# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-25-007198
**Filing Date:** 2025-11
**Character Count:** 59114
**Document Hash:** 7e864f85b01e17479c6a9d1414bdbea2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007198.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002071691-25-007198

**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:** 251518715

**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 2055 Tax-Exempt Distributing Ladder ETF (Series ID: S000093503)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000261791 | Northern Trust 2055 Tax-Exempt Distributing Ladder 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 2055 Tax-Exempt Distributing Ladder ETF

- **b. EDGAR series identifier (if any):** S000093503

- **c. LEI of Series:** 254900B7AETTJUP86T77

**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:** $10256684.63

**Total Liabilities:** $1508.09

**Net Assets:** $10255176.54

**Cash Not Reported:** $32346.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3.00000000 | **1-Year:** 146.00000000 | **5-Year:** 702.00000000 | **10-Year:** 3702.00000000 | **30-Year:** 4046.00000000

**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 C000261791 |  | 0.18%                | 2.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $7317.34                                   |
| Month 3  | $0.00                    | $217318.90                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| King & Snohomish Counties School District No. 417 Northshore      | King & Snohomish Counties School District No. 417 Northshore, Series 2024       | CUSIP: 494656Z87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26705.66     | 0.26%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                      | New Mexico Finance Authority, Series 2022B                                      | CUSIP: 64711PKN9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52052.21     | 0.51%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                 | County of King, Series 2024A                                                    | CUSIP: 49474F2T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37679.44     | 0.37%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois Auxiliary Facilities System                | University of Illinois, Series 2025A                                            | CUSIP: 914354CL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77260.78     | 0.75%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                         | Indiana Finance Authority, Series 2019A                                         | CUSIP: 45506DV85<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     85000 | PA      | $90173.98     | 0.88%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                           | County of Miami-Dade, Series 2016B                                              | CUSIP: 59333ND26<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50621.59     | 0.49%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Colorado Springs CO Utilities System Revenue              | City of Colorado Springs, Series 2025A                                          | CUSIP: 1966328C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80111.04     | 0.78%             | 2055-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Longview Independent School District                              | Longview Independent School District, Series 2025                               | CUSIP: 543264ZU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $74940.18     | 0.73%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                               | State of Washington, Series 2024C                                               | CUSIP: 93974EV45<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73437.69     | 0.72%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rockwall Independent School District                              | Rockwall Independent School District, Series 2025                               | CUSIP: 774286FD5<br>LEI: 5493008ZIVPUZPQOR621 | Long             | DBT              | MUN               | US        |     60000 | PA      | $68485.31     | 0.67%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                     | Commonwealth of Massachusetts, Series 2025C                                     | CUSIP: 57582TDT6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31607.85     | 0.31%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                               | State of Washington, Series 2025C                                               | CUSIP: 93974E7C4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31783.63     | 0.31%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                            | Iowa Finance Authority, Series 2025A                                            | CUSIP: 46247SGJ7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     85000 | PA      | $94182.44     | 0.92%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Jose CA                                               | City of San Jose, Series 2025A                                                  | CUSIP: 798135Q36<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37179.41     | 0.36%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                  | Pennsylvania Turnpike Commission, Series 2025-2                                 | CUSIP: 709225PQ3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    105000 | PA      | $112469.30    | 1.10%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ira Independent School District                                   | Ira Independent School District, Series 2025                                    | CUSIP: 462649CK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66324.40     | 0.65%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority              | Peace River Manasota Regional Water Supply Authority, Series 2025A              | CUSIP: 704612GQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $81190.42     | 0.79%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                        | City & County of Denver, Series 2024B                                           | CUSIP: 249164UE2<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |     60000 | PA      | $64600.28     | 0.63%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                            | County of Baltimore, Series 2025                                                | CUSIP: 05914GLM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $74411.68     | 0.73%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                               | State of Washington, Series 2024D                                               | CUSIP: 93974EY59<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52362.30     | 0.51%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue      | Massachusetts Bay Transportation Authority, Series 2025B                        | CUSIP: 5755792J5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80037.56     | 0.78%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                               | City of New York, Series 2025C1                                                 | CUSIP: 64966SHK5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31723.71     | 0.31%             | 2050-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bellville Independent School District                             | Bellville Independent School District, Series 2024                              | CUSIP: 079887PT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $126795.92    | 1.24%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redding Joint Powers Financing Authority                          | Redding Joint Powers Financing Authority, Series 2025A                          | CUSIP: 75728LCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52144.50     | 0.51%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Timpanogos Special Service District                               | Timpanogos Special Service District, Series 2024                                | CUSIP: 887440DL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52379.94     | 0.51%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Taylor Independent School District/TX                             | Taylor Independent School District, Series 2023                                 | CUSIP: 877299RF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56166.16     | 0.55%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                      | L'Anse Creuse Public Schools, Series 2025I                                      | CUSIP: 516228TJ2<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69163.11     | 0.67%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                      | New York City Transitional Finance Authority, Series 2025D                      | CUSIP: 64972JNQ7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25961.65     | 0.25%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                      | New York City Transitional Finance Authority, Series 2025F1                     | CUSIP: 64972JQH4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54911.86     | 0.54%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue  | Washington Metropolitan Area Transit Authority, Series 2025A                    | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52706.18     | 0.51%             | 2055-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                            | Iowa Finance Authority, Series 2025C                                            | CUSIP: 46247SHT4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     65000 | PA      | $71584.42     | 0.70%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                   | New York City Municipal Water Finance Authority, Series 2025BB                  | CUSIP: 64972GL51<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     70000 | PA      | $74829.12     | 0.73%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                      | New York City Transitional Finance Authority, Series 2025F1                     | CUSIP: 64972JQD3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     80000 | PA      | $91031.69     | 0.89%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago        | Metropolitan Water Reclamation District of Greater Chicago, Series 2024A        | CUSIP: 167560XF3<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32011.71     | 0.31%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                          | Massachusetts Development Finance Agency, Series 2025A2                         | CUSIP: 57585BGU6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    170000 | PA      | $197224.02    | 1.92%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Redford Union School District No. 1                               | Redford Union School District No. 1, Series 2025I                               | CUSIP: 757402PG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $58894.16     | 0.57%             | 2031-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                | City of Memphis, Series 2020                                                    | CUSIP: 586145V68<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52047.80     | 0.51%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Lottery Revenue                                  | State of Florida, Series 2017A                                                  | CUSIP: 341507S28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52300.08     | 0.51%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                               | State of Illinois, Series 2025B                                                 | CUSIP: 452227VK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $146726.82    | 1.43%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roma Independent School District                                  | Roma Independent School District, Series 2024                                   | CUSIP: 775830RW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $73016.01     | 0.71%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                   | Las Vegas Valley Water District, Series 2025A                                   | CUSIP: 517845TK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53040.91     | 0.52%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Argyle Independent School District                                | Argyle Independent School District, Series 2025A                                | CUSIP: 040319W92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80110.23     | 0.78%             | 2055-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL                                                | County of Pasco, Series 2025A                                                   | CUSIP: 70252FBF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51807.67     | 0.51%             | 2055-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                  | Pennsylvania Turnpike Commission, Series 2025A                                  | CUSIP: 709225NY8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79500.91     | 0.78%             | 2055-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                | City of Seattle, Series 2024                                                    | CUSIP: 812643B29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83887.87     | 0.82%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                      | L'Anse Creuse Public Schools, Series 2025I                                      | CUSIP: 516228TL7<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |     90000 | PA      | $94900.76     | 0.93%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                      | New York City Transitional Finance Authority, Series 2024G1                     | CUSIP: 64972JJB5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31797.78     | 0.31%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Washington                                               | State of Washington, Series 2025D                                               | CUSIP: 93974E8G4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42116.86     | 0.41%             | 2049-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                  | State of Florida, Series 2025B                                                  | CUSIP: 34115PFF7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     85000 | PA      | $91300.70     | 0.89%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                            | Iowa Finance Authority, Series 2025A                                            | CUSIP: 46247SGP3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63765.62     | 0.62%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                     | Commonwealth of Massachusetts, Series 2025A                                     | CUSIP: 57582TCS9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52175.84     | 0.51%             | 2055-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                              | Triborough Bridge & Tunnel Authority, Series 2025A                              | CUSIP: 896032AW9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    110000 | PA      | $115293.65    | 1.12%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sun Prairie WI                                            | City of Sun Prairie, Series 2025A                                               | CUSIP: 866849W57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $162801.08    | 1.59%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 34 Antioch | Lake County Community Consolidated School District No. 34 Antioch, Series 2025C | CUSIP: 508516GA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56666.27     | 0.55%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                              | District of Columbia, Series 2024A                                              | CUSIP: 25476FF29<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73662.28     | 0.72%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                               | State of Washington, Series 2025A                                               | CUSIP: 93974E3B0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26417.92     | 0.26%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                               | City of New York, Series 2025G1                                                 | CUSIP: 64966SMA1<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31837.76     | 0.31%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charlotte NC Airport Revenue                              | City of Charlotte, Series 2025A                                                 | CUSIP: 161036XL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53477.31     | 0.52%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                | Humble Independent School District, Series 2025                                 | CUSIP: 445047NZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36931.88     | 0.36%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Pasco FL                                                | County of Pasco, Series 