,. Class A 121
3,700 Blyth, Inc. 87
1,600 Central Garden and Pet Co.* 11
4,100 Church & Dwight, Inc. 75
600 CSS Industries, Inc.* 12
9,100 Dial Corp. 106
1,500 Fossil, Inc.* 20
3,000 Harland (John H.) Co. 46
1,300 New England Business Services, Inc. 24
8,400 Pennzoil-Quaker State Co. 88
3,100 Playtex Products, Inc.* 37
1,100 Russ Berrie & Co., Inc. 22
1,700 Scotts Co., Class A* 57
1,400 Standard Register Co. 22
6,200 Tupperware Corp. 112
4,000 Wallace Computer Services, Inc. 61
1,600 Yankee Candle Company, Inc.* 32
-------
933
-------
HOUSEWARES - 0.1%
1,600 Libbey, Inc. 50
7,571 Metromedia International Group, Inc.* 28
500 National Presto Industrial, Inc. 15
1,470 Oneida Ltd. 20
1,200 Toro Co. 38
-------
151
-------
INSURANCE - 2.6%
4,200 Alfa Corp. 73
510 Alleghany Corp. 100
1,100 American National Insurance Co. 70
1,320 AmerUs Group Co.* 34
1,900 Argonaut Group, Inc. 33
1,200 Baldwin & Lyons, Inc., Class B 23
1,850 Berkley (W.R.) Corp. 64
1,400 Blanch (EW) Holdings, Inc. 29
2,400 Brown & Brown, Inc. 76
1,800 CNA Surety Corp. 21
2,700 Commerce Group, Inc. 78
3,750 Crawford & Co., Class B 46
1,619 Delphi Financial Group, Inc., Class A 66
2,900 Enhance Financial Services Group 38
1,300 FBL Financial Group, Inc., Class A 21
5,721 Fidelity National Financial, Inc. 142
5,894 First American Financial Corp., Class C 123
6,200 Fremont General Corp. 21
4,100 Gallagher (Arthur J.) & Co. 242
760 Great American Financial Resources, Inc.* 14
1,400 Harleysville Group, Inc. 27
4,400 HCC Insurance Holdings, Inc. 89
1,400 Hilb, Rogal & Hamilton Co. 58
4,300 Horace Mann Educators Corp. 70
3,100 HSB Group, Inc. 124
700 Kansas City Life Insurance Co. 23
1,100 Landamerica Financial Group, Inc. 31
4,100 Leucadia National Corp. 110
1,700 Liberty Corp. 59
1,500 Liberty Financial Co. 35
600 Markel Corp.* 91
2,046 Medical Assurance, Inc. 25
2,900 Mercury General Corp. 82
500 Midland Co. 13
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
49
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
INSURANCE - 2.6% (CONT'D.)
200 National Western Life Insurance Co.,
Class A* $ 15
6,400 Ohio Casualty Corp. 41
700 Philadelphia Consolidated Holding Co.* 15
1,400 Pico Holdings, Inc.* 18
1,800 PMA Capital Corp., Class A 32
2,200 Presidential Life Corp. 33
7,000 Reliance Group Holdings, Inc. 1
863 RLI Corp. 33
1,000 Scpie Holdings, Inc. 20
2,800 Selective Insurance Group, Inc. 50
1,300 State Auto Financial Corp. 17
3,400 Stancorp Financial Group, Inc. 145
1,100 Stewart Information Services, Inc. 17
1,750 Trenwick Group Ltd.* 33
1,400 Triad Guaranty, Inc.* 42
4,000 UICI* 28
1,000 Zenith National Insurance Corp. 22
-------
2,713
-------
INTERNET - 4.0%
900 1-800-Flowers, Inc.* 4
2,500 24/7 Media, Inc.* 25
1,500 About.com, Inc.* 49
600 Agency.com, Inc.* 9
2,400 Allaire Corp.* 20
1,300 Aperian, Inc.* 8
700 Applied Theory Corp.* 4
2,200 Ask Jeeves, Inc.* 42
4,585 Avocent Corp.* 253
1,100 Barnesandnoble.com, Inc.* 5
2,500 Be Free, Inc.* 11
1,400 Bluestone Software, Inc.* 24
1,500 Buy.com, Inc.* 4
700 CAIS Internet, Inc.* 3
500 Caldera Systems, Inc.* 2
1,800 Calico Commerce, Inc.* 11
500 C-Bridge Internet Solutions, Inc.* 9
400 Centillium Communications, Inc.* 38
500 Chordiant Software, Inc.* 4
2,300 Clarent Corp.* 91
1,000 Click2learn.com, Inc.* 15
300 Coolsavings.com, Inc.* 1
400 Corillian Corp.* 4
5,200 Cyber-Care, Inc.* 33
2,000 Cybersource Corp.* 23
1,100 Cypress Communications, Inc.* 3
1,300 Data Return Corp.* 26
3,400 Digital Courier Technologies, Inc.* 6
800 Digital Impact, Inc.* 5
2,200 Digital Insight Corp.* 79
7,200 Digital Island, Inc.* 135
2,100 Digital River, Inc.* 14
500 Digitalthink, Inc.* 21
1,700 Donaldson, Lufkin & Jenrette, Inc.* 12
2,000 Drugstore.com, Inc.* 7
3,000 DSL.Net, Inc.* 9
4,200 e.MedSoft.com* 11
2,600 Egain Communications Corp.* 24
1,000 E-Loan, Inc.* 4
700 eMerge Interactive, Inc.* 11
300 Envision Development Corp.* 3
500 ePlus, Inc.* 10
500 Eprise Corp.* 4
1,000 Espeed, Inc., Class A* 28
6,200 EToys, Inc.* 33
600 Expedia, Inc.* 8
500 Extensity, Inc.* 11
1,800 F5 Networks, Inc.* 61
600 Firepond, Inc.* 9
1,100 Firstworld Communications, Inc.* 2
2,700 Frontline Capital Group, Inc.* 44
700 GetThere, Inc.* 12
2,300 Globalnet Financial.com, Inc.* 15
285 GlobalSCAPE, Inc.* -
1,900 Globix Corp.* 44
2,900 Go2net, Inc.* 157
2,800 GoTo.com Inc.* 46
500 Gric Communications, Inc.* 4
3,400 High Speed Access Corp.* 12
1,600 Hollywood.com, Inc.* 10
600 Hotel Reservations Network, Inc.* 22
1,700 HotJobs.com Ltd.* 29
1,200 Ibasis, Inc.* 19
1,200 iBEAM Broadcasting Corp.* 8
7,000 IndyMac Bancorp, Inc.* 144
2,200 Information Architects Corp.* 7
5,100 Interliant, Inc.* 41
1,200 Internet.com Corp.* 37
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
50
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000s)
---------------------------------------------------------------
<S> <C> <C>
5,100 Internet Pictures Corp.* $ 28
2,100 InterWorld Corp.* 8
3,700 Interwoven, Inc.* 418
1,800 Intranet Solutions, Inc.* 90
1,700 Intraware, Inc.* 13
700 ITXC Corp.* 10
2,200 iVillage, Inc.* 9
2,100 Juno Online Services, Inc.* 8
2,062 Jupiter Media Metrix, Inc.* 33
1,800 Keynote Systems, Inc.* 48
1,600 Lante Corp.* 8
1,200 LifeMinders, Inc.* 28
4,400 Looksmart Ltd.* 49
500 Loudeye Technologies, Inc.* 3
4,500 Mail.com, Inc.* 23
1,500 Marimba, Inc.* 18
400 Marketwatch.com, Inc.* 3
600 Matrixone, Inc.* 24
1,100 MedicaLogic/Medscape, Inc.* 4
1,300 Mediaplex, Inc.* 5
2,200 MP3.com, Inc.* 9
1,800 Multex.com, Inc.* 31
2,600 MyPoints.com, Inc.* 14
1,700 National Information Consortium, Inc.* 7
1,400 National Discount Brokers Group, Inc.* 43
3,800 NBC Internet, Inc.* 25
800 Neoforma.com, Inc.* 3
1,400 Net Perceptions, Inc.* 7
500 Net.Genesis Corp.* 4
1,100 Net2Phone, Inc.* 25
2,600 Net.B@nk, Inc.* 31
2,500 Netcentives, Inc.* 19
400 NetCreations, Inc.* 4
1,200 Netobjects, Inc.* 4
1,500 Netopia, Inc.* 17
800 Netpliance, Inc.* 1
400 Netratings, Inc.* 8
400 NetSol International, Inc.* 6
3,000 Network Commerce, Inc.* 17
3,400 NetZero, Inc.* 7
3,400 NextCard, Inc.* 31
900 Niku Corp.* 22
2,000 ON2.com, Inc.* 5
900 ONVIA.com, Inc.* 4
3,800 Open Market, Inc.* 24
800 Opus360 Corp.* 2
1,400 PC-Tel, Inc.* 33
1,200 Persistence Software, Inc.* 13
400 Preview Systems, Inc.* 4
1,300 Primus Knowledge Solutions, Inc.* 19
2,200 Prodigy Communications Corp., Class A* 11
1,200 PurchasePro.com, Inc.* 105
1,400 QRS Corp.* 21
2,400 Quokka Sports, Inc.* 10
1,600 Ramp Networks, Inc.* 6
3,000 Rare Medium Group, Inc.* 22
500 Register.com, Inc.* 5
700 Retek, Inc.* 37
6,600 Rhythms Netconnections, Inc.* 49
400 Saba Software, Inc.* 11
2,100 Sciquest.com, Inc.* 15
500 Selectica, Inc.* 20
500 Sequoia Software Corp.* 3
400 Smartserv Online, Inc.* 14
3,100 Softnet Systems, Inc.* 19
400 Software Technologies Corp.* 9
1,900 SportsLine.com, Inc.* 26
3,200 Stamps.com, Inc.* 12
3,900 StarMedia Network, Inc.* 29
600 Switchboard, Inc.* 4
1,600 Travelocity.com* 23
1,400 Trizetto Group, Inc.* 22
900 Tumbleweed Communications Corp.* 46
1,800 U.S. Interactive, Inc.* 5
300 Uproar, Inc.* 1
400 Valueclick, Inc.* 3
2,300 Ventro Corp.* 25
3,100 Verity, Inc.* 111
400 Versata, Inc.* 11
1,600 Via Net.Works, Inc.* 15
1,200 Viador, Inc.* 11
4,100 Viant Corp.* 24
800 Vicinity Corp.* 9
1,000 Voyager.net, Inc.* 6
1,200 WatchGuard Technologies Corp.* 72
400 Websense, Inc.* 10
7,700 Wit Soundview Group, Inc.* 69
1,800 Women.com Networks, Inc.* 5
1,400 Worldgate Communications Corp.* 29
900 XPedior, Inc.* 3
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
51
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000s)
---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
INTERNET - 4.0% (CONT'D.)
1,800 Zixit Corp.* $ 55
--------
4,131
--------
INVESTMENT COMPANIES - 0.2%
8,100 Allied Capital Corp. 168
2,300 American Capital Strategies Ltd. 55
2,000 Ampal-American Israel Corp.* 26
--------
249
--------
IRON/STEEL - 0.4%
9,000 AK Steel Holding Corp. 84
14,200 Bethlehem Steel Corp.* 43
2,000 Carpenter Technology Corp. 58
1,100 Cleveland-Cliffs, Inc. 25
800 Gibraltar Steel Corp. 13
10,700 LTV Corp. 14
2,200 National Steel Corp., Class B 7
2,150 Reliance Steel & Aluminum Co. 45
2,432 Ryerson Tull, Inc. 23
4,600 Steel Dynamics, Inc.* 42
3,500 Weirton Steel Corp.* 9
--------
363
--------
LEISURE TIME - 0.5%
1,100 American Classic Voyages Co.* 16
1,925 Arctic Cat, Inc. 24
2,600 Bally Total Fitness Holding Corp.* 65
8,100 Callaway Golf Co. 125
1,350 Direct Focus, Inc.* 54
2,600 Pegasus Solutions, Inc.* 51
2,600 Polaris Industries, Inc. 92
2,400 WMS Industries, Inc.* 54
--------
481
--------
LODGING - 0.4%
4,000 Aztar Corp.* 62
3,000 Boca Resorts, Inc., Class A* 33
4,000 Boyd Gaming Corp.* 20
5,700 Choice Hotels International, Inc.* 63
1,600 Crestline Capital Corp.* 32
7,600 Extended Stay America, Inc.* 101
2,325 Marcus Corp. 24
4,800 Prime Hospitality Corp.* 49
3,700 Station Casinos, Inc.* 53
16,100 Wyndham International, Inc., Class A* 29
--------
466
--------
MACHINERY - CONSTRUCTION & MINING - 0.1%
1,600 Astec Industries, Inc.* 18
4,300 JLG Industries, Inc. 52
2,800 Terex Corp.* 37
--------
107
--------
MACHINERY - DIVERSIFIED - 1.5%
6,400 Agco Corp. 76
1,867 Albany International Corp., Class A 22
2,135 Applied Industrial Technologies, Inc. 37
2,400 Briggs & Stratton Corp. 91
1,800 Brooks Automation, Inc.* 60
1,300 Columbus Mckinnon Corp. 18
4,400 Cummins Engine Company, Inc. 132
800 Detroit Diesel Corp. 18
3,989 Flowserve Corp. 66
1,450 Gardner Denver, Inc.* 24
2,100 Gerber Scientific, Inc. 18
2,155 Graco, Inc. 69
3,175 Idex Corp. 89
3,800 Imation Corp.* 71
1,255 Lindsay Manufacturing Co. 23
2,100 Magnetek, Inc.* 22
2,650 Manitowoc Co. 51
700 Nacco Industries, Inc., Class A 29
3,000 Nordson Corp. 85
3,000 Presstek, Inc.* 58
800 Robbins & Myers, Inc. 19
800 Satcon Technology Corp.* 29
2,100 Sauer-Danfoss, Inc. 23
1,300 Specialty Equipment Cos., Inc.* 32
3,000 Stewart & Stevenson Services 52
1,700 Tecumseh Products Co. 71
1,000 Tennant Co. 44
600 Thermo Fibertek, Inc.* 3
1,623 Thomas Industries, Inc. 33
4,600 Unova, Inc.* 18
2,700 Zebra Technologies Corp., Class A* 130
--------
1,513
--------
MEDIA - 2.0%
1,000 4 Kids Entertainment, Inc.* 17
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
52
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
1,200 Ackerley Group, Inc. $ 12
1,100 Acme Communications, Inc.* 10
3,500 Actv, Inc.* 48
900 Beasley Broadcasting Group, Inc.* 9
3,900 Citadel Communications Corp.* 66
1,100 Crown Media Holdings, Inc.* 16
3,800 Cumulus Media, Inc., Class A* 23
4,300 Hollinger International, Inc., Class A 72
2,900 Houghton Mifflin Co. 114
1,000 Information Holdings, Inc.* 35
4,200 Insight Communications Corp.* 67
4,800 Journal Register Co.* 80
4,700 Lee Enterprises, Inc. 136
1,300 Lodgenet Entertainment Corp.* 38
1,000 Martha Stewart Living Omnimedia Co.* 26
2,000 Mcclatchy Company, Class A 70
2,100 Media General, Inc., Class A 90
2,100 Mediacom Communications Corp.* 34
4,000 Meredith Corp. 118
900 On Command Corp.* 11
3,500 Paxson Communications Corp.* 40
2,200 Playboy Enterprises, Inc.* 33
900 Pulitzer, Inc. 39
1,400 Private Media Group Ltd.* 8
1,700 Regent Communications, Inc.* 9
725 Saga Communications, Inc., Class A* 12
2,500 Salem Communications Corp.* 32
1,500 Scholastic Corp.* 119
4,900 Sinclair Broadcast Group, Inc., Class A* 54
3,700 Sirius Satellite Radio, Inc.* 196
3,300 Spanish Broadcasting System Co.* 39
1,600 Tivo, Inc.* 31
400 United Television, Inc. 59
200 Value Line, Inc. 7
4,900 Wiley John & Sons, Inc. 112
2,300 Wink Communications, Inc.* 28
1,300 World Wrestling Federation
Entertainment, Inc.* 20
3,700 Worldpages.com, Inc.* 16
1,300 XM Satellite Radio Holdings, Inc.* 56
1,300 Young Broadcasting, Inc., Class A* 41
3,500 Ziff-Davis, Inc. 28
--------
2,071
--------
METAL FABRICATE/HARDWARE - 0.8%
1,410 Commercial Metals Co. 36
3,200 Kaydon Corp. 74
600 Lawson Products, Inc. 15
1,900 Maverick Tube Corp.* 51
2,700 Metals USA, Inc. 8
3,700 Mueller Industries, Inc.* 83
1,800 NS Group, Inc.* 36
700 Penn Engineering & MFG Corp. 22
5,200 Precision Castparts Corp. 200
1,500 Quanex Corp. 29
1,600 Shaw Group, Inc.* 113
5,300 Timken Co. 73
1,500 Valmont Industries, Inc. 30
900 Wolverine Tube, Inc.* 13
7,500 Worthington Industries, Inc. 70
--------
853
--------
MINING - 0.4%
3,014 Amcol International Corp. 15
14,100 Battle Mountain Gold Co.* 25
1,800 Brush Engineered Materials, Inc. 39
1,300 Century Aluminum Co. 16
13,600 Freeport-McMoran Copper & Gold, Inc.* 120
3,100 Kaiser Aluminum Corp.* 19
2,000 RTI International Metals, Inc.* 29
2,700 Southern Peru Copper Corp. 42
4,150 Stillwater Mining Co.* 112
9,200 USEC, Inc. 39
--------
456
--------
MISCELLANEOUS MANUFACTURERS - 2.1%
4,177 Actuant Corp.* 16
3,800 Aptargroup, Inc. 91
1,832 Barnes Group, Inc. 34
360 Blount International, Inc.* 4
3,200 Carlisle Cos., Inc. 133
2,612 Clarcor, Inc. 51
2,300 Concord Camera Corp.* 59
1,750 Cuno, Inc.* 39
2,500 Dexter Corp. 156
4,300 Donaldson Co., Inc. 95
1,200 ESCO Technologies, Inc.* 21
4,800 Federal Signal Corp. 95
700 GenTek, Inc. 11
2,803 Griffon Corp.* 21
4,300 Harsco Corp. 95
2,007 Hexcel Corp.* 27
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
53
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
MISCELLANEOUS MANUFACTURERS - 2.1% (CONT'D.)
