# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001574
**Filing Date:** 2025-11
**Character Count:** 70111
**Document Hash:** 60edd5251d3a45b58c8b94ab299e7121
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001574.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001574

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**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:** 251506539

**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

### LIMITED TERM TAX-EXEMPT FUND (Series ID: S000018524)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000051415 | LIMITED TERM TAX-EXEMPT FUND | NSITX           |

## 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:** Limited Term Tax-Exempt Fund

- **b. EDGAR series identifier (if any):** S000018524

- **c. LEI of Series:** 549300PSF9YJS72IZ736

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $337605149.03

**Total Liabilities:** $1159534.17

**Net Assets:** $336445614.86

**Delayed Delivery Securities:** $950284.50

**Cash Not Reported:** $0.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1616.645737237744 | **1-Year:** 26483.219949944592 | **5-Year:** 51425.135027938452 | **10-Year:** 10209.273208345169 | **30-Year:** 0.000000000000

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

- **3-Month:** 9.125734641638 | **1-Year:** 160.610586760744 | **5-Year:** 43.643153639121 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000051415 | 0.42%                | 0.52%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-241550.91              | $870001.03                                 |
| Month 2  | $-134946.41              | $1253979.07                                |
| Month 3  | $-181342.83              | $1312605.89                                |

**Designated Index Information**

- **Index Name:** BBG Muni Bond 1-5Y Blend (Risk Basis: MUNI)

