# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-25-007202
**Filing Date:** 2025-11
**Character Count:** 96697
**Document Hash:** 0156e34c4e75a9cb6663a01ad66933d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007202.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002071691-25-007202

**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:** 251518722

**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 Intermediate Tax-Exempt Bond ETF (Series ID: S000093504)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000261792 | Northern Trust Intermediate Tax-Exempt Bond ETF |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

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

- **b. EDGAR series identifier (if any):** S000093504

- **c. LEI of Series:** 254900VUZLGHECQZU736

**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:** $8109035.78

**Total Liabilities:** $332.42

**Net Assets:** $8108703.36

**Cash Not Reported:** $23770.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1.00000000 | **1-Year:** 119.00000000 | **5-Year:** 722.00000000 | **10-Year:** 2517.00000000 | **30-Year:** 133.00000000

**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 C000261792 |  | 0.14%                | 1.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $-678.12                 | $5877.15                                   |
| Month 3  | $-150.60                 | $83398.88                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State of Georgia                                                              | State of Georgia, Series 2017A2                                                | CUSIP: 373385AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $23944.75     | 0.30%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                   | Polk County School District, Series 2019                                       | CUSIP: 731127DA1<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16295.30     | 0.20%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County School District/SC                                           | Lancaster County School District, Series 2017                                  | CUSIP: 514120LM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80098.53     | 0.99%             | 2032-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | State of Wisconsin, Series 2020A                                               | CUSIP: 97705MRE7<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     70000 | PA      | $72596.99     | 0.90%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                | State of Maine, Series 2020B                                                   | CUSIP: 56052AE36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26092.94     | 0.32%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                   | Rhode Island Commerce Corp., Series 2024A                                      | CUSIP: 762232CA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $34120.58     | 0.42%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                       | School Board of Miami-Dade County (The), Series 2025A                          | CUSIP: 59333MX42<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22538.79     | 0.28%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2016C                                              | CUSIP: 93974DVF2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25168.54     | 0.31%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                             | State of Michigan, Series 2016                                                 | CUSIP: 594612DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25931.45     | 0.32%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Forney Independent School District                                            | Forney Independent School District, Series 2022B                               | CUSIP: 346425HV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16438.85     | 0.20%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                    | Southern California Public Power Authority, Series 2024A                       | CUSIP: 84247PNM9<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16982.81     | 0.21%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hurst-Euless-Bedford Independent School District                              | Hurst-Euless-Bedford Independent School District, Series 2024                  | CUSIP: 447819KE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27297.19     | 0.34%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | State of Illinois, Series 2017D                                                | CUSIP: 452152Q20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57473.33     | 0.71%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                            | State of Minnesota, Series 2020A                                               | CUSIP: 60412ATK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16669.00     | 0.21%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                            | State of Minnesota, Series 2017A                                               | CUSIP: 60412ALD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57910.03     | 0.71%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2022A                               | CUSIP: 64990FW34<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62273.89     | 0.77%             | 2034-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                          | District of Columbia, Series 2021E                                             | CUSIP: 25476FZF8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     55000 | PA      | $60327.51     | 0.74%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2019C                                              | CUSIP: 93974D6S2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57996.39     | 0.72%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                 | Texas Water Development Board, Series 2017A                                    | CUSIP: 882854A36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31504.31     | 0.39%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                      | Arizona Industrial Development Authority, Series 2020                          | CUSIP: 04052ADX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16985.20     | 0.21%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio, Series 2023A                                              | CUSIP: 79625GGJ6<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     85000 | PA      | $93763.16     | 1.16%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2016B                                 | CUSIP: 709224PA1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35536.59     | 0.44%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                   | Rhode Island Commerce Corp., Series 2016B                                      | CUSIP: 762232AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15225.59     | 0.19%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                               | New York City Municipal Water Finance Authority, Series 2021CC2                | CUSIP: 64972GYM0<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15437.89     | 0.19%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                   | Rhode Island Commerce Corp., Series 2016B                                      | CUSIP: 762232AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15199.22     | 0.19%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana State Citizens Property Insurance Corp.                             | Louisiana State Citizens Property Insurance Corp., Series 2016A                | CUSIP: 546456EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81223.62     | 1.00%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                | Empire State Development Corp., Series 2016A                                   | CUSIP: 650035U55<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60569.25     | 0.75%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ                                                               | City of Mesa, Series 2025                                                      | CUSIP: 5904853T3<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33104.80     | 0.41%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County College District                                               | Tarrant County College District, Series 2022                                   | CUSIP: 87638KCX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27948.57     | 0.34%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                  | Metropolitan Atlanta Rapid Transit Authority, Series 2015C                     | CUSIP: 591745X82<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20370.33     | 0.25%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                       | Municipal Electric Authority of Georgia, Series 2024                           | CUSIP: 62620HJD5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25146.65     | 0.31%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2025H1                    | CUSIP: 64972JSQ2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     45000 | PA      | $51517.15     | 0.64%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                | State of Texas, Series 2016A                                                   | CUSIP: 8827234N6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20213.37     | 0.25%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                              | Kentucky Public Energy Authority, Series 2024B                                 | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81260.64     | 1.00%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Trust for Cultural Resources of The City of New York (The)                    | Trust for Cultural Resources of The City of New York (The), Series 2016E1      | CUSIP: 649717TE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81293.75     | 1.00%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Riverside CA Electric Revenue                                         | City of Riverside, Series 2019A                                                | CUSIP: 768874UP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21459.02     | 0.26%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2024B                     | CUSIP: 64972JAN8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     65000 | PA      | $71883.67     | 0.89%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County (The)                                       | School Board of Miami-Dade County (The), Series 2025A                          | CUSIP: 59333MX26<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38490.98     | 0.47%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                | Lower Colorado River Authority, Series 2024                                    | CUSIP: 54811GP20<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37870.32     | 0.47%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Environmental Protection                                | Florida Department of Environmental Protection, Series 2016A                   | CUSIP: 34160WZL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25475.43     | 0.31%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                            | Metropolitan Water District of Southern California, Series 2020C               | CUSIP: 59266TSR3<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32015.94     | 0.39%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                          | State of Connecticut, Series 2016B                                             | CUSIP: 20772JX49<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15128.92     | 0.19%             | 2026-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                          | School District of Broward County, Series 2020A                                | CUSIP: 115065C36<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43968.65     | 0.54%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                 | Main Street Natural Gas, Inc., Series 2024C                                    | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81267.18     | 1.00%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                      | Collin County Community College District, Series 2020A                         | CUSIP: 194741HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $70577.14     | 0.87%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                  | Jefferson Sales Tax District, Series 2019B                                     | CUSIP: 474176KZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38218.41     | 0.47%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport  | San Francisco City & County, Series 2019D                                      | CUSIP: 79766DMQ9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27000.27     | 0.33%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                       | Orange County Convention Center, Series 2015                                   | CUSIP: 684545YT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75147.17     | 0.93%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Trinity River Authority Central Regional Wastewater System Revenue            | Trinity River Authority, Series 2017                                           | CUSIP: 89658HVE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72992.60     | 0.90%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Imperial Irrigation District Electric System Revenue                          | Imperial Irrigation District, Series 2016C                                     | CUSIP: 452650GE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25175.43     | 0.31%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio, Series 2016                                               | CUSIP: 7962535N8<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15303.20     | 0.19%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                        | Lewisville Independent School District, Series 2020                            | CUSIP: 52882PEH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16285.13     | 0.20%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                    | City of Lincoln, Series 2015A                                                  | CUSIP: 534272E21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $24657.75     | 0.30%             | 2036-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                          | State of Mississippi, Series 2017A                                             | CUSIP: 605581JJ7<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15374.90     | 0.19%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                                    | Central Florida Tourism Oversight District, Series 2016A                       | CUSIP: 758449QV7<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25308.97     | 0.31%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                          | District of Columbia, Series 2016A                                             | CUSIP: 25476FRQ3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20211.42     | 0.25%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Public School and College Authority                                   | Alabama Public School and College Authority, Series 2020A                      | CUSIP: 010609FP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $92328.05     | 1.14%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                             | State of Maryland, Series 2021A                                                | CUSIP: 574193UE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $159354.22    | 1.97%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                         | School District of Philadelphia (The), Series 2019A                            | CUSIP: 717883WF5<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     65000 | PA      | $64366.19     | 0.79%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2018C                               | CUSIP: 64990AJZ9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26103.60     | 0.32%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                          | Missouri Joint Municipal Electric Utility Commission, Series 2025              | CUSIP: 606092QB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16440.63     | 0.20%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2019A                               | CUSIP: 64990GJP8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42057.54     | 0.52%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                     | New Jersey Economic Development Authority, Series 2022A                        | CUSIP: 64577XDR4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39464.51     | 0.49%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2021E                               | CUSIP: 64990KFV0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14786.65     | 0.18%             | 2040-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Turnpike Authority                                             | North Carolina Turnpike Authority, Series 2018A                                | CUSIP: 65830VAA8<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |     80000 | PA      | $81964.68     | 1.01%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Dane WI                                                             | County of Dane, Series 2024A                                                   | CUSIP: 236092NZ1<br>LEI: 5493000I57K3U1SCHU17 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15148.86     | 0.19%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | New Jersey Transportation Trust Fund Authority, Series 2018A                   | CUSIP: 6461364C2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25735.61     | 0.32%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue             | New York City Transitional Finance Authority, Series 2016S1                    | CUSIP: 64972HYT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40245.65     | 0.50%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Philadelphia (The)                                         | School District of Philadelphia (The), Series 2016F                            | CUSIP: 717883TJ1<br>LEI: 254900HSKDHZKBZCUL90 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35399.48     | 0.44%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                 | City of Atlanta, Series 2017A                                                  | CUSIP: 047870NT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36852.78     | 0.45%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | State of Maryland, Series 2020                                                 | CUSIP: 574204Q48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27610.73     | 0.34%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                | Lower Colorado River Authority, Series 2024                                    | CUSIP: 54811GP38<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16087.95     | 0.20%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                 | Texas Water Development Board, Series 2020                                     | CUSIP: 8828542Y7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78539.87     | 0.97%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                             | State of Illinois, Series 2016                                                 | CUSIP: 452152B67<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     55000 | PA      | $54994.66     | 0.68%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                 | New York State Environmental Facilities Corp., Series 2024A                    | CUSIP: 64986DNY7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     30000 | PA      | $34143.05     | 0.42%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                            | City of Seattle, Series 2017C                                                  | CUSIP: 812643PV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31317.69     | 0.39%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | Commonwealth of Massachusetts, Series 2020B                                    | CUSIP: 57582RF50<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21996.16     | 0.27%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                   | Ohio Higher Educational Facility Commission, Series 2016                       | CUSIP: 67756DJV9<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24471.40     | 0.30%             | 2034-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                        | Georgia State Road & Tollway Authority, Series 2020                            | CUSIP: 37358MEH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15256.47     | 0.19%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                           | Virginia College Building Authority, Series 2021A                              | CUSIP: 92778VKX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26175.38     | 0.32%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2021B                                 | CUSIP: 709225CS3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22020.37     | 0.27%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Santa Clara CA                                                      | County of Santa Clara, Series 2017C                                            | CUSIP: 801546QR6<br>LEI: 254900JSVO2QQ5A3DV83 | Long             | DBT              | MUN               | US        |     20000 | PA      | $18348.44     | 0.23%             | 2039-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Maine                                                                | State of Maine, Series 2020B                                                   | CUSIP: 56052AE28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25419.10     | 0.31%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2018C                                                 | CUSIP: 64966MSX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     60000 | PA      | $63314.74     | 0.78%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                            | City of Chicago, Series 2015C                                                  | CUSIP: 167486XF1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |     60000 | PA      | $59998.10     | 0.74%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                             | Plano Independent School District, Series 2023                                 | CUSIP: 727199B91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $72769.09     | 0.90%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                | Empire State Development Corp., Series 2016A                                   | CUSIP: 650035U63<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25228.09     | 0.31%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                | Sales Tax Securitization Corp., Series 2020A                                   | CUSIP: 79467BCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $82152.51     | 1.01%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                      | County of Mecklenburg, Series 2017A                                            | CUSIP: 584002VT3<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |     40000 | PA      | $37073.92     | 0.46%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                            | State of Louisiana, Series 2016A                                               | CUSIP: 5464153T5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40894.50     | 0.50%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                | E-470 Public Highway Authority, Series 2020A                                   | CUSIP: 26822LMQ4<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37477.03     | 0.46%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                            | State of Louisiana, Series 2016B                                               | CUSIP: 5464152J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10208.13     | 0.13%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Corpus Christi Independent School District                                    | Corpus Christi Independent School District, Series 2019                        | CUSIP: 2201475Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16078.96     | 0.20%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                        | Lewisville Independent School District, Series 2020                            | CUSIP: 52882PEJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43191.41     | 0.53%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                      | University of California, Series 2024BV                                        | CUSIP: 91412HRT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $90666.42     | 1.12%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                | Washington Metropolitan Area Transit Authority, Series 2017B                   | CUSIP: 938782FP9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30998.68     | 0.38%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Contra Costa Transportation Authority Sales Tax Revenue                       | Contra Costa Transportation Authority, Series 2021A                            | CUSIP: 21221MFV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16290.98     | 0.20%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                  | Maricopa County Special Health Care District, Series 2018C                     | CUSIP: 56756TAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21174.78     | 0.26%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County Reorganized School District No. 7                              | Jackson County Reorganized School District No. 7, Series 2020                  | CUSIP: 467520XR8<br>LEI: 549300HKYX7HMV5CWZ34 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47054.30     | 0.58%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                             | State of New York, Series 2023B                                                | CUSIP: 649791SS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44850.70     | 0.55%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | State of Wisconsin, Series 2016-2                                              | CUSIP: 97705MEH4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25364.09     | 0.31%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No. 24J                                          | Salem-Keizer School District No. 24J, Series 2018                              | CUSIP: 569203ND0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21267.33     | 0.26%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                     | New Jersey Economic Development Authority, Series 2020A                        | CUSIP: 64577XAT3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38237.44     | 0.47%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN                     | Metropolitan Government of Nashville & Davidson County, Series 2016            | CUSIP: 592112RL2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15270.57     | 0.19%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                      | Lone Star College System, Series 2016                                          | CUSIP: 542264GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20169.77     | 0.25%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2019A                                              | CUSIP: 93974D4B1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26187.30     | 0.32%             | 2036-08-01      | 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        |     95000 | PA      | $106232.11    | 1.31%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue              | Washington Metropolitan Area Transit Authority, Series 2020A                   | CUSIP: 93878YAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21844.72     | 0.27%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | New Jersey Transportation Trust Fund Authority, Series 2018A                   | CUSIP: 6461363Q2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55838.60     | 0.69%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                        | State of West Virginia, Series 2019A                                           | CUSIP: 956553F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16273.64     | 0.20%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                | State of Texas, Series 2016A                                                   | CUSIP: 8827234K2<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25309.21     | 0.31%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                 | New York State Environmental Facilities Corp., Series 2023B                    | CUSIP: 64986DMV4<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     40000 | PA      | $46580.56     | 0.57%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                      | City of Portland, Series 2018A                                                 | CUSIP: 736742ZQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20118.27     | 0.25%             | 2036-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. R-IV Blue Springs                          | Jackson County School District No. R-IV Blue Springs, Series 2021A             | CUSIP: 467486XM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15134.65     | 0.19%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                              | Jacksonville Electric Authority, Series 2020A                                  | CUSIP: 46615SDJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $18765.17     | 0.23%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Grand River Dam Authority                                                     | Grand River Dam Authority, Series 2023                                         | CUSIP: 386442ZD2<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |     75000 | PA      | $82450.18     | 1.02%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                    | Southern California Public Power Authority, Series 2019-1                      | CUSIP: 84247PKZ3<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81527.22     | 1.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                 | State of Iowa, Series 2019A                                                    | CUSIP: 46257TEW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16070.97     | 0.20%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | State of Wisconsin, Series 2022A                                               | CUSIP: 97705MXL4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38682.93     | 0.48%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                 | New York State Environmental Facilities Corp., Series 2023B                    | CUSIP: 64986DMS1<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16831.69     | 0.21%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln NE Electric System Revenue                                    | City of Lincoln, Series 2018                                                   | CUSIP: 534272J59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36256.52     | 0.45%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Economic Development Authority                                 | Fairfax County Economic Development Authority, Series 2016                     | CUSIP: 30383BCE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80997.00     | 1.00%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                              | Jacksonville Electric Authority, Series 2017A                                  | CUSIP: 46613P3M6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26126.46     | 0.32%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Municipal Utility District                                         | Sacramento Municipal Utility District, Series 2020H                            | CUSIP: 786005C55<br>LEI: E3GSVR6ZOU1MX2V7HF33 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80885.00     | 1.00%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                  | City & County of Honolulu, Series 2015A                                        | CUSIP: 438670V99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.31%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2019E                                                 | CUSIP: 64966MR27<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48433.07     | 0.60%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2019E                                                 | CUSIP: 64966MR50<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21261.41     | 0.26%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue    | Los Angeles County Metropolitan Transportation Authority, Series 2021A         | CUSIP: 54466HLP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21304.27     | 0.26%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Irving Independent School District                                            | Irving Independent School District, Series 2023                                | CUSIP: 463813L86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42760.92     | 0.53%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                | State of Maryland, Series 2021A                                                | CUSIP: 574204S38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $23729.91     | 0.29%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                 | Loudoun County Economic Development Authority, Series 2020A                    | CUSIP: 54589SGH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $82830.79     | 1.02%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                           | California State Public Works Board, Series 2016C                              | CUSIP: 13068LZB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40788.94     | 0.50%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                          | District of Columbia, Series 2017                                              | CUSIP: 25484JCW8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77454.87     | 0.96%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                    | Metropolitan Water Reclamation District of Greater Chicago, Series 2021C       | CUSIP: 167560VV0<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22528.97     | 0.28%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County College District                                               | Tarrant County College District, Series 2022                                   | CUSIP: 87638KCW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56187.35     | 0.69%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                      | County of Mecklenburg, Series 2017A                                            | CUSIP: 584002VS5<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |     30000 | PA      | $28454.88     | 0.35%             | 2036-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Tampa Bay Water                                                               | Tampa Bay Water, Series 2016A                                                  | CUSIP: 875124GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30623.79     | 0.38%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica-Malibu Unified School District                                   | Santa Monica-Malibu Unified School District, Series 2023C                      | CUSIP: 802498A54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22090.07     | 0.27%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                                | Empire State Development Corp., Series 2023A                                   | CUSIP: 64985TEA5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |     50000 | PA      | $57570.73     | 0.71%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund            | Ohio Water Development Authority, Series 2020A                                 | CUSIP: 67766WYU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16457.76     | 0.20%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                           | Virginia College Building Authority, Series 2017C                              | CUSIP: 92778VEF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50057.90     | 0.62%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                      | University of California, Series 2024BV                                        | CUSIP: 91412HRU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33715.58     | 0.42%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Houston                                                         | University of Houston, Series 2017A                                            | CUSIP: 914302CE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20163.04     | 0.25%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                         | County of Hennepin, Series 2016B                                               | CUSIP: 425507EP1<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51211.49     | 0.63%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community College District                                        | Los Angeles Community College District, Series 2022L                           | CUSIP: 54438CZK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $17231.17     | 0.21%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Interim Finance Authority                                       | Nassau County Interim Finance Authority, Series 2024A                          | CUSIP: 631663SA0<br>LEI: 549300DP7LB76W78BR41 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33396.59     | 0.41%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                        | State of West Virginia, Series 2019A                                           | CUSIP: 956553H20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37253.20     | 0.46%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                      | State of Connecticut, Series 2024A2                                            | CUSIP: 207758U35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $52176.35     | 0.64%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                              | Jacksonville Electric Authority, Series 2020A                                  | CUSIP: 46615SDH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26915.94     | 0.33%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                       | State of North Carolina, Series 2019A                                          | CUSIP: 65829QDQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20738.77     | 0.26%             | 2033-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Deschutes Public Library District                                             | Deschutes Public Library District, Series 2021                                 | CUSIP: 250353BD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41906.09     | 0.52%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Fairfax VA                                                          | County of Fairfax, Series 2021A                                                | CUSIP: 30382AKU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25398.94     | 0.31%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                  | Maricopa County Special Health Care District, Series 2021D                     | CUSIP: 56756TBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22258.66     | 0.27%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                              | State of Georgia, Series 2022C                                                 | CUSIP: 373385LR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20232.06     | 0.25%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                             | Utah Telecommunication Open Infrastructure Agency, Series 2022                 | CUSIP: 91756SAL7<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |     50000 | PA      | $57061.38     | 0.70%             | 2033-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southeastern Pennsylvania Transportation Authority                            | Southeastern Pennsylvania Transportation Authority, Series 2022                | CUSIP: 842039FK0<br>LEI: 98450061A2F3FD36E493 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21809.38     | 0.27%             | 2039-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                        | Permanent University Fund - University of Texas System, Series 2025A           | CUSIP: 915130BR8<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20902.04     | 0.26%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 81 Spokane                                 | Spokane County School District No. 81 Spokane, Series 2021                     | CUSIP: 848712RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20980.63     | 0.26%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Insurance Assistance Interlocal Agency, Inc.                          | Florida Insurance Assistance Interlocal Agency, Inc., Series 2023A1            | CUSIP: 34074EAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81645.98     | 1.01%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No. 266 Maize                         | Sedgwick County Unified School District No. 266 Maize, Series 2019A            | CUSIP: 815670ND2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25468.39     | 0.31%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                            | State of Minnesota, Series 2020A                                               | CUSIP: 60412ATL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71838.40     | 0.89%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                               | Indianapolis Local Public Improvement Bond Bank, Series 2019A                  | CUSIP: 45528UYV7<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26866.85     | 0.33%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Solid Waste Resources Revenue                          | City of Los Angeles, Series 2023A                                              | CUSIP: 54463PER8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $84229.49     | 1.04%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County Reorganized School District No. 7                              | Jackson County Reorganized School District No. 7, Series 2020                  | CUSIP: 467520XQ0<br>LEI: 549300HKYX7HMV5CWZ34 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36681.79     | 0.45%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                | Black Belt Energy Gas District, Series 2025E                                   | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53889.29     | 0.66%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                   | North Carolina Municipal Power Agency No. 1, Series 2015A                      | CUSIP: 658203X33<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20117.25     | 0.25%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                         | Utility Debt Securitization Authority, Series 2023TE1                          | CUSIP: 91802RGE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $71256.51     | 0.88%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                          | Missouri Joint Municipal Electric Utility Commission, Series 2025              | CUSIP: 606092QA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64454.93     | 0.79%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Hempstead NY                                                          | Town of Hempstead, Series 2025A                                                | CUSIP: 424672V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15492.59     | 0.19%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                  | Clark County School District, Series 2023A                                     | CUSIP: 1810593G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $77969.30     | 0.96%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2017                                  | CUSIP: 709224E21<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10089.53     | 0.12%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2018A                                              | CUSIP: 93974DP93<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40955.24     | 0.51%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                  | District of Columbia, Series 2016A                                             | CUSIP: 254845MP2<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     65000 | PA      | $60860.10     | 0.75%             | 2037-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | Commonwealth of Massachusetts, Series 2019D                                    | CUSIP: 57582RXD3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $23660.96     | 0.29%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cypress-Fairbanks Independent School District                                 | Cypress-Fairbanks Independent School District, Series 2022A                    | CUSIP: 232769LK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25755.80     | 0.32%             | 2038-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | State of Ohio, Series 2016S                                                    | CUSIP: 677522KV5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35499.89     | 0.44%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                            | Conroe Independent School District, Series 2024                                | CUSIP: 2084183S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27341.68     | 0.34%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kern Community College District                                               | Kern Community College District, Series 2023E                                  | CUSIP: 492244HJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56008.57     | 0.69%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                      | State of Connecticut, Series 2024A2                                            | CUSIP: 207758U27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $23046.87     | 0.28%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue | Commonwealth of Massachusetts, Series 2016A                                    | CUSIP: 57583PGX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15248.96     | 0.19%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                        | State of West Virginia, Series 2018B                                           | CUSIP: 956553C82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15479.98     | 0.19%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Improvement Corp. of Los Angeles                                    | Municipal Improvement Corp. of Los Angeles, Series 2016B                       | CUSIP: 544587H68<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |     80000 | PA      | $80102.88     | 0.99%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue    | Los Angeles County Metropolitan Transportation Authority, Series 2021A         | CUSIP: 54466HKT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54613.59     | 0.67%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Parkways Authority                                              | West Virginia Parkways Authority, Series 2021                                  | CUSIP: 956510BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21638.07     | 0.27%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                      | University of California, Series 2022S                                         | CUSIP: 91412HLU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $23105.94     | 0.28%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2024D                                                 | CUSIP: 64966SCD6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27267.41     | 0.34%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                | Lower Colorado River Authority, Series 2022                                    | CUSIP: 54811BYM7<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53580.04     | 0.66%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                               | State of Hawaii, Series FN                                                     | CUSIP: 419792SJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31444.78     | 0.39%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water District of Southern California                            | Metropolitan Water District of Southern California, Series 2022B               | CUSIP: 59266TVM0<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49214.77     | 0.61%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NC Enterprise System Revenue                                  | County of Union, Series 2021                                                   | CUSIP: 906400FX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $18367.53     | 0.23%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Rosemount-Apple Valley-Eagan Independent School District No. 196              | Rosemount-Apple Valley-Eagan Independent School District No. 196, Series 2023A | CUSIP: 777594ZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27918.99     | 0.34%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Commissioner of Highways                                        | West Virginia Commissioner of Highways, Series 2017A                           | CUSIP: 95649ACN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52322.82     | 0.65%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | State of Ohio, Series 2025A                                                    | CUSIP: 677523JC7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21812.84     | 0.27%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Flood Control District                                          | Harris County Flood Control District, Series 2022A                             | CUSIP: 414019BM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49715.42     | 0.61%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                            | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021                | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |     90000 | PA      | $95817.32     | 1.18%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                        | Oklahoma Capitol Improvement Authority, Series 2016                            | CUSIP: 678514BR0<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20255.37     | 0.25%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                    | Michigan Finance Authority, Series 2016B                                       | CUSIP: 59447TNX7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40966.92     | 0.51%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                        | State of West Virginia, Series 2019A                                           | CUSIP: 956553G54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21500.87     | 0.27%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pueblo School District No. 60                                                 | Pueblo School District No. 60, Series 2020                                     | CUSIP: 744873GD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16337.30     | 0.20%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                    | Denver City & County School District No. 1, Series 2021                        | CUSIP: 249174XS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $18519.12     | 0.23%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Bay Area Rapid Transit District                                 | San Francisco Bay Area Rapid Transit District, Series 2019F1                   | CUSIP: 797661YZ2<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |     30000 | PA      | $27187.58     | 0.34%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                      | Auburn School District No. 408 of King & Pierce Counties, Series 2018          | CUSIP: 494619EK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57799.09     | 0.71%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii State Highway Fund                                            | State of Hawaii, Series 2016B                                                  | CUSIP: 41981CNR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30552.68     | 0.38%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma County Finance Authority                                             | Oklahoma County Finance Authority, Series 2024                                 | CUSIP: 67868UJJ3<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |     30000 | PA      | $34071.99     | 0.42%             | 2035-10-01      | 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