3,400 Lancaster Colony Corp. $ 84
4,000 Mascotech, Inc. 66
1,500 Matthews International Corp. 44
1,889 Myers Industries, Inc. 24
4,400 National Service Industries, Inc. 86
300 NCH Corp. 11
5,512 Pittston Brink's Group, Inc. 85
4,800 Polaroid Corp. 65
2,200 Polymer Group, Inc. 16
3,300 Roper Industries, Inc. 110
1,400 Scott Technologies, Inc.* 25
2,300 Smith (A.O.) Corp. 29
1,334 SPS Technologies, Inc. 65
1,200 Standex International Corp. 23
2,100 Sturm Ruger & Co., Inc. 17
600 SurModics, Inc.* 33
4,100 Teleflex, Inc. 141
2,750 Tredegar Corp. 48
4,000 Trinity Industries, Inc. 94
8,200 U.S. Industries, Inc. 81
2,974 WABTEC Corp. 30
--------
2,125
--------
OFFICE FURNISHINGS - 0.2%
500 Compx International, Inc., Class A 11
5,700 HON Industries, Inc. 140
5,000 Interface, Inc., Class A 40
--------
191
--------
OFFICE/BUSINESS EQUIPMENT - 0.1%
15,600 IKON Office Solutions, Inc. 61
--------
OIL & GAS PRODUCERS - 2.6%
900 Atwood Oceanics, Inc.* 38
3,053 Barrett Resources Corp.* 115
1,500 Basin Exploration, Inc.* 29
1,700 Belco Oil & Gas Corp.* 15
1,900 Berry Petroleum Co., Class A 34
3,100 Brown (Tom), Inc.* 76
2,800 Cabot Oil & Gas Corp., Class A 57
600 Callon Petroleum Co.* 9
12,218 Chesapeake Energy Corp. 88
500 Clayton Williams Energy, Inc.* 20
2,100 Comstock Resources, Inc.* 24
7,462 Cross Timbers Oil Co. 143
1,700 Denbury Resources, Inc.* 12
3,100 EEX Corp.* 15
1,400 Evergreen Resources, Inc.* 49
1,400 Forcenergy, Inc.* 37
3,500 Forest Oil Corp.* 57
3,000 Frontier Oil Corp.* 22
19,200 Grey Wolf, Inc.* 110
1,800 HS Resources, Inc.* 61
900 Houston Exploration Co.* 23
10,300 Key Energy Services, Inc.* 101
1,100 KEY Production Company, Inc.* 24
2,252 Louis Dreyfus Natural Gas Corp.* 89
1,700 McMoRan Exploration Co.* 20
1,712 Meridian Resource Corp.* 12
2,200 Mitchell Energy & Development Corp. 103
1,600 Nuevo Energy Co.* 29
7,000 Parker Drilling Co.* 49
1,200 Patina Oil & Gas Corp. 24
3,500 Patterson Energy, Inc.* 120
700 Penn Virginia Corp. 18
1,700 Pennaco Energy, Inc.* 30
10,600 Pioneer Natural Resources Co.* 150
1,700 Plains Resources, Inc.* 32
4,300 Pogo Producing Co. 109
600 Prima Energy Corp.* 32
400 Prize Energy Corp.* 8
5,400 Pure Resources, Inc.* 114
1,000 Spinnaker Exploration Co.* 35
3,000 St. Mary Land & Exploration Co. 69
1,800 Stone Energy Corp.* 99
2,190 Swift Energy Co.* 91
3,300 Tesoro Petroleum Corp.* 33
3,400 Unit Corp.* 50
1,500 UTI Energy Corp.* 67
5,200 Vintage Petroleum, Inc. 118
1,370 WD-40 Co. 29
--------
2,689
--------
OIL & GAS SERVICES - 0.7%
1,300 CAL Dive International, Inc.* 74
500 Carbo Ceramics, Inc. 13
1,000 Dril-Quip, Inc.* 40
3,579 Friede Goldman Halter, Inc.* 25
800 Gulf Island Fabrication, Inc.* 14
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
54
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
4,200 Input/Output, Inc.* $ 40
2,500 Lone Star Technologies, Inc.* 115
7,380 Newpark Resources, Inc.* 68
2,200 Oceaneering International, Inc.* 37
1,394 RPC, Inc. 16
1,800 Seacor Smit, Inc.* 84
2,000 Seitel, Inc.* 29
4,800 Superior Energy Services, Inc.* 50
800 Universal Compression Holdings, Inc.* 25
2,900 Veritas DGC, Inc.* 84
--------
714
--------
PACKAGING & CONTAINERS - 0.5%
3,100 Ball Corp. 98
3,100 Earthshell Corp.* 4
5,800 Gaylord Container Corp., Class A* 10
1,400 Greif Brothers Corp., Class A 47
2,200 Ivex Packaging Corp.* 22
300 Liqui-Box Corp. 10
5,500 Longview Fibre Co. 66
5,000 Packaging Corp. of America* 55
18,100 Pactiv Corp.* 202
900 US Can Corp.* 18
--------
532
--------
PHARMACEUTICALS - 5.1%
1,200 Accredo Health, Inc.* 59
2,100 Advance Paradigm, Inc.* 89
5,100 Alliance Pharmaceutical Co.* 78
500 Allos Therapeutics, Inc.* 5
2,650 Alpharma, Inc., Class A 162
5,500 Amerisource Health Corp., Class A* 259
6,000 Amylin Pharmaceuticals, Inc.* 65
1,300 Anesta Corp.* 30
400 Antigenics, Inc.* 6
1,900 Aradigm Corp.* 44
2,187 Barr Laboratories, Inc.* 145
14,400 Bergen Brunswig Corp., Class A 168
2,754 Bindley Western Industries, Inc. 88
1,800 BioMarin Pharmaceuticals, Inc.* 33
1,600 Biomatrix, Inc.* 28
1,400 Biopure Corp., Class A* 25
987 Block Drug Co., Class A 43
700 Bone Care International, Inc.* 15
2,200 Carter-Wallace, Inc. 54
2,300 Cell Pathways, Inc.* 19
2,800 Cell Therapeutics, Inc.* 187
3,200 Connetics Corp.* 77
2,000 Corixa Corp.* 101
1,800 Coulter Pharmaceutical, Inc.* 52
2,900 Cubist Pharmaceuticals, Inc.* 151
1,600 CV Therapeutics, Inc.* 124
2,500 Cygnus, Inc.* 28
4,800 Dura Pharmaceuticals, Inc.* 170
1,500 Dusa Pharmaceuticals, Inc.* 46
1,500 Emisphere Technologies, Inc.* 45
1,700 Geltex Pharmaceuticals, Inc.* 80
1,900 Genta, Inc.* 18
2,500 Guilford Pharmaceuticals, Inc.* 58
1,333 Herbalife International, Inc., Class A 12
1,000 Hyseq, Inc.* 37
2,700 Ilex Oncology, Inc.* 81
2,800 Immune Response Corp.* 19
3,500 Immunogen, Inc.* 120
800 Intrabiotics Pharmaceuticals, Inc.* 13
4,100 Isis Pharmaceuticals, Inc.* 47
1,100 KOS Pharmaceuticals, Inc.* 22
1,950 KV Pharmaceutical Co.* 67
5,751 Ligand Pharmaceuticals, Inc., Class B* 74
2,700 Matrix Pharmaceuticals, Inc.* 42
3,050 Medicis Pharmaceutical Co.* 188
1,800 MGI Pharma, Inc.* 54
1,500 Miravant Medical Technologies* 33
3,800 Nabi, Inc.* 27
6,100 NBTY, Inc.* 40
2,100 NeoRx Corp.* 51
2,200 Neurocrine Biosciences, Inc.* 99
1,500 Neurogen Corp.* 47
2,000 Noven Pharmaceuticals, Inc.* 86
2,100 NPS Pharmaceuticals, Inc.* 119
9,900 Omnicare, Inc. 160
2,500 OSI Pharmaceuticals, Inc.* 175
6,600 Perrigo Co.* 45
2,200 Pharmacopeia, Inc.* 56
1,700 Pharmacyclics, Inc.* 84
900 Praecis Pharmaceuticals, Inc.* 38
1,200 Priority Healthcare Corp., Class B* 92
1,700 Sangstat Medical Corp.* 22
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
55
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
PHARMACEUTICALS - 5.1% (CONT'D.)
3,400 Sciclone Pharmaceuticals, Inc.* $ 37
4,700 SICOR, Inc.* 48
2,100 Star Scientific, Inc.* 8
2,800 SuperGen, Inc.* 54
2,000 Syncor International Corp.* 74
2,800 Theragenics Corp.* 18
2,500 Titan Pharmaceuticals, Inc.* 163
3,600 Triangle Pharmaceuticals, Inc.* 30
1,700 Trimeris, Inc.* 119
1,200 Tularik, Inc.* 40
2,300 Twinlab Corp.* 10
1,600 United Therapeutics Corp.* 140
3,100 Valentis, Inc.* 26
900 Vaxgen, Inc.* 21
3,500 Vivus, Inc.* 15
--------
5,305
--------
PIPELINES - 0.1%
1,200 Midcoast Energy Resources, Inc. 25
2,800 Transmontaigne, Inc.* 14
2,100 Western Gas Resources, Inc. 53
--------
92
--------
REAL ESTATE - 0.5%
11,300 Catellus Development Corp.* 198
2,200 CB Richard Ellis, Inc.* 27
1,700 Forest City Enterprises, Inc. 61
1,966 Insignia Financial Group, Inc.* 20
3,300 Jones Lang LaSalle, Inc.* 43
2,400 LNR Property Corp.* 53
3,500 Security Capital Group, Inc., Class B* 66
2,600 Trammell Crow Co.* 39
--------
507
--------
REAL ESTATE INVESTMENT TRUSTS - 5.5%
400 Alexander's, Inc.* 33
1,300 Alexandria Real Estate Equities, Inc. 45
1,900 American Industrial Properties REIT, Inc. 27
1,600 AMLI Residential Properties 38
6,400 Arden Realty, Inc. 172
2,000 Bedford Property Investors, Inc. 41
1,800 Boykin Lodging Co. 19
3,600 Brandywine Realty Trust 73
4,900 BRE Properties, Inc., Class B 157
3,500 Burnham Pacific Property, Inc. 21
4,300 Cabot Industrial Trust 86
4,116 Camden Property Trust 128
2,200 Capital Automotive REIT 29
1,901 Capstead Mortgage Corp. 17
2,700 CBL & Associates Properties, Inc. 68
2,200 Centerpoint Properties Corp. 101
2,300 Chateau Communities, Inc. 62
1,700 Chelsea GCA Realty, Inc. 60
2,300 Colonial Properties Trust 59
3,200 Commercial Net Lease Realty, Inc. 33
4,100 Cornerstone Realty Income Trust 44
2,800 Cousins Properties, Inc. 121
5,900 Developers Diversified Realty Corp. 76
1,700 Eastgroup Properties, Inc. 38
1,600 Entertainment Properties Trust 17
3,900 Equity Inns, Inc. 26
2,000 Essex Property Trust, Inc. 111
4,200 Federal Realty Investment Trust 80
5,100 FelCor Lodging Trust, Inc. 118
4,100 First Industrial Realty Trust, Inc. 126
900 First Washington Realty Trust, Inc. 23
6,000 Franchise Finance Corp. of America 135
2,600 Gables Residential Trust 71
3,100 Glenborough Realty Trust, Inc. 56
2,500 Glimcher Realty Trust 37
1,800 Great Lakes REIT, Inc. 31
5,152 Health Care Property Investors, Inc. 153
3,100 Health Care REIT, Inc. 55
4,273 Healthcare Realty Trust, Inc. 90
6,300 Highwoods Properties, Inc. 149
2,200 Home Properties of NY, Inc. 66
5,400 Hospitality Properties Trust 126
14,100 HRPT Properties Trust 99
3,700 Innkeepers USA Trust 38
3,400 IRT Property Co. 30
3,500 JDN Realty Corp. 40
1,300 JP Realty, Inc. 23
2,800 Kilroy Realty Corp. 75
2,900 Koger Equity, Inc. 49
1,100 LaSalle Hotel Properties 17
1,800 Lexington Corporate Properties Trust 20
3,400 Macerich Co. 72
1,900 Manufactured Home Communities, Inc. 47
15,400 Meditrust Corp.* 45
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
56
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
3,746 Meristar Hospitality Corp. $ 76
1,900 Mid-America Apartment Communities, Inc. 45
1,700 Mills Corp. 32
4,900 Nationwide Health Property, Inc. 78
1,400 National Golf Properties, Inc. 29
2,600 National Health Investors, Inc. 18
9,400 New Plan Excel Realty Trust 129
1,300 Pennsylvania Real Estate Invest Trust 23
2,000 Pacific Gulf Properties, Inc. 54
1,000 Pan Pacific Retail Properties, Inc. 20
1,000 Parkway Properties, Inc. 31
3,900 Prentiss Properties Trust 102
1,000 Prime Group Realty Trust 16
12,700 Prison Realty Trust, Inc. 15
2,500 PS Business Parks, Inc. 68
5,900 Reckson Associates Realty Corp. 150
3,300 Regency Realty Corp. 76
2,600 RFS Hotel Investors, Inc. 33
2,900 Realty Income Corp. 68
1,200 Saul Centers, Inc. 19
3,200 Shurgard Storage Centers, Inc., Class A 72
2,300 SL Green Realty Corp. 65
2,300 Smith (Charles E.) Residential, Inc. 104
1,300 Sovran Self Storage, Inc. 27
1,400 Senior Housing Properties Trust 13
2,900 Storage USA, Inc. 88
2,700 Summit Properties, Inc. 65
1,900 Sun Communities, Inc. 60
600 Tanger Factory Outlet Centers, Inc. 13
3,700 Taubman Centers, Inc. 43
1,700 Town & Country Trust 31
11,100 United Dominion Realty Trust 121
1,100 Urban Shopping Centers, Inc. 52
6,400 Ventas, Inc. 32
3,800 Washington Real Estate Investment Trust 76
2,900 Weingarten Realty Investors 118
1,800 Western Properties Trust 22
3,100 Westfield America, Inc. 43
--------
5,700
--------
RETAIL - 4.7%
1,333 99 Cents Only Stores, Inc.* 67
10,000 Abercrombie & Fitch Co.* 191
2,400 American Eagle Outfitters, Inc.* 76
3,100 Ames Department Stores, Inc.* 18
2,700 AnnTaylor Stores Corp.* 104
2,600 Applebees International, Inc. 60
5,400 Barnes & Noble, Inc.* 106
300 BeBe Stores, Inc.* 4
8,400 Borders Group, Inc.* 117
1,900 Brown Shoe Company, Inc. 17
800 Buca, Inc.* 9
900 Buckle, Inc.* 10
4,401 Buffets, Inc.* 61
1,860 Burlington Coat Factory Co.* 27
4,700 Casey's General Stores, Inc. 61
2,800 Cash America International, Inc. 20
1,500 Cato Corp. 19
6,100 CBRL Group, Inc. 88
2,860 CEC Entertainment, Inc.* 92
10,100 Charming Shoppes, Inc.* 53
1,000 Cheap Tickets, Inc.* 10
2,800 Cheesecake Factory, Inc.* 121
1,400 Chico's FAS, Inc.* 48
1,800 Children's Place* 46
4,300 Claire's Stores, Inc. 77
100 Coldwater Creek, Inc.* 3
2,504 Consolidated Products, Inc. 20
3,900 Copart, Inc.* 54
2,175 Cost Plus, Inc. * 66
2,000 CSK Auto Corp.* 9
9,600 Dillard's, Inc., Class A 102
1,600 Dress Barn, Inc.* 34
1,900 Duane Reade, Inc.* 46
600 Electronics Boutique Holdings Corp.* 13
3,800 Bob Evans Farms, Inc. 70
1,300 Factory 2-U Stores, Inc.* 40
2,000 Footstar, Inc.* 65
900 Fred's, Inc., Class A 20
2,300 Genesco, Inc.* 39
1,700 Group 1 Automotive, Inc.* 18
2,400 Guitar Center, Inc.* 30
15,900 Hanover Direct, Inc.* 9
1,700 Haverty Furniture 19
3,400 Hollywood Entertainment Corp.* 25
900 Hot Topic, Inc.* 27
2,100 IHOP Corp.* 40
3,450 Insight Enterprises, Inc.* 94
3,100 Intertan, Inc.* 45
4,100 Jack in the Box, Inc.* 88
750 Kenneth Cole Productions, Inc.* 26
300 Krispy Kreme Doughnuts, Inc.* 25
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
57
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
RETAIL - 4.7% (CONT'D.)
