# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-26-012336
**Filing Date:** 2026-5
**Character Count:** 66569
**Document Hash:** 2547c7b0700e14b7901b03fb48871999
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012336.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002071691-26-012336

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261029154

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

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

## Series and Classes Contracts Data

### Northern Trust 2030 Tax-Exempt Distributing Ladder ETF (Series ID: S000093510)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000261798 | Northern Trust 2030 Tax-Exempt Distributing Ladder ETF | MUNA            |

## 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:** Northern Trust 2030 Tax-Exempt Distributing Ladder ETF

- **b. EDGAR series identifier (if any):** S000093510

- **c. LEI of Series:** 254900VHKWMPJO341I91

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

- **a. Date of fiscal year-end:** 2026-12-31

- **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:** $7003174.65

**Total Liabilities:** $2115.05

**Net Assets:** $7001059.60

**Cash Not Reported:** $41281.51

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 25.00000000 | **1-Year:** 634.00000000 | **5-Year:** 811.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261798 | 0.63%                | 0.41%                | -0.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $26838.22                                  |
| Month 2  | $2819.74                 | $10131.14                                  |
| Month 3  | $0.00                    | $-46976.62                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tomball Independent School District                                            | Tomball Independent School District, Series 2020A                           | CUSIP: 889855N99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53184.54     | 0.76%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                            | Crowley Independent School District, Series 2019                            | CUSIP: 228130GB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $100250.74    | 1.43%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Electric System Revenue                                   | City of Knoxville, Series 2022OO                                            | CUSIP: 499746X67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43650.99     | 0.62%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Stevens Point WI                                                       | City of Stevens Point, Series 2022A                                         | CUSIP: 860248K28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16260.49     | 0.23%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                    | Vermont Municipal Bond Bank, Series 2024-2                                  | CUSIP: 924215BD7<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11003.74     | 0.16%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Water Finance Agency                                                      | Utah Water Finance Agency, Series 2019A                                     | CUSIP: 917572YE3<br>LEI: 5493008FZQW2WEDN4040 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26665.57     | 0.38%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project | Grant County Public Utility District No. 2, Series 2023A                    | CUSIP: 387883ZV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10807.29     | 0.15%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                              | State of Delaware, Series 2023A                                             | CUSIP: 246381SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53649.12     | 0.77%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Winston-Salem NC                                                       | City of Winston-Salem, Series 2022A                                         | CUSIP: 975680FR5<br>LEI: 549300AUJB2WE4FMLE24 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43680.84     | 0.62%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Energy Resources Authority                                               | Idaho Energy Resources Authority, Series 2024                               | CUSIP: 451175AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47508.76     | 0.68%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                        | State of North Carolina, Series 2019A                                       | CUSIP: 65829QDJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118108.23    | 1.69%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Toledo OH Water System Revenue                                         | City of Toledo, Series 2016                                                 | CUSIP: 889396RR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25377.17     | 0.36%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1 Electric Revenue                    | Clark County Public Utility District No. 1, Series 2024                     | CUSIP: 181108E72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10803.58     | 0.15%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lawrence KS                                                            | City of Lawrence, Series 2025A                                              | CUSIP: 520121WM2<br>LEI: 5493004LLF0HG6XS2E46 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43832.05     | 0.63%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District/GA                                              | Jackson County School District, Series 2025                                 | CUSIP: 466784ED3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38064.90     | 0.54%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastside Utility District of Hamilton & Bradley Counties TN                    | Eastside Utility District of Hamilton & Bradley Counties, Series 2024       | CUSIP: 277807FE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36711.23     | 0.52%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Sanitary Sewerage System Revenue                            | City of Memphis, Series 2020B                                               | CUSIP: 586200SH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42317.37     | 0.60%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Galveston Independent School District                                          | Galveston Independent School District, Series 2022                          | CUSIP: 364496QA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31929.73     | 0.46%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vermont Municipal Bond Bank                                                    | Vermont Municipal Bond Bank, Series 2                                       | CUSIP: 924214XV6<br>LEI: 54930081EMY8D1GYM846 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30496.58     | 0.44%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waukee Community School District                                               | Waukee Community School Distric, Series 2023A                               | CUSIP: 942833C36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38073.63     | 0.54%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gateway Technical College District                                             | Gateway Technical College District, Series 2023F                            | CUSIP: 3678146V7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26707.35     | 0.38%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fargo Park District                                                            | Fargo Park District, Series 2022A                                           | CUSIP: 307489XY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26749.29     | 0.38%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Orange Beach AL                                                        | City of Orange Beach, Series 2021                                           | CUSIP: 68406PKK6<br>LEI: 54930098BJOHYFZHRG83 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26282.58     | 0.38%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bettendorf IA                                                          | City of Bettendorf, Series 2020C                                            | CUSIP: 087672BP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31514.34     | 0.45%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barbers Hill Independent School District                                       | Barbers Hill Independent School District, Series 2020                       | CUSIP: 067167ZA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $78414.50     | 1.12%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nashwauk Keewatin Independent School District No. 319                          | Nashwauk Keewatin Independent School District No. 319, Series 2022A         | CUSIP: 631500CN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21741.54     | 0.31%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte County-Kansas City Unified Government                                | Wyandotte County-Kansas City Unified Government, Series 2021A               | CUSIP: 98267AEX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $185888.33    | 2.66%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                               | Pennsylvania Turnpike Commission, Series 2016A                              | CUSIP: 7092247L7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25420.50     | 0.36%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Wastewater System Revenue                                 | City of Knoxville, Series 2021A                                             | CUSIP: 499815B64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35860.81     | 0.51%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | Chicago O'Hare International Airport, Series 2024F                          | CUSIP: 1675937S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16170.37     | 0.23%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Des Moines IA                                                          | City of Des Moines, Series 2024A                                            | CUSIP: 25009XUZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33051.26     | 0.47%             | 2029-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | State of Washington, Series 2021F                                           | CUSIP: 93974EPJ9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78951.42     | 1.13%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of South Carolina                                                   | Universit of South Carolina Higher Education, Series 2022A                  | CUSIP: 913367FX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25667.30     | 0.37%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                | Las Vegas Valley Water District, Series 2020C                               | CUSIP: 517845KA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37571.68     | 0.54%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Broward FL Tourist Development Tax Revenue                           | County of Broward, Series 2021                                              | CUSIP: 115085AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27275.22     | 0.39%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Caney Independent School District                                          | New Caney Independent School District, Series 2024                          | CUSIP: 643154KH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37259.15     | 0.53%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Municipal Bond Bank                                              | New Hampshire Municipal Bond Bank, Series 2021A                             | CUSIP: 64465QEB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10851.09     | 0.15%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Berkeley SC Combined Utility System Revenue                          | County of Berkeley, Series 2024                                             | CUSIP: 084213CB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10898.76     | 0.16%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mitchell School District No. 17-2                                              | Mitchell School District No. 17-2, Series 2024                              | CUSIP: 606687KB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43693.03     | 0.62%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Olive Branch MS                                                        | City of Olive Branch, Series 2024                                           | CUSIP: 680718XS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25478.09     | 0.36%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                          | City of Chicago, Series 2024A                                               | CUSIP: 167736X77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55743.91     | 0.80%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Coral Gables FL                                                        | City of Coral Gables, Series 2021B                                          | CUSIP: 217813BB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37442.55     | 0.53%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyons School District                                                        | Canyons School District, Series 2021B                                       | CUSIP: 139078GM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80616.26     | 1.15%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | State of Washington, Series 2020C                                           | CUSIP: 93974EEC6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48887.60     | 0.70%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milwaukee Metropolitan Sewerage District                                       | Milwaukee Metropolitan Sewerage District, Series 2020D                      | CUSIP: 602409MA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26377.49     | 0.38%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Fort Myers FL Utility System Revenue                                   | City of Fort Myers, Series 2020B                                            | CUSIP: 348172VA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46635.43     | 0.67%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Water Reclamation Facility                                      | Central Valley Water Reclamation Facility, Series 2021C                     | CUSIP: 155796BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $58664.25     | 0.84%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                      | Indiana Finance Authority, Series 2021A                                     | CUSIP: 45506EBP7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     60000 | PA      | $62699.00     | 0.90%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                            | Idaho Housing & Finance Association, Series 2021A                           | CUSIP: 45129WPY0<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21671.34     | 0.31%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crown Point Multi School Building Corp.                                        | Crown Point Multi School Building Corp., Series 2023                        | CUSIP: 228485LT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89457.61     | 1.28%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Morristown TN                                                          | City of Morristown, Series 2019B                                            | CUSIP: 618635NV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $159154.37    | 2.27%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Auburn ME                                                              | City of Auburn, Series 2021                                                 | CUSIP: 050375UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77666.97     | 1.11%             | 2028-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rhode Island Infrastructure Bank                                               | Rhode Island Infrastructure Bank, Series 2019A                              | CUSIP: 76223LAJ3<br>LEI: 54930022Z6KOPRSQCG49 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36251.55     | 0.52%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Charleston SC                                                    | City of North Charleston, Series 2022                                       | CUSIP: 65857PDW8<br>LEI: 549300Y9QXZ4L5X8SP87 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32796.63     | 0.47%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nicolet Union High School District                                             | Nicolet Union High School District, Series 2022                             | CUSIP: 654064GZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27138.74     | 0.39%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                              | State of Maryland, Series 2020B                                             | CUSIP: 574193TL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $95098.19     | 1.36%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Township High School District No. 113-Highland Park                | Lake County Township High School District No. 113, Series 2025              | CUSIP: 509084KQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26988.56     | 0.39%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wenatchee WA Water & Sewer Revenue                                     | City of Wenatchee, Series 2018                                              | CUSIP: 950511KY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25967.79     | 0.37%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Milwaukee WI Airport Revenue                                         | County of Milwaukee, Series 2019A                                           | CUSIP: 602248LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43165.36     | 0.62%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jordan Basin Improvement District                                              | Jordan Basin Improvement District, Series 2022                              | CUSIP: 84059QEC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37267.91     | 0.53%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of South Jordan UT Water Revenue                                          | City of South Jordan, Series 2025                                           | CUSIP: 83854PCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10968.48     | 0.16%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Energy Resources Authority                                               | Idaho Energy Resources Authority, Series 2021                               | CUSIP: 451174AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32262.66     | 0.46%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jackson County School District No. R-IV Blue Springs                           | Jackson County School District No. R-IV Blue Springs, Series 2024           | CUSIP: 467486YA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53284.72     | 0.76%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue          | State of Florida, Series 2020B                                              | CUSIP: 343137HK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $75277.55     | 1.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New Berlin WI                                                          | City of New Berlin, Series 2021B                                            | CUSIP: 642288X41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25716.71     | 0.37%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Hampshire                                                         | State of New Hampshire, Series 2023A                                        | CUSIP: 64468FAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38059.51     | 0.54%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                             | State of Wisconsin, Series 2020B                                            | CUSIP: 97705MTT2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     60000 | PA      | $64342.02     | 0.92%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kingsport TN                                                           | City of Kingsport, Series 2023                                              | CUSIP: 496443YP1<br>LEI: 549300CNSHTU7LSLB359 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26158.54     | 0.37%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                  | Kentucky State Property & Building Commission, Series 2025A                 | CUSIP: 49151F4Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42695.97     | 0.61%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kearns Improvement District                                                    | Kearns Improvement District, Series 2021                                    | CUSIP: 487134BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56403.12     | 0.81%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WPPI Energy                                                                    | WPPI Energy, Series 2024A                                                   | CUSIP: 92937NDC5<br>LEI: 5493000UBF6PCV5RXZ13 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87595.19     | 1.25%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sheboygan Area School District                                                 | Sheboygan Area School District                                              | CUSIP: 821023PE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43375.46     | 0.62%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                      | Maine Municipal Bond Bank, Series 2024A                                     | CUSIP: 56045R7T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43924.57     | 0.63%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                      | Indiana Finance Authority, Series 2021A                                     | CUSIP: 45506EBR3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21711.83     | 0.31%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Davis County Sewer District                                              | North Davis County Sewer District, Series 2024                              | CUSIP: 659079EM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $80171.11     | 1.15%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority                                                        | Georgia Ports Authority, Series 2021                                        | CUSIP: 373586GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31609.88     | 0.45%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Maui HI                                                              | County of Maui, Series 2020                                                 | CUSIP: 5772856Y0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38105.75     | 0.54%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyons School District                                                        | Canyons School District, Series 2022                                        | CUSIP: 139078GT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27348.39     | 0.39%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Wisconsin Technical College District/WI                              | Northeast Wisconsin Technical College District, Series 2025A                | CUSIP: 66440AVE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26166.68     | 0.37%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Calhoun County Independent School District                                     | Calhoun County Independent School District, Series 2024                     | CUSIP: 129703FQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26642.25     | 0.38%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA                                                             | City of Seattle, Series 2025                                                | CUSIP: 812627RU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64446.47     | 0.92%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Barron Area School District                                                    | Barron Area School District, Series 2021                                    | CUSIP: 068715FP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26519.46     | 0.38%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Maury TN                                                             | County of Maury, Series 2021                                                | CUSIP: 577625G26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46385.19     | 0.66%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund             | Ohio Water Development Authority, Series 2023C                              | CUSIP: 67766WL83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43708.94     | 0.62%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of New Castle DE                                                        | County of New Castle, Series 2025                                           | CUSIP: 64327TKP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $182372.09    | 2.60%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Water & Wastewater Board                                               | Madison Water & Wastewater Board, Series 2020                               | CUSIP: 556589HP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35576.53     | 0.51%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nevada System of Higher Education                                              | Nevada System of Higher Education, Series 2018A                             | CUSIP: 641494FL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $196158.63    | 2.80%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Smyrna TN                                                              | Town of Smyrna, Series 2019                                                 | CUSIP: 832832MF3<br>LEI: 549300XZ1PE2F5Y7QL71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26227.14     | 0.37%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mansfield TX                                                           | City of Mansfield, Series 2025                                              | CUSIP: 564378QA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $63698.78     | 0.91%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                            | Idaho Housing & Finance Association, Series 2017A                           | CUSIP: 45129WNV8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     35000 | PA      | $36097.33     | 0.52%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St George UT Wastewater Treatment Revenue                              | City of St. George, Series 2020                                             | CUSIP: 789565AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26634.37     | 0.38%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                           | North Texas Municipal Water District, Series 2018                           | CUSIP: 662835ZL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36754.31     | 0.52%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                                      | Maine Municipal Bond Bank, Series D                                         | CUSIP: 56045RZN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40580.72     | 0.58%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goose Creek Consolidated Independent School District                           | Goose Creek Consolidated Independent School District, Series 2019A          | CUSIP: 382604T48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $143020.32    | 2.04%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                         | Fort Worth Independent School District, Series 2019B                        | CUSIP: 3494608E8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104515.24    | 1.49%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Development Bank                                                   | Mississippi Development Bank, Series 2020                                   | CUSIP: 60534W7H5<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10864.53     | 0.16%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                      | City of Atlanta, Series 2021B                                               | CUSIP: 04780MYR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37603.65     | 0.54%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Maury TN                                                             | County of Maury, Series 2025                                                | CUSIP: 577625T63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $89036.42     | 1.27%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                  | State of Ohio, Series 2021A                                                 | CUSIP: 677587DS3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48779.77     | 0.70%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                              | State of Delaware, Series 2024A                                             | CUSIP: 246381TF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38238.19     | 0.55%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                            | Idaho Housing & Finance Association, Series 2023A                           | CUSIP: 45130ABC8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80841.71     | 1.15%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Camas WA Water & Sewer Revenue                                         | City of Camas, Series 2025                                                  | CUSIP: 131879HA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30446.54     | 0.43%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Valley Utility District                                               | Savannah Valley Utility District, Series 2022                               | CUSIP: 805091CU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27246.90     | 0.39%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                           | Alaska Municipal Bond Bank Authority, Series 2020-1                         | CUSIP: 01179RE90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27442.61     | 0.39%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hallsdale-Powell Utility District                                              | Hallsdale-Powell Utility District, Series 2022A                             | CUSIP: 406313PU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16305.91     | 0.23%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elkhorn School District                                                        | Douglas County School District No. 10, Series 2021                          | CUSIP: 259309X64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20181.32     | 0.29%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Topeka KS Combined Utility Revenue                                     | City of Topeka, Series 2023A                                                | CUSIP: 890680VU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31607.85     | 0.45%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Granite School District Board of Education                                     | Granite School Disctrict, Series 2020                                       | CUSIP: 387460QM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26829.03     | 0.38%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 411 Issaquah                                   | King County School District No. 411 Issaquah, Series 2024                   | CUSIP: 4952246G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43981.79     | 0.63%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County School District No. 63 East Maine                                  | Cook County School District No. 63, Series 2019                             | CUSIP: 213651MR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $167541.76    | 2.39%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Tacoma WA                                                              | Port of Tacoma, Series 2016A                                                | CUSIP: 735422NS2<br>LEI: 549300MLYO8L64QKXV81 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90833.19     | 1.30%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chelan County Public Utility District No. 1                                    | Chelan County Public Utility District No. 1, Series 2020B                   | CUSIP: 163103VP6<br>LEI: 5493004E8FN9GU2SU067 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46346.92     | 0.66%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Arlington TX Water & Wastewater System Revenue                         | Arlington Water & Wastewater System, Series 2025B                           | CUSIP: 04184KN50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54359.86     | 0.78%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gallatin TN Gas System Revenue                                         | City of Gallatin, Series 2024                                               | CUSIP: 363754AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67634.43     | 0.97%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | State of Washington, Series 2024B                                           | CUSIP: 93974EK21<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26836.91     | 0.38%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sweetwater County 2023 Specific Purpose Tax Joint Powers Board                 | Sweetwater County 2023 Specific Purpose Tax Joint Powers Board, Series 2023 | CUSIP: 87048HAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35948.14     | 0.51%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avon Redevelopment Authority                                                   | Avon Redevelopment Authority, Series 2025                                   | CUSIP: 05408FAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16164.53     | 0.23%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tomball Independent School District                                            | Tomball Independent School District, Series 2020                            | CUSIP: 889855L59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48695.42     | 0.70%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                         | County of Baltimore, Series 2021                                            | CUSIP: 05914F7W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43579.02     | 0.62%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                                          | County of Hennepin, Series 2019B                                            | CUSIP: 425507HH6<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |     85000 | PA      | $90467.96     | 1.29%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Energy Resources Authority                                               | Idaho Energy Resources Authority, Series 2024                               | CUSIP: 451175AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26885.55     | 0.38%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipality of Anchorage AK Solid Waste Services Revenue                      | Municipality of Anchorage, Series 2022A                                     | CUSIP: 033262AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25941.27     | 0.37%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1 Electric Revenue                    | Clark County Public Utility District No. 1, Series 2022                     | CUSIP: 181108C58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10803.58     | 0.15%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                        | Municipal Electric Authority of Georgia, Series 2021A                       | CUSIP: 62620HAH5<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10769.89     | 0.15%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Knoxville TN Electric System Revenue                                   | City of Knoxville, Series 2021LL                                            | CUSIP: 499746N50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10912.75     | 0.16%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                             | City of Houston, Series 2016B                                               | CUSIP: 44244CGJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50754.65     | 0.72%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manchester NH                                                          | City of Manchester, Series 2020C                                            | CUSIP: 562333NY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38416.43     | 0.55%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                           | Chicago O'Hare International Airport, Series 2024D                          | CUSIP: 1675936J6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104054.72    | 1.49%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                         | Wisconsin Department of Transportation, Series 2017-2                       | CUSIP: 977123T99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186174.12    | 2.66%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                                      | Borough of North Slope, Series 2022A                                        | CUSIP: 662523P86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102999.06    | 1.47%             | 2027-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                  | State of Ohio, Series 2019B                                                 | CUSIP: 677524DL1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103665.77    | 1.48%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Otsego Public Schools                                                          | Otsego Public Schools, Series 2020I                                         | CUSIP: 689138JL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37955.40     | 0.54%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sales Tax Revenue                                        | County of Hamilton, Series 2021A                                            | CUSIP: 407287MS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $135203.48    | 1.93%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shawnee KS                                                             | City of Shawnee, Series 2021A                                               | CUSIP: 820667D67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26157.06     | 0.37%             | 2029-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                            | State of Washington, Series R-2018D                                         | CUSIP: 93974DY51<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30980.18     | 0.44%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milwaukee Area Technical College District                                      | Milwaukee Area Technical College District, Series 2023-24F                  | CUSIP: 602369MV9<br>LEI: 54930048I544G4TM9P14 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26245.75     | 0.37%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Canyon Independent School District                                             | Canyon Independent School District, Series 2020                             | CUSIP: 139015RE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37299.15     | 0.53%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                               | City of Seattle, Series 2022                                                | CUSIP: 812631QY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47375.89     | 0.68%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO