Northern
Trust
US
Equity
ETF
1
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(Unaudited)
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66
.7
%
Aerospace
&
Defense
-
7
.9
%
Boeing
Co.
(The)
*
207,482
$
41,295,142
BWX
Technologies,
Inc.
1,750
357,857
GE
Aerospace
62,991
17,874,956
General
Dynamics
Corp.
372
127,678
L3Harris
Technologies,
Inc.
257
88,704
Lockheed
Martin
Corp.
539
325,766
Northrop
Grumman
Corp.
38
25,925
RTX
Corp.
2,514
484,951
Textron,
Inc.
664
58,140
TransDigm
Group,
Inc.
49
56,789
60,695,908
Air
Freight
&
Logistics
-
0
.0
%
(a)
Expeditors
International
of
Washington,
Inc.
365
52,279
FedEx
Corp.
504
179,515
United
Parcel
Service,
Inc.,
Class
B
621
61,094
292,888
Automobile
Components
-
0
.0
%
(a)
Autoliv,
Inc.
605
63,622
BorgWarner,
Inc.
805
43,679
Dana,
Inc.
796
26,786
Goodyear
Tire
&
Rubber
Co.
(The)
*
3,351
22,217
Lear
Corp.
589
71,316
Phinia,
Inc.
161
11,019
238,639
Automobiles
-
0
.1
%
Ford
Motor
Co.
30,873
356,274
General
Motors
Co.
4,822
359,239
Harley-Davidson,
Inc.
332
6,713
Tesla,
Inc.
*
350
130,113
852,339
Banks
-
0
.7
%
Citigroup,
Inc.
4,936
559,792
Citizens
Financial
Group,
Inc.
2,514
150,765
East
West
Bancorp,
Inc.
630
67,259
Fifth
Third
Bancorp
3,594
166,977
First
Citizens
BancShares,
Inc.,
Class
A
36
67,848
First
Horizon
Corp.
2,798
63,682
Huntington
Bancshares,
Inc.
3,311
51,817
JPMorgan
Chase
&
Co.
7,382
2,171,489
KeyCorp
2,845
57,042
M&T
Bank
Corp.
391
80,827
PNC
Financial
Services
Group,
Inc.
(The)
920
191,443
Popular,
Inc.
755
101,298
Prosperity
Bancshares,
Inc.
2,016
135,435
Regions
Financial
Corp.
3,975
103,827
Royal
Bank
of
Canada
261
42,224
Simmons
First
National
Corp.,
Class
A
4,108
79,901
Truist
Financial
Corp.
2,107
96,859
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Banks
-
0.7%
(continued)
UMB
Financial
Corp.
215
$
24,250
US
Bancorp
2,562
133,250
Webster
Financial
Corp.
539
37,417
Wells
Fargo
&
Co.
5,874
467,629
Western
Alliance
Bancorp
1,535
108,755
Zions
Bancorp
NA
1,227
70,700
5,030,486
Beverages
-
0
.1
%
Brown-Forman
Corp.,
Class
B
155
4,098
Coca-Cola
Co.
(The)
3,018
229,519
Keurig
Dr
Pepper,
Inc.
273
7,188
Molson
Coors
Beverage
Co.,
Class
B
805
34,663
PepsiCo,
Inc.
2,996
465,249
740,717
Biotechnology
-
0
.1
%
AbbVie,
Inc.
1,260
274,037
Amgen,
Inc.
647
227,647
Biogen,
Inc.
*
538
98,632
Gilead
Sciences,
Inc.
2,265
315,673
Moderna,
Inc.
*
1,079
54,813
970,802
Broadline
Retail
-
4
.4
%
Amazon.com,
Inc.
*
160,180
33,360,689
Kohl's
Corp.
10,101
130,303
Macy's,
Inc.
4,572
82,707
33,573,699
Building
Products
-
0
.4
%
A
O
Smith
Corp.
390
25,717
Carrier
Global
Corp.
42,193
2,375,888
Johnson
Controls
International
plc
1,889
247,364
Owens
Corning
281
30,410
2,679,379
Capital
Markets
-
2
.5
%
Ameriprise
Financial,
Inc.
150
66,660
Bank
of
New
York
Mellon
Corp.
(The)
1,335
158,371
BlackRock,
Inc.
132
126,946
Blackstone,
Inc.
348
40,016
Charles
Schwab
Corp.
(The)
1,162
109,205
CME
Group,
Inc.
773
228,306
Coinbase
Global,
Inc.,
Class
A
*
264
46,097
Goldman
Sachs
Group,
Inc.
(The)
654
553,277
Intercontinental
Exchange,
Inc.
385
60,553
Janus
Henderson
Group
plc
1,435
73,716
Moody's
Corp.
37,236
16,244,205
Morgan
Stanley
3,599
592,287
Nasdaq,
Inc.
721
61,206
Northern
Trust
US
Equity
ETF
continued
SCHEDULE
OF
INVESTMENTS
2
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Capital
Markets
-
2.5%
(continued)
Raymond
James
Financial,
Inc.
373
$
54,007
S&P
Global,
Inc.
250
106,335
State
Street
Corp.
570
72,139
Tradeweb
Markets,
Inc.,
Class
A
4,500
529,470
19,122,796
Chemicals
-
0
.2
%
Air
Products
and
Chemicals,
Inc.
207
60,132
Ashland,
Inc.
771
42,875
Chemours
Co.
(The)
3,062
67,456
Corteva,
Inc.
1,147
96,015
Dow,
Inc.
2,499
104,083
DuPont
de
Nemours,
Inc.
2,375
108,775
Eastman
Chemical
Co.
937
71,512
FMC
Corp.
2,597
44,720
Huntsman
Corp.
4,440
59,097
Linde
plc
439
217,639
LyondellBasell
Industries
NV,
Class
A
556
44,791
Olin
Corp.
2,199
65,376
PPG
Industries,
Inc.
199
21,269
Scotts
Miracle-Gro
Co.
(The)
788
47,918
Sherwin-Williams
Co.
(The)
249
79,817
1,131,475
Commercial
Services
&
Supplies
-
0
.0
%
(a)
Clean
Harbors,
Inc.
*
132
37,848
Republic
Services,
Inc.,
Class
A
340
74,467
Veralto
Corp.
291
25,730
138,045
Communications
Equipment
-
0
.0
%
(a)
Cisco
Systems,
Inc.
3,286
254,961
Viasat,
Inc.
*
813
37,235
292,196
Construction
&
Engineering
-
0
.0
%
(a)
AECOM
895
75,914
Arcosa,
Inc.
194
20,591
Fluor
Corp.
*
2,431
113,406
Quanta
Services,
Inc.
35
19,216
229,127
Consumer
Finance
-
0
.1
%
Ally
Financial,
Inc.
1,278
50,136
American
Express
Co.
298
90,139
Capital
One
Financial
Corp.
2,018
368,144
Navient
Corp.
2,256
18,454
Synchrony
Financial
1,817
123,592
650,465
Consumer
Staples
Distribution
&
Retail
-
0
.3
%
BJ's
Wholesale
Club
Holdings,
Inc.
*
464
45,667
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Consumer
Staples
Distribution
&
Retail
-
0.3%
(continued)
Costco
Wholesale
Corp.
1,164
$
1,159,845
Dollar
General
Corp.
1,617
191,986
Kroger
Co.
(The)
2,780
201,161
Sysco
Corp.
755
53,854
Target
Corp.
920
111,504
US
Foods
Holding
Corp.
*
854
78,747
Walmart,
Inc.
5,501
683,664
2,526,428
Containers
&
Packaging
-
0
.0
%
(a)
Crown
Holdings,
Inc.
415
41,604
International
Paper
Co.
912
32,558
Silgan
Holdings,
Inc.
1,153
44,737
Sonoco
Products
Co.
1,211
65,503
184,402
Distributors
-
0
.0
%
(a)
Genuine
Parts
Co.
699
73,919
Diversified
Telecommunication
Services
-
0
.2
%
AT&T,
Inc.
28,546
827,549
Comcast
Corp.,
Class
A
9,695
278,343
Liberty
Global
Ltd.,
Class
C
*
1,560
18,299
Lumen
Technologies,
Inc.
*
6,199
43,083
Verizon
Communications,
Inc.
9,240
463,848
1,631,122
Electric
Utilities
-
0
.2
%
American
Electric
Power
Co.,
Inc.
431
56,495
Constellation
Energy
Corp.
617
172,297
Duke
Energy
Corp.
1,035
135,523
Edison
International
987
72,229
Entergy
Corp.
1,360
152,810
Exelon
Corp.
1,859
91,128
IDACORP,
Inc.
373
53,328
NextEra
Energy,
Inc.
2,694
250,219
PPL
Corp.
1,502
57,376
Southern
Co.
(The)
1,890
182,423
TXNM
Energy,
Inc.
1,643
96,050
1,319,878
Electrical
Equipment
-
1
.8
%
Eaton
Corp.
plc
602
215,317
Emerson
Electric
Co.
1,120
146,742
GE
Vernova,
Inc.
15,506
13,535,187
Nextpower,
Inc.,
Class
A
*
381
45,930
nVent
Electric
plc
481
56,893
Sunrun,
Inc.
*
3,021
40,965
14,041,034
Electronic
Equipment,
Instruments
&
Components
-
0
.1
%
Arrow
Electronics,
Inc.
*
448
64,248
Avnet,
Inc.
921
56,752
Corning,
Inc.
1,427
194,029
Flex
Ltd.
*
2,198
143,881
Ralliant
Corp.
86
3,577
3
Northern
Trust
US
Equity
ETF
March
31,
2026
(Unaudited)
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Electronic
Equipment,
Instruments
&
Components
-
0.1%
(continued)
TE
Connectivity
plc
564
$
117,887
Vontier
Corp.
104
3,689
584,063
Energy
Equipment
&
Services
-
0
.1
%
Baker
Hughes
Co.,
Class
A
1,637
99,939
Oceaneering
International,
Inc.
*
2,141
75,941
Patterson-UTI
Energy,
Inc.
1,518
16,440
SLB
Ltd.
4,166
214,091
406,411
Entertainment
-
1
.0
%
Lionsgate
Studios
Corp.
*
713
6,838
Netflix,
Inc.
*
1,162
111,726
Walt
Disney
Co.
(The)
75,070
7,235,247
Warner
Bros
Discovery,
Inc.
*
10,740
294,920
7,648,731
Financial
Services
-
0
.3
%
Berkshire
Hathaway,
Inc.,
Class
B
*
1,962
940,190
Equitable
Holdings,
Inc.
979
36,331
Mastercard,
Inc.,
Class
A
1,782
890,394
NCR
Atleos
Corp.
*
269
11,723
Visa,
Inc.,
Class
A
489
147,795
Western
Union
Co.
(The)
6,731
58,762
2,085,195
Food
Products
-
0
.1
%
Archer-Daniels-Midland
Co.
2,395
174,092
Bunge
Global
SA
1,036
131,779
Conagra
Brands,
Inc.
4,789
75,283
General
Mills,
Inc.
290
10,794
Hershey
Co.
(The)
365
75,880
Hormel
Foods
Corp.
2,298
52,050
Kraft
Heinz
Co.
(The)
1,185
26,651
Mondelez
International,
Inc.,
Class
A
1,183
68,188
Tyson
Foods,
Inc.,
Class
A
795
50,936
665,653
Ground
Transportation
-
0
.1
%
Avis
Budget
Group,
Inc.
*
390
56,882
Canadian
Pacific
Kansas
City
Ltd.
717
56,399
Norfolk
Southern
Corp.
157
45,059
Ryder
System,
Inc.
506
103,583
Union
Pacific
Corp.
664
161,100
Werner
Enterprises,
Inc.
1,518
44,644
467,667
Health
Care
Equipment
&
Supplies
-
1
.0
%
Abbott
Laboratories
2,576
264,478
Baxter
International,
Inc.
165,494
2,780,299
Dentsply
Sirona,
Inc.
2,282
26,471
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Health
Care
Equipment
&
Supplies
-
1.0%
(continued)
GE
HealthCare
Technologies,
Inc.
20,995
$
1,494,424
Hologic,
Inc.
*
662
50,041
IDEXX
Laboratories,
Inc.
*
580
325,896
Intuitive
Surgical,
Inc.
*
41
18,901
ResMed,
Inc.
124
27,836
Solventum
Corp.
*
28,277
1,846,488
Stryker
Corp.
1,477
485,327
Zimmer
Biomet
Holdings,
Inc.
124
11,212
7,331,373
Health
Care
Providers
&
Services
-
0
.3
%
Cardinal
Health,
Inc.
488
103,119
Cencora,
Inc.
729
229,008
Centene
Corp.
*
3,601
117,897
Cigna
Group
(The)
361
96,297
CVS
Health
Corp.
4,988
358,238
Elevance
Health,
Inc.
355
103,926
HCA
Healthcare,
Inc.
257
121,623
Henry
Schein,
Inc.
*
356
26,237
Humana,
Inc.
211
36,585
Labcorp
Holdings,
Inc.
263
70,171
McKesson
Corp.
753
651,616
Molina
Healthcare,
Inc.
*
123
16,396
Quest
Diagnostics,
Inc.
422
82,704
Tenet
Healthcare
Corp.
*
556
104,923
UnitedHealth
Group,
Inc.
680
184,001
2,302,741
Health
Care
REITs
-
0
.1
%
Community
Healthcare
Trust,
Inc.,
REIT
6,400
101,696
Healthcare
Realty
Trust,
Inc.,
Class
A,
REIT
9,105
154,694
Ventas,
Inc.,
REIT
605
49,477
Welltower,
Inc.,
REIT
647
127,918
433,785
Hotel
&
Resort
REITs
-
0
.0
%
(a)
Host
Hotels
&
Resorts,
Inc.,
REIT
2,536
48,590
Park
Hotels
&
Resorts,
Inc.,
REIT
4,448
46,837
95,427
Hotels,
Restaurants
&
Leisure
-
0
.1
%
Booking
Holdings,
Inc.
8
33,683
Boyd
Gaming
Corp.
249
20,463
Brightstar
Lottery
plc
1,618
20,613
Chipotle
Mexican
Grill,
Inc.,
Class
A
*
830
26,568
Expedia
Group,
Inc.
215
49,641
McDonald's
Corp.
630
195,798
Starbucks
Corp.
597
53,485
Wynn
Resorts
Ltd.
224
22,747
Yum!
Brands,
Inc.
531
82,560
505,558
Northern
Trust
US
Equity
ETF
continued
SCHEDULE
OF
INVESTMENTS
4
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Household
Durables
-
0
.1
%
DR
Horton,
Inc.
895
$
122,812
KB
Home
663
34,310
Lennar
Corp.,
Class
A
1,012
87,882
LGI
Homes,
Inc.
*
539
21,307
Meritage
Homes
Corp.
796
49,225
Mohawk
Industries,
Inc.
*
166
16,344
Toll
Brothers,
Inc.
1,145
156,258
Whirlpool
Corp.
124
6,686
494,824
Household
Products
-
0
.1
%
Colgate-Palmolive
Co.
1,360
115,913
Kimberly-Clark
Corp.
439
42,350
Procter
&
Gamble
Co.
(The)
1,983
286,425
444,688
Independent
Power
and
Renewable
Electricity
Producers
-
0
.0
%
(a)
AES
Corp.
(The)
1,577
22,220
Industrial
Conglomerates
-
0
.0
%
(a)
3M
Co.
166
24,108
Industrial
REITs
-
0
.0
%
(a)
Americold
Realty
Trust,
Inc.,
REIT
2,822
32,340
Prologis,
Inc.,
REIT
732
96,756
129,096
Insurance
-
0
.3
%
Aflac,
Inc.
1,618
177,511
Allstate
Corp.
(The)
722
149,699
American
International
Group,
Inc.
2,481
186,695
Aon
plc,
Class
A
975
314,710
Arch
Capital
Group
Ltd.
*
1,000
95,990
Assurant,
Inc.
332
72,313
Axis
Capital
Holdings
Ltd.
605
61,353
Chubb
Ltd.
639
208,269
Everest
Group
Ltd.
115
37,588
Fairfax
Financial
Holdings
Ltd.
28
47,656
Hartford
Insurance
Group,
Inc.
(The)
1,137
153,757
Lincoln
National
Corp.
2,581
91,625
Loews
Corp.
447
47,713
MetLife,
Inc.
2,539
179,558
Principal
Financial
Group,
Inc.
846
76,233
Progressive
Corp.
(The)
315
62,446
Prudential
Financial,
Inc.
1,136
110,976
RenaissanceRe
Holdings
Ltd.
83
24,670
Travelers
Cos.,
Inc.
(The)
782
228,094
Unum
Group
1,037
75,732
2,402,588
Interactive
Media
&
Services
-
6
.8
%
Alphabet,
Inc.,
Class
A
3,544
1,019,113
Alphabet,
Inc.,
Class
C
176,319
50,578,868
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Interactive
Media
&
Services
-
6.8%
(continued)
Meta
Platforms,
Inc.,
Class
A
1,430
$
818,146
TripAdvisor,
Inc.
*
207
2,206
52,418,333
IT
Services
-
0
.1
%
Accenture
plc,
Class
A
1,414
280,382
ASGN,
Inc.
*
896
34,684
Cognizant
Technology
Solutions
Corp.,
Class
A
448
27,485
International
Business
Machines
Corp.
688
166,764
509,315
Leisure
Products
-
0
.0
%
(a)
Brunswick
Corp.
1,328
96,625
Polaris,
Inc.
672
36,624
133,249
Life
Sciences
Tools
&
Services
-
0
.2
%
Agilent
Technologies,
Inc.
506
57,674
Bio-Rad
Laboratories,
Inc.,
Class
A
*
215
59,931
Danaher
Corp.
2,667
505,663
Illumina,
Inc.
*
265
32,664
IQVIA
Holdings,
Inc.
*
232
39,565
Revvity,
Inc.
398
34,869
Thermo
Fisher
Scientific,
Inc.
1,823
896,059
1,626,425
Machinery
-
0
.4
%
AGCO
Corp.
232
26,882
Caterpillar,
Inc.
671
475,377
Cummins,
Inc.
297
159,792
Deere
&
Co.
390
219,687
Dover
Corp.
257
53,571
Fortive
Corp.
260
14,373
Illinois
Tool
Works,
Inc.
340
88,498
Oshkosh
Corp.
91
13,396
Otis
Worldwide
Corp.
21,099
1,626,311
PACCAR,
Inc.
854
98,637
Parker-Hannifin
Corp.
232
207,696
Pentair
plc
448
39,025
SPX
Technologies,
Inc.
*
83
16,595
Stanley
Black
&
Decker,
Inc.
105
7,461
Timken
Co.
(The)
563
56,621
Trinity
Industries,
Inc.
365
11,746
3,115,668
Media
-
0
.0
%
(a)
EchoStar
Corp.,
Class
A
*
389
45,540
News
Corp.,
Class
A
608
15,158
Omnicom
Group,
Inc.
1,469
110,630
Sirius
XM
Holdings,
Inc.
921
21,257
Versant
Media
Group,
Inc.
*
8
296
192,881
Metals
&
Mining
-
0
.1
%
Alcoa
Corp.
1,588
105,332
5
Northern
Trust
US
Equity
ETF
March
31,
2026
(Unaudited)
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Metals
&
Mining
-
0.1%
(continued)
Commercial
Metals
Co.
1,120
$
68,802
Freeport-McMoRan,
Inc.
7,872
462,716
Newmont
Corp.
696
75,342
Reliance,
Inc.
364
110,627
Steel
Dynamics,
Inc.
846
152,280
975,099
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0
.0
%
(a)
MFA
Financial,
Inc.
4,465
42,775
Multi-Utilities
-
0
.1
%
Ameren
Corp.
971
106,732
Avista
Corp.
1,153
46,282
CenterPoint
Energy,
Inc.
1,120
48,339
Consolidated
Edison,
Inc.
3,243
367,043
Dominion
Energy,
Inc.
204
12,611
Public
Service
Enterprise
Group,
Inc.
796
64,436
Sempra
664
64,521
709,964
Office
REITs
-
0
.0
%
(a)
BXP,
Inc.,
REIT
613
31,815
SL
Green
Realty
Corp.,
REIT
315
11,636
Vornado
Realty
Trust,
REIT
323
8,395
51,846
Oil,
Gas
&
Consumable
Fuels
-
13
.1
%
Antero
Resources
Corp.
*
3,560
151,086
APA
Corp.
2,199
93,326
Cheniere
Energy,
Inc.
3,388
961,379
Chevron
Corp.
175,775
36,367,848
Chord
Energy
Corp.
62
8,815
CNX
Resources
Corp.
*
1,244
47,956
ConocoPhillips
3,595
474,540
Coterra
Energy,
Inc.
5,297
186,137
Delek
US
Holdings,
Inc.
946
42,636
Devon
Energy
Corp.
1,411
71,002
Diamondback
Energy,
Inc.
150
29,668
Enbridge,
Inc.
285
15,430
EQT
Corp.
929
59,122
Expand
Energy
Corp.
437
47,974
Exxon
Mobil
Corp.
354,111
60,078,472
Marathon
Petroleum
Corp.
2,865
699,576
ONEOK,
Inc.
1,195
108,016
PBF
Energy,
Inc.,
Class
A
1,610
76,668
Phillips
66
389
70,868
Range
Resources
Corp.
1,502
67,860
SM
Energy
Co.
3,012
93,914
Targa
Resources
Corp.
821
205,849
Valero
Energy
Corp.
1,517
374,820
Williams
Cos.,
Inc.
(The)
91
6,623
100,339,585
Paper
&
Forest
Products
-
0
.0
%
(a)
Sylvamo
Corp.
132
5,576
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Passenger
Airlines
-
0
.0
%
(a)
United
Airlines
Holdings,
Inc.
*
838
$
77,155
Personal
Care
Products
-
0
.0
%
(a)
Herbalife
Ltd.
*
2,913
42,880
Kenvue,
Inc.
2,622
45,203
88,083
Pharmaceuticals
-
20
.5
%
AstraZeneca
plc
185
36,486
Bristol-Myers
Squibb
Co.
2,181
132,278
Elanco
Animal
Health,
Inc.
*
2,564
61,356
Eli
Lilly
&
Co.
65,046
59,827,359
Johnson
&
Johnson
161,913
39,578,014
Merck
&
Co.,
Inc.
474,668
57,097,814
Pfizer,
Inc.
11,959
335,809
Viatris,
Inc.
10,208
137,910
157,207,026
Professional
Services
-
0
.1
%
Automatic
Data
Processing,
Inc.
390
79,240
CACI
International,
Inc.,
Class
A
*
625
339,919
KBR,
Inc.
273
10,063
Maximus,
Inc.
1,228
78,715
507,937
Real
Estate
Management
&
Development
-
0
.0
%
(a)
FirstService
Corp.
1,550
215,357
Residential
REITs
-
0
.0
%
(a)
Equity
Residential,
REIT
813
48,089
Essex
Property
Trust,
Inc.,
REIT
182
44,044
92,133
Retail
REITs
-
0
.0
%
(a)
Kite
Realty
Group
Trust,
REIT
1,364
33,487
Macerich
Co.
(The),
REIT
1,668
31,525
NNN
REIT,
Inc.,
REIT
871
36,608
101,620
Semiconductors
&
Semiconductor
Equipment
-
1
.4
%
Advanced
Micro
Devices,
Inc.
*
5,200
1,057,836
Analog
Devices,
Inc.
978
311,141
Applied
Materials,
Inc.
871
297,699
Broadcom,
Inc.
3,044
942,149
First
Solar,
Inc.
*
323
63,715
Intel
Corp.
*
136,933
6,042,853
KLA
Corp.
249
366,630
Micron
Technology,
Inc.
621
209,799
NVIDIA
Corp.
5,663
987,627
Qnity
Electronics,
Inc.
1,185
136,725
QUALCOMM,
Inc.
628
80,874
Texas
Instruments,
Inc.
688
133,568
10,630,616
Northern
Trust
US
Equity
ETF
continued
SCHEDULE
OF
INVESTMENTS
6
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Software
-
0
.4
%
Intuit,
Inc.
91
$
39,347
Microsoft
Corp.
5,844
2,163,273
Oracle
Corp.
2,907
427,649
Palo
Alto
Networks,
Inc.
*
3,240
519,437
Roper
Technologies,
Inc.
132
46,710
ServiceNow,
Inc.
*
1,250
130,687
3,327,103
Specialized
REITs
-
0
.1
%
Crown
Castle,
Inc.,
REIT
929
75,537
Equinix,
Inc.,
REIT
83
81,360
Extra
Space
Storage,
Inc.,
REIT
256
33,569
Iron
Mountain,
Inc.,
REIT
929
94,888
Weyerhaeuser
Co.,
REIT
1,584
38,697
324,051
Specialty
Retail
-
0
.2
%
AutoNation,
Inc.
*
654
127,700
AutoZone,
Inc.
*
41
138,489
Bath
&
Body
Works,
Inc.
904
16,878
GameStop
Corp.,
Class
A
*
1,335
30,758
Group
1
Automotive,
Inc.
290
95,883
Home
Depot,
Inc.
(The)
1,706
561,086
Lowe's
Cos.,
Inc.
1,145
270,541
O'Reilly
Automotive,
Inc.
*
1,245
114,926
Ross
Stores,
Inc.
373
80,803
Signet
Jewelers
Ltd.
307
25,984
TJX
Cos.,
Inc.
(The)
1,203
192,119
Victoria's
Secret
&
Co.
*
301
13,954
Williams-Sonoma,
Inc.
581
105,934
1,775,055
Technology
Hardware,
Storage
&
Peripherals
-
0
.4
%
Apple,
Inc.
10,235
2,597,541
Dell
Technologies,
Inc.,
Class
C
569
93,390
Hewlett
Packard
Enterprise
Co.
4,221
100,502
HP,
Inc.
2,354
45,220
Western
Digital
Corp.
80
21,639
2,858,292
Textiles,
Apparel
&
Luxury
Goods
-
0
.0
%
(a)
Capri
Holdings
Ltd.
*
1,609
28,351
NIKE,
Inc.,
Class
B
473
24,984
PVH
Corp.
356
24,834
78,169
Tobacco
-
0
.0
%
(a)
Altria
Group,
Inc.
1,019
67,244
Philip
Morris
International,
Inc.
1,278
211,304
278,548
Trading
Companies
&
Distributors
-
0
.1
%
United
Rentals,
Inc.
132
96,170
WESCO
International,
Inc.
693
189,619
Investments
NUMBER
OF
SHARES
VALUE
COMMON
STOCKS
-
66.7%
(continued)
Trading
Companies
&
Distributors
-
0.1%
(continued)
WW
Grainger,
Inc.
74
$
80,720
366,509
Water
Utilities
-
0
.0
%
(a)
American
Water
Works
Co.,
Inc.
1,244
169,296
Wireless
Telecommunication
Services
-
0
.0
%
(a)
T-Mobile
US,
Inc.
611
128,328
Total
Common
Stocks
(Cost
$51,975,527)
510,805,866
EXCHANGE
TRADED
FUNDS
-
33
.3
%
Invesco
S&P
500
Equal
Weight
ETF
32,000
$
6,141,440
Invesco
S&P
500
Pure
Growth
ETF
215,494
10,072,189
iShares
Biotechnology
ETF
540
91,179
iShares
Russell
2000
ETF
28,961
7,182,328
iShares
Russell
2000
Value
ETF
100
18,959
iShares
Russell
Mid-Cap
ETF
320
31,114
State
Street
Communication
Services
Select
Sector
SPDR
ETF
318,791
35,341,170
State
Street
SPDR
S&P
500
ETF
Trust
163,291
106,194,669
Vanguard
Information
Technology
ETF
129,112
90,084,025
Vanguard
Small-Cap
ETF
250
65,480
Total
Exchange
Traded
Funds
(Cost
$78,958,183)
255,222,553
Total
Investments
-
100.0%
(Cost
$130,933,710)
766,028,419
Other
assets
less
liabilities
-
0.0%
(a)
308,597
NET
ASSETS
-
100.0%
$766,337,016
*
Non-income
producing
security.
(a)
Represents
less
than
0.05%
of
net
assets.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
ETF
Exchange
Traded
Fund
REIT
Real
Estate
Investment
Trust
SPDR
Standard
&
Poor's
Depositary
Receipt
Security
Type
%
of
Net
Assets
Common
Stocks
66
.7
%
Exchange
Traded
Funds
33
.3
Others
(1)
0
.0
†
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
†
Amount
represents
less
than
0.05%.
7
Northern
Trust
US
Equity
ETF
March
31,
2026
(Unaudited)
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
Common
Stocks
(1)
$
510,806
$
—
$
—
$
510,806
Exchange
Traded
Funds
(1)
255,222
—
—
255,222
Total
Investments
$766,028
$
—
$
—
$766,028
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
2030
Inflation-Linked
Distributing
Ladder
ETF
SCHEDULE
OF
INVESTMENTS
8
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
U.S.
TREASURY
OBLIGATIONS
-
99
.3
%
U.S.
Treasury
Inflation
Linked
Notes
0.13%,
10/15/2026
$
2,099,654
$
2,117,717
0.13%,
7/15/2030
2,237,775
2,129,921
1.63%,
10/15/2027
1,936,837
1,966,683
1.63%,
10/15/2029
1,823,412
1,852,042
2.38%,
10/15/2028
1,873,192
1,939,098
Total
U.S.
Treasury
Obligations
(Cost
$9,989,428)
10,005,461
Total
Investments
-
99.3%
(Cost
$9,989,428)
10,005,461
Other
assets
less
liabilities
-
0.7%
75,436
NET
ASSETS
-
100.0%
$10,080,897
Percentages
shown
are
based
on
Net
Assets.
Security
Type
%
of
Net
Assets
U.S.
Treasury
Obligations
99
.3
%
Others
(1)
0
.7
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
U.S.
Treasury
Obligations
(1)
$
—
$
10,005
$
—
$
10,005
Total
Investments
$
—
$10,005
$
—
$10,005
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
2035
Inflation-Linked
Distributing
Ladder
ETF
9
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
U.S.