2,400 Landry's Seafood Restaurant $ 16
1,400 Lands' End, Inc.* 29
4,300 Linens `N Things, Inc.* 110
2,700 Lone Star Steakhouse & Saloon, Inc. 20
3,200 Longs Drug Stores, Inc. 61
2,400 Luby's, Inc. 13
2,061 Massimo Da Milano, Inc.* -
3,402 Men's Wearhouse, Inc.* 96
3,200 Michael's Stores, Inc.* 128
2,900 Musicland Stores Corp.* 20
3,900 Neiman-Marcus Group, Inc.* 126
900 NPC International, Inc.* 9
4,800 NU Skin Enterprises, Inc.* 32
1,500 O'Charleys, Inc.* 18
3,800 O'Reilly Automotive, Inc.* 56
12,100 OfficeMax, Inc.* 43
700 P.F. Chang's China Bistro, Inc.* 24
3,437 Pacific Sunwear of California, Inc.* 64
2,025 Papa John's International, Inc.* 51
2,400 Payless Shoesource, Inc.* 134
500 PC Connection, Inc.* 29
5,000 Pep Boys - Manny Moe & Jack 25
2,300 PETCO Animal Supplies, Inc.* 50
11,900 Petsmart, Inc.* 56
10,300 Pier 1 Imports, Inc. 140
200 Pricesmart, Inc.* 8
1,750 Rare Hospitality International, Inc.* 36
3,725 Regis Corp. 56
6,600 Ruby Tuesday, Inc. 74
3,500 Ryan's Family Steak Houses, Inc.* 27
1,900 School Specialty, Inc.* 40
3,200 ShopKo Stores, Inc.* 33
1,250 Smart & Final, Inc.* 9
2,100 Sonic Automotive, Inc., Class A* 17
1,875 Sonic Corp.* 59
1,600 Spiegel, Inc., Class A 11
2,900 Stein Mart, Inc.* 31
4,000 Sunglass Hut International, Inc.* 26
1,100 Systemax, Inc.* 3
3,300 Too, Inc.* 78
3,250 Trans World Entertainment Corp.* 33
1,100 Tuesday Morning Corp.* 9
1,700 Tweeter Home Entertainment Group, Inc.* 62
900 Ultimate Electronics, Inc.* 37
600 United Auto Group, Inc.* 5
1,700 Value City Department Stores, Inc.* 14
14,700 Venator Group, Inc.* 182
1,500 Whitehall Jewellers, Inc.* 12
1,100 Wilsons (The) Leather Experts Co.* 20
3,800 Zale Corp.* 123
--------
4,884
--------
SAVINGS & LOANS - 1.9%
3,100 American Financial Holdings, Inc. 55
2,500 Anchor Bancorp, Inc. 39
700 Andover Bancorp, Inc. 21
4,900 Astoria Financial Corp. 189
2,400 BankAtlantic Bancorp, Inc. 10
3,500 Bank United Corp., Class A 177
1,400 Brookline Bancorp, Inc. 16
3,600 Capitol Federal Financial 53
6,000 Commercial Federal Corp. 115
1,300 Dime Community Bancshares, Inc. 32
2,241 Downey Financial Corp. 89
1,600 First Federal Capital Corp. 20
1,850 First Federal Financial Corp.* 43
1,400 First Financial Holdings, Inc. 21
1,030 First Indiana Corp. 27
1,300 First Niagara Financial Group, Inc. 12
3,748 First Sentinel Bancorp, Inc. 36
2,412 Harbor Florida Bancshares, Inc. 29
900 Harris Financial, Inc. 7
7,000 Independence Community Bank 98
2,461 MAF Bancorp, Inc. 61
1,500 Northwest Bancorp, Inc. 13
1,200 OceanFirst Financial Corp. 25
3,800 Ocwen Financial Corp.* 22
3,000 Peoples Bank Bridgeport Co. 63
1,300 PFF Bancorp, Inc. 28
1,737 Queens County Bancorp, Inc. 50
3,000 Richmond County Financial Corp. 72
6,900 Roslyn Bancorp, Inc. 154
2,700 Seacoast Financial Services Corp. 30
3,900 Staten Island Bancorp, Inc. 78
3,600 United Community Financial Corp. 24
5,600 Washington Federal, Inc. 127
5,400 Webster Financial Corp. 145
--------
1,981
--------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
58
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
SEMICONDUCTORS - 3.8%
2,400 Actel Corp.* $ 86
1,000 ADE Corp.* 20
2,800 Alliance Semiconductor Corp.* 56
3,150 Anadigics, Inc.* 70
3,400 Asyst Technologies, Inc.* 69
2,500 ATMI, Inc.* 58
1,800 AXT, Inc.* 75
500 Caliper Technologies Corp.* 29
4,700 C-Cube Microsystems, Inc.* 96
6,000 Cirrus Logic, Inc.* 242
2,200 Cohu, Inc. 34
600 Dupont Photomasks, Inc.* 35
2,100 Elantec Semiconductor, Inc.* 209
2,200 Electroglas, Inc.* 38
2,600 eMagin Corp.* 28
2,600 Emcore Corp.* 108
3,000 ESS Technology, Inc.* 43
2,000 Exar Corp.* 242
2,700 FSI International, Inc.* 38
1,400 Gasonics International Corp.* 17
3,800 General Semiconductor, Inc.* 46
2,400 Helix Technology Corp. 72
700 HI/FN, Inc.* 48
900 IBIS Technology Corp.* 33
1,400 Integrated Circuit Systems, Inc.* 26
2,800 Integrated Silicon Solutions, Inc.* 40
500 IXYS Corp.* 13
5,200 Kulicke & Soffa Industries Corp.* 69
5,100 LTX Corp.* 96
1,700 Mattson Technology, Inc.* 25
3,600 MEMC Electronics Materials, Inc.* 46
1,200 Microsemi Corp.* 46
4,100 MIPS Technologies, Inc., Class A* 188
500 MKS Instruments, Inc.* 14
700 Netsilicon, Inc.* 15
4,500 Oak Technology, Inc.* 123
2,200 Pericom Semiconductor Corp.* 81
2,700 Photronics, Inc.* 59
3,387 Pioneer Standard Electronics, Inc. 46
600 Pixelworks, Inc.* 29
1,600 PLX Technology, Inc.* 43
2,200 PRI Automation, Inc.* 40
2,900 Power Integrations, Inc.* 40
2,100 Quicklogic Corp.* 35
500 Rudolph Technologies, Inc.* 17
1,600 Semitool, Inc.* 21
3,400 Silicon Image, Inc.* 84
3,600 Silicon Valley Group, Inc.* 95
2,400 Sipex Corp.* 101
2,685 SpeedFam-IPEC, Inc.* 31
1,500 Standard Microsystems Corp.* 33
800 Supertex, Inc.* 40
1,800 Telcom Semiconductor, Inc.* 27
1,300 Therma-Wave, Inc.* 37
2,300 Three-Five Systems, Inc.* 67
2,300 Ultratech Stepper, Inc.* 37
3,400 Varian Semiconductor Equipment, Inc.* 127
2,500 Veeco Instruments, Inc.* 266
1,600 White Electronic Designs Corp.* 19
1,600 Zoran Corp.* 78
--------
3,946
--------
SHIPBUILDING - 0.1%
3,100 Newport News Shipbuilding, Inc. 134
SOFTWARE - 5.2%
2,200 3dfx Interactive, Inc.* 11
2,800 3DO Co.* 19
2,500 Accrue Software, Inc.* 30
6,100 Actuate Corp.* 211
1,000 Advantage Learning Systems, Inc.* 35
2,800 Advent Software, Inc.* 196
2,000 Allscripts Pharmaceuticals, Inc.* 28
1,100 AremisSoft Corp.* 41
2,800 Aspen Technology, Inc.* 126
2,500 Avid Technology, Inc.* 35
2,700 AVT Corp.* 15
1,150 Barra, Inc.* 71
4,000 BindView Development Corp.* 30
400 Blaze Software, Inc.* 5
800 Bottomline Technologies, Inc.* 30
900 Braun Consulting, Inc.* 18
1,400 Brio Technology, Inc.* 15
3,400 Broadbase Software, Inc.* 46
1,200 BSquare Corp.* 19
500 Caminus Corp.* 20
2,400 CCC Information Services Group, Inc.* 19
2,700 Cerner Corp.* 125
1,500 Clarus Corp.* 34
1,700 Concord Communications, Inc.* 45
200 Cope, Inc.* 8
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
59
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.4% (CONT'D.)
SOFTWARE - 5.2% (CONT'D.)
700 Cysive, Inc.* $ 5
1,100 Daleen Technologies, Inc.* 16
1,700 Datastream Systems, Inc.* 22
1,000 Deltek Systems, Inc.* 8
3,300 Dendrite International, Inc.* 88
1,700 Documentum, Inc.* 138
1,100 DSET Corp.* 23
3,900 Eclipsys Corp.* 62
500 Embarcadero Technologies, Inc.* 26
2,500 ePresence, Inc.* 17
1,200 Excalibur Technologies Corp.* 81
2,700 eXcelon Corp.* 33
2,800 Exchange Applications, Inc.* 13
1,208 Fair, Isaac & Co., Inc. 52
3,700 Filenet Corp.* 67
1,600 Geoworks Corp.* 12
1,400 Great Plains Software, Inc.* 39
2,900 HNC Software, Inc.* 237
3,490 Hyperion Solutions Corp.* 90
1,600 IDX Systems Corp.* 26
2,250 IMRglobal Corp.* 26
1,500 Industries International, Inc.* 7
500 Infogrames, Inc.* 4
2,600 Informatica Corp.* 242
2,950 infoUSA, Inc.* 15
5,900 Inprise Corp.* 32
4,100 Intelidata Technologies Corp.* 21
1,500 Interact Commerce Corp.* 16
500 Interactive Intelligence, Inc.* 20
900 Intercept Group, Inc.* 21
2,200 Inter-Tel, Inc. 25
6,800 Intertrust Technologies Corp.* 82
5,800 J.D. Edwards & Co.* 150
2,300 JDA Software Group, Inc.* 29
9,300 Legato Systems, Inc.* 125
600 Level 8 Systems, Inc.* 11
800 Lightspan, Inc.* 2
2,500 Manugistics Group, Inc.* 245
1,500 Mapinfo Corp.* 47
2,600 Mercator Software, Inc.* 43
2,400 Metacreations Corp.* 27
1,000 Metasolv Software, Inc.* 41
2,800 MicroStrategy, Inc., Class A* 76
3,089 Midway Games, Inc.* 22
3,700 Mynd Corp.* 50
3,500 National Data Corp. 115
500 Neon Systems, Inc.* 5
2,500 NETIQ Corp.* 164
5,700 Netmanage, Inc.* 12
2,800 New Era of Networks, Inc.* 68
1,400 Novadigm, Inc.* 22
600 Numerical Technologies, Inc.* 17
2,100 Objective Systems Integrators Corp.* 18
2,300 Onyx Software Corp.* 47
600 OTG Software, Inc.* 24
1,800 Packeteer, Inc.* 68
3,199 Per-Se Technologies, Inc.* 40
2,500 Phoenix Technologies Ltd.* 40
4,800 Pinnacle Systems, Inc.* 54
1,600 Probusiness Services, Inc.* 48
3,600 Progress Software Corp.* 49
1,400 Project Software & Development, Inc.* 22
3,500 Puma Technology, Inc.* 71
1,900 Quintus Corp.* 16
1,150 Razorfish, Inc.* 12
2,800 Remedy Corp.* 53
3,100 Saga Systems, Inc.* 32
1,600 Sagent Technology, Inc.* 12
1,400 Sanchez Computer Associates, Inc.* 22
400 Scientific Learning Corp.* 2
1,800 Seachange International, Inc.* 60
1,600 Serena Software, Inc.* 74
1,300 Silver Stream Software, Inc.* 39
51 Simione Central Holdings, Inc.* -
1,100 Sonic Foundry, Inc.* 10
900 Spss, Inc.* 24
5,000 Starbase Corp.* 28
3,924 Structural Dynamics Research Corp.* 64
1,500 SVI Holdings, Inc.* 7
2,700 Take-Two Interactive Software Corp.* 34
1,400 Tenfold Corp.* 6
2,100 THQ, Inc.* 49
3,500 Transaction Systems Architects, Inc.* 57
400 Ulticom, Inc.* 19
1,700 Unify Corp.* 7
500 Unigraphics Solutions, Inc.* 10
1,200 Universal Access, Inc.* 14
1,400 WebTrends Corp.* 52
--------
5,253
--------
</TABLE>
60
SEE NOTES TO THE FINANCIAL STATEMENTS.
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
Number Value
of Shares (000s)
---------------------------------------------------------------
<S> <C> <C>
STORAGE/WAREHOUSING - 0.0%
1,000 Mobile Mini, Inc.* $ 19
--------
TELECOMMUNICATIONS EQUIPMENT - 5.4%
3,986 Adaptive Broadband Corp.* 78
3,000 Adelphia Business Solutions, Inc. 35
2,800 Advanced Radio Telecom Corp.* 24
1,000 AirGate PCS, Inc.* 45
600 Airnet Communications Corp.* 13
1,100 Alaska Communications Systems Group, Inc.* 7
1,100 Alamosa PCS Holdings, Inc.* 18
3,040 Allen Telecom, Inc.* 51
5,600 Allied Riser Communications Corp.* 37
6,200 American Telesource International, Inc.* 14
1,200 Anaren Microwave, Inc.* 163
2,300 Anixter International, Inc.* 67
5,600 Arch Wireless, Inc.* 28
1,200 Arguss Communications, Inc.* 25
1,700 Audiovox Corp., Class A* 26
1,800 Aware, Inc.* 69
2,000 Black Box Corp.* 93
1,700 CT Communications, Inc. 34
4,100 Caprock Communications Corp.* 21
1,000 Carrier Access Corp.* 20
3,000 C-COR.net Corp.* 46
1,300 Celeritek, Inc.* 49
800 Centennial Communications Corp.* 17
1,400 CFW Communications Co. 38
1,000 Choice One Communications, Inc.* 12
3,000 Cobalt Networks, Inc.* 174
2,300 Com21, Inc.* 31
1,133 Commonwealth Telephone Enterprises, Inc.* 42
2,600 Computer Network Technology Corp.* 89
1,400 Convergent Communications, Inc.* 4
1,800 Corsair Communications, Inc.* 14
1,000 Crossroads Systems, Inc.* 8
1,700 CTC Communications Group, Inc.* 34
1,100 Davox Corp.* 11
1,000 Deltathree.com, Inc.* 4
5,600 E.spire Communications, Inc.* 16
6,742 eGlobe, Inc.* 8
1,000 Electric Lightwave, Inc., Class A* 9
1,000 Fibernet Telecom Group, Inc.* 17
4,500 General Communication, Inc., Class A* 32
6,900 Glenayre Technologies, Inc.* 75
1,200 Goamerica, Inc.* 11
1,000 Golden Telecom, Inc.* 17
1,500 Hickory Tech Corp. 33
1,400 Hypercom Corp.* 15
5,200 ICG Communications, Inc.* 2
2,500 IDT Corp.* 97
2,400 Illuminet Holdings, Inc.* 66
1,300 Impsat Fiber Networks, Inc.* 14
8,200 Intelect Communications Co.* 12
5,700 Interdigital Communications Corp.* 80
5,300 Intermedia Communications Co.* 156
2,800 International Fibercom, Inc.* 41
1,600 Intrusion.com, Inc.* 19
5,500 ITC Deltacom, Inc.* 63
700 JNI Corp.* 62
1,400 Latitude Communications Co.* 11
1,100 LCC International, Inc., Class A* 16
2,900 Leap Wireless International, Inc.* 181
1,800 Lightbridge, Inc.* 21
1,300 Lightpath Technologies, Inc.* 62
1,100 MCK Communications, Inc.* 25
700 Metawave Communications Corp.* 13
2,300 Metricom, Inc.* 59
8,000 Metrocall, Inc.* 24
3,100 MMC Networks, Inc.* 392
3,600 Motient Corp.* 51
5,050 Mpower Communications Corp.* 44
5,300 MRV Communications, Inc.* 240
3,500 Natural Microsystems Corp.* 188
600 NEON Communications, Inc.* 21
1,200 NET2000 Communications, Inc.* 8
3,700 Netro Corp.* 219
1,800 Network Access Solutions Corp.* 7
2,300 Network Equipment Technologies, Inc.* 25
1,600 Network Peripherals, Inc.* 27
1,200 Network Plus Corp.* 10
1,600 North Pittsburgh Systems, Inc. 22
900 Nucentrix Broadband Networks, Inc.* 23
3,700 Nx Networks, Inc.* 25
450 Optical Cable Corp.* 11
1,100 Osicom Technologies, Inc.* 27
1,900 Pac-West Telecomm, Inc.* 17
1,800 Paradyne Networks Corp.* 10
8,300 P-Com, Inc.* 55
5,200 Plantronics, Inc.* 198
4,840 Price Communications Corp.* 95
2,900 Primus Telecommunications Co.* 28
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
61
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP INDEX FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C>
COMMON STOCKS - 98.4% (CONT'D.)
TELECOMMUNICATIONS EQUIPMENT - 5.4% (CONT'D.)
2,700 Proxim, Inc.* $ 120
1,000 Rural Cellular Corp., Class A* 68
1,800 Savvis Communications Co.* 16
2,900 SBA Communications Corp.* 121
3,100 Somera Communications, Inc.* 29
1,300 Spectralink Corp.* 12
400 Stanford Microdevices, Inc.* 21
993 Superior Telecom, Inc. 6
2,400 Symmetricom, Inc.* 37
7,500 Talk.com, Inc.* 33
400 Telaxis Communications Corp.* 2
1,800 Teligent, Inc., Class A* 23
1,200 Telocity, Inc.* 4
1,700 Telxon Corp.* 30
1,300 Tollgrade Communications, Inc.* 180
1,800 Tricord Systems, Inc.* 27
1,700 Tut Systems, Inc.* 147
1,400 US Wireless Corp.* 22
1,000 US LEC Corp., Class A* 9
1,700 Viasat, Inc.* 38
5,400 Viatel, Inc.* 55
3,300 Visual Networks, Inc.* 21
800 Vyyo, Inc.* 24
5,000 WebLink Wireless, Inc.* 38
3,000 Westell Technologies, Inc.* 38
6,600 World Access, Inc.* 36
2,900 Xircom, Inc.* 73
700 Z-Tel Technologies, Inc.* 5
--------
5,676
--------
TEXTILES - 0.2%
2,150 G & K Services, Inc. 60
4,400 Mohawk Industries, Inc.* 96
1,400 Springs Industries, Inc., Class A 39
3,600 Westpoint Stevens, Inc. 44
--------
239
--------
TOBACCO - 0.1%
3,000 Universal Corp. 88
1,360 Vector Group Ltd. 24
--------
112
--------
TOYS/GAMES/HOBBIES - 0.1%
6,300 Boyds Collection Ltd.* 46
2,050 Jakks Pacific, Inc.* 19
4,600 Topps (The) Company, Inc.* 42
--------
107
--------
TRANSPORTATION - 1.1%
5,100 Airborne Freight Corp. 52
4,300 Alexander & Baldwin, Inc. 112
2,300 American Freightways Corp.* 36
1,700 Arkansas Best Corp.* 26
2,200 Arnold Industries, Inc. 37
1,650 Atlas Air, Inc.* 70
1,450 Circle International Group 44
5,200 CNF Transportation, Inc. 116
1,450 EGL, Inc.* 44
2,300 Fritz Co., Inc.* 27
1,500 Forward Air Corp.* 53
1,616 Heartland Express, Inc.* 28
1,800 Hunt J.B. Transport Services, Inc. 23
2,600 Kirby Corp.* 51
750 Knight Transportation, Inc.* 12
900 Landstar System, Inc.* 40
900 MS Carriers, Inc.* 14
2,227 Offshore Logistics, Inc.* 40
2,700 Overseas Shipholding Group 74
1,300 Roadway Express, Inc. 23
4,575 Swift Transportation Co., Inc.* 60
2,800 USFreightways Corp. 63
3,037 Werner Enterprises, Inc. 36
5,300 Wisconsin Central Transport Co.* 56
2,700 Yellow Corp.* 41
--------
1,178
--------
TRUCKING & LEASING - 0.2%
900 Amerco, Inc.* 17
1,300 Interpool, Inc. 15
5,075 Rollins Truck Leasing Corp. 32
6,400 Ryder System, Inc. 118
1,300 Xtra Corp.* 58
--------
240
--------
VENTURE CAPITAL - 0.1%
1,700 Acacia Research Corp.* 59
--------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
62
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
---------------------------------------------------------------
<S> <C> <C>
WATER - 0.2%
1,100 American States Water Co. $ 33
4,100 Azurix Corp.* 14
1,500 California Water Service Group, Inc. 40
900 E'town Corp. 60
3,700 Philadelphia Suburban Corp. 86
200 SJW Corp. 24
--------
257
--------
Total Common Stocks
(cost $101,640) 102,136
--------
PREFERRED STOCKs - 0.0%
635 Corrections Corp. 12
2,400 O'Sullivan Industries Holdings, Inc. 1
--------
13
--------
Total Preferred Stocks
(cost $0 ) 13
--------
RIGHTS & WARRANTS - 0.0%
4,212 CSF Holdings Inc., Rights* -
4,223 Elan Corp. Rights* 4
495 Sunbeam Corp., Warrants* 1
45 Xytronyx, Inc., Warrants* -
25 York Research Corp., Warrants* -
--------
Total Rights & Warrants
(cost $0) 5
--------
OTHER INVESTMENTS - 0.0%
4,400 Escrow Millicom, Inc.* -
3,400 Escrow Northeast Bancorp, Inc.* -
7,500 Escrow Procurenet, Inc.* -
2,318 Escrow Strawbridge & Clothier* -
--------
Total Other Investments
(cost $0) -
--------
<CAPTION>
PRINCIPAL
AMOUNT
(000s)
---------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENTS - 1.4%
$1,147 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 1,147
290 U.S. Treasury Bill,
6.09%, 1/18/01(1) 284
--------
Total Short-Term Investments
(cost $1,431) 1,431
--------
Total Investments - 99.8%
(cost $103,071) 103,585
Other Assets less Liabilities - 0.2% 214
--------
NET ASSETS - 100.0% $103,799
========
OPEN FUTURES CONTRACTS:
Notional Unrealized
Number of Amount Contract Contract Loss
Type Contracts (000s) Position Exp. (000s)
---------------------------------------------------------------
Russell 2000 5 $1,319 Long 12/00 $(31)
=====
</TABLE>
(1) Security pledged as collateral to cover margin requirements for open
futures contracts.
SEE NOTES TO THE FINANCIAL STATEMENTS.
63
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP VALUE FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.3%
ADVERTISING - 0.7%
9,300 Cyrk, Inc.* $ 32
12,800 Getty Images, Inc.* 390
900 Grey Global Group, Inc. 558
53,000 Ha-Lo Industries, Inc.* 212
2,450 Penton Media, Inc. 67
30,600 Telespectrum Worldwide, Inc.* 19
2,125 Valuevision International, Inc.* 53
----------
1,331
----------
AEROSPACE - 1.0%
5,177 AAR Corp.* 59
26,900 BE Aerospace, Inc.* 434
10,800 Curtiss-Wright Corp. 510
34,000 Orbital Sciences Corp.* 285
7,100 Primex Technologies, Inc. 206
1,300 Spacehab, Inc.* 8
9,000 Teledyne Technologies, Inc* 262
15,800 United Industrial Corp. 172
----------
1,936
----------
AIRLINES - 1.1%
9,500 Airtran Holdings, Inc.* 42
24,500 Alaska Air Group, Inc.* 588
12,300 Amtran, Inc.* 135
5,641 Hawaiian Airlines, Inc.* 14
38,400 Mesa Air Group, Inc.* 210
20,700 Skywest, Inc. 1,061
----------
2,050
----------
APPAREL - 1.0%
13,550 Burlington Industries, Inc.* 17
8,200 Cone Mills Corp.* 37
3,250 Delta Apparel, Inc.* 38
32,500 Delta Woodside Industries, Inc. 39
9,600 Donna Karan International, Inc.* 59
3,250 Duck Head Apparel Co., Inc.* 3
6,500 Florsheim Group, Inc.* 9
3,000 Garan, Inc. 67
14,000 Guess ?, Inc.* 158
9,300 Hartmarx Corp. 28
21,050 Kellwood Co. 384
11,300 Nautica Enterprises, Inc.* 146
2,300 Perry Ellis International, Inc.* 18
23,300 Phillips-Van Heusen $ 240
16,600 Russell Corp. 264
6,900 Superior Uniform Group, Inc. 52
27,000 Unifi, Inc. 275
14,800 Wolverine World Wide 138
----------
1,972
----------
AUTO PARTS & EQUIPMENT - 0.5%
19,400 Bandag, Inc.* 697
95 Dura Automotive Systems, Inc.* 1
300 Edelbrock Corp. 3
16,600 Exide Corp. 151
11,400 Standard Motor Products, Inc. 91
15,400 Titan International, Inc. 89
----------
1,032
----------
BANKS - 3.8%
5,500 Area Bancshares Corp.* 122
7,537 BancorpSouth, Inc.* 108
21,664 First Charter Corp. 313
3,250 First Merchants Corp. 72
6,900 First Republic Bank* 208
2,600 Bancfirst Corp. 83
14,933 Brenton Banks, Inc. 180
400 Cass Commercial Corp. 7
5,000 Cathay Bancorp, Inc. 244
500 CB Bancshares, Inc. 14
47 Centura Banks, Inc. 2
8,132 Chittenden Corp. 209
6,400 Community Bank System, Inc. 166
800 Commercial Bank Of New York 11
4,257 Community Trust Bancorp 66
1,575 Covest Bancshares, Inc. 19
10,600 CPB, Inc. 286
9,300 Citizens Banking Corp. 214
270 First M & F Corp. 5
19,404 F.N.B. Corp. 415
11,800 GBC Bancorp 402
2,900 Hancock Holding Co. 90
1,400 IBERIABANK Corp. 25
17,064 Imperial Bancorp 326
2,200 Interchange Financial Services Corp. 30
4,625 International Bancshares Corp. 141
15,200 Iroquois Bancorp, Inc. 501
300 James River Bankshares, Inc. 4
100 Mahaska Investment Co. 1
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
64
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
--------------------------------------------------------------------
<S> <C> <C>
21 Mid-America Bancorp $ 1
44,200 North Fork Bancorporation 956
5,700 National City Bancorp 106
4,200 Old Second Bancorp, Inc. 101
308 Old National Bancorp 9
50 Pacific Northwest Bancorp 1
12,551 Premier National Bancorp, Inc. 254
150 Princeton National Bancorp 2
12,231 Provident Bankshares Corp. 205
6,100 Republic Bancshares, Inc.* 59
32,619 Republic Security Financial Corp. 161
37,300 Riggs National Corp., Washington D.C. 457
800 Southwest Bancorp 12
19,400 South (The) Financial Group, Inc. 245
4,400 Sterling Bancorp 86
11,500 Wesbanco, Inc. 246
----------
7,165
----------
BEVERAGES - 0.0%
300 Farmer Brothers Co. 54
----------
BIOTECHNOLOGY - 0.6%
1,900 Bionova Holding Corp.* 3
4,700 Cell Genesys, Inc.* 141
2,000 Cytogen Corp.* 13
4,600 Genome Therapeutics Corp.* 94
20,800 Lexicon Genetics, Inc.* 658
10,744 Nexell Therapeutics, Inc.* 99
15,600 Northfield Laboratories, Inc.* 197
----------
1,205
----------
BUILDING MAINTENANCE - 0.0%
9,800 Integrated Electrical Services, Inc.* 67
----------
BUILDING MATERIALS - 1.4%
16,900 Advanced Lighting Techs* 209
800 Ameron International Corp.* 29
4,000 Butler Manufacturing Co. 92
1,096 CoorsTek, Inc.* 42
16,350 Florida Rock Industries 645
13,000 Genlyte Group, Inc.* 332
1,473 Juno Lighting, Inc.* 8
8,100 Mestek, Inc.* 133
10,100 Nortek, Inc. 177
3,100 Oglebay Norton Co. 87
1,500 Puerto Rican Cement Co., Inc. 47
25,300 Texas Industries, Inc. 806
----------
2,607
----------
CASINO HOTELS - 0.1%
15,000 Aztar Corp.* $ 231
----------
CASINO SERVICES - 0.1%
3,500 Anchor Gaming* 278
----------
CHEMICALS - 1.4%
1,210 Aceto Corp.* 12
8,100 Arch Chemicals, Inc. 148
5,300 Bush Boake Allen, Inc.* 253
22,800 Cambrex Corp. 844
15,100 Chemfirst, Inc. 314
36,800 Ethyl Corp. 53
26,400 International Specialty Products, Inc. 142
8,200 MacDermid, Inc. 172
27,600 PolyOne Corp. 202
5,100 Quaker Chemical Corp. 87
24,400 Schulman (A.), Inc. 268
7,200 Wellman, Inc. 104
----------
2,599
----------
COAL - 0.1%
25,504 Arch Coal, Inc.* 255
----------
COMMERCIAL SERVICES - 2.1%
6,600 ADVO, Inc.* 218
20,200 Banta Corp.* 492
2,100 Berlitz International, Inc. 18
1,200 Cadmus Communications Corp. 10
7,800 CDI Corp.* 125
10,000 Century Business Services, Inc.* 13
12,000 Chemed Corp. 382
500 Childtime Learning Centers* 4
4,200 Correctional Services Co.* 16
32,600 Data Broadcasting Corp.* 104
4,400 Dollar Thrifty Automotive Group* 87
5,350 Edgewater Technology, Inc.* 28
21,946 Encompass Services Corp.* 178
15,150 Franklin Covey Co.* 111
19,400 Gartner Group, Inc.* 225
7,516 Healthcare Services Group 37
8,700 Health Management Systems, Inc.* 17
5,500 Insurance Auto Auctions, Inc.* 89
5,800 Lason, Inc.* 12
885 Monro Muffler, Inc.* 10
34,221 National Processing, Inc.* 477
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
65
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP VALUE FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.3% (CONT'D.)
COMMERCIAL SERVICES - 2.1% (CONT'D.)
12,700 NCO Group, Inc.* $ 151
27,600 Personnel Group Of America, Inc.* 86
23,800 Protection One, Inc.* 33
45,600 Renaissance Worldwide, Inc.* 71
7,400 Rent-A-Center, Inc.* 257
7,600 Right Management Consultants* 87
14,150 Spherion Corp.* 169
8,200 Startek, Inc.* 238
6,700 Strategic Distribution, Inc.* 11
11,500 Volt Information Sciences, Inc.* 247
----------
4,003
----------
COMPUTERS - 3.6%
1,800 Adept Technology, Inc.* 95
38,000 Anixter International, Inc.* 1,107
8,300 Aperian, Inc.* 53
37,800 Applied Magnetics Corp.* 1
8,500 Auspex Systems, Inc.* 105
26,000 Avant! Corp.* 475
19,300 Eloyalty Corp.* 246
10,900 Evans & Sutherland Computer Co.* 59
16,150 Exabyte Corp.* 182
5,000 Hutchinson Technology* 105
30,174 InaCom Corp.* -
48,150 Intergraph Corp.* 346
11,167 InterVoice-Brite, Inc.* 117
15,200 Intrusion.com, Inc.* 180
90,300 Mentor Graphics Corp. 2,128
7,900 Microtouch Systems, Inc.* 48
4,700 National Techteam, Inc.* 15
1,000 Overland Data, Inc.* 9
11,300 PAR Technology Corp.* 35
2,000 Printronix, Inc.* 19
50 Procept, Inc.* -
36,300 Read-Rite Corp.* 408
46,905 S3, Inc.* 484
1,400 Segue Software, Inc.* 11
14,700 Silicon Storage Technology, Inc.* 400
19,300 Technology Solutions Co.* 48
79,200 Tyler Technologies, Inc. 158
----------
6,834
----------
COSMETICS/PERSONAL CARE - 0.0%
168 Paragon Trade Brands, Inc.* $ 2
----------
DISTRIBUTION/WHOLESALE - 1.2%
7,200 Advanced Marketing Services 127
3,500 Aviation Sales Co.* 18
9,600 Bell Microproducts, Inc.* 300
4,995 Building Material Holding Corp.* 44
33,300 Handleman Co. 412
23,500 Hughes Supply, Inc. 461
1,500 NuCo2, Inc.* 9
22,000 Owens & Minor, Inc. 347
4,400 Primesource Corp. 22
19,740 United Stationers, Inc. 531
----------
2,271
----------
DIVERSIFIED FINANCIAL SERVICES - 1.8%
6,100 Advest Group, Inc.* 193
12,000 Amplicon, Inc.* 174
1,000 Atalanta/Sosnoff Capital Corp.* 10
727 First Albany Cos., Inc. 11
48,000 Credit Acceptance Corp.* 303
10,650 Dain Rauscher Corp. 990
5,900 Delta Financial Corp.* 5
11,200 DVI, Inc.* 218
35,200 Finova Group, Inc. 255
8,872 Metris Cos., Inc. 350
4,700 New Century Financial Corp.* 55
27,900 Phoenix Investment Partners 433
4,976 Resource Bancshares Mortgage Group, Inc. 28
5,285 Southwest Securities Group 155
681 Stifel Financial Corp. 9
3,365 Westcorp 50
9,800 WFS Financial, Inc.* 166
----------
3,405
----------
ELECTRIC - 2.0%
13,700 Central Vermont Public Service 140
7,400 CH Energy Group, Inc. 295
8,400 Cleco Corp. 393
870 Empire District Electric Co. 23
134 Energy East Corp. 3
7,700 Northwestern Corp. 150
16,800 NRG Energy, Inc.* 613
7,800 Public Service Co. of New Mexico 202
25,800 RGS Energy Group, Inc. 727
3,200 UIL Holdings Corp. 165
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
66
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
3,000 Unitil Corp. $ 78
31,100 WPS Resources Corp. 1,018
----------
3,807
----------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.5%
11,300 Encore Wire Corp.* 80
5,600 Insteel Industries 23
5,009 Intermagnetics General Corp.* 133
7,800 Lamson & Sessions Co. 93
20,900 Ucar International, Inc.* 265
16,100 Valence Technology, Inc.* 278
----------
872
----------
ELECTRONICS - 3.6%
4,000 Analogic Corp.* 154
56 Avnet, Inc.* 1
2,650 Bel Fuse, Inc., Class A* 118
3,350 Bel Fuse, Inc., Class B* 129
26,200 BAE Systems Canada, Inc.* 395
14,400 Benchmark Electronics, Inc.* 749
23,400 Checkpoint Systems, Inc.* 177
17,700 Coherent, Inc.* 1,204
11,650 Cubic Corp. 278
13,600 DDi Corp.* 602
50,200 E Digital Corp.* 215
800 Electro Scientific Industries, Inc.* 28
2,232 Interlogix, Inc.* 30
7,000 Itron, Inc.* 43
2,700 Mackie Designs, Inc.* 21
26,300 Packard Biosciences* 513
17,300 Paxar Corp.* 155
15,800 Park Electrochemical Corp. 879
1,100 Planar Systems, Inc.* 20
1,300 Recoton Corp.* 20
3,300 Rofin-Sinar Technoligies, Inc.* 33
3,900 Sheldahl, Inc.* 12
800 Sparton Corp. 3
13,000 Spectrum Control, Inc. 209
7,200 Tech-Sym Corp.* 215
4,420 Thermo Electron Corp.* 115
12,700 Universal Electronics, Inc.* 307
4,100 Varian, Inc.* 176
----------
6,801
----------
ENGINEERING & CONSTRUCTION - 0.7%
22,700 Foster Wheeler Corp. $ 165
10,700 Granite Construction, Inc. 259
6,200 Pitt-Des Moines, Inc. 188
14,500 Stone & Webster, Inc. 19
15,383 URS Corp. 204
37,250 Washington Group International, Inc.* 426
----------
1,261
----------
ENTERTAINMENT - 0.5%
10,000 Gaylord Entertainment Co. 239
5,000 Isle of Capri Casinos, Inc.* 77
6,774 Loews Cineplex Entertainment Corp.* 12
10,800 Mikohn Gaming Corp.* 82
23,637 Pinnacle Entertainment, Inc. 514
2,000 Shuffle Master, Inc.* 39
----------
963
----------
ENVIRONMENTAL CONTROL - 0.3%
11,700 Calgon Carbon Corp. 79
4,400 Ionics, Inc.* 94
38,472 IT Group, Inc.* 183
2,029 Layne Christensen Co.* 8
12,000 Mine Safety Appliances Co. 265
----------
629
----------
FOOD - 1.2%
34,818 Chiquita Brands International 109
30,000 Earthgrains Co. 553
17,000 Fleming Cos., Inc. 222
16,500 Great Atlantic & Pacific Tea Co. 183
14,944 Imperial Sugar Co. 16
16,100 International Multifoods Corp. 280
6,100 J & J Snack Foods Corp.* 79
18,000 Michael Foods, Inc. 421
6,600 Midwest Grain Products, Inc. 73
12,650 Pilgrims Pride Corp. 65
25,300 Pilgrims Pride Corp. 174
2,400 Riviana Foods, Inc. 40
540 Seaboard Corp. 88
2,714 WLR Foods, Inc. 37
----------
2,340
----------
FOREST PRODUCTS & PAPER - 0.4%
13,700 Buckeye Technologies, Inc.* 284
12,675 Chesapeake Corp. 244
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
67
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP VALUE FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.3% (CONT'D.)
FOREST PRODUCTS & PAPER - 0.4% (CONT'D.)
