# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001919
**Filing Date:** 2026-5
**Character Count:** 74561
**Document Hash:** 206aaa60ba026946e170836f921ca37c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001919.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001919

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260331

**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:** 261034962

**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

### LIMITED TERM TAX-EXEMPT FUND (Series ID: S000018524)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000051415 | LIMITED TERM TAX-EXEMPT FUND | NSITX           |

## 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

- **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:** Limited Term Tax-Exempt Fund

- **b. EDGAR series identifier (if any):** S000018524

- **c. LEI of Series:** 549300PSF9YJS72IZ736

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $324520957.91

**Total Liabilities:** $226512.57

**Net Assets:** $324294445.34

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1757.578799436911 | **1-Year:** 23629.187897733926 | **5-Year:** 53229.780943275208 | **10-Year:** 7103.676063755415 | **30-Year:** 0.000000000000

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

- **3-Month:** 35.820448706290 | **1-Year:** 78.747872822913 | **5-Year:** 714.796045469707 | **10-Year:** 228.341973813991 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000051415 | 0.72%                | 0.59%                | -1.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10974.10               | $1493972.26                                |
| Month 2  | $-29547.32               | $1493797.75                                |
| Month 3  | $-176820.07              | $-4411737.20                               |

**Designated Index Information**

- **Index Name:** BBG Muni Bond 1-5Y Blend (Risk Basis: MUNI)

- **Index Identifier:** BBGMUNPAO

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CITY OF SAN ANTONIO T VAR | CITY OF SAN ANTONIO T VAR | CUSIP: 79625GDH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3434493.65   | 1.06%             | 2045-12-01      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445SM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $667158.95    | 0.21%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF POLK IA 5.00%   | COUNTY OF POLK IA 5.00%   | CUSIP: 731197Z85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2471154.52   | 0.76%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF TEXAS 4.00%      | STATE OF TEXAS 4.00%      | CUSIP: 882724VT1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2137136.07   | 0.66%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 5.25% | CITY & COUNTY OF DE 5.25% | CUSIP: 249182SV9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1817220.65   | 0.56%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3147215.70   | 0.97%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF TULSA OK 3.00%    | CITY OF TULSA OK 3.00%    | CUSIP: 899645G90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4868053.27   | 1.50%             | 2028-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BROWARD F 5.00% | COUNTY OF BROWARD F 5.00% | CUSIP: 114894YH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1385322.65   | 0.43%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN ANTONIO 5.00% | CITY OF SAN ANTONIO 5.00% | CUSIP: 79625GMK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3245082.90   | 1.00%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHIN 5.00% | METROPOLITAN WASHIN 5.00% | CUSIP: 592647HM6<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3375309.74   | 1.04%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNICIPAL 5.00%  | AMERICAN MUNICIPAL 5.00%  | CUSIP: 02765UTX2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    500000 | PA      | $538904.15    | 0.17%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE COUNTY AIRPOR 5.00% | WAYNE COUNTY AIRPOR 5.00% | CUSIP: 9445142U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076211.90   | 0.33%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF N 5.00% | PORT AUTHORITY OF N 5.00% | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547056.05   | 0.48%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA AIRPORT AUTHO 5.00% | OMAHA AIRPORT AUTHO 5.00% | CUSIP: 681725MV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1392341.95   | 0.43%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVI 5.00% | GREATER ORLANDO AVI 5.00% | CUSIP: 392275DY6<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    700000 | PA      | $766643.85    | 0.24%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FA 5.00% | LOUISIANA PUBLIC FA 5.00% | CUSIP: 546399PC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270000.00    | 0.08%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE HOUSIN VAR | NEW YORK STATE HOUSIN VAR | CUSIP: 64987JD99<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500433.35   | 0.46%             | 2062-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| PASCO COUNTY SCHOOL 5.00% | PASCO COUNTY SCHOOL 5.00% | CUSIP: 70253QBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2795408.50   | 0.86%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPALITY OF ANC 5.50% | MUNICIPALITY OF ANC 5.50% | CUSIP: 033252BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2075593.82   | 0.64%             | 2031-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF SALT LAKE C 5.00% | CITY OF SALT LAKE C 5.00% | CUSIP: 795576JR9<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1620913.80   | 0.50%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL 5.00%  | INDIANAPOLIS LOCAL 5.00%  | CUSIP: 45528UZ38<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1145446.43   | 0.35%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN ANTONIO T VAR | CITY OF SAN ANTONIO T VAR | CUSIP: 79625GEY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3087610.79   | 0.95%             | 2049-02-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL 5.00%  | CITY OF CHICAGO IL 5.00%  | CUSIP: 167736X85<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3640000 | PA      | $3770722.96   | 1.16%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL G VAR | MAIN STREET NATURAL G VAR | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049058.70   | 0.32%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REDEVELOPMENT AUTHO 5.00% | REDEVELOPMENT AUTHO 5.00% | CUSIP: 717868JL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092563.50   | 0.34%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON HEALTH C 5.00% | WASHINGTON HEALTH C 5.00% | CUSIP: 93978HD69<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1879952.03   | 0.58%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MAS 5.00% | COMMONWEALTH OF MAS 5.00% | CUSIP: 57582R7H3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    595000 | PA      | $650822.36    | 0.20%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL 5.00%  | CITY OF CHICAGO IL 5.00%  | CUSIP: 167486U98<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041937.80   | 0.32%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY 5.00% | CITY OF NEW YORK NY 5.00% | CUSIP: 64966MSV2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1851230.89   | 0.57%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3143932.79   | 0.97%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE HOUSIN VAR | NEW YORK STATE HOUSIN VAR | CUSIP: 64987JXS5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2195934.41   | 0.68%             | 2062-05-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1145478.82   | 0.35%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TST. AUTHOR 5.00% | CAPITAL TST. AUTHOR 5.00% | CUSIP: 14055GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098341.60   | 0.34%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA RAILROAD COR 5.50% | ALASKA RAILROAD COR 5.50% | CUSIP: 01176AAE3<br>LEI: 549300SM5ZU2HV31E004 | Long             | DBT              | MUN               | US        |    200000 | PA      | $223254.38    | 0.07%             | 2032-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LOCAL PUBLIC SCHOOL 4.00% | LOCAL PUBLIC SCHOOL 4.00% | CUSIP: 53957RCM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $964709.25    | 0.30%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AUSTIN TX W 5.00% | CITY OF AUSTIN TX W 5.00% | CUSIP: 052477PH3<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015279.90   | 0.31%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PRAIRIE INDEP 4.00% | GRAND PRAIRIE INDEP 4.00% | CUSIP: 386155CX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5420000 | PA      | $5422322.47   | 1.67%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACIL VAR | COLORADO HEALTH FACIL VAR | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3916781.21   | 1.21%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURA VAR | HARRIS COUNTY CULTURA VAR | CUSIP: 414008CZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072684.90   | 0.33%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHIN 5.00% | METROPOLITAN WASHIN 5.00% | CUSIP: 592647NR8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106318.80   | 0.34%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA FACILITY FIN. VAR | MONTANA FACILITY FIN. VAR | CUSIP: 61204KPV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1473748.61   | 0.45%             | 2065-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF N 5.00% | PORT AUTHORITY OF N 5.00% | CUSIP: 73358XQZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2881976.72   | 0.89%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL 5.00%  | INDIANAPOLIS LOCAL 5.00%  | CUSIP: 45528VHE2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2154532.80   | 0.66%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE COUNTY SCH 5.50% | ARAPAHOE COUNTY SCH 5.50% | CUSIP: 038699UF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3990134.43   | 1.23%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO 5.00%       | STATE OF OHIO 5.00%       | CUSIP: 677522KX1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   5085000 | PA      | $5095111.52   | 1.57%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2843668 | NS      | $2843668.04   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| COUNTY OF HARRIS TX 5.00% | COUNTY OF HARRIS TX 5.00% | CUSIP: 41423PCM7<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1804907.89   | 0.56%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF NORTH 5.00% | UNIVERSITY OF NORTH 5.00% | CUSIP: 914729VK1<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077074.90   | 0.33%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY SOUTHEAST A CO VAR | ENERGY SOUTHEAST A CO VAR | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2665870.50   | 0.82%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ST JOSEPH SCHOOL DI 5.00% | ST JOSEPH SCHOOL DI 5.00% | CUSIP: 790790FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119142.60   | 0.65%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF FARGO ND 5.00%    | CITY OF FARGO ND 5.00%    | CUSIP: 30748FBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1118294.42   | 0.34%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-E VAR | SOUTH CAROLINA JOBS-E VAR | CUSIP: 83703EMU6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113285.30   | 0.34%             | 2049-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DAVIS SCHOOL DISTRI 3.00% | DAVIS SCHOOL DISTRI 3.00% | CUSIP: 239019Q47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4095000 | PA      | $4078369.39   | 1.26%             | 2028-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY 5.00% | CITY OF NEW YORK NY 5.00% | CUSIP: 64966QQZ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    605000 | PA      | $609857.85    | 0.19%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHORI 5%  | ILLINOIS FIN. AUTHORI 5%  | CUSIP: 45204FXJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.09%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH VAR | SOUTHEAST ENERGY AUTH VAR | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1586669.85   | 0.49%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEV. FI VAR | MASSACHUSETTS DEV. FI VAR | CUSIP: 57585BKC1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069568.70   | 0.33%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544532QW7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062244.70   | 0.33%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MAS 5.00% | COMMONWEALTH OF MAS 5.00% | CUSIP: 57582RTH9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1046679.50   | 0.32%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 4.00% | CALIFORNIA COMMUNIT 4.00% | CUSIP: 13013JAD8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1130443.65   | 0.35%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    440000 | PA      | $444457.64    | 0.14%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSP 5.00% | METROPOLITAN TRANSP 5.00% | CUSIP: 59261A5X1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1684809.45   | 0.52%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MULTNOMAH 5.00% | COUNTY OF MULTNOMAH 5.00% | CUSIP: 625506PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029840.80   | 0.32%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACIL VAR | COLORADO HEALTH FACIL VAR | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1282727.52   | 0.40%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEXAS TOLLWAY 5.00% | NORTH TEXAS TOLLWAY 5.00% | CUSIP: 66285WN36<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    595000 | PA      | $651815.12    | 0.20%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KLEIN INDEPENDENT S 5.00% | KLEIN INDEPENDENT S 5.00% | CUSIP: 498531PH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1706813.64   | 0.53%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS 5.00%   | STATE OF ILLINOIS 5.00%   | CUSIP: 452153JJ9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1534927.50   | 0.47%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH RIDGEVILLE CI 5.00% | NORTH RIDGEVILLE CI 5.00% | CUSIP: 661870LF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $919121.59    | 0.28%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709225RS7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2710312.75   | 0.84%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BEXAR TX 5.00%  | COUNTY OF BEXAR TX 5.00%  | CUSIP: 0882813Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1130608.01   | 0.35%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDL. VAR | MARICOPA COUNTY INDL. VAR | CUSIP: 56682HDV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2494507.68   | 0.77%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AU 5.00% | SOUTHEAST ENERGY AU 5.00% | CUSIP: 84136GAJ4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522798.65    | 0.16%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WAUSHARA 5.50%  | COUNTY OF WAUSHARA 5.50%  | CUSIP: 943445CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $501756.48    | 0.15%             | 2031-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF CHARLOTTE N 5.00% | CITY OF CHARLOTTE N 5.00% | CUSIP: 161045SN0<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    225000 | PA      | $246408.23    | 0.08%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LE MARS COMMUNITY S 5.00% | LE MARS COMMUNITY S 5.00% | CUSIP: 521282EP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099209.40   | 0.34%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON BOARD OF ED 2.00% | CLIFTON BOARD OF ED 2.00% | CUSIP: 187099HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1193025.84   | 0.37%             | 2026-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LOCAL PUBLIC SCHOOL 3.00% | LOCAL PUBLIC SCHOOL 3.00% | CUSIP: 53957RCK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $805819.65    | 0.25%             | 2026-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64971XRN0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038441.70   | 0.32%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE VALLEY REG 2.00% | DELAWARE VALLEY REG 2.00% | CUSIP: 246579LK0<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2161249.32   | 0.67%             | 2029-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTUR VAR | TARRANT COUNTY CULTUR VAR | CUSIP: 87638TJT1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068709.40   | 0.33%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA RAILROAD COR 5.50% | ALASKA RAILROAD COR 5.50% | CUSIP: 01176AAF0<br>LEI: 549300SM5ZU2HV31E004 | Long             | DBT              | MUN               | US        |    460000 | PA      | $517686.90    | 0.16%             | 2033-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF AKRON OH IN 4.00% | CITY OF AKRON OH IN 4.00% | CUSIP: 010056MM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1129989.95   | 0.35%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PECOS BARSTOW TOYAH 5.00% | PECOS BARSTOW TOYAH 5.00% | CUSIP: 705227FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020591.30   | 0.31%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO EDUCATIONAL F 5.00% | SCAGO EDUCATIONAL F 5.00% | CUSIP: 80585TCU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1660825.35   | 0.51%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVI 5.00% | METROPOLITAN NASHVI 5.00% | CUSIP: 592190TT9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410024.12    | 0.13%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1106737.66   | 0.34%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACIL VAR | COLORADO HEALTH FACIL VAR | CUSIP: 19648FXB5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96457.88     | 0.03%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE VALLEY REG 5.50% | DELAWARE VALLEY REG 5.50% | CUSIP: 246579ER3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2653392.94   | 0.82%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF HO 5.00% | CITY & COUNTY OF HO 5.00% | CUSIP: 438687ML6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $729619.63    | 0.22%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BENTON COUNTY SCHOO 4.00% | BENTON COUNTY SCHOO 4.00% | CUSIP: 082887PD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000995.60   | 0.31%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HEALTH & EDUCATIONAL VAR  | HEALTH & EDUCATIONAL VAR  | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501574.70   | 0.46%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF FLORIDA 5.00%    | STATE OF FLORIDA 5.00%    | CUSIP: 34153QMF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1958404.31   | 0.60%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JCG9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    675000 | PA      | $687335.09    | 0.21%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS MUNICIPAL GAS 5.00% | TEXAS MUNICIPAL GAS 5.00% | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1417783.08   | 0.44%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAREDO TX 5.00%   | CITY OF LAREDO TX 5.00%   | CUSIP: 516824JT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $816839.84    | 0.25%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HEV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2261499.06   | 0.70%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MURRAY CITY SCHOOL 5.00%  | MURRAY CITY SCHOOL 5.00%  | CUSIP: 626864GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1761106.23   | 0.54%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER INDUSTRIAL D VAR | CHANDLER INDUSTRIAL D VAR | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2615505.01   | 0.81%             | 2042-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARLINGEN CONSOLIDA 5.00% | HARLINGEN CONSOLIDA 5.00% | CUSIP: 413000QQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1114752.95   | 0.34%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8318431.20   | 2.57%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX 5.00%  | CITY OF HOUSTON TX 5.00%  | CUSIP: 442332CU4<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2409320.32   | 0.74%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JCH7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    475000 | PA      | $488326.65    | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF WICHITA KS 3.00%  | CITY OF WICHITA KS 3.00%  | CUSIP: 9672444P6<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1185014.34   | 0.37%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLARK COUNTY SCHOOL 4.00% | CLARK COUNTY SCHOOL 4.00% | CUSIP: 181059J72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3079285.20   | 0.95%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MIDWAY INTL 5.00% | CHICAGO MIDWAY INTL 5.00% | CUSIP: 167562SY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2030398.20   | 0.63%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1120163.55   | 0.35%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIVATE COLLEGES & 5.00%  | PRIVATE COLLEGES & 5.00%  | CUSIP: 74265L3A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1101013.29   | 0.34%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER INDL. DEV. A VAR | CHANDLER INDL. DEV. A VAR | CUSIP: 158862CE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $708905.12    | 0.22%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEV. 5.00%  | MASSACHUSETTS DEV. 5.00%  | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048811.90   | 0.32%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS COUNTY SCHO 5.00% | DOUGLAS COUNTY SCHO 5.00% | CUSIP: 259030RF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $933351.05    | 0.29%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MIDWAY INTL 5.00% | CHICAGO MIDWAY INTL 5.00% | CUSIP: 167562UP0<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2124509.40   | 0.66%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF HAYS TX 5.00%   | COUNTY OF HAYS TX 5.00%   | CUSIP: 4210202H0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $695751.35    | 0.21%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT REGIONAL WA 4.00% | TARRANT REGIONAL WA 4.00% | CUSIP: 876448FC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1420073.64   | 0.44%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST JOHNS COUNTY SCH 5.00% | ST JOHNS COUNTY SCH 5.00% | CUSIP: 790409HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1403531.48   | 0.43%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA COUNTY IND 4.00% | OKLAHOMA COUNTY IND 4.00% | CUSIP: 678739WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3925000 | PA      | $3974623.78   | 1.23%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA COLLEGE BL 4.00% | VIRGINIA COLLEGE BL 4.00% | CUSIP: 92778VDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $275212.19    | 0.08%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY STATE PROP 5.00% | KENTUCKY STATE PROP 5.00% | CUSIP: 49151F5Z9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3225937.20   | 0.99%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRA. & 5.00% | CALIFORNIA INFRA. & 5.00% | CUSIP: 13034A7D6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    500000 | PA      | $556715.65    | 0.17%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BROWARD F 5.00% | COUNTY OF BROWARD F 5.00% | CUSIP: 11506KHL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1373155.86   | 0.42%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH & ED VAR | WISCONSIN HEALTH & ED VAR | CUSIP: 97712JRB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1632577.80   | 0.50%             | 2046-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDL. DEV. 5.00%  | ARIZONA INDL. DEV. 5.00%  | CUSIP: 04052EBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $661845.24    | 0.20%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON PARISH CO 4.00% | JEFFERSON PARISH CO 4.00% | CUSIP: 474502EH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1856950.38   | 0.57%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO 5.00%       | STATE OF OHIO 5.00%       | CUSIP: 677523HD7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1679274.90   | 0.52%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA COUNTY IND 4.00% | OKLAHOMA COUNTY IND 4.00% | CUSIP: 678841LP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2820649.03   | 0.87%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVI 5.00% | METROPOLITAN NASHVI 5.00% | CUSIP: 592190TU6<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    400000 | PA      | $417861.08    | 0.13%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF H 5.00% | PORT AUTHORITY OF H 5.00% | CUSIP: 7342605F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048159.00   | 0.32%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON & MULTNOMA STP | WASHINGTON & MULTNOMA STP | CUSIP: 938429U88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2555675.00   | 0.79%             | 2035-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC 5.25% | NEW JERSEY ECONOMIC 5.25% | CUSIP: 64577B6K5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3033503.70   | 0.94%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WARREN CONS. SCHOOL 5.00% | WARREN CONS. SCHOOL 5.00% | CUSIP: 935341T98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $943441.92    | 0.29%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DE 1.20% | NEW YORK LIBERTY DE 1.20% | CUSIP: 649519DK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1846942.60   | 0.57%             | 2028-11-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514984.50   | 0.78%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACIL VAR | COLORADO HEALTH FACIL VAR | CUSIP: 19648FXC3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    905000 | PA      | $917809.28    | 0.28%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BEXAR TX 5.00%  | COUNTY OF BEXAR TX 5.00%  | CUSIP: 0882814Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1371991.25   | 0.42%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE STATE HEAL 5.00% | DELAWARE STATE HEAL 5.00% | CUSIP: 246388UX8<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |    480000 | PA      | $506936.64    | 0.16%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL G VAR | MAIN STREET NATURAL G VAR | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1552880.29   | 0.48%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOU 3.375% | MICHIGAN STATE HOU 3.375% | CUSIP: 59465PDM7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    465000 | PA      | $465942.56    | 0.14%             | 2026-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AU 5.00% | SOUTHEAST ENERGY AU 5.00% | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061068.20   | 0.33%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHO 4.10% | ILLINOIS FIN. AUTHO 4.10% | CUSIP: 45204FT54<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1595685.60   | 0.49%             | 2031-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| WARREN CONS. SCHOOL 5.00% | WARREN CONS. SCHOOL 5.00% | CUSIP: 935341U21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $800136.90    | 0.25%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER PROJECT 5.00%  | SALT RIVER PROJECT 5.00%  | CUSIP: 79574CCS0<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2799420.21   | 0.86%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF WASHINGTON 5.00% | STATE OF WASHINGTON 5.00% | CUSIP: 93974ED60<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012490.60   | 0.62%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE GOVERNMENTAL 4.00%  | MAINE GOVERNMENTAL 4.00%  | CUSIP: 56041MSQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2640000 | PA      | $2688461.69   | 0.83%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLLIER COUNTY INDL. VAR  | COLLIER COUNTY INDL. VAR  | CUSIP: 194641BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2133859.00   | 0.66%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF WATERLOO IA 4.50% | CITY OF WATERLOO IA 4.50% | CUSIP: 941647V97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1704536.45   | 0.53%             | 2027-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032U4Q8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101228.00   | 0.34%             | 2050-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE COUNTY SCHOOL B 5.00% | LEE COUNTY SCHOOL B 5.00% | CUSIP: 523494RQ7<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119934.20   | 0.35%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVI 5.00% | METROPOLITAN NASHVI 5.00% | CUSIP: 592190TV4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    555000 | PA      | $588448.96    | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNICIPAL G VAR | MINNESOTA MUNICIPAL G VAR | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025711.20   | 0.62%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64971W6U9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023938.20   | 0.32%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRINITY RIVER AUTHO 5.00% | TRINITY RIVER AUTHO 5.00% | CUSIP: 89658HVG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026356.60   | 0.32%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER CLARK COUNT 5.00% | GREATER CLARK COUNT 5.00% | CUSIP: 39168AET6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1219510.93   | 0.38%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHO 5.00% | ILLINOIS FIN. AUTHO 5.00% | CUSIP: 45204FS89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2667334.50   | 0.82%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX 5.25%  | CITY OF HOUSTON TX 5.25%  | CUSIP: 442349KD7<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1577076.15   | 0.49%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY G 5.00% | BLACK BELT ENERGY G 5.00% | CUSIP: 09182TGP6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $520066.85    | 0.16%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALT 5.00% | NEW HAMPSHIRE HEALT 5.00% | CUSIP: 64461XJR7<br>LEI: 549300CYZCB80R8W7E02 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113900.30   | 0.34%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUBLIC ENERG VAR | KENTUCKY PUBLIC ENERG VAR | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2719781.40   | 0.84%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| DALLAS AREA RAPID T 5.00% | DALLAS AREA RAPID T 5.00% | CUSIP: 235241TF3<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3633228.17   | 1.12%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DAD 5.00% | COUNTY OF MIAMI-DAD 5.00% | CUSIP: 59333P7D4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3089775.60   | 0.95%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHORI VAR | ILLINOIS FIN. AUTHORI VAR | CUSIP: 45204FM77<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059437.00   | 0.33%             | 2043-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TALLAHASSEE 5.00% | CITY OF TALLAHASSEE 5.00% | CUSIP: 874461MA1<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    535000 | PA      | $602592.60    | 0.19%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MONTGOMER 4.00% | COUNTY OF MONTGOMER 4.00% | CUSIP: 6133406U7<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $2980811.05   | 0.92%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709224XG9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1919785.50   | 0.59%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL G VAR | MAIN STREET NATURAL G VAR | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2715000 | PA      | $2865104.21   | 0.88%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN. AUTHO 5.00% | MICHIGAN FIN. AUTHO 5.00% | CUSIP: 59447TME0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3840000 | PA      | $3885955.97   | 1.20%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM COUNTY PUBL 5.00% | WHATCOM COUNTY PUBL 5.00% | CUSIP: 962468FD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $462293.46    | 0.14%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHILADELPHI 5.00% | CITY OF PHILADELPHI 5.00% | CUSIP: 717813TA7<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3563265.51   | 1.10%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.25% | NEW YORK STATE DORM 5.25% | CUSIP: 65000B4K1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $660019.38    | 0.20%             | 2032-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WHATCOM COUNTY PUBL 5.00% | WHATCOM COUNTY PUBL 5.00% | CUSIP: 962468FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $469356.84    | 0.14%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS REGIONAL A 5.00% | COLUMBUS REGIONAL A 5.00% | CUSIP: 199546CP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093742.40   | 0.34%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883MQP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1190012.06   | 0.37%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JFT8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $535317.70    | 0.17%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DXG9<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148004.20   | 0.66%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF NEW JERSEY 5.00% | STATE OF NEW JERSEY 5.00% | CUSIP: 646039YL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2830187.53   | 0.87%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOSP 5.00% | MICHIGAN STATE HOSP 5.00% | CUSIP: 59465HYA8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1598060.25   | 0.49%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIERCE COUNTY SCHOO 4.00% | PIERCE COUNTY SCHOO 4.00% | CUSIP: 720526WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650198.64    | 0.20%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JCF1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    630000 | PA      | $634102.88    | 0.20%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOCAL GOV 5.00% | LOUISIANA LOCAL GOV 5.00% | CUSIP: 546275AB4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1513913.40   | 0.47%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE & ST CLAIR C 5.00% | MONROE & ST CLAIR C 5.00% | CUSIP: 610253DR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $738566.14    | 0.23%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN. AUTHORI 5.00% | PUBLIC FIN. AUTHORI 5.00% | CUSIP: 74443DMT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $832196.80    | 0.26%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOSP 5.00% | MICHIGAN STATE HOSP 5.00% | CUSIP: 59465HYF7<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    430000 | PA      | $456809.12    | 0.14%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN. AUTHORI 5.00% | PUBLIC FIN. AUTHORI 5.00% | CUSIP: 74442PV44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $395704.05    | 0.12%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF MASSA 5.00% | UNIVERSITY OF MASSA 5.00% | CUSIP: 914437RV2<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3376104.42   | 1.04%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK COUNTY TOWNSHI 5.00% | COOK COUNTY TOWNSHI 5.00% | CUSIP: 215457CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313914.54    | 0.10%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LEE FL AIRP VAR | COUNTY OF LEE FL AIRP VAR | CUSIP: 523470JS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071772.30   | 0.33%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DUVAL COUNTY PUBLIC 5.00% | DUVAL COUNTY PUBLIC 5.00% | CUSIP: 267169GZ7<br>LEI: 254900RS6MO5WEO2WC42 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1760570.53   | 0.54%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTU 5.00% | HARRIS COUNTY CULTU 5.00% | CUSIP: 414009UA6<br>LEI: 549300Y1E42JLBRENF23 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1618701.00   | 0.50%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK COUNTY TOWNSHI 5.00% | COOK COUNTY TOWNSHI 5.00% | CUSIP: 215457CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $239539.91    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN. AUTHORI 5.00% | PUBLIC FIN. AUTHORI 5.00% | CUSIP: 74442PV51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $452685.05    | 0.14%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COUNTY EDUCA 5.00% | ROGERS COUNTY EDUCA 5.00% | CUSIP: 77514RCD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $621098.77    | 0.19%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709225FS0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    275000 | PA      | $279258.27    | 0.09%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUTHRIE COUNTY HOSP 4.50% | GUTHRIE COUNTY HOSP 4.50% | CUSIP: 40341HAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499867.55    | 0.15%             | 2029-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JCJ3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    650000 | PA      | $673119.59    | 0.21%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN. AUTHORI 5.00% | PUBLIC FIN. AUTHORI 5.00% | CUSIP: 74443DMS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232646.40    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY G 5.00% | BLACK BELT ENERGY G 5.00% | CUSIP: 09182THD2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    285000 | PA      | $294153.49    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 5444457P8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1850319.25   | 0.57%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH & 5.00%  | WISCONSIN HEALTH & 5.00%  | CUSIP: 97712JNQ2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079214.60   | 0.33%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS 5.00% | SOUTH CAROLINA JOBS 5.00% | CUSIP: 83704MEU6<br>LEI: 549300L58MO94D64EL44 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011179.30   | 0.31%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS 5.00%   | STATE OF ILLINOIS 5.00%   | CUSIP: 452153KL2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2138034.36   | 0.66%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.25% | NEW YORK STATE DORM 5.25% | CUSIP: 65000B4J4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    400000 | PA      | $435298.64    | 0.13%             | 2031-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709224C31<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    860000 | PA      | $891007.39    | 0.27%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DE 3.20% | OHIO AIR QUALITY DE 3.20% | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1075545.67   | 0.33%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CITY OF MCCOOK NE 4.50%   | CITY OF MCCOOK NE 4.50%   | CUSIP: 579729EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007571.30   | 0.31%             | 2027-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

**Name of Signer:** Randal E. Rein

**Title:** Treasurer and Principal Financial Officer