TREASURY
OBLIGATIONS
-
99
.3
%
U.S.
Treasury
Inflation
Linked
Notes
0.13%,
10/15/2026
$
759,399
$
765,932
0.13%,
7/15/2030
809,354
770,346
0.13%,
7/15/2031
774,232
723,318
0.63%,
7/15/2032
714,203
673,807
1.38%,
7/15/2033
683,260
667,855
1.63%,
10/15/2027
700,511
711,306
1.63%,
10/15/2029
659,488
669,843
1.88%,
7/15/2034
661,319
664,537
1.88%,
7/15/2035
646,256
643,079
2.38%,
10/15/2028
677,492
701,329
Total
U.S.
Treasury
Obligations
(Cost
$7,014,404)
6,991,352
Total
Investments
-
99.3%
(Cost
$7,014,404)
6,991,352
Other
assets
less
liabilities
-
0.7%
49,044
NET
ASSETS
-
100.0%
$7,040,396
Percentages
shown
are
based
on
Net
Assets.
Security
Type
%
of
Net
Assets
U.S.
Treasury
Obligations
99
.3
%
Others
(1)
0
.7
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
U.S.
Treasury
Obligations
(1)
$
—
$
6,991
$
—
$
6,991
Total
Investments
$
—
$6,991
$
—
$6,991
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
2045
Inflation-Linked
Distributing
Ladder
ETF
SCHEDULE
OF
INVESTMENTS
10
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
U.S.
TREASURY
OBLIGATIONS
-
99
.1
%
U.S.
Treasury
Inflation
Linked
Bonds
0.63%,
2/15/2043
$
243,327
$
179,180
0.75%,
2/15/2042
247,580
190,657
0.75%,
2/15/2045
237,570
170,587
1.38%,
2/15/2044
240,040
198,260
2.13%,
2/15/2040
517,658
506,574
2.13%,
2/15/2041
510,919
494,305
U.S.
Treasury
Inflation
Linked
Notes
0.13%,
10/15/2026
204,728
206,489
0.13%,
7/15/2030
218,196
207,679
0.13%,
7/15/2031
208,727
195,001
0.63%,
7/15/2032
192,544
181,653
1.38%,
7/15/2033
184,202
180,049
1.63%,
10/15/2027
188,853
191,763
1.63%,
10/15/2029
177,793
180,585
1.88%,
7/15/2034
356,573
358,308
1.88%,
7/15/2035
348,451
346,739
2.38%,
10/15/2028
182,647
189,073
Total
U.S.
Treasury
Obligations
(Cost
$4,009,353)
3,976,902
Total
Investments
-
99.1%
(Cost
$4,009,353)
3,976,902
Other
assets
less
liabilities
-
0.9%
36,793
NET
ASSETS
-
100.0%
$4,013,695
Percentages
shown
are
based
on
Net
Assets.
Security
Type
%
of
Net
Assets
U.S.
Treasury
Obligations
99
.1
%
Others
(1)
0
.9
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
U.S.
Treasury
Obligations
(1)
$
—
$
3,977
$
—
$
3,977
Total
Investments
$
—
$3,977
$
—
$3,977
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
2055
Inflation-Linked
Distributing
Ladder
ETF
11
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
U.S.
TREASURY
OBLIGATIONS
-
99
.6
%
U.S.
Treasury
Inflation
Linked
Bonds
0.13%,
2/15/2051
$
157,409
$
83,662
0.13%,
2/15/2052
147,218
76,376
0.25%,
2/15/2050
159,403
90,173
0.63%,
2/15/2043
178,251
131,260
0.75%,
2/15/2042
181,367
139,667
0.75%,
2/15/2045
174,034
124,965
0.88%,
2/15/2047
169,772
120,366
1.00%,
2/15/2048
166,189
119,323
1.00%,
2/15/2049
162,861
115,237
1.00%,
2/15/2046
172,959
128,221
1.38%,
2/15/2044
175,843
145,237
1.50%,
2/15/2053
137,868
105,641
2.13%,
2/15/2040
377,710
369,622
2.13%,
2/15/2041
372,793
360,670
2.13%,
2/15/2054
133,532
117,684
2.38%,
2/15/2055
129,875
120,686
U.S.
Treasury
Inflation
Linked
Notes
0.13%,
10/15/2026
149,975
151,265
0.13%,
7/15/2030
159,841
152,137
0.13%,
7/15/2031
152,905
142,850
0.63%,
7/15/2032
141,049
133,072
1.38%,
7/15/2033
134,938
131,896
1.63%,
10/15/2027
138,345
140,477
1.63%,
10/15/2029
130,244
132,289
1.88%,
7/15/2034
260,174
261,440
1.88%,
7/15/2035
254,248
252,998
2.38%,
10/15/2028
133,799
138,507
Total
U.S.
Treasury
Obligations
(Cost
$4,041,207)
3,985,721
Total
Investments
-
99.6%
(Cost
$4,041,207)
3,985,721
Other
assets
less
liabilities
-
0.4%
17,068
NET
ASSETS
-
100.0%
$4,002,789
Percentages
shown
are
based
on
Net
Assets.
Security
Type
%
of
Net
Assets
U.S.
Treasury
Obligations
99
.6
%
Others
(1)
0
.4
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
U.S.
Treasury
Obligations
(1)
$
—
$
3,986
$
—
$
3,986
Total
Investments
$
—
$3,986
$
—
$3,986
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
2030
Tax-Exempt
Distributing
Ladder
ETF
SCHEDULE
OF
INVESTMENTS
12
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98
.2
%
Alabama
-
0
.9
%
City
of
Orange
Beach
Series
2021,
G.O.
Limited,
4.00%,
8/1/2030
$
25,000
$
26,283
Madison
Water
&
Wastewater
Board
Series
2020,
Revenue,
Refunding,
5.00%,
12/1/2026
35,000
35,577
61,860
Alaska
-
2
.3
%
Alaska
Municipal
Bond
Bank
Authority
Series
2020-1,
Revenue,
Refunding,
5.00%,
12/1/2030
25,000
27,443
Borough
of
North
Slope
Series
2022A,
G.O.
Unlimited,
5.00%,
6/30/2027
100,000
102,999
Municipality
of
Anchorage
Solid
Waste
Services,
Series
2022A,
Revenue,
Refunding,
5.00%,
11/1/2027
25,000
25,941
156,383
Delaware
-
3
.9
%
County
of
New
Castle
Series
2025,
G.O.
Unlimited,
5.00%,
10/1/2026
180,000
182,372
State
of
Delaware
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2029
50,000
53,649
State
of
Delaware
Series
2024A,
G.O.
Unlimited,
5.00%,
5/1/2030
35,000
38,238
274,259
Florida
-
2
.7
%
City
of
Coral
Gables
Series
2021B,
Revenue,
Refunding,
5.00%,
4/1/2029
35,000
37,443
City
of
Fort
Myers
Utility
System,
Series
2020B,
Revenue,
Refunding,
AG
Insured,
5.00%,
10/1/2027
45,000
46,635
County
of
Broward
Convention
Center
Expansion
Project,
Series
2021,
Revenue,
5.00%,
9/1/2030
25,000
27,275
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2020B,
Revenue,
5.00%,
7/1/2029
70,000
75,278
186,631
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Georgia
-
1
.6
%
City
of
Atlanta
Airport,
Series
2021B,
Revenue,
Refunding,
5.00%,
7/1/2029
$
35,000
$
37,604
Georgia
Ports
Authority
Series
2021,
Revenue,
5.00%,
7/1/2028
30,000
31,610
Jackson
County
School
District
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
3/1/2030
35,000
38,065
Municipal
Electric
Authority
of
Georgia
Plant
Vogtle
Units
3
&
4
Project,
Series
2021A,
Revenue,
Refunding,
AG
Insured,
5.00%,
1/1/2030
10,000
10,770
118,049
Hawaii
-
0
.5
%
County
of
Maui
Series
2020,
G.O.
Unlimited,
Refunding,
5.00%,
3/1/2030
35,000
38,106
Idaho
-
3
.5
%
Idaho
Energy
Resources
Authority
Idaho
Falls
Power
Project,
Series
2021,
Revenue,
5.00%,
9/15/2029
30,000
32,263
Idaho
Energy
Resources
Authority
Idaho
Falls
Power
Project,
Series
2024,
Revenue,
5.00%,
9/15/2028
45,000
47,509
5.00%,
9/15/2029
25,000
26,885
Idaho
Housing
&
Finance
Association
Federal
Highway
Trust
Fund,
Series
2017A,
Revenue,
Refunding,
5.00%,
7/15/2027
35,000
36,097
Idaho
Housing
&
Finance
Association
Federal
Highway
Trust
Fund,
Series
2021A,
Revenue,
Refunding,
5.00%,
7/15/2030
20,000
21,672
Idaho
Housing
&
Finance
Association
Transportation
Expansion
&
Congestion
Mitigation
Fund,
Series
2023A,
Revenue,
5.00%,
8/15/2029
75,000
80,842
245,268
13
Northern
Trust
2030
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Illinois
-
5
.3
%
Chicago
O'Hare
International
Airport
Series
2024D,
Revenue,
Refunding,
5.00%,
1/1/2028
$
100,000
$
104,055
Chicago
O'Hare
International
Airport
Series
2024F,
Revenue,
Refunding,
5.00%,
1/1/2030
15,000
16,170
City
of
Chicago
Waterworks,
Series
2024A,
Revenue,
Refunding,
5.00%,
11/1/2026
55,000
55,744
Cook
County
School
District
No.
63
East
Maine,
Series
2019,
G.O.
Limited,
Refunding,
5.00%,
12/1/2026
165,000
167,542
Lake
County
Township
High
School
District
No.
113
Highland
Park,
Series
2025,
G.O.
Unlimited,
5.00%,
1/1/2030
25,000
26,989
370,500
Indiana
-
2
.7
%
Avon
Redevelopment
Authority
Series
2025,
Revenue,
5.00%,
2/1/2030
15,000
16,165
Crown
Point
Multi
School
Building
Corp.
First
Mortgage,
Series
2023,
Revenue,
State
Aid
Intercept,
5.00%,
7/15/2028
85,000
89,458
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2021A,
Revenue,
Refunding,
5.00%,
2/1/2030
20,000
21,712
5.00%,
2/1/2028
60,000
62,699
190,034
Iowa
-
1
.4
%
City
of
Bettendorf
Series
2020C,
G.O.
Unlimited,
5.00%,
6/1/2028
30,000
31,514
City
of
Des
Moines
Series
2024A,
G.O.
Unlimited,
6.00%,
6/1/2029
30,000
33,051
Waukee
Community
School
District
Series
2023A,
G.O.
Unlimited,
5.00%,
6/1/2030
35,000
38,074
102,639
Kansas
-
4
.1
%
City
of
Lawrence
Series
2025A,
G.O.
Unlimited,
5.00%,
9/1/2030
40,000
43,832
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Kansas
-
4.1%
continued
City
of
Shawnee
Series
2021A,
G.O.
Unlimited,
Refunding,
4.00%,
12/1/2029
$
25,000
$
26,157
City
of
Topeka
Combined
Utility,
Series
2023A,
Revenue,
AG
Insured,
5.00%,
8/1/2028
30,000
31,608
Wyandotte
County-Kansas
City
Unified
Government
Series
2021A,
G.O.
Unlimited,
AG
Insured,
4.00%,
8/1/2026
185,000
185,888
287,485
Kentucky
-
0
.6
%
Kentucky
State
Property
&
Building
Commission
Project
No.
132,
Series
2025A,
Revenue,
5.00%,
4/1/2029
40,000
42,696
Maine
-
2
.3
%
City
of
Auburn
Series
2021,
G.O.
Unlimited,
4.00%,
11/1/2028
75,000
77,667
Maine
Municipal
Bond
Bank
Series
2024A,
Revenue,
5.00%,
11/1/2030
40,000
43,924
Maine
Municipal
Bond
Bank
Series
D,
Revenue,
Refunding,
5.00%,
11/1/2026
40,000
40,581
162,172
Maryland
-
2
.0
%
County
of
Baltimore
Series
2021,
G.O.
Unlimited,
5.00%,
3/1/2030
40,000
43,579
State
of
Maryland
Series
2020B,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2028
90,000
95,098
138,677
Michigan
-
0
.5
%
Otsego
Public
Schools
Series
2020I,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2030
35,000
37,955
Minnesota
-
1
.6
%
County
of
Hennepin
Series
2019B,
G.O.
Unlimited,
5.00%,
12/15/2028
85,000
90,468
Northern
Trust
2030
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
14
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Minnesota
-
1.6%
continued
Nashwauk
Keewatin
Independent
School
District
No.
319
Series
2022A,
G.O.
Unlimited,
Refunding,
School
District
Credit
Enhancement
Program,
5.00%,
2/1/2030
$
20,000
$
21,742
112,210
Mississippi
-
0
.6
%
City
of
Olive
Branch
Series
2024,
G.O.
Unlimited,
4.00%,
9/1/2027
25,000
25,478
Mississippi
Development
Bank
Tupelo
Project,
Series
2020,
Revenue,
5.00%,
5/1/2030
10,000
10,865
36,343
Missouri
-
0
.8
%
Jackson
County
School
District
No.
R-IV
Blue
Springs,
Series
2024,
G.O.
Unlimited,
Refunding,
State
Aid
Direct
Deposit,
5.00%,
3/1/2029
50,000
53,285
Nebraska
-
0
.3
%
Douglas
County
School
District
No.
10
Elkhorn
Public
Schools,
Series
2021,
G.O.
Unlimited,
4.00%,
12/15/2026
20,000
20,181
Nevada
-
3
.3
%
Las
Vegas
Valley
Water
District
Series
2020C,
G.O.
Limited,
5.00%,
6/1/2029
35,000
37,572
Nevada
System
of
Higher
Education
Series
2018A,
Certificate
of
Participation,
5.00%,
7/1/2026
195,000
196,159
233,731
New
Hampshire
-
1
.2
%
City
of
Manchester
Series
2020C,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2030
35,000
38,416
New
Hampshire
Municipal
Bond
Bank
Series
2021A,
Revenue,
5.00%,
2/15/2030
10,000
10,851
State
of
New
Hampshire
Series
2023A,
G.O.
Unlimited,
5.00%,
2/15/2030
35,000
38,059
87,326
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
North
Carolina
-
2
.3
%
City
of
Winston-Salem
Series
2022A,
Revenue,
5.00%,
6/1/2030
$
40,000
$
43,681
State
of
North
Carolina
Build
NC,
Series
2019A,
Revenue,
5.00%,
5/1/2027
115,000
118,108
161,789
North
Dakota
-
0
.4
%
Fargo
Park
District
Series
2022A,
G.O.
Unlimited,
5.00%,
5/1/2029
25,000
26,749
Ohio
-
5
.1
%
City
of
Toledo
Water
System,
Series
2016,
Revenue,
5.00%,
11/15/2026
25,000
25,377
County
of
Hamilton
Sales
Tax,
Series
2021A,
Revenue,
Refunding,
5.00%,
12/1/2027
130,000
135,203
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2023C,
Revenue,
5.00%,
6/1/2030
40,000
43,709
State
of
Ohio
Adult
Correctional
Building
Fund,
Series
2019B,
Revenue,
5.00%,
10/1/2027
100,000
103,666
State
of
Ohio
Mental
Health
Facilities
Improvement,
Series
2021A,
Revenue,
5.00%,
2/1/2030
45,000
48,780
356,735
Pennsylvania
-
0
.4
%
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2016A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
12/1/2026
25,000
25,421
Rhode
Island
-
0
.5
%
Rhode
Island
Infrastructure
Bank
Series
2019A,
Revenue,
5.00%,
10/1/2027
35,000
36,252
South
Carolina
-
1
.1
%
City
of
North
Charleston
Noisette
Community
Redevelopment
Project
Area,
Series
2022,
Tax
Allocation,
5.00%,
10/1/2030
30,000
32,797
15
Northern
Trust
2030
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
South
Carolina
-
1.1%
continued
County
of
Berkeley
Combined
Utility
System,
Series
2024,
Revenue,
Refunding,
5.00%,
6/1/2030
$
10,000
$
10,899
Universit
of
South
Carolina
Higher
Education
Moore
School
of
Business
Project,
Series
2022A,
Revenue,
Refunding,
5.00%,
5/1/2027
25,000
25,667
69,363
South
Dakota
-
0
.6
%
Mitchell
School
District
No.
17-2
Series
2024,
G.O.
Limited,
State
Aid
Withholding,
5.00%,
8/1/2030
40,000
43,693
Tennessee
-
9
.0
%
City
of
Gallatin
Gas
System,
Series
2024,
Revenue,
5.00%,
1/1/2028
65,000
67,634
City
of
Kingsport
Series
2023,
G.O.
Unlimited,
5.00%,
3/1/2028
25,000
26,159
City
of
Knoxville
Wastewater
System,
Series
2021A,
Revenue,
Refunding,
5.00%,
4/1/2027
35,000
35,861
City
of
Knoxville
Electric
System,
Series
2021LL,
Revenue,
Refunding,
5.00%,
7/1/2030
10,000
10,913
City
of
Knoxville
Electric
System,
Series
2022OO,
Revenue,
5.00%,
7/1/2030
40,000
43,651
City
of
Memphis
Sanitary
Sewerage
System,
Series
2020B,
Revenue,
Refunding,
5.00%,
10/1/2028
40,000
42,317
City
of
Morristown
Series
2019B,
G.O.
Unlimited,
5.00%,
6/1/2027
155,000
159,154
County
of
Maury
Series
2021,
G.O.
Unlimited,
5.00%,
7/1/2027
45,000
46,385
County
of
Maury
Series
2025,
G.O.
Unlimited,
5.00%,
4/1/2028
85,000
89,037
Eastside
Utility
District
of
Hamilton
&
Bradley
Counties
Series
2024,
Revenue,
5.00%,
5/1/2028
35,000
36,711
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Tennessee
-
9.0%
continued
Hallsdale-Powell
Utility
District
Series
2022A,
Revenue,
Refunding,
5.00%,
4/1/2030
$
15,000
$
16,306
Savannah
Valley
Utility
District
Series
2022,
Revenue,
Refunding,
5.00%,
6/1/2030
25,000
27,247
Town
of
Smyrna
Series
2019,
G.O.
Unlimited,
5.00%,
4/1/2028
25,000
26,227
627,602
Texas
-
12
.3
%
Barbers
Hill
Independent
School
District
Series
2020,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2028
75,000
78,414
Calhoun
County
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2029
25,000
26,642
Canyon
Independent
School
District
School
Building,
Series
2020,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2029
35,000
37,299
City
of
Arlington
Water
&
Wastewater
System,
Series
2025B,
Revenue,
5.00%,
6/1/2030
50,000
54,360
City
of
Houston
Combined
Utility
System,
Series
2016B,
Revenue,
Refunding,
5.00%,
11/15/2026
50,000
50,755
City
of
Mansfield
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
2/15/2029
60,000
63,699
Crowley
Independent
School
District
Series
2019,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2028
95,000
100,251
Fort
Worth
Independent
School
District
Series
2019B,
G.O.
Unlimited,
Refunding,
5.00%,
2/15/2028
100,000
104,515
Galveston
Independent
School
District
Series
2022,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/1/2029
30,000
31,930
Northern
Trust
2030
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
16
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Texas
-
12.3%
continued
Goose
Creek
Consolidated
Independent
School
District
Series
2019A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2027
$
140,000
$
143,020
New
Caney
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2029
35,000
37,259
North
Texas
Municipal
Water
District
Wastewater
System,
Series
2018,
Revenue,
5.00%,
6/1/2028
35,000
36,754
Tomball
Independent
School
District
Series
2020,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2030
45,000
48,695
Tomball
Independent
School
District
Series
2020A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2029
50,000
53,185
866,778
Utah
-
6
.1
%
Canyons
School
District
Utah
School
Bond
Guaranty
Program,
Series
2021B,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
6/15/2029
75,000
80,616
Canyons
School
District
Utah
School
Bond
Guaranty
Program,
Series
2022,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
6/15/2030
25,000
27,349
Central
Valley
Water
Reclamation
Facility
Sewer,
Series
2021C,
Revenue,
5.00%,
3/1/2029
55,000
58,664
City
of
South
Jordan
Water,
Series
2025,
Revenue,
5.00%,
11/1/2030
10,000
10,968
City
of
St.
George
Wastewater
Treatment,
Series
2020,
Revenue,
5.00%,
4/1/2029
25,000
26,634
Granite
School
Disctrict
Board
of
Education
Utah
School
Bond
Guaranty
Act,
Series
2020,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/1/2029
25,000
26,829
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Utah
-
6.1%
continued
Jordan
Basin
Improvement
District
Series
2022,
Revenue,
5.00%,
1/1/2029
$
35,000
$
37,268
Kearns
Improvement
District
Series
2021,
Revenue,
Refunding,
5.00%,
5/1/2027
55,000
56,403
North
Davis
County
Sewer
District
Series
2024,
Revenue,
5.00%,
3/1/2029
75,000
80,171
Utah
Water
Finance
Agency
Loan
Financing
Program,
Series
2019A,
Revenue,
Refunding,
5.00%,
3/1/2029
25,000
26,666
431,568
Vermont
-
0
.6
%
Vermont
Municipal
Bond
Bank
Series
2,
Revenue,
Refunding,
5.00%,
12/1/2026
30,000
30,496
Vermont
Municipal
Bond
Bank
Series
2024-2,
Revenue,
5.00%,
12/1/2030
10,000
11,004
41,500
Washington
-
8
.2
%
Chelan
County
Public
Utility
District
No.
1
Series
2020B,
Revenue,
Refunding,
5.00%,
7/1/2027
45,000
46,347
City
of
Camas
Water
&
Sewer,
Series
2025,
Revenue,
Refunding,
5.00%,
12/1/2026
30,000
30,447
City
of
Seattle
General
Improvement,
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
6/1/2029
60,000
64,446
City
of
Seattle
Drainage
&
Wastewater,
Series
2022,
Revenue,
Refunding,
4.00%,
9/1/2030
45,000
47,376
City
of
Wenatchee
Water
&
Sewer,
Series
2018,
Revenue,
Refunding,
5.00%,
12/1/2027
25,000
25,968
Clark
County
Public
Utility
District
No.
1
Electric,
Series
2022,
Revenue,
5.00%,
1/1/2030
10,000
10,804
17
Northern
Trust
2030
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Washington
-
8.2%
continued
Clark
County
Public
Utility
District
No.
1
Electric,
Series
2024,
Revenue,
Refunding,
5.00%,
1/1/2030
$
10,000
$
10,803
Grant
County
Public
Utility
District
No.
2
Priest
Rapids
Hydroelectric
Project,
Series
2023A,
Revenue,
Refunding,
5.00%,
1/1/2030
10,000
10,807
King
County
School
District
No.
411
Issaquah,
Series
2024,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
12/1/2030
40,000
43,982
Port
of
Tacoma
Series
2016A,
G.O.
Limited,
Refunding,
4.00%,
12/1/2026
90,000
90,833
State
of
Washington
Series
2020C,
G.O.
Unlimited,
5.00%,
2/1/2030
45,000
48,888
State
of
Washington
Series
2021F,
G.O.
Unlimited,
5.00%,
6/1/2028
75,000
78,951
State
of
Washington
Series
2024B,
G.O.
Unlimited,
5.00%,
6/1/2029
25,000
26,837
State
of
Washington
Series
R-2018D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2027
30,000
30,980
567,469
Wisconsin
-
9
.0
%
Barron
Area
School
District
Series
2021,
G.O.
Unlimited,
Refunding,
BAM
Insured,
5.00%,
3/1/2029
25,000
26,519
City
of
New
Berlin
Series
2021B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
25,000
25,717
City
of
Stevens
Point
Series
2022A,
G.O.
Unlimited,
5.00%,
2/1/2030
15,000
16,260
County
of
Milwaukee
Airport,
Series
2019A,
Revenue,
Refunding,
5.00%,
12/1/2029
40,000
43,165
Gateway
Technical
College
District
Series
2023F,
G.O.
Unlimited,
5.00%,
4/1/2029
25,000
26,707
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.2%
continued
Wisconsin
-
9.0%
continued
Milwaukee
Area
Technical
College
District
Series
2023-24F,
G.O.
Unlimited,
5.00%,
6/1/2028
$
25,000
$
26,246
Milwaukee
Metropolitan
Sewerage
District
Series
2020D,
G.O.
Unlimited,
Refunding,
4.00%,
10/1/2030
25,000
26,377
Nicolet
Union
High
School
District
Series
2022,
G.O.
Unlimited,
5.00%,
3/1/2030
25,000
27,139
Northeast
Wisconsin
Technical
College
District
Series
2025A,
G.O.
Unlimited,
4.00%,
4/1/2030
25,000
26,167
Sheboygan
Area
School
District
G.O.
Unlimited,
5.00%,
3/1/2030
40,000
43,375
State
of
Wisconsin
Series
2020B,
G.O.
Unlimited,
5.00%,
5/1/2029
60,000
64,342
State
of
Wisconsin
Transportation,
Series
2017-2,
Revenue,
Refunding,
5.00%,
7/1/2026
185,000
186,174
WPPI
Energy
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2027
85,000
87,595
625,783
Wyoming
-
0
.5
%
Sweetwater
County
2023
Specific
Purpose
Tax
Joint
Powers
Board
Series
2023,
Revenue,
5.00%,
6/15/2027
35,000
35,948
Total
Municipal
Bonds
(Cost
$6,884,947)
6,872,440
Total
Investments
-
98.2%
(Cost
$6,884,947)
6,872,440
Other
assets
less
liabilities
-
1.8%
128,620
NET
ASSETS
-
100.0%
$7,001,060
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
BAM
Build
America
Mutual
G.O.
General
Obligation
PSF
Permanent
School
Fund
Northern
Trust
2030
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
18
Security
Type
%
of
Net
Assets
Municipal
Bonds
98
.2
%
Others
(1)
1
.8
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
Municipal
Bonds
(1)
$
—
$
6,872
$
—
$
6,872
Total
Investments
$
—
$6,872
$
—
$6,872
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
2035
Tax-Exempt
Distributing
Ladder
ETF
19
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98
.5
%
Alabama
-
1
.0
%
Alabama
Federal
Aid
Highway
Finance
Authority
Series
2025B,
Revenue,
Refunding,
5.00%,
9/1/2033
$
75,000
$
85,172
City
of
Tuscaloosa
Series
2025B,
G.O.
Limited,
5.00%,
8/1/2035
20,000
22,748
107,920
Alaska
-
1
.0
%
Borough
of
North
Slope
Series
2024B,
G.O.
Unlimited,
5.00%,
6/30/2028
100,000
105,225
Arizona
-
0
.6
%
City
of
Chandler
Series
2026,
G.O.
Unlimited,
5.00%,
7/1/2034
50,000
57,395
California
-
0
.7
%
City
of
Glendale
Electric,
Series
2024-2,
Revenue,
5.00%,
2/1/2033
55,000
62,809
Peralta
Community
College
District
Series
2025,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2035
10,000
11,868
74,677
Colorado
-
0
.8
%
Adams
&
Arapahoe
Counties
Joint
School
District
28J
Aurora,
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.50%,
12/1/2035
15,000
17,882
City
&
County
of
Denver
Elevate
Denver,
Series
2022A,
G.O.
Unlimited,
5.00%,
8/1/2031
55,000
61,262
79,144
Delaware
-
1
.1
%
State
of
Delaware
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2026
80,000
80,165
State
of
Delaware
Series
2025,
G.O.
Unlimited,
5.00%,
5/1/2034
25,000
28,696
108,861
District
of
Columbia
-
5
.5
%
District
of
Columbia
Series
2023A,
G.O.
Unlimited,
5.00%,
1/1/2029
65,000
69,191
District
of
Columbia
Series
2023B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2029
135,000
144,868
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
District
of
Columbia
-
5.5%
continued
District
of
Columbia
Series
2024C,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2034
$
35,000
$
39,920
5.00%,
12/1/2035
20,000
22,888
District
of
Columbia
Income
Tax,
Series
2019C,
Revenue,
Refunding,
5.00%,
10/1/2026
75,000
75,932
District
of
Columbia
Federal
Highway
Grant
Anticipation,
Series
2020,
Revenue,
5.00%,
12/1/2026
70,000
71,130
District
of
Columbia
Water
&
Sewer
Authority
Public
Utility,
Series
2026A,
Revenue,
Refunding,
5.00%,
10/1/2034
25,000
28,506
5.00%,
10/1/2035
35,000
40,067
Washington
Metropolitan
Area
Transit
Authority
Series
2023A,
Revenue,
5.00%,
7/15/2032
55,000
61,238
553,740
Florida
-
12
.1
%
Central
Florida
Expressway
Authority
Series
2021,
Revenue,
Refunding,
AG
Insured,
5.00%,
7/1/2029
160,000
171,804
Central
Florida
Tourism
Oversight
District
Series
2024A,
G.O.
Limited,
5.00%,
6/1/2031
50,000
55,092
City
of
Hollywood
Water
&
Sewer,
Series
2020,
Revenue,
Refunding,
5.00%,
10/1/2029
70,000
75,503
City
of
Port
St.
Lucie
Series
2023,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2034
35,000
39,869
City
of
Tallahassee
Energy
System,
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2030
50,000
54,928
City
of
Tallahassee
Series
2025,
Revenue,
Refunding,
5.00%,
10/1/2030
75,000
82,358
5.00%,
10/1/2030
110,000
120,743
5.00%,
10/1/2035
10,000
11,386
Clay
County
School
Board
Series
2024A,
Certificate
of
Participation,
BAM
Insured,
5.00%,
7/1/2034
30,000
33,777
Northern
Trust
2035
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
20
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Florida
-
12.1%
continued
County
of
Palm
Beach
Airport
System,
Series
2024A,
Revenue,
5.00%,
10/1/2034
$
30,000
$
34,133
County
of
Seminole
Water
&
Sewer,
Series
2025A,
Revenue,
Refunding,
5.00%,
10/1/2035
15,000
17,304
County
of
St.
Johns
Series
2025,
Revenue,
Refunding,
5.00%,
10/1/2035
35,000
40,098
Escambia
County
School
Board
Series
2023A,
Certificate
of
Participation,
AG
Insured,
5.00%,
2/1/2030
80,000
86,662
Jacksonville
Transportation
Authority
Series
2024,
Revenue,
Refunding,
5.00%,
8/1/2032
55,000
61,332
Manatee
County
School
District
Master
Lease
Program,
Series
2025A,
Certificate
of
Participation,
AG
Insured,
5.00%,
7/1/2035
20,000
22,722
School
District
of
Broward
County
Series
2025,
G.O.
Unlimited,
Refunding,
AG
Insured,
5.00%,
7/1/2035
10,000
11,507
State
of
Florida
Department
of
Management
Services,
Series
2018A,
Certificate
of
Participation,
Refunding,
5.00%,
11/1/2026
65,000
65,932
State
of
Florida
Public
Education
Capital
Outlay,
Series
2021A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2031
65,000
72,049
State
of
Florida
Public
Education
Capital
Outlay,
Series
2021B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2031
35,000
38,795
State
of
Florida
Public
Education
Capital
Outlay,
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2034
40,000
45,631
State
of
Florida
Right
of
Way
Acquisition
and
Bridge
Construction,
Series
2024A,
G.O.
Unlimited,
5.00%,
7/1/2033
55,000
62,551
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Florida
-
12.1%
continued
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2034
$
25,000
$
28,497
1,232,673
Georgia
-
2
.7
%
City
of
Chamblee
Series
2025,
G.O.
Unlimited,
3.50%,
2/1/2028
55,000
55,954
Douglas
County
School
District
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
4/1/2030
55,000
59,945
Georgia
State
Road
&
Tollway
Authority
Garvee,
Series
2017A,
Revenue,
5.00%,
6/1/2026
90,000
90,385
Polk
County
School
District
Sales
Tax,
Series
2022,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
3/1/2028
60,000
62,759
269,043
Hawaii
-
1
.5
%
City
&
County
of
Honolulu
Wastewater
System,
Series
2023,
Revenue,
5.00%,
7/1/2033
60,000
68,119
County
of
Maui
Series
2022,
G.O.
Unlimited,
5.00%,
3/1/2032
75,000
83,890
152,009
Idaho
-
0
.8
%
Idaho
State
Building
Authority
School
Modernization
Facilities
Fund,
Series
2025A,
Revenue,
5.00%,
6/1/2033
75,000
84,980
Illinois
-
3
.7
%
Chicago
Midway
International
Airport
Series
2025B,
Revenue,
Refunding,
5.00%,
1/1/2035
30,000
33,986
Chicago
Transit
Authority
Series
2026B,
Revenue,
Refunding,
5.00%,
12/1/2035
15,000
16,913
City
of
Chicago
Wastewater
Transmission,
Series
2024B,
Revenue,
Refunding,
BAM
Insured,
5.00%,
1/1/2034
40,000
44,637
21
Northern
Trust
2035
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Illinois
-
3.7%
continued
Cook
County
Community
Consolidated
School
District
No.
65
Evanston,
Series
2022,
Revenue,
5.00%,
12/1/2026
$
50,000
$
50,780
Illinois
State
Toll
Highway
Authority
Series
2019C,
Revenue,
Refunding,
5.00%,
1/1/2027
65,000
66,222
Lake
County
Community
Consolidated
School
District
No.
34
Antioch,
Series
2025C,
G.O.
Unlimited,
5.00%,
1/1/2035
20,000
22,465
Lake
County
School
District
No.
112
North
Shore,
Series
2024,
G.O.
Unlimited,
5.00%,
12/1/2033
60,000
67,398
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2007B,
G.O.
Unlimited,
Refunding,
5.25%,
12/1/2035
20,000
23,317
Village
of
Wheeling
Series
2021,
G.O.
Unlimited,
Refunding,
4.00%,
12/1/2026
50,000
50,410
376,128
Indiana
-
0
.9
%
Greater
Clark
Building
Corp.
First
Mortgage,
Series
2025C,
Revenue,
Check
new
entries,
5.00%,
1/15/2035
10,000
11,130
Indiana
Municipal
Power
Agency
Series
2025A,
Revenue,
Refunding,
AG
Insured,
5.00%,
1/1/2035
15,000
16,971
MSD
Warren
Township
Vision
2005
School
Building
Corp.
First
Mortgage,
Series
2024,
Revenue,
State
Aid
Intercept,
5.00%,
1/10/2032
50,000
55,452
83,553
Iowa
-
1
.0
%
City
of
Bettendorf
Series
2020C,
G.O.
Unlimited,
4.00%,
6/1/2030
50,000
52,577
Waukee
Community
School
District
Series
2019A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
50,000
51,416
103,993
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Kansas
-
1
.6
%
City
of
Gardner
Series
2020A,
G.O.
Unlimited,
3.50%,
10/1/2027
$
155,000
$
156,385
Kentucky
-
0
.1
%
Kentucky
State
Property
&
Building
Commission
Project
No.
132,
Series
A,
Revenue,
5.00%,
4/1/2035
10,000
11,336
Maine
-
0
.1
%
Maine
Municipal
Bond
Bank
Series
2025B,
Revenue,
5.00%,
11/1/2035
10,000
11,495
Maryland
-
2
.2
%
City
of
Baltimore
Wastewater
Projects,
Series
2017B,
Revenue,
Refunding,
5.00%,
7/1/2026
130,000
130,766
County
of
Baltimore
Series
2025,
G.O.
Unlimited,
5.00%,
3/1/2034
45,000
51,448
County
of
Howard
Consolidated
Public
Improvement,
Series
2026C,
G.O.
Unlimited,
Refunding,
5.00%,
2/15/2035
35,000
40,262
222,476
Massachusetts
-
0
.8
%
Commonwealth
of
Massachusetts
Series
2025A,
G.O.
Limited,
Refunding,
5.00%,
7/1/2033
55,000
62,597
Massachusetts
Health
&
Educational
Facilities
Authority
Amherst
College
Issue,
Series
2005J1,
Revenue,
Refunding,
5.00%,
11/1/2035
20,000
23,298
85,895
Michigan
-
6
.0
%
Allegan
Public
School
District
Series
2025III,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2035
20,000
22,660
Ann
Arbor
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2035
10,000
11,406
Chippewa
Valley
Schools
Series
2025,
G.O.
Unlimited,
Refunding,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2034
25,000
28,387
Northern
Trust
2035
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
22
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Michigan
-
6.0%
continued
County
of
Oakland
Series
2025,
G.O.
Limited,
5.00%,
1/1/2035
$
10,000
$
11,444
Dansville
Schools
Series
2026,
G.O.
Unlimited,
Refunding,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2033
60,000
67,475
Grosse
Ile
Township
School
District
Series
2025II,
G.O.
Unlimited,
Refunding,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2035
10,000
11,330
Inland
Lakes
Schools
Series
2024,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2031
75,000
82,545
Lake
City
Area
Schools
Series
2026,
G.O.
Unlimited,
Refunding,
BAM
Insured,
5.00%,
5/1/2035
30,000
33,789
Linden
Community
School
District
Series
2025III,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2035
10,000
11,414
Livonia
Public
Schools
School
District,
Series
2025III,
G.O.
Unlimited,
AG
Insured,
5.00%,
5/1/2035
10,000
11,288
Michigan
State
University
Series
2025A,
Revenue,
Refunding,
5.00%,
8/15/2035
20,000
22,976
Redford
Union
School
District
No.
1
Series
2023II,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2031
55,000
60,533
Saline
Area
Schools
Series
II,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2035
20,000
22,660
State
of
Michigan
Trunk
Line,
Series
2023,
Revenue,
5.00%,
11/15/2033
70,000
79,724
Three
Rivers
Community
Schools
Series
2023II,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2032
70,000
77,868
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Michigan
-
6.0%
continued
Wayne
State
University
Series
2023A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
11/15/2033
$
55,000
$
62,088
617,587
Missouri
-
1
.6
%
City
of
Independence
Series
2025,
G.O.
Unlimited,
AG
Insured,
5.00%,
3/1/2034
30,000
33,935
City
of
Kansas
City
Water,
Series
2023A,
Revenue,
5.00%,
12/1/2033
5,000
5,667
Missouri
Joint
Municipal
Electric
Utility
Commission
Series
2022,
Revenue,
5.00%,
12/1/2032
85,000
94,860
Warsaw
Reorganized
School
District
No.
R-IX
Series
2025,
G.O.
Unlimited,
State
Aid
Direct
Deposit,
5.00%,
3/1/2034
25,000
28,204
162,666
Nebraska
-
1
.5
%
City
of
Omaha
Series
2022,
G.O.
Unlimited,
5.00%,
4/15/2031
75,000
82,865
Douglas
County
School
District
No.
17
Millard
Public
Schools,
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
6/15/2034
40,000
45,240
Omaha
Public
Power
District
Electric,
Series
2025A,
Revenue,
5.00%,
2/1/2035
15,000
17,288
145,393
Nevada
-
4
.4
%
Clark
County
School
District
Building,
Series
2019A,
G.O.
Limited,
AG
Insured,
5.00%,
6/15/2027
115,000
118,392
County
of
Clark
Highway
Improvement,
Series
2025,
Revenue,
Refunding,
5.00%,
7/1/2035
20,000
22,793
County
of
Douglas
Series
2025B,
G.O.
Limited,
5.00%,
3/1/2035
10,000
11,391
Las
Vegas
Valley
Water
District
Series
2021A,
G.O.
Limited,
Refunding,
5.00%,
6/1/2029
150,000
161,022
23
Northern
Trust
2035
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Nevada
-
4.4%
continued
Las
Vegas
Valley
Water
District
Series
2021C,
G.O.
Limited,
Refunding,
5.00%,
6/1/2030
$
60,000
$
65,546
State
of
Nevada
Series
2023A,
G.O.
