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|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
| Delaware                                                                                                                                                                                                                                                                                                                                                                                                                | 93-3119763                                                |
| (State or other jurisdiction of incorporation or organization of issuing entity)                                                                                                                                                                                                                                                                                                                                        | (I.R.S. Employer Identification Number of issuing entity) |
| One Energy Plaza, Jackson, Michigan                                                                                                                                                                                                                                                                                                                                                                                     | 49201                                                     |
| (Address of principal executive offices of issuing entity)                                                                                                                                                                                                                                                                                                                                                              | (Zip Code)                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Registrant’s telephone number, including area code: (517) 788-1947                                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Securities registered pursuant to Section 12(b) of the Act:                                                                                                                                                                                                                                                                                                                                                         |                                                           | None |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Securities registered pursuant to Section 12(g) of the Act:                                                                                                                                                                                                                                                                                                                                                         |                                                           | None |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.                                                                                                                                                                                                                                                                                                 | Yes o                                                     | No x |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.                                                                                                                                                                                                                                                                                            | Yes o                                                     | No x |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                                | Yes x                                                     | No o |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‐T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                                                                    | Yes x                                                     | No o |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‐accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‐2 of the Exchange Act. |
| Large accelerated filer                                                                                                                                                                                                                                                                                                                                                                                                 |                                                           |      | o |
| Accelerated filer                                                                                                                                                                                                                                                                                                                                                                                                       |                                                           |      | o |
| Non‐Accelerated filer                                                                                                                                                                                                                                                                                                                                                                                             |                                                           |      | x |
| Smaller reporting company                                                                                                                                                                                                                                                                                                                                                                                               |                                                           |      | o |
| Emerging growth company                                                                                                                                                                                                                                                                                                                                                                                                 |                                                           |      | o |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                                                                                                                                                         | o                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.                                                                    | o                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.                                                                                                                                                                       | o                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).                                                                                                                                       | o                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‐2 of the Exchange Act).                                                                                                                                                                                                                                                                                                  | Yes o                                                     | No x |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| The registrant does not have any voting or non-voting common equity held by non-affiliates.                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                           |      |   |  |  |  |
| Documents incorporated by reference: A portion of CMS Energy Corporation’s and Consumers Energy Company’s definitive proxy statement relating to their 2024 Annual Meetings of Shareholders to be held May 3, 2024 is incorporated by reference in Item 11 of Part III of this Form 10‐K.                                                                                |

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|                                                                                                                                                              |                                |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--|--|--|--|
| Name, Age, Position(s)                                                                                                                                       | Period                         |
| Jason M. Shore (age 47)                                                                                                                                      |                                |
| President, Chief Executive Officer, Chief Financial Officer, and Treasurer of Consumers 2023 Securitization Funding LLC                       | 11/2023 – Present    |
| Vice President and Treasurer of CMS Energy Corporation (“CMS Energy”) and Consumers Energy Company (“Consumers”) | 12/2023 – Present    |
| Executive Director of Treasury and Capital Markets of CMS Energy and Consumers                                                                          | 7/2023 – 12/2023 |
| Executive Director of Treasury and Financial Strategy and Policy of CMS Energy and Consumers                                                            | 6/2021 – 7/2023  |
| Executive Director of Planning, Budget and Analysis of CMS Energy and Consumers                                                                         | 4/2018 –  6/2021 |
| Rejji P. Hayes (age 49)                                                                                                                                      |                                |
| Executive Vice President and Manager of Consumers 2023 Securitization Funding LLC                                                             | 11/2023 – Present    |
| Executive Vice President and Chief Financial Officer of CMS Energy and Consumers                                                                        | 5/2017 – Present     |
| Shaun M. Johnson (age 45)                                                                                                                                    |                                |
| Senior Vice President, General Counsel, and Manager of Consumers 2023 Securitization Funding LLC                                         | 11/2023 – Present    |
| Senior Vice President and General Counsel of CMS Energy and Consumers                                                                                   | 5/2019 – Present     |
| Vice President and Deputy General Counsel of CMS Energy and Consumers                                                                                        | 4/2016 – 5/2019  |
| Melissa M. Gleespen (age 56)                                                                                                                                 |                                |
| Vice President, Secretary, and Manager of Consumers 2023 Securitization Funding LLC                                                           | 11/2023 – Present    |
| Vice President, Corporate Secretary, and Chief Compliance Officer of CMS Energy and Consumers                                                           | 1/2016 – Present     |
| Scott B. McIntosh (age 48)                                                                                                                                   |                                |
| Vice President and Controller of Consumers 2023 Securitization Funding LLC                                                                              | 11/2023 – Present    |
| Vice President, Controller, and Chief Accounting Officer of CMS Energy and Consumers                                                                    | 9/2021 – Present     |
| Vice President and Controller of CMS Energy and Consumers                                                                                               | 6/2021 – 9/2021  |
| Vice President of CMS Energy and Consumers                                                                                                              | 9/2015 – 6/2021  |
| Albert J. Fioravanti (age 59)                                                                                                                                |                                |
| Independent Manager of Consumers 2023 Securitization Funding LLC                                                                                        | 12/2023 – Present    |
| Managing Director of Lord Securities Corporation                                                                                                             | 12/2018 – Present    |

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|          |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |  |  |  |  |  |
|----------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| Exhibits |         | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3.1      | — | Certificate of Formation of Consumers 2023 Securitization Funding LLC (Exhibit 3.1 to Form SF-1 filed September 22, 2023, and incorporated herein by reference)                                                                                                                                                                                                                                                                                                           |
| 3.2      | — | Amended and Restated Limited Liability Company Agreement of Consumers 2023 Securitization Funding LLC dated and effective as of December 12, 2023 (Exhibit 3.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)                                                                                                                                                                                                                            |
| 4.1      | — | Indenture by and between Consumers 2023 Securitization Funding LLC, Issuer and The Bank of New York Mellon, Indenture Trustee and Securities Intermediary, dated as of December 12, 2023 (Exhibit 4.1 to Form 8-K filed December 12, 2023, and incorporated herein by reference)                                                                                                                                                                                |
| 4.2      | — | Form of Senior Secured Securitization Bonds, Series 2023 (Exhibit 4.1 to Form 8-K filed December 12, 2023, and incorporated herein by reference)                                                                                                                                                                                                                                                                                                                               |
| 10.1     | — | Securitization Property Servicing Agreement by and between Consumers 2023 Securitization Funding LLC, Issuer and Consumers Energy Company, Servicer, dated as of December 12, 2023 (Exhibit 10.1 to Form 8-K-filed December 12, 2023, and incorporated herein by reference)                                                                                                                                                                                          |
| 10.2     | — | Securitization Property Purchase and Sale Agreement by and between Consumers 2023 Securitization Funding LLC, Issuer and Consumers Energy Company, Seller, dated as of December 12, 2023 (Exhibit 10.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)                                                                                                                                                                                    |
| 10.3     | — | Administration Agreement by and between Consumers 2023 Securitization Funding LLC and Consumers Energy Company, as administrator, dated as of December 12, 2023 (Exhibit 10.3 to Form 8-K filed December 12, 2023, and incorporated herein by reference)                                                                                                                                                                                                             |
| 10.4     | — | Series Supplement by and between Consumers 2023 Securitization Funding LLC and The Bank of New York Mellon, Indenture Trustee, dated as of December 12, 2023 (Exhibit 4.2 to Form 8-K filed December 12, 2023, and incorporated herein by reference)                                                                                                                                                                                                                 |
| 10.5     | — | Intercreditor Agreement among The Bank of New York Mellon, as trustee for the securitization bonds issued by Consumers 2014 Securitization Funding LLC, Consumers 2014 Securitization Funding LLC, The Bank of New York Mellon, as indenture trustee, Consumers 2023 Securitization Funding LLC, and Consumers Energy Company, dated as of December 12, 2023 (Exhibit 10.4 to Form 8-K filed December 12, 2023, and incorporated herein by reference) |
| 31.1     | — | Rule 13a-14(d)/15d-14(d) Certification                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 33.1     | — | Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for Consumers Energy Company, Servicer                                                                                                                                                                                                                                                                                                                                                                              |
| 33.2     | — | Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Issuers for The Bank of New York Mellon, Indenture Trustee                                                                                                                                                                                                                                                                                                                                                                  |

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|          |         |                                                                                                                                                                                       |  |  |  |  |  |  |
|----------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|
| Exhibits |         | Description                                                                                                                                                                           |
| 34.1     | — | Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of PricewaterhouseCoopers LLP on behalf of Consumers Energy Company, Servicer |
| 34.2     | — | Attestation Report on Assessment of Compliance With Servicing Criteria For Asset-Backed Securities of KPMG LLP on behalf of The Bank of New York Mellon, Indenture Trustee  |
| 35.1     | — | Servicer Compliance Statement                                                                                                                                                         |

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|  |  |                                                                |  |  |  |  |  |  |
|--|--|----------------------------------------------------------------|--|--|--|--|--|--|
|  |  | CONSUMERS 2023 SECURITIZATION FUNDING LLC(Issuing Entity) |
|  |  | By: Consumers Energy Company, as Servicer                  |
|                               |                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |
|-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|--|--|--|--|--|--|
| /s/ Scott B. McIntosh |                                                                                                                                                       |  |
| Name:                     | Scott B. McIntosh                                                                                                                                     |  |  |
| Title:                    | Vice President, Controller, Chief Accounting Officer, and senior officer in charge of the servicing function of Consumers Energy Company, as Servicer |  |  |
| Date:                     | March 12, 2024                                                                                                                                        |  |  |

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