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LLC 4.75% 549300BQL283NCR7P163 17287HAE0 200000 PA USD 195956.99 0.1039925857 Long DBT CORP US Y 2 2029-02-14 Fixed 4.75 N N N N N N UNITED STATES TSY. 3.875% 254900HROIFWPRGM1V77 91282CNM9 3632000 PA USD 3636256.27 1.9297280079 Long DBT UST US N 2 2028-07-15 Fixed 3.875 N N N N N N UNITED STATES TSY. 3.50% 254900HROIFWPRGM1V77 91282CPK1 4500000 PA USD 4463613.27 2.3687988150 Long DBT UST US N 2 2028-11-15 Fixed 3.5 N N N N N N NI US GOV T PORTFOLIO 549300Y178DO5JBR1S04 665278404 2525052.12 NS USD 2525052.12 1.3400221094 Long STIV RF US N 1 N N N UNITED STATES TSY. 3.75% 254900HROIFWPRGM1V77 91282CNL1 8860000 PA USD 8853078.13 4.6982477457 Long DBT UST US N 2 2027-06-30 Fixed 3.75 N N N N N N UNITED STATES TSY. 0.00% 254900HROIFWPRGM1V77 912797TM9 10000000 PA USD 9713120.7 5.1546644865 Long DBT UST US N 2 2027-01-21 None 0 N N N N N N Northern Institutional Liquid Asset Portfolio 549300Y178DO5JBR1S04 665279105 706975 NS USD 706975 0.3751851787 Long STIV RF US N 1 N N CBOT 549300EX04Q2QBFQTQ27 000000000 -5 NC USD -582812.5 -0.3092932734 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US 30yr 6.00% WN 2026-06-18 -582812.5 USD 19687.5 N N N CBOT 549300EX04Q2QBFQTQ27 000000000 -30 NC USD -3405468 -1.8072507798 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US 10YR 6% TY 2026-06-18 -3405468 USD 61255.28 N N N CBOT 549300EX04Q2QBFQTQ27 000000000 373 NC USD 77377134.2 41.0633387605 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Long US 2yr 6% TU 2026-06-30 77377134.2 USD -595804.83 N N N CBOT 549300EX04Q2QBFQTQ27 000000000 -312 NC USD -33752066.4 -17.9119135230 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US 5yr 6% FV 2026-06-30 -33752066.4 USD 498842.16 N N N 2026-04-30 Northern Funds Randal E. Rein Randal E. Rein Treasurer and Principal Financial Officer