# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-26-004450
**Filing Date:** 2026-2
**Character Count:** 84148
**Document Hash:** 51cc4d11de5198c270d1a9da53ec8625
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-004450.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-004450

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 26676480

**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 2045 Tax-Exempt Distributing Ladder ETF (Series ID: S000093502)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000261790 | Northern Trust 2045 Tax-Exempt Distributing Ladder ETF |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **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 2045 Tax-Exempt Distributing Ladder ETF

- **b. EDGAR series identifier (if any):** S000093502

- **c. LEI of Series:** 254900B72DEKH0AIB776

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $10276601.31

**Total Liabilities:** $1568.51

**Net Assets:** $10275032.80

**Cash Not Reported:** $56972.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 9.00000000 | **1-Year:** 188.00000000 | **5-Year:** 1105.00000000 | **10-Year:** 5537.00000000 | **30-Year:** 57.00000000

**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 C000261790 | 1.17%                | 0.27%                | 0.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $90924.48                                  |
| Month 2  | $0.00                    | $4575.01                                   |
| Month 3  | $0.00                    | $109.05                                    |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Municipal Power, Inc.                                                | American Municipal Power, Inc., Series 2024A                                 | CUSIP: 02765USW5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26352.00     | 0.26%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                     | County of Anne Arundel, Series 2025                                          | CUSIP: 03588JMB5<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |     50000 | PA      | $56301.00     | 0.55%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                      | Arizona Board of Regents, Series 2024                                        | CUSIP: 040484F69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26751.00     | 0.26%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                             | Auburn University, Series 2025A                                              | CUSIP: 050589SF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10686.00     | 0.10%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                        | County of Baltimore, Series 2024                                             | CUSIP: 05914GFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $262416.20    | 2.55%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                       | Bay Area Toll Authority, Series 2025F1                                       | CUSIP: 072024F72<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |     40000 | PA      | $44378.80     | 0.43%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ                                                            | City of Buckeye, Series 2025                                                 | CUSIP: 118084CU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10688.90     | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Authority                                   | California Educational Facilities Authority, Series 2025A                    | CUSIP: 130179WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33289.50     | 0.32%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Celina Independent School District                                            | Celina Independent School District, Series 2025                              | CUSIP: 151145ZM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $34039.80     | 0.33%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                                    | Central Florida Tourism Oversight District, Series 2024A                     | CUSIP: 153480AJ7<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |    135000 | PA      | $155590.20    | 1.51%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charleston SC                                                         | City of Charleston, Series 2025B                                             | CUSIP: 160357ZJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $76852.75     | 0.75%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                    | Metropolitan Water Reclamation District of Greater Chicago, Series 2007B     | CUSIP: 167560MS7<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |    120000 | PA      | $144249.60    | 1.40%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                          | Chicago O'Hare International Airport, Series 2024D                           | CUSIP: 1675937B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15783.15     | 0.15%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                            | City of Chicago, Series 2024A                                                | CUSIP: 167727J64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43076.40     | 0.42%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No. 62                                            | Oregon City School District No. 62, Series 2025B                             | CUSIP: 179162LT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27117.25     | 0.26%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No. 62                                            | Oregon City School District No. 62, Series 2025B                             | CUSIP: 179162LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10767.20     | 0.10%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                            | County of Clark, Series 2025                                                 | CUSIP: 181000UW8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     55000 | PA      | $64477.60     | 0.63%             | 2035-07-01      | 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 2024                      | CUSIP: 181108G62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10511.40     | 0.10%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clemson University                                                            | Clemson University, Series 2025A                                             | CUSIP: 185630E89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16069.20     | 0.16%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crestwood School District/MI                                                  | Crestwood School District, Series 2025I                                      | CUSIP: 226363HR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15842.55     | 0.15%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeWitt Public Schools                                                         | DeWitt Public Schools, Series 2025III                                        | CUSIP: 242109VC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33246.90     | 0.32%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert Sands Unified School District                                          | Desert Sands Unified School District, Series 2025                            | CUSIP: 250433WK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $46152.40     | 0.45%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                       | District of Columbia, Series 2025A                                           | CUSIP: 25477GXT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $88067.65     | 0.86%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                       | District of Columbia, Series 2025A                                           | CUSIP: 25477GYF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $90865.60     | 0.88%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County High School District No. 87 Glenbard                            | DuPage County High School District No. 87 Glenbard, Series 2025              | CUSIP: 263309RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27864.75     | 0.27%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ector TX                                                            | County of Ector, Series 2024                                                 | CUSIP: 279245KT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26463.75     | 0.26%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | Energy Northwest, Series 2023A                                               | CUSIP: 29270C5B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5312.65      | 0.05%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | Energy Northwest, Series 2025A                                               | CUSIP: 29270C6V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43702.80     | 0.43%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                     | Florida Atlantic University Finance Corp., Series 2024                       | CUSIP: 31200CEU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54154.50     | 0.53%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ferndale Public Schools                                                       | Ferndale Public Schools, Series 2025                                         | CUSIP: 315162HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37979.55     | 0.37%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ferris State University                                                       | Ferris State University, Series 2025A                                        | CUSIP: 315361MP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $148558.80    | 1.45%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                              | State of Florida, Series 2020B                                               | CUSIP: 34153QTU0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     85000 | PA      | $94278.60     | 0.92%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                              | State of Florida, Series 2023A                                               | CUSIP: 34153QXC5<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |    110000 | PA      | $124397.90    | 1.21%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue         | State of Florida, Series 2023A                                               | CUSIP: 343137QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75928.50     | 0.74%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Folsom Cordova Unified School District                                        | Folsom Cordova Unified School District, Series 2025A                         | CUSIP: 34440PEF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $58864.00     | 0.57%             | 2042-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Forest Hills Public Schools/MI                                                | Forest Hills Public Schools, Series 2025-1                                   | CUSIP: 345748F36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15949.50     | 0.16%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgetown Independent School District                                        | Georgetown Independent School District, Series 2025                          | CUSIP: 373046H61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48811.95     | 0.48%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gobles Public Schools                                                         | Gobles Public Schools, Series 2025II                                         | CUSIP: 380208KF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26144.00     | 0.25%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                      | City of Grand Prairie, Series 2025                                           | CUSIP: 386138W23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38781.40     | 0.38%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                      | City of Grand Prairie, Series 2025                                           | CUSIP: 386138W31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71360.90     | 0.69%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                      | City of Grand Prairie, Series 2025                                           | CUSIP: 386138W49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54376.00     | 0.53%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                      | City of Grand Prairie, Series 2025                                           | CUSIP: 386138W64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26739.50     | 0.26%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX Water & Wastewater System Revenue                    | City of Grand Prairie, Series 2025                                           | CUSIP: 386168ZF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56738.50     | 0.55%             | 2037-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Martinsville School Building Corp.                                    | Greater Martinsville School Building Corp., Series 2024                      | CUSIP: 392130GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $73376.55     | 0.71%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Martinsville School Building Corp.                                    | Greater Martinsville School Building Corp., Series 2024                      | CUSIP: 392130GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26151.50     | 0.25%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                               | State of Hawaii, Series FE                                                   | CUSIP: 419792JT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96771.75     | 0.94%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hilliard School District                                                      | Hilliard School District, Series 2025                                        | CUSIP: 431621TS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28586.00     | 0.28%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howell Public Schools                                                         | Howell Public Schools, Series 2025II                                         | CUSIP: 443114WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15878.10     | 0.15%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Humble Independent School District                                            | Humble Independent School District, Series 2025                              | CUSIP: 445047NS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $74885.20     | 0.73%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                           | Idaho Housing & Finance Association, Series 2025A                            | CUSIP: 45130ADN2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10745.00     | 0.10%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho State Building Authority                                                | Idaho State Building Authority, Series 2025A                                 | CUSIP: 451446AM0<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |    115000 | PA      | $116184.50    | 1.13%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                           | State of Illinois, Series 2025C                                              | CUSIP: 452227VN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53153.50     | 0.52%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                           | State of Illinois, Series 2025C                                              | CUSIP: 452227VP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31588.80     | 0.31%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                         | Illinois State Toll Highway Authority, Series 2019C                          | CUSIP: 452252PD5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87072.30     | 0.85%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGE8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     75000 | PA      | $87222.75     | 0.85%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGH1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    110000 | PA      | $125151.40    | 1.22%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGJ7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     65000 | PA      | $73117.85     | 0.71%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGK4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     40000 | PA      | $44516.80     | 0.43%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGL2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     30000 | PA      | $33000.60     | 0.32%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGN8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26968.00     | 0.26%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                   | Jacksonville Electric Authority, Series 2024A                                | CUSIP: 46613SSF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28519.50     | 0.28%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                   | Jacksonville Electric Authority, Series 2024A                                | CUSIP: 46613SSM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $69855.60     | 0.68%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                              | Jacksonville Electric Authority, Series 2025A                                | CUSIP: 46615SGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16021.95     | 0.16%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                       | City of Jacksonville, Series 2025                                            | CUSIP: 469487XB3<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10538.70     | 0.10%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                 | Kentucky State Property & Building Commission, Series 2025A                  | CUSIP: 49151F5F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37579.85     | 0.37%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                 | Kentucky State Property & Building Commission, Series 2025A                  | CUSIP: 49151F5H9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31994.40     | 0.31%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                 | Kentucky State Property & Building Commission                                | CUSIP: 49151FYX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103219.00    | 1.00%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                             | County of King, Series 2025A                                                 | CUSIP: 49474F6X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55238.50     | 0.54%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                             | County of King, Series 2023A                                                 | CUSIP: 49474FN97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5763.95      | 0.06%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 401 Highline                                  | King County School District No. 401 Highline, Series 2025                    | CUSIP: 495033HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28091.00     | 0.27%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                               | County of King, Series 2024B                                                 | CUSIP: 495290GP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10623.30     | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Forest Preserve District                                          | Lake County Forest Preserve District, Series 2019                            | CUSIP: 508354WJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5231.80      | 0.05%             | 2027-12-15      | 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-Highland Park, Series 2025 | CUSIP: 509084KU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $63656.45     | 0.62%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                         | City of Lake Havasu City, Series 2025                                        | CUSIP: 50989RAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $50240.70     | 0.49%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                                  | L'Anse Creuse Public Schools, Series 2025I                                   | CUSIP: 516228TJ2<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |     40000 | PA      | $43102.80     | 0.42%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                                  | L'Anse Creuse Public Schools, Series 2025I                                   | CUSIP: 516228TL7<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15913.65     | 0.15%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                                       | Lansing School District, Series 2025II                                       | CUSIP: 516444VA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15666.30     | 0.15%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                           | Leander Independent School District, Series 2025A                            | CUSIP: 521841S23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56169.50     | 0.55%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                       | Los Angeles Department of Water & Power, Series 2021C                        | CUSIP: 544532CU6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263995.00    | 2.57%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                           | Los Angeles Unified School District, Series 2024QRR                          | CUSIP: 544647JJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27393.75     | 0.27%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                | Lower Colorado River Authority, Series 2025                                  | CUSIP: 54811BR45<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26219.75     | 0.26%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lubbock-Cooper Independent School District                                    | Lubbock-Cooper Independent School District, Series 2025                      | CUSIP: 549108J74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $96479.25     | 0.94%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lubbock-Cooper Independent School District                                    | Lubbock-Cooper Independent School District, Series 2025                      | CUSIP: 549108J82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28145.75     | 0.27%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                            | City of Lubbock, Series 2025                                                 | CUSIP: 5491888A1<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26839.75     | 0.26%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD Warren Township Vision 2005 School Building Corp.                         | MSD Warren Township Vision 2005 School Building Corp., Series 2024           | CUSIP: 553543KT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5727.70      | 0.06%             | 2033-01-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison County Board of Education/AL                                          | Madison County Board of Education, Series 2025A                              | CUSIP: 556752RC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $108049.20    | 1.05%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                          | City of Manhattan, Series 2025A                                              | CUSIP: 562895XK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $213612.10    | 2.08%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                         | Mansfield Independent School District, Series 2025                           | CUSIP: 564386VA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $143560.00    | 1.40%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion & Ralls Counties School District No. 60 Hannibal                       | Marion & Ralls Counties School District No. 60 Hannibal, Series 2025A        | CUSIP: 569101KA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $30277.50     | 0.29%             | 2038-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Massachusetts Bay Transportation Authority Sales Tax Revenue                  | Massachusetts Bay Transportation Authority, Series 2024A                     | CUSIP: 575579V61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16031.10     | 0.16%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | Commonwealth of Massachusetts, Series 2025A                                  | CUSIP: 57582TCG5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     55000 | PA      | $62770.40     | 0.61%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | Commonwealth of Massachusetts, Series 2025A                                  | CUSIP: 57582TCY6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     85000 | PA      | $98691.80     | 0.96%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | Massachusetts Development Finance Agency, Series 2025A2                      | CUSIP: 57585BGU6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     60000 | PA      | $70675.20     | 0.69%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                       | Massachusetts Health & Educational Facilities Authority, Series 2005J1       | CUSIP: 57586ES51<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |     75000 | PA      | $90004.50     | 0.88%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue | City of Memphis, Series 2020A                                                | CUSIP: 586158QR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5470.60      | 0.05%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ                                                               | City of Mesa, Series 2025                                                    | CUSIP: 5904853T3<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |     65000 | PA      | $73379.80     | 0.71%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ                                                               | City of Mesa, Series 2025                                                    | CUSIP: 5904853Y2<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10754.00     | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                     | Michigan State University, Series 2025A                                      | CUSIP: 594712A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5907.95      | 0.06%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No. 1                                     | Minneapolis Special School District No. 1, Series 2018B                      | CUSIP: 603790NF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87271.20     | 0.85%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                          | Missouri Joint Municipal Electric Utility Commission, Series 2025            | CUSIP: 606092QU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $129779.80    | 1.26%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                               | State of Nevada, Series 2025A                                                | CUSIP: 641462WJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76370.25     | 0.74%             | 2026-10-01      | 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        |     95000 | PA      | $96843.00     | 0.94%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Hampshire                                                        | State of New Hampshire, Series 2022A                                         | CUSIP: 6446827M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $86358.40     | 0.84%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | New Jersey Transportation Trust Fund Authority, Series 2022BB                | CUSIP: 64613CAZ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    195000 | PA      | $217448.40    | 2.12%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | New Jersey Transportation Trust Fund Authority, Series 2024CC                | CUSIP: 64613CGD4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54040.00     | 0.53%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2024C                                               | CUSIP: 64966SAV8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10430.00     | 0.10%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2025G1                                              | CUSIP: 64966SLV6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     70000 | PA      | $78563.80     | 0.76%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2025G1                                              | CUSIP: 64966SLZ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37447.55     | 0.36%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2026A1                                              | CUSIP: 64966SPF7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     95000 | PA      | $105299.90    | 1.02%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2024G1                  | CUSIP: 64972JHX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10514.00     | 0.10%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2025F1                  | CUSIP: 64972JQH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49809.60     | 0.48%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2025H1                  | CUSIP: 64972JTA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32409.90     | 0.32%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2025H1                  | CUSIP: 64972JTC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21244.00     | 0.21%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2026A1                  | CUSIP: 64972JWG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10577.00     | 0.10%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64985SGB3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10569.60     | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64985SJZ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10682.40     | 0.10%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                 | New York State Environmental Facilities Corp., Series 2025C                  | CUSIP: 64986DPZ2<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |     30000 | PA      | $34771.20     | 0.34%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2024A                             | CUSIP: 64990ATZ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15855.60     | 0.15%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2024B                             | CUSIP: 64990AWS0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10625.00     | 0.10%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64990KGQ0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37765.00     | 0.37%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64990KGS6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10546.80     | 0.10%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                 | North Texas Tollway Authority, Series 2024A                                  | CUSIP: 66285WR73<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10548.20     | 0.10%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                         | Northwest Independent School District, Series 2025                           | CUSIP: 667826HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43070.00     | 0.42%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | State of Ohio, Series 2018V                                                  | CUSIP: 677522B86<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     95000 | PA      | $98172.05     | 0.96%             | 2027-05-01      | 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        |    120000 | PA      | $131733.60    | 1.28%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                        | Oklahoma Capitol Improvement Authority, Series 2025A                         | CUSIP: 678514EG1<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55237.00     | 0.54%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                   | Oklahoma Turnpike Authority, Series 2025A                                    | CUSIP: 679111E42<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26820.75     | 0.26%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                                   | Omaha Public Power District, Series 2025A                                    | CUSIP: 682001PF3<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26698.00     | 0.26%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                               | State of Oregon, Series 2025G                                                | CUSIP: 68609USL0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |     30000 | PA      | $34997.40     | 0.34%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                  | Orlando Utilities Commission, Series 2025A                                   | CUSIP: 686507NC4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15972.00     | 0.16%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2024C                               | CUSIP: 709225KV7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15980.25     | 0.16%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2024                                | CUSIP: 709225LJ3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26821.25     | 0.26%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2025A                               | CUSIP: 709225NR3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38544.10     | 0.38%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 320 Sumner                                  | Pierce County School District No. 320 Sumner, Series 2025                    | CUSIP: 720526YX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $34305.90     | 0.33%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Quitman Independent School District                                           | Quitman Independent School District, Series 2025                             | CUSIP: 749030EE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $154353.60    | 1.50%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                             | Regional Transportation Authority, Series 2025A                              | CUSIP: 7599116E5<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27066.50     | 0.26%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                             | Regional Transportation Authority, Series 2025A                              | CUSIP: 7599116G0<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15929.40     | 0.16%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Romeo Community School District                                               | Romeo Community School District, Series 2025                                 | CUSIP: 776134SM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31680.60     | 0.31%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                        | Round Rock Independent School District, Series 2025B                         | CUSIP: 779240RF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $139629.60    | 1.36%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                        | Round Rock Independent School District, Series 2025B                         | CUSIP: 779240RK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39273.85     | 0.38%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                        | Round Rock Independent School District, Series 2025B                         | CUSIP: 779240RL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22176.00     | 0.22%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Independent School District No. 625                                   | St. Paul Independent School District No. 625, Series 2024B                   | CUSIP: 79289ABY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111911.00    | 1.09%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                | Sales Tax Securitization Corp., Series 2018C                                 | CUSIP: 79467BBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31813.80     | 0.31%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio, Series 2024D                                            | CUSIP: 79625GLK7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     75000 | PA      | $84984.75     | 0.83%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio, Series 2024D                                            | CUSIP: 79625GLR2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26692.75     | 0.26%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio, Series 2024E                                            | CUSIP: 79625GLY7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5665.65      | 0.06%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                      | San Antonio Water System, Series 2025B                                       | CUSIP: 79642GSU7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     45000 | PA      | $50521.50     | 0.49%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Community College District                                          | San Diego Community College District, Series 2025A1                          | CUSIP: 797272SY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28609.50     | 0.28%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL                                                         | County of Sarasota, Series 2025A                                             | CUSIP: 80329KNG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26857.00     | 0.26%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL                                                         | County of Sarasota, Series 2025A                                             | CUSIP: 80329KNH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15998.10     | 0.16%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seattle Museum Development Authority                                          | Seattle Museum Development Authority, Series 2024                            | CUSIP: 812670DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211056.00    | 2.05%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Electric System Revenue        | Snohomish County Public Utility District No. 1, Series 2025A                 | CUSIP: 833102E93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16044.45     | 0.16%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                             | South Carolina Transportation Infrastructure Bank, Series 2021A              | CUSIP: 837152VR5<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5193.45      | 0.05%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Sun Prairie WI                                                        | City of Sun Prairie, Series 2025A                                            | CUSIP: 866849W40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $268446.50    | 2.61%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                     | City of Tacoma, Series 2024A                                                 | CUSIP: 873519QL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15903.60     | 0.15%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                     | City of Tacoma, Series 2025A                                                 | CUSIP: 873519QZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10612.50     | 0.10%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temple Independent School District/TX                                         | Temple Independent School District, Series 2025                              | CUSIP: 880081UG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39545.10     | 0.38%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | Triborough Bridge & Tunnel Authority, Series 2025A1                          | CUSIP: 89602RNF8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16017.90     | 0.16%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | Triborough Bridge & Tunnel Authority, Series 2025A                           | CUSIP: 896032AU3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32470.80     | 0.32%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | Triborough Bridge & Tunnel Authority, Series 2025A                           | CUSIP: 896032AW9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10596.60     | 0.10%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                      | University of Washington, Series 2025A                                       | CUSIP: 91523NA97<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32599.80     | 0.32%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                      | University of Washington, Series 2025A                                       | CUSIP: 91523NB21<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26943.00     | 0.26%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                      | University of Washington, Series 2025C                                       | CUSIP: 91523NE44<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     40000 | PA      | $45639.60     | 0.44%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                      | University of Washington, Series 2024A                                       | CUSIP: 91523NYG5<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     95000 | PA      | $110755.75    | 1.08%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                        | Utah Transit Authority, Series 2025                                          | CUSIP: 917567JG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $99039.45     | 0.96%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utica Community Schools/MI                                                    | Utica Community Schools, Series 2024                                         | CUSIP: 9176612F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $57898.50     | 0.56%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                         | Utility Debt Securitization Authority, Series 2022TE1                        | CUSIP: 91802REX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273317.50    | 2.66%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                             | County of Wake, Series 2024B                                                 | CUSIP: 930864JG9<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    220000 | PA      | $253660.00    | 2.47%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren Consolidated Schools                                                   | Warren Consolidated Schools, Series 2025                                     | CUSIP: 935341T31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $60540.70     | 0.59%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren Consolidated Schools                                                   | Warren Consolidated Schools, Series 2025                                     | CUSIP: 935341T72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10648.90     | 0.10%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2024B                                            | CUSIP: 93974EK62<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     95000 | PA      | $109834.25    | 1.07%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2023B                                            | CUSIP: 93974EYS9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $57586.00     | 0.56%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2026B                                            | CUSIP: 93974FCP6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     80000 | PA      | $94319.20     | 0.92%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Watervliet Public Schools                                                     | Watervliet Public Schools, Series 2025                                       | CUSIP: 942367JC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15573.15     | 0.15%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wawasee High School Building Corp.                                            | Wawasee High School Building Corp., Series 2024                              | CUSIP: 944052FJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5646.65      | 0.05%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | State of Wisconsin, Series 2021-2                                            | CUSIP: 97705MSX4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     90000 | PA      | $97469.10     | 0.95%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte City School District                                                | Wyandotte City School District, Series 2025                                  | CUSIP: 982781JX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $60632.00     | 0.59%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Northern Funds

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO