# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-25-007200
**Filing Date:** 2025-11
**Character Count:** 104281
**Document Hash:** 2f3dbbc55750dc00f9fc39e9879a04ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007200.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0002071691-25-007200

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251518718

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

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

## Series and Classes Contracts Data

### Northern Trust Tax-Exempt Bond ETF (Series ID: S000093505)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000261793 | Northern Trust Tax-Exempt Bond ETF |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

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

- **b. EDGAR series identifier (if any):** S000093505

- **c. LEI of Series:** 254900H10OQJQWTG5Q74

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $14295921.71

**Total Liabilities:** $584.51

**Net Assets:** $14295337.20

**Cash Not Reported:** $36814.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1.00000000 | **1-Year:** 217.00000000 | **5-Year:** 609.00000000 | **10-Year:** 5087.00000000 | **30-Year:** 2998.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261793 |  | 0.14%                | 2.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $5504.67                                   |
| Month 3  | $-1041.55                | $249346.61                                 |

### Schedule of Portfolio Investments

| Name                                                                         | Title                                                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of New York NY                                                          | City of New York, Series 2025F                                                          | CUSIP: 64966SKV7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37287.72     | 0.26%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Georgia                                                             | State of Georgia, Series 2016C                                                          | CUSIP: 3733843N4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15284.75     | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Louis Community College District                                          | St. Louis Community College District, Series 2024                                       | CUSIP: 85234LBE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $28616.22     | 0.20%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                               | Washington Metropolitan Area Transit Authority, Series 2017B                            | CUSIP: 938782FG9<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46927.94     | 0.33%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | New York City Transitional Finance Authority, Series 2024G1                             | CUSIP: 64972JJF6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     65000 | PA      | $67302.94     | 0.47%             | 2052-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority, Series 2016A1                           | CUSIP: 6461362D2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101619.13    | 0.71%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp.                                               | Empire State Development Corp., Series 2017C                                            | CUSIP: 6500357K8<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |    275000 | PA      | $280587.45    | 1.96%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Michigan                                                            | State of Michigan, Series 2016                                                          | CUSIP: 594612DJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25931.45     | 0.18%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | New Jersey Economic Development Authority, Series 2020A                                 | CUSIP: 64577XAW6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37660.17     | 0.26%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jose Redevelopment Agency Successor Agency                               | San Jose Redevelopment Agency Successor Agency, Series 2017A                            | CUSIP: 798170AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77740.98     | 0.54%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                         | State of Mississippi, Series 2021C                                                      | CUSIP: 605581PM3<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42272.69     | 0.30%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of San Francisco CA                                            | City & County of San Francisco, Series 2025B1                                           | CUSIP: 79773KNW0<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48366.24     | 0.34%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles County Public Works Financing Authority                          | Los Angeles County Public Works Financing Authority, Series 2022G                       | CUSIP: 54473EXG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27348.66     | 0.19%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                  | Rhode Island Commerce Corp., Series 2016B                                               | CUSIP: 762232AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81203.13     | 0.57%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Iowa                                                                | State of Iowa, Series 2019A                                                             | CUSIP: 46257TEU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59523.65     | 0.42%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Coast Community College District                                             | Coast Community College District, Series 2019F                                          | CUSIP: 190335JW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $27286.06     | 0.19%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                 | Clark County School District, Series 2024A                                              | CUSIP: 1810594D5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $72762.33     | 0.51%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                               | Nebraska Public Power District, Series 2016B                                            | CUSIP: 63968AJ97<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30144.12     | 0.21%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                           | State of Wisconsin, Series 2025-2                                                       | CUSIP: 97705MM44<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40559.62     | 0.28%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2019A                                                       | CUSIP: 93974D4H8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $41089.43     | 0.29%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                    | Indiana Finance Authority, Series 2021-1                                                | CUSIP: 45505MJP2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39109.04     | 0.27%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                           | State of Louisiana, Series 2019A                                                        | CUSIP: 54641CAH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10486.98     | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                                          | Virginia College Building Authority, Series 2021A                                       | CUSIP: 92778VKW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $121425.08    | 0.85%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nassau County Interim Finance Authority                                      | Nassau County Interim Finance Authority, Series 2021A                                   | CUSIP: 631663QW4<br>LEI: 549300DP7LB76W78BR41 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37857.16     | 0.26%             | 2032-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2017A                                        | CUSIP: 64990AGR0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30403.37     | 0.21%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                             | Kentucky Public Energy Authority, Series 2024B                                          | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    130000 | PA      | $140851.78    | 0.99%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2021D                                                      | CUSIP: 25476FYU6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46339.76     | 0.32%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Worth TX Water & Sewer System Revenue                           | City of Fort Worth, Series 2020A                                                        | CUSIP: 349515G91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46612.54     | 0.33%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lone Star College System                                                     | Lone Star College System, Series 2016                                                   | CUSIP: 542264GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35290.56     | 0.25%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                           | New York Liberty Development Corp., Series 2005                                         | CUSIP: 531127AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28745.90     | 0.20%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                  | Long Island Power Authority, Series 2020A                                               | CUSIP: 542691DK3<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    105000 | PA      | $105569.94    | 0.74%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2018A                                        | CUSIP: 64990AHZ1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76456.00     | 0.53%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                             | Jacksonville Electric Authority, Series 2017A                                           | CUSIP: 46613P3E4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.21%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of California                                                     | University of California, Series 2022BK                                                 | CUSIP: 91412HND1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $291798.61    | 2.04%             | 2052-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2025A                                                   | CUSIP: 65829QFL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31224.49     | 0.22%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elk Grove Unified School District                                            | Elk Grove Unified School District, Series 2023                                          | CUSIP: 287281YW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44050.42     | 0.31%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                        | Northwest Independent School District, Series 2023                                      | CUSIP: 667826EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108811.48    | 0.76%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk County School District                                                  | Polk County School District, Series 2019                                                | CUSIP: 731127DB9<br>LEI: 549300N07FMPTRZO0044 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43243.10     | 0.30%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                 | Metropolitan Atlanta Rapid Transit Authority, Series 2017C                              | CUSIP: 5917453L6<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    175000 | PA      | $160707.63    | 1.12%             | 2039-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                | Main Street Natural Gas, Inc., Series 2024C                                             | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    130000 | PA      | $140863.11    | 0.99%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Arizona                                                             | State of Arizona, Series 2019A                                                          | CUSIP: 040588G82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10000.00     | 0.07%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2015A                                             | CUSIP: 882854WY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65006.99     | 0.45%             | 2045-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2021A                                                        | CUSIP: 60412AWH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10760.72     | 0.08%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                                 | Clark County School District, Series 2025A                                              | CUSIP: 1810596D3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67793.54     | 0.47%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2016A                                        | CUSIP: 64990CJE2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $33954.02     | 0.24%             | 2034-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Erie County Fiscal Stability Authority                                       | Erie County Fiscal Stability Authority, Series 2017D                                    | CUSIP: 29508RKW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92450.21     | 0.65%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                | New York State Environmental Facilities Corp., Series 2024A                             | CUSIP: 64986DNZ4<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39415.66     | 0.28%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                   | Monroe County Industrial Development Corp., Series 2020A                                | CUSIP: 61075TUV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $163357.15    | 1.14%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2017                                           | CUSIP: 709224E39<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    110000 | PA      | $110634.25    | 0.77%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                           | Dallas Independent School District, Series 2024                                         | CUSIP: 235308P64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53003.41     | 0.37%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Department of Transportation State Highway Fund Revenue              | Arizona Department of Transportation State Highway Fund, Series 2023                    | CUSIP: 040654YG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20375.15     | 0.14%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California                                                                     | CUSIP: 13063D4H8<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.21%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook Kane Lake & McHenry Counties Community College District No. 512         | Cook Kane Lake & McHenry Counties, Series 2020                                          | CUSIP: 216181GV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31010.94     | 0.22%             | 2031-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                 | Commonwealth of Pennsylvania, Series 2022-1                                             | CUSIP: 70914PX56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30000.00     | 0.21%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2019                                                    | CUSIP: 658268EE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $85681.28     | 0.60%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2016C                                                       | CUSIP: 93974DVA3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45374.24     | 0.32%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                | State of Ohio, Series 2019-1                                                            | CUSIP: 677581HD5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40191.08     | 0.28%             | 2025-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Transportation Commission                          | San Diego County Regional Transportation Commission, Series 2023A                       | CUSIP: 797400PQ5<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |     30000 | PA      | $34870.31     | 0.24%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2022A                                                       | CUSIP: 93974ESB3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62378.82     | 0.44%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                           | City of Memphis, Series 2018                                                            | CUSIP: 586145T53<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |    115000 | PA      | $111683.19    | 0.78%             | 2038-06-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                   | Illinois Finance Authority, Series 2017                                                 | CUSIP: 45204EXW3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30931.47     | 0.22%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                           | City of Memphis, Series 2018                                                            | CUSIP: 586145U51<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |     45000 | PA      | $42205.01     | 0.30%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Springfield School District No. R-12                                         | Springfield School District No. R-12, Series 2019                                       | CUSIP: 851035UE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41344.49     | 0.29%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2020                                                       | CUSIP: 25483VWT7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    120000 | PA      | $130861.80    | 0.92%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Sewer System Revenue                                     | City of Portland, Series 2018A                                                          | CUSIP: 736742ZJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10093.75     | 0.07%             | 2030-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                       | City of Mesa, Series 2023                                                               | CUSIP: 5905452P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83564.62     | 0.58%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                             | State of Florida, Series 2022C                                                          | CUSIP: 34153QWP7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46929.66     | 0.33%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                            | State of Illinois, Series 2020B                                                         | CUSIP: 4521526Q9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    105000 | PA      | $107416.59    | 0.75%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2020B                                                   | CUSIP: 65829QEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39660.10     | 0.28%             | 2033-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Harris TX Toll Road Revenue                                        | County of Harris, Series 2022A                                                          | CUSIP: 41423PCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15697.96     | 0.11%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                            | State of Colorado, Series 2022                                                          | CUSIP: 196711UZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28442.43     | 0.20%             | 2041-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Travis TX                                                          | County of Travis, Series 2016A                                                          | CUSIP: 89453PYF0<br>LEI: 549300HEC6MNL5465K30 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35354.05     | 0.25%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of Houston of Harris County Texas                             | Port Authority of Houston of Harris County Texas, Series 2020A2                         | CUSIP: 7342606E7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31521.14     | 0.22%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2019A                                                          | CUSIP: 29270C2U8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31613.01     | 0.22%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                               | New Jersey Transportation Trust Fund Authority, Series 2018A                            | CUSIP: 6461364D0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37151.57     | 0.26%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                | State of Ohio, Series 2018A                                                             | CUSIP: 677522YF5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35275.65     | 0.25%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | New York City Transitional Finance Authority, Series 2024G1                             | CUSIP: 64972JJB5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     80000 | PA      | $84794.07     | 0.59%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Authority                                   | Southern California Public Power Authority, Series 2024-1                               | CUSIP: 842469CD8<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    115000 | PA      | $122558.13    | 0.86%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                              | Indianapolis Local Public Improvement Bond Bank, Series 2019A                           | CUSIP: 45528UYY1<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    150000 | PA      | $159716.01    | 1.12%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | Foothill-De Anza Community College District, Series 2021A                               | CUSIP: 345102NL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $45583.29     | 0.32%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | Lower Colorado River Authority, Series 2024                                             | CUSIP: 54811GP38<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107253.01    | 0.75%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                | New York State Environmental Facilities Corp., Series 2024A                             | CUSIP: 64986DNY7<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     50000 | PA      | $56905.09     | 0.40%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                          | City of Austin, Series 2022                                                             | CUSIP: 052477PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118153.30    | 0.83%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                | Commonwealth of Massachusetts, Series 2024B                                             | CUSIP: 57582R8A7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     55000 | PA      | $57162.45     | 0.40%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2022A                                                        | CUSIP: 60412AXX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41887.93     | 0.29%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                         | School District of Broward County, Series 2020A                                         | CUSIP: 115065C44<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54653.85     | 0.38%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego County Regional Transportation Commission                          | San Diego County Regional Transportation Commission, Series 2023A                       | CUSIP: 797400PJ1<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33066.01     | 0.23%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2021B                                                        | CUSIP: 60412AXC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $57720.69     | 0.40%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Pittsburgh-of the Commonwealth System of Higher Education      | University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2021    | CUSIP: 91335VKW5<br>LEI: 5493002C83QSGL8ETT42 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35177.08     | 0.25%             | 2026-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                           | New York State Dormitory Authority, Series 2017A                                        | CUSIP: 64990AGQ2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30436.67     | 0.21%             | 2042-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Loudoun County Economic Development Authority                                | Loudoun County Economic Development Authority, Series 2022A                             | CUSIP: 54601TAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $55749.99     | 0.39%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                | State of Ohio, Series 2018-1                                                            | CUSIP: 677581GW4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35570.98     | 0.25%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah County School District No. 1J Portland                             | Multnomah County School District No. 1J Portland, Series 2020B                          | CUSIP: 625517LP0<br>LEI: 5493002CTP8R8T4OPS64 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39607.59     | 0.28%             | 2033-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                      | South Carolina Public Service Authority, Series 2014C                                   | CUSIP: 837151KX6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     80000 | PA      | $72880.70     | 0.51%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                     | San Antonio Water System, Series 2024B                                                  | CUSIP: 79642GRQ7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31263.06     | 0.22%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                               | Lamar Consolidated Independent School District, Series 2023A                            | CUSIP: 513174L34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $135071.35    | 0.94%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Mecklenburg NC                                                     | County of Mecklenburg, Series 2017A                                                     | CUSIP: 584002VT3<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |     70000 | PA      | $64879.37     | 0.45%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                     | State of Connecticut, Series 2024A2                                                     | CUSIP: 207758U76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27917.31     | 0.20%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2017B                                                       | CUSIP: 93974DXV5<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     55000 | PA      | $56073.16     | 0.39%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fort Bend TX                                                       | County of Fort Bend, Series 2023                                                        | CUSIP: 346766H50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105572.65    | 0.74%             | 2053-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                  | New Jersey Educational Facilities Authority, Series 2021C                               | CUSIP: 646067CG1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39602.56     | 0.28%             | 2034-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                              | New York City Municipal Water Finance Authority, Series 2018EE                          | CUSIP: 64972GQX5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30076.00     | 0.21%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                            | County of Wake, Series 2021                                                             | CUSIP: 930876FJ1<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |     45000 | PA      | $42413.97     | 0.30%             | 2036-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2019A                                                        | CUSIP: 60412ARB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32243.59     | 0.23%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2024C                                                       | CUSIP: 93974EZ25<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26161.57     | 0.18%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lamar Consolidated Independent School District                               | Lamar Consolidated Independent School District, Series 2023A                            | CUSIP: 513174L67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $84232.10     | 0.59%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                            | State of Colorado, Series 2020A                                                         | CUSIP: 196711SD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38474.49     | 0.27%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                             | Pennsylvania Turnpike Commission, Series 2021B                                          | CUSIP: 709225DQ6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27523.43     | 0.19%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation                                | State of Florida Department of Transportation, Series 2021A                             | CUSIP: 34160DAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52194.73     | 0.37%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Albany NY                                                          | County of Albany, Series 2018                                                           | CUSIP: 01212PBJ4<br>LEI: 549300GBQON0LOLHN826 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60849.93     | 0.43%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Highway & Transportation Commission                                 | Missouri Highway & Transportation Commission, Series 2022A                              | CUSIP: 60636WSZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10406.58     | 0.07%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                       | Lewisville Independent School District, Series 2020                                     | CUSIP: 52882PEK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37583.53     | 0.26%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue             | Washington Metropolitan Area Transit Authority, Series 2020A                            | CUSIP: 93878YAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26886.71     | 0.19%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Francisco CA Public Utilities Commission Water Revenue           | City of San Francisco, Series 2025D                                                     | CUSIP: 79771FLJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $206182.26    | 1.44%             | 2051-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City & County, Series 2024B                                               | CUSIP: 79766DXC8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     30000 | PA      | $31998.08     | 0.22%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                      | District of Columbia, Series 2019A                                                      | CUSIP: 25477GPG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $74736.49     | 0.52%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                           | State of Wisconsin, Series 2021-1                                                       | CUSIP: 97705MSK2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26012.47     | 0.18%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV Passenger Facility Charge Revenue                         | County of Clark, Series 2019E                                                           | CUSIP: 181006HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53527.30     | 0.37%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                            | Palm Beach County School District, Series 2020A                                         | CUSIP: 696550G97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32469.45     | 0.23%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                          | State of California                                                                     | CUSIP: 13063D3J5<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25329.49     | 0.18%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | New Jersey Economic Development Authority, Series 2020A                                 | CUSIP: 64577XAX4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32089.85     | 0.22%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Conservancy District                                            | South Dakota Conservancy District, Series 2025A                                         | CUSIP: 837545SW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $146211.74    | 1.02%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                            | Delaware Transportation Authority, Series 2016                                          | CUSIP: 246428D29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30568.26     | 0.21%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                              | County of King, Series 2016B                                                            | CUSIP: 4952894F4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40739.04     | 0.28%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                       | Lewisville Independent School District, Series 2024                                     | CUSIP: 52882PGB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $70107.17     | 0.49%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District   | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series 2019 | CUSIP: 088632CD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30655.69     | 0.21%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                 | Orlando Utilities Commission, Series 2013A                                              | CUSIP: 686507GB4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.35%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                    | New Jersey Economic Development Authority, Series 2024SSS                               | CUSIP: 64577XFA9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     65000 | PA      | $72517.06     | 0.51%             | 2038-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                         | District of Columbia, Series 2021D                                                      | CUSIP: 25476FYP7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69599.18     | 0.49%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Convention Center/Orlando                                      | Orange County Convention Center, Series 2017                                            | CUSIP: 684545A63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60000.00     | 0.42%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Weld County School District No. 6 Greeley                                    | Weld County School District No. 6 Greeley, Series 2020                                  | CUSIP: 949289PT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63696.95     | 0.45%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pflugerville Independent School District                                     | Pflugerville Independent School District, Series 2023A                                  | CUSIP: 717096DP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $103470.37    | 0.72%             | 2044-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Indianapolis Department of Public Utilities Water System Revenue     | City of Indianapolis Department of Public Utilities, Series 2018A                       | CUSIP: 455412BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125000.00    | 0.87%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                              | City of Gainesville, Series 2017A                                                       | CUSIP: 362848UY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90000.00     | 0.63%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                                 | New Mexico Finance Authority, Series 2018A                                              | CUSIP: 64711RMA1<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45800.98     | 0.32%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                  | Jacksonville Electric Authority, Series 2020A3                                          | CUSIP: 46613SQH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $118957.28    | 0.83%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                               | State of Maryland, Series 2016                                                          | CUSIP: 574204D59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30003.88     | 0.21%             | 2028-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                   | Virginia Commonwealth Transportation Board, Series 2019                                 | CUSIP: 927793K73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $58994.71     | 0.41%             | 2037-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                              | State of Hawaii, Series EZ                                                              | CUSIP: 419792CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.35%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Building Aid Revenue            | New York City Transitional Finance Authority, Series 2020S1B                            | CUSIP: 64972H3M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $42187.15     | 0.30%             | 2044-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | California State Public Works Board, Series 2022A                                       | CUSIP: 13068XAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44715.00     | 0.31%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                          | State of Washington, Series 2017A                                                       | CUSIP: 93974DXA1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45937.81     | 0.32%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                          | Idaho Housing & Finance Association, Series 2019A                                       | CUSIP: 45129WPM6<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53793.57     | 0.38%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco City & County Airport Comm-San Francisco International Airport | San Francisco City & County, Series 2023B                                               | CUSIP: 79766DVG1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47921.57     | 0.34%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                       | City of Mesa, Series 2017                                                               | CUSIP: 590545YT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $69749.75     | 0.49%             | 2041-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                            | State of Maryland, Series 2017A                                                         | CUSIP: 574193PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20955.01     | 0.15%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York                                                            | State of New York, Series 2023A                                                         | CUSIP: 649791SG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $62259.18     | 0.44%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                 | New York City Transitional Finance Authority, Series 2024F1                             | CUSIP: 64972JGV4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     90000 | PA      | $93330.71     | 0.65%             | 2049-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2021                                                    | CUSIP: 658268EU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51772.42     | 0.36%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                              | New York City Municipal Water Finance Authority, Series 2013BB                          | CUSIP: 64972GBB9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    110000 | PA      | $86431.21     | 0.60%             | 2047-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                       | State of West Virginia, Series 2019A                                                    | CUSIP: 956553H20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10643.77     | 0.07%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                           | City of Seattle, Series 2021A                                                           | CUSIP: 812627KD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26430.19     | 0.18%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Community College District                                            | Desert Community College District, Series 2024                                          | CUSIP: 250375NB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $149689.00    | 1.05%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue             | Washington Metropolitan Area Transit Authority, Series 2020A                            | CUSIP: 93878YAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27173.66     | 0.19%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alvin Independent School District/TX                                         | Alvin Independent School District, Series 2019                                          | CUSIP: 022447P59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $86400.03     | 0.60%             | 2040-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                        | Louisiana Public Facilities Authority, Series 2023A                                     | CUSIP: 546399QF6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49277.61     | 0.34%             | 2036-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                      | State of North Carolina, Series 2013A                                                   | CUSIP: 65829QBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $34632.60     | 0.24%             | 2033-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                   | Intermountain Power Agency, Series 2023A                                                | CUSIP: 45884AF40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43079.06     | 0.30%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                           | State of Minnesota, Series 2019A                                                        | CUSIP: 60412AQZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $92184.41     | 0.64%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | California State Public Works Board, Series 2023C                                       | CUSIP: 13068XHB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10500.67     | 0.07%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                   | Intermountain Power Agency, Series 2022A                                                | CUSIP: 45884AB77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $41350.49     | 0.29%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Utah                                                                | State of Utah, Series 2020                                                              | CUSIP: 917542WN8<br>LEI: 254900RWV9NSVUZONC07 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10720.79     | 0.07%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York, Series 2019E                                                          | CUSIP: 64966MR68<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     60000 | PA      | $58222.65     | 0.41%             | 2035-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon                    | Tri-County Metropolitan Transportation District of Oregon, Series 2018A                 | CUSIP: 89546RPP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10541.93     | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | California State Public Works Board, Series 2023D                                       | CUSIP: 13068XKP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $90213.88     | 0.63%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                   | Michigan Finance Authority, Series 2016B                                                | CUSIP: 59447TNV1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     45000 | PA      | $45000.00     | 0.31%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                               | Black Belt Energy Gas District, Series 2025E                                            | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107778.58    | 0.75%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York, Series 2024D                                                          | CUSIP: 64966SCM6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    135000 | PA      | $143062.92    | 1.00%             | 2047-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL                                                       | County of Jefferson, Series 2017                                                        | CUSIP: 472628QV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67296.68     | 0.47%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                   | Delaware Valley Regional Finance Authority, Series 2023A                                | CUSIP: 246579LU8<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78723.21     | 0.55%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No. 1                                  | North Carolina Municipal Power Agency No. 1, Series 2015A                               | CUSIP: 658203X33<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30175.88     | 0.21%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education Dedicated Capital Improvement Tax                 | Chicago Board of Education, Series 2023                                                 | CUSIP: 167510AW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $143267.59    | 1.00%             | 2033-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Town of Hempstead NY                                                         | Town of Hempstead, Series 2025A                                                         | CUSIP: 424672V67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77462.96     | 0.54%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                | Commonwealth of Massachusetts, Series 2021D                                             | CUSIP: 57582RR99<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    105000 | PA      | $107753.63    | 0.75%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                             | Energy Northwest, Series 2016A                                                          | CUSIP: 29270CQ73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122062.92    | 0.85%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                             | State of Florida, Series 2017A                                                          | CUSIP: 3411502N9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     55000 | PA      | $54203.71     | 0.38%             | 2035-07-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Canadian County Educational Facilities Authority                             | Canadian County Educational Facilities Authority, Series 2023A                          | CUSIP: 135521DE9<br>LEI: 549300HPRFS0Z66VHS30 | Long             | DBT              | MUN               | US        |     50000 | PA      | $57050.40     | 0.40%             | 2034-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Raleigh NC                                                           | City of Raleigh, Series 2024                                                            | CUSIP: 751120FS0<br>LEI: 549300I7RPBIIRI16112 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15000.00     | 0.10%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                  | Ohio Higher Educational Facility Commission, Series 2016                                | CUSIP: 67756DJW7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |     75000 | PA      | $72659.27     | 0.51%             | 2035-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                           | Conroe Independent School District, Series 2024                                         | CUSIP: 2084183S0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82025.03     | 0.57%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                            | Long Beach Bond Finance Authority, Series 2007A                                         | CUSIP: 54241AAW3<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33308.08     | 0.23%             | 2030-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California State University                                                  | California State University, Series 2024A                                               | CUSIP: 13077DUQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $199810.62    | 1.40%             | 2046-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                          | Idaho Housing & Finance Association, Series 2019A                                       | CUSIP: 45129WPQ7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79659.23     | 0.56%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County Public Hospital District No. 1                                   | King County Public Hospital District No. 1, Series 2016                                 | CUSIP: 494782KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $138104.45    | 0.97%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Special Health Care District                                 | Maricopa County Special Health Care District, Series 2018C                              | CUSIP: 56756TAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63736.25     | 0.45%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                             | New York State Thruway Authority, Series 2025A                                          | CUSIP: 650028B36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $276427.52    | 1.93%             | 2049-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                 | City & County of Honolulu, Series 2021E                                                 | CUSIP: 438687TX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62137.08     | 0.43%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Bond Finance Authority                                            | Long Beach Bond Finance Authority, Series 2007A                                         | CUSIP: 54241AAX1<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |     40000 | PA      | $45756.39     | 0.32%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                               | Lower Colorado River Authority, Series 2024                                             | CUSIP: 54811GN63<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33723.72     | 0.24%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                | Commonwealth of Massachusetts, Series 2019C                                             | CUSIP: 57582RWR3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26232.91     | 0.18%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                            | State of Maryland, Series 2018-2                                                        | CUSIP: 574193QQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $83820.03     | 0.59%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi Gaming Tax Revenue                                      | State of Mississippi, Series 2019A                                                      | CUSIP: 605638BH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47639.17     | 0.33%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Mississippi                                                         | State of Mississippi, Series 2021A                                                      | CUSIP: 605581NQ6<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |     65000 | PA      | $71644.40     | 0.50%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gregory-Portland Independent School District/TX                              | Gregory-Portland Independent School District, Series 2023                               | CUSIP: 397586SW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48524.54     | 0.34%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                     | San Antonio Water System, Series 2024B                                                  | CUSIP: 79642GRM6<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105198.40    | 0.74%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Valley Regional Finance Authority                                   | Delaware Valley Regional Finance Authority, Series 2002                                 | CUSIP: 246579GC4<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |     40000 | PA      | $46646.70     | 0.33%             | 2032-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                           | County of Clark, Series 2023                                                            | CUSIP: 181000TQ3<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    185000 | PA      | $174473.76    | 1.22%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act                  | New Hampshire Health and Education Facilities Authority, Series 2015                    | CUSIP: 6446142Y4<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100005.84    | 0.70%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aldine Independent School District                                           | Aldine Independent School District, Series 2024A                                        | CUSIP: 014393ZZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110325.44    | 0.77%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                  | Foothill-De Anza Community College District, Series 2021A                               | CUSIP: 345102NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $41962.32     | 0.29%             | 2037-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                           | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021                         | CUSIP: 88256HBE7<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |    130000 | PA      | $138402.80    | 0.97%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                               | Sales Tax Securitization Corp., Series 2024A                                            | CUSIP: 79467BHQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38970.84     | 0.27%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of West Virginia                                                       | State of West Virginia, Series 2018B                                                    | CUSIP: 956553B91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $151307.50    | 1.06%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                                          | California State Public Works Board, Series 2024A                                       | CUSIP: 13068XLE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58298.77     | 0.41%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                     | State of Connecticut, Series 2024A2                                                     | CUSIP: 207758T94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45796.05     | 0.32%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Commerce Corp.                                                  | Rhode Island Commerce Corp., Series 2020A                                               | CUSIP: 762232BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54469.39     | 0.38%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton-Cross Plains Area School District/WI                               | Middleton-Cross Plains Area School District, Series 2019A                               | CUSIP: 596697QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49716.43     | 0.35%             | 2036-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                   | Intermountain Power Agency, Series 2023A                                                | CUSIP: 45884AF73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78742.77     | 0.55%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                          | City of New York, Series 2024D                                                          | CUSIP: 64966SCQ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     55000 | PA      | $49720.01     | 0.35%             | 2050-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                      | Louisiana Stadium & Exposition District, Series 2023A                                   | CUSIP: 546410CT6<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69324.63     | 0.48%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue        | State of Florida, Series 2019A                                                          | CUSIP: 343137EM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26753.60     | 0.19%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                           | Virginia Public Building Authority, Series 2020A                                        | CUSIP: 9281725M3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $154113.30    | 1.08%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Independent School District                                           | Austin Independent School District, Series 2024                                         | CUSIP: 052430WW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52933.88     | 0.37%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2017A                                             | CUSIP: 882854ZV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51966.44     | 0.36%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware Transportation Authority                                            | Delaware Transportation Authority, Series 2020                                          | CUSIP: 246428J80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88910.13     | 0.62%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                | Texas Water Development Board, Series 2022                                              | CUSIP: 8828547S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67610.52     | 0.47%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                            | State of Colorado, Series 2021A                                                         | CUSIP: 196711TW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33500.64     | 0.23%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds Trust

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO