# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001585
**Filing Date:** 2025-11
**Character Count:** 124009
**Document Hash:** f4b6b4995fe209964660be70162ef61f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001585.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001585

**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:** 251506547

**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

### TAX-EXEMPT FUND (Series ID: S000001260)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000003406 | TAX-EXEMPT FUND | NOTEX           |

## 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:** Tax-Exempt Fund

- **b. EDGAR series identifier (if any):** S000001260

- **c. LEI of Series:** 5493008AKRV0C7NZ4D92

**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:** $764534253.51

**Total Liabilities:** $15058832.67

**Net Assets:** $749475420.84

**Delayed Delivery Securities:** $13403980.80

**Cash Not Reported:** $0.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 3691.882151946038 | **1-Year:** 54717.920532318756 | **5-Year:** 208602.100690272096 | **10-Year:** 266755.701452377322 | **30-Year:** 46758.647970398455

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

- **3-Month:** 1.258894913083 | **1-Year:** 39.850584568347 | **5-Year:** 3.823619331337 | **10-Year:** 535.327101477540 | **30-Year:** 1176.125829778348

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003406 | -0.33%               | 0.86%                | 2.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2196606.87             | $-2588548.17                               |
| Month 2  | $-1481061.39             | $5514098.00                                |
| Month 3  | $-608722.35              | $15376713.32                               |

**Designated Index Information**

- **Index Name:** BBG Muni Bond Unadjusted (Risk Basis: MUNI)

