NORTHERN MONEY MARKET FUNDS · 2020-05-28 · Federal Reserve (the “Fed”) to cut its federal funds target rate from a range of 2.00-2.25% at the beginning of the period to 0.00%-0.25%

Beginning on January 1 2021 as permitted by regulations adopted by the Securities and Exchange Commission paper copies of Northern Funds shareholder reports like this one will no longer be sent by mail unless you specifically request paper copies of the reports from Northern Funds or from your financial intermediary such as a broker-dealer or bank Instead the reports will be made available on the Fundsrsquo website (northerntrustcom) and you will be notified by mail each time a report is posted and provided with a website link to access the report

If you have already elected to receive your shareholder reports electronically you will not be affected by this change and you need not take any action You may elect to receive shareholder reports and other communications from Northern Funds electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or if your account is held directly with Northern Funds by calling the Northern Funds Center at 800-595-9111 or by sending an e-mail request to northern-fundsntrscom

You may elect to receive all future reports in paper free of charge If you invest through a financial intermediary please contact your financial intermediary to continue receiving paper copies of your shareholder reports If you invest directly with Northern Funds you can inform Northern Funds that you wish to continue receiving paper copies of your shareholder reports by calling the Northern Funds Center at 800-595-9111 or by sending an e-mail request to northern-fundsntrscom Your election to receive reports in paper will apply to all Northern Funds you hold in your account at the financial intermediary or through an account with Northern Funds You must provide separate instructions to each of your financial intermediaries

N O R T H E R N M O N E Y M A R K E T F U N D S

A N N UA L R E P O R T

M A R C H 31 2 0 2 0

A M E S S AG E F R O M

BO B B ROW N E

C H I E F I N V E S T M E N T O F F I C E R

The bond market after producing steady gains with low volatility for most of the 12 month period ended March 31 2020 experienced severe disruptions with the outbreak of the coronavirus in early 2020 A combination of supply interruptions and sharply curtailed demand from both consumers and businesses appeared to end the longest economic expansion in US history and set the stage for a domestic and global recession These events brought an immediate response from the US Federal Reserve which cut short-term interest rates from 15 to zero created a wide range of new lending facilities and announced an asset-purchase program that included Treasuries mortgage-backed securities corporate issues and municipal bonds In total the Federal Reserversquos actions dwarfed the remedy for the 2008 financial crisis in both their scope and size The US government also responded with fiscal support in the form of a $22 trillion stimulus package that was passed in late March Policymakers overseas also sought to prop up their economies with monetary and fiscal stimulus designed to offset the impact of the coronavirus

The unprecedented suddenness of the downshift from positive to negative growth was matched by equally historic dislocations in global financial markets Yields on US Treasuries plunged in response to the prospect of a global recession investorsrsquo ldquoflight to safetyrdquo and the Federal Reserversquos accommodative

policies Yields on government bonds hit all-time lows in March with the yield on the benchmark 10-year Treasury briefly falling below 04 and the 30-year reaching 07 ndash leaving the entire US yield curve beneath 1 for the first time in history These events were accompanied by an inversion of the yield curve meaning that yields for short-term issues were above those of longer-term securities Market conditions normalized somewhat in response to the Federal Reserversquos aggressive actions with yields moving off their lows and the yield curve returning to a more typical slope Nevertheless the benchmark 10-year yield closed the period at 070 on March 31 2020 well below its level of 241 on March 31 2019

Although US Treasuries delivered strong performance during the downturn credit-sensitive areas of the market experienced significant declines that pushed their returns for the full 12-month period into negative territory High-yield corporate bonds weakened due to uncertainty regarding the outlook for economic growth and corporate earnings as well as from the sharp declines in oil prices Investment-grade corporate issues were also adversely affected by these trends although to a lesser extent than high yield bonds In addition higher-grade corporate issues received a significant boost in late March from the Federal Reserversquos announcement that it would include this category of

bonds in its asset-purchase programs US government money market funds for their part represented a notable source of stability amid the unusual volatility across many other areas of the financial markets

While certain segments of the bond market have faced challenges in recent months we would note that the investment-grade Bloomberg Barclays US Aggregate Bond Index gained 315 during the first calendar quarter of 2020 and 893 for the full 12-month period ended March 31 2020 In contrast the SampP 500 Index ndash a key measure of performance for US equities ndash returned -1960 and -698 for these same periods respectively We believe that this helps to illustrate bondsrsquo continued value as a source of potential portfolio diversification particularly in challenging times

Most important please know that our thoughts are with each one of our readers ndash our clients colleagues business partners and everyone else within our community ndash as we strive to overcome this health crisis Thank you for the continued opportunity to manage your assets

Bob Browne Chief Investment Officer Northern Trust

M O N E Y M A R K E T F U N D S

TA B L E O F C O N T E N T S

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 summary prospectus or prospectus which contains more complete information about a fundrsquos investment objectives risks fees and expenses Investors are reminded to read a summary prospectus or prospectus carefully before investing or sending money

This report contains certain forward-looking statements about factors that may affect the performance of the Funds in the future These statements are based on Northern Fundsrsquo management predictions and expectations concerning certain future events such as performance of the economy as a whole and of specific industry sectors changes in the levels of interest rates the impact of developing world events and other factors Management believes these forward-looking statements to be reasonable although they are inherently uncertain and difficult to predict Actual events may cause adjustments in Northern Fundsrsquo management strategies from those currently expected to be employed

You could lose money by investing in the Money Market Funds Although each of the Money Market Funds seeks to preserve the value of your investment at $100 per share it cannot guarantee it will do so

The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fundrsquos liquidity falls below required minimums because of market conditions or other factors

An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (ldquoFDICrdquo) any other government agency or The Northern Trust Company its affiliates subsidiaries or any other bank The Fundsrsquo sponsor has no legal obligation to provide financial support to the Funds and you should not expect that the sponsor will provide financial support to the Funds at any time

Northern Funds are distributed by Northern Funds Distributors LLC Three Canal Plaza Suite 100 Portland Maine 04101 not affiliated with Northern Trust

2 PORTFOLIO MANAGEMENT COMMENTARY

6 STATEMENTS OF ASSETS AND LIABILITIES

7 STATEMENTS OF OPERATIONS

8 STATEMENTS OF CHANGES IN NET ASSETS

9 FINANCIAL HIGHLIGHTS

13 SCHEDULES OF INVESTMENTS

13 MONEY MARKET FUND Ticker Symbol NORXX

17 MUNICIPAL MONEY MARKET FUND Ticker Symbol NOMXX

23 US GOVERNMENT MONEY MARKET FUND Ticker Symbol NOGXX

28 US GOVERNMENT SELECT MONEY MARKET FUND Ticker Symbol NOSXX

32 NOTES TO THE FINANCIAL STATEMENTS

40 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

41 TAX AND DISTRIBUTION INFORMATION

42 FUND EXPENSES

43 TRUSTEES AND OFFICERS

47 INVESTMENT CONSIDERATIONS

48 FOR MORE INFORMATION

NOT FDIC INSURED

May lose value No bank guarantee

NORTHERN FUNDS ANNUALL REPORT 1 MONEY MARKET FUNDS


M O N E Y M A R K E T F U N D (UNAUDITED)

P O R T F O L I O M A N AG E M E N T C O M M E N TA RY

The global financial markets experienced volatility during the 12-month reporting period ended March 31 2020 prompting the US Federal Reserve (the ldquoFedrdquo) to cut its federal funds target rate from a range of 200-225 at the beginning of the period to 000-025 by March 31 2020 The Money Market Fund posted a 185 return in the same period compared with the iMoneyNet MFR AveragetradeFirst Tier Retail benchmark return of 161

Softening economic data initially prompted the Fed to reduce the target range in three orderly increments of 025 between July and October of 2019 These cuts were enough to restore an upward slope to the money market yield curve after it had inverted for much of 2019 Fears of the COVID-19 pandemic and widespread shutdown of commerce materialized across the globe in early 2020 prompting a sharp repricing of global markets Higher risk assets tumbled with many categories suffering their worst performance since the 2008-2009 financial crisis The Fed reacted to the decline in economic activity of historic proportions reducing rates by total of 15 percentage points in emergency meetings over a two-week span in March 2020 The Fed also committed to purchasing an unlimited amount of US Treasury securities to help restore economic growth

Given our expectations for rate cuts during the reporting period we maintained a long duration (higher interest rate sensitivity) relative to the peer group throughout the period We continued to monitor market pricing closely in search of opportunities to add duration and increase positions in higher quality credits In addition we maintained a strong liquidity profile to accommodate any unexpected outflows

I N V E S T M E N T P E R F O R M A N C E

AVERAGE ANNUAL RETURNS for periods ended March 31 2020

TOTAL RETURN FUND INCEPTION

(041194) ONE YEAR FIVE YEAR TEN YEAR 7-DAY YIELD

MONEY MARKET FUND

IMONEYNET MFR AVERAGETMFIRST TIER RETAIL

185

161

109

090

055

047

075

NA

Fund Performance quoted represents past performance and does not guarantee future results Investment return will fluctuate so that shares when redeemed may be worth more or less than their original cost Current performance may be lower or higher than that shown here 7-Day Yield refers to income generated over the 7-day period ended March 31 2020 Past performance may reflect voluntary and contractual expense reimbursements In their absence performance would be reduced Performance data current to the most recent month-end is available at northerntrustcomfunds

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares

M AT U R I T Y A N A LYS I S

At March 31 2020 the maturity analysis for the Money Market Fund as a percentage of investments was

We compare our Funds to the iMoneyNet Money Fund MATURITY

Report Averages which are composites of professionally OVERNIGHT (1 BUSINESS DAY) 608 managed money market investments with similar

2 - 15 DAYS 54 investment objectives

16 - 30 DAYS 38 Fund portfolio composition is subject to change 31 - 60 DAYS 92

Information about Investment Considerations can be 61 - 97 DAYS 87 found on page 47 98 - 180 DAYS 108

181 - 270 DAYS 02

271 - 366 DAYS 11

You could lose money by investing in the Fund Although the Fund seeks to preserve the value of your investment at $100 per share it cannot guarantee it will do so The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fundrsquos liquidity falls below required minimums because of market conditions or other factors

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (ldquoFDICrdquo) any other government agency or The Northern Trust Company its affiliates subsidiaries or any other bank The Fundrsquos sponsor has no legal obligation to provide financial support to the Fund and you should not expect that the sponsor will provide financial support to the Fund at any time

MONEY MARKET FUNDS 2 NORTHERN FUNDS ANNUAL REPORT


M U N I C I PA L M O N E Y M A R K E T F U N D (UNAUDITED)


The municipal market experienced a significant measure of volatility during the 12-month reporting period ended March 31 2020 While demand for municipal investments was strong throughout most of the period the onset of COVID-19 prompted a significant reversal in demand by period end

The Municipal Money Market Fund returned 115 during the 12-month period compared with the iMoneyNet MFR AveragetradeTax Free Retail benchmark return of 102 Over the majority of the period we employed a ldquobarbellrdquo approach to the Fundrsquos portfolio duration This strategy ensured that the Fund was well positioned to handle cash volatility as approximately 90 of portfolio assets were invested in daily or weekly variable rate demand notes Holdings in these assets enabled us to navigate fluctuations in cash flows throughout the 12-month period





MUNICIPAL MONEY MARKET FUND

IMONEYNET MFR AVERAGETMTAX FREE RETAIL

115

102

073

057

037

030

318

NA




At March 31 2020 the maturity analysis for the Municipal Money Market Fund as a percentage of investments was

MATURITY We compare our Funds to the iMoneyNet Money Fund Report Averages which are composites of professionally

OVERNIGHT (1 BUSINESS DAY) 318 managed money market investments with similar


31 - 60 DAYS 37 Income from the Fund may be subject to federal 61 - 97 DAYS 114 alternative minimum tax (AMT) and state and local

98 - 180 DAYS 25 taxes

Fund portfolio composition is subject to change

Information about Investment Considerations can be found on page 47



NORTHERN FUNDS ANNUAL REPORT 3 MONEY MARKET FUNDS


U S G OV E R N M E N T M O N E Y M A R K E T F U N D (UNAUDITED)


Global markets were volatile during the 12-month period ended March 31 2020 with the federal funds target range falling from 200-225 at the beginning of the period to 000-025 by March 2020 During the same period the US Government Money Market Fund posted a 170 total return compared with the iMoneyNet MFR AveragetradeGovt and Agencies Retail benchmark return of 139 Softening economic data in 2019 prompted the US Federal Reserve (the ldquoFedrdquo) to reduce short-term rates three times between July and October of 2019 These cuts restored an upward slope to the money market yield curve after it had become inverted earlier in 2019 In early 2020 fears of the COVID-19 pandemic and a gradual and widespread shutdown of commerce materialized across the globe prompting a sharp re-pricing of global markets Risk assets tumbled with many market indices suffering their worst performance since the 2008 financial crisis In response the Fed took a series of actions of historic proportions including the trimming of the federal funds rate by 150 basis points The Fed also committed to purchasing an unlimited volume of US Treasury securities to help boost the economy

The markets for government securities experienced at least three key developments during the reporting period First a confluence of factors including less ample liquidity in the banking system than previously estimated prompted interest rates in the overnight repurchase agreement (repo) market to spike meaningfully in mid-September 2019 The Fed responded by injecting liquidity into the system to calm markets Second in order to provide additional liquidity the Fed began purchasing Treasury bills in October 2019 placing downward pressure on yields Lastly the normal seasonal decline in Treasury bill issuance in second quarter is likely to change to an increase in 2020 as the Treasury Department looks to finance fiscal stimulus measures via the Treasury bill market

Given our expectations for rate cuts the Fund remained long relative to its peer group throughout the period We will continue to monitor market pricing closely and selectively add high quality credits and duration while maintaining a strong liquidity profile to accommodate any unexpected outflows





US GOVERNMENT MONEY MARKET FUND

IMONEYNET MFR AVERAGETMGOVT AND AGENCIES RETAIL

170

139

088

068

044

035

027

NA




At March 31 2020 the maturity analysis for the US Government Money Market Fund as a percentage of investments was


Report Averages which are composites of professionally OVERNIGHT (1 BUSINESS DAY)

2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS

463 managed money market investments with similar investment objectives 169

40 Fund portfolio composition is subject to change 48

Information about Investment Considerations can be 87 found on page 47 93

66

30

04

You could lose money by investing in the Fund Although the Fund seeks to preserve the value of your investment at $100 per share it cannot guarantee it will do so




U S G OV E R N M E N T S E L E C T M O N E Y M A R K E T F U N D (UNAUDITED)


Global markets were volatile during the 12-month reporting period ended March 31 2020 with the federal funds target range falling from 200-225 at the beginning of the period to 000-025 by March 2020 During the same reporting period the US Govshyernment Select Money Market Fund posted a 169 total return compared with the iMoneyNet MFR AveragetradeGovt and Agencies Retail benchmark return of 139 Softening economic data in 2019 prompted the US Federal Reserve (the ldquoFedrdquo) to reduce short-term rates three times between July and October of 2019 These cuts restored an upward slope to the money market yield curve after it had become inverted earlier in 2019 In early 2020 fears of a global coronavirus pandemic and a gradual and widespread shutdown of commerce materialized across the globe prompting a sharp re-pricing of global markets Risk assets tumbled with many market indices suffering their worst performance since the 2008 financial crisis In response the Fed took a series of actions of historic proportions including the trimming of the federal funds rate by 150 basis points The Fed also committed to purchasing an unlimited volume of US Treasury securities to help boost the economy

The markets for government securities experienced at least three key developments during the period First a confluence of factors including less ample liquidity in the banking system than previously estimated prompted interest rates in the overnight repurchase agreement (repo) market to spike meaningfully in mid-September 2019 The Fed responded by injecting liquidity into the system to calm markets Second in order to provide additional liquidity the Fed began purchasing Treasury bills in October 2019 placing downward pressure on yields Lastly the normal seasonal decline in Treasury bill issuance in second quarter is likely to change to an increase in 2020 as the Treasury Department looks to finance fiscal stimulus measures via the Treasury bill market

Given our expectations for rate cuts during the fiscal year the Fund remained long relative to its peer group throughout the period We will continue to monitor market pricing closely and selectively add high quality credits and duration while maintaining a strong liquidity profile to accommodate any unexpected outflows





US GOVERNMENT SELECT MONEY MARKET FUND


169

139

088

068

045

035

029

NA




At March 31 2020 the maturity analysis for the US Government Select Money Market Fund as a percentage of investments was



2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS



Information about Investment Considerations can be 76 found on page 47

119

61

32

03





S TAT E M E N T S O F A S S E T S A N D L I A B I L I T I E S MARCH 31 2020

MUNICIPAL US GOVERNMENT US GOVERNMENT MONEY MONEY MONEY SELECT MONEY

Amounts in thousands except per share data MARKET FUND MARKET FUND MARKET FUND MARKET FUND

ASSETS

Investments at amortized cost which approximates fair value $362394 $206113 $8760514 $2014155

Repurchase agreements at cost which approximates fair value 82000 mdash 8091456 1643871

Cash 602 9297 mdash mdash

Interest income receivable 581 982 20281 4461

Receivable for securities sold 20096 mdash mdash 24997

Receivable for fund shares sold 57 120 121922 4691

Receivable from affiliates for expense reimbursements 10 6 34 11

Prepaid and other assets 8 7 12 8

Total Assets 465748 216525 16994219 3692194

LIABILITIES

Cash overdraft mdash mdash 21522 mdash

Payable for securities purchased 20096 1002 330686 84975

Payable for fund shares redeemed mdash mdash 44583 2463

Distributions payable to shareholders

Payable to affiliates

556 358 9099 1921

Management fees 28 12 1033 223

Custody fees mdash 2 97 17

Transfer agent fees 9 4 239 51

Trustee fees 2 mdash 23 19

Accrued other liabilities 51 50 278 82

Total Liabilities 20742 1428 407560 89751

Net Assets $445006 $215097 $16586659 $3602443

ANALYSIS OF NET ASSETS

Capital stock $445044 $215126 $16586639 $3602445

Distributable earnings (38) (29) 20 (2)

Net Assets $445006 $215097 $16586659 $3602443

Shares Outstanding ($0001 par value unlimited authorization)

Net Asset Value Redemption and Offering Price Per Share

445002

$100

215061

$100

16586672

$100

3602483

$100

See Notes to the Financial Statements



S TAT E M E N T S O F O P E R AT I O N S FOR THE FISCAL YEAR ENDED MARCH 31 2020


Amounts in thousands MARKET FUND MARKET FUND MARKET FUND MARKET FUND

INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934

Income from affiliates (Note 6) mdash mdash 36 mdash

Total Investment Income 12659 5189 320726 59934

EXPENSES

Management fees 1919 1144 51740 9755

Custody fees 72 36 1316 265


Registration fees 23 22 36 28

Printing fees 26 26 196 50

Professional fees 44 44 268 83

Trustee fees 9 9 162 36

Other 19 23 147 41

Total Expenses 2171 1364 56620 10777

Less expenses contractually reimbursed by investment adviser (163) (136) (1495) (355)

Less custodian credits (8) (3) (15) (24)

Net Expenses 2000 1225 55110 10398

Net Investment Income 10659 3964 265616 49536

NET REALIZED GAINS

Net realized gains (losses) on

Investments 8 37 86 22

Net Gains 8 37 86 22

Net Increase in Net Assets Resulting from Operations $10667 $4001 $265702 $49558




S TAT E M E N T S O F C H A N G E S I N N E T A S S E T S FOR THE FISCAL YEARS ENDED MARCH 31


MARKET FUND MARKET FUND MARKET FUND MARKET FUND

Amounts in thousands 2020 2019 2020 2019 2020 2019 2020 2019

OPERATIONS

Net investment income $10659 $10300 $3964 $7587 $265616 $312278 $49536 $64202

Net realized gains 8 3 37 mdash 86 261 22 45

Net Increase in Net Assets Resulting from Operations 10667 10303 4001 7587 265702 312539 49558 64247

CAPITAL SHARE TRANSACTIONS(1)

Net increase (decrease) in net assets resulting from capital share transactions

Net Increase (Decrease) in Net Assets Resulting from Capital Share

(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID

Distributable earnings

Total Distributions Paid

(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)

(49578) (64226) Total Increase (Decrease) in Net Assets

NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133

Beginning of year 608370 336019 468126 876896 19213579 15995919 3791180 3778047

End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180

(1) The number of shares approximates the dollar amount of transactions




F I N A N C I A L H I G H L I G H T S FOR THE FISCAL YEARS ENDED MARCH 31

M O N E Y M A R K E T F U N D

Selected per share data 2020 2019 2018 2017 2016

Net Asset Value Beginning of Year $100 $100 $100 $100 $100

INCOME (LOSS) FROM INVESTMENT OPERATIONS

Net investment income 002 002 001 mdash(1) mdash(1)

Net realized and unrealized gains (losses)(2) mdash mdash mdash mdash mdash

Net increase from payment by affiliate mdash mdash mdash mdash(3) mdash(4)

Total from Investment Operations 002 002 001 mdash mdash

LESS DISTRIBUTIONS PAID

From net investment income

From net realized gains


(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash

Net Asset Value End of Year $100 $100 $100 $100 $100

Total Return(7)

SUPPLEMENTAL DATA AND RATIOS

185 205 110 042 005

Net assets in thousands end of year

Ratio to average net assets of

$445006 $608370 $336019 $164606 $7561742

Expenses net of reimbursements and credits(8) 034 035 029 034 026

Expenses before reimbursements and credits 037 038 043 037 036

Net investment income net of reimbursements and credits(8)

Net investment income (loss) before reimbursements and

184 205 109 022 005

credits 181 202 095 019 (005)

(1) Per share amounts from net investment income were less than $001 per share (2) Per share amounts from net realized and unrealized gains (losses) were less than $001 per share (3) The Fund received a cash contribution from Northern Trust Corporation the parent company of NTI of approximately $136000 The voluntary cash contribution

represents less than $001 per share and had no effect on the Fundrsquos total return (4) The Fund received a cash contribution from Northern Trust Corporation the parent company of NTI of approximately $8190000 The voluntary cash

contribution represents less than $001 per share and had no effect on the Fundrsquos total return (5) Per share amounts from distributions paid from net investment income were less than $001 per share (6) Per share amount from distributions paid from net realized gains was less than $001 per share (7) 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 (8) The impact on Net Assets due to any custody credits is less than 0005




F I N A N C I A L H I G H L I G H T S c o n t i n u e d

M U N I C I PA L M O N E Y M A R K E T F U N D





Net realized and unrealized gains (losses) mdash(2) mdash mdash 001 mdash(2)

Net increase from payment by affiliate mdash mdash mdash mdash(3) mdash

Total from Investment Operations 001 001 001 001 mdash





(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)


represents less than $001 per share and had no effect on the Fundrsquos total return (4) Per share amounts from distributions paid from net investment income were less than $001 per share (5) Per share amount from distributions paid from net realized gains was less than $001 per share (6) 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




FOR THE FISCAL YEARS ENDED MARCH 31

U S G OV E R N M E N T M O N E Y M A R K E T F U N D










(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

(1) Per share amounts from net investment income were less than $001 per share (2) Per share amounts from net realized and unrealized gains (losses) were less than $001 per share (3) Per share amounts from distributions paid from net investment income were less than $001 per share (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





F I N A N C I A L H I G H L I G H T S c o n t i n u e d FOR THE FISCAL YEARS ENDED MARCH 31

U S G OV E R N M E N T S E L E C T M O N E Y M A R K E T F U N D










(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-

S C H E D U L E O F I N V E S T M E N T S

M O N E Y M A R K E T F U N D MARCH 31 2020

PRINCIPAL PRINCIPAL AMOUNT VALUE AMOUNT VALUE

(000S) (000S) (000S) (000S)

A B S C O M M E RC I A L PA P E R 7 9 C E R T I F I C AT E S O F D E P O S I T 2 5 2 c o n t i n u e d

ABS Other ndash 79 Banking ndash 245 continued

Antalis SA (Floating ICE LIBOR USD 3M +

186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000

Barton Capital SA BNP Paribas SA New York Branch

180 41420(2) 2000 1999 192 42320 2000 2000

169 52220(2) 1000 998 Canadian Imperial Bank of Commerce

103 6820(1) (2) 3000 2994 200 91420 4000 4000

Cancara Asset Securities LLC Commonwealth Bank of Australia

089 6920(2) 4000 3993 London

Concord Minutemen Capital Co LLC 265 43020 4000 4000

Class A Credit Agricole SA London Branch

193 4320(1) (2) 1000 1000 180 72320 2000 2000

Crown Point Capital Co LLC 176 73120 5000 5000

173 81820(1) 4000 4000 Credit Industrial et Commercial London

173 81920(1) 1000 1000 Branch

Kells Funding LLC 185 82020 3000 3000

166 61520(1) (2)

132 62320(1) (2)

Regency Markets No 1 LLC

113 4920(2)

6000

3000

3000

5979

2991

2999

Credit Industrial et Commercial Paris Branch

202 52820

DZ Bank AG Deutsche Zentral-Genossenschaftsbank New

5000 5000

Sheffield Receivables Corp York 101 6920(2) 3000 2994 180 72120 3000 3000

34936 179 72320 3000 3000

Total ABS Commercial Paper DZ Bank AG London

(Cost $34936) 34936 094 9920 3000 3000

KBC Bank NV Brussels Branch

170 5420 4000 4000

Banking ndash 245 Kookmin Bank New York

Bank of America NA New York 183 4920 1000 1000

Branch La Banque Postale

(Floating ICE LIBOR USD 3M + 183 51120 4000 4000 002) 178 5420(3) 2000 2000 170 61520 1000 1000

Bank of Montreal Chicago Branch Mitsubishi UFJ Trust amp Banking Corp (Floating ICE LIBOR USD 3M +

006) 190 41720(4)

072 31021

Bank of Montreal London Branch

170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420

Natixis SA New York Branch

3000 3000

Bank of Nova Scotia Houston Branch

(Floating ICE LIBOR USD 3M + 013) 184 51320(3) 2000 2000

172 6320

Nordea Bank AB New York Branch

092 9420

3000

3000

3000

3000

C E R T I F I C AT E S O F D E P O S I T 2 5 2



- ndash

ndash


M O N E Y M A R K E T F U N D c o n t i n u e d


(000S) (000S) (000S) (000S)

C E R T I F I C AT E S O F D E P O S I T 2 5 2 c o n t i n u e d C O M M E R C I A L PA P E R 5 7

Banking ndash 245 continued

Oversea-Chinese Banking Corp Ltd

188 5420 $3000 $3000

Shizuoka Bank Ltd New York Branch

093 4820 1000 1000

Societe Generale London Branch

180 71720 1000 1000

Sumitomo Mitsui Trust Bank Ltd London

161 52820 2000 2000

157 6120 2000 2000

Svenska Handelsbanken AB New York Branch

192 122320 1000 1000

Toronto Dominion Bank London Branch


164 52720 2000 2000

170 8720 3000 3000

Toronto Dominion Bank New York Branch

189 4320 3000 3000


187 42720 2000 2000

Westpac Banking Corp New York Branch



109000

Banking ndash 09 Korea Development Bank London

Branch Credit Agricole CIB New York

176 72920 2000 2000 (Floating ICE LIBOR USD 3M +

039) 212 51120(4) 3000 3001 172 8620

Total Certificates Of Deposit

1000 1000

3000 Wells Fargo Bank NA


(Cost $112000) 112000 4001

Total Corporate NotesBonds

(Cost $4001) 4001

Foreign Agencies ndash 07

Banking ndash 48

DBS Bank Ltd

096 9120(2)

Nationwide Building Society

158 4220(2)


162 62420(2)


196 41720(2)

(Floating ICE LIBOR USD 3M + 011) 185 5720(1) (3)

100 6820(2)

Oversea-Chinese Banking Corp


Royal Bank of Canada

071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02

JPMorgan Securities LLC

(Floating ICE LIBOR USD 3M + 016) 197 42320(1) (3) 1000 1000


Export Development Canada

153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000

Total Commercial Paper

(Cost $25458) 25458

C O R P O R AT E N O T E S B O N D S 0 9



ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)

E U R O D O L L A R T I M E D E P O S I T S 4 0 0

Banking ndash 400

Australia and New Zealand Banking Group

003 4120 $18000 $18000

006 4120 3000 3000

Bank of Nova Scotia Toronto Branch

008 4120 12000 12000

Barclays Bank PLC London Branch

030 4120 12000 12000

Commonwealth Bank of Australia London

003 4120 17000 17000


006 4120 13000 13000

Credit Suisse AG Cayman Islands Branch

008 4120 15000 15000

DNB Bank ASA New York Branch

003 4120 22000 22000

KBC Bank NV New York Branch

004 4120 16000 16000

Mizuho Bank Ltd New York Branch

005 4120 21000 21000

Societe Generale Cayman Branch

006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000

Total Eurodollar Time Deposits

(Cost $178000) 178000

U S G OV E R N M E N T O B L I GAT I O N S 1 8

US Treasury Floating Rate Notes ndash 18

(Floating US Treasury 3M Bill MMY + 004) 013 4120(3)


Total US Government Obligations

(Cost $7999)

$3000

5000

$3000

4999

7999

7999

Investments at Amortized Cost

( $362394) 362394

R E P U R C H A S E AG R E E M E N T S 18 4 ( 5 )

Repurchase Agreements ndash 184

Citigroup Global Markets Inc dated 33120 repurchase price $14000 002 4120 14000 14000

Fixed Income Clearing Co dated 33120 repurchase price $5000 001 4120 5000 5000

HSBC Securities (USA) Inc dated 33120 repurchase price $5000 018 4120 5000 5000

JPMorgan Securities LLC dated 33120 repurchase price $3000 023 4720 3000 3000


82000

Total Repurchase Agreements

(Cost $82000) 82000

Total Investments ndash 999

(Cost $444394) 444394

Other Assets less Liabilities ndash 01 612

NET ASSETS ndash 1000 $445006




M O N E Y M A R K E T F U N D c o n t i n u e d MARCH 31 2020

(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 The value of these securities is determined in accordance with procedures established by the Board of Trustees of Northern Funds

(2) Discount rate at the time of purchase (3) Variable rate security Rate as of March 31 2020 is disclosed Maturity date

represents the next interest reset date The securityrsquos legal final maturity date is longer than the reset date Securities with longer maturity dates have a greater sensitivity to changes in liquidity interest rate risk andor credit risk

(4) Variable rate security Rate as of March 31 2020 is disclosed (5) The nature and terms of the collateral received for the repurchase agreements

are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

Corporate Bonds $8561 202 mdash 463 81624 mdash 101546

FHLMC $47086 200 mdash 700 5123 mdash 11149

FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050

US Treasury Bonds $5 338 51544

US Treasury Notes $19378 113 mdash 288 21522 mdash 22822

Total $84594

EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT THE SCHEDULE OF INVESTMENTS

1M ndash 1 Month

3M ndash 3 Month

ABS ndash Asset-Backed Securities

CIB ndash Corporate and Investment Bank

FHLMC ndash Federal Home Loan Mortgage Corporation

FNMA ndash Federal National Mortgage Association

GNMA ndash Government National Mortgage Association

ICE ndash Intercontinental Exchange

LIBOR ndash London Interbank Offered Rate

MMY ndash Money Market Yield

PLC ndash Public Limited Company

USD ndash United States Dollar

Percentages shown are based on Net Assets

Various inputs are used in determining the value of the Fundrsquos investments These inputs are summarized in three levels listed below

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date Level 2 - Other observable inputs (eg quoted prices in active markets for similar securities securities valuations based on commonly quoted benchmark interest rates and yield curves maturities ratings andor securities indices) Level 3 - Significant unobservable inputs (eg information about assumptions including risk market participants would use in pricing a security)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments if any The following table summarizes the valuations of the Fundrsquos investments which are carried at amortized cost or at cost for repurchase agreements which approximates fair value by the above fair value hierarchy as of March 31 2020

LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)

Investments held by Money Market Fund(1) $mdash $444394 $mdash $444394

(1) Classifications as defined in the Schedule of Investments



ndash -


M U N I C I PA L M O N E Y M A R K E T F U N D MARCH 31 2020


(000S) (000S) (000S) (000S)

M U N I C I PA L I N V E S T M E N T S 9 5 8 M U N I C I PA L I N V E S T M E N T S 9 5 8 c o n t i n u e d

Arizona ndash 05 Florida ndash 153 continued

Arizona State School District COPS Florida State Housing Finance Corp TANS MFH Revenue Refunding Mortgage

200 72820 $1000 $1003 Bonds Cypress Lake Apartment M-1

California ndash 19 525 4820(1) (2) $500 $500

Irvine Improvement Bond Act 1915 Assessment District No 87-8 Special Assessment Adjustable Bonds (State Street BampT Co LOC)

060 4120(1) (2) 2879 2879

Highlands County Health Facilities Authority Variable Revenue Bonds Series A Hospital Adventist Health System

370 4820(1) (2) 8000 8000

Irvine Improvement Bond Act 1915 Assessment District No 94-13

Jacksonville Health Care Facilities Variable Revenue Refunding Bonds

Special Assessment Adjustable Bonds (State Street BampT Co LOC)

Baptist Health

370 4820(1) (2) 3000 3000

060 4120(1) (2) 1000 1000 Miami-Dade County Special Obligation

Los Angeles Department of Water amp Power System Variable Revenue Refunding Bonds Subseries A-6

067 4120(1) (2) 200 200

Juvenile Courthouse Revenue Bonds Series B (AMBAC Insured) (TD Bank NA LOC)

450 4820(1) (2) 9500 9500

Colorado ndash 34

4079 Pinellas County School District TRANS

225 63020 6000 6016

Colorado State Educational amp Cultural 33011

Facilities Authority Adjustable Georgia ndash 12

Revenue Bonds Bethany Lutheran Savannah EDA Exempt Facility Variable School Project (US Bank NA Revenue Bonds (AMT) Consolidated LOC) Utilities Project (Branch Banking amp

471 4820(1) (2) 1605 1605 Trust Co LOC)

Colorado State Educational Loan 525 4820(1) (2) 2630 2630

Program TRANS Series A Idaho ndash 12 300 62920 4000 4017 Idaho State GO Unlimited TANS

Colorado State General Fund TRANS 300 63020 2500 2510 500 62620 1600 1614 Illinois ndash 112

7236 Aurora Variable Revenue Bonds

Florida ndash 153 Counseling Center Fox Valley Project

Florida State Housing Finance Corp MFH Mortgage Variable Revenue

(BMO Harris Bank NA LOC)

400 4820(1) (2) 1210 1210

Bonds Series K-1 Autumn Place Illinois State Development Finance Apartments (Suntrust Bank LOC) Authority Variable Convertible

527 4820(1) (2) 4995 4995 Revenue Bonds Series B Evanston


Northwestern

085 4120(1) (2) 1800 1800

Bonds Series L Hudson Ridge Illinois State Development Finance Apartments (JPMorgan Chase Bank Authority Variable Revenue Bonds NA LOC) St Ignatius College Project (PNC

530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -


M U N I C I PA L M O N E Y M A R K E T F U N D c o n t i n u e d


(000S) (000S) (000S) (000S)

M U N I C I PA L I N V E S T M E N T S 9 5 8 c o n t i n u e d M U N I C I PA L I N V E S T M E N T S 9 5 8 c o n t i n u e d

Illinois ndash 112 continued

Illinois State Finance Authority Adjustable Revenue Bonds North Western University

500 4820(1) (2)

Illinois State Finance Authority Variable Revenue Bonds Northwestern Memorial Hospital University

110 4120(1) (2)

Illinois State Finance Authority Variable Revenue Bonds Series A McKinley Foundation Project (Keybank NA LOC)

400 4820(1) (2)

Illinois State Finance Authority Variable Revenue Bonds Series B University of Chicago Medical Center (Wells Fargo Bank NA LOC)

075 4120(1) (2)

Illinois State Finance Authority Variable Revenue Bonds Series D-2 University of Chicago Medical (PNC Bank NA LOC)

100 4120(1) (2)

Illinois State Finance Authority Variable Revenue Bonds University Chicago Medical-E-2 (Wells Fargo Bank NA LOC)

085 4120(1) (2)

Illinois State Health Facilities Authority Variable Revenue Refunding Bonds Evanston Hospital Corp

485 4820(1) (2)

Tender Option Bond Trust ReceiptsCertificates Various States Floaters Revenue Bonds Series 2018-XF253

500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11

Indiana State Finance Authority Health System Variable Revenue Refunding Bonds Series J Sisters of St Francis (Barclays Bank PLC LOC)

085 4120(1) (2) 1400 1400

Indiana ndash 11 continued

Indianapolis Variable RBrookhaveLOC)

078 4

Economic Development evenue Refunding Bonds n County (US Bank NA

120(1) (2) $1000 $1000

2400

Iowa ndash 40

Iowa State FiEducationa

nance Authority l Facilities Variable

Revenue BSchools (U

070 4

onds Holy Family Catholic S Bank NA LOC)

120(1) (2) 3850 3850

Iowa State FiRevenue BServices (BLOC)

471 4

nance Authority Variable onds Wesley Retirement ank of America NA

820(1) (2) 680 680

Iowa State HiAuthority PVariable RCollege PrNA LOC)

075 4

gher Education Loan rivate College Facilities evenue Bonds Loras oject (Bank of America

120(1) (2) 400 400

Tender OptioReceiptsCBonds Series 2017-XM0492

n Bond Trust ertificates Floater Revenue

500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02

University of Health Fac

Kansas Hospital Authority ilities Variable Revenue

Bonds KU NA LOC)

070 4

Health System (US Bank

120(1) (2) 375 375

Kentucky ndash 05

Lexington-FayGovernme

ette Urban County nt Variable Revenue

Refunding (Traditiona

550 4

Bonds Eastland Parkway l Bank Inc LOC)

820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)

M U N I C I PA L I N V E S T M E N T S 9 5 8 c o n t i n u e d

Maryland ndash 16

Maryland State Health amp Higher Educational Facilities Authority Variable Revenue Bonds Odenton Christian School (PNC Bank NA LOC)

471 4820(1) (2) $3535 $3535

Massachusetts ndash 33

Massachusetts State Development Finance Agency Mass Credit Revenue Bonds Series A Wilber School Apartments (Bank of America NA LOC)

485 4820(1) (2) 500 500

Massachusetts State GO Limited RANS Series B

400 52120 6500 6525

7025

Michigan ndash 14

Michigan State Finance Authority Revenue Notes Series A-1 (State Aid Withholding)

400 82020 1000 1010

Michigan State Finance Authority Revenue Notes Series A-2 (State Aid Withholding) (JPMorgan Chase NA LOC)

200 82020 1000 1003

University of Michigan General Variable Revenue Bonds Series D-1

055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57

City of Eden Prairie Minnesota MFH Variable Revenue Refunding Bonds Eden Glen Apartments Project (Bridgewater Bank LOC)

600 4820(1) (2) 1065 1065

Minnesota State Higher Education Facilities Authority Variable Revenue Bonds Series 6Q Concordia University St Paul (US Bank NA LOC)

110 4120(1) (2) 2600 2600


Minnesota ndash 57 continued

Minnetonka MFH Variable Revenue Bonds Tonka Creek Project (Bridgewater Bank LOC)

600 4820(1) (2) $3295 $3295

Owatonna City Housing Variable Revenue Refunding Bonds Series A Second Century Project (Bridgewater Bank LOC)

600 4820(1) (2) 1805 1805

Saint Louis Park MFH Variable Revenue Bonds Shoreham Project (Bridgewater Bank LOC)

600 4820(1) (2) 3410 3410

12175

Mississippi ndash 14

Mississippi State Business Finance Commission Gulf Opportunity Zone Variable Revenue Bonds Series A Chevron USA Inc

065 4120(1) (2) 3000 3000

Missouri ndash 24

Bridgeton IDA Variable Revenue Bonds Stolze Printing Project (Carrollton Bank LOC)

531 4820(1) (2) 100 100

Platte County IDA Adjustable Revenue Refunding Bonds Housing Wexford Project (FHLMC LOC)

600 4820(1) (2) 205 205

Saint Charles County IDA Variable Revenue Refunding Bonds Casalon Apartments Project (FNMA Insured)

525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23

New Jersey State Health Care Facilities Financing Authority Variable Revenue Bonds Virtua Health (Wells Fargo Bank NA LOC)

339 4820(1) (2) 5000 5000

New York ndash 06

New York City Transitional Finance Authority Future Tax Secured Adjustable Subordinate Revenue Bonds Series E-4

075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)


North Carolina ndash 06

Raleigh Comb Enterprise System Variable Revenue Bonds Series B

495 4820(1) (2) $1200 $1200

Ohio ndash 10

Ohio State Higher Educational Facilities Commission Revenue Bonds Cleveland Clinic Health System Obligation

075 4120(1) (2)

Ross County Hospital Adjustable Revenue Bonds Adena Health System (PNC Bank NA LOC)

475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01

Oregon State Facilities Authority Variable Revenue Bonds Series A Quatama Crossing Housing (FNMA LOC)

520 4820(1) (2) 300 300

Pennsylvania ndash 63

Lancaster County Hospital Authority Senior Living Facilities Variable Revenue Bonds Quarryville Presbyterian (Manufacturers amp Traders LOC)

475 4820(1) (2)

RBC Municipal Products Inc Trust Revenue Bonds Series E-101 Floater Certificates (Royal Bank of Canada LOC)

476 4820(1) (2)

8540

5000

8540

5000

13540

Rhode Island ndash 10

Rhode Island State Health amp Educational Building Corp Higher Educational Facilities Variable Revenue Refunding Bonds Bryant University (TD Bank NA LOC)

525 4820(1) (2) 2120 2120

South Carolina ndash 20

Greenville County School District GO Limited Notes Series C (SCSDE Insured)

400 6120 2900 2913

South Carolina ndash 20 continued

South Carolina Jobs-EDA Economic Development Hospital Variable Revenue Bonds Prisma Health Obligation Group (US Bank NA LOC)

110 4120(1) (2) $1500 $1500

4413

South Dakota ndash 12

South Dakota State Housing Development Authority MFH Variable Revenue Bonds Country Meadows Apartments Project

475 4820(1) (2) 2500 2500

Tennessee ndash 17

Clarksville Public Building Authority Adjustable Revenue Bonds Pooled Financing-Tennessee Bond Fund (Bank of America NA LOC)

097 4120(1) (2) 3715 3715

Texas ndash 176

Bexar County HFA Variable Revenue Refunding Bonds Altamonte Apartments Project (FNMA LOC)

550 4820(1) (2) 3000 3000

City of Austin Bonds

118 6220 3000 3000

Gulf Coast IDA Variable Revenue Bonds Exxon Mobil Project

065 4120(1) (2) 4730 4730

Harris County Hospital District Variable Revenue Refunding Bonds Senior Lien (JPMorgan Chase Bank NA LOC)

495 4820(1) (2) 3990 3990

Houston Revenue TRANS

300 62620 3000 3013

JP Morgan Chase PuttersDrivers Various States Revenue Bonds Series 5018 For Harris (JPMorgan Chase Bank NA LOC)

100 4120(1) (2) (3) 2000 2000

Mesquite Independent School District Variable GO Unlimited Bonds Series A (PSF Gtd)

627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Texas ndash 176 continued

Northwest Independent School District Variable GO Unlimited Bonds (PSF Gtd)

626 4820(1) (2) $500 $500

Port of Arthur Navigation District Industrial Development Corp Variable Revenue Bonds Total Petrochemicals

705 4820(1) (2) 3600 3600

RIB Floater Trust Revenue Bonds Series 2019-10 Floater Certificates (Barclays Bank PLC LOC)

214 4820(1) (2) (3) 5000 5000

San Antonio Texas Bonds

089 9820 2000 2000

Tarrant County Cultural Education Facilities Finance Corp Hospital Variable Revenue Refunding Bonds Methodist Hospitals Dallas (TD Bank NA LOC)

081 4120(1) (2) 1300 1300

Tarrant County Cultural Educational Facilities Finance Corp Hospital Variable Revenue Bonds Series A-R Methodist Hospitals Dallas (TD Bank NA LOC)

065 4120(1) (2) 2400 2400

Texas State Department of Housing amp Community Affairs MFH Variable Revenue Bonds Costa Mariposa Apartments

531 4820(1) (2) 170 170

University of Texas System Bonds

129 52620 1000 1000

37863

Washington ndash 22

Washington State Higher Education Facilities Authority Variable Revenue Bonds Whitman College Project

525 4820(1) (2) 2915 2915

Washington State Housing Finance Commission Variable Revenue Bonds Draw Down Redmond Ridge Apartments (FHLB LOC)

325 4820(1) (2) 1800 1800

4715


West Virginia ndash 06

West Virginia State Hospital Finance Authority Variable Revenue Refunding amp Improvement Bonds Series A Cabell Hospital (Branch Banking amp Trust LOC)

502 4820(1) (2)

Municipal States Pooled Securities ndash 23

Blackrock Muniyield Quality Fund III Inc Variable Tax-Exempt Preferreds Bonds (AMT)

521 4820(1) (2) (3)

Total Municipal Investments

(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)

Other Assets less Liabilities ndash 42

206113

8984


(1) Rate is determined by a remarketing agent which in its judgment on the basis of prevailing financial markets will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100 of the principal amount

(2) Variable rate security Rate as of March 31 2020 is disclosed Maturity date represents the date when principal payments may be due taking into account any call options exercised and any permissible maturity shortening features



AMBAC ndash American Municipal Bond Assurance Corporation

AMT ndash Alternative Minimum Tax

COPS ndash Certificates of Participation

EDA ndash Economic Development Authority

FHLB ndash Federal Home Loan Bank



GO ndash General Obligation

Gtd ndash Guaranteed




M U N I C I PA L M O N E Y M A R K E T F U N D c o n t i n u e d MARCH 31 2020

HFA ndash Housing Finance Authority

IDA ndash Industrial Development Authority

LOC ndash Letter of Credit

MFH ndash Multi-Family Housing


PSF ndash Permanent School Fund

RANS ndash Revenue Anticipation Notes

RIB ndash Residual Interest Bond

SCSDE ndash South Carolina State Department of Education

TANS ndash Tax Anticipation Notes

TRANS ndash Tax and Revenue Anticipation Notes


At March 31 2020 the industry sectors (unaudited) for the Fund were

I N D U S T RY S E C TO R OF TOTAL INVESTMENTS

City 54

Hospital 207

Housing 139

Miscellaneous Revenues 79

School 119

State 108

University 107

All other sectors less than 5 187

Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)

Investments held by Municipal Money Market Fund(1) $mdash $206113 $mdash $206113


ndash -


U S G OV E R N M E N T M O N E Y M A R K E T F U N D MARCH 31 2020


(000S) (000S) (000S) (000S)

Federal Farm Credit Bank ndash 64 Federal Home Loan Bank ndash 274

FFCB Discount Notes FHLB Bonds

204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512

189 91520(2) 35000 34696 FHLB Discount Notes

162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411

144933 (Floating US SOFR + 014)

015 4120(3)

(Floating US Federal Funds + 010) 019 4120(3)

(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825

(Floating US Federal Funds + FHLB Notes

015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)

(Floating US Federal Funds + 003 4120(3) 125000 125000

022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)

(Floating ICE LIBOR USD 3M shy 004 4120(3) 125000 125000

014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)

(Floating ICE LIBOR USD 1M + 008 4120(3) 35000 35000

009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)


014) 157 51320(4) 60000 60000 (Floating ICE LIBOR USD 3M shy

1062313 021) 169 4620(3) 100000 100000

(Floating ICE LIBOR USD 3M shy017) 173 4620(3) 25000 25000

U S G OV E R N M E N T AG E N C I E S 371 ( 1 ) U S G OV E R N M E N T AG E N C I E S 371 ( 1 ) c o n t i n u e d



-

ndash

-


U S G OV E R N M E N T M O N E Y M A R K E T F U N D c o n t i n u e d


(000S) (000S) (000S) (000S)

U S G OV E R N M E N T A G E N C I E S 3 71 ( 1 ) c o n t i n u e d U S G OV E R N M E N T O B L I G AT I O N S 15 7 c o n t i n u e d

Federal Home Loan Bank ndash 274 continued US Treasury Bonds ndash 06

(Floating ICE LIBOR USD 3M shy 163 63020 $55000 $54933 017) 170 4820(3) $100000 $100000 263 81520 45000 45137

(Floating ICE LIBOR USD 3M shy017) 171 4920(3)

(Floating ICE LIBOR USD 1M shy

100000 100000 US Treasury Floating Rate Notes ndash 35

100070

008) 068 42020(3) 150000 150000 (Floating US Treasury 3M Bill


MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967

244950 4538975 (Floating US Treasury 3M Bill

Federal Home Loan Mortgage Corporation ndash 32

FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920

238 21621 45000 45473 US Treasury Notes ndash 95

FHLMC Discount Notes 225 33121 100000 101977

067 71720(2) 300000 299394 US Treasury Notes

FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208

Federal National Mortgage Association ndash 01 163 101520 35000 34999

FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976

Total US Government Agencies 275 113020 155000 156112 (Cost $6161114) 6161114 188 121520 30000 30052

213 13121 40000 40639

250 13121 70000 70647

US Treasury Bills ndash 21

010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572

U S G OV E R N M E N T O B L I G AT I O N S 15 7



-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)

U S G OV E R N M E N T O B L I GAT I O N S 15 7 c o n t i n u e d R E P U R C H A S E AG R E E M E N T S 4 8 8 c o n t i n u e d

US Treasury Notes ndash 95 continued Repurchase Agreements ndash 484 (7) continued

225 21521 $100000 $101776 Federal Reserve Bank of New York

238 41521 65000 66429 dated 33120 repurchase price


(Cost $2599400)

1574838

2599400

$250000 000 4120

Fixed Income Clearing Co dated 33120 repurchase price

$250000 $250000

$825000

Investments at Amortized Cost 001 4120 825000 825000

( $8760514) 8760514 JPMorgan Securities LLC dated 33120 repurchase price

Joint Repurchase Agreements ndash 04(5) (6)

$150089 006 7420

JPMorgan Securities LLC dated

150000 150000

Bank of America Securities Inc 33120 repurchase price dated 33120 repurchase price $320000 $32065 002 4120 320000 320000 132 4720 32057 32057 NatWest Markets PLC dated

Societe Generale New York Branch 33120 repurchase price dated 33120 repurchase price $250001 $32056 002 4720 250000 250000 001 4720 32056 32056 NatWest Markets PLC dated

64113 33120 repurchase price

Repurchase Agreements ndash 484(7)

Bank of America NA dated 33120 repurchase price $470000 001 4120

Bank of Nova Scotia dated 33120 repurchase price $600000 002 4120

Barclays Bank PLC dated 32420

470000

600000

470000

600000

$475000 002 4120

NatWest Markets PLC dated 33120 repurchase price $750001 001 4720

Nomura Securities International Inc dated 33120 repurchase price $1725001 002 4120

475000

750000

1725000

475000

750000

1725000

repurchase price $50003 013 4720 50000 50000

BNP Paribas SA dated 31020 repurchase price $400233 070 4920 400000 400000

BNY Mellon Capital Markets LLC dated 33120 repurchase price $900000 001 4120 900000 900000


Deutsche Bank AG dated 33120 repurchase price $200000 001 4120 200000 200000

R E P U R C H A S E AG R E E M E N T S 4 8 8



-



PRINCIPAL AMOUNT VALUE

(000S) (000S)

R E P U R C H A S E A G R E E M E N T S 4 8 8 c o n t i n u e d

Repurchase Agreements ndash 484 (7) continued

Nomura Securities International Inc dated 33120 repurchase price $75000 001 4120 $75000 $75000

Royal Bank of Canada New York Branch dated 33120 repurchase price $550002 002 4720 550000 550000

8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970

Liabilities less Other Assets ndash (16) (265311)


(1) The obligations of certain US government-sponsored entities are neither issued nor guaranteed by the United States Treasury



(4) Variable rate security Rate as of March 31 2020 is disclosed (5) Interest rates are reset daily and interest is payable monthly Rates are

determined based on technical market conditions which currently are driven by supply and demand

(6) The nature and terms of the collateral received for the joint repurchase agreements are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES


US Treasury Notes $64861 025 mdash 063 71521mdash71529

Total $65075

(7) The nature and terms of the collateral received for the repurchase agreements are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838

FHLMC $659140 000 mdash 700 42520mdash4150

FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565

US Treasury Bills $445740 000 4720mdash22521

US Treasury Bonds $1055082 000 mdash 875 51520mdash21550


Total $8203930


1M ndash 1 Month

3M ndash 3 Month

FFCB ndash Federal Farm Credit Bank









SOFR ndash Secured Overnight Financing Rate

TVA ndash Tennessee Valley Authority





MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)

Investments held by US Government Money Market Fund(1) $mdash $16851970 $mdash $16851970




ndash -




(000S) (000S) (000S) (000S)

Federal Farm Credit Bank ndash 80 Federal Farm Credit Bank ndash 80 continued

FFCB Discount Notes (Floating ICE LIBOR USD 1M +

204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471

164 51920(2) 2000 1996 Federal Home Loan Bank ndash 322

161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962

(Floating US Federal Funds + FHLB Notes 015) 024 4120(3) 5000 5000 (Floating US SOFR + 002)

(Floating US Federal Funds + 003 4120(3) 25000 25000 022) 031 4120(3) 15000 14998 (Floating US SOFR + 003)

(Floating ICE LIBOR USD 3M shy 004 4120(3) 46000 46000 014) 177 4120(3) 15000 15000 (Floating US SOFR + 006)

(Floating ICE LIBOR USD 1M + 007 4120(3) 10000 10000 009) 145 4620(3) 10000 10000 (Floating US SOFR + 007)


009 4120(3) 55000 55000

U S G OV E R N M E N T AG E N C I E S 4 0 2 ( 1 ) U S G OV E R N M E N T AG E N C I E S 4 0 2 ( 1 ) c o n t i n u e d



-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)

Federal Home Loan Bank ndash 322 continued US Treasury Floating Rate Notes ndash 33

(Floating US SOFR + 010) (Floating US Treasury 3M Bill 011 4120(3) $6000 $6000 MMY + 004) 013

(Floating US SOFR + 012) 4120(3) $20000 $20000

013 4120(3) 6000 6000 (Floating US Treasury 3M Bill

(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983

(Floating ICE LIBOR USD 3M shy (Floating US Treasury 3M Bill

021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000

(Floating US Treasury 3M Bill MMY + 014) 043 4120(3) 20000 20015

019) 162 42720(3) 60000 60000 119984

(Floating ICE LIBOR USD 3M shy US Treasury Notes ndash 87 018) 162 42820(3) 50000 50000 238 43020 15000 15004


250 53120

250 63020

30000

10000

30030

10017 (Floating ICE LIBOR USD 3M shy

019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120

Total US Government Agencies

(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555

US Treasury Bonds ndash 06 Investments at Amortized Cost 163 63020 10000 9988 ( $2014155) 2014155 263 81520 10000 10030

20018

U S G OV E R N M E N T AG E N C I E S 4 0 2 ( 1 ) c o n t i n u e d U S G OV E R N M E N T O B L I GAT I O N S 15 7 c o n t i n u e d




ndash


U S G OV E R N M E N T S E L E C T M O N E Y M A R K E T F U N D c o n t i n u e d


(000S) (000S)

R E P U R C H A S E A G R E E M E N T S 4 5 6 ( 5 )


Bank of America NA dated 33120 repurchase price $650000 001 4120 $650000 $650000

Canadian Imperial Bank of Commerce dated 2520 repurchase price $100280 160 4720 100000 100000




1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026






(4) Variable rate security Rate as of March 31 2020 is disclosed


NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536

FHLMC $514348 250mdash700 6120mdash3150

FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535


US Treasury Notes $248737 050mdash288 22924mdash51524

Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)

Investments held by US Government Select Money Market Fund(1) $mdash $3658026 $mdash $3658026





N OT E S TO T H E F I N A N C I A L S TAT E M E N T S

1 O RGA N I Z AT I O N

Northern Funds (the ldquoTrustrdquo) is a Delaware statutory trust and is registered under the Investment Company Act of 1940 as amended (the ldquo1940 Actrdquo) as an open-end management investment company The Trust offers 43 funds as of March 31 2020 each with its own investment objective (eg long-term capital appreciation total return or income consistent with preservation of capital) The Money Market Municipal Money Market US Government Money Market and US Government Select Money Market Funds (each a ldquoFundrdquo and collectively the ldquoFundsrdquo) are separate diversified investment portfolios of the Trust Each of the Funds is presented herein

Northern Trust Investments Inc (ldquoNTIrdquo) a subsidiary of The Northern Trust Company (ldquoNorthern Trustrdquo) serves as the investment adviser and administrator for each of the Funds Northern Trust serves as the custodian transfer agent and sub-administrator for the Trust Northern Funds Distributors LLC not an affiliate of NTI is the Trustrsquos distributor

The Money Market Fund and Municipal Money Market Fund seek to qualify as retail money market funds in accordance with criteria established by the US Securities and Exchange Commission (ldquoSECrdquo) The US Government Money Market Fund and the US Government Select Money Market Fund seek to qualify as government money market funds in accordance with criteria established by the SEC

2 S I G N I F I C A N T AC C O U N T I N G P O L I C I E S

The Trust which is an investment company follows accounting and reporting guidance under Financial Accounting Standards Board (ldquoFASBrdquo) Accounting Standards Codification Topic 946 Financial Services-Investment Companies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements These policies are in conformity with accounting principles generally accepted in the United States of America (ldquoUS GAAPrdquo) The preparation of financial statements in conformity with US 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 may differ from those estimates

A) VALUATION OF SECURITIES The investments held by the Funds are valued at amortized cost which NTI as authorized by the Trustrsquos Board of Trustees (the ldquoBoardrdquo) has determined approximates fair value Under this method investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity

The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments

B) CREDIT ENHANCEMENTS Certain investments owned by the Funds (primarily the Money Market Fund and Municipal Money Market Fund) are covered by insurance issued by private insurers are backed by an escrow or trust containing US government securities or US government agency securities or are otherwise supported by letters of credit standby purchase agreements or other liquidity facilities Such enhancements may ensure the timely payment of the securityrsquos principal and interest or may shorten the securityrsquos maturity However such enhancements do not guarantee the market value of the securities or the value of a Fundrsquos shares Additionally there is no guarantee that an insurer will meet its obligations For example exposure to securities involving sub-prime mortgages may cause a municipal bond insurerrsquos rating to be downgraded or may cause the bond insurer to become insolvent which may affect the prices and liquidity of municipal obligations insured by the insurer

C) REPURCHASE AGREEMENTS The Funds may enter into repurchase agreements under the terms of a master repurchase agreement by which the Funds purchase securities for cash from a seller and agree to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and liquidity feature which allows the Funds to resell the securities quarterly The interest rate on such repurchase agreements resets daily During the term of a repurchase agreement the fair value of the underlying collateral including accrued interest is required to equal or exceed the fair value of the repurchase agreement The underlying collateral for tri-party repurchase agreements is held in accounts for Northern Trust as agent of the Funds at The Bank of New York Mellon State Street Bank and Trust Company or JPMorgan Chase which in turn holds securities through the book-entry system at the Federal Reserve Bank of New York The underlying collateral for other repurchase agreements is held in a customer-only account for Northern Trust as custodian for the Funds at the Federal Reserve Bank of Chicago The Funds are subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security realization of collateral by the Funds may be delayed or limited Certain Funds have entered into such repurchase agreements at March 31 2020 as reflected in their accompanying Schedules of Investments

Pursuant to exemptive relief granted by the SEC US Govshyernment Money Market Fund and certain other money market portfolios advised by NTI and Northern Trust may enter into joint repurchase agreements with non-affiliated counterparties through a master repurchase agreement NTI administers and manages these joint repurchase agreements in accordance with and as part



MARCH 31 2020

of its duties under its management agreements with the Funds and does not collect any additional fees from the Funds for such services The US Government Money Market Fund has entered into such joint repurchase agreements at March 31 2020 as reflected in its accompanying Schedule of Investments

The Funds may enter into transactions subject to enforceable netting arrangements (ldquoNetting Arrangementsrdquo) under a repurchase agreement Generally Netting Arrangements allow the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty In addition

Netting Arrangements provide the right for the non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral Generally the Funds manage their cash collateral and securities collateral on a counterparty basis As of March 31 2020 the Funds have not invested in any portfolio securities other than the repurchase agreements described below with gross exposures on the Statements of Assets and Liabilities that could be netted subject to Netting Arrangements

The following table presents the repurchase agreements which are subject to Netting Arrangements as well as the collateral delivered related to those repurchase agreements

GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES

GROSS AMOUNTS OF ASSETS PRESENTED IN STATEMENTS OF FINANCIAL NET

Amounts in thousands COUNTERPARTY ASSETS AND LIABILITIES INSTRUMENTS AMOUNT

Money Market Citigroup $ 14000 $ (14000) $ndash

Fixed Income Clearing 5000 (5000) ndash

HSBC Securities 5000 (5000) ndash

JPMorgan 58000 (58000) ndash

Total $ 82000 $ (82000) $ndash

US Government Money Market Bank of America $ 502057 $ (502057) $ndash

Bank of Nova Scotia 600000 (600000) ndash

Barclays Capital 50000 (50000) ndash

BNP Paribas 400000 (400000) ndash

BNY Mellon 900000 (900000) ndash

Citgroup 37343 (37343) ndash

Deutsche Bank 200000 (200000) ndash

Federal Reserve Bank of New York 250000 (250000) ndash

Fixed Income Clearing Co 825000 (825000) ndash


NatWest 1475000 (1475000) ndash

Nomura Securities 1800000 (1800000) ndash

Royal Bank of Canada 550000 (550000) ndash

Societe Generale 32056 (32056) ndash

Total $8091456 $(8091456) $ndash

US Government Select Money Market Bank of America $ 650000 $ (650000) $ndash

Canadian Imperial Bank of Commerce 100000 (100000) ndash

Citigroup 68871 (68871) ndash



Total $1643871 $(1643871) $ndash

Collateral received is reflected up to the fair value of the repurchase agreement Refer to the Schedules of Investments



N OT E S TO T H E F I N A N C I A L S TAT E M E N T S c o n t i n u e d

D) 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 Interest income if any is recognized on an accrual basis and includes amortization of premiums and accretion of discounts Certain Funds may receive dividend income if any from investment companies Dividend income is recognized on the ex-dividend date The Municipal Money Market Fundrsquos income may be subject to certain state and local taxes and depending on an individual shareholderrsquos tax status the federal alternative minimum tax

E) EXPENSES Each Fund is charged for those expenses that are directly attributable to that Fund Expenses incurred which do not specifically relate to an individual Fund generally are allocated among all Funds in the Trust in proportion to each Fundrsquos relative net assets

F) LIQUIDITY FEES AND REDEMPTION GATES For the Money Market Fund and Municipal Money Market Fund only each Fund may impose a liquidity fee of up to 2 percent on redemptions from the Fund or temporarily restrict redemptions from the Fund for up to 10 business days in any given 90-day period (a ldquoredemption gaterdquo) in the event that the Fundrsquos weekly liquid assets fall below the following thresholds

30 percent weekly liquid assets ndash If a Fundrsquos weekly liquid assets fall below 30 percent of the Fundrsquos total assets as of the end of a business day and the Board determines it is in the best interests of the Fund the Board may impose a liquidity fee of no more than 2 percent of the amount redeemed andor a redemption gate that temporarily suspends the right of redemption Liquidity fees andor redemption gates may be implemented as early as the same business day that the weekly liquid assets of the Fund fall below 30 percent of the total assets

10 percent weekly liquid assets ndash If a Fundrsquos weekly liquid assets fall below 10 percent of the Fundrsquos total assets as of the end of a business day the Fund will impose at the beginning of the next business day a liquidity fee of 1 percent of the amount redeemed unless the Board determines that imposing such a fee would not be in the best interests of the Fund or determines that a lower or higher fee (not to exceed 2 percent) would be in the best interest of the Fund

If a Fund imposes a redemption gate the Fund and the Fundrsquos authorized intermediaries will not accept redemption orders until the Fund has notified shareholders that the redemption gate has been lifted

Liquidity fees and redemption gates may be terminated at any time at the discretion of the Board In addition liquidity fees and redemption gates will terminate at the beginning of the next business day once the Fund has invested 30 percent or more of its total assets in weekly liquid assets A Fund may only suspend redemptions for up to 10 business days in any 90-day period

Liquidity fees would generally be used to assist the Funds to stem redemptions during times of market stress

A liquidity fee imposed by a Fund will reduce the amount you will receive upon the redemption of your shares and will generally decrease the amount of any capital gain or increase the amount of any capital loss you will recognize with respect to the redemption

If a Fundrsquos weekly liquid assets fall below 10 percent of the Fundrsquos total assets the Fund reserves the right to permanently suspend redemptions and liquidate if the Board determines that it is not in the best interests of the Fund to continue operating

Liquidity fees if any are included in Payments for Shares Redeemed in Note 9mdashCapital Share Transactions No liquidity fees or redemption gates were imposed by the Money Market Fund or Municipal Money Market Fund during the fiscal year ended March 31 2020

G) DISTRIBUTIONS TO SHAREHOLDERS Distribution of dividends from net investment income are declared daily and paid monthly Distributions of net realized capital gains if any are declared and paid 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 US GAAP due to differences in the treatment and recognition of investment income and realized gains and losses These differences are primarily related to the capital loss carryforwards Inherent differences in the recognition of income and capital gains for federal income tax purposes which are permanent may result in periodic reclassifications in the Fundsrsquo capital accounts These reclassifications may relate to net operating losses and expired capital loss carryforwards These reclassifications have no impact on the net assets or the net asset value (ldquoNAVrdquo) of the Funds

At March 31 2020 the following reclassifications were recorded

ACCUMULATED UNDISTRIBUTED UNDISTRIBUTED

NET INVESTMENT NET REALIZED Amounts in thousands INCOME (LOSS) GAINS (LOSSES)

Money Market $ 2 $ (2)

US Government Money Market 253 (253)

US Government Select Money Market 42 (42)

H) FEDERAL INCOME TAXES No provision for federal income taxes has been made since each Fundrsquos policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 as amended (the ldquoCoderdquo) applicable to regulated investment companies and to distribute each year substantially all of its taxable income and tax-exempt income to its shareholders



MARCH 31 2020

The Regulated Investment Company Modernization Act of 2010 (the ldquoActrdquo) allows capital losses to be carried forward for an unlimited period and to retain their character as either short-term or long-term The Fundsrsquo ability to utilize capital loss carry-forwards in the future may be limited under the Code and related regulations based on the results of future transactions

Capital losses incurred that will be carried forward indefinitely under the provisions of the Act are as follows

SHORT-TERM LONG-TERM CAPITAL LOSS CAPITAL LOSS

Amounts in thousands CARRYFORWARD CARRYFOWARD

Municipal Money Market $29 $mdash

At March 31 2020 the tax components of undistributed net investment income and realized gains including amounts declared but not yet paid for federal income tax purposes were as follows

UNDISTRIBUTED

TAX-EXEMPT ORDINARY LONG-TERM Amounts in thousands INCOME INCOME CAPITAL GAINS

Money Market $ mdash $ 514 $mdash

Municipal Money Market 358 mdash mdash

US Government Money Market mdash 9139 mdash

US Government Select Money Market mdash 1937 mdash

Ordinary income includes taxable market discount income and short-term capital gains if any

The tax character of distributions paid during the fiscal year ended March 31 2020 was as follows

DISTRIBUTIONS FROM








DISTRIBUTIONS FROM

Amounts in thousands TAX-EXEMPT

INCOME ORDINARY INCOME

LONG-TERM CAPITAL GAINS

Money Market

Municipal Money Market

$ mdash $ 9571 $mdash

7788 mdash mdash

DISTRIBUTIONS FROM


US Government Money Market $ mdash $293380 $mdash



As of March 31 2020 no Fund had uncertain tax positions that would require financial statement recognition or disclosure The Fundsrsquo federal tax returns remain subject to examination by the Internal Revenue Service for three years after they are filed Interest or penalties incurred if any on future unknown uncertain tax positions taken by the Funds will be recorded as interest expense and other expenses respectively on the Statements of Operations

3 S E RV I C E P L A N

The Trust has adopted a Service Plan pursuant to which the Trust may enter into agreements with Northern Trust its affiliates or other institutions (together ldquoService Organizationsrdquo) under which the Service Organizations agree to provide certain administrative support services and in some cases personal and account maintenance services for their customers who are beneficial owners of shares of the Funds As compensation for services provided pursuant to the Service Plan the Service Organizations receive a fee at an annual rate of up to 015 percent of the average daily net assets of the Funds beneficially owned by their customers There were no shareholder servicing fees paid by the Funds to Northern Trust or its affiliates during the fiscal year ended March 31 2020

Service Plan expenses if any are included in the Statements of Operations under Shareholder servicing fees for the fiscal year ended March 31 2020

4 BA N K B O R ROW I N G S

The Trust and Northern Institutional Funds a registered investment company also advised by NTI jointly entered into a $250000000 senior unsecured revolving credit facility on November 19 2018 which expired on November 18 2019 and was administered by Citibank NA for liquidity and other purposes (the ldquoCredit Facilityrdquo) The interest rate charged under the Credit Facility was equal to the sum of (i) the Federal Funds Rate plus (ii) if the one month London Interbank Offered Rate (ldquoLIBORrdquo) on the date of borrowing exceeded such Federal Funds Rate the amount by which it so exceeded plus (iii) 100 percent In addition there was an annual commitment fee of 015 percent on the unused portion of the credit line under the Credit Facility payable quarterly in arrears which is included in Other expenses on the Statements of Operations




At a meeting held on November 13-14 2019 the Board approved an agreement to replace the Credit Facility (as replaced the ldquoNew Credit Facilityrdquo) The New Credit Facility is also in the amount of $250000000 and is also administered by Citibank NA The interest rate charged under the New Credit Facility is the same as it was for the Credit Facility In addition there is an annual commitment fee of 015 percent on the unused portion of the credit line under the New Credit Facility payable quarterly in arrears The New Credit Facility went into effect on November 18 2019 and will expire on November 16 2020 unless renewed

The Funds did not have any borrowings or incur any interest expense for the fiscal year ended March 31 2020 There were no outstanding loan amounts at March 31 2020

5 M A N AG E M E N T A N D OT H E R AG R E E M E N T S

As compensation for advisory and administration services and the assumption of related expenses NTI is entitled to a management fee computed daily and payable monthly at annual rates set forth in the table below (expressed as a percentage of each Fundrsquos respective average daily net assets)

NTI has contractually agreed to reimburse a portion of the operating expenses of each Fund (other than certain excepted expenses ie acquired fund fees and expenses the compensation paid to each independent Trustee of the Trust expenses of third-party consultants engaged by the Board membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum expenses in connection with the negotiation and renewal of the revolving credit facility extraordinary expenses and interest) as shown on the accompanying Statements of Operations to the extent the total annual fund operating expenses of the Funds exceed the expense limitations set forth below The total annual fund operating expenses after expense reimshybursement for each Fund may be higher than the contractual limitation as a result of certain excepted expenses that are not reimbursed The amount of the reimbursement is included in Less expenses reimbursed by investment adviser as a reduction to Total Expenses in the Statements of Operations

At March 31 2020 the annual management fees and contractual expense limitations for the Funds were based on the following annual rates as set forth in the table below

CONTRACTUAL

ANNUAL EXPENSE MANAGEMENT FEES LIMITATIONS

Money Market 033 035

Municipal Money Market 033 035

US Government Money Market 033 035

US Government Select Money Market 033 035

The contractual reimbursement arrangements described above are expected to continue until at least July 31 2020 with respect to the Money Market Fund Municipal Money Market Fund and US Government Money Market Fund and until at least January 22 2021 for the US Government Select Money Market Fund The contractual reimbursement arrangements will continue automatically for periods of one year (each such one-year period a ldquoRenewal Yearrdquo) The arrangement may be terminated as to any succeeding Renewal Year by NTI or a Fund upon 60 daysrsquo written notice prior to the end of the current Renewal Year The Board may terminate the contractual arrangements at any time with respect to a Fund if it determines that it is in the best interest of the Fund and its shareholders

NTI may reimburse additional expenses or waive all or a portion of the management fees of a Fund from time to time including to avoid a negative yield Any such additional expense reimshybursement or waiver would be voluntary and could be implemented increased or decreased or discontinued at any time There is no guarantee that a Fund will be able to avoid a negative yield Any such reimbursement or waiver is paid monthly to the Funds by NTI There were no voluntary reimbursements during the year ended March 31 2020

In addition NTI has contractually agreed to reimburse certain additional expenses that may be excepted expenses

As compensation for services rendered as transfer agent including the assumption by Northern Trust of the expenses related thereto Northern Trust receives a fee computed daily and payable monthly at an annual rate of 0019 percent of the average daily net assets of each Fund Prior to August 1 2019 the transfer agent annual rate was 0015 percent of the average daily net assets of each Fund

NTI has entered into a sub-administration agreement with Northern Trust pursuant to which Northern Trust performs certain administrative services for the Funds NTI pays Northern Trust for its sub-administration services out of NTIrsquos management fees

For compensation as custodian Northern Trust receives an amount based on a pre-determined schedule of charges approved by the Board The Funds have entered into an expense offset arrangement with the custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fundsrsquo custodian expenses unless such uninvested cash balances receive a separate type of return Custodian credits are shown as Less custodian credits in the Fundsrsquo Statements of Operations

Northern Funds Distributors LLC the distributor for the Funds received no compensation from the Funds under its distribution agreement However it received compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI



Certain officers of the Trust are also officers of Northern Trust and NTI All officers serve without compensation from the Funds The Trust provided a deferred compensation plan for its Trustees who are not officers of Northern Trust or NTI Prior to August 22 2013 under the deferred compensation plan Trustees may have elected to defer all or a portion of their compensation Effective August 22 2013 the Trustees may no longer defer their compensation Any amounts deferred and invested under the plan shall remain invested pursuant to the terms of the plan Each Trusteersquos account shall be deemed to be invested in shares of the US Government Portfolio of Northern Institutional Funds andor the Global Tactical Asset Allocation Fund of the Trust andor at the discretion of the Trust a money market fund selected by the Trust that complies with the provisions of Rule 2a-7 under the 1940 Act or one or more short-term fixed income instruments selected by the Trust that are ldquoeligible securitiesrdquo as defined by that rule The net investment income gains and losses achieved by such deemed investment shall be credited to the Trusteersquos account as provided in the plan

6 R E L AT E D PA R T Y T R A N SAC T I O N S

The Funds are permitted to purchase and sell securities from or to certain affiliated funds or portfolios under specified conditions outlined in Rule 17a-7 Procedures adopted by the Board The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers) common trustees andor common officers complies with Rule 17a-7 of the 1940 Act Further as defined under these procedures each transaction is effected at the current market price as defined in the Rule 17a-7 Procedures For the fiscal year ended March 31 2020 the following Fund engaged in purchases andor sales of securities from an affiliated entity

Amount in thousands PURCHASES SALES

Money Market $ 14500 $ shy

Municipal Money Market 214185 (290165)

During the fiscal year ended March 31 2020 the realized gain (loss) associated with these transactions was zero

Certain uninvested cash balances of the Funds may receive a return from Northern Trust based on a market return it receives less an administrative fee These amounts (if any) are shown on the Fundsrsquo Statements of Operations as Income from affiliates

On March 30 and March 31 2020 the Money Market Fund purchased asset-backed commercial paper with an aggregate value of $30192000 from an unaffiliated asset-backed commercial

MARCH 31 2020

paper program The purchase of this commercial paper was concurrent with separate transactions of other NTI client accounts that sold money market instruments to an unaffiliated broker-dealer that then conveyed those instruments to the issuer of the asset-backed commercial paper The Money Market Fund sold the asset-backed commercial paper immediately after purchasing it and did not realize any gain or loss on the sale See Note 7 - US Federal Reserve Money Market Mutual Fund Liquidity Facility

7 U S F E D E R A L R E S E RV E rsquo S M O N E Y M A R K E T M U T UA L F U N D L I Q U I D I T Y FAC I L I T Y

The US Federal Reserve established the Money Market Mutual Fund Liquidity Facility (ldquoMMLFrdquo) on March 18 2020 to broaden its program of support for the flow of credit to households and businesses Under the MMLF loans are made available to eligible financial institutions secured by high-quality assets purchased by the financial institution from eligible money market mutual funds On March 30 2020 and March 31 2020 the Money Market Fund sold securities with an aggregate value of $30192000 to a financial institution in connection with the MMLF These securities were sold at purchased cost and the Money Market Fund incurred no realized gain or loss

8 I N V E S T M E N T T R A N SAC T I O N S

At March 31 2020 for federal income tax purposes gross unrealized appreciation gross unrealized depreciation net unrealized appreciation (depreciation) on investments and the cost basis of investments were as follows

NET COST Amounts in UNREALIZED UNREALIZED APPRECIATION BASIS OF thousands APPRECIATION DEPRECIATION (DEPRECIATION) INVESTMENTS

Money Market $mdash $mdash $mdash $ 444394

Municipal Money Market mdash mdash mdash 206113

US Government Money Market mdash mdash mdash 16851970

US Government Select Money Market mdash mdash mdash 3658026




9 C A P I TA L S H A R E T R A N SAC T I O N S

Transactions in capital shares for the fiscal year ended March 31 2020 were as follows

NET PROCEEDS REINVESTMENTS PAYMENTS INCREASE

FROM OF FOR SHARES (DECREASE) Amounts in thousands SHARES SOLD DIVIDENDS REDEEMED IN NET ASSETS

Money Market $ 601472 $ 4789 $ (769632) $ (163371)

Municipal Money Market 367400 547 (621013) (253066)

US Government Money Market 72000916 62199 (74689868) (2626753)

US Government Select Money Market 13725962 12145 (13926824) (188717)

The number of shares sold reinvested and redeemed approximates the dollar amount of transactions




Money Market $ 860828 $ 4128 $ (592605) $ 272351


US Government Money Market 70558619 90431 (67431537) 3217513

US Government Select Money Market 15897291 21298 (15905477) 13112


10 I N D E M N I F I C AT I O N S A N D WA R R A N T I E S

In the ordinary course of their business the Funds may enter into contracts or agreements that contain indemnifications or warranties Future events could occur that lead to the execution of these provisions against the Funds The maximum exposure to the Funds under these provisions is unknown as this would involve future claims that have not yet occurred However the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote

11 N E W AC C O U N T I N G P RO N O U N C E M E N T S

On March 30 2017 the FASB issued Accounting Standards Update (ASU) 2017-08 ldquoPremium Amortization on Purchased Callable Debt Securitiesrdquo (the ldquoASUrdquo) which amends the amortization period for certain purchased callable debt securities held at premium shortening such period to the earliest call date The new guidance requires an entity to amortize the premium on a callable debt security within its scope to the earliest call date unless the guidance for considering estimated prepayments as described above is applied If the call option is not exercised at the earliest call date the yield is reset to the effective yield using the payment terms of the security If the security has more than one call date and the premium was amortized to a call price greater than the next call price any excess of the amortized cost basis over the amount repayable at the next call date will be amortized to that date If there are no other call dates any excess of the amortized cost basis over the par amount will be amortized to

maturity Discounts on purchased callable debt securities will continue to be amortized to the securityrsquos maturity date The ASU is effective for public business entities for fiscal years and interim periods within those fiscal years beginning after December 15 2018 For all other entities the ASU is effective for fiscal years beginning after December 15 2019 and interim periods within fiscal years beginning after December 15 2020 Earlier application is permitted for all entities including adoption in an interim period If an entity early adopts the ASU in an interim period any adjustments must be reflected as of the beginning of the fiscal year that includes that interim period The Funds have adopted the ASU The adoption of the ASU did not have a material impact on the financial statements

12 L I B O R T R A N S I T I O N

Certain of the Fundsrsquo investments payment obligations and financing terms may be based on floating rates such as LIBOR Euro Interbank Offered Rate and other similar types of reference rates (each a ldquoReference Raterdquo) On July 27 2017 the Chief Executive of the UK Financial Conduct Authority (ldquoFCArdquo) which regulates LIBOR announced that the FCA will no longer persuade nor compel banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021 Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021 The transition away from Reference Rates may lead to increased volatility and illiquidity in markets that are tied to such



MARCH 31 2020

Reference Rates and reduced values of Reference Rate-related instruments This announcement and any additional regulatory or market changes that occur as a result of the transition away from Reference Rates may have an adverse impact on a Fundrsquos investments performance or financial condition

13 C O RO N AV I RU S ( C OV I D - 19 ) PA N D E M I C

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has spread internationally The outbreak and efforts to contain its spread have resulted in closing borders and quarantines restricting international and domestic travel enhanced health screenings cancelations disrupted supply chains and customer activity responses by businesses (including changes to operations and reducing staff) and have produced general concern and uncertainty The impact of the coronavirus pandemic and other epidemics and pandemics that may arise in the future could adversely affect national and global economies individual companies and the market in general in a manner and for a period of time that cannot be foreseen at the present time and may adversely affect the value volatility and liquidity of dividend and interest paying securities In the event of a pandemic or an outbreak there can be no assurance that the Funds and their service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons and could otherwise disrupt the ability of the Fundsrsquo service providers to perform essential services Certain economic and market conditions arising out of a pandemic or outbreak could result in a Fundrsquos inability to achieve its investment objectives cause the postponement of reconstitution or rebalance dates for benchmark indices adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests negatively impact a Fundrsquos performance and cause losses on your investment in a Fund Management is monitoring the development of the pandemic which was ongoing as of the date of the financial statements and is evaluating its impact on the financial position and operating results of the Funds

14 S U B S E Q U E N T E V E N T S

Management has evaluated subsequent events for the Funds through the date the financial statements were issued and has concluded that there are no recognized or non-recognized subsequent events relevant for financial statement disclosure



R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C AC C O U N T I N G F I R M

To the Shareholders and Board of Trustees of Northern Funds

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of four separate portfolios of Northern Funds comprising the Money Market Fund Municipal Money Market Fund US Government Money Market Fund and US Government Select Money Market Fund (collectively the ldquoFundsrdquo) including the schedules of investments as of March 31 2020 the related statements of operations for the year then ended the statements of changes in net assets for each of the two years in the period then ended the financial highlights for each of the five years in the period then ended and the related notes In our opinion the financial statements and financial highlights present fairly in all material respects the financial position of each of the four portfolios constituting the Northern Funds as of March 31 2020 and the results of their operations for the year then ended the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fundsrsquo management Our responsibility is to express an opinion on the Fundsrsquo financial statements and financial highlights based on our audits We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the US federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB

We conducted our audits in accordance with the standards of the PCAOB Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement whether due to error or fraud The Funds are not required to have nor were we engaged to perform an audit of their internal control over financial reporting As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fundsrsquo internal control over financial reporting Accordingly we express no such opinion

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights whether due to error or fraud and performing procedures that respond to those risks Such procedures included examining on a test basis evidence regarding the amounts and disclosures in the financial statements and financial highlights Our audits also included evaluating the accounting principles used and significant estimates made by management as well as evaluating the overall presentation of the financial statements and financial highlights Our procedures included confirmation of securities owned as of March 31 2020 by correspondence with the custodian and brokers when replies were not received from brokers we performed other auditing procedures We believe that our audits provide a reasonable basis for our opinion

s DELOITTE amp TOUCHE LLP

Chicago Illinois May 22 2020

We have served as the auditor of one or more Northern Trust investment companies since 2002



TA X A N D D I S T R I B U T I O N I N F O R M AT I O N MARCH 31 2020 (UNAUDITED)

During the fiscal year ended March 31 2020 the percentage of dividends derived from net investment income paid by the following Fund as ldquoexempt-interest dividendsrdquo excludable from gross income for federal income tax purposes was as follows Municipal Money Market 100

The American Jobs Creation Act (Sec 871(k)) allows a regulated investment company to designate interest related dividends and qualified short-term capital gains that are exempt from US withholding taxes for foreign investors not considered a US person as Qualified Interest Income (QII) for tax years after December 31 2004 The following funds designated QII for the fiscal year ended March 31 2020 the Money Market Fund US Government Money Market Fund and the US Government Select Money Market Fund

The Funds designate the maximum amount required to be distributed as long-term capital gain under Internal Revenue Code Section 852(b)(2)(3)

1 D I S T R I B U T I O N C O N S I D E R AT I O N S ( A L L F U N D S )

DISTRIBUTION CALCULATION Maturity Distribution is measured on a trade date basis and excludes uninvested cash from the market value used to compute the percentage calculations

MATURITY DISTRIBUTION The data is measured using the lower of the stated maturity date or next interest rate reset date



F U N D E X P E N S E S MARCH 31 2020 (UNAUDITED)

As a shareholder of the Funds you incur ongoing costs including management fees and other fund expenses This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds

The Example is based on an investment of $1000 invested at the beginning of the period and held for the entire period October 1 2019 through March 31 2020

AC T UA L E X P E N S E S

The first line of the tables below provides information about actual account values and actual expenses You may use the information in this line together with the amount you invested to estimate the expenses that you paid over the period Simply divide your account value by $1000 (for example an $8600 account value divided by $1000 = 86) then multiply the result by the number in the first line under the heading entitled Expenses Paid 1012019 - 3312020 to estimate the expenses you paid on your account during this period

H Y P OT H E T I C A L E X A M P L E F O R C O M PA R I S O N P U R P O S E S

The second line in the tables below provides information about hypothetical account values and hypothetical expenses based on the Fundsrsquo actual expense ratios and an assumed rate of return of 5 percent per year before expenses which is not the Fundsrsquo actual return The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period You may use this information to compare the ongoing costs of investing in the Funds and other funds To do so compare this 5 percent hypothetical example with the 5 percent hypothetical examples that appear in the shareholder reports of the other funds

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs such as sales charges (loads) redemption fees or exchange fees but shareholders of other funds may incur such costs Therefore the hypothetical information is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds

M O N E Y M A R K E T

BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID

EXPENSE VALUE VALUE 1012019shySHARES RATIO 1012019 3312020 3312020

Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172

M U N I C I PA L M O N E Y M A R K E T



Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177

U S G OV E R N M E N T M O N E Y M A R K E T



Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177

U S G OV E R N M E N T S E L E C T M O N E Y M A R K E T



Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177

Expenses are calculated using the Fundsrsquo annualized expense ratios which represent ongoing expenses as a percentage of net assets for the six months ended March 31 2020 Expenses are equal to the Fundsrsquo annualized expense ratio multiplied by the average account value over the period multiplied by 183366 (to reflect the one-half year period)



T RU S T E E S A N D O F F I C E R S MARCH 31 2020 (UNAUDITED)

Set forth below is information about the Trustees and Officers of Northern Funds Each Trustee has served in that capacity since he or she was originally elected or appointed to the Board of Trustees Each Trustee oversees a total of 50 portfolios in the Northern Funds ComplexmdashNorthern Funds offers 43 portfolios and Northern Institutional Funds consists of 7 portfolios The Northern Fundsrsquo Statement of Additional Information contains additional information about the Trustees and is available upon request and without charge by calling 800-595-9111

N O N - I N T E R E S T E D T RU S T E E S

NAME AGE ADDRESS(1) POSITIONS HELD WITH TRUST AND LENGTH OF OTHER DIRECTORSHIPS SERVICE AS TRUSTEE(2) PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS HELD BY TRUSTEE(3)

Therese M Bobek Age 59 Trustee since 2019

bull Adjunct Lecturer in the Masters of Accountancy Program University of Iowa Tippie College of Business since 2018

bull Retired Assurance Partner PricewaterhouseCoopers LLP from 1997 to 2018

bull Methode Electronics Inc

Ingrid LaMae A de Jongh Age 54 Trustee since 2019

bull Head of School Management and Technology Success Academy Charter Schools since 2016

bull Member of the Board of Directors of Bank Leumi USA since 2016

bull None

bull Partner in Accenture (global management consulting and professional services firm) from 1987 to 2012

bull Member of the Board of Directors Member of Nominating and Governance and Compensating Committees of Carver Bancorp from 2014 to 2018

Mark G Doll bull Member of the State of Wisconsin Investment Board since 2015 bull None Age 70 Trustee since 2013

bull Executive Vice President and Chief Investment Officer Northwestern Mutual Life Insurance Company from 2008 to 2012

bull Senior Vice PresidentmdashPublic Markets Northwestern Mutual Life Insurance Company from 2002 to 2008

bull President Northwestern Mutual Series Fund Mason Street Advisors and Mason Street Funds from 2002 to 2008

bull Chairman Archdiocese of Milwaukee Finance Council from 2005 to 2015 bull Member of Investment Committee of Greater Milwaukee Foundation from

2003 to 2015

Thomas A Kloet Age 61 Trustee since 2015 and Chairperson since January 1 2020

bull Chair of Boards of The NASDAQ Stock Market LLC NASDAQ PHLX LLC and NASDAQ BX Inc since 2016

bull Executive Director and Chief Executive Officer TMX Group Ltd (financial services company and operator of stock derivatives exchanges their clearing operations and securities depository) from 2008 to 2014

bull Nasdaq Inc

David R Martin Age 63 Trustee since 2017

bull Chief Financial Officer Neo Tech (an electronics manufacturer) since June 2019 bull Adjunct professor University of Texas McCombs School of Business since 2017 bull Vice President Chief Financial Officer and Treasurer of Dimensional Fund

bull None

Advisors LP (an investment manager) from 2007 to 2016

bull Executive Vice President Finance and Chief Financial Officer of Janus Capital Group Inc (an investment manager) from 2005 to 2007

bull Senior Vice President Finance of Charles Schwab amp Co Inc (an investment banking and securities brokerage firm) from 1999 to 2005

Cynthia R Ploucheacute Age 63

bull Assessor Moraine Township Illinois from January 2014 to June 2018 bull Trustee of AXA Premier VIP Trust (registered investment companymdash34

Trustee since 2014 portfolios) from 2001 to May 2017 bull Senior Portfolio Manager and member of Investment Policy Committee

Williams Capital Management LLC from 2006 to 2012

bull Managing Director and Chief Investment Officer of Blaylock-Abacus Asset Management Inc from June 2003 to 2006

bull Founder Chief Investment Officer and Managing Director of Abacus Financial Group from 1991 to 2003 (a manager of fixed income portfolios for institutional clients)

bull Barings Funds Trust (registered investment companymdash8 portfolios) Barings Global Short Duration High Yield Fund (closed-end investment company advised by Barings LLC)




T RU S T E E S A N D O F F I C E R S c o n t i n u e d


Mary Jacobs Skinner Esq bull Executive Committee member and Chair Public Policy Committee Ann amp bull None Age 62 Robert H Lurie Childrenrsquos Hospital since 2016 Trustee since 1998 bull Director Pathways Awareness Foundation since 2000

bull Harvard Advanced Leadership Fellowmdash2016 bull Retired in 2015 as partner in the law firm of Sidley Austin LLP bull Director Chicago Area Foundation for Legal Services from 1995 to 2013

I N T E R E S T E D T RU S T E E

NAME AGE ADDRESS(1) POSITIONS HELD WITH TRUST AND LENGTH OF SERVICE AS TRUSTEE(2) PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS

OTHER DIRECTORSHIPS HELD BY TRUSTEE(3)

Darek Wojnar(4)

Age 54 Trustee since 2019

bull Director and Executive Vice President Head of Funds and Managed Accounts Group at Northern Trust Investments Inc since 2018

bull Head of Exchange Traded Funds at Hartford Funds from 2014 to 2017 bull Managing Director at Lattice Strategies LLC from 2014 to 2016 acquired by

Hartford Funds in 2016

bull FlexShares Trust (registered investment companymdash29 portfolios)

bull Managing Director Head of US iShares Product at BlackRock from 2005 to 2013 including Barclay Global Investors acquired by BlackRock in 2009

bull Managing Member Wojnar Group LLC which offers consulting services within the publishing industry since 2013

(1) Each Trustee may be contacted by writing to the Trustee co Diana E McCarthy Faegre Drinker Biddle amp Reath LLP One Logan Square Suite 2000 Philadelphia PA 19103-6996

(2) Each Trustee will hold office for an indefinite term until the earliest of (i) the next meeting of shareholders if any called for the purpose of considering the election or re-election of such Trustee and until the election and qualification of his or her successor if any elected at such meeting (ii) the date a Trustee resigns or retires or a Trustee is removed by the Board of Trustees or shareholders in accordance with the Trustrsquos Agreement and Declaration of Trust or (iii) in accordance with the current resolutions of the Board of Trustees (which may be changed without shareholder vote) on the earlier of the completion of 15 years of service on the Board and the last day of the calendar year in which he or she attains the age of seventy-five years The 15-year service limit does not apply to the service of Trustees of the Trust who began serving on the Board prior to July 1 2016

(3) This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 as amended (ie public companies) or other investment companies registered under the Investment Company Act of 1940 as amended (the 1940 Act)

(4) An ldquointerested personrdquo as defined by the 1940 Act Mr Wojnar is an ldquointerestedrdquo Trustee because he is an officer director employee and a shareholder of Northern Trust Corporation andor its affiliates

O F F I C E R S O F T H E T RU S T

NAME AGE ADDRESS POSITIONS HELD WITH TRUST AND LENGTH OF SERVICE(1) PRINCIPAL OCCUPATIONS DURING PAST FIVE YEARS

Peter K Ewing Director of Product Management ETFs and Mutual Funds Northern Trust Investments Inc since 2017 Director of Age 61 Northern Trust Investments Inc since 2017 Director of ETF Product Management Northern Trust Investments Inc Northern Trust Investments from 2010 to 2017 Senior Vice President of The Northern Trust Company and Northern Trust Investments Inc since Inc 2010 President of FlexShares Trust since 2017 Vice President of FlexShares Trust from 2011 to 2017 50 South LaSalle Street Chicago Illinois 60603 President since 2017




MARCH 31 2020 (UNAUDITED)


Kevin P OrsquoRourke Senior Vice President of Northern Trust Investments Inc since 2014 Vice President of Northern Trust Investments Age 48 Inc from 2009 to 2014 Northern Trust Investments Inc 50 South LaSalle Street Chicago Illinois 60603 Vice President since 2015

Jack P Huntington Fund Chief Compliance Officer Foreside Fund Officer Services LLC (since 2015) Senior Vice President of Regulatory Age 49 Administration Citi Fund Services Ohio Inc (2008 to 2015) Foreside Fund Officer Services LLC 10 High Street Suite 302 Boston Massachusetts 02110 Acting Chief Compliance Officer since September 2019

Darlene Chappell Age 57 Northern Trust Investments Inc 50 South LaSalle Street Chicago Illinois 60603 Anti-Money Laundering Compliance Officer since 2009

Anti-Money Laundering Compliance Officer for Northern Trust Investments Inc Northern Trust Securities Inc and Alpha Core Strategies Fund since 2009 Anti-Money Laundering Compliance Officer for 50 South Capital Advisors LLC since 2015 FlexShares Trust since 2011 and Belvedere Advisors LLC since September 2019 Anti-Money

Laundering Compliance Officer for Equity LongShort Opportunities Fund from 2011 to 2019 Vice President and Compliance Consultant for The Northern Trust Company since 2006 Anti-Money Laundering Compliance Officer for The Northern Trust Company of Connecticut from 2009 to 2013 and Northern Trust Global Advisors Inc from 2009 to 2011

Randal E Rein Senior Vice President of Northern Trust Investments Inc since 2010 Treasurer and Principal Financial Officer of Age 49 FlexShares Trust since 2011 Treasurer of Alpha Core Strategies Fund from 2008 to 2018 Treasurer of Equity Northern Trust Investments LongShort Opportunities Fund from 2011 to 2018 Inc 50 South LaSalle Street Chicago Illinois 60603 Treasurer since 2008

Michael J Pryszcz Senior Vice President of Fund Accounting of The Northern Trust Company since 2010 Age 52 The Northern Trust Company 50 South LaSalle Street Chicago Illinois 60603 Assistant Treasurer since 2008

Richard N Crabill Senior Vice President of Fund Administration of The Northern Trust Company since 2011 Vice President of Fund Age 51 Administration of The Northern Trust Company from 2005 to 2011 The Northern Trust Company 50 South LaSalle Street Chicago Illinois 60603 Assistant Treasurer since 2008




T RU S T E E S A N D O F F I C E R S c o n t i n u e d MARCH 31 2020 (UNAUDITED)


Michael G Meehan Senior Vice President of Northern Trust Investments Inc since 2016 Vice President of Northern Trust Investments Age 49 Inc from 2011 to 2016 Assistant Treasurer of Alpha Core Strategies Fund and Equity LongShort Opportunities Fund Northern Trust Investments from 2011 to 2018 Inc 50 South LaSalle Street Chicago Illinois 60603 Assistant Treasurer since 2011

John P Gennovario Vice President of Northern Trust Investments Inc since August 2019 Management Consultant Principal Funds from Age 59 September 2018 to April 2019 Financial Reporting Manager Consultant BNY Mellon from December 2016 to June Northern Trust Investments 2018 Vice President Fund Accounting Unit Manager US Bancorp Fund Services and Accounting Manager State Inc Street Global Services from January 2016 to August 2016 Assistant Treasurer Forward Management LLC from July 50 South LaSalle Street 2010 to March 2013 Chicago Illinois 60603 Vice President since August 2019

Gregory A Chidsey Senior Vice President of Financial Reporting of The Northern Trust Company since 2010 Age 50 The Northern Trust Company 50 South LaSalle Street Chicago Illinois 60603 Assistant Treasurer since 2013

Craig R Carberry Esq Age 59 The Northern Trust Company 50 South LaSalle Street Chicago Illinois 60603 Chief Legal Officer since August 2019

Chief Legal Officer and Secretary of Northern Trust Investments Inc since May 2000 Chief Compliance Officer of Northern Trust Investments Inc from October 2015 to June 2017 Chief Legal Officer and Secretary of Belvedere Advisers LLC since September 2019 Chief Legal Officer and Secretary of 50 South Capital Advisors LLC since 2015 Associate General Counsel and Senior Vice President at The Northern Trust Company since June 2015 Assistant

General Counsel and US Funds General Counsel at The Northern Trust Company from July 2014 to June 2015 Senior Legal Counsel and US Funds General Counsel at The Northern Trust Company from 2000-2014 Secretary of Alpha Core Strategies Fund (formerly NT Alpha Strategies Fund) since 2004 Secretary of Equity LongShort Opportunities

Fund (formerly NT Equity LongShort Strategies Fund) from 2011 to 2019 Secretary of Northern Institutional Funds and Northern Funds from 2010-2018 Secretary of FlexShares Trust from 2011-2018

Jose J Del Real Esq Age 42 The Northern Trust Company 50 South LaSalle Street Chicago Illinois 60603 Secretary since 2018

Senior Legal Counsel and Senior Vice President of The Northern Trust Company since 2017 Senior Legal Counsel and Vice President of The Northern Trust Company from 2015 to 2017 Assistant Secretary of Northern Trust Investments Inc since 2016 Legal Counsel and Vice President of The Northern Trust Company from 2014 to 2015 Assistant

Secretary of Northern Funds and Northern Institutional Funds from 2011 to 2014 and from 2015 to 2018 Assistant Secretary of FlexShares Trust from 2015 to 2018 Secretary of FlexShares Trust since 2018

Angela R Burke Esq Vice President of The Northern Trust Company since 2016 Attorney of Jackson National Asset Management LLC and Age 37 Assistant Secretary of Jackson Variable Series Trust from 2013 to 2015 The Northern Trust Company 50 South LaSalle Street Chicago Illinois 60603 Assistant Secretary since 2018

(1) Each Officer serves until his or her resignation removal retirement or election of his or her successor Each officer also holds the same office with Northern Institutional Funds



I N V E S T M E N T C O N S I D E R AT I O N S

MONEY MARKET FUND12345678 US GOVERNMENT MONEY MARKET FUND1236

MUNICIPAL MONEY MARKET FUND123457 US GOVERNMENT SELECT MONEY MARKET FUND1236

1 Interest Rate Risk During periods of rising interest rates the Fundrsquos yield (and the market value of its securities) will tend to be lower than prevailing market rates in periods of falling interest rates the Fundrsquos yield (and the market value of its securities) will tend to be higher Securities with longer maturities tend to be more sensitive to changes in interest rates causing them to be more volatile than securities with shorter maturities Changing interest rates may have unpredictable effects on the markets and on the Fundrsquos investments Recent and any future declines in interest rate levels could cause the Fundrsquos earnings to fall below the Fundrsquos expense ratio resulting in a negative yield and a decline in the Fundrsquos share price

2 Money Market Risk You could lose money by investing in the Fund An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation any other government agency or The Northern Trust Company its affiliates subsidiaries or any other bank The Fundrsquos sponsor has no legal obligation to provide financial support to the Fund and you should not expect that the sponsor will provide financial support to the Fund at any time

3 Stable NAV Risk The Fund may be unable to maintain a NAV per share price of $100 at all times A significant enough market disruption or drop in market prices of securities held by the Fund especially at a time when the Fund needs to sell securities to meet shareholder redemption requests could cause the value of the Fundrsquos shares to decrease to a price less than $100 per share

4 Municipal Market Volatility Risk The municipal market can be significantly affected by adverse tax legislative or political changes and the financial condition of the issuers of municipal securities

5 Tax Risk Future legislative or administrative changes or court decisions may materially affect the value of municipal instruments or the ability of the Fund to pay tax-exempt dividends

6 US Government Securities Risk There is a risk that the US government will not provide financial support to its agencies instrumentalities or sponsored enterprises if it is not obligated to do so by law Certain US government securities purchased by the Fund may not be backed by the full faith and credit of the United States It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future

7 Liquidity Fee and Redemption Gate Risk The Fund may impose a ldquoliquidity feerdquo (up to 2 percent) or a ldquoredemption gaterdquo that temporarily restricts a shareholderrsquos ability to sell shares for up to 10 business days if the Fundrsquos liquidity falls below required minimums because of market conditions or other factors

8 Financial Services Industry Risk The Fund will invest under normal market conditions at least 25 of its total assets in the financial services industry As a result the Fund will be subject to greater risk of loss by economic business political or other developments which generally affect this industry Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector including the price of their securities or their ability to meet their payment obligations



F O R M O R E I N F O R M AT I O N

P O R T F O L I O H O L D I N G S

Northern Funds files detailed month-end portfolio holdings information on Form N-MFP with the US Securities and Exchange Commission (ldquoSECrdquo) each month and posts a complete schedule of portfolio holdings on its website (northerntrustcom) as of each month-end for the previous six months The Fundsrsquo Forms N-MFP are available electronically on the SECrsquos website (secgov)

P ROX Y VOT I N G

Northern Fundsrsquo Proxy Voting Policies and Procedures and each Fundrsquos portfolio securities voting record for the 12-month period ended June 30 are available upon request and without charge by visiting Northern Fundsrsquo web site at northerntrustcomfunds or the SECrsquos web site at wwwsecgov or by calling the Northern Funds Center at 800-595-9111


When building a sound Northern Funds investment strategy yoursquoll want to select a mix of equity fixed income and money market funds that have return potential and an acceptable level of risk Please carefully read the summary prospectus or prospectus and consider the investment objectives risks charges and expenses of Northern Funds before investing Visit northerntrustcomfunds or call 800-595-9111 to obtain a summary prospectus or prospectus The summary prospectus and prospectus contain this and other information about the funds

P ROT E C T I N G YO U R P R I VAC Y Protecting your privacy is important at Northern Funds which is why we wanted you to know

We do not sell non-public personal information about our investors or former investors to any outside company

We have policies that limit access to your information to only those people who need it to perform their jobs and provide services to you and we have physical electronic and procedural safeguards that comply with federal standards to guard your personal information

We collect information about you from applications forms conversations and your use of our Web site third parties with your permission and your transactions with us our affiliates and our joint marketing partners

We do not disclose the information we collect about our investors or former investors to anyone except to companies that perform services for us affiliates with whom we have joint marketing agreements such as Northern Trust (1) for our everyday purposes such as to process transactions maintain accounts respond to court orders and legal investigations or report to credit bureaus or (2) as permitted by law

The information includes account balances and account history You may limit our use or sharing of information about you with our affiliates and joint marketing partners for marketing purposes by calling 800-595-9111 weekdays from 700 am to 500 pm Central time or by writing to us at Northern Funds PO Box 75986 Chicago IL 60675-5986

If our information sharing practices change we will send you a revised notice You can also visit our Web site northerntrustcomfunds for an online version of our current privacy notice

S H A R E H O L D E R CO M M U N I C AT I O N S In order to help reduce expenses and reduce the amount of mail that you receive we generally send a single copy of all materials including prospectuses financial reports proxy statements and information statements to all investors who share the same mailing address even if more than one person in a household holds shares of a fund

If you do not want your mailings combined with those of other members of your household you may opt-out at any time by contacting the Northern Funds Center either by telephone at 800-595-9111 by mail at Northern Funds PO Box 75986 Chicago Illinois 60675-5986 or by sending an e-mail to northern-fundsntrscom

Not part of the Annual Report

N O R T H E R N

FA M I LY O F F U N D S R I S K R E WA R D P OT E N T I A L

HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS

INTERNATIONAL EQUITIES amp SECTOR FUNDS Active M Emerging Markets Equity Emerging Markets Equity Index Multi-Manager Global Real Estate Global Real Estate Index Multi-Manager Global Listed Infrastructure International Equity Active M International Equity International Equity Index Northern Engage360TM

Global Sustainability Index

SMALL- amp MEDIUM-CAP EQUITY FUNDS Small Cap Value Small Cap Core Small Cap Index Mid Cap Index

INCOME amp LARGE-CAP EQUITY FUNDS US Quality ESG Large Cap Value Large Cap Core Stock Index Income Equity

ASSET ALLOCATION FUND Global Tactical Asset Allocation

F IXE D INCOME FUNDS

LONGER-TERM amp HIGH YIELD BOND FUNDS Multi-Manager Emerging Markets Debt Opportunity Multi-Manager High Yield Opportunity High Yield Fixed Income High Yield Municipal California Tax-Exempt Arizona Tax-Exempt Tax-Exempt US Treasury Index

SHORT amp INTERMEDIATE-TERM BOND FUNDS Fixed Income Bond Index Core Bond California Intermediate Tax-Exempt Intermediate Tax-Exempt Short-Intermediate Tax-Exempt US Government Short Bond Short-Intermediate US Government Ultra-Short Fixed Income Tax-Advantaged Ultra-Short Fixed Income

MONE Y M ARKET FUNDS

MONEY MARKET FUNDS Municipal Money Market Money Market US Government Select Money Market US Government Money Market

You could lose money by investing in the Money Market Funds Although each of the Money Market Funds seeks to preserve the value of your investment at $100 per share it cannot guarantee it will do so The Fundsrsquo sponsor has no legal obligation to provide financial support to the Funds and you should not expect that the sponsor will provide financial support to the Funds at any time The Money Market Fund and the Municipal Money Market Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fundrsquos liquidity falls below required minimums because of market conditions or other factors You could lose money by investing in the Funds An investment in a Fund involves investment risks including possible loss of principal An investment in a Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (ldquoFDICrdquo) any other government agency or The Northern Trust Company its affiliates subsidiaries or any other bank

e

SIGN UP FOR E-DELIVERY To get future shareholder reports online and to eliminate mailings go to northerntrustcome-delivery

copy2020 Northern Funds

MM

AN

R (5

20)

A M E S S AG E F R O M

BO B B ROW N E

C H I E F I N V E S T M E N T O F F I C E R

The bond market after producing steady gains with low volatility for most of the 12 month period ended March 31 2020 experienced severe disruptions with the outbreak of the coronavirus in early 2020 A combination of supply interruptions and sharply curtailed demand from both consumers and businesses appeared to end the longest economic expansion in US history and set the stage for a domestic and global recession These events brought an immediate response from the US Federal Reserve which cut short-term interest rates from 15 to zero created a wide range of new lending facilities and announced an asset-purchase program that included Treasuries mortgage-backed securities corporate issues and municipal bonds In total the Federal Reserversquos actions dwarfed the remedy for the 2008 financial crisis in both their scope and size The US government also responded with fiscal support in the form of a $22 trillion stimulus package that was passed in late March Policymakers overseas also sought to prop up their economies with monetary and fiscal stimulus designed to offset the impact of the coronavirus

The unprecedented suddenness of the downshift from positive to negative growth was matched by equally historic dislocations in global financial markets Yields on US Treasuries plunged in response to the prospect of a global recession investorsrsquo ldquoflight to safetyrdquo and the Federal Reserversquos accommodative

policies Yields on government bonds hit all-time lows in March with the yield on the benchmark 10-year Treasury briefly falling below 04 and the 30-year reaching 07 ndash leaving the entire US yield curve beneath 1 for the first time in history These events were accompanied by an inversion of the yield curve meaning that yields for short-term issues were above those of longer-term securities Market conditions normalized somewhat in response to the Federal Reserversquos aggressive actions with yields moving off their lows and the yield curve returning to a more typical slope Nevertheless the benchmark 10-year yield closed the period at 070 on March 31 2020 well below its level of 241 on March 31 2019

Although US Treasuries delivered strong performance during the downturn credit-sensitive areas of the market experienced significant declines that pushed their returns for the full 12-month period into negative territory High-yield corporate bonds weakened due to uncertainty regarding the outlook for economic growth and corporate earnings as well as from the sharp declines in oil prices Investment-grade corporate issues were also adversely affected by these trends although to a lesser extent than high yield bonds In addition higher-grade corporate issues received a significant boost in late March from the Federal Reserversquos announcement that it would include this category of

bonds in its asset-purchase programs US government money market funds for their part represented a notable source of stability amid the unusual volatility across many other areas of the financial markets

While certain segments of the bond market have faced challenges in recent months we would note that the investment-grade Bloomberg Barclays US Aggregate Bond Index gained 315 during the first calendar quarter of 2020 and 893 for the full 12-month period ended March 31 2020 In contrast the SampP 500 Index ndash a key measure of performance for US equities ndash returned -1960 and -698 for these same periods respectively We believe that this helps to illustrate bondsrsquo continued value as a source of potential portfolio diversification particularly in challenging times

Most important please know that our thoughts are with each one of our readers ndash our clients colleagues business partners and everyone else within our community ndash as we strive to overcome this health crisis Thank you for the continued opportunity to manage your assets

Bob Browne Chief Investment Officer Northern Trust






















42 FUND EXPENSES




NOT FDIC INSURED













MONEY MARKET FUND


185

161

109

090

055

047

075

NA










181 - 270 DAYS 02

271 - 366 DAYS 11















115

102

073

057

037

030

318

NA



























170

139

088

068

044

035

027

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




66

30

04
















169

139

088

068

045

035

029

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




119

61

32

03








ASSETS









Total Assets 465748 216525 16994219 3692194

LIABILITIES






556 358 9099 1921







Net Assets $445006 $215097 $16586659 $3602443


Capital stock $445044 $215126 $16586639 $3602445


Net Assets $445006 $215097 $16586659 $3602443



445002

$100

215061

$100

16586672

$100

3602483

$100







INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934



EXPENSES

Management fees 1919 1144 51740 9755







Other 19 23 147 41

Total Expenses 2171 1364 56620 10777



Net Expenses 2000 1225 55110 10398


NET REALIZED GAINS












OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)






















42 FUND EXPENSES




NOT FDIC INSURED













MONEY MARKET FUND


185

161

109

090

055

047

075

NA










181 - 270 DAYS 02

271 - 366 DAYS 11















115

102

073

057

037

030

318

NA



























170

139

088

068

044

035

027

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




66

30

04
















169

139

088

068

045

035

029

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




119

61

32

03








ASSETS









Total Assets 465748 216525 16994219 3692194

LIABILITIES






556 358 9099 1921







Net Assets $445006 $215097 $16586659 $3602443


Capital stock $445044 $215126 $16586639 $3602445


Net Assets $445006 $215097 $16586659 $3602443



445002

$100

215061

$100

16586672

$100

3602483

$100







INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934



EXPENSES

Management fees 1919 1144 51740 9755







Other 19 23 147 41

Total Expenses 2171 1364 56620 10777



Net Expenses 2000 1225 55110 10398


NET REALIZED GAINS












OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)











MONEY MARKET FUND


185

161

109

090

055

047

075

NA










181 - 270 DAYS 02

271 - 366 DAYS 11















115

102

073

057

037

030

318

NA



























170

139

088

068

044

035

027

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




66

30

04
















169

139

088

068

045

035

029

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




119

61

32

03








ASSETS









Total Assets 465748 216525 16994219 3692194

LIABILITIES






556 358 9099 1921







Net Assets $445006 $215097 $16586659 $3602443


Capital stock $445044 $215126 $16586639 $3602445


Net Assets $445006 $215097 $16586659 $3602443



445002

$100

215061

$100

16586672

$100

3602483

$100







INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934



EXPENSES

Management fees 1919 1144 51740 9755







Other 19 23 147 41

Total Expenses 2171 1364 56620 10777



Net Expenses 2000 1225 55110 10398


NET REALIZED GAINS












OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)












115

102

073

057

037

030

318

NA



























170

139

088

068

044

035

027

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




66

30

04
















169

139

088

068

045

035

029

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




119

61

32

03








ASSETS









Total Assets 465748 216525 16994219 3692194

LIABILITIES






556 358 9099 1921







Net Assets $445006 $215097 $16586659 $3602443


Capital stock $445044 $215126 $16586639 $3602445


Net Assets $445006 $215097 $16586659 $3602443



445002

$100

215061

$100

16586672

$100

3602483

$100







INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934



EXPENSES

Management fees 1919 1144 51740 9755







Other 19 23 147 41

Total Expenses 2171 1364 56620 10777



Net Expenses 2000 1225 55110 10398


NET REALIZED GAINS












OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)













170

139

088

068

044

035

027

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




66

30

04
















169

139

088

068

045

035

029

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




119

61

32

03








ASSETS









Total Assets 465748 216525 16994219 3692194

LIABILITIES






556 358 9099 1921







Net Assets $445006 $215097 $16586659 $3602443


Capital stock $445044 $215126 $16586639 $3602445


Net Assets $445006 $215097 $16586659 $3602443



445002

$100

215061

$100

16586672

$100

3602483

$100







INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934



EXPENSES

Management fees 1919 1144 51740 9755







Other 19 23 147 41

Total Expenses 2171 1364 56620 10777



Net Expenses 2000 1225 55110 10398


NET REALIZED GAINS












OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)













169

139

088

068

045

035

029

NA







2 - 15 DAYS

16 - 30 DAYS

31 - 60 DAYS

61 - 97 DAYS

98 - 180 DAYS

181 - 270 DAYS

271 - 366 DAYS

367 - 397 DAYS




119

61

32

03








ASSETS









Total Assets 465748 216525 16994219 3692194

LIABILITIES






556 358 9099 1921







Net Assets $445006 $215097 $16586659 $3602443


Capital stock $445044 $215126 $16586639 $3602445


Net Assets $445006 $215097 $16586659 $3602443



445002

$100

215061

$100

16586672

$100

3602483

$100







INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934



EXPENSES

Management fees 1919 1144 51740 9755







Other 19 23 147 41

Total Expenses 2171 1364 56620 10777



Net Expenses 2000 1225 55110 10398


NET REALIZED GAINS












OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)





ASSETS









Total Assets 465748 216525 16994219 3692194

LIABILITIES






556 358 9099 1921







Net Assets $445006 $215097 $16586659 $3602443


Capital stock $445044 $215126 $16586639 $3602445


Net Assets $445006 $215097 $16586659 $3602443



445002

$100

215061

$100

16586672

$100

3602483

$100







INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934



EXPENSES

Management fees 1919 1144 51740 9755







Other 19 23 147 41

Total Expenses 2171 1364 56620 10777



Net Expenses 2000 1225 55110 10398


NET REALIZED GAINS












OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)





INVESTMENT INCOME

Interest income $12659 $5189 $320690 $59934



EXPENSES

Management fees 1919 1144 51740 9755







Other 19 23 147 41

Total Expenses 2171 1364 56620 10777



Net Expenses 2000 1225 55110 10398


NET REALIZED GAINS












OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)






OPERATIONS







(163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

Transactions (163371) 272351 (253066) (408768) (2626753) 3217513 (188717) 13112

DISTRIBUTIONS PAID



(10660) (10303)

(10660) (10303)

(3964) (7589)

(3964) (7589)

(265869) (312392)

(265869) (312392)

(49578) (64226)


NET ASSETS

(163364) 272351 (253029) (408770) (2626920) 3217660 (188737) 13133


End of year $445006 $608370 $215097 $468126 $16586659 $19213579 $3602443 $3791180


















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)















(002)

mdash

(002)

(002)

mdash

(002)

(001)

mdash

(001)

mdash(5)

mdash(6)

mdash

mdash(5)

mdash(6)

mdash


Total Return(7)


185 205 110 042 005



$445006 $608370 $336019 $164606 $7561742





184 205 109 022 005

credits 181 202 095 019 (005)





















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)















(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash

(001)

(001)

mdash(5)

(001)

mdash(4)

mdash(5)

mdash


Total Return(6)


115 116 079 053 002



$215097 $468126 $876896 $203856 $5660876





115 114 081 011 001

credits 111 112 065 008 (026)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)












(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


170 179 078 012 001



$16586659 $19213579 $15995919 $16481941 $3359761





170 180 077 015 001

credits 169 179 076 014 (013)

















(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)













(002)

(002)

(002)

(002)

(001)

(001)

mdash(3)

mdash

mdash(3)

mdash


Total Return(4)


169 179 078 015 002



$3602443 $3791180 $3778047 $3281067 $3887950





169 178 080 014 001

credits 167 176 078 013 (015)





ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

ndash

ndash

-




(000S) (000S) (000S) (000S)




186 4820(1) (2) $1000 $1000 009) 194 51820(3) $3000 $3000

194 61020(1) (2) 3000 2989 179 81720 3000 3000


180 41420(2) 2000 1999 192 42320 2000 2000


103 6820(1) (2) 3000 2994 200 91420 4000 4000


089 6920(2) 4000 3993 London



193 4320(1) (2) 1000 1000 180 72320 2000 2000



173 81920(1) 1000 1000 Branch


166 61520(1) (2)

132 62320(1) (2)


113 4920(2)

6000

3000

3000

5979

2991

2999


202 52820


5000 5000


34936 179 72320 3000 3000


(Cost $34936) 34936 094 9920 3000 3000


170 5420 4000 4000






006) 190 41720(4)

072 31021


170 4620

2000

3000

3000

2000

3000

3000

179 42920

176 51520

169 52120

164 6220

MUFG Bank Ltd

1000

1000

1000

1000

1000

1000

1000

1000

164 72020

172 72820

3000

2000

3000

2000 181 41420


3000 3000



172 6320


092 9420

3000

3000

3000

3000




- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

- ndash

ndash




(000S) (000S) (000S) (000S)




188 5420 $3000 $3000


093 4820 1000 1000


180 71720 1000 1000


161 52820 2000 2000

157 6120 2000 2000


192 122320 1000 1000



164 52720 2000 2000

170 8720 3000 3000


189 4320 3000 3000


187 42720 2000 2000




109000




039) 212 51120(4) 3000 3001 172 8620


1000 1000



(Cost $112000) 112000 4001


(Cost $4001) 4001


Banking ndash 48

DBS Bank Ltd

096 9120(2)


158 4220(2)


162 62420(2)


196 41720(2)


100 6820(2)




071 3921(2)

$2000

2000

2000

2000

4000

4500

3000

2000

$1992

2000

1993

1998

4000

4491

3000

1987

21461

Brokerage ndash 02





153 6220(2) 1000 997

School ndash 05

Yale University

117 4120(2) 2000 2000


(Cost $25458) 25458




ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

ndash ndash

ndash

MARCH 31 2020


(000S) (000S) (000S) (000S)


Banking ndash 400


003 4120 $18000 $18000

006 4120 3000 3000


008 4120 12000 12000


030 4120 12000 12000


003 4120 17000 17000


006 4120 13000 13000


008 4120 15000 15000


003 4120 22000 22000


004 4120 16000 16000


005 4120 21000 21000


006 4120 9000 9000


001 4120 8000 8000

003 4120 12000 12000

178000


(Cost $178000) 178000






(Cost $7999)

$3000

5000

$3000

4999

7999

7999


( $362394) 362394








82000


(Cost $82000) 82000


(Cost $444394) 444394











are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)







are as follows

NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



FNMA $8953 350 mdash 500 7123 mdash 3150

GNMA $611 500 32050



Total $84594


1M ndash 1 Month

3M ndash 3 Month















LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

ndash -




(000S) (000S) (000S) (000S)







060 4120(1) (2) 2879 2879


370 4820(1) (2) 8000 8000




Baptist Health

370 4820(1) (2) 3000 3000



067 4120(1) (2) 200 200


450 4820(1) (2) 9500 9500

Colorado ndash 34


225 63020 6000 6016




471 4820(1) (2) 1605 1605 Trust Co LOC)








400 4820(1) (2) 1210 1210




Northwestern

085 4120(1) (2) 1800 1800


530 4820(1) (2) 1000 1000 Bank NA LOC)

400 4820(1) (2) 2850 2850



- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

- -




(000S) (000S) (000S) (000S)




500 4820(1) (2)


110 4120(1) (2)


400 4820(1) (2)


075 4120(1) (2)


100 4120(1) (2)


085 4120(1) (2)


485 4820(1) (2)


500 4820(1) (2) (3)

$130

150

6645

400

1500

200

2800

6400

$130

150

6645

400

1500

200

2800

6400

24085

Indiana ndash 11


085 4120(1) (2) 1400 1400



078 4


120(1) (2) $1000 $1000

2400

Iowa ndash 40



Revenue BSchools (U

070 4


120(1) (2) 3850 3850


471 4


820(1) (2) 680 680


075 4


120(1) (2) 400 400



500 4820(1) (2) (3) 3750 3750

8680

Kansas ndash 02



Bonds KU NA LOC)

070 4


120(1) (2) 375 375

Kentucky ndash 05




550 4


820(1) (2) 1010 1010



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

- -

MARCH 31 2020


(000S) (000S) (000S) (000S)


Maryland ndash 16


471 4820(1) (2) $3535 $3535



485 4820(1) (2) 500 500


400 52120 6500 6525

7025

Michigan ndash 14


400 82020 1000 1010


200 82020 1000 1003


055 4120(1) (2) 1000 1000

3013

Minnesota ndash 57


600 4820(1) (2) 1065 1065


110 4120(1) (2) 2600 2600




600 4820(1) (2) $3295 $3295


600 4820(1) (2) 1805 1805


600 4820(1) (2) 3410 3410

12175



065 4120(1) (2) 3000 3000

Missouri ndash 24


531 4820(1) (2) 100 100


600 4820(1) (2) 205 205


525 4820(1) (2) 4910 4910

5215

New Jersey ndash 23


339 4820(1) (2) 5000 5000

New York ndash 06


075 4120(1) (2) 1200 1200



- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

- -




(000S) (000S) (000S) (000S)




495 4820(1) (2) $1200 $1200

Ohio ndash 10


075 4120(1) (2)


475 4820(1) (2)

1195

990

1195

990

2185

Oregon ndash 01


520 4820(1) (2) 300 300



475 4820(1) (2)


476 4820(1) (2)

8540

5000

8540

5000

13540



525 4820(1) (2) 2120 2120



400 6120 2900 2913



110 4120(1) (2) $1500 $1500

4413



475 4820(1) (2) 2500 2500

Tennessee ndash 17


097 4120(1) (2) 3715 3715

Texas ndash 176


550 4820(1) (2) 3000 3000


118 6220 3000 3000


065 4120(1) (2) 4730 4730


495 4820(1) (2) 3990 3990


300 62620 3000 3013


100 4120(1) (2) (3) 2000 2000


627 4820(1) (2) 2160 2160



- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

- -

MARCH 31 2020


(000S) (000S) (000S) (000S)




626 4820(1) (2) $500 $500


705 4820(1) (2) 3600 3600


214 4820(1) (2) (3) 5000 5000


089 9820 2000 2000


081 4120(1) (2) 1300 1300


065 4120(1) (2) 2400 2400


531 4820(1) (2) 170 170


129 52620 1000 1000

37863

Washington ndash 22


525 4820(1) (2) 2915 2915


325 4820(1) (2) 1800 1800

4715




502 4820(1) (2)



521 4820(1) (2) (3)


(Cost $206113)

$1380

5000

$1380

5000

206113


(Cost $206113)


206113

8984

































City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

















City 54

Hospital 207

Housing 139


School 119

State 108

University 107


Total 1000






LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)



ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $15000 $14995 169 41720 $95000 $94999

206 42220(2) 20000 19976 263 52820 40000 40026

209 6220(2) 20000 19929 159 61720 190000 189990

191 72220(2) 20000 19883 159 62320 55000 54995

191 81020(2) 25000 24829 163 7620 100000 100000

190 9120(2) 15000 14881 163 102820 36500 36512


162 92320(2) 50000 49611 157 4720(2) 150000 149961

163 102620(2) 20000 19814 158 4920(2) 185000 184935

162 11320(2) 15000 14856 167 42220(2) 36000 35965

162 11420(2) 20000 19807 120 52820(2) 240000 239540

163 111020(2) 57000 56432 161 6220(2) 95000 94738

163 111720(2) 34000 33650 159 61220(2) 50000 49842

FFCB Notes 151 62520(2) 165000 164414

(Floating US SOFR + 007) 151 7120(2) 150000 149431 008 4120(3) 20000 20000 009 71320(2) 85000 84978

(Floating US SOFR + 008) 009 4120(3) 19000 19000

139 71620(2)

009 71720(2)

145000

145000

144411


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

30000

160000

15000

30000

159963

15000

043 9420(2)

049 9920(2)

043 91120(2)

015 10120(2)

058 12720(2)

110000

70000

200000

35000

130000

109790

69844

199602

34973

129476

(Floating US SOFR + 019) 035 122920(2) 100000 99736

020 4120(3) 35000 35000 045 3821(2) 41000 40825


015) 024 4120(3) 20000 20000 (Floating US SOFR + 002)


022) 031 4120(3) 65000 64992 (Floating US SOFR + 003)


014) 177 4120(3) 75000 75000 (Floating US SOFR + 006)


005) 097 4620(3) 55000 55000 (Floating US SOFR + 007)


009) 145 4620(3) 55000 55000 (Floating US SOFR + 008)


000) 071 41420(4) 65000 65000 (Floating US SOFR + 010)


008) 102 43020(3) 45000 44999 (Floating US SOFR + 015)



1062313 021) 169 4620(3) 100000 100000





-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

-

ndash

-




(000S) (000S) (000S) (000S)







100070



MMY + 004) 013 4120(3) 100000 99997





130000

120000

150000

205000

130000

120059

150000

205000




70000

75000

245000

69942

74967



FHLMC Bonds

MMY + 014) 043 4120(3) 85000 85064

138 5120 60000 59959 574920




FHLMC Notes 238 43020 100000 100026

(Floating US SOFR + 005) 250 53120 170000 170170 006 4120(3) 40000 40000 163 73120 65000 64967

(Floating US SOFR + 014) 015 4120(3) 90000 90000

263 73120

138 83120

145000

55000

145398

54901 534826 275 93020 50000 50208


FNMA Notes 138 103120 80000 79871

(Floating US SOFR + 010) 288 103120 240000 241690 011 4120(3) 25000 25000 163 113020 65000 64976


213 13121 40000 40639

250 13121 70000 70647


010 4220(2) 100000 99950

008 7220(2) 200000 199957

182 81320(2) 50000 49665

349572




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)






(Cost $2599400)

1574838

2599400

$250000 000 4120


$250000 $250000

$825000




$150089 006 7420


150000 150000








470000

600000

470000

600000

$475000 002 4120



475000

750000

1725000

475000

750000

1725000









-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

-




(000S) (000S)





8027343


(Cost $8091456) 8091456


(Cost $16851970) 16851970









NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES



Total $65075


NAME

FAIR VALUE (000S)

COUPON RATES

MATURITY DATES

FHLB $295874 000 mdash 713 52920mdash122838


FNMA $1392366 000 mdash 725 41520mdash3150

GNMA $1100271 250 mdash 700 91524mdash32050

TVA $31881 000 mdash 713 11527mdash91565




Total $8203930


1M ndash 1 Month

3M ndash 3 Month
















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

ndash -




(000S) (000S) (000S) (000S)



204 4720(2) $3000 $2999 008) 102 43020(3) $8000 $8000

057 41720(2)

206 42220(2)

40000

3000

39989

2996


160 5720(2) 45000 44929 290471


161 61620(2) 3000 2990 FHLB Bonds

191 72220(2) 5000 4971 169 41720 15000 15000

191 81020(2) 4000 3973 263 52820 5000 5003

161 82120(2) 4000 3975 225 6320 24515 24517

190 9120(2) 3000 2976 159 61720 35000 34998

189 91520(2) 5000 4956 159 62320 10000 9999

162 92320(2) 5000 4961 163 7620 15000 15000

163 102620(2) 2000 1981 062 9820 120000 120009

162 11320(2) 2000 1981 163 102820 7570 7573


162 111020(2) 7000 6930 157 4720(2) 30000 29992

019 111720(2) 12000 11922 158 4920(2) 35000 34988

FFCB Notes 167 42220(2) 6000 5994

(Floating US SOFR + 007) 120 52820(2) 50000 49904 008 4120(3) 5000 5000 161 6220(2) 20000 19945

(Floating US SOFR + 008) 009 4120(3) 4000 4000

151 62520(2)

151 7120(2)

35000

30000

34876


015 4120(3)


(Floating US SOFR + 018) 019 4120(3)

5000

30000

3000

5000

29993

3000

009 71320(2)

139 71620(2)

009 71720(2)

043 9420(2)

049 9920(2)

45000

40000

35000

65000

15000

44988

39838

34984

64876

14967

(Floating US SOFR + 019) 015 10120(2) 10000 9992

020 4120(3) 6000 6000 058 12720(2) 30000 29879


014) 023 4120(3) 10000 10003 045 3821(2) 9000 8962






009 4120(3) 55000 55000




-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

-

ndash

-

MARCH 31 2020


(000S) (000S) (000S) (000S)



(Floating US SOFR + 012) 4120(3) $20000 $20000


(Floating US SOFR + 015) 016 4120(3) 15000 15000

MMY + 012) 020 4120(3) 20000 19983


021) 169 4620(3)


22000 22000 MMY + 015) 024 4120(3) 15000 14994



MMY + 022) 031 4120(3) 45000 44992



25000 25000


019) 162 42720(3) 60000 60000 119984



250 53120

250 63020

30000

10000

30030


019) 150 51520(4)



25000

25000

18000

25012

25000

18000

263 73120

138 83120

275 93020

163 101520

288 103120

20000

10000

10000

5000

45000

20055

9982

10041

5000

45317

1159129 263 111520 20000 20120


(Cost $1449600) 1449600

163 113020

275 113020

188 121520

15000

30000

5000

14994

30215

5009

213 13121 10000 10160


010 4220(2)

003 42120(2)

003 51920(2)

008 7220(2)

182 81320(2)

20000

20000

20000

40000

10000

19990

20000

19999

39991

9933

109913

250 13121

225 21521

113 22821

238 41521


(Cost $564555)

15000

5000

58000

10000

15139

5089

58248

10220

314640

564555


20018





ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

ndash




(000S) (000S)








1643871


(Cost $1643871) 1643871


(Cost $3658026) 3658026








NAME

FAIR VALUE

(000S) COUPON RATES

MATURITY DATES

FHLB $27931 200mdash415 102822mdash22536


FNMA $201553 000mdash663 11523mdash3150

GNMA $697453 350mdash650 41532mdash32050

TVA $301 000 61535



Total $1690340


1M ndash 1 Month

3M ndash 3 Month















MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

MARCH 31 2020




LEVEL 1 (000S)

LEVEL 2 (000S)

LEVEL 3 (000S)

TOTAL (000S)





















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)

















MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)


MARCH 31 2020












Total $ 82000 $ (82000) $ndash











NatWest 1475000 (1475000) ndash




Total $8091456 $(8091456) $ndash






Total $1643871 $(1643871) $ndash


























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)
























MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)


MARCH 31 2020







UNDISTRIBUTED








DISTRIBUTIONS FROM








DISTRIBUTIONS FROM




Money Market



7788 mdash mdash

DISTRIBUTIONS FROM




















CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)









CONTRACTUAL
























MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)











MARCH 31 2020


















Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)







Money Market $ 601472 $ 4789 $ (769632) $ (163371)








Money Market $ 860828 $ 4128 $ (592605) $ 272351














MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)


MARCH 31 2020












Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)






Basis for Opinion





























Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)






















Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)













Actual 034 $100000 $ 100760 $171

Hypothetical 034 $100000 $102330 $172




Actual 035 $100000 $100530 $175

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177




Actual 035 $100000 $100660 $176

Hypothetical 035 $100000 $102325 $177















bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)













bull None








2003 to 2015




bull Nasdaq Inc



bull None





















Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)










Darek Wojnar(4)































































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

LOWER RISK

REWARD

GR

OW

THIN

CO

ME

LIQ

UID

ITY

EQUIT Y FUNDS












e



MM

AN

R (5

20)
















































P ROX Y VOT I N G














N O R T H E R N


HIGHER RISK

REWARD

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Documents

NORTHERN MONEY MARKET FUNDS · 2020-05-28 · Federal Reserve (the “Fed”) to cut its federal funds target rate from a range of 2.00-2.25% at the beginning of the period to 0.00%-0.25%