2025A                                                   | CUSIP: 70252FAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $190672.78    | 1.86%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 401 Highline                      | King County School District No. 401 Highline, Series 2025                       | CUSIP: 495033HC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $81608.40     | 0.80%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tuscaloosa AL                                             | City of Tuscaloosa, Series 2025B                                                | CUSIP: 9005773A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79747.07     | 0.78%             | 2055-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                              | City of Manhattan, Series 2025A                                                 | CUSIP: 562895XK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $228850.84    | 2.23%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                      | New York City Transitional Finance Authority, Series 2026A1                     | CUSIP: 64972JWB0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    175000 | PA      | $192930.87    | 1.88%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Salt Lake UT Option Sales & Use Tax Revenue             | County of Salt Lake, Series 2020B                                               | CUSIP: 795685HC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46564.66     | 0.45%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                             | Utility Debt Securitization Authority, Series 2022TE1                           | CUSIP: 91802REX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $188224.70    | 1.84%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                     | New Jersey Turnpike Authority, Series 2025A                                     | CUSIP: 646140JF1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79714.22     | 0.78%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Crestwood School District/MI                                      | Crestwood School District, Series 2025I                                         | CUSIP: 226363JB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51579.13     | 0.50%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                     | Commonwealth of Massachusetts, Series 2025B                                     | CUSIP: 57582TDH2<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    125000 | PA      | $144652.65    | 1.41%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                  | New York State Thruway Authority, Series 2025A                                  | CUSIP: 650028ZZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $195690.72    | 1.91%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Mill School District No. 4                                   | Fort Mill School District No. 4, Series 2017E                                   | CUSIP: 986525WN9<br>LEI: 5493003IDG5PRDEDK149 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53145.18     | 0.52%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                | New York State Dormitory Authority, Series 2024B                                | CUSIP: 64990AWU5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     85000 | PA      | $88653.42     | 0.86%             | 2047-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyons School District                                           | Canyons School District, Series 2018                                            | CUSIP: 139078DQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52229.02     | 0.51%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                           | State of North Carolina, Series 2025A                                           | CUSIP: 65829QFK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101457.46    | 0.99%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue              | County of Miami-Dade, Series 2024A                                              | CUSIP: 59334DNV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68005.09     | 0.66%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Corp. ForGreer                                                    | Corp. ForGreer, Series 2025                                                     | CUSIP: 397479BR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77018.51     | 0.75%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                | New York State Dormitory Authority, Series 2024A                                | CUSIP: 64990F6U3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47560.07     | 0.46%             | 2049-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| King County School District No. 401 Highline                      | King County School District No. 401 Highline, Series 2025                       | CUSIP: 495033HF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $127710.50    | 1.25%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                       | California Educational Facilities Authority, Series 2025A                       | CUSIP: 130179XA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26327.42     | 0.26%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Conservancy District                                 | South Dakota Conservancy District, Series 2025A                                 | CUSIP: 837545SW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78327.72     | 0.76%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                               | Pennsylvania State University (The), Series 2025A                               | CUSIP: 7092354G7<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54485.89     | 0.53%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lake County School District No. 112 North Shore                   | Lake County School District No. 112 North Shore, Series 2024                    | CUSIP: 509076DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $91627.22     | 0.89%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                    | Sales Tax Securitization Corp., Series 2024A                                    | CUSIP: 79467BHP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61935.78     | 0.60%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                         | County of Anne Arundel, Series 2025B                                            | CUSIP: 03588JPC0<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |    135000 | PA      | $152850.02    | 1.49%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX Electric Light & Power System Revenue          | City of Lubbock, Series 2021                                                    | CUSIP: 549203WZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $276072.08    | 2.69%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Downtown Smyrna Development Authority                             | Downtown Smyrna Development Authority, Series 2021                              | CUSIP: 261174FF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $185761.31    | 1.81%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                 | New Hampshire Municipal Bond Bank, Series 2020A                                 | CUSIP: 64465QAJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54212.31     | 0.53%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue      | Massachusetts Bay Transportation Authority, Series 2024A                        | CUSIP: 575579V79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47479.28     | 0.46%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Tech University System                                      | Texas Tech University System, Series 2025A                                      | CUSIP: 882806KT8<br>LEI: 549300SPM8LGJKCQO195 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77833.52     | 0.76%             | 2050-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                            | Oklahoma Capitol Improvement Authority, Series 2025A                            | CUSIP: 678514EN6<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53187.39     | 0.52%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                  | Energy Northwest, Series 2025A                                                  | CUSIP: 29270C6V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26749.22     | 0.26%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                 | State of Maryland, Series 2025A                                                 | CUSIP: 574193XH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $198882.81    | 1.94%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                          | University of California, Series 2025CC                                         | CUSIP: 91412HVX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $102064.65    | 1.00%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                               | Los Angeles Unified School District, Series 2024QRR                             | CUSIP: 544647JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $135288.78    | 1.32%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                       | Omaha Public Power District, Series 2023B                                       | CUSIP: 682001KE1<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     90000 | PA      | $103909.07    | 1.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                      | New York City Transitional Finance Authority, Series 2024F1                     | CUSIP: 64972JGV4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36295.28     | 0.35%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 320 Sumner                      | Pierce County School District No. 320 Sumner, Series 2025                       | CUSIP: 720526ZB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80569.36     | 0.79%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Okemos Public Schools                                             | Okemos Public Schools, Series 2024II                                            | CUSIP: 678467PC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42996.20     | 0.42%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                     | Commonwealth of Massachusetts, Series 2024B                                     | CUSIP: 57582R7Y6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     70000 | PA      | $73405.21     | 0.72%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                              | San Diego Community College District, Series 2025A1                             | CUSIP: 797272TE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52917.23     | 0.52%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Folsom Cordova Unified School District                            | Folsom Cordova Unified School District, Series 2025A                            | CUSIP: 34440PEL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42587.24     | 0.42%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Port Authority                                           | Virginia Port Authority, Series 2025                                            | CUSIP: 928077LB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52748.01     | 0.51%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Islip NY                                                  | Town of Islip, Series 2025                                                      | CUSIP: 464723LP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $164755.90    | 1.61%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duval County Public Schools                                       | Duval County Public Schools, Series 2022A                                       | CUSIP: 267169HC7<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |     90000 | PA      | $98078.85     | 0.96%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue      | Massachusetts Bay Transportation Authority, Series 2024A                        | CUSIP: 575579V95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31546.66     | 0.31%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No. 48J Beaverton | Washington & Multnomah Counties School District No. 48J Beaverton, Series 2025B | CUSIP: 9384293C9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78673.73     | 0.77%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                     | Commonwealth of Massachusetts, Series 2024I                                     | CUSIP: 57582TBY7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31539.87     | 0.31%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue        | Great Lakes Water Authority, Series 2025C                                       | CUSIP: 39081HHQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53800.56     | 0.52%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                              | Triborough Bridge & Tunnel Authority, Series 2025A                              | CUSIP: 896032AU3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31812.14     | 0.31%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County School District No. 15 Edmonds                   | Snohomish County School District No. 15 Edmonds, Series 2024                    | CUSIP: 833153WD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48138.08     | 0.47%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ingham County Building Authority                                  | Ingham County Building Authority, Series 2024                                   | CUSIP: 457003ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62864.67     | 0.61%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                     | New York State Environmental Facilities Corp., Series 2025C                     | CUSIP: 64986DQL2<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79166.38     | 0.77%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                   | San Diego Public Facilities Financing Authority, Series 2025A                   | CUSIP: 79730CMJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26978.36     | 0.26%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lubbock-Cooper Independent School District                        | Lubbock-Cooper Independent School District, Series 2025                         | CUSIP: 549108J74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $83874.17     | 0.82%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                     | Commonwealth of Massachusetts, Series 2024B                                     | CUSIP: 57582R7Z3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41845.52     | 0.41%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ferris Independent School District                                | Ferris Independent School District, Series 2025                                 | CUSIP: 315387QE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52119.96     | 0.51%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                         | County of Anne Arundel, Series 2025                                             | CUSIP: 03588JMD1<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |    140000 | PA      | $162414.48    | 1.58%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority Dedicated Tax Fund          | Metropolitan Transportation Authority, Series 2024B1                            | CUSIP: 59260XCS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36405.74     | 0.35%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salisbury NC Combined Enterprise System Revenue           | City of Salisbury, Series 2020                                                  | CUSIP: 795375BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67234.67     | 0.66%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anna Independent School District                                  | Anna Independent School District, Series 2025                                   | CUSIP: 035707M47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $86009.52     | 0.84%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                      | Metropolitan Atlanta Rapid Transit Authority, Series 2025A                      | CUSIP: 591746CA8<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78340.73     | 0.76%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                     | Commonwealth of Massachusetts, Series 2024B                                     | CUSIP: 57582R7X8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     90000 | PA      | $94748.43     | 0.92%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX                                               | County of Harris, Series 2025A                                                  | CUSIP: 4140055U8<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |    170000 | PA      | $183733.88    | 1.79%             | 2041-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                            | County of Baltimore, Series 2024                                                | CUSIP: 05914GFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $286128.60    | 2.79%             | 2032-02-01      | 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