- **Index Identifier:** MBINDEX

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544525UK2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1302129.79   | 0.17%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HIGHER 5.00% | PENNSYLVANIA HIGHER 5.00% | CUSIP: 70917S6Z1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5073723.50   | 0.68%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AU 3.25% | ILLINOIS FINANCE AU 3.25% | CUSIP: 45204FBG9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1973966.50   | 0.26%             | 2049-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON LOCAL S 3.125% | WASHINGTON LOCAL S 3.125% | CUSIP: 939483GJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1480158.00   | 0.20%             | 2051-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY 5.00% | CITY OF NEW YORK NY 5.00% | CUSIP: 64966QBF6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3071974.80   | 0.41%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROUND ROCK INDEPEND 5.00% | ROUND ROCK INDEPEND 5.00% | CUSIP: 779240NT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1631179.35   | 0.22%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF FISHERS IN 3.00%  | CITY OF FISHERS IN 3.00%  | CUSIP: 33803HGF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $740346.30    | 0.10%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF H 5.00% | PORT AUTHORITY OF H 5.00% | CUSIP: 734262FY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2559184.50   | 0.34%             | 2051-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH COUNTY PU 5.00% | SNOHOMISH COUNTY PU 5.00% | CUSIP: 833102C38<br>LEI: 549300LU0VT11TQC1877 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5173820.50   | 0.69%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD SCHOOL 5.00%  | SPRINGFIELD SCHOOL 5.00%  | CUSIP: 851035VF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $680526.19    | 0.09%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANKIN INDEPENDENT 5.00%  | RANKIN INDEPENDENT 5.00%  | CUSIP: 753177DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504172.50    | 0.07%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9728114.40   | 1.30%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL BROWN COUNT 5.00% | CENTRAL BROWN COUNT 5.00% | CUSIP: 152708CW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1463728.07   | 0.20%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEXAS TURNP 5.00% | CENTRAL TEXAS TURNP 5.00% | CUSIP: 88283KCE6<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1944838.08   | 0.26%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CONNECTICU 5.00% | STATE OF CONNECTICU 5.00% | CUSIP: 207758U84<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    565000 | PA      | $624627.84    | 0.08%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTFIELD SCHOOL DI 5.00% | WESTFIELD SCHOOL DI 5.00% | CUSIP: 960251CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $739064.17    | 0.10%             | 2039-03-01      | 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        |   3000000 | PA      | $3217478.70   | 0.43%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI DEV. FIN. 5.50%  | MISSOURI DEV. FIN. 5.50%  | CUSIP: 60636SMG6<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1140290.14   | 0.15%             | 2050-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HOWELL PUBLIC SCHOO 5.00% | HOWELL PUBLIC SCHOO 5.00% | CUSIP: 443114WR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059814.00   | 0.14%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOWELL PUBLIC SCHOO 5.00% | HOWELL PUBLIC SCHOO 5.00% | CUSIP: 443114WT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $784536.23    | 0.10%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHO 5.00% | ILLINOIS FIN. AUTHO 5.00% | CUSIP: 45203HS52<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500299.70   | 0.20%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH COUNTY PU 5.00% | SNOHOMISH COUNTY PU 5.00% | CUSIP: 833102ZC3<br>LEI: 549300LU0VT11TQC1877 | Long             | DBT              | MUN               | US        |    560000 | PA      | $562183.44    | 0.08%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE COUNTY REG 5.00% | DELAWARE COUNTY REG 5.00% | CUSIP: 246045MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $821358.41    | 0.11%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE BUIL 5.00% | MICHIGAN STATE BUIL 5.00% | CUSIP: 594615BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001793.00   | 0.27%             | 2038-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DKG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507848.75   | 0.20%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445FE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3105415.20   | 0.41%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.25% | NEW YORK STATE DORM 5.25% | CUSIP: 64990FJG0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2623446.00   | 0.35%             | 2039-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WALLED LAKE CONSOLI 5.00% | WALLED LAKE CONSOLI 5.00% | CUSIP: 932423VE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023262.70   | 0.14%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DAD 3.00% | COUNTY OF MIAMI-DAD 3.00% | CUSIP: 59335KDJ3<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $5590762.50   | 0.75%             | 2050-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LITTLE ROCK SCHOOL 2.00%  | LITTLE ROCK SCHOOL 2.00%  | CUSIP: 537428Z23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2610000 | PA      | $2248498.82   | 0.30%             | 2034-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 5.00% | CITY & COUNTY OF DE 5.00% | CUSIP: 249182QT6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039727.30   | 0.14%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.00% | NEW YORK STATE DORM 5.00% | CUSIP: 65000BQF8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5370.63      | 0.00%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEXAR COUNTY HOSPIT 5.00% | BEXAR COUNTY HOSPIT 5.00% | CUSIP: 088365LH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $630262.50    | 0.08%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRIDGE & 5.00% | TRIBOROUGH BRIDGE & 5.00% | CUSIP: 896035DE9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3088156.51   | 0.41%             | 2054-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS 5.00%   | STATE OF ILLINOIS 5.00%   | CUSIP: 452153JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1587380.77   | 0.21%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTA 5.25% | NEW YORK TRANSPORTA 5.25% | CUSIP: 650116HF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1658352.80   | 0.22%             | 2041-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF LAKELAND FL 5.00% | CITY OF LAKELAND FL 5.00% | CUSIP: 511665KR1<br>LEI: XRPK4ZALF4437WO3JQ94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028878.50   | 0.14%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY SCH 5.00% | MARICOPA COUNTY SCH 5.00% | CUSIP: 567337UD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $780989.55    | 0.10%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRIDGE & 5.00% | TRIBOROUGH BRIDGE & 5.00% | CUSIP: 896032BA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   6300000 | PA      | $6513738.21   | 0.87%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L ANSE CREUSE PUBLI 5.00% | L ANSE CREUSE PUBLI 5.00% | CUSIP: 516228TM5<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |    610000 | PA      | $636181.87    | 0.08%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WHATCOM COUNTY PUBL 5.50% | WHATCOM COUNTY PUBL 5.50% | CUSIP: 962468FV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1587229.65   | 0.21%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARION & RALLS COUN 5.75% | MARION & RALLS COUN 5.75% | CUSIP: 569101KG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55952.79     | 0.01%             | 2044-03-01      | Fixed         | 5.75%                 | 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   | 0.14%             | 2043-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURI 5.00% | UTILITY DEBT SECURI 5.00% | CUSIP: 91802RBV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505815.00   | 0.33%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 5.00% | CITY & COUNTY OF DE 5.00% | CUSIP: 24917DAS2<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507295.25   | 0.20%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HEALTH & EDUCATIONA 5.00% | HEALTH & EDUCATIONA 5.00% | CUSIP: 60637AMV1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1300411.52   | 0.17%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64971XDQ8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3542577.65   | 0.47%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO COUNTY SCHOOL 5.00% | PASCO COUNTY SCHOOL 5.00% | CUSIP: 702528LK4<br>LEI: 549300NYEDMC7IDJPE68 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3078950.10   | 0.41%             | 2043-08-01      | 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        |   5000000 | PA      | $5247053.00   | 0.70%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AU 5.00% | ILLINOIS FINANCE AU 5.00% | CUSIP: 452017AS5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256288.25   | 0.17%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND TURNPI 4.00% | RHODE ISLAND TURNPI 4.00% | CUSIP: 762322BV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5265000 | PA      | $4877962.48   | 0.65%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544525F29<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1490494.79   | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AU 5.25% | ILLINOIS FINANCE AU 5.25% | CUSIP: 45204FRE7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488073.35    | 0.07%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DAD 5.00% | COUNTY OF MIAMI-DAD 5.00% | CUSIP: 59334PKU0<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2830225.48   | 0.38%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MAS 5.25% | COMMONWEALTH OF MAS 5.25% | CUSIP: 57582RY34<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5281676.50   | 0.70%             | 2047-10-01      | Fixed         | 5.25%                 | 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        |   2500000 | PA      | $2755716.00   | 0.37%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON COUNTY SCH 5.00% | SANGAMON COUNTY SCH 5.00% | CUSIP: 800766NN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1216507.32   | 0.16%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF FORT MYERS 5.25%  | CITY OF FORT MYERS 5.25%  | CUSIP: 348172VX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3328606.04   | 0.44%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RICHMOND COUNTY BOA 5.00% | RICHMOND COUNTY BOA 5.00% | CUSIP: 764581KN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1179419.42   | 0.16%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF KANSAS CITY 4.00% | CITY OF KANSAS CITY 4.00% | CUSIP: 48507TLW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $917310.90    | 0.12%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY E 5.00% | PALM BEACH COUNTY E 5.00% | CUSIP: 696506AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $373523.51    | 0.05%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSP 5.00% | METROPOLITAN TRANSP 5.00% | CUSIP: 59261AZ34<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2734665.75   | 0.36%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA PUBLIC BLD 5.00% | VIRGINIA PUBLIC BLD 5.00% | CUSIP: 928173CJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2638838.73   | 0.35%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST ALLEN SCH 5.00% | NORTHWEST ALLEN SCH 5.00% | CUSIP: 667315JN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $673818.24    | 0.09%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE PUBLIC B 5.00% | PROVIDENCE PUBLIC B 5.00% | CUSIP: 74381MDE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $818134.60    | 0.11%             | 2037-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN. AUTHOR 5.00% | INDIANA FIN. AUTHOR 5.00% | CUSIP: 45471FAW1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1076426.42   | 0.14%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LEE FL AI 5.25% | COUNTY OF LEE FL AI 5.25% | CUSIP: 523470HV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2342943.00   | 0.31%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN. AUTHORI 5.25% | PUBLIC FIN. AUTHORI 5.25% | CUSIP: 74442PK95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013148.10   | 0.14%             | 2050-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| L ANSE CREUSE PUBLI 5.00% | L ANSE CREUSE PUBLI 5.00% | CUSIP: 516228TJ2<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1330059.75   | 0.18%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544525V88<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1285742.75   | 0.17%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS 5.00% | CITY OF MINNEAPOLIS 5.00% | CUSIP: 603695JC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033094.90   | 0.14%             | 2029-11-15      | 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   | 0.15%             | 2049-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER HEALTH & HO 5.125% | DENVER HEALTH & HO 5.125% | CUSIP: 24918EEN6<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008280.70   | 0.13%             | 2050-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CENTRAL WELD COUNTY 5.00% | CENTRAL WELD COUNTY 5.00% | CUSIP: 156024CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028578.50   | 0.14%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AUSTIN TX E 5.00% | CITY OF AUSTIN TX E 5.00% | CUSIP: 052414PS2<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502699.25   | 0.33%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE ENVI 4.00% | NEW YORK STATE ENVI 4.00% | CUSIP: 64986DBN4<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4667728.50   | 0.62%             | 2046-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCATIONA 5.00% | COLORADO EDUCATIONA 5.00% | CUSIP: 19645R6B2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2541314.75   | 0.34%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO SCHOOL OF 5.00%  | COLORADO SCHOOL OF 5.00%  | CUSIP: 19658QDG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3448840.32   | 0.46%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER ORLANDO AVI 5.00% | GREATER ORLANDO AVI 5.00% | CUSIP: 392274X35<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1975728.90   | 0.26%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL 5.00% | MAIN STREET NATURAL 5.00% | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506485.45    | 0.07%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY HOUSI 3.00% | NEW YORK CITY HOUSI 3.00% | CUSIP: 64972EHJ1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1186260.40   | 0.16%             | 2039-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 3.00% | NEW YORK CITY TRANS 3.00% | CUSIP: 64971XLN6<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3849079.50   | 0.51%             | 2045-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FAC 4.00% | COLORADO HEALTH FAC 4.00% | CUSIP: 19648FAA2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979207.70    | 0.13%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH VAR | SOUTHEAST ENERGY AUTH VAR | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085939.30   | 0.14%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SCHOOL DIS 5.00% | REPUBLIC SCHOOL DIS 5.00% | CUSIP: 394532KU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093489.00   | 0.15%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY TRANSPOR 5.00% | NEW JERSEY TRANSPOR 5.00% | CUSIP: 64613CEG9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072444.60   | 0.28%             | 2046-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF JEFFERSON 5.50% | COUNTY OF JEFFERSON 5.50% | CUSIP: 472682ZS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2425000 | PA      | $2538928.44   | 0.34%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH & 4.40%  | WISCONSIN HEALTH & 4.40%  | CUSIP: 97712JJG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1100106.48   | 0.15%             | 2029-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FORT BEND INDEPENDE 5.00% | FORT BEND INDEPENDE 5.00% | CUSIP: 346843WA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $2123205.00   | 0.28%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRIDGE & 5.25% | TRIBOROUGH BRIDGE & 5.25% | CUSIP: 896032BB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   3295000 | PA      | $3472302.63   | 0.46%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH VAR | SOUTHEAST ENERGY AUTH VAR | CUSIP: 84136HCF8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3239801.40   | 0.43%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CONNECTICU 5.00% | STATE OF CONNECTICU 5.00% | CUSIP: 207758UG6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1985000 | PA      | $1987621.19   | 0.27%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS STATE TOLL 5.00% | ILLINOIS STATE TOLL 5.00% | CUSIP: 452252LE7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6513379.60   | 0.87%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA PUBLIC POWER 5.00%  | OMAHA PUBLIC POWER 5.00%  | CUSIP: 682001FX5<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4343929.25   | 0.58%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 0.00% | CITY & COUNTY OF DE 0.00% | CUSIP: 24917DBW2<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2805000 | PA      | $1477750.02   | 0.20%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUSINE 2.375% | MISSISSIPPI BUSINE 2.375% | CUSIP: 605279MK1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $625760.00    | 0.08%             | 2044-06-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FIN. AUTHO 5.00% | MICHIGAN FIN. AUTHO 5.00% | CUSIP: 59447T3F8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3389749.76   | 0.45%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182NCB4<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5088457.00   | 0.68%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON & MULTNO 0.00% | WASHINGTON & MULTNO 0.00% | CUSIP: 938429Y35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $1690392.50   | 0.23%             | 2048-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MTGE. FI 4.30% | NEW MEXICO MTGE. FI 4.30% | CUSIP: 647201TW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $931537.14    | 0.12%             | 2052-09-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN ANTONIO 5.00% | CITY OF SAN ANTONIO 5.00% | CUSIP: 79625GGK3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    670000 | PA      | $731246.98    | 0.10%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & 5.25% | LOUISIANA STADIUM & 5.25% | CUSIP: 546410CY5<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   2695000 | PA      | $2798724.62   | 0.37%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN POWER 5.00% | INTERMOUNTAIN POWER 5.00% | CUSIP: 45884AD83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1270989.00   | 0.17%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW YORK NY 5.00% | CITY OF NEW YORK NY 5.00% | CUSIP: 64966Q6Q8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553774.85   | 0.21%             | 2051-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AIKEN SC 4.00%    | CITY OF AIKEN SC 4.00%    | CUSIP: 008860FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $903743.80    | 0.12%             | 2049-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREMONT COUNTY SCHO 5.00% | FREMONT COUNTY SCHO 5.00% | CUSIP: 357190HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043981.10   | 0.14%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHORI 5%  | ILLINOIS FIN. AUTHORI 5%  | CUSIP: 45204FXQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1205194.27   | 0.16%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH MIAMI COMMUNI 5.00% | NORTH MIAMI COMMUNI 5.00% | CUSIP: 661056AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1116720.44   | 0.15%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64972JTE8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1206475.70   | 0.16%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64972JPP7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3141050.40   | 0.42%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAYETTE COUNTY SCHO 4.00% | FAYETTE COUNTY SCHO 4.00% | CUSIP: 312432H67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4948382.50   | 0.66%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOCAL GOV 2.50% | LOUISIANA LOCAL GOV 2.50% | CUSIP: 54628CUH3<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $6060799.90   | 0.81%             | 2036-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LITTLE ROCK SCHOOL 2.25%  | LITTLE ROCK SCHOOL 2.25%  | CUSIP: 537428Z98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $710509.40    | 0.09%             | 2041-02-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CITY OF EL PASO TX 5.00%  | CITY OF EL PASO TX 5.00%  | CUSIP: 283791HP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1318776.55   | 0.18%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY WATER 4.00%     | TAMPA BAY WATER 4.00%     | CUSIP: 875124ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.67%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE/JEFFERSO 5.00% | LOUISVILLE/JEFFERSO 5.00% | CUSIP: 54659LCJ1<br>LEI: 5493006Y7F6PDF56ZN56 | Long             | DBT              | MUN               | US        |    600000 | PA      | $612237.36    | 0.08%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC UTILITY DIST 5.00% | PUBLIC UTILITY DIST 5.00% | CUSIP: 082869PK8<br>LEI: NIDQB523D1YQDZ8VK594 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1142745.12   | 0.15%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NOBLESVILLE REDEVEL 5.00% | NOBLESVILLE REDEVEL 5.00% | CUSIP: 655164KX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $821016.00    | 0.11%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS REGIONAL A 5.00% | COLUMBUS REGIONAL A 5.00% | CUSIP: 199546CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $714526.15    | 0.10%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH MIAMI COMMUNI 5.00% | NORTH MIAMI COMMUNI 5.00% | CUSIP: 661056AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025248.60   | 0.14%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREATER CLARK BLDG. 6.00% | GREATER CLARK BLDG. 6.00% | CUSIP: 39167GLM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1160781.30   | 0.15%             | 2038-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HOWELL PUBLIC SCHOO 5.00% | HOWELL PUBLIC SCHOO 5.00% | CUSIP: 443114WS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $788955.38    | 0.11%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND HEALTH & H 5.00% | MARYLAND HEALTH & H 5.00% | CUSIP: 5742184H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1106815.05   | 0.15%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF WISCO 4.25% | UNIVERSITY OF WISCO 4.25% | CUSIP: 915260DH3<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2636285.80   | 0.35%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNION COUNTY HOSPIT 5.00% | UNION COUNTY HOSPIT 5.00% | CUSIP: 906420CJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $740119.58    | 0.10%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5.00%  | PORT OF SEATTLE WA 5.00%  | CUSIP: 735389V88<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546272.30   | 0.21%             | 2042-08-01      | 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        |   4000000 | PA      | $4194814.40   | 0.56%             | 2053-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF WASHINGTON 5%    | STATE OF WASHINGTON 5%    | CUSIP: 939720WW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018231.60   | 0.14%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.25% | NEW YORK CITY TRANS 5.25% | CUSIP: 64972JGW2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051879.10   | 0.14%             | 2053-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TROY CITY SCHOOL DI 5.00% | TROY CITY SCHOOL DI 5.00% | CUSIP: 897676FM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2758252.50   | 0.37%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CAPITOL IM 5.00% | OKLAHOMA CAPITOL IM 5.00% | CUSIP: 679088NA8<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |    280000 | PA      | $305566.38    | 0.04%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS 5.25%   | STATE OF ILLINOIS 5.25%   | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041484.20   | 0.14%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROMA INDEPENDENT SC 5.00% | ROMA INDEPENDENT SC 5.00% | CUSIP: 775830SL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1557855.00   | 0.21%             | 2049-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DXK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2780474.00   | 0.37%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUMA INDL. DEV. AUT 5.00% | YUMA INDL. DEV. AUT 5.00% | CUSIP: 988514CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $748109.25    | 0.10%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709224KW8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1530687.64   | 0.20%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF N 5.00% | PORT AUTHORITY OF N 5.00% | CUSIP: 73358WR89<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048817.00   | 0.14%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON CITY SCHOOL 0.00%  | OREGON CITY SCHOOL 0.00%  | CUSIP: 179162GM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $622267.90    | 0.08%             | 2037-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O HARE INTL 5.00% | CHICAGO O HARE INTL 5.00% | CUSIP: 167593L59<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3455000 | PA      | $3459116.29   | 0.46%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS SCHOO 5.00% | MASSACHUSETTS SCHOO 5.00% | CUSIP: 576000WX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4095498.00   | 0.55%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DE 2.25% | NEW YORK LIBERTY DE 2.25% | CUSIP: 649519EK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3711215.50   | 0.50%             | 2041-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS STATE TOLL 5.00% | ILLINOIS STATE TOLL 5.00% | CUSIP: 452252PU7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2406726.67   | 0.32%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CORRIDOR TRAN STP | ALAMEDA CORRIDOR TRAN STP | CUSIP: 010869JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $861082.20    | 0.11%             | 2050-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO BAY A 4.00% | SAN FRANCISCO BAY A 4.00% | CUSIP: 797661C52<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4762707.50   | 0.64%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTENNIAL WATER & 5.00%  | CENTENNIAL WATER & 5.00%  | CUSIP: 15141GBE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4005266.07   | 0.53%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUFFMAN INDEPENDENT 5.25% | HUFFMAN INDEPENDENT 5.25% | CUSIP: 444348A71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1859119.68   | 0.25%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST OTTAWA PUBLIC 5.00%  | WEST OTTAWA PUBLIC 5.00%  | CUSIP: 955023XD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26864.00     | 0.00%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SNOHOMISH COUNTY SC 5.00% | SNOHOMISH COUNTY SC 5.00% | CUSIP: 833153VT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5695306.50   | 0.76%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEA VAR | CONNECTICUT STATE HEA VAR | CUSIP: 20775DYS5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   7050000 | PA      | $7563740.55   | 1.01%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS COUNTY JUS 5.50% | CHAMBERS COUNTY JUS 5.50% | CUSIP: 157795BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3307004.06   | 0.44%             | 2049-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HAMILTON COUNTY PUB 5.00% | HAMILTON COUNTY PUB 5.00% | CUSIP: 40721YCF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057311.30   | 0.14%             | 2042-07-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA PUBLIC 5.00% | NORTH DAKOTA PUBLIC 5.00% | CUSIP: 65887PZE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $943722.49    | 0.13%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 5444958A5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2380000 | PA      | $2483334.13   | 0.33%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEBANON REORGANIZED 5.50% | LEBANON REORGANIZED 5.50% | CUSIP: 522714FL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $1005184.96   | 0.13%             | 2045-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITY OF NEW ORLEANS 5.00% | CITY OF NEW ORLEANS 5.00% | CUSIP: 64763FH77<br>LEI: 54930084B6KHR5PR2651 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3099279.00   | 0.41%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHFIELD PUBLIC S 5.25% | SOUTHFIELD PUBLIC S 5.25% | CUSIP: 844215SP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1265053.08   | 0.17%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBI 5.00% | DISTRICT OF COLUMBI 5.00% | CUSIP: 25477GYN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2871048.40   | 0.38%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST BLOOMFIELD SCH 5.00% | WEST BLOOMFIELD SCH 5.00% | CUSIP: 951452SX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1865616.55   | 0.25%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64971XFU7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258188.65    | 0.03%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 3.00% | NEW YORK CITY TRANS 3.00% | CUSIP: 64971XUL0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $3541993.30   | 0.47%             | 2048-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1122334.81   | 0.15%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL 5.25%  | INDIANAPOLIS LOCAL 5.25%  | CUSIP: 45528VFR5<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105932.00   | 0.28%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TAMPA BAY WATER 5.00%     | TAMPA BAY WATER 5.00%     | CUSIP: 875124GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1786387.93   | 0.24%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709221VJ1<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2552900.75   | 0.34%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP/TN VAR      | TENNERGY CORP/TN VAR      | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5122981.50   | 0.68%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DAD 4.00% | COUNTY OF MIAMI-DAD 4.00% | CUSIP: 59334DJL9<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2463595.00   | 0.33%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK COUNTY PUBLIC 5.00% | CLARK COUNTY PUBLIC 5.00% | CUSIP: 181108F71<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |    850000 | PA      | $939340.27    | 0.13%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF GRANT WA 5.25%  | COUNTY OF GRANT WA 5.25%  | CUSIP: 387802GG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1425866.90   | 0.19%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOWELL PUBLIC SCHOO 5.00% | HOWELL PUBLIC SCHOO 5.00% | CUSIP: 443114WQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070889.70   | 0.14%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PINAL COUNTY SCHOOL 5.00% | PINAL COUNTY SCHOOL 5.00% | CUSIP: 72220EFM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054430.30   | 0.14%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL WELD COUNTY 5.00% | CENTRAL WELD COUNTY 5.00% | CUSIP: 156024CT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1141842.90   | 0.15%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN. AUTHORI VAR | ILLINOIS FIN. AUTHORI VAR | CUSIP: 45204FQ73<br>LEI: 549300OLHNJ39OUUAH74 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1929387.08   | 0.26%             | 2064-08-15      | 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        |   2750000 | PA      | $3077956.48   | 0.41%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF AUSTIN TX E 5.00% | CITY OF AUSTIN TX E 5.00% | CUSIP: 052414PK9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501241.70    | 0.07%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL 4.00%  | ARIZONA INDUSTRIAL 4.00%  | CUSIP: 04052FCS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $867639.60    | 0.12%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CAPITOL IM 5.25% | OKLAHOMA CAPITOL IM 5.25% | CUSIP: 678514EM8<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2137823.40   | 0.29%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS EDUCATIONA 3.90% | ILLINOIS EDUCATIONA 3.90% | CUSIP: 45201QDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1758337.34   | 0.23%             | 2036-11-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TURN 5.00% | NORTH CAROLINA TURN 5.00% | CUSIP: 65830RCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506958.25    | 0.07%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKINGHAM COUNTY E 3.00% | ROCKINGHAM COUNTY E 3.00% | CUSIP: 77345QAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1552327.40   | 0.21%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS PORT 5.00%  | MASSACHUSETTS PORT 5.00%  | CUSIP: 575896VH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3470744.51   | 0.46%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FA 5.25% | LOUISIANA PUBLIC FA 5.25% | CUSIP: 546399UL8<br>LEI: 549300SN4RK0THHUAC05 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2606029.25   | 0.35%             | 2050-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PALM BEACH COUNTY S 5.00% | PALM BEACH COUNTY S 5.00% | CUSIP: 696550M58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139215.30   | 0.15%             | 2032-08-01      | 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        |   5000000 | PA      | $5105129.50   | 0.68%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DUVAL COUNTY PUBLIC 5.00% | DUVAL COUNTY PUBLIC 5.00% | CUSIP: 267169HT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1421864.00   | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEFA INC VAR              | PEFA INC VAR              | CUSIP: 70556CAB0<br>LEI: 549300RSE249DJNRHY07 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3561507.60   | 0.48%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TRUMAN INDEPENDENT 5.00%  | TRUMAN INDEPENDENT 5.00%  | CUSIP: 898014DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $844320.86    | 0.11%             | 2040-02-01      | 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        |   2500000 | PA      | $2785074.00   | 0.37%             | 2050-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF PINAL AZ 5.25%  | COUNTY OF PINAL AZ 5.25%  | CUSIP: 72205RJE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597791.30   | 0.21%             | 2050-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTANA BOARD OF HO 3.90% | MONTANA BOARD OF HO 3.90% | CUSIP: 61212R8G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $46201.49     | 0.01%             | 2048-12-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TOOELE COUNTY SCHOO 5.00% | TOOELE COUNTY SCHOO 5.00% | CUSIP: 890346RL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $562514.35    | 0.08%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA INDS. AUTH 5.00% | OKLAHOMA INDS. AUTH 5.00% | CUSIP: 67910FAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6765000 | PA      | $7519332.00   | 1.00%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF EL PASO TX 5.00%  | CITY OF EL PASO TX 5.00%  | CUSIP: 2837347F2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1145162.26   | 0.15%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS COUNTY JUS 5.00% | CHAMBERS COUNTY JUS 5.00% | CUSIP: 157795AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1130111.95   | 0.15%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.00% | NEW YORK STATE DORM 5.00% | CUSIP: 64990FPW8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4584936.60   | 0.61%             | 2048-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF DALLAS TX 5.00%   | CITY OF DALLAS TX 5.00%   | CUSIP: 235219VE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1435975.66   | 0.19%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE VALLEY REG 5.50% | DELAWARE VALLEY REG 5.50% | CUSIP: 246579ER3<br>LEI: 549300HGYP3NW885TT18 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1573210.44   | 0.21%             | 2028-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY T 0.00% | MASSACHUSETTS BAY T 0.00% | CUSIP: 575579ZP5<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2238321.00   | 0.30%             | 2029-07-01      | None          | 0.00%                 | 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        |   1250000 | PA      | $1366007.25   | 0.18%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF LEE FL LO 5.25% | COUNTY OF LEE FL LO 5.25% | CUSIP: 52349LDW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3608842.65   | 0.48%             | 2049-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL 6.00%  | CITY OF CHICAGO IL 6.00%  | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040841.10   | 0.14%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BROWARD F 5.00% | COUNTY OF BROWARD F 5.00% | CUSIP: 114894XT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2513176.50   | 0.34%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH & 4.125% | WISCONSIN HEALTH & 4.125% | CUSIP: 97712DU38<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1381046.85   | 0.18%             | 2046-04-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 5.00% | CITY & COUNTY OF DE 5.00% | CUSIP: 249182LV6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013912.40   | 0.27%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM HOSPITAL FACI 5.00% | SALEM HOSPITAL FACI 5.00% | CUSIP: 794458FV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3552894.10   | 0.47%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTA 5.00% | NEW YORK TRANSPORTA 5.00% | CUSIP: 650116EL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $603815.25    | 0.08%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC 5.00%  | MUNICIPAL ELECTRIC 5.00%  | CUSIP: 62620HEQ1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510608.90   | 0.20%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON HEALTH C 5.00% | WASHINGTON HEALTH C 5.00% | CUSIP: 93978HKN4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5003199.50   | 0.67%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA WATER & SEWER S 5.00% | JEA WATER & SEWER S 5.00% | CUSIP: 46613P3J3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1413563.67   | 0.19%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWN OF DAVIE FL 5.00%    | TOWN OF DAVIE FL 5.00%    | CUSIP: 23867PBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024213.00   | 0.27%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY HOUSI 3.00% | NEW YORK CITY HOUSI 3.00% | CUSIP: 64972EJV2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1234915.64   | 0.16%             | 2044-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE/JEFFERSO 2.00% | LOUISVILLE/JEFFERSO 2.00% | CUSIP: 546749AT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $3866009.85   | 0.52%             | 2033-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA 5.00%  | PORT OF SEATTLE WA 5.00%  | CUSIP: 735389V21<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3570000 | PA      | $3848080.15   | 0.51%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS COUNTY SCHOOL 5.25% | ADAMS COUNTY SCHOOL 5.25% | CUSIP: 005626TB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4775000 | PA      | $4834741.94   | 0.65%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO O HARE INTL 5.00% | CHICAGO O HARE INTL 5.00% | CUSIP: 167593L34<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1632607.36   | 0.22%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIMESTONE COUNTY WA 5.00% | LIMESTONE COUNTY WA 5.00% | CUSIP: 532656CU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525317.10    | 0.07%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF WINTER GARD 5.25% | CITY OF WINTER GARD 5.25% | CUSIP: 975784AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3163032.30   | 0.42%             | 2054-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF AURORA IL W 4.00% | CITY OF AURORA IL W 4.00% | CUSIP: 051690FT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $785851.92    | 0.10%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC 5.50%  | MUNICIPAL ELECTRIC 5.50%  | CUSIP: 626207H31<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500738.75   | 0.33%             | 2060-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DOUGLAS COUNTY HOSP 5.00% | DOUGLAS COUNTY HOSP 5.00% | CUSIP: 259230NF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018143.60   | 0.14%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 0.00% | CITY & COUNTY OF DE 0.00% | CUSIP: 24917DBU6<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $1641660.63   | 0.22%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FA 5.00% | LOUISIANA PUBLIC FA 5.00% | CUSIP: 546399DV5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002483.80   | 0.27%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCHOOL F 4.00% | CALIFORNIA SCHOOL F 4.00% | CUSIP: 13059THA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $875089.88    | 0.12%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHEAST OHIO MEDI 4.00% | NORTHEAST OHIO MEDI 4.00% | CUSIP: 66433RBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $197332.99    | 0.03%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVE 5.00% | LOWER COLORADO RIVE 5.00% | CUSIP: 54811BWW7<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2545408.75   | 0.34%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 3.00% | CALIFORNIA MUNICIPA 3.00% | CUSIP: 13049YFR7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $722662.90    | 0.10%             | 2054-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HOUSING & FIN 5.00% | IDAHO HOUSING & FIN 5.00% | CUSIP: 45130AAW5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080256.80   | 0.28%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF WASHINGTON 5.00% | STATE OF WASHINGTON 5.00% | CUSIP: 93974EVN3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085865.20   | 0.28%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS COUNTY SCHOOL 5.25% | ADAMS COUNTY SCHOOL 5.25% | CUSIP: 005626SY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $231903.50    | 0.03%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHIN 5.00% | METROPOLITAN WASHIN 5.00% | CUSIP: 592647MR9<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3349779.60   | 0.45%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPALITY OF ANC 5.50% | MUNICIPALITY OF ANC 5.50% | CUSIP: 033252BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2120000 | PA      | $2415094.67   | 0.32%             | 2033-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEV. 5.25%  | MASSACHUSETTS DEV. 5.25%  | CUSIP: 57585BJT6<br>LEI: 549300Y86NBW6TM3N374 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502475.60   | 0.20%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HEALTH & EDUCATIONA 5.00% | HEALTH & EDUCATIONA 5.00% | CUSIP: 60636AMM2<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502311.50   | 0.33%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SHREVEPORT 5.00%  | CITY OF SHREVEPORT 5.00%  | CUSIP: 825485VD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5031226.00   | 0.67%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR 5.00% | PORT OF PORTLAND OR 5.00% | CUSIP: 735240N25<br>LEI: 549300BRH7XZ3ZK0DS46 | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2039916.84   | 0.27%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MAS 5.00% | COMMONWEALTH OF MAS 5.00% | CUSIP: 57604TKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2569140.00   | 0.34%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.00% | NEW YORK STATE DORM 5.00% | CUSIP: 64990FUQ5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005576.20   | 0.27%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY G 5.00% | BLACK BELT ENERGY G 5.00% | CUSIP: 09182TEK9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4319602.80   | 0.58%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ATLANTA GA 5.00%  | CITY OF ATLANTA GA 5.00%  | CUSIP: 04780M2U2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2146655.80   | 0.29%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV. BO 4.25% | TEXAS WATER DEV. BO 4.25% | CUSIP: 88285AFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2830745.40   | 0.38%             | 2051-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DELAWARE COUNTY REG 5.00% | DELAWARE COUNTY REG 5.00% | CUSIP: 246045MM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $866333.40    | 0.12%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS PORT 5.00%  | MASSACHUSETTS PORT 5.00%  | CUSIP: 575896PW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2725000 | PA      | $2726645.08   | 0.36%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HOUSING 3.375%  | TENNESSEE HOUSING 3.375%  | CUSIP: 880461JS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $46888.38     | 0.01%             | 2038-07-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURI 5.00% | UTILITY DEBT SECURI 5.00% | CUSIP: 91802REK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2577681.00   | 0.34%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT 5.00% | FLORIDA DEVELOPMENT 5.00% | CUSIP: 34061UFX1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1897320.60   | 0.25%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA STATE 5.00%  | PENNSYLVANIA STATE 5.00%  | CUSIP: 709235M85<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2056413.80   | 0.27%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GRP. VAR  | PATRIOTS ENERGY GRP. VAR  | CUSIP: 70342PAR5<br>LEI: 5493008X0DFBVFH4HL19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2182837.40   | 0.29%             | 2054-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MIDWAY INTL 5.00% | CHICAGO MIDWAY INTL 5.00% | CUSIP: 167562TE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2744650.00   | 0.37%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MAS 5.00% | COMMONWEALTH OF MAS 5.00% | CUSIP: 57582R4C7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4525000 | PA      | $4712513.29   | 0.63%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445QX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3765532.40   | 0.50%             | 2033-05-15      | 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        |   1300000 | PA      | $1445789.02   | 0.19%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYOMING CITY SCHOOL D 5%  | WYOMING CITY SCHOOL D 5%  | CUSIP: 983442JJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2602718.75   | 0.35%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF MIAMI-DAD 5.00% | COUNTY OF MIAMI-DAD 5.00% | CUSIP: 59333PR75<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5005966.00   | 0.67%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CONNE 5.25% | UNIVERSITY OF CONNE 5.25% | CUSIP: 914225HH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3082915.20   | 0.41%             | 2047-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARIZONA STATE UNIVE 5.00% | ARIZONA STATE UNIVE 5.00% | CUSIP: 04048RTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2028107.80   | 0.27%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF COLORADO 4.00%   | STATE OF COLORADO 4.00%   | CUSIP: 196711RP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10058115.00  | 1.34%             | 2037-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPI 5.00% | PENNSYLVANIA TURNPI 5.00% | CUSIP: 709225DC7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1748943.51   | 0.23%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF N 2.00% | PORT AUTHORITY OF N 2.00% | CUSIP: 73358XCU4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1722002.20   | 0.23%             | 2032-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSI 3.00% | VIRGINIA SMALL BUSI 3.00% | CUSIP: 928104NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $797374.70    | 0.11%             | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BROWARD HOSPI 4.00% | SOUTH BROWARD HOSPI 4.00% | CUSIP: 836753MF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3247707.05   | 0.43%             | 2044-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF DE 5.00% | CITY & COUNTY OF DE 5.00% | CUSIP: 249182QN9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134210.40   | 0.28%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN ANTONIO 5.00% | CITY OF SAN ANTONIO 5.00% | CUSIP: 7962375Z4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3856749.02   | 0.51%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF OHIO 4.00%       | STATE OF OHIO 4.00%       | CUSIP: 677561KN1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006247.30   | 0.13%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE OF SCHAUMBU 4.00% | VILLAGE OF SCHAUMBU 4.00% | CUSIP: 806347ME7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4952349.00   | 0.66%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL 5.00%  | INDIANAPOLIS LOCAL 5.00%  | CUSIP: 45528UJ77<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048859.60   | 0.27%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SALT LAKE C 5.00% | CITY OF SALT LAKE C 5.00% | CUSIP: 795576JU2<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5346357.50   | 0.71%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKWALL INDEPENDEN 5.00% | ROCKWALL INDEPENDEN 5.00% | CUSIP: 774286CX4<br>LEI: 5493008ZIVPUZPQOR621 | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2504632.57   | 0.33%             | 2052-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   6895000 | PA      | $7570292.16   | 1.01%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWNSBURG 1999 SCH 5.00% | BROWNSBURG 1999 SCH 5.00% | CUSIP: 116083B39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $845146.28    | 0.11%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA AIRPORT AUTHO 5.00% | OMAHA AIRPORT AUTHO 5.00% | CUSIP: 681725MW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $998837.82    | 0.13%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF ILLIN 5.00% | UNIVERSITY OF ILLIN 5.00% | CUSIP: 914354BV6<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1708523.55   | 0.23%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK STATE DORM 5.00% | NEW YORK STATE DORM 5.00% | CUSIP: 64990GBB7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    720000 | PA      | $733630.03    | 0.10%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS WATER 5.00% | MASSACHUSETTS WATER 5.00% | CUSIP: 576051TD8<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |    920000 | PA      | $940463.84    | 0.13%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.00% | CALIFORNIA MUNICIPA 5.00% | CUSIP: 13049YBK6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013843.80   | 0.27%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS PORT 5.00%  | MASSACHUSETTS PORT 5.00%  | CUSIP: 575896VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2020863.20   | 0.27%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF GRAND FORKS 3.00% | CITY OF GRAND FORKS 3.00% | CUSIP: 38546WDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1124627.85   | 0.15%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY MUNIC 5.00% | NEW YORK CITY MUNIC 5.00% | CUSIP: 64972GB29<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5196283.00   | 0.69%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUS 4.10% | MICHIGAN STATE HOUS 4.10% | CUSIP: 594654RF4<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1832345.63   | 0.24%             | 2043-06-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL ELECTRIC 5.00%  | MUNICIPAL ELECTRIC 5.00%  | CUSIP: 62620HEP3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2539236.75   | 0.34%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE COUNTY E 5.25% | MIAMI-DADE COUNTY E 5.25% | CUSIP: 59333AGP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2025432.40   | 0.27%             | 2026-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL G VAR | MAIN STREET NATURAL G VAR | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1639810.80   | 0.22%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WELD COUNTY SCHOOL 5.00%  | WELD COUNTY SCHOOL 5.00%  | CUSIP: 949306GQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1380998.88   | 0.18%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS STATE UNIV 5.25% | ILLINOIS STATE UNIV 5.25% | CUSIP: 452272H42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3723015.96   | 0.50%             | 2050-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO BOARD OF ED 5.75% | CHICAGO BOARD OF ED 5.75% | CUSIP: 167505ZM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473338.10   | 0.20%             | 2050-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO MORTGAGE 4.00% | NEW MEXICO MORTGAGE 4.00% | CUSIP: 647201SS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $894326.80    | 0.12%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF CHICAGO IL 5.25%  | CITY OF CHICAGO IL 5.25%  | CUSIP: 167736U96<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2065785.80   | 0.28%             | 2053-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE OF NEW YORK M 2.05% | STATE OF NEW YORK M 2.05% | CUSIP: 64988YKG1<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1334094.52   | 0.18%             | 2033-04-01      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SEMINOLE 5.00%  | COUNTY OF SEMINOLE 5.00%  | CUSIP: 816699BN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1359094.24   | 0.18%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY TRANS 5.00% | NEW YORK CITY TRANS 5.00% | CUSIP: 64972HK50<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3072885.00   | 0.41%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PERMANENT UNIVERSIT 4.00% | PERMANENT UNIVERSIT 4.00% | CUSIP: 9151158C6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4936321.50   | 0.66%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHO VAR | INDIANA FINANCE AUTHO VAR | CUSIP: 455059AJ4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1480232.40   | 0.20%             | 2038-12-01      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| INDIANA FINANCE AUTHO VAR | INDIANA FINANCE AUTHO VAR | CUSIP: 455059AH8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1109069.33   | 0.15%             | 2038-12-01      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   5601408 | NS      | $5601408.31   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE OF CALIFORNIA 5.25% | STATE OF CALIFORNIA 5.25% | CUSIP: 13063DFQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5039610.50   | 0.67%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF HO 5.00% | CITY & COUNTY OF HO 5.00% | CUSIP: 438687FV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047645.20   | 0.27%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF CARROLL KY VAR  | COUNTY OF CARROLL KY VAR  | CUSIP: 14483RAR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1467238.80   | 0.20%             | 2034-10-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING 3.50%  | CALIFORNIA HOUSING 3.50%  | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3255087 | PA      | $3178818.57   | 0.42%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WYOMING CITY SCHOOL D 5%  | WYOMING CITY SCHOOL D 5%  | CUSIP: 983442JE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1632864.65   | 0.22%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA HOUS 3.00% | NORTH CAROLINA HOUS 3.00% | CUSIP: 658207ZV0<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    915000 | PA      | $712525.87    | 0.10%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH OF MAS 5.00% | COMMONWEALTH OF MAS 5.00% | CUSIP: 57582R4E3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3634937.25   | 0.48%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT OF COLUMBI 5.00% | DISTRICT OF COLUMBI 5.00% | CUSIP: 25476FE53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $2088024.15   | 0.28%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IPS MULTI-SCHOOL BL 5.00% | IPS MULTI-SCHOOL BL 5.00% | CUSIP: 46263RTX3<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1282467.62   | 0.17%             | 2043-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH & 4.00%  | WISCONSIN HEALTH & 4.00%  | CUSIP: 97712JMW0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   4905000 | PA      | $4477996.21   | 0.60%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GRO 4.00% | PATRIOTS ENERGY GRO 4.00% | CUSIP: 70338JCH5<br>LEI: 549300NJ5PDRH6328F32 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2242321.50   | 0.30%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINDY GAP FIRMING P 5.00% | WINDY GAP FIRMING P 5.00% | CUSIP: 97381YAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055785.60   | 0.27%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH & 4.00%  | WISCONSIN HEALTH & 4.00%  | CUSIP: 97712JMV2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40325.94     | 0.01%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA STATE 5.00%  | PENNSYLVANIA STATE 5.00%  | CUSIP: 709235B61<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5114089.50   | 0.68%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF WISCONSIN 5.00%  | STATE OF WISCONSIN 5.00%  | CUSIP: 97705MM85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2712240.24   | 0.36%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O HARE INTL 5.00% | CHICAGO O HARE INTL 5.00% | CUSIP: 1675935W8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077578.90   | 0.14%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SPRINGFIELD 5.00% | CITY OF SPRINGFIELD 5.00% | CUSIP: 850578UH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2551795.38   | 0.34%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOWN OF QUEEN CREEK 5.00% | TOWN OF QUEEN CREEK 5.00% | CUSIP: 74823YHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4720000 | PA      | $4908577.69   | 0.65%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS COUNTY SC 0.00% | CLACKAMAS COUNTY SC 0.00% | CUSIP: 179093LF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1254349.05   | 0.17%             | 2038-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BOARD OF RE 5.00% | ARIZONA BOARD OF RE 5.00% | CUSIP: 040484F36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1455848.78   | 0.19%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3346892.40   | 0.45%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS COUNTY SCHOOL 5.50% | ADAMS COUNTY SCHOOL 5.50% | CUSIP: 005662PL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2620000 | PA      | $2867737.51   | 0.38%             | 2044-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREATER NEW ORLEANS 5.00% | GREATER NEW ORLEANS 5.00% | CUSIP: 39225PBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $654159.56    | 0.09%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON HEALTH C 5.00% | WASHINGTON HEALTH C 5.00% | CUSIP: 93978HC94<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3925953.85   | 0.52%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063ENW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078441.20   | 0.14%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OGDEN CITY MUNICIPA 5.00% | OGDEN CITY MUNICIPA 5.00% | CUSIP: 676291BQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256079.38   | 0.17%             | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO PUBLIC FACILI 5.00% | PASCO PUBLIC FACILI 5.00% | CUSIP: 70255CAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1179398.34   | 0.16%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA RAILROAD COR 6.00% | ALASKA RAILROAD COR 6.00% | CUSIP: 01176AAU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $540538.35    | 0.07%             | 2050-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| POWAY UNIFIED SCHOO 5.00% | POWAY UNIFIED SCHOO 5.00% | CUSIP: 73885QNK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1246903.60   | 0.17%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3875000 | PA      | $4159115.78   | 0.55%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSP 5.00% | METROPOLITAN TRANSP 5.00% | CUSIP: 59261A6D4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1518151.51   | 0.20%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTHORITY OF N 5.00% | PORT AUTHORITY OF N 5.00% | CUSIP: 73358XNM0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $6124737.85   | 0.82%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASCO PUBLIC FACILI 5.00% | PASCO PUBLIC FACILI 5.00% | CUSIP: 70255CAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1132024.32   | 0.15%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH I 5.25% | DALLAS FORT WORTH I 5.25% | CUSIP: 23503CGD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1530678.82   | 0.20%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE OF CONNECTICU 5.00% | STATE OF CONNECTICU 5.00% | CUSIP: 20772KF38<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1971261.86   | 0.26%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS VAR | BLACK BELT ENERGY GAS VAR | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1621691.40   | 0.22%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSP 5.00% | METROPOLITAN TRANSP 5.00% | CUSIP: 59261A5X1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1125254.20   | 0.15%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.75% | STATE OF CALIFORNIA 5.75% | CUSIP: 13062TU51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75180.95     | 0.01%             | 2030-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS 3.25%   | STATE OF ILLINOIS 3.25%   | CUSIP: 452152Q53<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6855000 | PA      | $6885901.65   | 0.92%             | 2026-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COUNTY OF BEXAR TX 4.00%  | COUNTY OF BEXAR TX 4.00%  | CUSIP: 0882815N6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4705335.50   | 0.63%             | 2046-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ORLANDO FL 5.00%  | CITY OF ORLANDO FL 5.00%  | CUSIP: 686513AX0<br>LEI: G8GZFWRIKS3AFD6AWU52 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3623810.05   | 0.48%             | 2054-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL 5.00%  | INDIANAPOLIS LOCAL 5.00%  | CUSIP: 45528VDV8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    895000 | PA      | $933269.93    | 0.12%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWNSBURG 1999 SCH 5.00% | BROWNSBURG 1999 SCH 5.00% | CUSIP: 116083B21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $899258.64    | 0.12%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS 5.25%   | STATE OF ILLINOIS 5.25%   | CUSIP: 452153KG3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2060000 | PA      | $2117488.42   | 0.28%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OGDEN CITY REDEVELO 5.00% | OGDEN CITY REDEVELO 5.00% | CUSIP: 67629TAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1532380.50   | 0.20%             | 2053-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WATER A 5.25% | GREAT LAKES WATER A 5.25% | CUSIP: 39081JGQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048650.80   | 0.14%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT 5.00% | CASINO REINVESTMENT 5.00% | CUSIP: 14760RBN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1235079.10   | 0.16%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS COUNTY SC 0.00% | CLACKAMAS COUNTY SC 0.00% | CUSIP: 179093LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $155196.38    | 0.02%             | 2038-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALASKA RAILROAD COR 5.50% | ALASKA RAILROAD COR 5.50% | CUSIP: 01176AAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $409348.29    | 0.05%             | 2042-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREATER NEW ORLEANS 5.00% | GREATER NEW ORLEANS 5.00% | CUSIP: 39225PBC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $492842.65    | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA TURNPIKE VAR | PENNSYLVANIA TURNPIKE VAR | CUSIP: 709225RH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2903110.36   | 0.39%             | 2045-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV. BO 5.00% | TEXAS WATER DEV. BO 5.00% | CUSIP: 88285AJN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2322179.80   | 0.31%             | 2035-10-15      | 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