- **Index Identifier:** BBGMUNPAO

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MASSACHUSETTS WATER 5.00% | MASSACHUSETTS WATER 5.00% | CUSIP: 576051PH3<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021628.10   | 0.30%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY 5.00% | CITY OF NEW YORK NY 5.00% | CUSIP: 64966MSV2<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1879879.45   | 0.56%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HES2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2040000 | PA      | $2053481.75   | 0.61%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE HOUSIN VAR | NEW YORK STATE HOUSIN VAR | CUSIP: 64987JXS5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4001917.60   | 1.19%             | 2062-05-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1158838.08   | 0.34%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF POLK IA 5.00%   | COUNTY OF POLK IA 5.00%   | CUSIP: 731197Z85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2504691.04   | 0.74%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 5444457P8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1874299.45   | 0.56%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64971XRN0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053739.20   | 0.31%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV. BO 5.00% | TEXAS WATER DEV. BO 5.00% | CUSIP: 8828546U1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115237.40   | 0.33%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN COUNTY SCH 5.00% | FRANKLIN COUNTY SCH 5.00% | CUSIP: 35268RAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1814588.13   | 0.54%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIMESTONE COUNTY WA 5.00% | LIMESTONE COUNTY WA 5.00% | CUSIP: 532647JU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3086987.40   | 0.92%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AUSTIN TX W 5.00% | CITY OF AUSTIN TX W 5.00% | CUSIP: 052477PH3<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027420.00   | 0.31%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PRAIRIE INDEP 4.00% | GRAND PRAIRIE INDEP 4.00% | CUSIP: 386155CX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5420000 | PA      | $5422648.21   | 1.61%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO 5.00%       | STATE OF OHIO 5.00%       | CUSIP: 677523HD7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1717163.85   | 0.51%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA COUNTY IND 4.00% | OKLAHOMA COUNTY IND 4.00% | CUSIP: 678841LP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4275000 | PA      | $4383106.63   | 1.30%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON & MULTNOMA STP | WASHINGTON & MULTNOMA STP | CUSIP: 938429U88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2565917.50   | 0.76%             | 2035-06-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC 5.25% | NEW JERSEY ECONOMIC 5.25% | CUSIP: 64577B6K5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3071199.60   | 0.91%             | 2026-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COUNTY OF HARRIS TX 5.00% | COUNTY OF HARRIS TX 5.00% | CUSIP: 41423PCM7<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1845195.44   | 0.55%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF NORTH 5.00% | UNIVERSITY OF NORTH 5.00% | CUSIP: 914729VK1<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096218.60   | 0.33%             | 2032-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF WASHINGTON 5.00% | STATE OF WASHINGTON 5.00% | CUSIP: 93974DYE2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2449415.76   | 0.73%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY 5.00% | CITY OF NEW YORK NY 5.00% | CUSIP: 64966QQZ6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    605000 | PA      | $617565.43    | 0.18%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO TURNPIKE & INF 5.00% | OHIO TURNPIKE & INF 5.00% | CUSIP: 67760HLR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3860000 | PA      | $4042421.67   | 1.20%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEALTH & EDUCATIONAL VAR  | HEALTH & EDUCATIONAL VAR  | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510866.30   | 0.45%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PORTLAND OR 5.00% | CITY OF PORTLAND OR 5.00% | CUSIP: 736740VZ1<br>LEI: 254900RPNQMJF9NBMF52 | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1819453.80   | 0.54%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BEXAR TX 5.00%  | COUNTY OF BEXAR TX 5.00%  | CUSIP: 0882814Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1404207.75   | 0.42%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHIN 5.00% | METROPOLITAN WASHIN 5.00% | CUSIP: 592647HM6<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3404153.97   | 1.01%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF TEXAS 5.00%      | STATE OF TEXAS 5.00%      | CUSIP: 882723ZM4<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4983743.50   | 1.48%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS MUNICIPAL GAS 5.00% | TEXAS MUNICIPAL GAS 5.00% | CUSIP: 88256HBB3<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1428865.06   | 0.42%             | 2026-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL G VAR | MAIN STREET NATURAL G VAR | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1567274.76   | 0.47%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    440000 | PA      | $447784.22    | 0.13%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DUVAL COUNTY PUBLIC 5.00% | DUVAL COUNTY PUBLIC 5.00% | CUSIP: 267169GZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1781758.13   | 0.53%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVI 5.00% | GREATER ORLANDO AVI 5.00% | CUSIP: 392275DY6<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    700000 | PA      | $778501.78    | 0.23%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.00% | NEW YORK STATE DORM 5.00% | CUSIP: 64990EW60<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5004180.50   | 1.49%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIVER PROJECT 5.00%  | SALT RIVER PROJECT 5.00%  | CUSIP: 79574CCS0<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2833602.21   | 0.84%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER INDUSTRIAL D VAR | CHANDLER INDUSTRIAL D VAR | CUSIP: 158862CA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2618369.18   | 0.78%             | 2042-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709225FS0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    275000 | PA      | $282981.57    | 0.08%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF WASHINGTON 5.00% | STATE OF WASHINGTON 5.00% | CUSIP: 93974ED60<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036463.20   | 0.61%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEXAS TOLLWAY 5.00% | NORTH TEXAS TOLLWAY 5.00% | CUSIP: 66285WN36<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    595000 | PA      | $665543.91    | 0.20%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KLEIN INDEPENDENT S 5.00% | KLEIN INDEPENDENT S 5.00% | CUSIP: 498531PH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1734672.56   | 0.52%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE GOVERNMENTAL 4.00%  | MAINE GOVERNMENTAL 4.00%  | CUSIP: 56041MSQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2640000 | PA      | $2702978.26   | 0.80%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WAUSHARA 5.50%  | COUNTY OF WAUSHARA 5.50%  | CUSIP: 943445CP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $513745.07    | 0.15%             | 2031-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BEXAR TX 5.00%  | COUNTY OF BEXAR TX 5.00%  | CUSIP: 0882814Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108575.30   | 0.33%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64971W6U9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037991.20   | 0.31%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF HO 5.00% | CITY & COUNTY OF HO 5.00% | CUSIP: 438687ML6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $738261.48    | 0.22%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HEV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2292769.47   | 0.68%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL 5.00%  | INDIANAPOLIS LOCAL 5.00%  | CUSIP: 45528UZ38<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1169620.61   | 0.35%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JCJ3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    650000 | PA      | $685753.38    | 0.20%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK COUNTY SCHOOL 4.00% | CLARK COUNTY SCHOOL 4.00% | CUSIP: 181059J72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3110803.50   | 0.92%             | 2032-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF COLORADO SP 5.00% | CITY OF COLORADO SP 5.00% | CUSIP: 196632WQ2<br>LEI: 2549003N3PXBHQH2V448 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200540.26    | 0.06%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRINITY RIVER AUTHO 5.00% | TRINITY RIVER AUTHO 5.00% | CUSIP: 89658HVG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038816.60   | 0.31%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MCCOOK NE 4.50%   | CITY OF MCCOOK NE 4.50%   | CUSIP: 579729EW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015654.00   | 0.30%             | 2027-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3228634.40   | 0.96%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY DE VAR | LOS ANGELES COUNTY DE VAR | CUSIP: 54467WAE2<br>LEI: 549300LBSOMPNKLIHI97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000372.50   | 0.30%             | 2046-01-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2984225 | NS      | $2984224.81   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK STATE HOUS 0.75% | NEW YORK STATE HOUS 0.75% | CUSIP: 64987JDS7<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    215000 | PA      | $214398.80    | 0.06%             | 2025-11-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| CLIFTON BOARD OF ED 2.00% | CLIFTON BOARD OF ED 2.00% | CUSIP: 187099HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1184518.92   | 0.35%             | 2026-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LOCAL PUBLIC SCHOOL 3.00% | LOCAL PUBLIC SCHOOL 3.00% | CUSIP: 53957RCK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $807293.61    | 0.24%             | 2026-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 5.00% | CITY & COUNTY OF DE 5.00% | CUSIP: 249182SA5<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1650910.65   | 0.49%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE VALLEY REG 2.00% | DELAWARE VALLEY REG 2.00% | CUSIP: 246579LK0<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2145147.55   | 0.64%             | 2029-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AKRON OH IN 4.00% | CITY OF AKRON OH IN 4.00% | CUSIP: 010056MM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1137103.86   | 0.34%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709225FR2<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    425000 | PA      | $426550.87    | 0.13%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BENTON COUNTY SCHOO 4.00% | BENTON COUNTY SCHOO 4.00% | CUSIP: 082887PD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002196.80   | 0.30%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL PUGET SOUND 5.00% | CENTRAL PUGET SOUND 5.00% | CUSIP: 15504RFY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002051.90   | 0.30%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JCG9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    675000 | PA      | $694386.07    | 0.21%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARLINGEN CONSOLIDA 5.00% | HARLINGEN CONSOLIDA 5.00% | CUSIP: 413000QQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1127487.86   | 0.34%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF WICHITA KS 3.00%  | CITY OF WICHITA KS 3.00%  | CUSIP: 9672444P6<br>LEI: 549300Y20JVN3VP2V718 | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1185011.97   | 0.35%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRIDGE & 5.00% | TRIBOROUGH BRIDGE & 5.00% | CUSIP: 89602HFF9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1795901.93   | 0.53%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF NEW JERSEY 5.00% | STATE OF NEW JERSEY 5.00% | CUSIP: 646039YL5<br>LEI: 213800HFVBUBETRKVY63 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2860578.88   | 0.85%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445SM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $673098.07    | 0.20%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE HEALT 5.00% | NEW HAMPSHIRE HEALT 5.00% | CUSIP: 64461XJR7<br>LEI: 549300CYZCB80R8W7E02 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129042.20   | 0.34%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY PUBLIC ENERG VAR | KENTUCKY PUBLIC ENERG VAR | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1608739.35   | 0.48%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ALASKA RAILROAD COR 5.50% | ALASKA RAILROAD COR 5.50% | CUSIP: 01176AAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $224128.44    | 0.07%             | 2032-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURI 5.00% | UTILITY DEBT SECURI 5.00% | CUSIP: 91802RCK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1456779.33   | 0.43%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS AREA RAPID T 5.00% | DALLAS AREA RAPID T 5.00% | CUSIP: 235241TF3<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |   3395000 | PA      | $3690242.44   | 1.10%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOCAL PUBLIC SCHOOL 4.00% | LOCAL PUBLIC SCHOOL 4.00% | CUSIP: 53957RCM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    935000 | PA      | $976146.73    | 0.29%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ATLANTA GA 5.00%  | CITY OF ATLANTA GA 5.00%  | CUSIP: 047772K98<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1082548.85   | 0.32%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 5.25% | CITY & COUNTY OF DE 5.25% | CUSIP: 249182SV9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1839355.53   | 0.55%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DAD 5.00% | COUNTY OF MIAMI-DAD 5.00% | CUSIP: 59333P7D4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3126446.10   | 0.93%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHORI VAR | ILLINOIS FIN. AUTHORI VAR | CUSIP: 45204FM77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079401.90   | 0.32%             | 2043-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY CULTURA VAR | HARRIS COUNTY CULTURA VAR | CUSIP: 414008CZ3<br>LEI: 5493006UKJHZXSM3H989 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089228.90   | 0.32%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHIN 5.00% | METROPOLITAN WASHIN 5.00% | CUSIP: 592647NR8<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119256.90   | 0.33%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA FACILITY FIN. VAR | MONTANA FACILITY FIN. VAR | CUSIP: 61204KPV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1511713.68   | 0.45%             | 2065-02-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PECOS BARSTOW TOYAH 5.00% | PECOS BARSTOW TOYAH 5.00% | CUSIP: 705227FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033568.40   | 0.31%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1121727.67   | 0.33%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACIL VAR | COLORADO HEALTH FACIL VAR | CUSIP: 19648FXB5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97453.21     | 0.03%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOCAL GOV 5.00% | LOUISIANA LOCAL GOV 5.00% | CUSIP: 546275AB4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1529768.40   | 0.45%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3204168.90   | 0.95%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ENERGY SOUTHEAST A CO VAR | ENERGY SOUTHEAST A CO VAR | CUSIP: 292723BN2<br>LEI: 2549001SMMZ81MXBXZ89 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2739191.00   | 0.81%             | 2054-07-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ST JOSEPH SCHOOL DI 5.00% | ST JOSEPH SCHOOL DI 5.00% | CUSIP: 790790FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2154989.80   | 0.64%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TALLAHASSEE 5.00% | CITY OF TALLAHASSEE 5.00% | CUSIP: 874461MA1<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    535000 | PA      | $613326.09    | 0.18%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF TULSA OK 3.00%    | CITY OF TULSA OK 3.00%    | CUSIP: 899645G90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4865000 | PA      | $4877515.70   | 1.45%             | 2028-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITY OF FARGO ND 5.00%    | CITY OF FARGO ND 5.00%    | CUSIP: 30748FBU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1141243.04   | 0.34%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BROWARD F 5.00% | COUNTY OF BROWARD F 5.00% | CUSIP: 114894YH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1394124.73   | 0.41%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-E VAR | SOUTH CAROLINA JOBS-E VAR | CUSIP: 83703EMU6<br>LEI: 5493006NA7JSVYYYF398 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111421.50   | 0.33%             | 2049-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DE 1.20% | NEW YORK LIBERTY DE 1.20% | CUSIP: 649519DK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1836961.40   | 0.55%             | 2028-11-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| STATE OF FLORIDA 5.00%    | STATE OF FLORIDA 5.00%    | CUSIP: 34153QMF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1982037.92   | 0.59%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2530033.25   | 0.75%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709224XG9<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1940501.44   | 0.58%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH VAR | SOUTHEAST ENERGY AUTH VAR | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1619900.70   | 0.48%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES UNIFIED 5.00% | LOS ANGELES UNIFIED 5.00% | CUSIP: 544647JT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1184275.50   | 0.35%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEV. FI VAR | MASSACHUSETTS DEV. FI VAR | CUSIP: 57585BKC1<br>LEI: I9TGZUV477HZIKUP0045 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091569.20   | 0.32%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACIL VAR | COLORADO HEALTH FACIL VAR | CUSIP: 19648FGN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3009029.10   | 0.89%             | 2048-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF N 5.00% | PORT AUTHORITY OF N 5.00% | CUSIP: 73358WS54<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563618.15   | 0.46%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL G VAR | MAIN STREET NATURAL G VAR | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2715000 | PA      | $2941871.92   | 0.87%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA AIRPORT AUTHO 5.00% | OMAHA AIRPORT AUTHO 5.00% | CUSIP: 681725MV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1410667.27   | 0.42%             | 2031-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MULTNOMAH 5.00% | COUNTY OF MULTNOMAH 5.00% | CUSIP: 625506PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040278.10   | 0.31%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CONNECTICU 4.00% | STATE OF CONNECTICU 4.00% | CUSIP: 20772KKP3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024655.50   | 0.30%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FA 5.00% | LOUISIANA PUBLIC FA 5.00% | CUSIP: 546399PC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $272816.05    | 0.08%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE HOUSIN VAR | NEW YORK STATE HOUSIN VAR | CUSIP: 64987JD99<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500260.25   | 0.45%             | 2062-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| NORTH RIDGEVILLE CI 5.00% | NORTH RIDGEVILLE CI 5.00% | CUSIP: 661870LF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $932734.05    | 0.28%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MAS 5.00% | COMMONWEALTH OF MAS 5.00% | CUSIP: 57582R7H3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    595000 | PA      | $663994.42    | 0.20%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS 5.00%   | STATE OF ILLINOIS 5.00%   | CUSIP: 452153KL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2163647.85   | 0.64%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON HEIGHTS SC 5.00% | HAMILTON HEIGHTS SC 5.00% | CUSIP: 40739PER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $588644.37    | 0.17%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO COUNTY SCHOOL 5.00% | PASCO COUNTY SCHOOL 5.00% | CUSIP: 70253QBD0<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2842091.50   | 0.84%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPALITY OF ANC 5.50% | MUNICIPALITY OF ANC 5.50% | CUSIP: 033252BF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2122570.56   | 0.63%             | 2031-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNICIPAL G VAR | MINNESOTA MUNICIPAL G VAR | CUSIP: 60406UAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046572.00   | 0.61%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JCH7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    475000 | PA      | $495052.65    | 0.15%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDL. VAR | MARICOPA COUNTY INDL. VAR | CUSIP: 56682HDV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2516888.64   | 0.75%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN. AUTHO 5.00% | MICHIGAN FIN. AUTHO 5.00% | CUSIP: 59447TME0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3840000 | PA      | $3933972.48   | 1.17%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.25% | NEW YORK STATE DORM 5.25% | CUSIP: 65000B4J4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $436003.68    | 0.13%             | 2031-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709224C31<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    860000 | PA      | $901877.96    | 0.27%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DE 3.20% | OHIO AIR QUALITY DE 3.20% | CUSIP: 677525WY9<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1072436.45   | 0.32%             | 2026-05-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| WHATCOM COUNTY PUBL 5.00% | WHATCOM COUNTY PUBL 5.00% | CUSIP: 962468FD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $467596.85    | 0.14%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL 5.00%  | CITY OF CHICAGO IL 5.00%  | CUSIP: 167486U98<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065857.20   | 0.32%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA RAILROAD COR 5.50% | ALASKA RAILROAD COR 5.50% | CUSIP: 01176AAF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $517972.01    | 0.15%             | 2033-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DELAWARE VALLEY REG 5.50% | DELAWARE VALLEY REG 5.50% | CUSIP: 246579ER3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2699241.21   | 0.80%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS WATER 5.00% | MASSACHUSETTS WATER 5.00% | CUSIP: 576051PP5<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2340000 | PA      | $2390609.75   | 0.71%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MURRAY CITY SCHOOL 5.00%  | MURRAY CITY SCHOOL 5.00%  | CUSIP: 626864GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1783484.37   | 0.53%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HOUSTON TX 5.00%  | CITY OF HOUSTON TX 5.00%  | CUSIP: 442332CU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2467364.90   | 0.73%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MIDWAY INTL 5.00% | CHICAGO MIDWAY INTL 5.00% | CUSIP: 167562SY4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047354.20   | 0.61%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIVATE COLLEGES & 5.00%  | PRIVATE COLLEGES & 5.00%  | CUSIP: 74265L3A4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1119168.77   | 0.33%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHILADELPHI 5.00% | CITY OF PHILADELPHI 5.00% | CUSIP: 717813TA7<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   3535000 | PA      | $3606177.58   | 1.07%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.25% | NEW YORK STATE DORM 5.25% | CUSIP: 65000B4K1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $657805.74    | 0.20%             | 2032-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL 5.00%  | CITY OF CHICAGO IL 5.00%  | CUSIP: 167736X85<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3640000 | PA      | $3807038.51   | 1.13%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL G VAR | MAIN STREET NATURAL G VAR | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093207.20   | 0.32%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEV. 5.00%  | MASSACHUSETTS DEV. 5.00%  | CUSIP: 57585BJJ8<br>LEI: 549300Y86NBW6TM3N374 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060329.70   | 0.32%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT REGIONAL WA 4.00% | TARRANT REGIONAL WA 4.00% | CUSIP: 876448FC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1442452.45   | 0.43%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST JOHNS COUNTY SCH 5.00% | ST JOHNS COUNTY SCH 5.00% | CUSIP: 790409HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1428256.10   | 0.42%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA COUNTY IND 4.00% | OKLAHOMA COUNTY IND 4.00% | CUSIP: 678739WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4261867.14   | 1.27%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA COLLEGE BL 4.00% | VIRGINIA COLLEGE BL 4.00% | CUSIP: 92778VDE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $276102.42    | 0.08%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH & 5.00%  | WISCONSIN HEALTH & 5.00%  | CUSIP: 97712JNQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099441.90   | 0.33%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TST. AUTHOR 5.00% | CAPITAL TST. AUTHOR 5.00% | CUSIP: 14055GAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110025.20   | 0.33%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACIL VAR | COLORADO HEALTH FACIL VAR | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3977403.62   | 1.18%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF N 5.00% | PORT AUTHORITY OF N 5.00% | CUSIP: 73358XQZ8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2910139.28   | 0.86%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHORI 5%  | ILLINOIS FIN. AUTHORI 5%  | CUSIP: 45204FXJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302683.14    | 0.09%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS 5.00% | SOUTH CAROLINA JOBS 5.00% | CUSIP: 83704MEU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022784.40   | 0.30%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSP 5.00% | METROPOLITAN TRANSP 5.00% | CUSIP: 59261A5X1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1687881.30   | 0.50%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLLIER COUNTY INDL. VAR  | COLLIER COUNTY INDL. VAR  | CUSIP: 194641BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2189797.00   | 0.65%             | 2054-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF WATERLOO IA 4.50% | CITY OF WATERLOO IA 4.50% | CUSIP: 941647V97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1719910.57   | 0.51%             | 2027-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CAPITOL IM 5.00% | OKLAHOMA CAPITOL IM 5.00% | CUSIP: 679088MS0<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $4158522.44   | 1.24%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS 5.00%   | STATE OF ILLINOIS 5.00%   | CUSIP: 452153JJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554159.00   | 0.46%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032U4Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114029.60   | 0.33%             | 2050-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHARLOTTE N 5.00% | CITY OF CHARLOTTE N 5.00% | CUSIP: 161045SN0<br>LEI: 5493001QNY6JJFWHQ568 | Long             | DBT              | MUN               | US        |    225000 | PA      | $252217.85    | 0.07%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LE MARS COMMUNITY S 5.00% | LE MARS COMMUNITY S 5.00% | CUSIP: 521282EP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116470.80   | 0.33%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER CLARK COUNT 5.00% | GREATER CLARK COUNT 5.00% | CUSIP: 39168AET6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1244847.89   | 0.37%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOUGLAS COUNTY SCHO 5.00% | DOUGLAS COUNTY SCHO 5.00% | CUSIP: 259030RF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $951148.19    | 0.28%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN ANTONIO T VAR | CITY OF SAN ANTONIO T VAR | CUSIP: 79625GDH3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3408071.10   | 1.01%             | 2045-12-01      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544525TX6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1438218.21   | 0.43%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIERCE COUNTY SCHOO 4.00% | PIERCE COUNTY SCHOO 4.00% | CUSIP: 720526WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650266.96    | 0.19%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK COUNTY SCHOOL 5.00% | CLARK COUNTY SCHOOL 5.00% | CUSIP: 181059M94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044237.90   | 0.31%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF TEXAS 4.00%      | STATE OF TEXAS 4.00%      | CUSIP: 882724VT1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2137235.77   | 0.64%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF TEXAS 5.00%      | STATE OF TEXAS 5.00%      | CUSIP: 882723V48<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2164637.40   | 0.64%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JCF1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    630000 | PA      | $638596.54    | 0.19%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS REGIONAL A 5.00% | COLUMBUS REGIONAL A 5.00% | CUSIP: 199546CP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097187.90   | 0.33%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE COUNTY SCH 5.50% | ARAPAHOE COUNTY SCH 5.50% | CUSIP: 038699UF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $4013995.55   | 1.19%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO 5.00%       | STATE OF OHIO 5.00%       | CUSIP: 677522KX1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   5085000 | PA      | $5159385.92   | 1.53%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF GOVERNORS 5.00%  | BOARD OF GOVERNORS 5.00%  | CUSIP: 196707VF7<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036180.10   | 0.31%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ATLANTA GA 5.00%  | CITY OF ATLANTA GA 5.00%  | CUSIP: 047772H50<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030998.90   | 0.31%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF PHOENIX CIV 5.00% | CITY OF PHOENIX CIV 5.00% | CUSIP: 71883MQP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1207003.61   | 0.36%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF MASSA 5.00% | UNIVERSITY OF MASSA 5.00% | CUSIP: 914437RV2<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   3370000 | PA      | $3376431.65   | 1.00%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MONTGOMER 4.00% | COUNTY OF MONTGOMER 4.00% | CUSIP: 6133406U7<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3011117.56   | 0.89%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAVIS SCHOOL DISTRI 3.00% | DAVIS SCHOOL DISTRI 3.00% | CUSIP: 239019Q47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4095000 | PA      | $4051990.22   | 1.20%             | 2028-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL VAR  | CALIFORNIA MUNICIPAL VAR  | CUSIP: 13048RAL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990871.40    | 0.29%             | 2041-10-01      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACIL VAR | COLORADO HEALTH FACIL VAR | CUSIP: 19648FXC3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    905000 | PA      | $926689.23    | 0.28%             | 2049-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MAS 5.00% | COMMONWEALTH OF MAS 5.00% | CUSIP: 57582RTH9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1060055.57   | 0.32%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 4.00% | CALIFORNIA COMMUNIT 4.00% | CUSIP: 13013JAD8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1138295.93   | 0.34%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOU 3.375% | MICHIGAN STATE HOU 3.375% | CUSIP: 59465PDM7<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    465000 | PA      | $467035.91    | 0.14%             | 2026-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JFT8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549681.65    | 0.16%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DXG9<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2177160.20   | 0.65%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LAREDO TX 5.00%   | CITY OF LAREDO TX 5.00%   | CUSIP: 516824JT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $826248.56    | 0.25%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BEXAR TX 5.00%  | COUNTY OF BEXAR TX 5.00%  | CUSIP: 0882813Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1145088.11   | 0.34%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO EDUCATIONAL F 5.00% | SCAGO EDUCATIONAL F 5.00% | CUSIP: 80585TCU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1694522.85   | 0.50%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SALT LAKE C 5.00% | CITY OF SALT LAKE C 5.00% | CUSIP: 795576JR9<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1639208.70   | 0.49%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD OF WASH TOWNSHI 5.00% | MSD OF WASH TOWNSHI 5.00% | CUSIP: 62476HDE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1134097.14   | 0.34%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN ANTONIO T VAR | CITY OF SAN ANTONIO T VAR | CUSIP: 79625GEY5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3054174.80   | 0.91%             | 2049-02-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| STATE OF MINNESOTA 5.00%  | STATE OF MINNESOTA 5.00%  | CUSIP: 60412ATE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1068142.27   | 0.32%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8404520.00   | 2.50%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REDEVELOPMENT AUTHO 5.00% | REDEVELOPMENT AUTHO 5.00% | CUSIP: 717868JL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118430.30   | 0.33%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM COUNTY PUBL 5.00% | WHATCOM COUNTY PUBL 5.00% | CUSIP: 962468FE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $474851.03    | 0.14%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer