# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-25-007203
**Filing Date:** 2025-11
**Character Count:** 77261
**Document Hash:** c5d6bb0851e588f74c5aa48cce49953c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007203.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002071691-25-007203

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN FUNDS
- **CENTRAL INDEX KEY:** 0000916620

**ORGANIZATION NAME:**
- **EIN:** 391777365
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251518723

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### Northern Trust Short-Term Tax-Exempt Bond ETF (Series ID: S000093501)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000261789 | Northern Trust Short-Term Tax-Exempt Bond ETF |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Funds Trust

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

**Item A.2. Information about the Series.**

- **a. Name of Series:** Northern Trust Short-Term Tax-Exempt Bond ETF

- **b. EDGAR series identifier (if any):** S000093501

- **c. LEI of Series:** 254900T3TGI3PM8D9Z41

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8018240.44

**Total Liabilities:** $330.04

**Net Assets:** $8017910.40

**Cash Not Reported:** $14170.25

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 6.00000000 | **1-Year:** 275.00000000 | **5-Year:** 1256.00000000 | **10-Year:** 0.00000000 | **30-Year:** 24.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261789 |  | 0.08%                | 0.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $2309.66                                   |
| Month 3  | $0.00                    | $-572.53                                   |

### Schedule of Portfolio Investments

| Name                                                                       | Title                                                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, Series 2023RRR                               | CUSIP: 64577XEN2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     65000 | PA      | $65608.20     | 0.82%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                       | School District of Broward County, Series 2016A                                         | CUSIP: 115065YY4<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30465.87     | 0.38%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                | Kentucky Turnpike Authority, Series 2022A                                               | CUSIP: 491552R72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61289.00     | 0.76%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Series 2018B                                                      | CUSIP: 25476FWU8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31985.13     | 0.40%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                               | Metropolitan Atlanta Rapid Transit Authority, Series 2015C                              | CUSIP: 591745X66<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    155000 | PA      | $157969.58    | 1.97%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                     | Oklahoma Capitol Improvement Authority, Series 2024A                                    | CUSIP: 679088MV3<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55622.31     | 0.69%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                         | State of Wisconsin, Series 2017-1                                                       | CUSIP: 97705MGS8<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20802.12     | 0.26%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                     | State of West Virginia, Series 2018A                                                    | CUSIP: 956553ZD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42644.57     | 0.53%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anaheim Public Financing Authority                                         | Anaheim Public Financing Authority, Series 2019A                                        | CUSIP: 03255LHJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21698.30     | 0.27%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                         | Metropolitan Water District of Southern California, Series 2022B                        | CUSIP: 59266TUX7<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25116.33     | 0.31%             | 2026-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                     | Permanent University Fund - University of Texas System, Series 2006B                    | CUSIP: 915115X87<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40832.77     | 0.51%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                         | City of Houston, Series 2017B                                                           | CUSIP: 44244CNG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26187.63     | 0.33%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                   | Metropolitan Pier & Exposition Authority, Series 2024B                                  | CUSIP: 592250FJ8<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20249.69     | 0.25%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                        | State of Illinois, Series 2021C                                                         | CUSIP: 452227SE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65769.37     | 0.82%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                           | Port Authority of Houston of Harris County Texas, Series 2020A2                         | CUSIP: 7342606G2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16412.54     | 0.20%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                        | State of Washington, Series 2017D                                                       | CUSIP: 93974DE95<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30970.72     | 0.39%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                           | Ohio Water Development Authority, Series 2019                                           | CUSIP: 67765QGT7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     80000 | PA      | $87736.08     | 1.09%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Utah                                                              | State of Utah, Series 2020                                                              | CUSIP: 917542WP3<br>LEI: 254900RWV9NSVUZONC07 | Long             | DBT              | MUN               | US        |     55000 | PA      | $59582.24     | 0.74%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                      | Fort Bend Independent School District, Series 2018                                      | CUSIP: 346843NB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62679.56     | 0.78%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                     | State of West Virginia, Series 2018B                                                    | CUSIP: 956553A35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26660.96     | 0.33%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                    | County of Miami-Dade, Series 2016A                                                      | CUSIP: 59333FSM3<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45725.74     | 0.57%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                         | City of Chicago, Series 2020A                                                           | CUSIP: 167486F87<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35586.25     | 0.44%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                           | Ohio Water Development Authority, Series 2019A                                          | CUSIP: 677660UZ3<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16276.18     | 0.20%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 401 Highline                               | King County School District No. 401 Highline, Series 2017                               | CUSIP: 495033EH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51386.44     | 0.64%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                           | Pennsylvania Turnpike Commission, Series 2017-2                                         | CUSIP: 709224ZQ5<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36701.87     | 0.46%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                              | State of Ohio, Series 2018V                                                             | CUSIP: 677522C36<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    150000 | PA      | $159243.09    | 1.99%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                        | Virginia College Building Authority, Series 2019A                                       | CUSIP: 92778VGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32479.72     | 0.41%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                 | Metropolitan Water Reclamation District of Greater Chicago, Series 2016A                | CUSIP: 167560SW2<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102548.54    | 1.28%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                            | State of Oregon, Series 2019A                                                           | CUSIP: 68609TLD8<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    145000 | PA      | $157957.56    | 1.97%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                | Omaha Public Power District, Series 2016A                                               | CUSIP: 682001EZ1<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35262.63     | 0.44%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                | North Carolina Municipal Power Agency No. 1, Series 2015A                               | CUSIP: 658203X25<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40245.34     | 0.50%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                          | County of King, Series 2019                                                             | CUSIP: 49474FVQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10801.23     | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Series 2016A1                           | CUSIP: 6461362C4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    135000 | PA      | $137200.42    | 1.71%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                         | New York State Dormitory Authority, Series 2018A                                        | CUSIP: 64990GAV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    155000 | PA      | $158288.29    | 1.97%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                        | California State Public Works Board, Series 2017B                                       | CUSIP: 13068XJB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21071.72     | 0.26%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                        | Virginia College Building Authority, Series 2017E                                       | CUSIP: 92778VFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58228.13     | 0.73%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                          | Palm Beach County School District, Series 2018C                                         | CUSIP: 696550G63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58648.66     | 0.73%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                       | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016A                     | CUSIP: 603827WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10278.80     | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                | Rhode Island Commerce Corp., Series 2016B                                               | CUSIP: 762232AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157363.81    | 1.96%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                        | City of Columbus, Series 2017A                                                          | CUSIP: 199492TN9<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30648.87     | 0.38%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue          | New York City Transitional Finance Authority, Series 2023S1A                            | CUSIP: 64972H6X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33419.10     | 0.42%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                      | City of San Antonio, Series 2016                                                        | CUSIP: 7962535N8<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20404.27     | 0.25%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                    | School Board of Miami-Dade County (The), Series 2015D                                   | CUSIP: 59333MT62<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25183.33     | 0.31%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                               | State of Kansas, Series 2017A                                                           | CUSIP: 485424RF4<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15691.43     | 0.20%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District               | Salt River Project, Series 2016A                                                        | CUSIP: 79574CBU6<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15462.00     | 0.19%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                              | State of Iowa, Series 2016A                                                             | CUSIP: 46257TED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15133.06     | 0.19%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                          | Delaware Transportation Authority, Series 2020                                          | CUSIP: 246419BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16432.29     | 0.20%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                  | New Jersey Economic Development Authority, Series 2020A                                 | CUSIP: 64577XAS5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     85000 | PA      | $93050.41     | 1.16%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                            | County of King, Series 2016B                                                            | CUSIP: 4952894J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50446.42     | 0.63%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                              | North Texas Tollway Authority, Series 2017B                                             | CUSIP: 66285WWY8<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60337.41     | 0.75%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                    | State of North Carolina, Series 2017B                                                   | CUSIP: 65829QCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62373.97     | 0.78%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                    | Municipal Electric Authority of Georgia, Series 2024                                    | CUSIP: 62620HJF0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42150.22     | 0.53%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                       | State of Mississippi, Series 2016B                                                      | CUSIP: 605581HR1<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    155000 | PA      | $159282.22    | 1.99%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission                       | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016A                     | CUSIP: 603827WT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25755.74     | 0.32%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                           | Pennsylvania Turnpike Commission, Series 2017A2                                         | CUSIP: 709224ZF9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25091.23     | 0.31%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund         | Ohio Water Development Authority, Series 2017A                                          | CUSIP: 67766WXT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26031.49     | 0.32%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                        | California State Public Works Board, Series 2021B                                       | CUSIP: 13068XBF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22358.20     | 0.28%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                        | City of New York, Series 2018C                                                          | CUSIP: 64966MSX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    150000 | PA      | $158286.84    | 1.97%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                           | Energy Northwest, Series 2017A                                                          | CUSIP: 29270CU52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72901.96     | 0.91%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                 | City of Lincoln, Series 2018                                                            | CUSIP: 534272J75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10328.53     | 0.13%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                           | Energy Northwest, Series 2017A                                                          | CUSIP: 29270CV93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41658.26     | 0.52%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                             | Washington Metropolitan Area Transit Authority, Series 2017A1                           | CUSIP: 938782EQ8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26044.27     | 0.32%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                           | State of Florida, Series 2022B                                                          | CUSIP: 34153QWF9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16750.50     | 0.21%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                       | School District of Broward County, Series 2016A                                         | CUSIP: 115065YZ1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40618.16     | 0.51%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                       | School District of Broward County, Series 2016A                                         | CUSIP: 115065YX6<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30522.92     | 0.38%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District               | Salt River Project, Series 2017A                                                        | CUSIP: 79574CCP6<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21133.75     | 0.26%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                               | County of Prince George's, Series 2019A                                                 | CUSIP: 7417015N2<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27297.04     | 0.34%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series 2019 | CUSIP: 088632BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30710.47     | 0.38%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Series 2017A                                                      | CUSIP: 25476FUC0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10420.63     | 0.13%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adams 12 Five Star Schools                                                 | Adams 12 Five Star Schools, Series 2016B                                                | CUSIP: 006449GT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41133.74     | 0.51%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                   | Massachusetts Development Finance Agency, Series 2016A                                  | CUSIP: 57584XXV8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127522.11    | 1.59%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                             | New Jersey Transportation Trust Fund Authority, Series 2023AA                           | CUSIP: 64613CCZ9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15243.68     | 0.19%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                          | State of Maryland, Series 2022C                                                         | CUSIP: 574193UZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26335.94     | 0.33%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                              | Texas Water Development Board, Series 2018                                              | CUSIP: 882854D41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26137.58     | 0.33%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2024B                                                         | CUSIP: 452153JJ9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20722.12     | 0.26%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                        | Virginia College Building Authority, Series 2017E                                       | CUSIP: 92778VFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68864.78     | 0.86%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                           | Pennsylvania Turnpike Commission, Series 2017                                           | CUSIP: 709224A33<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26199.08     | 0.33%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Alabama                                                           | State of Alabama, Series 2016C                                                          | CUSIP: 010411BR6<br>LEI: 549300TKZX0YNENZC895 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15320.29     | 0.19%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                         | County of Clark, Series 2018A                                                           | CUSIP: 180848WY5<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58595.35     | 0.73%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                    | County of Hamilton, Series 2016A                                                        | CUSIP: 407287MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26391.45     | 0.33%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                           | University of North Texas System, Series 2025A                                          | CUSIP: 914729XF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27701.61     | 0.35%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                  | City of Houston, Series 2020B                                                           | CUSIP: 442349EF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32056.56     | 0.40%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                 | Southern California Public Power Authority, Series 2019-1                               | CUSIP: 84247PKZ3<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    150000 | PA      | $163054.44    | 2.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                      | City of San Antonio, Series 2019                                                        | CUSIP: 79625GBD4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97000.77     | 1.21%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Prince George's MD                                               | County of Prince George's, Series 2020A                                                 | CUSIP: 7417016H4<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |     60000 | PA      | $64106.25     | 0.80%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                   | County of Mecklenburg, Series 2019                                                      | CUSIP: 584002WZ8<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |     70000 | PA      | $75936.99     | 0.95%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                            | County of King, Series 2016B                                                            | CUSIP: 4952894F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10184.76     | 0.13%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                 | City of Lincoln, Series 2018                                                            | CUSIP: 534272J59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36256.52     | 0.45%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Akron OH Income Tax Revenue                                        | City of Akron, Series 2022                                                              | CUSIP: 010056MM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25381.78     | 0.32%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                        | City of Austin, Series 2017                                                             | CUSIP: 0524762P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105131.54    | 1.31%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                           | State of Georgia, Series 2018A                                                          | CUSIP: 373385CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $101789.14    | 1.27%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada Highway Improvement Revenue                                | State of Nevada, Series 2016                                                            | CUSIP: 641480HZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40627.71     | 0.51%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Meadows Water Authority                                            | Truckee Meadows Water Authority, Series 2017                                            | CUSIP: 897825HF5<br>LEI: 549300GC367BYY1WT202 | Long             | DBT              | MUN               | US        |    155000 | PA      | $160911.99    | 2.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland County Educational Facilities Authority                          | Cleveland County Educational Facilities Authority, Series 2021                          | CUSIP: 18604TEC8<br>LEI: 549300XEV4DVO42DUA84 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15490.95     | 0.19%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                           | Pennsylvania Turnpike Commission, Series 2017B2                                         | CUSIP: 709224XA2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35551.68     | 0.44%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                       | County of Miami-Dade, Series 2017B                                                      | CUSIP: 59334DKB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31340.81     | 0.39%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                 | Pennsylvania Turnpike Commission, Series 2016A                                          | CUSIP: 709221UG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20555.51     | 0.26%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                            | State of Hawaii, Series 2016FB                                                          | CUSIP: 419792HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10074.49     | 0.13%             | 2026-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                        | Idaho Housing & Finance Association, Series 2021A                                       | CUSIP: 45129WPX2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10895.06     | 0.14%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                             | Washington Metropolitan Area Transit Authority, Series 2017A1                           | CUSIP: 938782ER6<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36457.20     | 0.45%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                 | Municipal Improvement Corp. of Los Angeles, Series 2016B                                | CUSIP: 544587G69<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20557.00     | 0.26%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                           | State of Georgia, Series 2017C                                                          | CUSIP: 373385BH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57499.15     | 0.72%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                                | Duval County Public Schools, Series 2022A                                               | CUSIP: 267169HD5<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     60000 | PA      | $66601.37     | 0.83%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue                 | Pennsylvania Turnpike Commission, Series 2016A                                          | CUSIP: 709221UF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25691.76     | 0.32%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                     | State of West Virginia, Series 2019A                                                    | CUSIP: 956553F48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $87246.42     | 1.09%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                               | City & County of Honolulu, Series 2019A                                                 | CUSIP: 438687GM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58972.19     | 0.74%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                 | Intermountain Power Agency, Series 2023A                                                | CUSIP: 45884AE33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10826.72     | 0.14%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                         | State of Louisiana, Series 2019A                                                        | CUSIP: 546417CC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10825.38     | 0.14%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                         | Southeastern Pennsylvania Transportation Authority, Series 2017                         | CUSIP: 842039DW6<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10375.32     | 0.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                             | American Municipal Power, Inc., Series 2017A                                            | CUSIP: 02765UNQ3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42181.46     | 0.53%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                           | Canadian County Educational Facilities Authority, Series 2017                           | CUSIP: 135521CN0<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81480.67     | 1.02%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                    | State of North Carolina, Series 2017B                                                   | CUSIP: 65829QCX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15609.48     | 0.19%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                    | City of Phoenix Civic Improvement Corp., Series 2016                                    | CUSIP: 71883RPD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20363.33     | 0.25%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County School Board                                           | Hillsborough County School Board, Series 2020A                                          | CUSIP: 43232VVB4<br>LEI: 549300E7JND1K3JLOI29 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10403.74     | 0.13%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of North Texas System                                           | University of North Texas System, Series 2017A                                          | CUSIP: 914729RT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15533.15     | 0.19%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2016                                                          | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61830.37     | 0.77%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Building Authority                                          | Michigan State Building Authority, Series 2016I                                         | CUSIP: 594615FK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20492.33     | 0.26%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                               | Maricopa County Special Health Care District, Series 2018C                              | CUSIP: 56756TAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37276.46     | 0.46%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                         | State of Wisconsin, Series 2017-3                                                       | CUSIP: 97705MKR5<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52004.74     | 0.65%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Insurance Assistance Interlocal Agency, Inc.                       | Florida Insurance Assistance Interlocal Agency, Inc., Series 2023A1                     | CUSIP: 34074EAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $158189.08    | 1.97%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                    | State of North Carolina, Series 2022A                                                   | CUSIP: 65829QEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11106.86     | 0.14%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                        | City of Columbus, Series 2018A                                                          | CUSIP: 199492WA3<br>LEI: 254900NS3ODS0FZ3AM48 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21417.28     | 0.27%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Independent School District No. 89 Oklahoma City           | Oklahoma County Independent School District No. 89 Oklahoma City, Series 2023A          | CUSIP: 678841LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150077.01    | 1.87%             | 2026-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue    | Metropolitan Transit Authority of Harris County, Series 2016A                           | CUSIP: 41422EFT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20505.05     | 0.26%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                       | Missouri Joint Municipal Electric Utility Commission, Series 2025                       | CUSIP: 606092QA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $145023.59    | 1.81%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                         | State of Wisconsin, Series 2017-3                                                       | CUSIP: 97705MKQ7<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20802.12     | 0.26%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                           | Pennsylvania Turnpike Commission, Series 2016                                           | CUSIP: 709224LL1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5019.05      | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                | Connecticut State Health & Educational Facilities Authority, Series 2025B1              | CUSIP: 20775DZS4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55442.99     | 0.69%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of DeKalb GA Water & Sewerage Revenue                               | County of DeKalb, Series 2006B                                                          | CUSIP: 240523UJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10280.38     | 0.13%             | 2026-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                    | City of Phoenix Civic Improvement Corp., Series 2017D                                   | CUSIP: 71883MMK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15272.21     | 0.19%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Health and Educational Building Corp.                         | Rhode Island Health and Educational Building Corp., Series 2017A                        | CUSIP: 762197VE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57422.99     | 0.72%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                         | State of Wisconsin, Series 2020B                                                        | CUSIP: 97705MTU9<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     60000 | PA      | $65359.27     | 0.82%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                              | Commonwealth of Massachusetts, Series 2019E                                             | CUSIP: 57582RYL4<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30143.89     | 0.38%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                        | State of Washington, Series 2022D                                                       | CUSIP: 93974EWQ5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    120000 | PA      | $126898.12    | 1.58%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York (The)                 | Trust for Cultural Resources of The City of New York (The), Series 2016E1               | CUSIP: 649717TA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15257.32     | 0.19%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                       | Triborough Bridge & Tunnel Authority, Series 2022B                                      | CUSIP: 89602HCP0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101615.52    | 1.27%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                       | State of Connecticut, Series 2016E                                                      | CUSIP: 20772J3W0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25655.45     | 0.32%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                | Kentucky Turnpike Authority, Series 2024A                                               | CUSIP: 491552W68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27858.64     | 0.35%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                    | Los Angeles Department of Water & Power, Series 2018A                                   | CUSIP: 5444954G6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57910.46     | 0.72%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County School District R-1                                       | Jefferson County School District R-1, Series 2018                                       | CUSIP: 472736X51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16169.69     | 0.20%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Power Generation Agency                                             | Public Power Generation Agency, Series 2024A                                            | CUSIP: 744434EX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40226.54     | 0.50%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Series 2019A                                                      | CUSIP: 25476FXG8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16315.16     | 0.20%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                            | State of Hawaii, Series FN                                                              | CUSIP: 419792SJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31444.78     | 0.39%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                    | Washington Suburban Sanitary Commission, Series 2017                                    | CUSIP: 940157P79<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15641.03     | 0.20%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                   | Arizona Board of Regents, Series 2016                                                   | CUSIP: 040484NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96418.11     | 1.20%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Bend Independent School District                                      | Fort Bend Independent School District, Series 2019B                                     | CUSIP: 346843PT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73976.88     | 0.92%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                              | Kentucky State Property & Building Commission                                           | CUSIP: 49151FYZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26585.44     | 0.33%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                             | Washington Metropolitan Area Transit Authority, Series 2017B                            | CUSIP: 938782FH7<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26044.27     | 0.32%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                         | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021                         | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    150000 | PA      | $159695.54    | 1.99%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                     | County of Jefferson, Series 2017                                                        | CUSIP: 472628QU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61358.98     | 0.77%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Public Facilities Authority                                          | Tulsa Public Facilities Authority, Series 2018                                          | CUSIP: 899673DJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135000.00    | 1.68%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pecos Barstow Toyah Independent School District                            | Pecos Barstow Toyah Independent School District, Series 2023                            | CUSIP: 705227HE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26414.39     | 0.33%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                          | State of Illinois, Series 2024                                                          | CUSIP: 452153KL2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82424.68     | 1.03%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                       | District of Columbia, Series 2021D                                                      | CUSIP: 25476FYC6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51020.46     | 0.64%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas County Utility & Reclamation District                               | Dallas County Utility & Reclamation District, Series 2016                               | CUSIP: 234839PK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36138.78     | 0.45%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                | Alabama Public School and College Authority, Series 2020A                               | CUSIP: 010609FH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16513.23     | 0.21%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                           | State of Florida, Series 2017B                                                          | CUSIP: 34153QKQ8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15640.44     | 0.20%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                              | Kentucky State Property & Building Commission, Series 2024B                             | CUSIP: 49151F3C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10980.67     | 0.14%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                          | Comal Independent School District, Series 2024                                          | CUSIP: 1998207P0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82610.88     | 1.03%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Northern Funds Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO