# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001924
**Filing Date:** 2026-5
**Character Count:** 97492
**Document Hash:** 43a89bd90e0c153fb26b8ab0bde3bd7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001924.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001924

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 261034970

**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

### ULTRA-SHORT FIXED INCOME FUND (Series ID: S000025872)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000077366 | ULTRA-SHORT FIXED INCOME FUND | NUSFX           |
| C000232975 | Siebert Williams Shank Shares | SWSFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** Ultra-Short Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000025872

- **c. LEI of Series:** 549300PJ95YVI5YC1X57

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1652579014.21

**Total Liabilities:** $1512573.26

**Net Assets:** $1651066440.95

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 134901.188544866406 | **1-Year:** 51867.398585043502 | **5-Year:** 16882.221157391143 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 0.000000000000 | **1-Year:** 833.211188470491 | **5-Year:** 114.300062948054 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000077366 | 0.36%                | 0.33%                | 0.07%                |
| Class ID C000232975 | 0.36%                | 0.33%                | -0.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $479918.29               | $-308584.78                                |
| Month 2  | $88583.04                | $283499.82                                 |
| Month 3  | $-90362.00               | $-5961277.73                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MERCEDES-BENZ AUTO 5.95%                      | MERCEDES-BENZ AUTO 5.95%                      | CUSIP: 58769FAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5237246 | PA      | $5290799.43   | 0.32%             | 2028-11-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BHP BILLITON FIN. U 5.25%                     | BHP BILLITON FIN. U 5.25%                     | CUSIP: 055451BB3<br>LEI: 5493003NUVITP3TMY274 | Long             | DBT              | CORP              | AU        |  12125000 | PA      | $12173017.67  | 0.74%             | 2026-09-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERIC 5.95%                     | HYUNDAI CAP. AMERIC 5.95%                     | CUSIP: 44891ACM7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4024557.44   | 0.24%             | 2026-09-21      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| GM FINL. CONSUMER A 4.85%                     | GM FINL. CONSUMER A 4.85%                     | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1711227 | PA      | $1717860.81   | 0.10%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BPR TST. 2023-BRK2 VAR                        | BPR TST. 2023-BRK2 VAR                        | CUSIP: 05610WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2490000 | PA      | $2547259.04   | 0.15%             | 2038-10-05      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW F2F                      | DEUTSCHE BANK AG/NEW F2F                      | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   5000000 | PA      | $5249839.50   | 0.32%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| PNC FINL. SERVS. GRP. F2F                     | PNC FINL. SERVS. GRP. F2F                     | CUSIP: 693475BT1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   3105000 | PA      | $3140741.93   | 0.19%             | 2027-10-20      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| O REILLY AUTOMOTIVE 5.75%                     | O REILLY AUTOMOTIVE 5.75%                     | CUSIP: 67103HAM9<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1905739.92   | 0.12%             | 2026-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO BANK N 5.254%                     | WELLS FARGO BANK N 5.254%                     | CUSIP: 94988J6F9<br>LEI: KB1H1DSPRFMYMCUFXT09 | Long             | DBT              | CORP              | US        |   2955000 | PA      | $2976432.62   | 0.18%             | 2026-12-11      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER T 6.00%                     | CARMAX AUTO OWNER T 6.00%                     | CUSIP: 14318XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246446 | PA      | $248903.89    | 0.02%             | 2028-07-17      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MMAF EQUIP. FIN. LL 5.20%                     | MMAF EQUIP. FIN. LL 5.20%                     | CUSIP: 55318CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215010 | PA      | $215368.49    | 0.01%             | 2027-09-13      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| BX COMMER. MTGE. TST. FRN                     | BX COMMER. MTGE. TST. FRN                     | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5114772 | PA      | $5120590.54   | 0.31%             | 2039-02-15      | Floating      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERICA FRN                      | HYUNDAI CAP. AMERICA FRN                      | CUSIP: 44891ACW5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10067975.30  | 0.61%             | 2027-01-08      | Floating      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| DAIMLER TRUCK FIN. 5.00%                      | DAIMLER TRUCK FIN. 5.00%                      | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4020138.76   | 0.24%             | 2027-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MILLS INC 4.70%                       | GENERAL MILLS INC 4.70%                       | CUSIP: 370334CX0<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | DBT              | CORP              | US        |   2291000 | PA      | $2294166.99   | 0.14%             | 2027-01-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| SANTANDER MTGE. AS 4.876%                     | SANTANDER MTGE. AS 4.876%                     | CUSIP: 802932AA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4915336 | PA      | $4877821.42   | 0.30%             | 2056-01-01      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| KUBOTA CREDIT OWNER 4.61%                     | KUBOTA CREDIT OWNER 4.61%                     | CUSIP: 50117FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1290784 | PA      | $1293810.67   | 0.08%             | 2027-12-15      | Fixed         | 4.61%                 | Yes           |                  2 | On Loan: No      |
| ZIMMER BIOMET HLDGS 4.70%                     | ZIMMER BIOMET HLDGS 4.70%                     | CUSIP: 98956PBA9<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | DBT              | CORP              | US        |   5432000 | PA      | $5447880.94   | 0.33%             | 2027-02-19      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL FRN                          | BANK OF MONTREAL FRN                          | CUSIP: 06368FAD1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |  10800000 | PA      | $10810991.70  | 0.65%             | 2026-09-15      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG. SOCI FRN                     | NATIONWIDE BLDG. SOCI FRN                     | CUSIP: 63861VAG2<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |  10700000 | PA      | $10740996.62  | 0.65%             | 2028-02-16      | Floating      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| SWEDBANK AB 5.472%                            | SWEDBANK AB 5.472%                            | CUSIP: 87020PAV9<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   3000000 | PA      | $3008402.85   | 0.18%             | 2026-06-15      | Fixed         | 5.47%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.54%                     | SYNCHRONY CARD FNDG 5.54%                     | CUSIP: 87166PAK7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1254924.13   | 0.08%             | 2029-07-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%                         | FANNIE MAE POOL 3.50%                         | CUSIP: 3140X6K91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1402740 | PA      | $1373408.42   | 0.08%             | 2035-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT PRIVATE EDU 1.33%                     | NAVIENT PRIVATE EDU 1.33%                     | CUSIP: 63942AAA4<br>LEI: 549300JSCKIU587G1R13 | Long             | ABS-O            | CORP              | US        |    826762 | PA      | $758427.79    | 0.05%             | 2069-04-15      | Fixed         | 1.33%                 | Yes           |                  2 | On Loan: No      |
| DELL INTL. LLC / EM 4.90%                     | DELL INTL. LLC / EM 4.90%                     | CUSIP: 24703TAE6<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   3425000 | PA      | $3429758.56   | 0.21%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE MULTI-A 4.42%                     | CAPITAL ONE MULTI-A 4.42%                     | CUSIP: 14041NGD7<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8003057.60   | 0.48%             | 2028-05-15      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| ELEMENT FLEET MGT. 6.271%                     | ELEMENT FLEET MGT. 6.271%                     | CUSIP: 286181AH5<br>LEI: 5493000PGBS1C22ELQ16 | Long             | DBT              | CORP              | CA        |   9720000 | PA      | $9745318.56   | 0.59%             | 2026-06-26      | Fixed         | 6.27%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC 5.55%                               | ONEOK INC 5.55%                               | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5028977.75   | 0.30%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SWEDBANK AB 6.136%                            | SWEDBANK AB 6.136%                            | CUSIP: 87020PAX5<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   7000000 | PA      | $7055291.32   | 0.43%             | 2026-09-12      | Fixed         | 6.14%                 | Yes           |                  2 | On Loan: No      |
| FREDDIE MAC POOL 2.50%                        | FREDDIE MAC POOL 2.50%                        | CUSIP: 3132A9S65<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1844554 | PA      | $1774187.35   | 0.11%             | 2032-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV FRN                              | ING GROEP NV FRN                              | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |  27000000 | PA      | $27000000.00  | 1.64%             | 2027-04-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| EBAY INC 1.40%                                | EBAY INC 1.40%                                | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |   3454000 | PA      | $3442411.17   | 0.21%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO FRN                       | JPMORGAN CHASE & CO FRN                       | CUSIP: 46647PCY0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  13000000 | PA      | $13071005.35  | 0.79%             | 2028-02-24      | Floating      | 4.84%                 | No            |                  2 | On Loan: —       |
| GM FINL. CONSUMER A 4.47%                     | GM FINL. CONSUMER A 4.47%                     | CUSIP: 362583AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1371836 | PA      | $1372984.05   | 0.08%             | 2028-02-16      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| CNH INDL. CAP. LLC 1.45%                      | CNH INDL. CAP. LLC 1.45%                      | CUSIP: 12592BAM6<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   5450000 | PA      | $5400638.53   | 0.33%             | 2026-07-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC FRN                       | NATWEST MARKETS PLC FRN                       | CUSIP: 63906YAE8<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |  27900000 | PA      | $27940138.61  | 1.69%             | 2026-09-29      | Floating      | 4.45%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINAN FRN                     | SUMITOMO MITSUI FINAN FRN                     | CUSIP: 86562MCL2<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   5840000 | PA      | $5855042.09   | 0.35%             | 2027-01-14      | Floating      | 4.55%                 | No            |                  2 | On Loan: —       |
| SANTANDER MTGE. AS 5.091%                     | SANTANDER MTGE. AS 5.091%                     | CUSIP: 802929AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3300000 | PA      | $3292192.86   | 0.20%             | 2066-02-25      | Variable      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC 3.75%                        | T-MOBILE USA INC 3.75%                        | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4969048.95   | 0.30%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW FRN                      | DEUTSCHE BANK AG/NEW FRN                      | CUSIP: 251526CN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   6500000 | PA      | $6517446.00   | 0.39%             | 2027-11-16      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC 1.75%                        | RYDER SYSTEM INC 1.75%                        | CUSIP: 78355HKS7<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |   4527000 | PA      | $4475740.91   | 0.27%             | 2026-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA AUT 5.53%                     | BANK OF AMERICA AUT 5.53%                     | CUSIP: 06428AAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    705853 | PA      | $709421.97    | 0.04%             | 2028-02-15      | Fixed         | 5.53%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY PRIVAT FRN                     | MORGAN STANLEY PRIVAT FRN                     | CUSIP: 61776NU35<br>LEI: 549300GS0W0TEUQS8571 | Long             | DBT              | CORP              | US        |  10700000 | PA      | $10609436.27  | 0.64%             | 2030-02-08      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| ROSS STORES INC 0.875%                        | ROSS STORES INC 0.875%                        | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |  10300000 | PA      | $10284976.32  | 0.62%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| GOVERNMENT NATIONAL 2.50%                     | GOVERNMENT NATIONAL 2.50%                     | CUSIP: 38378UQY6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    364022 | PA      | $360785.14    | 0.02%             | 2040-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK FRN                     | TORONTO-DOMINION BANK FRN                     | CUSIP: 89114TZH8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5005963.00   | 0.30%             | 2026-09-10      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER L 3.875%                     | MEDLINE BORROWER L 3.875%                     | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   4400000 | PA      | $4256391.92   | 0.26%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AUTOZONE INC 5.05%                            | AUTOZONE INC 5.05%                            | CUSIP: 053332BE1<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |   2980000 | PA      | $2984907.91   | 0.18%             | 2026-07-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP 1.875%                         | AIR LEASE CORP 1.875%                         | CUSIP: 00914AAM4<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   9700000 | PA      | $9601229.17   | 0.58%             | 2026-08-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW ZEALAND FRN                       | BANK OF NEW ZEALAND FRN                       | CUSIP: 06407EAD7<br>LEI: N7LGVZM7X4UQ66T7LT74 | Long             | DBT              | CORP              | NZ        |  21000000 | PA      | $21061602.87  | 1.28%             | 2027-01-27      | Floating      | 4.48%                 | Yes           |                  2 | On Loan: No      |
| CHASE ISSUANCE TRUS 5.16%                     | CHASE ISSUANCE TRUS 5.16%                     | CUSIP: 161571HT4<br>LEI: 5493008SHVCX2Y068L12 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4021699.60   | 0.24%             | 2028-09-15      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO FRN                       | JPMORGAN CHASE & CO FRN                       | CUSIP: 46647PCQ7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |  10100000 | PA      | $10105226.14  | 0.61%             | 2027-09-22      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC 1.75%                       | KINDER MORGAN INC 1.75%                       | CUSIP: 49456BAU5<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2756256.61   | 0.17%             | 2026-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP/T FRN                     | CHARLES SCHWAB CORP/T FRN                     | CUSIP: 808513BZ7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |  20000000 | PA      | $20082020.00  | 1.22%             | 2027-03-03      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| UNITED STATES TSY. 3.50%                      | UNITED STATES TSY. 3.50%                      | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  35000000 | PA      | $34829101.65  | 2.11%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP FRN                             | AMPHENOL CORP FRN                             | CUSIP: 032095AV3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |   8700000 | PA      | $8701803.42   | 0.53%             | 2027-11-15      | Floating      | 4.20%                 | No            |                  2 | On Loan: No      |
| AUGUSTA SPINCO COR 4.321%                     | AUGUSTA SPINCO COR 4.321%                     | CUSIP: 051473AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2497290.83   | 0.15%             | 2027-09-23      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FIN. C FRN                     | AMERICAN HONDA FIN. C FRN                     | CUSIP: 02665WFS5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8961049.80   | 0.54%             | 2027-10-22      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GRP. P FRN                     | LLOYDS BANKING GRP. P FRN                     | CUSIP: 539439BB4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |  11000000 | PA      | $11046756.16  | 0.67%             | 2028-11-26      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO                         | NI US GOV T PORTFOLIO                         | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  80039381 | NS      | $80039380.75  | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER HLDGS. 5.00%                     | SCHLUMBERGER HLDGS. 5.00%                     | CUSIP: 806851AL5<br>LEI: 529900IKZG65COT1D505 | Long             | DBT              | CORP              | US        |  12799000 | PA      | $12888464.75  | 0.78%             | 2027-05-29      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| STATE STREET CORP 4.33%                       | STATE STREET CORP 4.33%                       | CUSIP: 857477CP6<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |   7040000 | PA      | $7053075.04   | 0.43%             | 2027-10-22      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM16 TRUS 5.53%                     | OBX 2024-NQM16 TRUS 5.53%                     | CUSIP: 67120GAA6<br>LEI: 549300JK5TDDSAIKZ665 | Long             | ABS-O            | CORP              | US        |   1967679 | PA      | $1974518.03   | 0.12%             | 2064-10-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| HSBC HLDGS. PLC FRN                           | HSBC HLDGS. PLC FRN                           | CUSIP: 404280EK1<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3200000 | PA      | $3209648.00   | 0.19%             | 2028-11-19      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| DR HORTON INC 1.30%                           | DR HORTON INC 1.30%                           | CUSIP: 23331ABQ1<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   5655000 | PA      | $5572210.12   | 0.34%             | 2026-10-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK FLTG RT                     | MORGAN STANLEY BK FLTG RT                     | CUSIP: 61690U8C7<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |  13110000 | PA      | $13113599.09  | 0.79%             | 2028-05-26      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG/NEW FRN                      | DEUTSCHE BANK AG/NEW FRN                      | CUSIP: 25160PAP2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |   7000000 | PA      | $7029905.26   | 0.43%             | 2029-01-10      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| CARGILL INC FRN                               | CARGILL INC FRN                               | CUSIP: 141781CC6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7506644.55   | 0.45%             | 2028-02-11      | Floating      | 4.28%                 | Yes           |                  2 | On Loan: No      |
| UNITED STATES TSY. 4.125%                     | UNITED STATES TSY. 4.125%                     | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10031093.70  | 0.61%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS FRN                      | MARSH & MCLENNAN COS FRN                      | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |   5280000 | PA      | $5291141.38   | 0.32%             | 2027-11-08      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FIN. NO FRN                     | DAIMLER TRUCK FIN. NO FRN                     | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   5900000 | PA      | $5903369.49   | 0.36%             | 2028-01-13      | Floating      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER COMMER. 4.0781%                     | SANTANDER COMMER. 4.0781%                     | CUSIP: 78398LAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1710203 | PA      | $1704528.18   | 0.10%             | 2028-01-15      | Variable      | 4.08%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK LIFE GBL. FU FRN                     | NEW YORK LIFE GBL. FU FRN                     | CUSIP: 64953BBL1<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |   2480000 | PA      | $2486035.40   | 0.15%             | 2027-04-02      | Floating      | 4.35%                 | Yes           |                  2 | On Loan: No      |
| SWEDBANK AB FRN                               | SWEDBANK AB FRN                               | CUSIP: 870195AD6<br>LEI: M312WZV08Y7LYUC71685 | Long             | DBT              | CORP              | SE        |   4200000 | PA      | $4240404.00   | 0.26%             | 2029-11-20      | Floating      | 4.69%                 | Yes           |                  2 | On Loan: No      |
| EVERGREEN CREDIT CA 5.51%                     | EVERGREEN CREDIT CA 5.51%                     | CUSIP: 30023JCM8<br>LEI: 5493002G9KVV6J3CNU15 | Long             | ABS-O            | CORP              | CA        |   4769000 | PA      | $4782898.77   | 0.29%             | 2028-07-15      | Fixed         | 5.51%                 | Yes           |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN FRN                     | SVENSKA HANDELSBANKEN FRN                     | CUSIP: 86959LAR4<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |  15220000 | PA      | $15244047.60  | 0.92%             | 2027-05-28      | Floating      | 4.32%                 | Yes           |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC 4.50%                     | ELEVANCE HEALTH INC 4.50%                     | CUSIP: 036752BG7<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   2320000 | PA      | $2323156.50   | 0.14%             | 2026-10-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO FRN                       | AMERICAN EXPRESS CO FRN                       | CUSIP: 025816EA3<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3001469.07   | 0.18%             | 2031-01-30      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK F2F                               | TRUIST BANK F2F                               | CUSIP: 89788JAH2<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6933368.54   | 0.42%             | 2029-10-23      | Fixed         | 4.14%                 | No            |                  2 | On Loan: No      |
| AVOLON HLDGS. FNDG. 4.20%                     | AVOLON HLDGS. FNDG. 4.20%                     | CUSIP: 05401ABE0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2450000 | PA      | $2404092.32   | 0.15%             | 2029-04-15      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA FRN                        | CREDIT AGRICOLE SA FRN                        | CUSIP: 22534PAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   4660000 | PA      | $4670951.00   | 0.28%             | 2027-03-11      | Floating      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC FRN                              | BARCLAYS PLC FRN                              | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   9000000 | PA      | $9062460.18   | 0.55%             | 2028-03-12      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NOR 4.80%                     | AMCOR FLEXIBLES NOR 4.80%                     | CUSIP: 02344AAF5<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   7120000 | PA      | $7163004.02   | 0.43%             | 2028-03-17      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HONDA AUTO RECEIVAB 5.21%                     | HONDA AUTO RECEIVAB 5.21%                     | CUSIP: 437918AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1131080 | PA      | $1138647.51   | 0.07%             | 2028-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO RECEIV 4.99%                     | HYUNDAI AUTO RECEIV 4.99%                     | CUSIP: 448973AD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    769592 | PA      | $774042.78    | 0.05%             | 2029-02-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 5.04%                     | SYNCHRONY CARD FNDG 5.04%                     | CUSIP: 87166PAM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1458000 | PA      | $1470755.90   | 0.09%             | 2030-03-15      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| AGCO CORP 5.45%                               | AGCO CORP 5.45%                               | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1721648.25   | 0.10%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CNH INDL. CAP. LLC 4.50%                      | CNH INDL. CAP. LLC 4.50%                      | CUSIP: 12592BAT1<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   2620000 | PA      | $2618846.49   | 0.16%             | 2027-10-08      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC FRN                              | BARCLAYS PLC FRN                              | CUSIP: 06738EDF9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   5700000 | PA      | $5705606.46   | 0.35%             | 2029-11-11      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| BMW US CAP. LLC FRN                           | BMW US CAP. LLC FRN                           | CUSIP: 05565EDE2<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1699997.16   | 0.10%             | 2027-08-11      | Floating      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CHEVRON USA INC FRN                           | CHEVRON USA INC FRN                           | CUSIP: 166756BM7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |   8800000 | PA      | $8818040.00   | 0.53%             | 2028-08-13      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRA 4.497%                     | PAGAYA AI DEBT GRA 4.497%                     | CUSIP: 69549BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1499862 | PA      | $1494608.04   | 0.09%             | 2033-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC 3.80%                                | AT&T INC 3.80%                                | CUSIP: 00206RHW5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1994638.42   | 0.12%             | 2027-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HYUNDAI AUTO LEASE 5.41%                      | HYUNDAI AUTO LEASE 5.41%                      | CUSIP: 44934FAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1715736 | PA      | $1719658.31   | 0.10%             | 2027-05-17      | Fixed         | 5.41%                 | Yes           |                  2 | On Loan: No      |
| HARLEY-DAVIDSON MOT 5.37%                     | HARLEY-DAVIDSON MOT 5.37%                     | CUSIP: 412922AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1437094 | PA      | $1450818.07   | 0.09%             | 2029-03-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| AMERICAN CREDIT ACC 4.75%                     | AMERICAN CREDIT ACC 4.75%                     | CUSIP: 02528EAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8565000 | PA      | $8582256.76   | 0.52%             | 2029-09-12      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GEORGIA POWER CO 4.00%                        | GEORGIA POWER CO 4.00%                        | CUSIP: 373334LC3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |   5800000 | PA      | $5766024.06   | 0.35%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WF CARD ISSUANCE TR 4.94%                     | WF CARD ISSUANCE TR 4.94%                     | CUSIP: 92970QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2530000 | PA      | $2550535.50   | 0.15%             | 2029-02-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP FRN                           | NORDEA BANK ABP FRN                           | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   8500000 | PA      | $8520101.82   | 0.52%             | 2027-03-19      | Floating      | 4.37%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRA 5.008%                     | PAGAYA AI DEBT GRA 5.008%                     | CUSIP: 69549BAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1499862 | PA      | $1492867.60   | 0.09%             | 2033-04-15      | Fixed         | 5.01%                 | Yes           |                  2 | On Loan: No      |
| SALESFORCE INC 4.50%                          | SALESFORCE INC 4.50%                          | CUSIP: 79466LAQ7<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |  10800000 | PA      | $10802781.22  | 0.65%             | 2028-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GM FINL. AUTOMOBILE 5.09%                     | GM FINL. AUTOMOBILE 5.09%                     | CUSIP: 36269FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    271901 | PA      | $272074.21    | 0.02%             | 2027-03-22      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| CNH EQUIP. TST. 202 5.19%                     | CNH EQUIP. TST. 202 5.19%                     | CUSIP: 18978JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    983002 | PA      | $991619.00    | 0.06%             | 2029-09-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRA 4.883%                     | PAGAYA AI DEBT GRA 4.883%                     | CUSIP: 69549BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4099622 | PA      | $4069347.26   | 0.25%             | 2033-04-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| TRILLIUM CREDIT CA 4.405%                     | TRILLIUM CREDIT CA 4.405%                     | CUSIP: 89621ACD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   2957000 | PA      | $2943359.06   | 0.18%             | 2030-09-26      | Fixed         | 4.41%                 | Yes           |                  2 | On Loan: No      |
| UBS AG/STAMFORD CT F2F                        | UBS AG/STAMFORD CT F2F                        | CUSIP: 90261AAG7<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |   5500000 | PA      | $5492886.85   | 0.33%             | 2029-03-16      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILD FRN                     | SKANDINAVISKA ENSKILD FRN                     | CUSIP: 830505BP7<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |   3700000 | PA      | $3696855.00   | 0.22%             | 2029-03-12      | Floating      | 4.32%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.96%                     | JOHN DEERE OWNER TS 4.96%                     | CUSIP: 47800RAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    509798 | PA      | $512771.39    | 0.03%             | 2028-11-15      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAP. CORP FRN                      | JOHN DEERE CAP. CORP FRN                      | CUSIP: 24422EXQ7<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5007032.60   | 0.30%             | 2027-04-19      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY FRN                            | MORGAN STANLEY FRN                            | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11039451.83  | 0.67%             | 2028-04-13      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO REC 5.27%                     | WORLD OMNI AUTO REC 5.27%                     | CUSIP: 98164HAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1293675 | PA      | $1303804.65   | 0.08%             | 2029-09-17      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| NXP BV / NXP FNDG. 4.30%                      | NXP BV / NXP FNDG. 4.30%                      | CUSIP: 62954HBF4<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |   2200000 | PA      | $2189373.12   | 0.13%             | 2028-08-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GRP. HLD F2F                     | SANTANDER UK GRP. HLD F2F                     | CUSIP: 80281LAX3<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   4800000 | PA      | $4754977.34   | 0.29%             | 2029-09-22      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO FRN                       | AMERICAN EXPRESS CO FRN                       | CUSIP: 025816EQ8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   5700000 | PA      | $5683018.79   | 0.34%             | 2029-02-09      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| ALPHABET INC 3.70%                            | ALPHABET INC 3.70%                            | CUSIP: 02079KBJ5<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   2785000 | PA      | $2761064.40   | 0.17%             | 2029-02-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP 3.75%                          | AIR LEASE CORP 3.75%                          | CUSIP: 00914AAB8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3993669.48   | 0.24%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER T 6.27%                     | CARMAX AUTO OWNER T 6.27%                     | CUSIP: 14318DAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3400000 | PA      | $3453180.76   | 0.21%             | 2029-11-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BMW VEHICLE LEASE T 5.00%                     | BMW VEHICLE LEASE T 5.00%                     | CUSIP: 05611UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2005982.40   | 0.12%             | 2027-06-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BMW US CAP. LLC 4.90%                         | BMW US CAP. LLC 4.90%                         | CUSIP: 05565ECH6<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3017916.15   | 0.18%             | 2027-04-02      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| AUSTRALIA & NEW ZEALA FRN                     | AUSTRALIA & NEW ZEALA FRN                     | CUSIP: 05252ADM0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   2000000 | PA      | $2007337.36   | 0.12%             | 2027-09-30      | Floating      | 4.40%                 | Yes           |                  2 | On Loan: No      |
| BANK OF MONTREAL F2F                          | BANK OF MONTREAL F2F                          | CUSIP: 06368MXU3<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   9500000 | PA      | $9445195.26   | 0.57%             | 2028-09-22      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| WORLD OMNI AUTO REC 4.86%                     | WORLD OMNI AUTO REC 4.86%                     | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    777296 | PA      | $780650.31    | 0.05%             | 2029-03-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| EVERGREEN CREDIT CA 5.25%                     | EVERGREEN CREDIT CA 5.25%                     | CUSIP: 30023JCS5<br>LEI: 5493002G9KVV6J3CNU15 | Long             | ABS-O            | CORP              | CA        |   6770000 | PA      | $6797474.01   | 0.41%             | 2028-10-16      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BUNGE FIN. CORP 2.00%                         | BUNGE FIN. CORP 2.00%                         | CUSIP: 120568BL3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   7101000 | PA      | $7090773.21   | 0.43%             | 2026-04-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERIC 4.25%                     | HYUNDAI CAP. AMERIC 4.25%                     | CUSIP: 44891ADZ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1684578.23   | 0.10%             | 2028-09-18      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CITADEL FIN. LLC 4.75%                        | CITADEL FIN. LLC 4.75%                        | CUSIP: 17287HAE0<br>LEI: 549300BQL283NCR7P163 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2841376.33   | 0.17%             | 2029-02-14      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FANNIE MAE POOL 3.50%                         | FANNIE MAE POOL 3.50%                         | CUSIP: 31418DLN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1219264 | PA      | $1191589.24   | 0.07%             | 2035-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICREDIT AUTOMOB 3.23%                     | AMERICREDIT AUTOMOB 3.23%                     | CUSIP: 03066TAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4500000 | PA      | $4473169.65   | 0.27%             | 2028-02-18      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC FRN                             | CITIGROUP INC FRN                             | CUSIP: 172967NH0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |  21000000 | PA      | $21095109.00  | 1.28%             | 2028-02-24      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL C 4.00%                     | SAUDI ARABIAN OIL C 4.00%                     | CUSIP: 80415RAB7<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |   3070000 | PA      | $3005572.98   | 0.18%             | 2029-02-02      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| HONEYWELL AEROSPACE I FRN                     | HONEYWELL AEROSPACE I FRN                     | CUSIP: 43849RAD7<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2985549.00   | 0.18%             | 2029-03-16      | Floating      | 4.27%                 | Yes           |                  2 | On Loan: No      |
| MASTERCARD INC FRN                            | MASTERCARD INC FRN                            | CUSIP: 57636QBE3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |   4700000 | PA      | $4694590.30   | 0.28%             | 2028-03-15      | Floating      | 4.08%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC 4.55%                            | SYNOPSYS INC 4.55%                            | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |  10800000 | PA      | $10807333.96  | 0.65%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC FRN                           | HSBC HLDGS. PLC FRN                           | CUSIP: 404280ET2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |  10000000 | PA      | $10026500.00  | 0.61%             | 2029-03-03      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEV 4.319%                     | ADVANCED MICRO DEV 4.319%                     | CUSIP: 007903BJ5<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11069504.93  | 0.67%             | 2028-03-24      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| PAYPAL HLDGS. INC FRN                         | PAYPAL HLDGS. INC FRN                         | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7814215.66   | 0.47%             | 2028-03-06      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC FRN                             | CITIGROUP INC FRN                             | CUSIP: 17327CAX1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   5514000 | PA      | $5514055.14   | 0.33%             | 2029-03-04      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEV 4.212%                     | ADVANCED MICRO DEV 4.212%                     | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4606340.18   | 0.28%             | 2026-09-24      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC FRN                                | ABBVIE INC FRN                                | CUSIP: 00287YEC9<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4003800.00   | 0.24%             | 2028-03-03      | Floating      | 4.13%                 | No            |                  2 | On Loan: No      |
| HCA INC 5.00%                                 | HCA INC 5.00%                                 | CUSIP: 404119CY3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2241770.54   | 0.14%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATL. BANK F2F                     | HUNTINGTON NATL. BANK F2F                     | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3812844.72   | 0.23%             | 2028-04-12      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TST 3.95%                     | SUMITOMO MITSUI TST 3.95%                     | CUSIP: 86563VCG2<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   8400000 | PA      | $8303521.88   | 0.50%             | 2029-03-05      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| MARS INC 4.60%                                | MARS INC 4.60%                                | CUSIP: 571676AX3<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $5231336.55   | 0.32%             | 2028-03-01      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| NORDEA BANK ABP FRN                           | NORDEA BANK ABP FRN                           | CUSIP: 65558RAM1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |  14300000 | PA      | $14334297.12  | 0.87%             | 2028-03-17      | Floating      | 4.34%                 | Yes           |                  2 | On Loan: No      |
| NUTRIEN LTD 4.50%                             | NUTRIEN LTD 4.50%                             | CUSIP: 67077MBE7<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |   5000000 | PA      | $5008326.95   | 0.30%             | 2027-03-12      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN. N FRN                      | MERCEDES-BENZ FIN. N FRN                      | CUSIP: 58769JBK2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $6499129.00   | 0.39%             | 2028-03-10      | Floating      | 4.35%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FINL. FRN                      | GENERAL MOTORS FINL. FRN                      | CUSIP: 37045XFD3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11388066.82  | 0.69%             | 2030-01-07      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BAN FRN                     | CANADIAN IMPERIAL BAN FRN                     | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |  15000000 | PA      | $15004747.35  | 0.91%             | 2028-01-13      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE SA FRN                       | SOCIETE GENERALE SA FRN                       | CUSIP: 83368RCB6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   3100000 | PA      | $3115655.00   | 0.19%             | 2029-04-13      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| CHASE HOME LENDING MT VAR                     | CHASE HOME LENDING MT VAR                     | CUSIP: 161929BH6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1825805 | PA      | $1832574.38   | 0.11%             | 2055-02-25      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER 4.60%                      | ARTHUR J GALLAGHER 4.60%                      | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |  13050000 | PA      | $13085803.72  | 0.79%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SANTANDER MTGE. AS 5.545%                     | SANTANDER MTGE. AS 5.545%                     | CUSIP: 80262BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3205527 | PA      | $3214959.93   | 0.19%             | 2065-01-25      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| RIO TINTO FIN. USA PL FRN                     | RIO TINTO FIN. USA PL FRN                     | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |  13500000 | PA      | $13579620.03  | 0.82%             | 2028-03-14      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 3.93%                     | SANTANDER DRIVE AUT 3.93%                     | CUSIP: 80288FAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5300000 | PA      | $5265007.81   | 0.32%             | 2030-07-15      | Fixed         | 3.93%                 | No            |                  2 | On Loan: No      |
| WALT DISNEY CO/THE FRN                        | WALT DISNEY CO/THE FRN                        | CUSIP: 254687GB6<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |  46500000 | PA      | $46474890.00  | 2.81%             | 2029-03-14      | Floating      | 4.14%                 | No            |                  2 | On Loan: No      |
| AVOLON HLDGS. FNDG. 4.95%                     | AVOLON HLDGS. FNDG. 4.95%                     | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   4600000 | PA      | $4615140.99   | 0.28%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| CENCORA INC 4.625%                            | CENCORA INC 4.625%                            | CUSIP: 03073EAV7<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |   3280000 | PA      | $3291378.35   | 0.20%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.65%                     | WESTLAKE AUTOMOBILE 4.65%                     | CUSIP: 96043LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3487720 | PA      | $3492986.25   | 0.21%             | 2028-02-15      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI TST. FRN                      | SUMITOMO MITSUI TST. FRN                      | CUSIP: 86563VCH0<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   3500000 | PA      | $3496769.50   | 0.21%             | 2029-03-05      | Floating      | 4.36%                 | Yes           |                  2 | On Loan: No      |
| BX COMMER. MTGE. TST. FRN                     | BX COMMER. MTGE. TST. FRN                     | CUSIP: 05608BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2307799 | PA      | $2296260.27   | 0.14%             | 2034-04-15      | Floating      | 4.72%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERIC 5.45%                     | HYUNDAI CAP. AMERIC 5.45%                     | CUSIP: 44891ADA2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4007683.28   | 0.24%             | 2026-06-24      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY CARD FNDG 4.93%                     | SYNCHRONY CARD FNDG 4.93%                     | CUSIP: 87166PAN1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2835000 | PA      | $2863736.98   | 0.17%             | 2030-07-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE OWNER TS 4.36%                     | JOHN DEERE OWNER TS 4.36%                     | CUSIP: 477911AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    828524 | PA      | $828772.15    | 0.05%             | 2027-08-16      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| NTT FIN. CORP FRN                             | NTT FIN. CORP FRN                             | CUSIP: 62954WAR6<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |  10700000 | PA      | $10782179.10  | 0.65%             | 2028-07-16      | Floating      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MERCK INC FRN                                 | MERCK INC FRN                                 | CUSIP: 58933YBV6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |  13700000 | PA      | $13728222.00  | 0.83%             | 2029-03-15      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| HSBC HLDGS. PLC 3.90%                         | HSBC HLDGS. PLC 3.90%                         | CUSIP: 404280BB4<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $2999119.95   | 0.18%             | 2026-05-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS C 3.00%                     | KRAFT HEINZ FOODS C 3.00%                     | CUSIP: 50077LAD8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5985425.76   | 0.36%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AGILENT TECHS. INC 4.20%                      | AGILENT TECHS. INC 4.20%                      | CUSIP: 00846UAQ4<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | DBT              | CORP              | US        |   7800000 | PA      | $7783874.83   | 0.47%             | 2027-09-09      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TRUS 5.65%                     | VERIZON MASTER TRUS 5.65%                     | CUSIP: 92348KBV4<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   5200000 | PA      | $5214444.56   | 0.32%             | 2029-06-20      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BXP TST. 2017-GM 3.379%                       | BXP TST. 2017-GM 3.379%                       | CUSIP: 056083AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5505000 | PA      | $5411527.30   | 0.33%             | 2039-06-13      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| LENNAR CORP 5.25%                             | LENNAR CORP 5.25%                             | CUSIP: 526057CT9<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8504396.12   | 0.52%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LT 5.272%                      | MACQUARIE BANK LT 5.272%                      | CUSIP: 55608PBT0<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |   9430000 | PA      | $9552402.15   | 0.58%             | 2027-07-02      | Fixed         | 5.27%                 | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN. 4.75%                      | MERCEDES-BENZ FIN. 4.75%                      | CUSIP: 58769JAU1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   7350000 | PA      | $7389153.67   | 0.45%             | 2027-08-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| HEWLETT PACKARD ENT 4.45%                     | HEWLETT PACKARD ENT 4.45%                     | CUSIP: 42824CBR9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   5711000 | PA      | $5715675.54   | 0.35%             | 2026-09-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION ENERGY FRN                      | CONSTELLATION ENERGY FRN                      | CUSIP: 210385AN0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   5600000 | PA      | $5590346.27   | 0.34%             | 2028-01-08      | Floating      | 4.27%                 | No            |                  2 | On Loan: —       |
| ANZ NEW ZEALAND INT L FRN                     | ANZ NEW ZEALAND INT L FRN                     | CUSIP: 00182EBW8<br>LEI: N/A                  | Long             | DBT              | CORP              | NZ        |   6200000 | PA      | $6191700.37   | 0.38%             | 2029-01-22      | Floating      | 4.28%                 | Yes           |                  2 | On Loan: No      |
| PNC FINL. SERVS. GRP. FRN                     | PNC FINL. SERVS. GRP. FRN                     | CUSIP: 693475CH6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11488311.98  | 0.70%             | 2029-01-26      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| SYSCO CORP 3.25%                              | SYSCO CORP 3.25%                              | CUSIP: 871829BF3<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   7760000 | PA      | $7641755.60   | 0.46%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMS. INC 4.329%                     | VERIZON COMMS. INC 4.329%                     | CUSIP: 92343VER1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   9800000 | PA      | $9802907.76   | 0.59%             | 2028-09-21      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA FRN                        | CREDIT AGRICOLE SA FRN                        | CUSIP: 22535WAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   6000000 | PA      | $6026331.96   | 0.36%             | 2028-09-11      | Floating      | 4.85%                 | Yes           |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 4.98%                     | WESTLAKE AUTOMOBILE 4.98%                     | CUSIP: 96043VAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2750000 | PA      | $2767177.05   | 0.17%             | 2030-09-16      | Fixed         | 4.98%                 | Yes           |                  2 | On Loan: No      |
| PNC BANK NA FRN                               | PNC BANK NA FRN                               | CUSIP: 69353RGA0<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    750000 | PA      | $751252.30    | 0.05%             | 2028-07-21      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| ORANGE SA 4.00%                               | ORANGE SA 4.00%                               | CUSIP: 685218AH2<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |   4000000 | PA      | $3959951.28   | 0.24%             | 2029-01-13      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| KELLANOVA 3.25%                               | KELLANOVA 3.25%                               | CUSIP: 487836BP2<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |  15200000 | PA      | $15200000.00  | 0.92%             | 2026-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SANTANDER HLDGS. USA F2F                      | SANTANDER HLDGS. USA F2F                      | CUSIP: 80282KBK1<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   2850000 | PA      | $2855834.24   | 0.17%             | 2027-05-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TST. 5.40%                     | VERIZON MASTER TST. 5.40%                     | CUSIP: 92348KCW1<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   4045000 | PA      | $4058032.99   | 0.25%             | 2029-06-20      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BLACKROCK FNDG. INC 4.60%                     | BLACKROCK FNDG. INC 4.60%                     | CUSIP: 09290DAH4<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |  17340000 | PA      | $17457787.33  | 1.06%             | 2027-07-26      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| RECKITT BENCKISER T 3.00%                     | RECKITT BENCKISER T 3.00%                     | CUSIP: 75625QAE9<br>LEI: 213800LAXWIUOOBZ3908 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $4924220.10   | 0.30%             | 2027-06-26      | Fixed         | 3.00%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAP. AMERICA FRN                      | HYUNDAI CAP. AMERICA FRN                      | CUSIP: 44891ADE4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $10024400.00  | 0.61%             | 2027-06-24      | Floating      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL. FRN                     | SUMITOMO MITSUI FINL. FRN                     | CUSIP: 86562MDL1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |   3807000 | PA      | $3827024.82   | 0.23%             | 2029-07-09      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| AUSTRALIA & NEW ZEALA FRN                     | AUSTRALIA & NEW ZEALA FRN                     | CUSIP: 05252ADV0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |   5600000 | PA      | $5610958.92   | 0.34%             | 2028-12-08      | Floating      | 4.24%                 | Yes           |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT C FRN                     | TOYOTA MOTOR CREDIT C FRN                     | CUSIP: 89236TPG4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |   8800000 | PA      | $8791156.00   | 0.53%             | 2028-01-12      | Floating      | 4.12%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GRP. INC FRN                     | UNITEDHEALTH GRP. INC FRN                     | CUSIP: 91324PFE7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $7004853.31   | 0.42%             | 2026-07-15      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE MULTI-A 3.92%                     | CAPITAL ONE MULTI-A 3.92%                     | CUSIP: 14041NGE5<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |   9575000 | PA      | $9563913.11   | 0.58%             | 2029-09-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECHS 4.15%                     | GE HEALTHCARE TECHS 4.15%                     | CUSIP: 36266GAD9<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2086285.82   | 0.13%             | 2028-12-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES L 2.75%                     | BOSTON PROPERTIES L 2.75%                     | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |   2700000 | PA      | $2674948.64   | 0.16%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FIN. NO FRN                     | DAIMLER TRUCK FIN. NO FRN                     | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |  10720000 | PA      | $10745192.00  | 0.65%             | 2027-09-25      | Floating      | 4.58%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL BANK OF CANA FRN                     | NATIONAL BANK OF CANA FRN                     | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |   6260000 | PA      | $6268566.50   | 0.38%             | 2027-07-02      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TST 4.45%                     | SUMITOMO MITSUI TST 4.45%                     | CUSIP: 86563VBT5<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |   5000000 | PA      | $5013453.20   | 0.30%             | 2027-09-10      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA F2F                        | CREDIT AGRICOLE SA F2F                        | CUSIP: 22535WAL1<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   8080000 | PA      | $8077659.30   | 0.49%             | 2028-09-11      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BA FRN                     | NATIONAL AUSTRALIA BA FRN                     | CUSIP: 632525CN9<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |  12300000 | PA      | $12300434.81  | 0.74%             | 2028-12-13      | Floating      | 4.17%                 | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA FRN                      | ROYAL BANK OF CANADA FRN                      | CUSIP: 78017DAB4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   9000000 | PA      | $9014220.00   | 0.55%             | 2029-01-24      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAP. H FRN                     | NEXTERA ENERGY CAP. H FRN                     | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   6600000 | PA      | $6608169.15   | 0.40%             | 2028-02-04      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| SANTANDER HLDGS. USA FRN                      | SANTANDER HLDGS. USA FRN                      | CUSIP: 80282KBP0<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $11085637.09  | 0.67%             | 2029-03-20      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OPERAT FRN                     | PUBLIC STORAGE OPERAT FRN                     | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |   4720000 | PA      | $4727367.26   | 0.29%             | 2027-04-16      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| BANQUE FEDERATIVE DU FRN                      | BANQUE FEDERATIVE DU FRN                      | CUSIP: 06675DCP5<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   5100000 | PA      | $5142492.44   | 0.31%             | 2030-01-22      | Floating      | 4.90%                 | Yes           |                  2 | On Loan: No      |
| FRESB 2022-SB94 MTGE. VAR                     | FRESB 2022-SB94 MTGE. VAR                     | CUSIP: 30324QAC2<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   5201086 | PA      | $5112980.27   | 0.31%             | 2026-11-25      | Variable      | 1.64%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO FRN                       | JPMORGAN CHASE & CO FRN                       | CUSIP: 46647PET9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4302417.50   | 0.26%             | 2029-01-24      | Floating      | 4.46%                 | No            |                  2 | On Loan: —       |
| BMW US CAP. LLC FRN                           | BMW US CAP. LLC FRN                           | CUSIP: 05565ECV5<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |  12400000 | PA      | $12429957.04  | 0.75%             | 2027-03-19      | Floating      | 4.41%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER DRIVE AUT 4.71%                     | SANTANDER DRIVE AUT 4.71%                     | CUSIP: 80287NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3939704 | PA      | $3942181.67   | 0.24%             | 2028-06-15      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| CARVANA AUTO RECEIV 4.56%                     | CARVANA AUTO RECEIV 4.56%                     | CUSIP: 14688YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3238781 | PA      | $3242238.45   | 0.20%             | 2028-08-10      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| LEGENDS OUTLETS KA 6.247%                     | LEGENDS OUTLETS KA 6.247%                     | CUSIP: 524947AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5005072.50   | 0.30%             | 2039-11-05      | None          | 6.25%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & CO FRN                          | WELLS FARGO & CO FRN                          | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11495134.24  | 0.70%             | 2028-01-24      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| STRYKER CORP 4.55%                            | STRYKER CORP 4.55%                            | CUSIP: 863667BJ9<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $9526546.42   | 0.58%             | 2027-02-10      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE. TS 5.591%                     | JP MORGAN MTGE. TS 5.591%                     | CUSIP: 46593QAC2<br>LEI: 529900AW45JIN41HJ284 | Long             | ABS-O            | CORP              | US        |   4553778 | PA      | $4572257.16   | 0.28%             | 2065-06-25      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| EATON CORP 3.85%                              | EATON CORP 3.85%                              | CUSIP: 278058DV1<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |  12200000 | PA      | $12110487.75  | 0.73%             | 2028-03-06      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| WESTLAKE AUTOMOBILE 5.14%                     | WESTLAKE AUTOMOBILE 5.14%                     | CUSIP: 96043VAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1259534.63   | 0.08%             | 2030-10-15      | Fixed         | 5.14%                 | Yes           |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL 5.604%                      | BRAVO RESIDENTIAL 5.604%                      | CUSIP: 10569MAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8906213 | PA      | $8944891.36   | 0.54%             | 2064-12-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| BANK OF MONTREAL FRN                          | BANK OF MONTREAL FRN                          | CUSIP: 06368MJH8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   3500000 | PA      | $3494032.50   | 0.21%             | 2029-01-27      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP FRN                               | ORACLE CORP FRN                               | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |  11600000 | PA      | $11428216.30  | 0.69%             | 2028-08-03      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GRP. I 4.40%                     | UNITEDHEALTH GRP. I 4.40%                     | CUSIP: 91324PFN7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4012992.84   | 0.24%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| RESEARCH-DRIVEN PA 4.864%                     | RESEARCH-DRIVEN PA 4.864%                     | CUSIP: 76100KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4860000 | PA      | $4842004.88   | 0.29%             | 2035-01-25      | None          | 4.86%                 | Yes           |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA FRN                       | FIFTH THIRD BANK NA FRN                       | CUSIP: 31677QBV0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7303556.41   | 0.44%             | 2028-01-28      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA F2F                               | PNC BANK NA F2F                               | CUSIP: 69353RFY9<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   9050000 | PA      | $9050360.91   | 0.55%             | 2027-05-13      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD FRN                        | MACQUARIE BANK LTD FRN                        | CUSIP: 55608PBY9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |  17000000 | PA      | $16985971.43  | 1.03%             | 2028-06-12      | Floating      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER MTGE. AS 5.599%                     | SANTANDER MTGE. AS 5.599%                     | CUSIP: 80263AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7196605 | PA      | $7214392.54   | 0.44%             | 2065-05-25      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| ABBOTT LABORATORIES FRN                       | ABBOTT LABORATORIES FRN                       | CUSIP: 002824BY5<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |  26900000 | PA      | $26913288.60  | 1.63%             | 2029-03-09      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| BAKER HUGHES HLDGS. 4.05%                     | BAKER HUGHES HLDGS. 4.05%                     | CUSIP: 05724BAL3<br>LEI: 549300XU3XH6F05YEQ93 | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1333180.57   | 0.08%             | 2029-03-11      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS FRN                          | AMERICAN EXPRESS FRN                          | CUSIP: 025816DJ5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5005950.00   | 0.30%             | 2027-07-28      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC FRN                      | KEURIG DR PEPPER INC FRN                      | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   6190000 | PA      | $6179726.21   | 0.37%             | 2026-11-15      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| EXETER AUTOMOBILE R 5.89%                     | EXETER AUTOMOBILE R 5.89%                     | CUSIP: 30168JAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1419143.46   | 0.09%             | 2031-07-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| DELL INTL. LLC / EM 4.75%                     | DELL INTL. LLC / EM 4.75%                     | CUSIP: 24703TAL0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   3660000 | PA      | $3685720.72   | 0.22%             | 2028-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FNDG. LLC FRN                        | GLENCORE FNDG. LLC FRN                        | CUSIP: 378272BX5<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |  21450000 | PA      | $21484293.62  | 1.30%             | 2026-10-01      | Floating      | 4.43%                 | Yes           |                  2 | On Loan: No      |
| LPL HLDGS. INC 4.90%                          | LPL HLDGS. INC 4.90%                          | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   4370000 | PA      | $4382974.84   | 0.27%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP 4.50%                          | STARBUCKS CORP 4.50%                          | CUSIP: 855244BN8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |   4790000 | PA      | $4799727.44   | 0.29%             | 2028-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP FRN                      | BANK OF AMERICA CORP FRN                      | CUSIP: 06051GMU0<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |  34000000 | PA      | $34193997.88  | 2.07%             | 2029-05-09      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 4.95%                      | BLACKSTONE PRIVATE 4.95%                      | CUSIP: 09261HBR7<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   2310000 | PA      | $2281133.52   | 0.14%             | 2027-09-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| LSEG US FIN CORP 4.25%                        | LSEG US FIN CORP 4.25%                        | CUSIP: 50222CAD2<br>LEI: 2138007FV67QQ13CGJ43 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5459914.02   | 0.33%             | 2029-03-23      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BANKING CORP FRN                      | WESTPAC BANKING CORP FRN                      | CUSIP: 961214GD9<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1380000 | PA      | $1389602.23   | 0.08%             | 2030-07-01      | Floating      | 4.50%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Liquid Asset Portfolio | Northern Institutional Liquid Asset Portfolio | CUSIP: 665279105<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3235075 | NS      | $3235075.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer