# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-26-012344
**Filing Date:** 2026-5
**Character Count:** 71535
**Document Hash:** d1e8d53fafa943a3e02f3206c6966c31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012344.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002071691-26-012344

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 261029165

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

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

## Series and Classes Contracts Data

### Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (Series ID: S000093502)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** Northern Trust 2045 Tax-Exempt Distributing Ladder ETF

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $8145365.13

**Total Liabilities:** $1757.33

**Net Assets:** $8143607.80

**Cash Not Reported:** $199776.82

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 13.00000000 | **1-Year:** 123.00000000 | **5-Year:** 857.00000000 | **10-Year:** 4204.00000000 | **30-Year:** 54.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261790 | 1.13%                | 1.19%                | -2.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $70259.56                | $7541.79                                   |
| Month 2  | $0.00                    | $78967.54                                  |
| Month 3  | $0.00                    | $-245040.01                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| City of Grand Prairie TX                                                      | City of Grand Prairie, Series 2025                                           | CUSIP: 386138W31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $70185.26     | 0.86%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                         | Northwest Independent School District, Series 2025                           | CUSIP: 667826HB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43049.78     | 0.53%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                      | University of Washington, Series 2025A                                       | CUSIP: 91523NA97<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32528.32     | 0.40%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2025A                               | CUSIP: 709225NR3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38296.18     | 0.47%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Housing & Finance Association                                           | Idaho Housing & Finance Association, Series 2025A                            | CUSIP: 45130ADN2<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10689.35     | 0.13%             | 2045-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2026A1                                              | CUSIP: 64966SPF7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     95000 | PA      | $103483.44    | 1.27%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                     | City of Tacoma, Series 2024A                                                 | CUSIP: 873519QL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15964.18     | 0.20%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren Consolidated Schools                                                   | Warren Consolidated Schools, Series 2025                                     | CUSIP: 935341T31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59700.58     | 0.73%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGJ7<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     65000 | PA      | $71683.42     | 0.88%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                      | City of Grand Prairie, Series 2025                                           | CUSIP: 386138W49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53553.47     | 0.66%             | 2042-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                            | City of Chicago, Series 2024A                                                | CUSIP: 167727J64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26625.17     | 0.33%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64990KGQ0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37689.80     | 0.46%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                         | City of Lake Havasu City, Series 2025                                        | CUSIP: 50989RAU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $49535.74     | 0.61%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                            | City of Lubbock, Series 2025                                                 | CUSIP: 5491888A1<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26715.33     | 0.33%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | Commonwealth of Massachusetts, Series 2025A                                  | CUSIP: 57582TCG5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     55000 | PA      | $61327.76     | 0.75%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGE8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     75000 | PA      | $84928.57     | 1.04%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                | American Municipal Power, Inc., Series 2024A                                 | CUSIP: 02765USW5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26225.97     | 0.32%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pierce County School District No. 320 Sumner                                  | Pierce County School District No. 320 Sumner, Series 2025                    | CUSIP: 720526YX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33477.74     | 0.41%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64985SGB3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10634.28     | 0.13%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ                                                               | City of Mesa, Series 2025                                                    | CUSIP: 5904853T3<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11059.99     | 0.14%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGH1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     60000 | PA      | $66557.53     | 0.82%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                        | Round Rock Independent School District, Series 2025B                         | CUSIP: 779240RF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112725.28    | 1.38%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2026A1                  | CUSIP: 64972JWG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10564.15     | 0.13%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                 | Kentucky State Property & Building Commission, Series 2025A                  | CUSIP: 49151F5F3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37723.60     | 0.46%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                          | Chicago O'Hare International Airport, Series 2024D                           | CUSIP: 1675937B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15736.97     | 0.19%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ                                                               | City of Mesa, Series 2025                                                    | CUSIP: 5904853Y2<br>LEI: 549300L1QYAKFHSIGE94 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10689.73     | 0.13%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | Triborough Bridge & Tunnel Authority, Series 2025A1                          | CUSIP: 89602RNF8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15909.60     | 0.20%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Martinsville School Building Corp.                                    | Greater Martinsville School Building Corp., Series 2024                      | CUSIP: 392130GY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26229.67     | 0.32%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX Water & Wastewater System Revenue                    | City of Grand Prairie, Series 2025                                           | CUSIP: 386168ZF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55274.04     | 0.68%             | 2037-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Romeo Community School District                                               | Romeo Community School District, Series 2025                                 | CUSIP: 776134SM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32162.19     | 0.39%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison County Board of Education/AL                                          | Madison County Board of Education, Series 2025A                              | CUSIP: 556752RC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $105307.57    | 1.29%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| L'Anse Creuse Public Schools                                                  | L'Anse Creuse Public Schools, Series 2025I                                   | CUSIP: 516228TJ2<br>LEI: 549300L3W88HP5QUMY54 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42882.92     | 0.53%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2025F1                  | CUSIP: 64972JQH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $48942.70     | 0.60%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                        | Iowa Finance Authority, Series 2025A                                         | CUSIP: 46247SGL2<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32686.38     | 0.40%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                      | City of Grand Prairie, Series 2025                                           | CUSIP: 386138W23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37941.25     | 0.47%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | Energy Northwest, Series 2023A                                               | CUSIP: 29270C5B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5247.12      | 0.06%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2024                                | CUSIP: 709225LJ3<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26765.13     | 0.33%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                              | Jacksonville Electric Authority, Series 2025A                                | CUSIP: 46615SGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15998.40     | 0.20%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                      | Massachusetts Development Finance Agency, Series 2025A2                      | CUSIP: 57585BGU6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     60000 | PA      | $68706.14     | 0.84%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                              | Pennsylvania Turnpike Commission, Series 2024C                               | CUSIP: 709225KV7<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15947.54     | 0.20%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                          | Missouri Joint Municipal Electric Utility Commission, Series 2025            | CUSIP: 606092QU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82776.22     | 1.02%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL                                                         | County of Sarasota, Series 2025A                                             | CUSIP: 80329KNH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15859.58     | 0.19%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                     | City of Tacoma, Series 2025A                                                 | CUSIP: 873519QZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10614.25     | 0.13%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                              | State of Florida, Series 2020B                                               | CUSIP: 34153QTU0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     85000 | PA      | $92920.15     | 1.14%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Transportation Infrastructure Bank                             | South Carolina Transportation Infrastructure Bank, Series 2021A              | CUSIP: 837152VR5<br>LEI: 549300YI1NMCP4VLJN43 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5163.01      | 0.06%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio, Series 2024E                                            | CUSIP: 79625GLY7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5550.43      | 0.07%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 401 Highline                                  | King County School District No. 401 Highline, Series 2025                    | CUSIP: 495033HB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27273.22     | 0.33%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                       | Los Angeles Department of Water & Power, Series 2021C                        | CUSIP: 544532CU6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261341.15    | 3.21%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crestwood School District/MI                                                  | Crestwood School District, Series 2025I                                      | CUSIP: 226363HR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15819.26     | 0.19%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | New Jersey Transportation Trust Fund Authority, Series 2024CC                | CUSIP: 64613CGD4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53857.44     | 0.66%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD Warren Township Vision 2005 School Building Corp.                         | MSD Warren Township Vision 2005 School Building Corp., Series 2024           | CUSIP: 553543KT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5601.57      | 0.07%             | 2033-01-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2024G1                  | CUSIP: 64972JHX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10491.13     | 0.13%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | Triborough Bridge & Tunnel Authority, Series 2025A                           | CUSIP: 896032AW9<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10592.06     | 0.13%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                       | District of Columbia, Series 2025A                                           | CUSIP: 25477GXT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $87497.40     | 1.07%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                   | Jacksonville Electric Authority, Series 2024A                                | CUSIP: 46613SSF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27798.71     | 0.34%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Buckeye AZ                                                            | City of Buckeye, Series 2025                                                 | CUSIP: 118084CU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10626.38     | 0.13%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue | City of Memphis, Series 2020A                                                | CUSIP: 586158QR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5404.93      | 0.07%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Quitman Independent School District                                           | Quitman Independent School District, Series 2025                             | CUSIP: 749030EE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111707.93    | 1.37%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Clark NV                                                            | County of Clark, Series 2025                                                 | CUSIP: 181000UW8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |     55000 | PA      | $62682.02     | 0.77%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2023B                                            | CUSIP: 93974EYS9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $56377.07     | 0.69%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manhattan KS                                                          | City of Manhattan, Series 2025A                                              | CUSIP: 562895XK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $207938.96    | 2.55%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                              | State of Florida, Series 2023A                                               | CUSIP: 34153QXC5<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16626.54     | 0.20%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                             | County of King, Series 2023A                                                 | CUSIP: 49474FN97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5635.23      | 0.07%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leander Independent School District                                           | Leander Independent School District, Series 2025A                            | CUSIP: 521841S23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54816.57     | 0.67%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utility Debt Securitization Authority                                         | Utility Debt Securitization Authority, Series 2022TE1                        | CUSIP: 91802REX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269477.50    | 3.31%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2025G1                                              | CUSIP: 64966SLZ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     35000 | PA      | $37245.80     | 0.46%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Township High School District No. 113-Highland Park               | Lake County Township High School District No. 113-Highland Park, Series 2025 | CUSIP: 509084KU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $62098.20     | 0.76%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ferris State University                                                       | Ferris State University, Series 2025A                                        | CUSIP: 315361MP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $145220.22    | 1.78%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wyandotte City School District                                                | Wyandotte City School District, Series 2025                                  | CUSIP: 982781JX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59700.58     | 0.73%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County Public Utility District No. 1 Electric Revenue                   | Clark County Public Utility District No. 1, Series 2024                      | CUSIP: 181108G62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10473.62     | 0.13%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2024C                                               | CUSIP: 64966SAV8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10419.59     | 0.13%             | 2045-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Marion & Ralls Counties School District No. 60 Hannibal                       | Marion & Ralls Counties School District No. 60 Hannibal, Series 2025A        | CUSIP: 569101KA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $29502.84     | 0.36%             | 2038-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                 | Kentucky State Property & Building Commission                                | CUSIP: 49151FYX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102551.13    | 1.26%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Transit Authority                                                        | Utah Transit Authority, Series 2025                                          | CUSIP: 917567JG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $96637.16     | 1.19%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seattle Museum Development Authority                                          | Seattle Museum Development Authority, Series 2024                            | CUSIP: 812670DV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $110032.29    | 1.35%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Charleston SC                                                         | City of Charleston, Series 2025B                                             | CUSIP: 160357ZJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $74812.70     | 0.92%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                           | State of Washington, Series 2026B                                            | CUSIP: 93974FCP6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     60000 | PA      | $68669.66     | 0.84%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64990KGS6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10594.99     | 0.13%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2025A                             | CUSIP: 64985SJZ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10563.48     | 0.13%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2024B                             | CUSIP: 64990AWS0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10618.01     | 0.13%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ector TX                                                            | County of Ector, Series 2024                                                 | CUSIP: 279245KT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26266.86     | 0.32%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                     | Michigan State University, Series 2025A                                      | CUSIP: 594712A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5744.02      | 0.07%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                        | Oklahoma Capitol Improvement Authority, Series 2025A                         | CUSIP: 678514EG1<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54621.85     | 0.67%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                           | State of Illinois, Series 2025C                                              | CUSIP: 452227VN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52962.15     | 0.65%             | 2042-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                            | State of Wisconsin, Series 2021-2                                            | CUSIP: 97705MSX4<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80427.53     | 0.99%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                           | City of New York, Series 2025G1                                              | CUSIP: 64966SLV6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |     70000 | PA      | $76630.72     | 0.94%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sun Prairie WI                                                        | City of Sun Prairie, Series 2025A                                            | CUSIP: 866849W40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $264783.33    | 3.25%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                       | City of Jacksonville, Series 2025                                            | CUSIP: 469487XB3<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10574.94     | 0.13%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sarasota FL                                                         | County of Sarasota, Series 2025A                                             | CUSIP: 80329KNG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26637.48     | 0.33%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                           | State of Illinois, Series 2025C                                              | CUSIP: 452227VP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31658.99     | 0.39%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago                    | Metropolitan Water Reclamation District of Greater Chicago, Series 2007B     | CUSIP: 167560MS7<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |    120000 | PA      | $139903.86    | 1.72%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                         | Mansfield Independent School District, Series 2025                           | CUSIP: 564386VA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $95712.70     | 1.18%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                     | County of Anne Arundel, Series 2025                                          | CUSIP: 03588JMB5<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55363.31     | 0.68%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                      | San Antonio Water System, Series 2025B                                       | CUSIP: 79642GSU7<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |     45000 | PA      | $49787.88     | 0.61%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                  | Orlando Utilities Commission, Series 2025A                                   | CUSIP: 686507NC4<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15885.36     | 0.20%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                      | University of Washington, Series 2025A                                       | CUSIP: 91523NB21<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26894.48     | 0.33%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wake NC                                                             | County of Wake, Series 2024B                                                 | CUSIP: 930864JG9<br>LEI: 5493007XQJHO082P1H29 | Long             | DBT              | MUN               | US        |    220000 | PA      | $248565.92    | 3.05%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                               | State of Hawaii, Series FE                                                   | CUSIP: 419792JT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $96209.62     | 1.18%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temple Independent School District/TX                                         | Temple Independent School District, Series 2025                              | CUSIP: 880081UG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38584.38     | 0.47%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                              | Energy Northwest, Series 2025A                                               | CUSIP: 29270C6V2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32512.21     | 0.40%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                             | Auburn University, Series 2025A                                              | CUSIP: 050589SF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10629.64     | 0.13%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                        | Round Rock Independent School District, Series 2025B                         | CUSIP: 779240RK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38369.46     | 0.47%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                 | Commonwealth of Massachusetts, Series 2025A                                  | CUSIP: 57582TCY6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |     85000 | PA      | $96740.69     | 1.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho State Building Authority                                                | Idaho State Building Authority, Series 2025A                                 | CUSIP: 451446AM0<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115478.10    | 1.42%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                                       | Lansing School District, Series 2025II                                       | CUSIP: 516444VA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15819.26     | 0.19%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                                      | University of Washington, Series 2025C                                       | CUSIP: 91523NE44<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     40000 | PA      | $44510.51     | 0.55%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                 | State of Ohio, Series 2021A                                                  | CUSIP: 677587DS3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $27099.87     | 0.33%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                               | County of King, Series 2024B                                                 | CUSIP: 495290GP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10594.40     | 0.13%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gobles Public Schools                                                         | Gobles Public Schools, Series 2025II                                         | CUSIP: 380208KF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26590.66     | 0.33%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA                                                             | County of King, Series 2025A                                                 | CUSIP: 49474F6X3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54703.34     | 0.67%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                                    | Central Florida Tourism Oversight District, Series 2024A                     | CUSIP: 153480AJ7<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |    135000 | PA      | $152015.91    | 1.87%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                                 | Kentucky State Property & Building Commission, Series 2025A                  | CUSIP: 49151F5H9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32058.06     | 0.39%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County Forest Preserve District                                          | Lake County Forest Preserve District, Series 2019                            | CUSIP: 508354WJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5197.71      | 0.06%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                       | District of Columbia, Series 2025A                                           | CUSIP: 25477GYF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $38754.81     | 0.48%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio, Series 2024D                                            | CUSIP: 79625GLR2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26762.25     | 0.33%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Round Rock Independent School District                                        | Round Rock Independent School District, Series 2025B                         | CUSIP: 779240RL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $21833.21     | 0.27%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Board of Regents                                                      | Arizona Board of Regents, Series 2024                                        | CUSIP: 040484F69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26648.55     | 0.33%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                             | Regional Transportation Authority, Series 2025A                              | CUSIP: 7599116G0<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15785.89     | 0.19%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                         | Illinois State Toll Highway Authority, Series 2019C                          | CUSIP: 452252PD5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86598.41     | 1.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sales Tax Securitization Corp.                                                | Sales Tax Securitization Corp., Series 2018C                                 | CUSIP: 79467BBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31657.72     | 0.39%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                         | City of San Antonio, Series 2024D                                            | CUSIP: 79625GLK7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |     75000 | PA      | $83256.50     | 1.02%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No. 1                                     | Minneapolis Special School District No. 1, Series 2018B                      | CUSIP: 603790NF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86786.69     | 1.07%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                               | State of Nevada, Series 2025A                                                | CUSIP: 641462WJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75939.96     | 0.93%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                | Lower Colorado River Authority, Series 2025                                  | CUSIP: 54811BR45<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26334.39     | 0.32%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DuPage County High School District No. 87 Glenbard                            | DuPage County High School District No. 87 Glenbard, Series 2025              | CUSIP: 263309RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27134.01     | 0.33%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utica Community Schools/MI                                                    | Utica Community Schools, Series 2024                                         | CUSIP: 9176612F6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56469.50     | 0.69%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue         | State of Florida, Series 2023A                                               | CUSIP: 343137QT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75477.89     | 0.93%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                | New Jersey Transportation Trust Fund Authority, Series 2022BB                | CUSIP: 64613CAZ1<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    195000 | PA      | $215091.86    | 2.64%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                 | North Texas Tollway Authority, Series 2024A                                  | CUSIP: 66285WR73<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10608.07     | 0.13%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                          | Triborough Bridge & Tunnel Authority, Series 2025A                           | CUSIP: 896032AU3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |     30000 | PA      | $32365.71     | 0.40%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                   | Oklahoma Turnpike Authority, Series 2025A                                    | CUSIP: 679111E42<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26654.82     | 0.33%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                     | Florida Atlantic University Finance Corp., Series 2024                       | CUSIP: 31200CEU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53265.94     | 0.65%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Watervliet Public Schools                                                     | Watervliet Public Schools, Series 2025                                       | CUSIP: 942367JC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15819.26     | 0.19%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Electric System Revenue                                                   | Jacksonville Electric Authority, Series 2024A                                | CUSIP: 46613SSM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $68190.88     | 0.84%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Howell Public Schools                                                         | Howell Public Schools, Series 2025II                                         | CUSIP: 443114WU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15819.26     | 0.19%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                                             | Regional Transportation Authority, Series 2025A                              | CUSIP: 7599116E5<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |     25000 | PA      | $26786.86     | 0.33%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Celina Independent School District                                            | Celina Independent School District, Series 2025                              | CUSIP: 151145ZM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33193.10     | 0.41%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hilliard School District                                                      | Hilliard School District, Series 2025                                        | CUSIP: 431621TS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27850.41     | 0.34%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lubbock-Cooper Independent School District                                    | Lubbock-Cooper Independent School District, Series 2025                      | CUSIP: 549108J74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $94216.63     | 1.16%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                  | New York City Transitional Finance Authority, Series 2025H1                  | CUSIP: 64972JTA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $32346.21     | 0.40%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ferndale Public Schools                                                       | Ferndale Public Schools, Series 2025                                         | CUSIP: 315162HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $37991.28     | 0.47%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Independent School District No. 625                                   | St. Paul Independent School District No. 625, Series 2024B                   | CUSIP: 79289ABY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109925.84    | 1.35%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Martinsville School Building Corp.                                    | Greater Martinsville School Building Corp., Series 2024                      | CUSIP: 392130GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $71583.63     | 0.88%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Prairie TX                                                      | City of Grand Prairie, Series 2025                                           | CUSIP: 386138W64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26475.90     | 0.33%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Electric System Revenue        | Snohomish County Public Utility District No. 1, Series 2025A                 | CUSIP: 833102E93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16035.74     | 0.20%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                            | New York State Dormitory Authority, Series 2024A                             | CUSIP: 64990ATZ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15922.33     | 0.20%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wawasee High School Building Corp.                                            | Wawasee High School Building Corp., Series 2024                              | CUSIP: 944052FJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5541.38      | 0.07%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon City School District No. 62                                            | Oregon City School District No. 62, Series 2025B                             | CUSIP: 179162LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10687.02     | 0.13%             | 2045-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                        | County of Baltimore, Series 2024                                             | CUSIP: 05914GFN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $151134.70    | 1.86%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Northern Funds

**Signature:** Randal Rein

**Name of Signer:** Randal Rein

**Title:** Treasurer and PFO