Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Schreuder Jana R
2. Date of Event Requiring Statement (Month/Day/Year)
06/30/2005
3. Issuer Name and Ticker or Trading Symbol
NORTHERN TRUST CORP [NTRS]
(Last)
(First)
(Middle)
50 S. LA SALLE ST.
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP & Head of Corporate Mgmt.
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

CHICAGO, IL 60675
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 29,159
I
By Trust
Common Stock (1) 31,000
D
 
Common Stock 10,084 (2)
I
401(k)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option 09/17/1998 09/17/2006 Common Stock 5,968 $ 16.75 D  
Employee Stock Option 09/16/1999 09/16/2007 Common Stock 14,000 $ 28.3125 D  
Employee Stock Option 09/15/2000 09/15/2008 Common Stock 16,000 $ 34.5938 D  
Employee Stock Option   (3) 05/13/2009 Common Stock 16,400 $ 45.1563 D  
Employee Stock Option   (4) 05/15/2010 Common Stock 25,000 $ 70.2813 D  
Employee Stock Option   (5) 05/21/2011 Common Stock 20,000 $ 68.105 D  
Employee Stock Option 08/19/2002 02/19/2012 Common Stock 1,398 $ 53.655 D  
Employee Stock Option   (6) 05/20/2012 Common Stock 20,000 $ 52.3 D  
Employee Stock Option 08/18/2003 02/18/2013 Common Stock 2,392 $ 32.615 D  
Employee Stock Option   (7) 02/18/2013 Common Stock 25,000 $ 32.615 D  
Employee Stock Option   (8) 02/17/2014 Common Stock 25,000 $ 49.12 D  
Employee Stock Option 03/31/2005 02/15/2015 Common Stock 25,000 $ 44.465 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Schreuder Jana R
50 S. LA SALLE ST.
CHICAGO, IL 60675
      EVP & Head of Corporate Mgmt.  

Signatures

Eileen C. Ratzka as POA for Jana R. Schreuder 07/06/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Represents stock units payable automatically on a 1-for-1 basis in shares of the Corporation's common stock.
(2) as of 6/30/2005
(3) The option became exercisable as to10,932 shares on May 13, 2001, and became exercisable as to the remaining 5,468 shares on May 13, 2002.
(4) The option became exercisable as to 8,334 shares on May 15, 2001, became exercisable as to 8,333 shares on May 15, 2002, and became exercisable as to the remaining 8,333 shares on May 15, 2003.
(5) This option became exercisable as to 6,667 shares on May 21, 2002, became exercisable as to 6,666 shares on May 21, 2003, and became exercisable as to 6,667 shares on May 21, 2004.
(6) This option became exercisable as to 6,667 shares on May 20, 2003, became exercisable as to 6,666 shares on May 20, 2004, and became exercisable as to the remaining 6,667 on May 20, 2005.
(7) This option became exercisable as to 8,334 shares on February 18, 2004, became exercisable as to 8,333 shares on February 18, 2005, and becomes exercisable as to the remaining 8,333 shares on February 18, 2006.
(8) This option became exercisable as to 6,250 shares on February 17, 2005, becomes exercisable as to 6,250 shares on February 17, 2006, becomes exercisable as to 6,250 shares on February 17, 2007, and becomes execisable as to the remaining 6,250 shares on February 17, 2008.

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