Bond Index Fund
Northern Funds · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Bond Index Fund is a U.S. bond index fund that tracks the Bloomberg U.S. Aggregate Bond Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The Fund seeks to provide investment results approximating the overall performance of the securities included in the Bloomberg U.S. Aggregate Bond Index (the Index).
The fund tracks the Bloomberg U.S. Aggregate Bond Index using representative sampling, holding a portfolio of investment-grade U.S. dollar-denominated fixed-rate bonds including Treasuries, government-related securities, corporates, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities in weightings that approximate the Index. Because the fund samples rather than holds all Index constituents, its quarterly performance may diverge from the Index. The fund may use U.S. Treasury futures to manage duration and interest rate risk.
| Share class | Gross | Net |
|---|---|---|
| NOBOX | 0.12% | 0.07% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 43.36% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 73.79% |
| Securitized | 25.15% |
| Cash & short-term | 3.00% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Government | 48.5% |
| Securitized | 24.7% |
| Financials | 5.4% |
| Other | 3.3% |
| 12 smaller | 18.1% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: UNITED STATES TSY. 3.875% ×2, UNITED STATES TSY. 4.125%, UNITED STATES TSY. 4.00%, FANNIE MAE OR FREDD 6.50%, FANNIE MAE OR FREDD 5.00%, UNITED STATES TSY. 3.50%, FANNIE MAE OR FREDD 3.00%
Largest exited: FANNIE MAE OR FREDD 6.00%, FANNIE MAE OR FREDD 5.50%, UNITED STATES TSY. 3.875% ×2, FANNIE MAE OR FREDD 6.50%, FANNIE MAE OR FREDD 3.00%, UNITED STATES TSY. 4.50% ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 99.1% |
| Floating rate | 0.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 21.1% |
| 3-5y | 16.2% |
| 5-10y | 19.4% |
| 10y+ | 42.7% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 64% |
| Credit spreads | 36% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.99 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.45 yr | 8% |
| 5 yr | 1.60 yr | 30% |
| 10 yr | 2.06 yr | 38% |
| 30 yr | 1.27 yr | 24% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.16 yr | 5% |
| 5 yr | 0.92 yr | 31% |
| 10 yr | 1.35 yr | 45% |
| 30 yr | 0.56 yr | 19% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $55 | $0 |
| 1 yr | +0.45 | +0.16 | +0.00 | $47.7k | $0 |
| 5 yr | +1.60 | +0.92 | +0.00 | $277.9k | $0 |
| 10 yr | +2.06 | +1.35 | +0.00 | $407.5k | $0 |
| 30 yr | +1.27 | +0.56 | +0.00 | $167.8k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | NI US GOV T PORTFOLIO | 1.74% | $52.29M | — |
| — | Northern Institutional Liquid Asset Portfolio | 1.26% | $37.96M | — |
| — | UNITED STATES TSY. 4.25%4.25% · due 2035-05-15 | 0.51% | $15.32M | — |
| — | UNITED STATES TSY. 4.25%4.25% · due 2034-11-15 | 0.44% | $13.37M | — |
| — | UNITED STATES TSY. 4.125%4.13% · due 2036-02-15 | 0.41% | $12.20M | — |
| — | UNITED STATES TSY. 4.25%4.25% · due 2035-08-15 | 0.39% | $11.85M | — |
| — | UNITED STATES TSY. 4.625%4.63% · due 2035-02-15 | 0.39% | $11.68M | — |
| — | UNITED STATES TSY. 4.00%4.00% · due 2035-11-15 | 0.39% | $11.61M | — |
| — | UNITED STATES TSY. 4.50%4.50% · due 2033-11-15 | 0.34% | $10.10M | — |
| — | UNITED STATES TSY. 4.25%4.25% · due 2029-06-30 | 0.33% | $10.02M | — |
Top 10 positions are 6.19% of net assets, top 25 10.80%, across 2.4K issuers.
See more of this fund's book
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