# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001918
**Filing Date:** 2026-5
**Character Count:** 98351
**Document Hash:** d81179780fbbb57cdb08daf0c32012ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001918.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001918

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 261034963

**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

### SHORT BOND FUND (Series ID: S000038896)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000119674 | SHORT BOND FUND | BSBAX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** Short Bond Fund

- **b. EDGAR series identifier (if any):** S000038896

- **c. LEI of Series:** 549300CM47D075J93239

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $188885181.10

**Total Liabilities:** $451564.80

**Net Assets:** $188433616.30

**Delayed Delivery Securities:** $200000.00

**Cash Not Reported:** $12.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 834.939462042980 | **1-Year:** 12368.981076536011 | **5-Year:** 11950.991244779531 | **10-Year:** 1914.275047096235 | **30-Year:** 0.000000000000

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

- **3-Month:** 128.451085021809 | **1-Year:** 1087.510274266277 | **5-Year:** 2076.151990843840 | **10-Year:** 619.624765587261 | **30-Year:** 541.260341622885

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000119674 | 0.37%                | 0.39%                | -0.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $147027.10               | $-140668.94                                |
| Month 2  | $276072.24               | $101901.06                                 |
| Month 3  | $94102.17                | $-1828773.91                               |

**Designated Index Information**

- **Index Name:** BBG Govt/Credit 1-3Y

- **Index Identifier:** LEH1-3YRGC

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FREDDIE MAC 3.0%                              | FREDDIE MAC 3.0%                              | CUSIP: 3128MMWH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    226113 | PA      | $219811.56    | 0.12%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 4.0%                               | FANNIE MAE 4.0%                               | CUSIP: 3140JAD70<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3221 | PA      | $3210.47      | 0.00%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM 5.15%                      | MARATHON PETROLEUM 5.15%                      | CUSIP: 56585ABK7<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |    545000 | PA      | $555892.36    | 0.30%             | 2030-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC 4.734%                         | NRG ENERGY INC 4.734%                         | CUSIP: 629377DA7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    400000 | PA      | $396110.60    | 0.21%             | 2030-10-15      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC 7.125%                     | CIPHER COMPUTE LLC 7.125%                     | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1036029.00   | 0.55%             | 2030-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: —       |
| EXETER AUTOMOBILE R 5.49%                     | EXETER AUTOMOBILE R 5.49%                     | CUSIP: 30167MAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    490000 | PA      | $494101.10    | 0.26%             | 2031-05-15      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL BUSIN 4.65%                     | INTERNATIONAL BUSIN 4.65%                     | CUSIP: 459200LF6<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402473.24    | 0.21%             | 2028-02-10      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SANTANDER BANK AUT 5.151%                     | SANTANDER BANK AUT 5.151%                     | CUSIP: 80290CCT9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $499415.95    | 0.27%             | 2034-01-16      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL 5.908%                      | BRAVO RESIDENTIAL 5.908%                      | CUSIP: 10569MAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1664720 | PA      | $1671280.37   | 0.89%             | 2064-12-25      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140X46K7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146895 | PA      | $144440.12    | 0.08%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140X5BW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    269243 | PA      | $263510.81    | 0.14%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SIMON PROP. GRP. LP 1.75%                     | SIMON PROP. GRP. LP 1.75%                     | CUSIP: 828807DL8<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $382638.18    | 0.20%             | 2028-02-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC 1.80%                            | 7-ELEVEN INC 1.80%                            | CUSIP: 817826AE0<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    386000 | PA      | $334139.30    | 0.18%             | 2031-02-10      | Fixed         | 1.80%                 | Yes           |                  2 | On Loan: No      |
| CDW LLC / CDW FIN. 2.67%                      | CDW LLC / CDW FIN. 2.67%                      | CUSIP: 12513GBG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1087170.48   | 0.58%             | 2026-12-01      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3132DQQ33<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    618416 | PA      | $625715.68    | 0.33%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATL. MT 2.50%                     | GOVERNMENT NATL. MT 2.50%                     | CUSIP: 38380FMH6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    267018 | PA      | $249256.13    | 0.13%             | 2046-08-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OW 1.91%                     | FORD CREDIT AUTO OW 1.91%                     | CUSIP: 345340AC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3455000 | PA      | $3451097.92   | 1.83%             | 2033-10-17      | Fixed         | 1.91%                 | Yes           |                  2 | On Loan: No      |
| BERRY GBL. INC 1.65%                          | BERRY GBL. INC 1.65%                          | CUSIP: 08576PAF8<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    950000 | PA      | $930120.20    | 0.49%             | 2027-01-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP 5.75%                       | HYATT HOTELS CORP 5.75%                       | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403502.97    | 0.21%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES IN 4.625%                     | UNITED AIRLINES IN 4.625%                     | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    875000 | PA      | $858483.41    | 0.46%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA CORP F2F                      | BANK OF AMERICA CORP F2F                      | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991645.40    | 0.53%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%                        | FREDDIE MAC POOL 5.00%                        | CUSIP: 3132DQPS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    651075 | PA      | $645016.22    | 0.34%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP. 8.25%                     | CLOUD SOFTWARE GRP. 8.25%                     | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    590000 | PA      | $559576.60    | 0.30%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC 3.0%                              | FREDDIE MAC 3.0%                              | CUSIP: 3128MMWB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     91740 | PA      | $89181.01     | 0.05%             | 2032-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTL. INC 4.125%                     | MONDELEZ INTL. INC 4.125%                     | CUSIP: 609207AM7<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1392781.92   | 0.74%             | 2028-05-07      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 3.875%                             | AIR CANADA 3.875%                             | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    320000 | PA      | $318404.99    | 0.17%             | 2026-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BANK 2021-BNK37 VAR                           | BANK 2021-BNK37 VAR                           | CUSIP: 06540LBF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1525000 | PA      | $1356973.37   | 0.72%             | 2064-11-15      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALT 5.25%                     | CHS/COMMUNITY HEALT 5.25%                     | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    675000 | PA      | $636175.58    | 0.34%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%                         | FANNIE MAE POOL 5.50%                         | CUSIP: 3140XLE38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    518247 | PA      | $522708.67    | 0.28%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO REC 5.27%                     | WORLD OMNI AUTO REC 5.27%                     | CUSIP: 98164HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    199027 | PA      | $200585.32    | 0.11%             | 2029-09-17      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| UNILEVER CAPITAL CO 3.50%                     | UNILEVER CAPITAL CO 3.50%                     | CUSIP: 904764BC0<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |    400000 | PA      | $395879.03    | 0.21%             | 2028-03-22      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE 1.00%                        | COCA-COLA CO/THE 1.00%                        | CUSIP: 191216DD9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    400000 | PA      | $377954.72    | 0.20%             | 2028-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PLC 5.75%                         | ROLLS-ROYCE PLC 5.75%                         | CUSIP: 77578JAC2<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |    810000 | PA      | $822697.28    | 0.44%             | 2027-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HSBC HLDGS. PLC F2F                           | HSBC HLDGS. PLC F2F                           | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    840000 | PA      | $849436.38    | 0.45%             | 2028-05-17      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CARRIER GBL. CORP 2.493%                      | CARRIER GBL. CORP 2.493%                      | CUSIP: 14448CAP9<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    950000 | PA      | $934808.27    | 0.50%             | 2027-02-15      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP 3.875%                           | NOVELIS CORP 3.875%                           | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $890649.50    | 0.47%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F                       | JPMORGAN CHASE & CO F2F                       | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $986315.41    | 0.52%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA FIN 7.875%                     | VISTAJET MALTA FIN 7.875%                     | CUSIP: 92840JAD1<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |   1000000 | PA      | $986981.40    | 0.52%             | 2027-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO F2F                       | JPMORGAN CHASE & CO F2F                       | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1709219.21   | 0.91%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN P VAR                     | PLAINS ALL AMERICAN P VAR                     | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |    525000 | PA      | $523776.65    | 0.28%             | 2049-12-31      | Floating      | 8.02%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT C 4.97%                     | FORD MOTOR CREDIT C 4.97%                     | CUSIP: 345397J20<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    600000 | PA      | $592597.45    | 0.31%             | 2029-04-06      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL 3.10%                     | PRINCIPAL FINANCIAL 3.10%                     | CUSIP: 74251VAM4<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992891.57    | 0.53%             | 2026-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| SIMON PPTY GROUP L3.25% 3                     | SIMON PPTY GROUP L3.25% 3                     | CUSIP: 828807CY1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995495.60    | 0.53%             | 2026-11-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAP. INC 4.375%                       | ASHTEAD CAP. INC 4.375%                       | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497087.15    | 0.26%             | 2027-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| WILLIS NORTH AMERIC 4.55%                     | WILLIS NORTH AMERIC 4.55%                     | CUSIP: 970648AP6<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |    490000 | PA      | $482811.01    | 0.26%             | 2031-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE. TS 5.234%                     | JP MORGAN MTGE. TS 5.234%                     | CUSIP: 46664DAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    535639 | PA      | $531154.02    | 0.28%             | 2065-05-25      | Variable      | 5.23%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HLDGS. FNDG. 4.20%                     | AVOLON HLDGS. FNDG. 4.20%                     | CUSIP: 05401ABE0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $490631.09    | 0.26%             | 2029-04-15      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 5.50%                     | FREDDIE MAC GOLD PO 5.50%                     | CUSIP: 3129405K1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     21683 | PA      | $22311.85     | 0.01%             | 2040-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140J9SF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    194246 | PA      | $190775.58    | 0.10%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC 6.375%                            | NETFLIX INC 6.375%                            | CUSIP: 64110LAX4<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    825000 | PA      | $874271.67    | 0.46%             | 2029-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OPE 5.125%                     | PUBLIC STORAGE OPE 5.125%                     | CUSIP: 74460WAF4<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | DBT              | CORP              | US        |    825000 | PA      | $844590.21    | 0.45%             | 2029-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.54%                     | SYNCHRONY CARD FNDG 5.54%                     | CUSIP: 87166PAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $180709.07    | 0.10%             | 2029-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERI 5.275%                     | HYUNDAI CAP. AMERI 5.275%                     | CUSIP: 44891ADB0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1351322.92   | 0.72%             | 2027-06-24      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE CAP. COR 4.20%                     | JOHN DEERE CAP. COR 4.20%                     | CUSIP: 24422EXV6<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    570000 | PA      | $571792.34    | 0.30%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| SANTANDER COMMER. 5.3078%                     | SANTANDER COMMER. 5.3078%                     | CUSIP: 78398LAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $903492.09    | 0.48%             | 2028-04-15      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%                         | FANNIE MAE POOL 3.50%                         | CUSIP: 3140J5LV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    232079 | PA      | $228940.97    | 0.12%             | 2032-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%                        | FREDDIE MAC POOL 3.00%                        | CUSIP: 3132CWCV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    535687 | PA      | $526280.16    | 0.28%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.5%                               | FANNIE MAE 3.5%                               | CUSIP: 3140X5BT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    249730 | PA      | $245902.84    | 0.13%             | 2033-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 3.0%                              | FREDDIE MAC 3.0%                              | CUSIP: 3132CWGY4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    169218 | PA      | $166460.42    | 0.09%             | 2032-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140EBJU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    240989 | PA      | $235933.49    | 0.13%             | 2031-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 5.55%                               | ONEOK INC 5.55%                               | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2222808.17   | 1.18%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO 5.95%                      | MERCEDES-BENZ AUTO 5.95%                      | CUSIP: 58769FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    269718 | PA      | $272476.16    | 0.14%             | 2028-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ADOBE INC 4.75%                               | ADOBE INC 4.75%                               | CUSIP: 00724PAH2<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | DBT              | CORP              | US        |    825000 | PA      | $835112.21    | 0.44%             | 2028-01-17      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLS AUTO RECEIVABLE 5.53%                     | GLS AUTO RECEIVABLE 5.53%                     | CUSIP: 37989AAL8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1985000 | PA      | $2009308.91   | 1.07%             | 2031-02-18      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| AIR LEASE CORP F2V                            | AIR LEASE CORP F2V                            | CUSIP: 00912XBQ6<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    650000 | PA      | $626045.42    | 0.33%             | 2049-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CNH INDL. CAP. LLC 4.50%                      | CNH INDL. CAP. LLC 4.50%                      | CUSIP: 12592BAT1<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |    480000 | PA      | $479788.67    | 0.25%             | 2027-10-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PA 5.75%                     | ANTERO MIDSTREAM PA 5.75%                     | CUSIP: 03690AAN6<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |    340000 | PA      | $335046.79    | 0.18%             | 2034-07-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TEVA PHARM. FIN. NE 5.75%                     | TEVA PHARM. FIN. NE 5.75%                     | CUSIP: 881937AA4<br>LEI: 549300GKSD1RG56QRY33 | Long             | DBT              | CORP              | NL        |   1030000 | PA      | $1043071.73   | 0.55%             | 2030-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MSRW 2025-CC PAS 5.89372%                     | MSRW 2025-CC PAS 5.89372%                     | CUSIP: 55361BAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1576476 | PA      | $1560310.07   | 0.83%             | 2030-08-15      | Fixed         | 5.89%                 | Yes           |                  2 | On Loan: No      |
| BLOCK INC 6.00%                               | BLOCK INC 6.00%                               | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    675000 | PA      | $663851.38    | 0.35%             | 2033-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| HF SINCLAIR CORP 5.75%                        | HF SINCLAIR CORP 5.75%                        | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    650000 | PA      | $664134.48    | 0.35%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 2.65%                             | ORACLE CORP 2.65%                             | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $994556.54    | 0.53%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| HUDSON YARDS 2016- 2.835%                     | HUDSON YARDS 2016- 2.835%                     | CUSIP: 44421LAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    660000 | PA      | $654965.72    | 0.35%             | 2038-08-10      | Fixed         | 2.83%                 | Yes           |                  2 | On Loan: No      |
| HSBC HLDGS. PLC F2F                           | HSBC HLDGS. PLC F2F                           | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $502438.32    | 0.27%             | 2027-08-14      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH I 9.875%                     | LIFEPOINT HEALTH I 9.875%                     | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1057512.00   | 0.56%             | 2030-08-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER MTGE. AS 5.852%                     | SANTANDER MTGE. AS 5.852%                     | CUSIP: 80263AAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    602494 | PA      | $604808.84    | 0.32%             | 2065-05-25      | Variable      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| BLOCK INC 5.625%                              | BLOCK INC 5.625%                              | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    335000 | PA      | $333148.82    | 0.18%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC 2.5%                              | FREDDIE MAC 2.5%                              | CUSIP: 3132A7NE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     60616 | PA      | $59736.68     | 0.03%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VULCAN MATS. CO 4.95%                         | VULCAN MATS. CO 4.95%                         | CUSIP: 929160BB4<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | DBT              | CORP              | US        |    260000 | PA      | $263951.18    | 0.14%             | 2029-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVS. INC 5.00%                     | REPUBLIC SERVS. INC 5.00%                     | CUSIP: 760759BJ8<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |    485000 | PA      | $495478.16    | 0.26%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM16 TRUS 5.53%                     | OBX 2024-NQM16 TRUS 5.53%                     | CUSIP: 67120GAA6<br>LEI: 549300JK5TDDSAIKZ665 | Long             | ABS-O            | CORP              | US        |    393536 | PA      | $394903.60    | 0.21%             | 2064-10-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| MASTERCARD INC 4.55%                          | MASTERCARD INC 4.55%                          | CUSIP: 57636QBF0<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403630.68    | 0.21%             | 2028-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CISCO SYS. INC 4.55%                          | CISCO SYS. INC 4.55%                          | CUSIP: 17275RBW1<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    630000 | PA      | $636372.88    | 0.34%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: —       |
| DOMINION ENERGY INC 4.60%                     | DOMINION ENERGY INC 4.60%                     | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    640000 | PA      | $642013.08    | 0.34%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.86%                     | WESTLAKE AUTOMOBILE 4.86%                     | CUSIP: 96043LAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $302228.46    | 0.16%             | 2030-05-15      | Fixed         | 4.86%                 | Yes           |                  2 | On Loan: No      |
| RESEARCH-DRIVEN PA 5.093%                     | RESEARCH-DRIVEN PA 5.093%                     | CUSIP: 76100JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1800000 | PA      | $1794863.34   | 0.95%             | 2034-08-25      | Fixed         | 5.09%                 | Yes           |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAY 4.15%                     | BANCO BILBAO VIZCAY 4.15%                     | CUSIP: 05946KAT8<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $395341.55    | 0.21%             | 2029-03-03      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN COR 4.25%                     | PARKER-HANNIFIN COR 4.25%                     | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1540627.67   | 0.82%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVAB 4.52%                     | DRIVE AUTO RECEIVAB 4.52%                     | CUSIP: 26207AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    896000 | PA      | $897733.76    | 0.48%             | 2029-07-16      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC 4.95%                     | DELTA AIR LINES INC 4.95%                     | CUSIP: 247361A24<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    850000 | PA      | $853128.28    | 0.45%             | 2028-07-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ALLY FINL. INC F2F                            | ALLY FINL. INC F2F                            | CUSIP: 02005NBW9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    355000 | PA      | $357377.65    | 0.19%             | 2031-01-17      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 5.50%                         | FANNIE MAE POOL 5.50%                         | CUSIP: 31418NAR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11699 | PA      | $12022.69     | 0.01%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA POOL #BC0266 3.5% 02                     | FNMA POOL #BC0266 3.5% 02                     | CUSIP: 3140EUJL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    223364 | PA      | $220531.75    | 0.12%             | 2031-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.15%                     | WESTLAKE AUTOMOBILE 5.15%                     | CUSIP: 96043LAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $606704.76    | 0.32%             | 2030-11-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| ECOLAB INC 4.30%                              | ECOLAB INC 4.30%                              | CUSIP: 278865BQ2<br>LEI: 82DYEISM090VG8LTLS26 | Long             | DBT              | CORP              | US        |    710000 | PA      | $711709.79    | 0.38%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140J86X6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    221816 | PA      | $219403.83    | 0.12%             | 2030-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%                        | FREDDIE MAC POOL 3.00%                        | CUSIP: 3132CWGZ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    453978 | PA      | $442988.51    | 0.24%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140X5DB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181857 | PA      | $177958.63    | 0.09%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 2.5%                               | FANNIE MAE 2.5%                               | CUSIP: 3140EVTX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    154415 | PA      | $148986.02    | 0.08%             | 2031-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC REMICS 3.50%                      | FREDDIE MAC REMICS 3.50%                      | CUSIP: 3137FHR70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    200717 | PA      | $196087.97    | 0.10%             | 2047-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP. 6.10%                     | AERCAP IRELAND CAP. 6.10%                     | CUSIP: 00774MBD6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    950000 | PA      | $960343.90    | 0.51%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PNC FINL. SERVS. GRP. F2F                     | PNC FINL. SERVS. GRP. F2F                     | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    635000 | PA      | $642309.54    | 0.34%             | 2027-10-20      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL F2F                       | SYNCHRONY FINANCIAL F2F                       | CUSIP: 87165BAV5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177807.85    | 0.09%             | 2030-08-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL. S 4.40%                     | CATERPILLAR FINL. S 4.40%                     | CUSIP: 14913UAR1<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1281000.90   | 0.68%             | 2027-10-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| UNILEVER CAP. CORP 4.25%                      | UNILEVER CAP. CORP 4.25%                      | CUSIP: 904764BU0<br>LEI: MYF1DAS6G5WY7PRWCU78 | Long             | DBT              | CORP              | US        |    420000 | PA      | $421247.31    | 0.22%             | 2027-08-12      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GRP. OF 4.85%                      | VOLKSWAGEN GRP. OF 4.85%                      | CUSIP: 928668CX8<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    700000 | PA      | $693598.65    | 0.37%             | 2030-09-11      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| SYSCO CORP 5.10%                              | SYSCO CORP 5.10%                              | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |    475000 | PA      | $478774.63    | 0.25%             | 2030-09-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| WASTE MGT. INC 4.50%                          | WASTE MGT. INC 4.50%                          | CUSIP: 94106LCB3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402608.54    | 0.21%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 2.5%                              | FREDDIE MAC 2.5%                              | CUSIP: 31329LDL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18045 | PA      | $17804.28     | 0.01%             | 2028-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%                        | FREDDIE MAC POOL 2.50%                        | CUSIP: 3132A9T80<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    528607 | PA      | $506311.44    | 0.27%             | 2032-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC 3.0%                              | FREDDIE MAC 3.0%                              | CUSIP: 3131XDCF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    248341 | PA      | $241048.69    | 0.13%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC 4.65%                              | ABBVIE INC 4.65%                              | CUSIP: 00287YDY2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1967750.77   | 1.04%             | 2028-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT TST 5.688%                     | PAGAYA AI DEBT TST 5.688%                     | CUSIP: 69547DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    759973 | PA      | $763228.71    | 0.41%             | 2033-01-17      | Fixed         | 5.69%                 | Yes           |                  2 | On Loan: No      |
| ZEBRA TECHS. CORP 6.50%                       | ZEBRA TECHS. CORP 6.50%                       | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1006816.00   | 0.53%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ELI LILLY & CO 4.15%                          | ELI LILLY & CO 4.15%                          | CUSIP: 532457CP1<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    480000 | PA      | $480604.32    | 0.26%             | 2027-08-14      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BX COMMER. MTGE. TST. FRN                     | BX COMMER. MTGE. TST. FRN                     | CUSIP: 05608BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235490 | PA      | $234312.27    | 0.12%             | 2034-04-15      | Floating      | 4.72%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON INGALLS 5.353%                     | HUNTINGTON INGALLS 5.353%                     | CUSIP: 446413BA3<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173298.06    | 0.09%             | 2030-01-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRA 6.259%                     | PAGAYA AI DEBT GRA 6.259%                     | CUSIP: 69548TAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    492556 | PA      | $494385.41    | 0.26%             | 2032-02-16      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABOBA 3.75%                     | COOPERATIEVE RABOBA 3.75%                     | CUSIP: 21684AAF3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   1600000 | PA      | $1596499.52   | 0.85%             | 2026-07-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FIN. CORP 5.375%                      | ONEMAIN FIN. CORP 5.375%                      | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    675000 | PA      | $650911.28    | 0.35%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NTT FIN. CORP 4.876%                          | NTT FIN. CORP 4.876%                          | CUSIP: 62954WAS4<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    600000 | PA      | $603793.05    | 0.32%             | 2030-07-16      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP 4.45%                             | ORACLE CORP 4.45%                             | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1069686.33   | 0.57%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.50%                        | FREDDIE MAC POOL 6.50%                        | CUSIP: 3132DPE87<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    502246 | PA      | $522095.06    | 0.28%             | 2052-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO F2F                       | AMERICAN EXPRESS CO F2F                       | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1185000 | PA      | $1195199.41   | 0.63%             | 2028-07-26      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| SEASONED LOANS STRU 2.75%                     | SEASONED LOANS STRU 2.75%                     | CUSIP: 35564CCZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    581004 | PA      | $556815.42    | 0.30%             | 2029-09-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%                        | FREDDIE MAC POOL 2.50%                        | CUSIP: 3132CWC69<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1444503 | PA      | $1390999.70   | 0.74%             | 2031-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA F2F                        | CREDIT AGRICOLE SA F2F                        | CUSIP: 22535WAL1<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1430000 | PA      | $1429585.74   | 0.76%             | 2028-09-11      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| PACCAR FINL. CORP 4.00%                       | PACCAR FINL. CORP 4.00%                       | CUSIP: 69371RT48<br>LEI: PH3S12DWZBHHQKVYZ297 | Long             | DBT              | CORP              | US        |    460000 | PA      | $457008.19    | 0.24%             | 2029-09-26      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3133KQ2M7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    651254 | PA      | $661040.24    | 0.35%             | 2053-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GRP. FRN                       | LLOYDS BANKING GRP. FRN                       | CUSIP: 53944YAY9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1690000 | PA      | $1703249.90   | 0.90%             | 2028-01-05      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| TALLGRASS ENERGY P 7.375%                     | TALLGRASS ENERGY P 7.375%                     | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1028737.00   | 0.55%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| RESEARCH-DRIVEN PAG 6.52%                     | RESEARCH-DRIVEN PAG 6.52%                     | CUSIP: 76100KAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1281000 | PA      | $1267776.75   | 0.67%             | 2035-01-25      | None          | 6.52%                 | Yes           |                  2 | On Loan: No      |
| DEPOSITORY TST. CO/ 4.55%                     | DEPOSITORY TST. CO/ 4.55%                     | CUSIP: 249672AA4<br>LEI: 549300HBJLRO8YFMI370 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250512.83    | 0.13%             | 2031-03-27      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| CSX CORP 3.80%                                | CSX CORP 3.80%                                | CUSIP: 126408HJ5<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    400000 | PA      | $396381.60    | 0.21%             | 2028-03-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%                        | FREDDIE MAC POOL 3.00%                        | CUSIP: 3132CWLJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    467802 | PA      | $458614.66    | 0.24%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE 5.70%                     | EXTRA SPACE STORAGE 5.70%                     | CUSIP: 30225VAJ6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1439684.91   | 0.76%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MGT. 6.271%                     | ELEMENT FLEET MGT. 6.271%                     | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1052735.03   | 0.56%             | 2026-06-26      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 6.00%                        | FREDDIE MAC POOL 6.00%                        | CUSIP: 3132DP6A1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    587267 | PA      | $606683.39    | 0.32%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HONDA AUTO RECEIVAB 5.21%                     | HONDA AUTO RECEIVAB 5.21%                     | CUSIP: 437918AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    219337 | PA      | $220804.85    | 0.12%             | 2028-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.04%                     | SYNCHRONY CARD FNDG 5.04%                     | CUSIP: 87166PAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    236000 | PA      | $238064.74    | 0.13%             | 2030-03-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & CO F2F                          | WELLS FARGO & CO F2F                          | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    840000 | PA      | $850835.52    | 0.45%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP 5.05%                           | AMPHENOL CORP 5.05%                           | CUSIP: 032095AN1<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    410000 | PA      | $413041.71    | 0.22%             | 2027-04-05      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC 4.65%                          | SALESFORCE INC 4.65%                          | CUSIP: 79466LAR5<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    813000 | PA      | $814683.65    | 0.43%             | 2029-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC 4.00%                          | AMAZON.COM INC 4.00%                          | CUSIP: 023135DC7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1492417.58   | 0.79%             | 2029-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC GOLD PO 2.50%                     | FREDDIE MAC GOLD PO 2.50%                     | CUSIP: 31294NZZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     76225 | PA      | $75212.41     | 0.04%             | 2028-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMCC COMMER. MTG 3.3861%                     | JPMCC COMMER. MTG 3.3861%                     | CUSIP: 46591EAT4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3780000 | PA      | $3568307.15   | 1.89%             | 2052-06-13      | Variable      | 3.39%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%                         | FANNIE MAE POOL 3.00%                         | CUSIP: 3140X6VA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    436971 | PA      | $429281.24    | 0.23%             | 2032-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINANCI 1.10%                     | CATERPILLAR FINANCI 1.10%                     | CUSIP: 14913R2G1<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    400000 | PA      | $383847.96    | 0.20%             | 2027-09-14      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| MANUFACTURERS & TRA 4.70%                     | MANUFACTURERS & TRA 4.70%                     | CUSIP: 55279HAW0<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402356.02    | 0.21%             | 2028-01-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC 2.45%                          | S&P GLOBAL INC 2.45%                          | CUSIP: 78409VBH6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    825000 | PA      | $811849.41    | 0.43%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| FNMA 5% 06/01/2014                            | FNMA 5% 06/01/2014                            | CUSIP: 3138AG2D9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41898 | PA      | $42343.98     | 0.02%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE 3.0%                               | FANNIE MAE 3.0%                               | CUSIP: 3140JAKW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16384 | PA      | $16211.66     | 0.01%             | 2029-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING I 4.75%                     | GRAPHIC PACKAGING I 4.75%                     | CUSIP: 38869AAA5<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1170116.08   | 0.62%             | 2027-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%                         | FANNIE MAE POOL 4.50%                         | CUSIP: 3140X4V45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    541215 | PA      | $531770.63    | 0.28%             | 2049-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLGATE-PALMOLIVE C 4.60%                     | COLGATE-PALMOLIVE C 4.60%                     | CUSIP: 194162AR4<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | DBT              | CORP              | US        |    400000 | PA      | $405359.07    | 0.22%             | 2028-03-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ASTRAZENECA FIN. L 4.875%                     | ASTRAZENECA FIN. L 4.875%                     | CUSIP: 04636NAF0<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    400000 | PA      | $406136.10    | 0.22%             | 2028-03-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| FREDDIE MAC POOL 5.00%                        | FREDDIE MAC POOL 5.00%                        | CUSIP: 3132DQG75<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    815258 | PA      | $810292.96    | 0.43%             | 2053-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3132DQKL9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    788143 | PA      | $799062.75    | 0.42%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 4.50%                         | FANNIE MAE POOL 4.50%                         | CUSIP: 3140XLDY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    596634 | PA      | $580985.03    | 0.31%             | 2051-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC 6.25%                               | IQVIA INC 6.25%                               | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2208589.00   | 1.17%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FI 7.625%                     | CRESCENT ENERGY FI 7.625%                     | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |    275000 | PA      | $279077.98    | 0.15%             | 2032-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.50%                        | FREDDIE MAC POOL 5.50%                        | CUSIP: 3132DQPV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    639165 | PA      | $649904.26    | 0.34%             | 2053-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA F2V                       | SOCIETE GENERALE SA F2V                       | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1006657.02   | 0.53%             | 2028-01-19      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC F2F                              | BARCLAYS PLC F2F                              | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1280000 | PA      | $1292052.68   | 0.69%             | 2028-03-12      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD 8.25%                        | TASEKO MINES LTD 8.25%                        | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    680000 | PA      | $708940.80    | 0.38%             | 2030-05-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 7.50%                         | FANNIE MAE POOL 7.50%                         | CUSIP: 31385XH26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1896 | PA      | $1927.52      | 0.00%             | 2032-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC F2F                         | NATWEST GROUP PLC F2F                         | CUSIP: 780097BG5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $402795.44    | 0.21%             | 2029-05-18      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| EDWARDS LIFESCIENCE 4.30%                     | EDWARDS LIFESCIENCE 4.30%                     | CUSIP: 28176EAD0<br>LEI: YA13X31F3V31L8TMPR58 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1138773.06   | 0.60%             | 2028-06-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MEDTRONIC GBL. HLDG 4.25%                     | MEDTRONIC GBL. HLDG 4.25%                     | CUSIP: 58507LBB4<br>LEI: 549300JXMTTP8GKYIX14 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $400798.64    | 0.21%             | 2028-03-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP/T F2F                     | CHARLES SCHWAB CORP/T F2F                     | CUSIP: 808513CD5<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    400000 | PA      | $410980.10    | 0.22%             | 2029-05-19      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER 4.60%                      | ARTHUR J GALLAGHER 4.60%                      | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1233374.60   | 0.65%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HCA INC 5.00%                                 | HCA INC 5.00%                                 | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    560000 | PA      | $565491.67    | 0.30%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN COR 4.45%                     | LOCKHEED MARTIN COR 4.45%                     | CUSIP: 539830BZ1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    825000 | PA      | $829912.03    | 0.44%             | 2028-05-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.96%                     | JOHN DEERE OWNER TS 4.96%                     | CUSIP: 47800RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    252860 | PA      | $254334.62    | 0.13%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GRP. HLD F2F                     | SANTANDER UK GRP. HLD F2F                     | CUSIP: 80281LAX3<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    600000 | PA      | $594372.17    | 0.32%             | 2029-09-22      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIV 5.48%                     | CARVANA AUTO RECEIV 5.48%                     | CUSIP: 14688YAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1324384.75   | 0.70%             | 2031-11-10      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 3.00%                        | FREDDIE MAC POOL 3.00%                        | CUSIP: 3132A9RT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    304745 | PA      | $297349.26    | 0.16%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC POOL 5.00%                        | FREDDIE MAC POOL 5.00%                        | CUSIP: 3132DPS74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    710037 | PA      | $717560.33    | 0.38%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BMW VEHICLE LEASE T 5.00%                     | BMW VEHICLE LEASE T 5.00%                     | CUSIP: 05611UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $702093.84    | 0.37%             | 2027-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DRIVE AUTO RECEIVAB 5.31%                     | DRIVE AUTO RECEIVAB 5.31%                     | CUSIP: 26208WAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    512401 | PA      | $513911.05    | 0.27%             | 2029-01-16      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.00%                         | FANNIE MAE POOL 3.00%                         | CUSIP: 31418CNG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    123238 | PA      | $119669.87    | 0.06%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GENERAL DYNAMICS CO 3.75%                     | GENERAL DYNAMICS CO 3.75%                     | CUSIP: 369550BC1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397439.09    | 0.21%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CARDINAL HEALTH INC 4.70%                     | CARDINAL HEALTH INC 4.70%                     | CUSIP: 14149YBQ0<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1131972.20   | 0.60%             | 2026-11-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CENCORA INC 4.625%                            | CENCORA INC 4.625%                            | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    410000 | PA      | $411422.29    | 0.22%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC 7.50%                          | BOMBARDIER INC 7.50%                          | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $519158.50    | 0.28%             | 2029-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GRP. P F2V                     | LLOYDS BANKING GRP. P F2V                     | CUSIP: 539439AX7<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   1650000 | PA      | $1690765.68   | 0.90%             | 2029-03-06      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| GENERAL MILLS INC 4.70%                       | GENERAL MILLS INC 4.70%                       | CUSIP: 370334CX0<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380525.30    | 0.20%             | 2027-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO REC 4.86%                     | WORLD OMNI AUTO REC 4.86%                     | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220119 | PA      | $221069.10    | 0.12%             | 2029-03-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC 4.80%                              | ABBVIE INC 4.80%                              | CUSIP: 00287YDR7<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1185952.68   | 0.63%             | 2027-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NATWEST GRP. PLC F2V                          | NATWEST GRP. PLC F2V                          | CUSIP: 639057AL2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    840000 | PA      | $848299.29    | 0.45%             | 2028-03-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP 6.25%                         | FAIR ISAAC CORP 6.25%                         | CUSIP: 303250AJ3<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1003203.25   | 0.53%             | 2034-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| EATON CORP 4.20%                              | EATON CORP 4.20%                              | CUSIP: 278058DX7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197106.31    | 0.10%             | 2031-03-06      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INS. C 4.748%                     | NIPPON LIFE INS. C 4.748%                     | CUSIP: 654579AQ4<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $200500.42    | 0.11%             | 2031-04-02      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CITADEL LP 6.00%                              | CITADEL LP 6.00%                              | CUSIP: 17288XAD6<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    425000 | PA      | $437515.34    | 0.23%             | 2030-01-23      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CARGILL INC 4.625%                            | CARGILL INC 4.625%                            | CUSIP: 141781CE2<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1007822.25   | 0.53%             | 2028-02-11      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| DTE ENERGY CO 5.20%                           | DTE ENERGY CO 5.20%                           | CUSIP: 233331BN6<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    800000 | PA      | $815892.00    | 0.43%             | 2030-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FNDG. MTGE. VAR                     | PROVIDENT FNDG. MTGE. VAR                     | CUSIP: 74389DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    511349 | PA      | $511556.75    | 0.27%             | 2055-06-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SFS AUTO RECEIVABLE 4.44%                     | SFS AUTO RECEIVABLE 4.44%                     | CUSIP: 78398HAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    480000 | PA      | $481412.16    | 0.26%             | 2030-12-20      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| MSRW 2025-CC PAS 6.65052%                     | MSRW 2025-CC PAS 6.65052%                     | CUSIP: 55361BAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $790805.60    | 0.42%             | 2030-08-15      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE 2.5%                               | FANNIE MAE 2.5%                               | CUSIP: 3140FKSC5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    469442 | PA      | $452161.59    | 0.24%             | 2031-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATL. MT 5.00%                     | GOVERNMENT NATL. MT 5.00%                     | CUSIP: 38385CB31<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |     25915 | PA      | $25996.94     | 0.01%             | 2054-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION B 3.913%                     | TORONTO-DOMINION B 3.913%                     | CUSIP: 89115KAK6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   1475000 | PA      | $1464442.47   | 0.78%             | 2028-01-13      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| SOTHEBY S ARTFI MAS 4.80%                     | SOTHEBY S ARTFI MAS 4.80%                     | CUSIP: 83589DAA4<br>LEI: 549300P5BAAMQQ7VL735 | Long             | ABS-O            | CORP              | US        |    243000 | PA      | $242621.87    | 0.13%             | 2033-06-20      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| ALPHABET INC 4.10%                            | ALPHABET INC 4.10%                            | CUSIP: 02079KBK2<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    490000 | PA      | $486595.01    | 0.26%             | 2031-02-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEV 4.319%                     | ADVANCED MICRO DEV 4.319%                     | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402527.45    | 0.21%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN. USA 4.50%                      | RIO TINTO FIN. USA 4.50%                      | CUSIP: 76720AAR7<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    850000 | PA      | $854047.10    | 0.45%             | 2028-03-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CUMMINS INC 4.25%                             | CUMMINS INC 4.25%                             | CUSIP: 231021AY2<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175247.08    | 0.09%             | 2028-05-09      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ZIMMER BIOMET HLDGS 4.70%                     | ZIMMER BIOMET HLDGS 4.70%                     | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |    950000 | PA      | $952777.41    | 0.51%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL 4.125%                     | PHILIP MORRIS INTL 4.125%                     | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399336.90    | 0.21%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION ENERG 3.90%                     | CONSTELLATION ENERG 3.90%                     | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    430000 | PA      | $426542.09    | 0.23%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLS. B 5.70%                     | APOLLO DEBT SOLS. B 5.70%                     | CUSIP: 03770DAL7<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    900000 | PA      | $877974.03    | 0.47%             | 2031-01-23      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP 4.55%                             | ORACLE CORP 4.55%                             | CUSIP: 68389XDW2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1234202.16   | 0.65%             | 2029-02-04      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL C 4.00%                     | SAUDI ARABIAN OIL C 4.00%                     | CUSIP: 80415RAB7<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    390000 | PA      | $381815.46    | 0.20%             | 2029-02-02      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PK ALIFT LOAN FNDG 4.999%                     | PK ALIFT LOAN FNDG 4.999%                     | CUSIP: 72585CAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $246700.35    | 0.13%             | 2043-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BLACK PEARL COMPUT 6.125%                     | BLACK PEARL COMPUT 6.125%                     | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40711.88     | 0.02%             | 2031-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GS MTGE. SECS. TS 1.3666%                     | GS MTGE. SECS. TS 1.3666%                     | CUSIP: 36263UAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    348857 | PA      | $343505.67    | 0.18%             | 2054-12-15      | Fixed         | 1.37%                 | Yes           |                  2 | On Loan: No      |
| AERCAP IRELAND CAP 4.125%                     | AERCAP IRELAND CAP 4.125%                     | CUSIP: 00774MBT1<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    400000 | PA      | $394589.03    | 0.21%             | 2029-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| JABIL INC 4.20%                               | JABIL INC 4.20%                               | CUSIP: 46656PAC8<br>LEI: 5493000CGCQY2OQU7669 | Long             | DBT              | CORP              | US        |    550000 | PA      | $543327.90    | 0.29%             | 2029-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GE VERNOVA INC 4.25%                          | GE VERNOVA INC 4.25%                          | CUSIP: 36828AAA9<br>LEI: 254900DP080RU6OK2553 | Long             | DBT              | CORP              | US        |    410000 | PA      | $405342.25    | 0.22%             | 2031-02-04      | Fixed         | 4.25%                 | No            |                  2 | On Loan: —       |
| HUNTINGTON NATL. BANK F2F                     | HUNTINGTON NATL. BANK F2F                     | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501690.10    | 0.27%             | 2028-04-12      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| TYCO ELECTNCS. GRP. 4.50%                     | TYCO ELECTNCS. GRP. 4.50%                     | CUSIP: 902133BC0<br>LEI: C33G1C5SYE2YM95EE712 | Long             | DBT              | CORP              | LU        |    420000 | PA      | $418924.64    | 0.22%             | 2031-02-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INSTALLED BLDG. PR 5.625%                     | INSTALLED BLDG. PR 5.625%                     | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92700.62     | 0.05%             | 2034-02-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CITIZENS BANK NA/PROV F2F                     | CITIZENS BANK NA/PROV F2F                     | CUSIP: 75524KSA3<br>LEI: DRMSV1Q0EKMEXLAU1P80 | Long             | DBT              | CORP              | US        |    675000 | PA      | $670763.23    | 0.36%             | 2029-01-29      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC NON GOLD FRN                      | FREDDIE MAC NON GOLD FRN                      | CUSIP: 3128JN4B8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     25108 | PA      | $25890.32     | 0.01%             | 2037-10-01      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| FS COMMER. MTGE. TST. VAR                     | FS COMMER. MTGE. TST. VAR                     | CUSIP: 30334RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1220000 | PA      | $1233780.51   | 0.65%             | 2039-11-10      | Variable      | 7.54%                 | Yes           |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.89%                     | EXETER AUTOMOBILE R 5.89%                     | CUSIP: 30168JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456000 | PA      | $462235.30    | 0.25%             | 2031-07-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| DELL INTL. LLC / EM 4.75%                     | DELL INTL. LLC / EM 4.75%                     | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    990000 | PA      | $996957.24    | 0.53%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LPL HLDGS. INC 4.90%                          | LPL HLDGS. INC 4.90%                          | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1253711.34   | 0.67%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GBL. 4.40%                      | NEW YORK LIFE GBL. 4.40%                      | CUSIP: 64953BBW7<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1353282.21   | 0.72%             | 2028-04-25      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| FS COMMER. MTGE. TST. VAR                     | FS COMMER. MTGE. TST. VAR                     | CUSIP: 30334RAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $809495.04    | 0.43%             | 2039-11-10      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| NUTRIEN LTD 5.25%                             | NUTRIEN LTD 5.25%                             | CUSIP: 67077MBF4<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    610000 | PA      | $622613.44    | 0.33%             | 2032-03-12      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STORE CAP. LLC 5.40%                          | STORE CAP. LLC 5.40%                          | CUSIP: 862123AB2<br>LEI: 254900Z9PIEFQ6AYXK50 | Long             | DBT              | CORP              | US        |    705000 | PA      | $708246.57    | 0.38%             | 2030-04-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CITADEL FIN. LLC 4.75%                        | CITADEL FIN. LLC 4.75%                        | CUSIP: 17287HAE0<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195956.99    | 0.10%             | 2029-02-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.875%                     | UNITED STATES TSY. 3.875%                     | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3632000 | PA      | $3636256.27   | 1.93%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.50%                      | UNITED STATES TSY. 3.50%                      | CUSIP: 91282CPK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4463613.27   | 2.37%             | 2028-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2525052 | NS      | $2525052.12   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES TSY. 3.75%                      | UNITED STATES TSY. 3.75%                      | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8860000 | PA      | $8853078.13   | 4.70%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 0.00%                      | UNITED STATES TSY. 0.00%                      | CUSIP: 912797TM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9713120.70   | 5.15%             | 2027-01-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    706975 | NS      | $706975.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOT                                          | FUT. CBT UL T-BONDS JUN26                     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -5 | NC      | $-582812.50   | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOT                                          | FUT. CBT ULT TNOTE JUN26                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -30 | NC      | $-3405468.00  | -1.81%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOT                                          | FUT. US 2YR T-NOTE JUN26                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       373 | NC      | $77377134.20  | 41.06%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOT                                          | FUT. YR T NOTE JUN26                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -312 | NC      | $-33752066.40 | -17.91%           |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer