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B 5.70% 549300UMUGX092P8DW87 03770DAL7 405000 PA USD 395088.31 0.1394620999 Long DBT CORP US Y 2 2031-01-23 Fixed 5.7 N N N N N N FREDDIE MAC POOL 5.00% S6XOOCT0IEG5ABCC6L87 3132DQG75 1059835.56 PA USD 1053380.84 0.3718325758 Long ABS-MBS USGSE US N 2 2053-05-01 Fixed 5 N N N N N N FREDDIE MAC POOL 5.50% S6XOOCT0IEG5ABCC6L87 3132DQKL9 1024586.42 PA USD 1038781.55 0.3666791769 Long ABS-MBS USGSE US N 2 2053-06-01 Fixed 5.5 N N N N N N FREDDIE MAC POOL 5.00% S6XOOCT0IEG5ABCC6L87 3132DQPS9 627606.19 PA USD 621765.82 0.2194769238 Long ABS-MBS USGSE US N 2 2053-06-01 Fixed 5 N N N N N N FANNIE MAE POOL 5.50% B1V7KEBTPIMZEU4LTD58 3140QS3Y5 508142.53 PA USD 511672.17 0.1806150005 Long ABS-MBS USGSE US N 2 2053-09-01 Fixed 5.5 N N N N N N OBX 2023-NQM7 TRUS 6.844% 254900K7TTKPUWNMSZ83 67117XAA4 826086.54 PA USD 829988.89 0.2929775207 Long ABS-O CORP US Y 2 2063-04-25 Variable 6.8439996 N N N N N N SANTANDER COMMER. 5.3078% N/A 78398LAG4 1200000 PA USD 1204656.12 0.4252311899 Long ABS-O CORP US Y 2 2028-04-15 Variable 5.3078 N N N N N N ANTERO MIDSTREAM PA 5.75% 529900HFO1BDEIT4QU11 03690AAN6 450000 PA USD 443444.28 0.1565312588 Long DBT CORP US Y 2 2034-07-01 Fixed 5.75 N N N N N N RESEARCH-DRIVEN PA 5.228% N/A 76089KAD1 1000000 PA USD 1000898.4 0.3533068156 Long ABS-O CORP US Y 2 2034-06-26 Fixed 5.228 N N N N N N BANK OF AMERICA CORP F2F 9DJT3UXIJIZJI4WXO774 06051GLS6 1092000 PA USD 1126495.37 0.3976412510 Long DBT CORP US N 2 2029-09-15 Fixed 5.8190004 N N N N N N BPR TST. 2023-BRK2 VAR N/A 05610WAA8 380000 PA USD 388738.33 0.1372206225 Long ABS-O CORP US Y 2 2038-10-05 Variable 6.8990004 N N N N N N FANNIE MAE POOL 5.00% B1V7KEBTPIMZEU4LTD58 3140XM2J4 666130.93 PA USD 673176.72 0.2376244415 Long ABS-MBS USGSE US N 2 2047-12-01 Fixed 5 N N N N N N BLACK PEARL COMPUT 6.125% N/A 09216NAA8 65000 PA USD 66156.81 0.0233526718 Long DBT CORP US Y 2 2031-02-15 Fixed 6.125 N N N N N N FREDDIE MAC POOL 5.50% S6XOOCT0IEG5ABCC6L87 3132DQPV2 878852.48 PA USD 893618.33 0.3154380570 Long ABS-MBS USGSE US N 2 2053-06-01 Fixed 5.5 N N N N N N FANNIE MAE POOL 5.50% B1V7KEBTPIMZEU4LTD58 3140XLE38 666317.94 PA USD 672054.03 0.2372281435 Long ABS-MBS USGSE US N 2 2053-05-01 Fixed 5.5 N N N N N N DELL EQUIP. 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TS 5.234% N/A 46664DAG6 724069.12 PA USD 718006.42 0.2534488633 Long ABS-O CORP US Y 2 2065-05-25 Variable 5.2340004 N N N N N N FANNIE MAE POOL 2.50% B1V7KEBTPIMZEU4LTD58 3140QMRG1 1007459.43 PA USD 864148.99 0.3050356838 Long ABS-MBS USGSE US N 2 2051-12-01 Fixed 2.5 N N N N N N FREDDIE MAC POOL 6.00% S6XOOCT0IEG5ABCC6L87 3132E0E99 673833.92 PA USD 686884.18 0.2424630335 Long ABS-MBS USGSE US N 2 2053-08-01 Fixed 6 N N N N N N UNITED STATES TSY. 4.375% 254900HROIFWPRGM1V77 91282CMD0 1610000 PA USD 1637231.64 0.5779258885 Long DBT UST US N 2 2029-12-31 Fixed 4.375 N N N N N N SAUDI ARABIAN OIL C 5.00% 5586006WD91QHB7J4X50 80415RAC5 1065000 PA USD 1022828.02 0.3610477453 Long DBT CORP SA Y 2 2036-02-02 Fixed 5 N N N N N N FANNIE MAE POOL 4.50% B1V7KEBTPIMZEU4LTD58 3138WJQ68 668323.02 PA USD 658516.55 0.2324495526 Long ABS-MBS USGSE US N 2 2046-12-01 Fixed 4.5 N N N N N N FANNIE MAE POOL 4.00% B1V7KEBTPIMZEU4LTD58 31418CNE0 497498.57 PA USD 476468.21 0.1681883656 Long ABS-MBS USGSE US N 2 2047-08-01 Fixed 4 N N N N N N JGWPT XXX LLC 4.08% N/A 46617LAA9 1067763.88 PA USD 1017048.83 0.3590077508 Long ABS-O CORP US Y 2 2073-01-17 Fixed 4.08 N N N N N N BANCO BILBAO VIZCAY 4.15% K8MS7FD7N5Z2WQ51AZ71 05946KAT8 600000 PA USD 593012.33 0.2093272383 Long DBT CORP ES N 2 2029-03-03 Fixed 4.15 N N N N N N COLT 2024-7 MTGE. 5.791% 213800EA95GXXC9AJO50 19688YAB0 1039444.65 PA USD 1042552.49 0.3680102799 Long ABS-O CORP US Y 2 2069-12-26 Variable 5.7909996 N N N N N N APOLLO GBL. 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ASSET VAR N/A 802929AH2 445000 PA USD 440559.61 0.1555130000 Long ABS-O CORP US Y 2 2066-02-25 Variable 5.8560012 N N N N N N FANNIE MAE POOL 3.50% B1V7KEBTPIMZEU4LTD58 3138WGG65 809790.55 PA USD 759343.07 0.2680402746 Long ABS-MBS USGSE US N 2 2046-01-01 Fixed 3.5 N N N N N N FREDDIE MAC NON GOLD FRN S6XOOCT0IEG5ABCC6L87 3128QSRR9 82139.55 PA USD 84361.88 0.0297788738 Long ABS-MBS USGSE US N 2 2037-11-01 Variable 6.4599984 N N N N N N FREDDIE MAC NON GOLD FRN S6XOOCT0IEG5ABCC6L87 3128JN2H7 39874.47 PA USD 40974.85 0.0144636996 Long ABS-MBS USGSE US N 2 2037-09-01 Variable 6.5450016 N N N N N N JGWPT XXVII LLC 3.22% N/A 46617AAA3 779532.55 PA USD 708458.2 0.2500784401 Long ABS-O CORP US Y 2 2065-09-15 Fixed 3.22 N N N N N N FREDDIE MAC GOLD PO 2.50% S6XOOCT0IEG5ABCC6L87 3128MMWD1 42378.83 PA USD 40784.83 0.0143966245 Long ABS-MBS USGSE US N 2 2032-05-01 Fixed 2.5 N N N N N N AMAZON.COM INC 5.80% ZXTILKJKG63JELOEG630 023135DH6 910000 PA USD 909268.71 0.3209624797 Long DBT CORP US N 2 2056-03-13 Fixed 5.8 N N N N N N FANNIE MAE POOL 4.50% B1V7KEBTPIMZEU4LTD58 3138WDBZ3 364350.02 PA USD 359454.69 0.1268837995 Long ABS-MBS USGSE US N 2 2044-10-01 Fixed 4.5 N N N N N N FANNIE MAE POOL 3.50% B1V7KEBTPIMZEU4LTD58 31418CFE9 651515.92 PA USD 605982.53 0.2139055852 Long ABS-MBS USGSE US N 2 2047-01-01 Fixed 3.5 N N N N N N MORGAN STANLEY BANK 3.72% N/A 61691GAS9 350000 PA USD 347976.41 0.1228320850 Long ABS-O CORP US N 2 2049-12-15 Variable 3.72 N N N N N N ALPHABET INC 4.80% 5493006MHB84DD0ZWV18 02079KBM8 349000 PA USD 347505.03 0.1226656927 Long DBT CORP US N 2 2036-02-15 Fixed 4.8 N N N N N N PK ALIFT LOAN FNDG 4.999% N/A 72585CAC9 4040000 PA USD 3986677.66 1.4072561099 Long ABS-O CORP US Y 2 2043-09-15 Fixed 4.999 N N N N N N CENCORA INC 4.25% AI8GXW8LG5WK7E9UD086 03073EBB0 325000 PA USD 319061.06 0.1126252645 Long DBT CORP US N 2 2030-11-15 Fixed 4.25 N N N N N N STORE CAP. LLC 5.40% 254900Z9PIEFQ6AYXK50 862123AB2 780000 PA USD 783591.95 0.2765998792 Long DBT CORP US N 2 2030-04-30 Fixed 5.4 N N N N N N CBOT 549300EX04Q2QBFQTQ27 000000000 -35 NC USD -4079687.5 -1.4400876244 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US 30yr 6.00% WN 2026-06-18 -4079687.5 USD 137812.5 N N N CBOT 549300EX04Q2QBFQTQ27 000000000 -126 NC USD -14302965.6 -5.0487993879 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Short US 10YR 6% TY 2026-06-18 -14302965.6 USD 320932.21 N N N CBOT 549300EX04Q2QBFQTQ27 000000000 190 NC USD 21636250 7.6373731722 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Long US 20yr 6% US 2026-06-18 21636250 USD -712270.1 N N N CBOT 549300EX04Q2QBFQTQ27 000000000 48 NC USD 9957379.2 3.5148521933 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Long US 2yr 6% TU 2026-06-30 9957379.2 USD -76671.94 N N N CBOT 549300EX04Q2QBFQTQ27 000000000 23 NC USD 2488133.1 0.8782853307 N/A DIR CORP US N 1 Chicago Board of Trade 549300EX04Q2QBFQTQ27 Long US 5yr 6% FV 2026-06-30 2488133.1 USD -37944.69 N N N 2026-04-30 Northern Funds Randal E. Rein Randal E. Rein Treasurer and Principal Financial Officer