# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002071691-26-012342
**Filing Date:** 2026-5
**Character Count:** 83899
**Document Hash:** 6ca068908dfcd6a71a2ccdf4bac4ba05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012342.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002071691-26-012342

**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:** 261029163

**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 2035 Tax-Exempt Distributing Ladder ETF (Series ID: S000093511)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000261799 | Northern Trust 2035 Tax-Exempt Distributing Ladder ETF | MUNB            |

## 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 2035 Tax-Exempt Distributing Ladder ETF

- **b. EDGAR series identifier (if any):** S000093511

- **c. LEI of Series:** 254900S9H159CNOMPQ83

**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:** $10033708.45

**Total Liabilities:** $2256.31

**Net Assets:** $10031452.14

**Cash Not Reported:** $27780.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 15.00000000 | **1-Year:** 375.00000000 | **5-Year:** 2148.00000000 | **10-Year:** 1635.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261799 | 0.85%                | 0.88%                | -2.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $33334.18                                  |
| Month 2  | $0.00                    | $37015.52                                  |
| Month 3  | $0.00                    | $-230118.86                                |

### 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 Mansfield TX                                                   | City of Mansfield, Series 2024                                                  | CUSIP: 564378NZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61702.34     | 0.62%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                    | State of Washington, Series 2023B                                               | CUSIP: 93974EYM2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     80000 | PA      | $83569.33     | 0.83%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                        | Las Vegas Valley Water District, Series 2021C                                   | CUSIP: 517845MF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65546.05     | 0.65%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Hollywood FL Water & Sewer Revenue                             | City of Hollywood, Series 2020                                                  | CUSIP: 436212FB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $75503.27     | 0.75%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road & Tollway Authority                                 | Georgia State Road & Tollway Authority, Series 2017A                            | CUSIP: 37358MDU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90384.84     | 0.90%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Howard MD                                                    | County of Howard, Series 2026C                                                  | CUSIP: 44256QCL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $40261.96     | 0.40%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Department of Management Services                              | Florida Department of Management Services, Series 2018A                         | CUSIP: 34160PEA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65932.28     | 0.66%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Amarillo TX Waterworks & Sewer System Revenue                  | City of Amarillo, Series 2026                                                   | CUSIP: 023108TW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39425.59     | 0.39%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                          | State of Ohio, Series 2020A                                                     | CUSIP: 67760AFD3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108167.81    | 1.08%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX                                                      | City of Laredo, Series 2025                                                     | CUSIP: 516824SS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11341.03     | 0.11%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Manatee County School District                                         | Manatee County School District, Series 2025A                                    | CUSIP: 56185NGV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22721.54     | 0.23%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District                                           | Clark County School District, Series 2019A                                      | CUSIP: 181059F76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118392.37    | 1.18%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Longview Independent School District                                   | Longview Independent School District, Series 2025                               | CUSIP: 543264ZU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11387.53     | 0.11%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                       | State of Florida, Series 2023A                                                  | CUSIP: 34153QXF8<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     40000 | PA      | $45631.16     | 0.45%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                    | State of Washington, Series 2026B                                               | CUSIP: 93974FCN1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $45544.32     | 0.45%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| McGregor Independent School District                                   | McGregor Independent School District, Series 2024                               | CUSIP: 580730MD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $50890.52     | 0.51%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery Independent School District                                 | Montgomery Independent School District, Series 2015A                            | CUSIP: 614121VQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51100.53     | 0.51%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 405 Bellevue                           | King County School District No. 405 Bellevue, Series 2021B                      | CUSIP: 495098D28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $148784.19    | 1.48%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                      | City of Austin, Series 2024                                                     | CUSIP: 052397T48<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55441.23     | 0.55%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegan Public School District                                         | Allegan Public School District, Series 2025III                                  | CUSIP: 017014NQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22660.10     | 0.23%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livonia Public Schools                                                 | Livonia Public Schools, Series 2025III                                          | CUSIP: 539243XE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11288.17     | 0.11%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Racine WI                                                    | County of Racine, Series 2025A                                                  | CUSIP: 749845M67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $120590.16    | 1.20%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chippewa Valley Schools                                                | Chippewa Valley Schools, Series 2025                                            | CUSIP: 170016L31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28387.37     | 0.28%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Graford Independent School District                                    | Graford Independent School District, Series 2024                                | CUSIP: 384298EV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56582.31     | 0.56%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centerville Independent School District                                | Centerville Independent School District, Series 2023                            | CUSIP: 152285HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67013.23     | 0.67%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richland County School District No. 2/SC                               | Richland County School District No. 2, Series 2020A                             | CUSIP: 763682Q87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $64084.52     | 0.64%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lewisville Independent School District                                 | Lewisville Independent School District, Series 2024                             | CUSIP: 52882PFP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $84736.65     | 0.84%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richland WA Electric Revenue                                   | City of Richland, Series 2026                                                   | CUSIP: 764267CR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $89575.97     | 0.89%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Peralta Community College District                                     | Peralta Community College District, Series 2025                                 | CUSIP: 713575ZM3<br>LEI: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11867.97     | 0.12%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Whitnall School District                                               | Whitnall School District, Series 2024                                           | CUSIP: 966586HD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54978.40     | 0.55%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port St Lucie FL                                               | City of Port St. Lucie, Series 2023                                             | CUSIP: 73536AEK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $39868.79     | 0.40%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Tourism Oversight District                             | Central Florida Tourism Oversight District, Series 2024A                        | CUSIP: 153480AG3<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55092.35     | 0.55%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of North Charleston SC                                            | City of North Charleston, Series 2024                                           | CUSIP: 65857PEL1<br>LEI: 549300Y9QXZ4L5X8SP87 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35422.73     | 0.35%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grapevine-Colleyville Independent School District                      | Grapevine-Colleyville Independent School District, Series 2025                  | CUSIP: 3886406J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $84565.74     | 0.84%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Waukee Community School District                                       | Waukee Community School District, Series 2019A                                  | CUSIP: 942833YB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51415.91     | 0.51%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County School District/GA                                      | Douglas County School District, Series 2025                                     | CUSIP: 259030RC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $59945.33     | 0.60%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                     | State of Wisconsin, Series 2023B                                                | CUSIP: 97705MD51<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |     80000 | PA      | $88647.20     | 0.88%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Somerset School District                                               | Somerset School District, Series 2019                                           | CUSIP: 835143FT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51297.11     | 0.51%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rowlett TX                                                     | City of Rowlett, Series 2024                                                    | CUSIP: 779699LT2<br>LEI: 549300XN25SMDVQJM820 | Long             | DBT              | MUN               | US        |     45000 | PA      | $50365.22     | 0.50%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warsaw Reorganized School District No. R-IX                            | Warsaw Reorganized School District No. R-IX, Series 2025                        | CUSIP: 082797DG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28203.98     | 0.28%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Municipal Power Agency                                         | Indiana Municipal Power Agency, Series 2025A                                    | CUSIP: 454898YM3<br>LEI: AX0ZCCVOQ71Z4RXBL233 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16971.14     | 0.17%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Utility System Revenue                          | City of Tallahassee, Series 2025                                                | CUSIP: 874461MN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82357.85     | 0.82%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Escambia County School Board                                           | Escambia County School Board, Series 2023A                                      | CUSIP: 296141DU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $86661.87     | 0.86%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| El Paso Independent School District                                    | El Paso Independent School District, Series 2020                                | CUSIP: 283770NM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $101858.80    | 1.02%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clay County School Board                                               | Clay County School Board, Series 2024A                                          | CUSIP: 183253FK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33777.43     | 0.34%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chamblee GA                                                    | City of Chamblee, Series 2025                                                   | CUSIP: 158052AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55954.23     | 0.56%             | 2028-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                   | District of Columbia, Series 2023B                                              | CUSIP: 25476FB31<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    135000 | PA      | $144868.22    | 1.44%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Wheeling IL                                                 | Village of Wheeling, Series 2021                                                | CUSIP: 963099QK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50409.88     | 0.50%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake County Community Consolidated School District No. 34 Antioch      | Lake County Community Consolidated School District No. 34 Antioch, Series 2025C | CUSIP: 508516FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22464.61     | 0.22%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                       | State of Florida, Series 2021A                                                  | CUSIP: 34153QUP9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     65000 | PA      | $72048.32     | 0.72%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                           | District of Columbia, Series 2026A                                              | CUSIP: 254845WJ5<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     35000 | PA      | $40066.86     | 0.40%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                 | Permanent University Fund - University of Texas System, Series 2025A            | CUSIP: 915130BY3<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |     15000 | PA      | $17146.66     | 0.17%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                    | State of Washington, Series 2024A                                               | CUSIP: 93972ADP8<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    135000 | PA      | $148429.06    | 1.48%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                   | District of Columbia, Series 2024C                                              | CUSIP: 25476FJ41<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     35000 | PA      | $39920.21     | 0.40%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                          | State of Ohio, Series 2025A                                                     | CUSIP: 677523KR2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11497.06     | 0.11%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brownsville TX                                                 | City of Brownsville, Series 2025                                                | CUSIP: 116405A50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11267.09     | 0.11%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                          | State of Ohio, Series 2022A                                                     | CUSIP: 677523ET5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60386.47     | 0.60%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Adams & Arapahoe Counties Joint School District 28J Aurora             | Adams & Arapahoe Counties Joint School District 28J Aurora, Series 2025         | CUSIP: 0054824K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $17882.26     | 0.18%             | 2035-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Kenosha WI                                                     | City of Kenosha, Series 2024A                                                   | CUSIP: 489819DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15799.01     | 0.16%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pasadena TX                                                    | City of Pasadena, Series 2024                                                   | CUSIP: 702317EC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $77658.08     | 0.77%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                    | State of Washington, Series 2026C                                               | CUSIP: 93974FEV1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28567.16     | 0.28%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Omaha Public Power District                                            | Omaha Public Power District, Series 2025A                                       | CUSIP: 682001NV0<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     15000 | PA      | $17287.81     | 0.17%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                 | City of Tallahassee, Series 2025                                                | CUSIP: 874458MG4<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11386.22     | 0.11%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Baltimore MD                                                 | County of Baltimore, Series 2025                                                | CUSIP: 05914GLJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $51447.97     | 0.51%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                   | District of Columbia, Series 2023A                                              | CUSIP: 25476FZM3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69190.43     | 0.69%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Laredo TX                                                      | City of Laredo, Series 2023                                                     | CUSIP: 516824PB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $83942.03     | 0.84%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                           | New Mexico Finance Authority, Series 2024A                                      | CUSIP: 64711RMW3<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    115000 | PA      | $118420.12    | 1.18%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Pleasant Prairie WI                                         | Village of Pleasant Prairie, Series 2025B                                       | CUSIP: 728534YD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26386.95     | 0.26%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bridge City Independent School District                                | Bridge City Independent School District, Series 2025                            | CUSIP: 108043WG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $30025.32     | 0.30%             | 2034-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                       | State of Florida, Series 2024A                                                  | CUSIP: 34115PCF0<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     55000 | PA      | $62550.64     | 0.62%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                      | State of Delaware, Series 2025                                                  | CUSIP: 246381UQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28695.55     | 0.29%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grosse Ile Township School District/MI                                 | Grosse Ile Township School District, Series 2025II                              | CUSIP: 398892KT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11330.05     | 0.11%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                              | Maine Municipal Bond Bank, Series 2025B                                         | CUSIP: 56045SCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11494.62     | 0.11%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                   | District of Columbia, Series 2024C                                              | CUSIP: 25476FJ58<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22887.31     | 0.23%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL                                                 | City of Tallahassee, Series 2025                                                | CUSIP: 874458MB5<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    110000 | PA      | $120742.57    | 1.20%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Glendale CA Electric Revenue                                   | City of Glendale, Series 2024-2                                                 | CUSIP: 378406RB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $62808.53     | 0.63%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Travis TX                                                    | County of Travis, Series 2025                                                   | CUSIP: 89454AAK7<br>LEI: 549300HEC6MNL5465K30 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11335.62     | 0.11%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho State Building Authority                                         | Idaho State Building Authority, Series 2025A                                    | CUSIP: 451446AU2<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |     75000 | PA      | $84980.03     | 0.85%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                          | State of Ohio, Series 2025A                                                     | CUSIP: 67759HQX5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     15000 | PA      | $17052.50     | 0.17%             | 2035-04-01      | 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        |     20000 | PA      | $22793.46     | 0.23%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School District of Broward County/FL                                   | School District of Broward County, Series 2025                                  | CUSIP: 115067MQ0<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11507.16     | 0.11%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake City Area Schools                                                 | Lake City Area Schools, Series 2026                                             | CUSIP: 508030FS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33789.40     | 0.34%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Polk School District                                                   | Polk School District, Series 2022                                               | CUSIP: 731486BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62758.65     | 0.63%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                     | Dallas Independent School District, Series 2025B                                | CUSIP: 235308R88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61889.75     | 0.62%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                   | City of Baltimore, Series 2017B                                                 | CUSIP: 059231J43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $130765.51    | 1.30%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Brownsville TX                                                 | City of Brownsville, Series 2023                                                | CUSIP: 116405YL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66291.58     | 0.66%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Clark Building Corp.                                           | Greater Clark Building Corp., Series 2025C                                      | CUSIP: 39167GQG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11130.28     | 0.11%             | 2035-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Fort Worth International Airport                                | Dallas Fort Worth International Airport, Series 2023B                           | CUSIP: 23503CCN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132353.30    | 1.32%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ann Arbor School District                                              | Ann Arbor School District, Series 2025                                          | CUSIP: 035519ZC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11405.90     | 0.11%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dansville Schools                                                      | Dansville Schools, Series 2026                                                  | CUSIP: 236388CK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67474.60     | 0.67%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Douglas NV                                                   | County of Douglas, Series 2025B                                                 | CUSIP: 259372MN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11390.77     | 0.11%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tallahassee FL Energy System Revenue                           | City of Tallahassee, Series 2024                                                | CUSIP: 874476LM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54927.50     | 0.55%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Kansas City MO Water Revenue                                   | City of Kansas City, Series 2023A                                               | CUSIP: 485116B48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5667.43      | 0.06%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Independence MO                                                | City of Independence, Series 2025                                               | CUSIP: 453632JJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33934.53     | 0.34%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority                | Massachusetts Health & Educational Facilities Authority, Series 2005J1          | CUSIP: 57586ES51<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23298.29     | 0.23%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Green Bay Area Public School District                                  | Green Bay Area Public School District                                           | CUSIP: 392643WH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16777.23     | 0.17%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                              | Michigan State University, Series 2025A                                         | CUSIP: 594712A43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22976.07     | 0.23%             | 2035-08-15      | 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     | 0.80%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Milwaukee Area Technical College District                              | Milwaukee Area Technical College District, Series 2023-24C                      | CUSIP: 602369MH0<br>LEI: 54930048I544G4TM9P14 | Long             | DBT              | MUN               | US        |     65000 | PA      | $69784.12     | 0.70%             | 2028-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                           | New Mexico Finance Authority, Series 2022A                                      | CUSIP: 64711PJX9<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |     70000 | PA      | $77633.23     | 0.77%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of St Johns FL                                                  | County of St. Johns, Series 2025                                                | CUSIP: 790415CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $40097.70     | 0.40%             | 2035-10-01      | 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        |    110000 | PA      | $118882.31    | 1.19%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Wastewater Transmission Revenue                     | City of Chicago, Series 2024B                                                   | CUSIP: 167727K88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $44637.07     | 0.44%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake County School District No. 112 North Shore                        | Lake County School District No. 112 North Shore, Series 2024                    | CUSIP: 509076DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67398.13     | 0.67%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago             | Metropolitan Water Reclamation District of Greater Chicago, Series 2007B        | CUSIP: 167560MS7<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23317.31     | 0.23%             | 2035-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Michigan Trunk Line Revenue                                   | State of Michigan, Series 2023                                                  | CUSIP: 5946954B1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $79724.20     | 0.79%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Borough of North Slope AK                                              | Borough of North Slope, Series 2024B                                            | CUSIP: 662523W39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105225.22    | 1.05%             | 2028-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                       | State of Florida, Series 2021B                                                  | CUSIP: 34153QVA1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38795.25     | 0.39%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Palm Beach FL Airport System Revenue                         | County of Palm Beach, Series 2024A                                              | CUSIP: 696499EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $34133.13     | 0.34%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Charleston SC                                                | County of Charleston, Series 2021B                                              | CUSIP: 160069H78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61486.01     | 0.61%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                      | Chicago Transit Authority, Series 2026B                                         | CUSIP: 16772PFJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16913.27     | 0.17%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Nevada                                                        | State of Nevada, Series 2023A                                                   | CUSIP: 641462SB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $62120.99     | 0.62%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Neenah Joint School District                                           | Neenah Joint School District                                                    | CUSIP: 639905EW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $143196.42    | 1.43%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Omaha NE                                                       | City of Omaha, Series 2022                                                      | CUSIP: 681713AJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82865.37     | 0.83%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Brown County Water Authority                                   | Central Brown County Water Authority, Series 2024A                              | CUSIP: 152708DB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33901.51     | 0.34%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison Area Technical College/WI                                      | Madison Area Technical College, Series 2023-24                                  | CUSIP: 55844PZC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56065.64     | 0.56%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                | District of Columbia, Series 2019C                                              | CUSIP: 25477GPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75932.08     | 0.76%             | 2026-10-01      | 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        |     55000 | PA      | $62596.92     | 0.62%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inland Lakes Schools                                                   | Inland Lakes Schools, Series 2024                                               | CUSIP: 457380DS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $82545.19     | 0.82%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cabarrus NC                                                  | County of Cabarrus, Series 2024A                                                | CUSIP: 12677REC7<br>LEI: 549300HVGPJDNBDPZV71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28458.55     | 0.28%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                     | City of Lubbock, Series 2025                                                    | CUSIP: 5491887S3<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28188.19     | 0.28%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Federal Aid Highway Finance Authority                          | Alabama Federal Aid Highway Finance Authority, Series 2025B                     | CUSIP: 010268EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $85172.30     | 0.85%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                      | State of Delaware, Series 2023A                                                 | CUSIP: 246381SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $80165.41     | 0.80%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Dutchess NY                                                  | County of Dutchess, Series 2024A                                                | CUSIP: 267040KH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $116757.84    | 1.16%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                        | Las Vegas Valley Water District, Series 2021A                                   | CUSIP: 517845LF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $161021.48    | 1.61%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NC                                                     | County of Union, Series 2025B                                                   | CUSIP: 9063956F0<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |     20000 | PA      | $23156.64     | 0.23%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Linden Community School District                                       | Linden Community School District, Series 2025III                                | CUSIP: 535358NA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11414.37     | 0.11%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Strand Water & Sewer Authority                                   | Grand Strand Water & Sewer Authority, Series 2026                               | CUSIP: 386475HZ3<br>LEI: 549300I6U20IXQRXNX20 | Long             | DBT              | MUN               | US        |     35000 | PA      | $40327.99     | 0.40%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Temple Independent School District/TX                                  | Temple Independent School District, Series 2024                                 | CUSIP: 880081TE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33874.16     | 0.34%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                    | State of Washington, Series R-2022D                                             | CUSIP: 93974EWN2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50929.04     | 0.51%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Snohomish County Public Utility District No. 1 Electric System Revenue | Snohomish County Public Utility District No. 1, Series 2021A                    | CUSIP: 833102ZP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66032.52     | 0.66%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saline Area Schools                                                    | Saline Area Schools, Series II                                                  | CUSIP: 795200MC5<br>LEI: 549300COVKKGR0VUE860 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22660.10     | 0.23%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Transportation Authority                                  | Jacksonville Transportation Authority, Series 2024                              | CUSIP: 469494BS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61331.84     | 0.61%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comanche Independent School District                                   | Comanche Independent School District, Series 2024                               | CUSIP: 200057KG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56545.02     | 0.56%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Finance Authority                                           | New Mexico Finance Authority, Series 2023B                                      | CUSIP: 64711PNE6<br>LEI: 549300L6217Y7X40SP94 | Long             | DBT              | MUN               | US        |    120000 | PA      | $123457.03    | 1.23%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Telecommunication Open Infrastructure Agency                      | Utah Telecommunication Open Infrastructure Agency, Series 2022                  | CUSIP: 91756SAK9<br>LEI: 549300LCGT5UXUJ1LP77 | Long             | DBT              | MUN               | US        |     55000 | PA      | $61140.69     | 0.61%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Capitol Improvement Authority                                 | Oklahoma Capitol Improvement Authority, Series 2019C                            | CUSIP: 679088JK1<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78160.34     | 0.78%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redford Union School District No. 1                                    | Redford Union School District No. 1, Series 2023II                              | CUSIP: 757402MK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $60533.14     | 0.60%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cook County Community Consolidated School District No. 65 Evanston     | Cook County Community Consolidated School District No. 65, Series 2022          | CUSIP: 213687PQ3<br>LEI: 549300H6EG18CC8TGB88 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50780.23     | 0.51%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                   | Chicago Midway International Airport, Series 2025B                              | CUSIP: 167562VJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $33986.22     | 0.34%             | 2035-01-01      | 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        |     65000 | PA      | $66222.31     | 0.66%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Three Rivers Community Schools                                         | Three Rivers Community Schools, Series 2023II                                   | CUSIP: 88567AHW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $77868.29     | 0.78%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wichita Falls Independent School District                              | Wichita Falls Independent School District, Series 2025                          | CUSIP: 967171SS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11360.76     | 0.11%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bothell WA                                                     | City of Bothell, Series 2024C                                                   | CUSIP: 101295JK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45662.22     | 0.46%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tacoma Metropolitan Park District                                      | Tacoma Metropolitan Park District, Series 2019                                  | CUSIP: 592240VU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55509.17     | 0.55%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 410 Snoqualmie Valley                  | King County School District No. 410 Snoqualmie Valley, Series 2025              | CUSIP: 495206RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $62058.60     | 0.62%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Seminole FL Water & Sewer Revenue                            | County of Seminole, Series 2025A                                                | CUSIP: 816705KT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $17304.23     | 0.17%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Florida Expressway Authority                                   | Central Florida Expressway Authority, Series 2021                               | CUSIP: 153476GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $171804.10    | 1.71%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                    | City & County Honolulu, Series 2023                                             | CUSIP: 4387013F9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $68119.44     | 0.68%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue       | Washington Metropolitan Area Transit Authority, Series 2023A                    | CUSIP: 93878YDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $61238.25     | 0.61%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                   | Missouri Joint Municipal Electric Utility Commission, Series 2022               | CUSIP: 606094DH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $94859.63     | 0.95%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tuscaloosa AL                                                  | City of Tuscaloosa, Series 2025B                                                | CUSIP: 9005772P1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22747.60     | 0.23%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                             | City & County of Denver, Series 2022A                                           | CUSIP: 249164RG1<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |     55000 | PA      | $61261.91     | 0.61%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bishop Consolidated Independent School District                        | Bishop Consolidated Independent School District, Series 2025                    | CUSIP: 091482HK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $16971.89     | 0.17%             | 2035-08-15      | 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        |     60000 | PA      | $66182.11     | 0.66%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Oakland MI                                                   | County of Oakland, Series 2025                                                  | CUSIP: 6724115X9<br>LEI: 549300ODIQ70W6TDGU58 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11444.28     | 0.11%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bettendorf IA                                                  | City of Bettendorf, Series 2020C                                                | CUSIP: 087672BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52576.71     | 0.52%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                     | City of Memphis, Series 2020A                                                   | CUSIP: 586145Y65<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86394.48     | 0.86%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chandler AZ                                                    | City of Chandler, Series 2026                                                   | CUSIP: 158843ZR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $57395.03     | 0.57%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wayne State University                                                 | Wayne State University, Series 2023A                                            | CUSIP: 946303F58<br>LEI: 549300GWQMQVAS66E613 | Long             | DBT              | MUN               | US        |     55000 | PA      | $62087.80     | 0.62%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                      | Philadelphia Authority for Industrial Development, Series 2025A                 | CUSIP: 71783DDS1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     20000 | PA      | $22621.33     | 0.23%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky State Property & Building Commission                          | Kentucky State Property & Building Commission, Series A                         | CUSIP: 49151F4W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11335.77     | 0.11%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gardner KS                                                     | City of Gardner, Series 2020A                                                   | CUSIP: 365591YX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $156385.22    | 1.56%             | 2027-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Maui HI                                                      | County of Maui, Series 2022                                                     | CUSIP: 577286AK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $83889.98     | 0.84%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Waco TX                                                        | City of Waco, Series 2025                                                       | CUSIP: 929831B61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $22645.86     | 0.23%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                   | District of Columbia, Series 2020                                               | CUSIP: 25483VWN0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     70000 | PA      | $71130.16     | 0.71%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No. 410 Snoqualmie Valley                  | King County School District No. 410 Snoqualmie Valley, Series 2025              | CUSIP: 495206RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45891.24     | 0.46%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Horry SC                                                     | County of Horry, Series 2021B                                                   | CUSIP: 440668WS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50696.35     | 0.51%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                           | District of Columbia, Series 2026A                                              | CUSIP: 254845WH9<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28506.31     | 0.28%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                               | University of Washington, Series 2024A                                          | CUSIP: 91523NYG5<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |     40000 | PA      | $45552.25     | 0.45%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Racine WI                                                    | County of Racine, Series 2024A                                                  | CUSIP: 749845H22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $99617.96     | 0.99%             | 2030-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State University                                            | Washington State University, Series 2025                                        | CUSIP: 940094FQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $17031.19     | 0.17%             | 2035-04-01      | 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: 553543KR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55451.76     | 0.55%             | 2032-01-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Douglas County School District No. 17/NE                               | Douglas County School District No. 17, Series 2024                              | CUSIP: 259327X33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $45239.76     | 0.45%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue  | State of Florida, Series 2025A                                                  | CUSIP: 343137WF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28497.25     | 0.28%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                    | State of Washington, Series 2025D                                               | CUSIP: 93974FAL7<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     10000 | PA      | $11451.68     | 0.11%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Sachse TX                                                      | City of Sachse, Series 2024                                                     | CUSIP: 785751SL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $66495.82     | 0.66%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Abilene TX                                                     | City of Abilene, Series 2025                                                    | CUSIP: 00344NS47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $11374.07     | 0.11%             | 2035-02-15      | 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