20,500 Pope & Talbot, Inc. $ 294
----------
822
----------
GAS - 2.4%
13,600 Atmos Energy Corp.* 280
27,500 Energen Corp. 818
1,100 Energynorth, Inc. 67
20,300 Northwest Natural Gas Co. 462
10,900 NUI Corp. 329
20,900 Oneok, Inc. 831
600 South Jersey Industries 18
27,000 Southwest Gas Corp. 565
15,300 Southwestern Energy Co. 134
8,778 Southern Union Co. 174
6,700 UGI Corp. 162
33,325 Vectren Corp. 677
----------
4,517
----------
HAND/MACHINE TOOLS - 0.8%
7,100 Hardinge, Inc. 85
40,400 Kennametal, Inc. 1,040
28,500 Milacron, Inc. 380
534 Starrett (L.S.) Co. 13
----------
1,518
----------
HEALTHCARE PRODUCTS - 3.9%
20,900 Acuson Corp.* 476
5,500 Advanced Neuromodulation Systems, Inc.* 107
22,700 Apria Healthcare Group, Inc.* 316
8,200 Aspect Medical Systems, Inc.* 101
8,900 ATS Medical, Inc.* 134
8,400 Biosite Diagnostics, Inc.* 335
2,500 Cohesion Technologies, Inc.* 26
40,700 Computerized Thermal Imaging, Inc.* 198
7,600 Conmed Corp.* 104
7,100 Cyberonics* 152
16,000 Datascope Corp. 536
700 Del Global Technologies Corp.* 7
9,300 Diagnostic Products Corp. 499
9,800 Genzyme Transgenics Corp.* 346
18,447 Haemonetics Corp.* 470
5,500 Hologic, Inc.* 41
29,963 Idexx Laboratories, Inc.* 802
9,700 Igen International, Inc.* $ 195
8,800 Immucor, Inc.* 26
51,100 Isolyser Co., Inc.* 105
10,200 Luminex Corp.* 388
17,416 Molecular Biosystems, Inc.* 9
10,500 Oratec Interventions, Inc.* 129
7,100 Orthologic Corp.* 21
11,000 PolyMedica Corp.* 472
32,000 PSS World Medical, Inc.* 116
16,497 Quidel Corp.* 71
17,900 Henry Schein, Inc.* 357
13,450 Sola International, Inc.* 87
7,000 Spacelabs Medical, Inc.* 69
26,700 Steris Corp.* 320
14,461 TriPath Imaging, Inc.* 101
8,700 Vital Signs, Inc. 231
----------
7,347
----------
HEALTHCARE SERVICES - 2.4%
10,900 American Healthways, Inc.* 88
9,700 Clintrials Research, Inc.* 52
23,900 Coventry Health Care, Inc.* 361
600 Dianon Systems, Inc.* 24
12,575 Gentiva Health Services* 160
2,750 LabOne, Inc. 26
5,480 Laboratory Corp. Of America Holdings* 656
48,800 Manor Care, Inc.* 766
53,700 Matria Healthcare, Inc.* 188
25,400 Phycor, Inc.* 3
13,100 Prime Medical Services, Inc.* 101
9,600 Province Healthcare Co.* 383
67,900 Quorum Health Group, Inc.* 883
25,800 Res-Care, Inc.* 118
12,600 Triad Hospitals, Inc.* 370
23,400 United Wisconsin Services, Inc. 117
59,298 US Oncology, Inc.* 269
----------
4,565
----------
HOLDING COMPANIES - 0.2%
10,600 Kaiser Ventures, Inc.* 122
32,000 Walter Industries, Inc. 284
----------
406
----------
HOME BUILDERS - 4.0%
8,200 Beazer Homes USA, Inc.* 222
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS
68
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
52,700 Champion Enterprises, Inc.* $ 224
14,500 Engle Homes, Inc. 226
15,504 Lennar Corp. 460
46,100 MDC Holdings, Inc. 1,198
6,100 M/I Schottenstein Homes, Inc. 124
20,050 NVR, Inc. 1,624
22,000 Oakwood Homes Corp. 33
30,700 Ryland Group, Inc. 952
4,100 Schuler Homes, Inc.* 40
9,300 Skyline Corp. 198
3,200 Southern Energy Homes, Inc.* 6
82,550 Standard-Pacific Corp. 1,486
10,200 Thor Industries, Inc. 236
14,600 Toll Brothers, Inc.* 502
----------
7,531
----------
HOME FURNISHINGS - 1.0%
17,800 Applica, Inc. 110
5,268 Bassett Furniture Industries, Inc.* 75
19,200 Fedders Corp. 74
2,600 Flexsteel Industries 32
24,360 Harman International Industries, Inc. 953
1,265 Knape & Vogt Manufacturing Co. 18
28,600 La-Z-Boy, Inc. 416
15,219 Royal Appliance Manufacturing* 90
56,000 Sunbeam Corp. 74
----------
1,842
----------
HOUSEHOLD PRODUCTS/WARES - 1.0%
12,100 CNS, Inc.* 50
7,900 CSS Industries, Inc.* 158
12,800 Harland (John H.) Co. 196
15,000 Helen Of Troy Ltd.* 107
4,400 Nashua Corp. 37
29,900 Playtex Products, Inc.* 353
17,800 Russ Berrie & Co., Inc. 352
38,300 Standard Register Co. 613
1,800 Swiss Army Brands, Inc.* 10
----------
1,876
----------
HOUSEWARES - 0.2%
32,950 Metromedia International Group, Inc.* 123
6,700 Mikasa, Inc. 110
7,300 National Presto Industries, Inc. 218
----------
451
----------
INSURANCE - 4.1%
1,800 Allcity Insurance Co.* $ 15
21,300 AmerUs Group Co 548
6,264 Argonaut Group, Inc.* 110
1,900 Baldwin & Lyons, Inc.* 37
2,400 Capitol Transamerica Corp. 29
28,100 CNA Surety Corp. 323
8,500 Commerce Group, Inc.* 246
3,300 Danielson Holdings Corp.* 14
2,400 Farm Family Holdings, Inc.* 76
24,000 FBL Financial Group, Inc. 390
27,000 Frontier Insurance Group, Inc. 17
3,200 Gainsco, Inc. 13
33,200 Harleysville Group, Inc. 631
7,800 Highlands Insurance Group* 73
22,385 Kansas City Life Insurance Co. 739
10,800 Landamerica Financial Group, Inc. 308
26,200 Liberty Financial Cos. 616
300 Meadowbrook Insurance Group 1
1,368 Meridian Insurance Group, Inc. 20
9,100 Midland Co. 241
5,500 Nymagic, Inc. 82
3,300 Penn Treaty American Corp.* 60
34,600 Presidential Life Corp. 517
4,411 Professionals Group, Inc.* 98
7,450 PXRE Group, Ltd. 117
40,700 Reliance Group Holdings 8
5,300 RenaissanceRe Holdings, Ltd. 339
9,100 RLI Corp. 351
9,200 RTW, Inc.* 31
6,900 Scpie Holdings, Inc. 139
26,200 Selective Insurance Group 468
10,900 State Auto Financial Corp. 143
11,200 Stewart Information Services 172
11,720 Trenwick Group, Ltd. 223
4,050 United Fire & Casualty Co. 70
8,400 W.R. Berkley Corp.* 290
12,000 Zenith National Insurance Corp. 263
----------
7,818
----------
INTERNET - 2.0%
21,000 Calico Commerce, Inc.* 129
3,106 Clarent Corp.* 122
29,600 Corillian Corp.* 285
14,100 Digitalthink, Inc.* 594
1,521 Egghead.com, Inc.* 4
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
69
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP VALUE FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.3% (CONT'D.)
INTERNET - 2.0% (CONT'D.)
15,500 Expedia, Inc.* $ 202
6,200 F5 Networks, Inc.* 211
27,400 Firepond, Inc.* 397
322 Global Sources Ltd.* 10
500 Lotus Pacific, Inc.* 3
5,700 National Discount Brokers Group, Inc.* 176
7,100 Net2Phone, Inc.* 160
8,600 Netopia, Inc.* 95
800 NextCard, Inc.* 7
29,500 ONVIA.COM* 131
24,390 Psinet, Inc.* 235
29,300 USinternetworking, Inc.* 195
15,000 Verity, Inc.* 535
8,900 Vicinity Corp.* 98
1,900 Ziff-Davis, Inc. - ZDNet* 27
7,900 Zixit Corp. 241
----------
3,857
----------
IRON/STEEL - 0.5%
3,300 Carpenter Technology 96
10,100 Cleveland-Cliffs, Inc. 231
12,900 Gibraltar Steel Corp. 213
10,900 LTV Corp. 14
5,300 Material Sciences Corp.* 60
25,500 Oregon Steel Mills, Inc. 48
18 Reliance Steel & Aluminum -
8,225 Roanoke Electric Steel Corp. 81
2,400 Ryerson Tull, Inc. 23
8,900 Shiloh Industries, Inc.* 65
8,300 Steel Technologies, Inc. 53
----------
884
----------
LEISURE - 0.1%
9,700 Arctic Cat, Inc.* 122
1,658 Coastcast Corp.* 26
2,300 Huffy Corp. 24
----------
172
----------
LODGING - 1.1%
4,500 Ameristar Casinos, Inc.* 21
47,000 Boyd Gaming Corp.* 232
54,600 Extended Stay America, Inc.* 723
28,150 Marcus Corp. 296
38,600 Prime Hospitality Corp. $ 391
21,600 Station Casinos, Inc.* 308
3,900 Suburban Lodges Of America* 26
2,900 Sunburst Hospitality Corp.* 20
----------
2,017
----------
MACHINERY - DIVERSIFIED - 1.6%
32,400 AGCO Corp.* 385
15,300 Applied Industrial Technologies, Inc. 265
5,200 Applied Science and Technology, Inc.* 77
18,000 Astec Industries, Inc.* 197
3,700 Axsys Technologies, Inc.* 134
105 Cascade Corp. 2
2,600 CTB International Corp. 20
17,514 Detroit Diesel Corp. 399
4,700 Gehl Co. 54
29,800 Gerber Scientific, Inc. 257
9,800 Idex Corp. 274
22,500 Imation Corp.* 419
12,932 Magnetek, Inc.* 137
2,100 Sames Corp.* 29
13,500 Thomas Industries, Inc. 273
8,700 Unova, Inc.* 34
----------
2,956
----------
MANUFACTURING - DIVERSIFIED - 0.0%
16,497 Bell Industries, Inc.* 38
----------
MEDIA - 1.2%
1,700 Courier Corp. 49
3,500 Fisher Cos., Inc. 252
20,900 Journal Register Co.* 347
12,000 Lodgenet Entertainment Corp.* 347
1,800 Lynch Interactive Corp.* 101
15,900 On Command Corp.* 195
12,100 Scholastic Corp.* 963
3,200 Thomas Nelson, Inc. 26
----------
2,280
----------
METAL FABRICATE/HARDWARE - 0.7%
5,900 Amcast Industrial Corp.* 55
11,300 Ampco-Pittsburgh Corp.* 116
14,500 Commercial Metals Co. 370
5,700 Fansteel, Inc. 20
14,800 Maverick Tube Corp.* 399
14,500 Quanex Corp. 276
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
70
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
3,400 Transtechnology Corp. $ 21
6,100 Wolverine Tube, Inc.* 91
----------
1,348
----------
MINING - 0.5%
11,100 Brush Engineered Materials, Inc.* 240
6,500 Century Aluminum Co. 81
10,900 Commonwealth Industries, Inc. 61
49,850 Hecla Mining Co. 37
60,325 Meridian Gold, Inc.* 411
9,448 Zemex Corp. 70
----------
900
----------
MISCELLANEOUS MANUFACTURING - 0.3%
5,600 Katy Industries 39
1,400 M & F Worldwide Corp.* 8
2,200 NCH Corp. 78
3,600 Osmonics, Inc.* 29
3,200 Park-Ohio Holdings Corp. 25
14,000 Polymer Group, Inc. 103
1,400 Quixote Corp. 24
2,100 SPS Technologies, Inc.* 102
16,533 WABTEC Corp. 167
----------
575
----------
OFFICE FURNISHINGS - 0.0%
4,499 Virco Manufacturing 55
----------
OFFICE/BUSINESS EQUIPMENT - 0.1%
62,100 Ikon Office Solutions, Inc. 245
----------
OIL & GAS PRODUCERS - 2.7%
3,800 Callon Petroleum Co.* 60
108,799 Chesapeake Energy Corp. 782
12,300 Chieftain International, Inc.* 254
22,900 Enterprise Products Partners LP 663
7,500 Giant Industries, Inc. 39
18,100 HS Resources, Inc.* 609
17,875 Houston Exploration Co.* 451
23,343 Louis Dreyfus Natural Gas* 925
19,100 Meridian Resource Corp.* 131
2,100 Nuevo Energy Co.* 39
1,500 Penn Virginia Corp. 39
15,604 Swift Energy Co.* 649
31,100 Tesoro Petroleum Corp. 309
2,200 Unit Corp.* 32
2,600 UTI Energy Corp.* $ 116
1,900 Clayton Williams Energy, Inc.* 77
----------
5,175
----------
OIL & GAS SERVICES - 0.7%
8,200 Atwood Oceanics, Inc.* 342
4,700 CAL Dive International, Inc.* 269
1,100 Lufkin Industries, Inc. 22
7,111 Pure Resources, Inc.* 151
6,200 RPC, Inc. 73
22,000 Stolt Offshore SA* 327
16,500 Stolt Offshore SA* 210
----------
1,394
----------
PACKAGING & CONTAINERS - 0.2%
4,387 Graphic Packaging International Corp.* 9
35,800 Longview Fibre Co. 430
----------
439
----------
PHARMACEUTICALS - 5.3%
11,300 Alliance Pharmaceutical Corp.* 172
444 Bindley Western Industries, Inc.* 14
4,342 Block Drug Co., Class A* 187
27,151 Carter-Wallace, Inc. 664
9,400 Corixa Corp.* 472
22,400 Cubist Pharmaceuticals, Inc.* 1,166
17,800 Dura Pharmaceuticals, Inc.* 630
18,000 Duramed Pharmaceuticals, Inc.* 105
9,500 Elan Corp PLC* 9
66 Herbalife International, Inc. 1
19,100 Immune (The) Response Corp.* 131
100 Immunogen, Inc.* 3
4,600 Matrix Pharmaceuticals, Inc.* 72
4,200 Medarex, Inc.* 493
24,000 Nabi* 168
40,800 NBTY, Inc.* 267
11,574 Neurocrine Biosciences, Inc.* 521
7,400 Noven Pharmaceuticals, Inc.* 316
9,800 NPS Pharmaceuticals, Inc.* 554
2,200 Onyx Pharmaceuticals, Inc.* 54
25,300 OSI Pharmaceuticals, Inc.* 1,771
30,000 Perrigo Co.* 205
8,200 Pharmacopeia, Inc.* 209
24,800 Pharmaceutical Resources, Inc. 180
17,400 Praecis Pharmaceuticals, Inc.* 740
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
71
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP VALUE FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.3% (CONT'D.)
PHARMACEUTICALS - 5.3% (CONT'D.)
6,800 SICOR, Inc.* $ 70
23,600 Syncor International Corp.* 869
----------
10,043
----------
PIPELINES - 0.5%
36,800 Western Gas Resources, Inc. 922
----------
REAL ESTATE - 0.5%
9,300 Avatar Holdings, Inc.* 179
14,300 Getty Realty Corp. 162
22,450 LNR Property Corp. 497
8,050 Wellsford Real Properties, Inc.* 159
----------
997
----------
REAL ESTATE INVESTMENT TRUSTS - 0.2%
10,600 Sovran Self Storage, Inc. 217
15,000 Winston Hotels, Inc. 130
----------
347
----------
RESEARCH & DEVELOPMENT - 0.5%
13,300 Aurora Biosciences Corp.* 904
----------
RETAIL - 4.7%
9,600 Blair Corp.* 226
38,915 Bob Evans Farm, Inc.* 720
20,100 Bombay (The) Co., Inc.* 49
16,500 Brown Shoe Co., Inc. 152
17,200 Buffets, Inc.* 237
47,720 Burlington Coat Factory Warehouse Corp. 683
27,900 Cash America International, Inc. 204
29,800 CBRL Group, Inc. 428
11,925 CEC Entertainment, Inc.* 382
100,500 Charming Shoppes 524
7,900 Chart House Enterprises, Inc.* 45
15,800 CKE Restaurants, Inc.* 48
15,600 Copart, Inc.* 216
9,900 Discount Auto Parts* 76
19,172 Dress Barn, Inc.* 403
10,637 Drug Emporium, Inc. 8
1,500 Duckwall-ALCO Stores, Inc.* 14
15,200 Footstar, Inc.* 491
9,100 Gottschalks, Inc.* 56
20,900 Haverty Furniture 229
44,000 Heilig-Meyers Co. $ 7
23,500 Hollywood Entertainment Corp.* 175
32,550 HomeBase, Inc.* 71
17,000 IdeaMall, Inc.* 57
24,450 Intertan, Inc.* 353
5,098 J. Baker, Inc.* 23
12,300 Jo-Ann Stores, Inc. 89
8,700 Just For Feet, Inc.* -
4,700 Krispy Kreme Doughnuts, Inc.* 394
6,600 Lillian Vernon Corp. 64
36,100 Lone Star Steakhouse & Saloon 266
24,900 Musicland Stores Corp.* 176
42,600 OfficeMax, Inc.* 152
8,550 Rare Hospitality International, Inc.* 174
4,200 REX Stores Corp.* 82
49,000 Ryan's Family STK Houses, Inc.* 377
500 S & K Famous Brands, Inc.* 4
22,500 ShopKo Stores, Inc. 233
7,400 Sport Supply Group, Inc. 21
7,050 Sports Authority, Inc.* 15
5,500 Syms Corp. 21
13,900 Too, Inc.* 330
2,000 Tractor Supply Co.* 22
19,200 Trans World Entertainment* 192
13,700 Ugly Duckling Corp.* 80
18,100 United Auto Group, Inc.* 149
4,840 UNO Restaurant Corp.* 33
23,640 Value City Dept Stores, Inc.* 195
46 Venator Group, Inc. 1
1,200 Wolohan Lumber Co. 12
----------
8,959
----------
SAVINGS & LOANS - 3.3%
8,114 Alliance Bancorp 146
1,700 Ambanc Holding Co., Inc.* 27
160 Ameriana Bancorp* 2
4,600 American Bank of Connecticut* 87
10,664 Anchor Bancorp, Inc.* 167
4,375 Andover Bancorp, Inc.* 133
5,050 Coastal Bancorp, Inc. 90
5,000 Commonwealth Bancorp, Inc. 73
5,700 Dime Community Bancshares 141
33,274 Downey Financial Corp. 1,314
566 FFLC Bancorp, Inc. 8
1,400 FFY Financial Corp. 17
1,100 First Defiance Financial Corp. 10
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
72
<PAGE>
NORTHERN FUNDS SEMIANNUAL REPORT
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
5,100 First Essex Bancorp, Inc. $ 108
300 First Federal Bancshares of Arkansas, Inc. 6
17,000 Firstfed Financial Corp. 391
11,560 First Indiana Corp. 301
6,000 First Northern Capital Corp. 88
30,917 First Sentinel Bancorp, Inc. 295
4,310 First Washington Bancorp, Inc. 68
2,300 Flushing Financial Corp. 37
500 Haven Bancorp, Inc. 15
500 Hawthorne Financial Corp. 6
100 HF Financial Corp. 1
1,150 HMN Financial, Inc. 14
600 Home Bancorp 12
2,825 Home Federal Bancorp 46
1,290 Horizon Financial Corp. 12
40,100 Independence Community Bank 561
500 Industrial Bancorp, Inc. 6
2,100 Itla Capital Corp.* 31
6,800 Jefferson Svgs Bancorp, Inc. 93
18,103 MAF Bancorp, Inc. 450
600 Medford Bancorp, Inc. 10
1,525 Monterey Bay Bancorp, Inc. 13
100 North Central Bancshares, Inc. 2
8,400 OceanFirst Financial Corp. 174
51,800 Ocwen Financial Corp.* 304
2,270 Ottawa Financial Corp. 65
200 Parkvale Financial Corp. 4
2,400 Pennfed Financial Services 37
8,500 PFF Bancorp, Inc. 185
368 Quaker City Bancorp, Inc.* 7
19,490 Queens County Bancorp, Inc. 563
7,700 ST Francis Capital Corp. 118
400 Staten Island Bancorp, Inc. 8
900 Sterling Financial Corp.* 10
12 Webster Financial Corp. -
100 WVS Financial Corp. 1
1,897 York Financial Corp. 29
----------
6,286
----------
SEMICONDUCTORS - 4.9%
8,300 ADE Corp.* 170
2,300 C-Cube Microsystems, Inc.* 47
46,900 Cirrus Logic, Inc.* 1,891
18,000 Elantec Semiconductor, Inc.* 1,793
10,400 Electroglas, Inc.* 177
20,800 ESS Technology* 298
8,700 Exar Corp.* $ 1,053
17,900 FSI International, Inc.* 255
14,600 Gasonics International Corp.* 179
4,900 Integrated Silicon Solutions* 69
3,000 Mattson Technology, Inc.* 45
27,615 MEMC Electronics Materials* 356
1,496 Micrel, Inc.* 100
1,900 Micro Linear Corp.* 9
1,800 MIPS Technologies, Inc.* 83
12,758 OAK Technology, Inc.* 349
6,300 Opti, Inc.* 35
510 Photronics, Inc.* 11
31,200 Pioneer Standard Electronics 423
830 Qlogic Corp.* 73
21,200 Silicon Valley Group, Inc.* 558
23,876 SpeedFam-IPEC, Inc.* 273
10,500 Standard Microsystems Corp.* 229
13,200 Therma-Wave, Inc.* 379
14,000 Ultratech Stepper, Inc.* 225
2,200 Veeco Instruments, Inc.* 234
----------
9,314
----------
SOFTWARE - 2.9%
3,100 3Dfx Interactive, Inc.* 15
18,200 Accrue Software, Inc.* 217
14,800 Broadbase Software, Inc.* 201
16,200 Cerner Corp.* 752
11,300 Digi International, Inc.* 89
4,200 eBT International* 21
1,375 HNC Software* 113
12,500 Indus International, Inc.* 61
36,900 Information Resources, Inc.* 251
39,500 Inprise Corp.* 211
7,400 Intelidata Technologies Corp.* 39
15,000 Mapinfo Corp.* 470
15,000 MicroStrategy, Inc.* 410
12,200 NETIQ Corp.* 801
16,511 Netmanage, Inc.* 35
5,100 Novadigm, Inc.* 79
9,400 Numerical Technologies, Inc.* 271
7,057 Phoenix Technologies, Ltd.* 113
14,500 Pivotal Corp.* 761
11,200 Progress Software Corp.* 153
12,900 Puma Technology, Inc.* 262
37,125 Santa Cruz Operation, Inc.* 109
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
73
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP VALUE FUND (CONTINUED)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.3% (CONT'D.)
SOFTWARE - 2.9% (CONT'D.)
35,673 ScanSoft, Inc.* $ 57
45 Schawk, Inc. -
1,380 Simione Central Holdings, Inc.* 4
2,700 Trident Microsystems, Inc.* 25
----------
5,520
----------
STEEL - 0.2%
80,100 Bethlehem Steel Corp.* 240
20,000 Birmingham Steel Corp.* 54
----------
294
----------
TELECOMMUNICATIONS - 5.8%
8,195 Acterna Corp.* 249
11,700 Adaptive Broadband Corp.* 228
12,880 ADC Telecommunications, Inc.* 346
15,600 Advanced Radio Telecom Corp.* 133
14,800 Allen Telecom, Inc.* 251
7,778 Arch Wireless, Inc.* 39
18,300 AT&T Latin America Corp.* 154
3,700 Aware, Inc.* 142
7,000 Commonwealth Telephone Enterprises, Inc. 258
4,700 Computer Network Technology Corp.* 162
29,400 Corsair Communications, Inc.* 230
19,200 CTC Communications Group, Inc.* 389
18 eGlobe, Inc.* -
8,125 EMS Technologies, Inc.* 122
6,275 Emulex Corp.* 769
17,600 eVentures Group, Inc.* 224
500 General Datacomm Industries, Inc.* 3
36,050 Glenayre Technologies, Inc.* 392
9,300 IDT Corp.* 362
13,200 Interdigital Communications Corp.* 185
6,500 ITC Deltacom, Inc.* 75
12,900 Lumenon Innovative Lightwave
Technology, Inc.* 206
16,100 MCK Communications, Inc.* 364
21,800 Metawave Communications Corp.* 399
30,300 Metricom, Inc.* 780
45,625 Metrocall, Inc.* 137
15,000 Motient Corp.* 212
19,900 Network Computing Devices* 16
23,100 Network Equipment Technologies, Inc.* 247
6,400 Network Peripherals, Inc.* 109
9,600 Newport Corp. $ 1,529
8,200 Proxim, Inc.* 365
3,900 PTEK Holdings, Inc.* 12
12,877 Roseville Communications Co. 505
14,200 Spectralink Corp.* 134
11,700 Symmetricom, Inc.* 183
10,100 Telaxis Communications Corp.* 61
3,500 Verilink Corp.* 16
18,132 Vtel Corp.* 44
27,800 Vyyo, Inc.* 834
10,303 World Access, Inc.* 55
----------
10,921
----------
TELEPHONE - 0.0%
6,680 Atlantic Tele-Network, Inc.* 73
----------
TEXTILES - 0.0%
3,200 Angelica Corp.* 31
4,462 Pillowtex Corp. 13
----------
44
----------
THERAPEUTICS - 0.3%
27,300 Amylin Pharmaceuticals, Inc.* 293
11,400 Axys Pharmaceuticals, Inc.* 78
5,500 Neurogen Corp.* 171
----------
542
----------
TOBACCO - 0.2%
11,300 Universal Corp. 332
----------
TRANSPORTATION - 2.9%
19,200 American Freightways Corp.* 305
14,400 Arnold Industries, Inc.* 243
9,217 Arkansas Best Corp.* 142
15,500 Circle International Group 469
12,300 Consolidated Freightways Corp.* 62
24,050 Fritz Cos., Inc.* 289
11,400 Frozen Food Express Industries 29
19,495 Hunt (JB) Transport Services, Inc.* 249
16,312 Kirby Corp. 320
7,600 Kitty Hawk, Inc.* 2
6,400 Landstar System, Inc.* 286
12,800 MS Carriers, Inc.* 200
3,700 Maritrans, Inc. 20
13,000 Offshore Logistics, Inc. 232
4,200 OLD Dominion Freight Line* 42
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
74
<PAGE>
NORTHERN FUNDS SEMIANNUAL REPORT
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-------------------------------------------------------------------
<S> <C> <C>
30,300 Overseas Shipholding Group $ 829
1,100 Patriot Transportation Holding, Inc.* 17
8,000 Railamerica, Inc. 63
13,650 Roadway Express, Inc. 245
16,300 Teekay Shipping Corp. 765
30,000 Werner Enterprises, Inc. 352
16,007 Yellow Corp. 242
----------
5,403
----------
TRUCKING & LEASING - 0.6%
27,525 AMERCO* 539
9,814 Greenbrier Cos., Inc. 83
25,950 Interpool, Inc. 297
4,511 Xtra Corp. 200
----------
1,119
----------
WATER - 1.1%
10,400 American States Water Co.* 315
85,400 Azurix Corp.* 304
8,400 California Water Service Group 225
6,600 E'town Corp. 441
13,684 Philadelphia Suburban Corp. 317
3,700 SJW Corp. 439
----------
2,041
----------
Total Common Stocks
(cost $166,695) 181,059
----------
WARRANTS - 0.0%
8,856 Jannock Properties, Ltd. 6
589 Paragon Trade Brands, Inc. 2
8 York Research Corp.* -
----------
Total Warrants
(cost $0) 8
----------
OTHER - 0.0%
10,000 Escrow American Medical
Electronics, Inc.* -
220 Escrow Millicom American
Satellite, Inc.* $ -
300 Escrow Northeast Bancorp, Inc.* -
11,250 Escrow Paragon Trade Brands* -
4,500 Escrow Strawbridge & Clothier, Inc.* -
----------
Total Other
(cost $0) -
----------
<CAPTION>
PRINCIPAL
AMOUNT
(000S)
---------
SHORT-TERM INVESTMENTS - 4.2%
$6,872 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 6,872
1,075 U.S. Treasury Bill,(1)
6.07%, 1/18/01 1,056
----------
Total Short-Term Investments
(cost $7,928) 7,928
----------
Total Investments - 99.5%
(cost $174,623) 188,995
Other Assets less Liabilities - 0.5% 962
----------
NET ASSETS - 100.0% $ 189,957
==========
</TABLE>
OPEN FUTURES CONTRACTS:
<TABLE>
<CAPTION>
Notional Unrealized
Number of Amount Contract Contract Losses
Type Contracts (000s) Position Exp. (000s)
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Russell 2000 22 $5,801 Long 12/00 $(182)
S&P/Barra Value 13 2,064 Long 12/00 (32)
----------
$(214)
==========
</TABLE>
(1) Security pledged as collateral to cover margin requirements for open futures
contracts.
SEE NOTES TO THE FINANCIAL STATEMENTS.
75
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
SMALL CAP GROWTH FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 98.5%
AEROSPACE & DEFENSE - 1.3%
108,300 Alliant Techsystems, Inc.* $ 8,894
----------
BIOTECHNOLOGY - 3.4%
243,000 Inhale Therapeutic Systems, Inc.* 13,699
171,000 Maxygen, Inc.* 8,871
----------
22,570
----------
BUILDING MATERIALS - 0.9%
380,200 U.S. Aggregates, Inc. 6,297
----------
COMMERCIAL SERVICES - 5.6%
318,628 Career Education Corp.* 14,179
825,000 Caremark Rx, Inc.* 9,281
133,070 Corinthian Colleges, Inc.* 7,851
146,500 DeVry, Inc.* 5,512
----------
36,823
----------
COMPUTERS - 1.1%
28,996 Manhattan Associates, Inc.* 1,776
47,335 Nuance Communications, Inc.* 5,760
----------
7,536
----------
DIVERSIFIED FINANCIAL SERVICES - 6.3%
64,100 Biotech HOLDRs Trust* 12,496
173,600 Compucredit Corp.* 9,738
206,982 Eaton Vance Corp. 10,556
221,500 Metris Cos., Inc. 8,749
----------
41,539
----------
ELECTRICAL COMPONENTS & EQUIPMENT - 1.4%
154,400 C&D Technologies, Inc. 8,762
21,510 Proton Energy Systems, Inc.* 616
----------
9,378
----------
ELECTRONICS - 5.0%
149,900 ACT Manufacturing, Inc.* 7,907
173,900 Benchmark Electronics, Inc.* 9,043
199,500 Methode Electronics, Inc., Class A 8,841
155,800 Mettler Toledo International, Inc.* 6,855
----------
32,646
----------
FOOD - 1.4%
176,500 Suiza Foods Corp.* 8,946
----------
GAS - .2%
38,274 Energen Corp. $ 1,139
----------
HEALTHCARE - PRODUCTS - 3.6%
354,305 Edwards Lifesciences Corp.* 7,728
201,000 Novoste Corp.* 8,543
64,000 Techne Corp.* 7,168
----------
23,439
----------
HEALTHCARE - SERVICES - 4.2%
239,400 Province Healthcare Co.* 9,561
155,300 Trigon Healthcare, Inc.* 8,163
113,013 Universal Health Services, Inc., Class B* 9,677
----------
27,401
----------
HOME FURNISHINGS - 1.4%
226,000 Harman International, Inc. 8,837
----------
INSURANCE - 7.4%
216,200 Everest Re Group, Ltd. 10,702
368,000 Fidelity National Financial, Inc. 9,108
189,000 Gallagher (Arthur J.) & Co. 11,174
248,400 Protective Life Corp. 7,421
243,200 Stancorp Financial Group, Inc. 10,397
----------
48,802
----------
INTERNET - 1.2%
57,628 Vastera, Inc.* 1,268
177,600 Verity, Inc.* 6,338
----------
7,606
----------
LODGING - 2.7%
63,501 Four Seasons Hotels, Inc. 4,647
325,000 Orient Express Hotels Ltd., Class A* 6,256
484,950 Station Casinos, Inc.* 6,911
----------
17,814
----------
MEDIA - 1.5%
120,400 Scholastic Corp.* 9,579
----------
OIL & GAS PRODUCERS - 5.0%
338,500 Marine Drilling Co., Inc.* 9,668
247,900 Newfield Exploration Co.* 11,574
282,400 Swift Energy Co.* 11,737
----------
32,979
----------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
76
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS - 6.1%
127,800 Alpharma, Inc., Class A $ 7,812
85,100 Barr Laboratories, Inc.* 5,643
49,319 CIMA Labs, Inc.* 2,568
155,000 Medicis Pharmaceutical Corp., Class A* 9,532
224,000 Titan Pharmaceuticals, Inc.* 14,560
----------
40,115
----------
RETAIL - 6.4%
268,100 Cost Plus, Inc.* 8,076
338,300 Linens 'n Things, Inc.* 8,626
201,800 P.F. Chang's China Bistro, Inc.* 6,975
294,100 Too, Inc.* 6,985
308,700 Tweeter Home Entertainment Group, Inc.* 11,210
----------
41,872
----------
SEMICONDUCTORS - 6.6%
112,500 Elantec Semiconductor, Inc.* 11,208
84,700 Exar Corp.* 10,249
199,438 Pericom Semiconductor Corp.* 7,379
178,200 Sipex Corp.* 7,495
110,600 Transwitch Corp.* 7,051
----------
43,382
----------
SHIPBUILDING - 1.5%
220,300 Newport News Shipbuilding, Inc. 9,556
----------
SOFTWARE - 11.1%
110,500 Advent Software, Inc.* 7,721
154,000 Aspen Technology, Inc.* 6,949
128,800 BEA Systems, Inc.* 10,030
202,600 Descartes Systems Group, Inc.* 10,029
107,900 IONA Technologies PLC ADR* 7,499
65,900 Mercury Interactive Corp.* 10,330
96,670 Speechworks International* 5,994
150,700 Ulticom, Inc.* 7,102
190,400 Webtrends Corp.* 7,116
----------
72,770
----------
TELECOMMUNICATIONS - 11.9%
99,500 Comverse Technology, Inc.* 10,746
28,788 Cosine Communications, Inc.* 1,600
29,752 Inrange Technologies, Class B* 1,577
118,300 Natural Microsystems Corp.* 6,364
68,400 Newport Corp. 10,894
126,700 NICE Systems Ltd., ADR* 9,122
367,000 SBA Communications Corp.* $ 15,391
30,400 SDL, Inc.* 9,403
94,900 Tollgrade Communications, Inc.* 13,173
----------
78,270
----------
TRANSPORTATION - 1.3%
280,100 EGL, Inc.* 8,473
----------
Total Common Stocks
(cost $535,556) 646,663
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000S)
---------
<S> <C> <C>
SHORT-TERM INVESTMENT - 1.7%
(cost $11,266)
$11,266 Bayerische Hypo-Und Vereinsbank, Grand
Cayman, Eurodollar Time Deposits,
6.72%, 10/2/00 11,266
----------
Total Investments - 100.2%
(cost $546,822) 657,929
Liabilities less Other Assets - (.2%) (1,532)
----------
NET ASSETS - 100.0% $656,397
==========
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
77
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
GROWTH OPPORTUNITIES FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 94.1%
AEROSPACE & DEFENSE - 1.1%
400 Alliant Techsystems, Inc.* $ 33
----------
BIOTECHNOLOGY - 4.5%
250 Genentech Inc.* 46
950 Inhale Therapeutic Systems, Inc.* 54
700 Maxygen, Inc.* 36
----------
136
----------
COMMERCIAL SERVICES - 5.1%
1,000 Career Education Corp.* 44
2,800 Caremark Rx, Inc.* 32
700 Corinthian Colleges, Inc.* 41
1,000 DeVry, Inc.* 38
----------
155
----------
COMPUTERS - 5.9%
125 Brocade Communications Systems, Inc.* 29
350 EMC Corp. 35
350 Nuance Communications, Inc.* 43
275 Sun Microsystems, Inc.* 32
275 Veritas Software Corp.* 39
----------
178
----------
DIVERSIFIED FINANCIAL SERVICES - 4.4%
300 Biotechnology HOLDRs Trust* 58
750 Eaton Vance Corp. 38
900 Metris Companies, Inc. 36
----------
132
----------
ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%
74 Proton Energy Systems, Inc.* 2
----------
ELECTRONICS - 2.9%
550 ACT Manufacturing, Inc.* 29
550 Benchmark Electronics, Inc.* 29
700 Methode Electronics, Inc., Class A 31
----------
89
----------
FOOD - 1.0%
600 Suiza Foods Corp.* 30
----------
HEALTHCARE - PRODUCTS - 1.1%
1,500 Edwards Lifesciences Corp.* 33
----------
HEALTHCARE - SERVICES - 5.0%
2,000 Tenet Healthcare Corp.* $ 73
600 Trigon Healthcare, Inc.* 32
2,200 Health Management Associates, Inc.* 46
----------
151
----------
HOME FURNISHINGS - 1.3%
1,000 Harman International Industries, Inc. 39
----------
INSURANCE - 4.5%
475 American General Corp. 37
700 Everest Re Group, Ltd. 35
550 Gallagher (Arthur J.) & Co. 32
250 Marsh & McLennan Cos., Inc. 33
----------
137
----------
INTERNET - 1.3%
275 Ariba, Inc.* 39
----------
LODGING - 0.8%
1,200 Orient-Express Hotels Ltd.* 23
----------
MEDIA - 2.1%
400 Scholastic Corp.* 32
550 Viacom, Inc.* 32
----------
64
----------
OIL & GAS PRODUCERS - 2.4%
1,300 Marine Drilling Co., Inc.* 37
900 Swift Energy Co.* 37
----------
74
----------
PHARMACEUTICALS - 8.8%
1,000 Amerisource Health Corp., Class A* 47
350 Cardinal Health, Inc. 31
475 Barr Laboratories, Inc.* 31
800 Cima Labs, Inc.* 42
700 Pfizer, Inc. 31
400 Sepracor, Inc.* 49
550 Titan Pharmaceuticals, Inc.* 36
----------
267
----------
PIPELINES - 1.2%
600 EL Paso Energy Corp. 37
----------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
78
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
RETAIL - 4.3%
1,000 Cost Plus, Inc.* $ 30
700 Home Depot, Inc. 37
1,200 Too, Inc.* 29
900 Tweeter Home Entertainment Group, Inc.* 33
----------
129
----------
SEMICONDUCTORS - 6.1%
125 Broadcom Corp.* 30
450 Elantec Semiconductor, Inc.* 45
1,100 Pericom Semiconductor Corp.* 41
800 Sipex Corp.* 34
550 Transwitch Corp.* 35
----------
185
----------
SHIPBUILDING - 1.0%
700 Newport News Shipbuilding, Inc. 30
----------
SOFTWARE - 13.7%
550 Advent Software, Inc.* 38
650 BEA Systems, Inc.* 51
700 Concord Communications, Inc.* 19
850 Descartes Systems Group, Inc.* 42
500 Iona Technologies PLC* 35
225 I2 Technologies. Inc.* 42
275 Mercury Interactive Corp.* 43
350 Siebel Systems, Inc.* 39
675 SpeechWorks International, Inc.* 42
600 Ulticom, Inc.* 28
1,000 Webtrends Corp.* 37
----------
416
----------
TELECOMMUNICATIONS - 14.2%
275 CIENA Corp.* 34
400 Comverse Technology, Inc.* 43
350 Extreme Networks, Inc.* 40
200 Juniper Networks, Inc.* 44
625 Natural Microsystems Corp.* 34
275 Network Appliance, Inc.* 35
200 Newport Corp. 32
500 Nice Systems Ltd.* 36
150 SDL, Inc.* 46
275 Sycamore Networks, Inc.* 30
400 Tollgrade Communications, Inc.* 55
----------
429
----------
TRANSPORTATION - 1.3%
1,250 EGL, Inc.* $ 38
----------
Total Common Stocks - 94.1%
(cost $2,821) 2,846
Other Assets less Liabilities - 5.9% 179
----------
NET ASSETS - 100.0% $3,025
==========
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
79
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
INTERNATIONAL GROWTH EQUITY FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 97.3%
CANADA - 2.3%
600,000 Barrick Gold Corp. $ 9,150
110,000 Nortel Networks Corp. 6,552
----------
15,702
----------
DENMARK - 1.2%
150,000 Tele Danmark A/S 8,276
----------
FRANCE - 14.4%
95,000 Alcatel S.A. 6,078
60,000 Axa UAP 7,836
115,000 BNP Paribas 10,138
42,000 Cap Gemini S.A. 7,894
150,000 Carrefour Supermarche 11,079
155,000 Schneider Electric S.A. 9,766
75,000 Suez Lyonnaise Des Eaux 11,628
270,000 Thomson CSF 11,375
200,000 Total Fina Elf S.A. ADR 14,688
130,000 Vivendi S.A. 9,659
----------
100,141
----------
GERMANY - 7.6%
34,000 Allianz A.G. 11,146
265,000 Bayer A.G. 9,798
180,000 Bayerische Hypo-und Vereinsbank A.G. 9,848
120,000 Deutsche Bank A.G. 9,954
225,000 EON A.G. 11,595
----------
52,341
----------
HONG KONG - 2.8%
4,400,000 Beijing Enterprises Holding Ltd. 4,599
6,499,000 China Resources Enterprise Ltd. 7,752
550,000 Hutchison Whampoa 7,301
----------
19,652
----------
IRELAND - 1.0%
130,000 Elan Corp. PLC ADR* 7,004
----------
ITALY - 4.3%
300,000 Assicurazioni Generali 9,650
1,800,000 ENI-Ente Nazionale Idrocarburi S.p.A. 9,530
2,000,000 Unicredito Italiano S.p.A. 10,431
----------
29,611
----------
JAPAN - 23.0%
140,000 Benesse Corp. $ 8,421
160,000 Circle K Japan Co. Ltd. 5,005
525 Fuji Television Network Inc. 6,802
250,000 KAO Corp. 6,825
875,000 Kirin Brewery Co. Ltd. 8,988
115,000 Lawson Inc. 4,342
1,000,000 Mitsubishi Estate Co. Ltd. 10,420
600,000 Mitsui & Co. Ltd. 3,748
1,550,000 Mitsui Marine & Fire Insurance 7,129
1,200 Mizuho Holding Inc. 9,883
350,000 NEC Corp. 7,952
60,000 Nintendo Co. Ltd. 10,955
1,200 Nippon Telegraph & Telephone Corp. 11,772
350,000 Omron Corp. 9,215
400,000 Ricoh Co. Ltd. 7,274
425,000 Sankyo Co. Ltd. 9,459
550,000 Shiseido Co. Ltd. 6,830
100,000 Sony Corp. 10,143
400,000 Sumitomo Electric Industries Ltd. 6,904
950,000 Toshiba Corp. 7,657
----------
159,724
----------
NETHERLANDS - 8.9%
150,000 ING Groep N.V. 9,991
165,500 Koninkligke (Royal) Philips Electronics
N.V. ADR 7,034
255,000 Royal Dutch Petroleum Co. ADR 15,284
225,000 Unilever N.V. ADR 10,856
160,000 VNU N.V.* 8,048
500,000 Wolters Kluwer N.V. 10,148
----------
61,361
----------
SINGAPORE - 2.5%
5,000,000 DBS Land Ltd. 7,642
6,000,000 Singapore Telecommunications 9,378
----------
17,020
----------
SOUTH KOREA - 0.9%
500,000 Korea Electric Power Corp. ADR 6,531
----------
SPAIN - 4.2%
650,000 Banco Bilbao Vizcaya Argentaria S.A. 9,820
525,000 Endesa S.A. 9,868
475,000 Telefonica S.A. 9,410
----------
29,098
----------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
80
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
SWEDEN - 1.1%
500,000 Telefonaktiebolaget LM Ericsson AB ADR $ 7,406
----------
SWITZERLAND - 5.8%
5,100 Nestle S.A. 10,623
5,500 Novartis A.G. 8,433
1,200 Roche Holding A.G. 10,553
23,000 Zurich Allied A.G. 10,632
----------
40,241
----------
UNITED KINGDOM - 17.3%
250,000 Amvescap PLC 5,411
160,000 AstraZeneca PLC ADR 8,410
700,000 Cable & Wireless PLC 9,987
325,000 Colt Telecom Group PLC* 9,322
1,075,000 Diageo PLC 9,608
1,100,000 Enterprise Oil PLC 9,002
140,000 Glaxo Wellcome PLC ADR 8,461
550,000 HSBC Holdings PLC 7,689
450,000 Marconi PLC 6,154
800,000 Reckitt Benckiser PLC 9,776
700,000 Reed International PLC 5,558
475,000 Sema Group PLC 8,147
2,800,000 Tesco PLC 10,287
330,000 Vodafone Group PLC ADR 12,210
----------
120,022
----------
Total Common Stocks
(cost $693,872) 674,130
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENT - 4.3%
(cost $30,156)
$30,156 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 $ 30,156
----------
Total Investments - 101.6% 704,286
(cost $724,028)
Liabilities less Other Assets - (1.6)% (11,342)
----------
NET ASSETS - 100.0% $692,944
==========
</TABLE>
At September 30, 2000, the International Growth Equity Fund's investments were
diversified as follows:
<TABLE>
<CAPTION>
INDUSTRY
SECTOR
------------------------------------------------------------------------------
<S> <C>
Basic Industries/Energy 10.0%
Basic Materials 1.6
Capital Goods 5.6
Consumer Goods 3.3
Financial Services 9.6
Food/Beverages 13.5
Insurance 10.2
Media 5.5
Pharmaceuticals 8.3
Real Estate 1.7
Retail 1.5
Technology 9.8
Telecommunication 10.7
Transportation 1.3
Utilities 5.3
Other 2.1
-----
100.0%
=====
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
81
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
INTERNATIONAL SELECT EQUITY FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 94.5%
CANADA - 1.3%
200,000 Barrick Gold Corp. ADR $ 3,050
----------
FRANCE - 15.4%
27,000 Axa-UAP 3,527
50,000 Banque Nationale de Paris 4,408
20,000 Cap Gemini S.A. 3,759
55,000 Carrefour S.A. 4,062
50,000 Schneider Electric S.A. 3,150
28,000 Suez Lyonnaise 4,341
95,000 Thomson CSF 4,002
70,000 Total S.A. ADR 5,141
50,000 Vivendi S.A. 3,715
----------
36,105
----------
GERMANY - 7.0%
14,000 Allianz A.G. 4,590
115,000 Bayer A.G. 4,252
75,000 Bayerische Motoren Werke (BMW) A.G. 4,103
100,000 Merck A.G. 3,459
----------
16,404
----------
HONG KONG - 2.9%
2,300,000 China Resources Enterprises Ltd. 2,744
300,000 Hutchinson Whampoa Ltd. 3,982
----------
6,726
----------
IRELAND - 1.5%
65,000 Elan Corp. PLC ADR 3,502
----------
ITALY - 3.3%
125,000 Assicurazioni Generali 4,021
700,000 Eni S.p.A. 3,706
----------
7,727
----------
JAPAN - 23.6%
65,000 Benesse Corp. 3,910
110,000 Circle K Japan Co. Ltd. 3,441
275 Fuji Television Network, Inc. 3,563
145,000 KAO Corp. 3,958
350,000 Kirin Brewery Co. Ltd. 3,595
400,000 Mitsubishi Estate Co. Ltd. 4,168
450,000 Mitsui & Co. Ltd. 2,811
550 Mizuho Holdings Inc. 4,530
130,000 NEC Corp. $ 2,953
20,000 Nintendo Co. Ltd. 3,652
400 Nippon Telegraph & Telephone Corp. 3,925
200,000 Sankyo Co. Ltd. 4,451
40,000 Sony Co. Ltd. 4,057
225,000 Sumitomo Electric Industries Ltd. 3,883
300,000 Toshiba Co. Ltd. 2,418
----------
55,315
----------
NETHERLANDS - 6.8%
70,000 ING Groep N.V. 4,663
67,750 Koninklijke (Royal) Philips Electronics N.V. 2,879
75,000 Royal Dutch Petroleum Co. ADR 4,495
200,000 Wolters Kluwer N.V. 4,059
----------
16,096
----------
SINGAPORE - 3.0%
2,000,000 DBS Land Ltd. 3,057
2,500,000 Singapore Telecommunications Ltd. 3,907
----------
6,964
----------
SOUTH KOREA - 1.0%
175,000 Korea Electric Power Corp. ADR 2,286
----------
SPAIN - 5.0%
275,000 Banco Bilbao Vizcaya Argentaria S.A. 4,155
200,000 Empresa Nacional De Electricidad S.A. 3,759
200,000 Telefonica S.A. 3,962
----------
11,876
----------
SWEDEN - 1.3%
200,000 Telefonaktiebolaget LM Ericsson AB ADR 2,963
----------
SWITZERLAND - 6.5%
2,000 Nestle S.A. 4,166
2,000 Novartis A.G. 3,066
500 Roche Holding A.G. 4,397
8,000 Zurich Allied A.G. 3,698
----------
15,327
----------
UNITED KINGDOM - 15.9%
250,000 Cable & Wireless PLC 3,567
130,000 Colt Telecom Group PLC 3,729
400,000 Diageo PLC 3,575
60,000 Glaxo Wellcome PLC ADR 3,626
200,000 Marconi PLC 2,735
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
82
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
375,000 Reckitt Benckiser PLC $ 4,583
450,000 Reed International PLC 3,573
200,000 Sema Group PLC 3,430
700,000 Unilever N.V. 4,533
110,000 Vodafone AirTouch PLC ADR 4,070
----------
37,421
----------
Total Common Stocks
(cost $234,425) 221,762
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
(000S)
---------
<S> <C> <C>
SHORT-TERM INVESTMENT - 3.4%
(cost $7,852)
$7,852 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar Time
Deposits,
6.72%, 10/2/00 7,852
----------
Total Investments - 97.9%
(cost $242,277) 229,614
Other Assets less Liabilities - 2.1% 5,033
----------
NET ASSETS - 100.0% $234,647
==========
</TABLE>
At September 30, 2000, the International Select Equity Fund's investments were
diversified as follows:
<TABLE>
<CAPTION>
INDUSTRY
SECTOR
------------------------------------------------------------------------------
<S> <C>
Basic Industries/Energy 6.3%
Basic Materials 2.0
Capital Goods 7.9
Consumer Goods 3.6
Financial Services 8.1
Food/Beverages 13.4
Insurance 9.7
Media 7.0
Pharmaceuticals 10.6
Real Estate 2.0
Retail 1.6
Technology 8.6
Telecommunication 9.1
Transportation 1.8
Utilities 3.8
Other 4.5
-----
Total 100.0%
=====
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
83
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
TECHNOLOGY FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 95.1%
COMPUTERS - 12.3%
305,000 Brocade Communications Systems* $ 71,980
1,580,000 Compaq Computer Corp.* 43,576
628,800 EMC Corp.* 62,330
310,000 Network Appliance, Inc.* 39,486
261,473 StorageNetworks, Inc.* 26,719
607,600 Sun Microsystems, Inc.* 70,937
----------
315,028
----------
INTERNET - 11.2%
300,000 Amazon.Com, Inc.* 11,531
750,000 America Online, Inc.* 40,313
453,680 Ariba, Inc.* 64,996
950,000 eBay, Inc.* 65,194
1,030,000 Exodus Communications, Inc.* 50,856
150,000 Verisign, Inc. 30,384
242,200 Yahoo!, Inc.* 22,040
----------
285,314
----------
SEMICONDUCTORS - 26.0%
600,000 Advanced Micro Devices, Inc. 14,175
476,000 Altera Corp.* 22,729
550,000 Analog Devices, Inc.* 45,409
574,400 Applied Materials, Inc.* 34,069
375,000 Applied Micro Circuits Corp.* 77,648
220,000 Broadcom Corp., Class A* 53,625
380,000 Conexant Systems, Inc.* 15,913
120,000 Cree, Inc.* 13,950
34,300 Elantec Semiconductor, Inc.* 3,417
382,000 Integrated Device Technology, Inc.* 34,571
500,000 Micron Technology, Inc.* 23,000
300,000 National Semiconductor Corp.* 12,075
170,000 ON Semiconductor Corp.* 1,849
360,000 PMC-Sierra, Inc.* 77,490
896,600 Texas Instruments, Inc. 42,308
920,000 Transwitch Corp.* 58,650
580,000 Triquint Semiconductor, Inc.* 21,134
485,000 Vitesse Semiconductor Corp.* 43,135
818,400 Xilinx, Inc.* 70,076
----------
665,223
----------
SOFTWARE - 18.3%
605,000 Bea Systems, Inc.* 47,114
88,023 Blue Martini Software, Inc.* 2,982
280,000 Check Point Software Technologies Ltd.* $ 44,100
200,000 Electronic Arts, Inc.* 9,875
201,000 I2 Technologies, Inc. 37,600
600,000 Intuit, Inc.* 34,200
180,000 Manugistics Group, Inc.* 17,663
100,000 Mercury Interactive Corp.* 15,675
545,000 Microsoft Corp.* 32,870
205,000 Nuance Communications, Inc.* 24,946
1,125,240 Oracle Corp.* 88,613
330,824 Siebel Systems, Inc.* 36,825
285,000 SpeechWorks International, Inc.* 17,670
402,500 Veritas Software Corp.* 57,155
----------
467,288
----------
TELECOMMUNICATIONS - 27.3%
187,000 Avici Systems, Inc.* 17,788
420,000 Ciena Corp.* 51,581
218,972 Cisco Systems, Inc.* 12,098
152,200 Corning, Inc.* 45,203
490,000 Extreme Networks, Inc.* 56,105
400,000 Global Crossing Ltd.* 12,400
200,000 Inrange Technologies Corp., Class B* 10,600
555,000 JDS Uniphase Corp.* 52,552
292,610 Juniper Networks, Inc.* 64,063
970,000 Lucent Technologies, Inc.* 29,646
1,372,600 McLeodUSA, Inc., Class A* 19,645
751,000 Metromedia Fiber Network, Inc., Class A 18,259
711,200 Motorola, Inc.* 20,091
391,000 Redback Networks, Inc.* 64,100
224,855 Next Level Communications, Inc.* 14,869
520,000 NEXTLINK Communications, Inc., Class A* 18,298
584,000 Nokia Corp. ADR 23,251
1,153,600 Nortel Networks Corp. 68,711
505,000 Palm, Inc.* 26,733
125,000 SDL, Inc.* 38,664
306,267 Sycamore Networks, Inc.* 33,077
----------
697,734
----------
Total Common Stocks
(cost $1,741,391) 2,430,587
----------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
84
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENT - 4.7%
(cost $121,429)
$121,429 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 $ 121,429
----------
Total Investments - 99.8% 2,552,016
(cost $1,862,820)
Other Assets less Liabilities - .2% 4,386
----------
NET ASSETS - 100.0% $2,556,402
==========
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
85
<PAGE>
SCHEDULES OF INVESTMENTS SEPTEMBER 30, 2000 (UNAUDITED)
GLOBAL COMMUNICATIONS FUND
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS - 93.7%
COMPUTERS - 10.9%
11,740 Brocade Communications System* $ 2,771
16,300 Nuance Communications, Inc.* 1,984
17,850 Redback Networks* 2,926
21,701 StorageNetworks, Inc.* 2,218
25,990 Sun Microsystems, Inc.* 3,034
----------
12,933
----------
INTERNET - 3.2%
3,000 Alteon Websystems, Inc.* 325
51,590 Exodus Communications, Inc.* 2,547
21,900 Portal Software, Inc.* 875
----------
3,747
----------
MEDIA - 0.4%
13,000 Comcast Corp. 532
----------
SEMICONDUCTORS - 17.8%
17,715 Applied Micro Circuits Corp.* 3,668
27,805 ARM Holdings PLC ADR* 916
9,000 Bookham Technology PLC ADR* 386
4,090 Broadcom Corp.* 997
24,500 Conexant Systems, Inc.* 1,024
31,281 Marvell Technology Group Ltd.* 2,413
3,100 Parthus Technologies ADR* 125
14,290 PMC - Sierra, Inc.* 3,076
13,990 Texas Instruments, Inc. 660
58,320 Transwitch Corp.* 3,718
43,210 Triquint Semiconductor, Inc.* 1,574
27,795 Vitesse Semiconductor Corp.* 2,472
----------
21,029
----------
SOFTWARE - 1.0%
19,773 SpeechWorks International, Inc.* 1,226
----------
TELECOMMUNICATIONS - 60.4%
11,920 Aether Systems, Inc.* 1,258
48,190 Allegiance Telecom, Inc.* 1,795
16,190 Amdocs Ltd.* 1,010
7,670 Avanex Corp.* 826
18,559 Avici Systems, Inc.* 1,765
13,383 Ceragon Networks Ltd.* 360
100,000 China Unicom - HKD* 224
35,163 China Unicom ADR* 767
36,940 CIENA Corp.* $ 4,537
15,810 Cisco Systems, Inc.* 874
9,020 Colt Telecom Group PLC ADR* 994
16,030 Comverse Technology, Inc.* 1,731
7,410 Corning, Inc. 2,201
20,000 Corvis Corp.* 1,221
25,230 Echostar Communications Corp.* 1,331
26,000 Extreme Networks* 2,977
103,325 Global Crossing Ltd.* 3,203
49,475 Hughes Electronics Corp. 1,839
11,157 Inrange Technologies Corp.* 591
39,400 Jazztel PLC ADR* 886
22,038 JDS Uniphase Corp.* 2,087
16,030 Juniper Networks, Inc.* 3,510
18,140 Leap Wireless International, Inc.* 1,135
74,710 Lucent Technologies, Inc. 2,283
289,530 McLeodUSA, Inc.* 4,144
124,230 Metromedia Fiber Network, Inc.* 3,020
6,600 MMC Networks, Inc.* 835
10,500 Natural Microsystems Corp.* 565
17,000 Network Appliance, Inc.* 2,165
6,800 New Focus, Inc.* 538
20,636 Next Level Communications, Inc.* 1,365
23,830 Nextel Communications, Inc.* 1,114
11,450 Nextel Partners, Inc.* 333
122,210 Nextlink Communications, Class A* 4,300
28,070 Nokia Oyj ADR 1,118
51,700 Nortel Networks Corp. 3,079
16 NTT DoCoMo, Inc. 459
13,110 Oni Systems Corp.* 1,132
55,950 Palm, Inc.* 2,962
16,170 Scientific-Atlanta, Inc. 1,029
5,780 SDL, Inc.* 1,780
15,150 Sycamore Networks, Inc.* 1,636
15,500 Vodafone Group PLC ADR 573
----------
71,552
----------
Total Common Stocks
(cost $106,134) 111,019
----------
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
86
<PAGE>
NORTHERN FUNDS Semiannual Report
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
(000S) (000S)
-----------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM INVESTMENT - 6.8%
(cost $8,100)
$8,100 Bayerische Hypo-Und Vereinsbank,
Grand Cayman, Eurodollar
Time Deposit
6.72%, 10/2/00 $ 8,100
----------
Total Investments - 100.5%
(cost $114,234) 119,119
Liabilities less Other Assets - (0.5)% (643)
----------
NET ASSETS - 100.0% $118,476
==========
</TABLE>
SEE NOTES TO THE FINANCIAL STATEMENTS.
87
<PAGE>
NORTHERN FUNDS Semiannual Report
NOTES TO THE FINANCIAL STATEMENTS
SEPTEMBER 30, 2000 (UNAUDITED)
1. ORGANIZATION
Northern Funds (the "Trust"), is a Delaware business trust, which was formed
on February 7, 2000, and is registered under the Investment Company Act of
1940, as amended, as an open-end management investment company. The Income
Equity, Stock Index, Large Cap Value, Growth Equity, Select Equity, Mid Cap
Growth, Small Cap Index, Small Cap Value, Small Cap Growth, Growth
Opportunities, International Growth Equity, International Select Equity,
Technology and Global Communications Funds (collectively the "Funds") are
separate, diversified investment portfolios of the Trust. Each of the Funds
maintains its own investment objective. The Funds were formerly series of
Northern Funds, a Massachusetts business trust, and were reorganized into
the Trust on July 31, 2000.
The Northern Trust Company ("Northern Trust" or the "Adviser") serves as
investment adviser to the Funds except as noted in the next sentence. Northern
Trust Investments, Inc. ("NTI") a wholly-owned subsidiary of Northern Trust
Corporation, is the investment adviser for the Stock Index, Small Cap Index,
Small Cap Value and Large Cap Value Funds. Northern Trust also serves as
custodian, co-administrator, fund accountant and transfer agent for the Funds.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds. These policies are in conformity with generally accepted
accounting principles in the United States or "GAAP". The preparation of
financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
A. VALUATION OF SECURITIES - Short-term investments held by the Funds are
valued using the amortized cost method, which approximates market value.
Under this method, investments purchased at a discount or premium are
valued by amortizing the difference between the original purchase price
and maturity value of the issue over the period to maturity. Securities
which are traded on a recognized U.S. or foreign securities exchange are
generally valued at the last quoted sales price on the securities exchange
on which the securities are primarily traded. If securities traded on a
foreign securities exchange are not traded on a valuation date, they will
be valued at the most recent quoted sales price. Securities that are
traded in the U.S. over-the-counter markets, absent a last quoted sales
price, are valued at the last quoted bid price. Securities which are
traded in the foreign over-the-counter markets are generally valued at the
last sales price. Insurance funding agreements are valued at cost plus
accrued interest, which approximates market value. Any securities for
which no current quotations are readily available are valued at fair value
as determined in good faith by the Adviser under the supervision of the
Board of Trustees.
B. REPURCHASE AGREEMENTS - During the term of a repurchase agreement, the
market value of the underlying collateral, including accrued interest, is
required to equal or exceed the market value of the repurchase agreement.
The underlying collateral for all repurchase agreements is held in a
customer-only account of Northern Trust, as custodian for the Funds, at
the Federal Reserve Bank of Chicago.
C. FUTURES CONTRACTS - Certain Funds may enter into long financial futures
contracts to maintain liquidity or short financial futures contracts for
hedging purposes. These Funds may also enter into futures contracts for
speculative purposes. Futures contracts are valued based upon their quoted
daily settlement prices; changes in initial settlement value are accounted
for as unrealized appreciation (depreciation) until the contracts are
terminated at which time realized gains and losses are recognized.
A Fund bears the market risk arising from changes in the value of
these financial instruments. At the time a Fund enters into a futures
contract, it is required to make a margin deposit in a segregated account
of a specified amount of cash or eligible securities. Subsequently, as the
market price of the futures contract fluctuates, gains and losses are
recognized and payments are made on a daily basis between the Fund and the
broker. The Statements of Operations reflect gains and losses as realized
for closed futures contracts and as unrealized for open contracts. At
September 30, 2000, the Stock Index, Small Cap Index and Small Cap Value
Funds had entered into exchange-traded long futures contracts and the
aggregate market value of securities pledged to cover margin requirements
for open positions was approximately $1,021,000, $284,000 and $1,056,000,
respectively.
D. STRIPPED SECURITIES - Stripped securities represent the right to receive
future interest payments (interest only stripped
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securities) or principal payments or principal payments (principal only
stripped securities). The value of variable rate interest only stripped
securities varies directly with changes in interest rates, while the value
of fixed rate interest only stripped securities and the value of principal
only stripped securities vary inversely with changes in interest rates.
E. FOREIGN CURRENCY TRANSLATIONS - Values of investments denominated in
foreign currencies are converted into U.S. dollars using the spot market
rate of exchange at the time of valuation. Purchases and sales of
investments, interest and dividend income are translated into U.S. dollars
using the spot market rate of exchange prevailing on the respective dates
of such transactions. The gains or losses on investments resulting from
changes in foreign exchange rates are included with net realized and
unrealized gains (losses) on investments.
F. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS - Certain Funds are authorized
to enter into forward foreign currency exchange contracts for the purchase
or sale of a specific foreign currency at a fixed price on a future date
as a hedge against either specific transactions or portfolio positions, or
as a cross-hedge transaction or for speculative purposes. The objective of
a Fund's foreign currency hedging transactions is to reduce the risk that
the U.S. dollar value of a Fund's foreign currency denominated securities
will decline in value due to changes in foreign currency exchange rates.
All forward foreign currency contracts are "marked-to-market" daily at the
applicable translation rates and any resulting unrealized gains or losses
are recorded in a Fund's financial statements. A Fund records realized
gains or losses at the time the forward contract is offset by entering
into a closing transaction or extinguished by delivery of the currency.
Risks may arise upon entering into these contracts from the potential
inability of counterparties to meet the terms of their contracts and from
unanticipated movements in the value of a foreign currency relative to the
U.S. dollar. The contractual amounts of forward foreign currency exchange
contracts do not necessarily represent the amounts potentially subject to
risk. The measurement of the risks associated with these instruments is
meaningful only when all related and offsetting transactions are
considered.
At September 30, 2000, International Growth Equity Fund had
outstanding contracts as follows:
<TABLE>
<CAPTION>
Contract Amount Contract Amount Unrealized
Contract Delivery (Local Currency) (U.S. Dollars) Gain/(Loss)
Type Currency Date (000s) (000s) (000s)
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Buy British Pounds 10/2/00 1,101 $ 1,598 $ 29
Sell Hong Kong Dollar 10/2/00 1,593 204 --
Buy Japanese Yen 10/2/00 277,899 2,589 (17)
Buy British Pounds 10/3/00 579 848 8
Sell Euro 10/3/00 1,581 1,390 (5)
Sell Japanese Yen 10/3/00 203,295 1,890 8
Sell Swiss Franc 10/3/00 748 432 (1)
Buy British Pounds 10/4/00 7,622 11,169 100
Sell Euro 10/4/00 624 549 (2)
Buy British Pounds 10/5/00 349 511 5
----
Net Unrealized Gain: $ 125
====
At September 30, 2000, International Select Equity Fund had
outstanding contracts as follows:
Contract Amount Contract Amount Unrealized
Contract Delivery (Local Currency) (U.S. Dollars) Gain/(Loss)
Type Currency Date (000s) (000s) (000s)
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Buy Euro 10/2/00 861 $ 762 $ (2)
Sell Swiss Franc 10/2/00 1,338 776 2
Buy British Pounds 10/3/00 196 287 3
Buy British Pounds 10/4/00 2,064 3,025 27
Sell British Pounds 10/5/00 596 872 (9)
----
Net Unrealized Gain: $21
====
</TABLE>
G. INVESTMENT TRANSACTIONS AND INCOME - Investment transactions are recorded
as of the trade date. The Funds determine the gain or loss realized from
investment transactions by using an identified cost basis method. Dividend
income is recognized on the ex-dividend date and interest income is
recognized on an accrual basis and includes amortization of discounts and
premiums. Dividends from foreign securities are recorded on ex-date, or as
soon as the information is available.
H. EXPENSES - The Funds are charged for those expenses that are directly
attributable to each Fund. Expenses that are not directly attributable to
a Fund are typically allocated among the Funds in proportion to their
respective net assets.
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I. DISTRIBUTIONS TO SHAREHOLDERS - Dividends from net investment income, if
any, are declared and paid as follows:
DECLARATION PAYMENT
FREQUENCY FREQUENCY
-------------------------------------------------------------------
Income Equity Monthly Monthly
Stock Index Quarterly Quarterly
Large Cap Value Annually Annually
Growth Equity Quarterly Quarterly
Select Equity Annually Annually
Mid Cap Growth Quarterly Quarterly
Small Cap Index Annually Annually
Small Cap Value Annually Annually
Small Cap Growth Annually Annually
Growth Opportunities Annually Annually
International Growth Equity Annually Annually
International Select Equity Annually Annually
Technology Annually Annually
Global Communications Annually Annually
Distributions of net realized capital gains, if any, are declared at
least annually. Distributions to shareholders are recorded on the
ex-dividend date.
The timing and character of distributions determined in accordance
with federal income tax regulations may differ from financial statement
amounts determined in accordance with GAAP due to differences in the
treatment and recognition of investment income and realized gains
(losses). These differences are primarily related to foreign currency
transactions, deferral of wash sales and capital loss carryforwards.
Certain differences in treatment of income and capital gains for
distributions, which are permanent, may result in periodic
reclassifications in the Funds' capital accounts.
J. FEDERAL INCOME TAXES - No provision for federal income taxes has been made
since the Funds intend to comply with the requirements of the Internal
Revenue Code available to regulated investment companies and to distribute
substantially all of their taxable income to their shareholders.
3. INVESTMENT ADVISORY AND OTHER AGREEMENTS
Pursuant to its advisory agreement with the Funds, the Adviser (or NTI with
respect to certain Funds) is entitled to receive a fee, calculated daily and
payable monthly, at the annual rates presented below as applied to each Fund's
daily net assets. For the six months ended September 30, 2000, the Adviser or
NTI voluntarily agreed to waive a portion of its advisory fees as shown on the
accompanying Statements of Operations. Northern Trust also reimbursed the Funds
as shown on the accompanying Statements of Operations to adhere to the expense
limitations presented in the following table:
ANNUAL ADVISORY
ADVISORY FEES AFTER EXPENSE
FEES WAIVERS LIMITATIONS
--------------------------------------------------------------------
Income Equity 1.00% 0.85% 1.00%
Stock Index 0.60% 0.40% 0.55%
Large Cap Value 1.00% 0.85% 1.10%
Growth Equity 1.00% 0.85% 1.00%
Select Equity 1.20% 0.85% 1.00%
Mid Cap Growth 1.00% 0.85% 1.00%
Small Cap Index 0.65% 0.50% 0.65%
Small Cap Value 1.20% 0.85% 1.00%
Small Cap Growth 1.20% 1.00% 1.25%
Growth Opportunities 1.20% 1.00% 1.25%
International Growth
Equity 1.20% 1.00% 1.25%
International Select
Equity 1.20% 1.00% 1.25%
Technology 1.20% 1.00% 1.25%
Global Communications 1.25% 1.05% 1.30%
--------------------------------------------------------------------
The waivers and reimbursements described above are voluntary and may be
terminated at any time.
The Funds have a co-administration agreement with Northern Trust and PFPC,
Inc. ("the co-administrators") for certain administrative services. Pursuant to
their co-administration agreement with the Funds, the co-administrators are
entitled to receive a fee, computed daily and payable monthly, at the annual
rate of 0.15% of each Fund's daily net assets.
4. BANK LOANS
The Funds maintain a $50,000,000 revolving bank credit line for liquidity and
other purposes. Borrowings under this arrangement bear interest at .45% above
the Fed Funds rate.
Interest expense for the six months ended September 30, 2000 was
approximately $4,000 and $3,000, for the Small Cap Growth and Mid Cap Growth
Funds, respectively. This amount is included in other expenses on the Statements
of Operations.
As of September 30, 2000, there were no outstanding borrowings.
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NORTHERN FUNDS Semiannual Report
5. INVESTMENT TRANSACTIONS
The aggregate purchases and sales of securities, excluding short-term
investments, for the Funds for the six months ended September 30, 2000 were as
follows:
<TABLE>
<CAPTION>
PURCHASES SALES
--------------------------------------------------------------------
U.S. U.S.
AMOUNTS IN THOUSANDS GOVERNMENT OTHER GOVERNMENT OTHER
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Income Equity $-- $ 72,302 $-- $ 102,323
Stock Index -- 25,631 -- 29,468
Large Cap Value -- 5,555 -- 160
Growth Equity -- 311,677 -- 296,168
Select Equity -- 539,037 -- 456,974
Mid Cap Growth -- 1,442,416 -- 1,371,678
Small Cap Index -- 46,956 -- 50,339
Small Cap Value -- 42,652 -- 66,648
Small Cap Growth -- 900,696 -- 800,364
Growth Opportunities -- 2,821 -- --
International Growth Equity -- 564,418 -- 478,105
International Select Equity -- 170,109 -- 163,087
Technology -- 1,552,484 -- 1,511,112
Global Communications -- 143,324 -- 35,378
-------------------------------------------------------------------------------------------------------
</TABLE>
At September 30, 2000, for federal tax purposes, gross unrealized
appreciation, gross unrealized depreciation, net unrealized appreciation
(depreciation) on investments (including the effects of foreign currency
translation) and the cost basis of securities were as follows:
<TABLE>
<CAPTION>
NET COST
UNREALIZED UNREALIZED APPRECIATION BASIS OF
AMOUNTS IN THOUSANDS APPRECIATION DEPRECIATION (DEPRECIATION) SECURITIES
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Income Equity $ 30,868 $ (7,547) $ 23,321 $ 178,035
Stock Index 212,609 (21,184) 191,425 335,673
Large Cap Value 182 (250) (68) 5,895
Growth Equity 441,961 (52,458) 389,503 946,119
Select Equity 167,009 (1,161) 165,848 429,803
Mid Cap Growth 166,138 (23,675) 142,463 700,524
Small Cap Index 20,011 (19,497) 514 103,071
Small Cap Value 50,204 (35,832) 14,372 174,623
Small Cap Growth 126,699 (15,592) 111,107 546,822
Growth Opportunities 76 (51) 25 2,821
International Growth Equity 31,549 (51,291) (19,742) 724,028
International Select Equity 7,969 (20,632) (12,663) 242,277
Technology 810,531 (121,335) 689,196 1,862,820
Global Communications 15,035 (10,150) 4,885 114,234
--------------------------------------------------------------------------------------------------------
</TABLE>
At March 31, 2000, the approximate capital loss carryforwards for U.S.
Federal income tax purposes and their respective years of expiration are as
follows:
MARCH 31,
AMOUNTS IN THOUSANDS 2007
--------------------------------------
Mid Cap Growth $4,222
--------------------------------------
These capital loss carryforwards are available to offset future capital
gains.
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NORTHERN FUNDS Semiannual Report
6. CAPITAL SHARE TRANSACTIONS
Transactions of shares of the Funds for the six months ended September 30, 2000
were as follows:
<TABLE>
<CAPTION>
NET
REINVESTMENT INCREASE
AMOUNTS IN THOUSANDS SOLD OF DIVIDENDS REDEEMED (DECREASE)
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Income Equity 714 22 (2,254) (1,518)
Stock Index 2,876 18 (2,650) 244
Large Cap Value 572 -- (23) 549
Growth Equity 4,276 -- (4,621) (345)
Select Equity 3,327 -- (1,288) 2,039
Mid Cap Growth 9,129 -- (5,914) 3,215
Small Cap Index 567 -- (1,108) (541)
Small Cap Value 1,027 -- (2,682) (1,655)
Small Cap Growth 7,864 -- (2,369) 5,495
Growth Opportunities 300 -- -- 300
International Growth Equity 20,899 -- (17,751) 3,148
International Select Equity 4,339 -- (4,492) (153)
Technology 10,516 -- (8,617) 1,899
Global Communications 10,977 -- (801) 10,176
-----------------------------------------------------------------------------------------------------
</TABLE>
Transactions of shares of the Funds for the year ended March 31, 2000 were as
follows:
<TABLE>
<CAPTION>
NET
ISSUED UPON REINVESTMENT INCREASE
AMOUNTS IN THOUSANDS SOLD CONVERSION(1) OF DIVIDENDS REDEEMED (DECREASE)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Income Equity 10,786 9,504 700 (14,811) 6,179
Stock Index 6,901 14,818 104 (4,411) 17,412
Growth Equity 6,719 21,398 3,413 (7,163) 24,367
Select Equity 8,853 -- 345 (3,085) 6,113
Mid Cap Growth 31,157 -- 106 (2,550) 28,713
Small Cap Index 304 14,297 134 (5,372) 9,363
Small Cap 5,523 -- 1,272 (14,574) (7,779)
Small Cap Growth 29,574 -- 40 (944) 28,670
International Growth Equity 19,413 14,322 2,946 (4,496) 32,185
International Select Equity 8,667 -- 1,447 (2,038) 8,076
Technology 23,613 10,530 2,936 (5,342) 31,737
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) See footnote 7.
7. CONVERSION FROM NORTHERN COMMON TRUST FUNDS
On September 3, 1999, Northern Trust converted six equity common trust funds,
into existing funds of the Trust. These conversions were tax-free for federal
income tax purposes. The following is a summary of the net assets and shares
converted (amounts in thousands):
<TABLE>
<CAPTION>
NORTHERN NET ASSETS SHARES
COMMON TRUST FUND FUND CONVERTED CONVERTED
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Income Equity Fund Income Equity Fund $123,163 9,504
Market Equity Fund Stock Index Fund 271,446 14,818
Growth Equity Fund Growth Equity Fund 458,132 21,398
Small Capitalization Fund Small Cap Index Fund* 142,973 14,297
Global Growth Fund International Growth Equity Fund 191,041 14,322
Focused Growth Technology Fund Technology Fund 359,270 10,530
</TABLE>
* Fund commenced operations upon conversion
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This report has been prepared for the general information of Northern Funds
shareholders. It is not authorized for distribution to prospective investors
unless accompanied or preceded by a current Northern Funds prospectus, which
contains more complete information about Northern Funds investment policies,
management fees and expenses. Investors are reminded to read the prospectus
carefully before investing or sending money.
[NORTHERN FUNDS LOGO]-Registered Trademark-
P.O. BOX 75986
CHICAGO, IL 60675-5986
(800) 595-9111
Northern Funds Distributors, LLC, an independent third party.
PRESORTED STANDARD U.S. POSTAGE PAID CHICAGO, IL PERMIT NO. 941
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