Limited,
5.00%,
5/1/2033
55,000
62,121
441,265
New
Jersey
-
0
.7
%
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2022BB,
Revenue,
5.00%,
6/15/2031
60,000
66,182
New
Mexico
-
3
.2
%
New
Mexico
Finance
Authority
Public
Project
Revolving
Fund,
Series
2022A,
Revenue,
5.00%,
6/1/2031
70,000
77,633
New
Mexico
Finance
Authority
Public
Project
Revolving
Fund,
Series
2023B,
Revenue,
5.00%,
6/1/2027
120,000
123,457
New
Mexico
Finance
Authority
State
Transportation
Commission,
Series
2024A,
Revenue,
Refunding,
5.00%,
6/15/2027
115,000
118,420
319,510
New
York
-
1
.2
%
County
of
Dutchess
Series
2024A,
G.O.
Limited,
4.00%,
4/1/2030
110,000
116,758
North
Carolina
-
0
.5
%
County
of
Cabarrus
Development
Corp.
Ltd.,
Series
2024A,
Revenue,
Refunding,
5.00%,
8/1/2034
25,000
28,459
County
of
Union
Public
Improvement,
Series
2025B,
G.O.
Unlimited,
5.00%,
9/1/2035
20,000
23,157
51,616
Ohio
-
2
.0
%
State
of
Ohio
Conservation
Projects,
Series
2022A,
G.O.
Unlimited,
Refunding,
4.00%,
9/1/2026
60,000
60,386
State
of
Ohio
Infrastructure
Improvement,
Series
2025A,
G.O.
Unlimited,
5.00%,
3/1/2035
10,000
11,497
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Ohio
-
2.0%
continued
State
of
Ohio
Parks
&
Recreation
Improvement
Fund
Projects,
Series
2020A,
Revenue,
Refunding,
5.00%,
12/1/2029
$
100,000
$
108,168
State
of
Ohio
Administrative
Building
Fund
Project,
Series
2025A,
Revenue,
Refunding,
5.00%,
4/1/2035
15,000
17,053
197,104
Oklahoma
-
0
.8
%
Oklahoma
Capitol
Improvement
Authority
Capitol
Repair
Project,
Series
2019C,
Revenue,
5.00%,
1/1/2028
75,000
78,160
Pennsylvania
-
0
.2
%
Philadelphia
Authority
for
Industrial
Development
Rebuild
Project,
Series
2025A,
Revenue,
5.00%,
12/1/2035
20,000
22,621
South
Carolina
-
2
.5
%
City
of
North
Charleston
Ingleside
Community
Redevelopment
Project
Area,
Series
2024,
Tax
Allocation,
5.00%,
10/1/2026
35,000
35,423
County
of
Charleston
Capital
Improvement,
Series
2021B,
G.O.
Unlimited,
5.00%,
11/1/2031
55,000
61,486
County
of
Horry
Series
2021B,
G.O.
Unlimited,
State
Aid
Withholding,
4.00%,
3/1/2027
50,000
50,696
Grand
Strand
Water
&
Sewer
Authority
Series
2026,
Revenue,
5.00%,
6/1/2035
35,000
40,328
Richland
County
School
District
No.
2
Series
2020A,
G.O.
Unlimited,
State
School
District
Credit
Enhancement
Program,
5.00%,
3/1/2029
60,000
64,085
252,018
Tennessee
-
0
.9
%
City
of
Memphis
General
Improvement,
Series
2020A,
G.O.
Unlimited,
5.00%,
12/1/2026
85,000
86,394
Northern
Trust
2035
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
24
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Texas
-
14
.7
%
Bishop
Consolidated
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2035
$
15,000
$
16,972
Bridge
City
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
6.00%,
2/15/2034
25,000
30,025
Centerville
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2032
60,000
67,013
City
of
Abilene
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
2/15/2035
10,000
11,374
City
of
Amarillo
Waterworks
&
Sewer
System,
Series
2026,
Revenue,
5.00%,
4/1/2035
35,000
39,426
City
of
Austin
Series
2024,
G.O.
Limited,
5.00%,
9/1/2031
50,000
55,441
City
of
Brownsville
Series
2023,
G.O.
Limited,
5.00%,
2/15/2032
60,000
66,292
City
of
Brownsville
Series
2025,
G.O.
Limited,
5.00%,
2/15/2035
10,000
11,267
City
of
Laredo
Series
2023,
G.O.
Limited,
5.00%,
2/15/2033
75,000
83,942
City
of
Laredo
Series
2025,
G.O.
Limited,
5.00%,
2/15/2035
10,000
11,341
City
of
Lubbock
Series
2025,
G.O.
Limited,
5.00%,
2/15/2035
25,000
28,188
City
of
Mansfield
Series
2024,
G.O.
Limited,
5.00%,
2/15/2033
55,000
61,702
City
of
Pasadena
Series
2024,
G.O.
Limited,
Refunding,
5.00%,
2/15/2032
70,000
77,658
City
of
Rowlett
Series
2024,
G.O.
Limited,
Refunding,
5.00%,
2/15/2033
45,000
50,365
City
of
Sachse
Series
2024,
G.O.
Limited,
5.00%,
2/15/2032
60,000
66,496
City
of
Waco
Series
2025,
G.O.
Limited,
5.00%,
2/1/2035
20,000
22,646
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Texas
-
14.7%
continued
Comanche
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2034
$
50,000
$
56,545
County
of
Travis
Permanent
Improvement,
Series
2025,
G.O.
Limited,
5.00%,
3/1/2035
10,000
11,336
Dallas
Fort
Worth
International
Airport
Series
2023B,
Revenue,
Refunding,
5.00%,
11/1/2028
125,000
132,353
Dallas
Independent
School
District
Series
2025B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2033
55,000
61,890
El
Paso
Independent
School
District
Series
2020,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
95,000
101,859
Graford
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2034
50,000
56,582
Grapevine-Colleyville
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2028
80,000
84,566
Lewisville
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2028
80,000
84,737
Longview
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2035
10,000
11,388
McGregor
Independent
School
District
School
Building,
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2034
45,000
50,891
Montgomery
Independent
School
District
Series
2015A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
50,000
51,101
Permanent
University
Fund
-
University
of
Texas
System
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2035
15,000
17,147
25
Northern
Trust
2035
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Texas
-
14.7%
continued
Temple
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/1/2034
$
30,000
$
33,874
Wichita
Falls
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/1/2035
10,000
11,361
1,465,778
Utah
-
0
.6
%
Utah
Telecommunication
Open
Infrastructure
Agency
Series
2022,
Revenue,
Refunding,
5.00%,
6/1/2032
55,000
61,141
Washington
-
9
.6
%
City
of
Bothell
Series
2024C,
G.O.
Limited,
Refunding,
5.00%,
12/1/2034
40,000
45,662
City
of
Richland
Electric,
Series
2026,
Revenue,
Refunding,
BAM
Insured,
5.00%,
11/1/2032
80,000
89,576
King
County
School
District
No.
405
Bellevue,
Series
2021B,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2028
140,000
148,784
King
County
School
District
No.
410
Snoqualmie
Valley,
Series
2025,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
12/1/2032
55,000
62,059
5.00%,
12/1/2034
40,000
45,891
Snohomish
County
Public
Utility
District
No.
1
Electric
System,
Series
2021A,
Revenue,
5.00%,
12/1/2026
65,000
66,033
State
of
Washington
Series
2024A,
Certificate
of
Participation,
5.00%,
1/1/2031
135,000
148,429
State
of
Washington
Series
2023B,
G.O.
Unlimited,
5.00%,
2/1/2028
80,000
83,570
State
of
Washington
Series
2025D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2035
10,000
11,452
State
of
Washington
Series
2026B,
G.O.
Unlimited,
5.00%,
6/1/2034
40,000
45,544
State
of
Washington
Series
2026C,
G.O.
Unlimited,
5.00%,
2/1/2035
25,000
28,567
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Washington
-
9.6%
continued
State
of
Washington
Series
R-2022D,
G.O.
Unlimited,
Refunding,
4.00%,
7/1/2027
$
50,000
$
50,929
Tacoma
Metropolitan
Park
District
Series
2019,
G.O.
Unlimited,
Refunding,
4.00%,
12/1/2026
55,000
55,509
University
of
Washington
Series
2024A,
Revenue,
5.00%,
4/1/2034
40,000
45,552
Washington
State
University
Series
2025,
Revenue,
Refunding,
5.00%,
4/1/2035
15,000
17,031
944,588
Wisconsin
-
9
.9
%
Central
Brown
County
Water
Authority
Water
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
11/1/2035
30,000
33,902
City
of
Kenosha
Series
2024A,
G.O.
Unlimited,
4.00%,
9/1/2032
15,000
15,799
City
of
Sun
Prairie
Series
2025A,
G.O.
Unlimited,
5.00%,
4/1/2030
110,000
118,882
County
of
Racine
Series
2024A,
G.O.
Unlimited,
4.00%,
3/1/2030
95,000
99,618
County
of
Racine
Series
2025A,
G.O.
Unlimited,
4.00%,
3/1/2030
115,000
120,590
Green
Bay
Area
Public
School
District
G.O.
Unlimited,
5.00%,
4/1/2032
15,000
16,777
Madison
Area
Technical
College
Series
2023-24,
G.O.
Unlimited,
5.00%,
3/1/2032
50,000
56,066
Milwaukee
Area
Technical
College
District
Series
2023-24C,
G.O.
Unlimited,
6.00%,
6/1/2028
65,000
69,784
Neenah
Joint
School
District
G.O.
Unlimited,
5.00%,
3/1/2027
140,000
143,196
Somerset
School
District
Series
2019,
G.O.
Unlimited,
4.00%,
4/1/2028
50,000
51,297
State
of
Wisconsin
Series
2021-2,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2029
75,000
80,428
State
of
Wisconsin
Series
2023B,
G.O.
Unlimited,
5.00%,
5/1/2031
80,000
88,647
Northern
Trust
2035
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
26
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.5%
continued
Wisconsin
-
9.9%
continued
Village
of
Pleasant
Prairie
Series
2025B,
G.O.
Unlimited,
4.00%,
8/1/2034
$
25,000
$
26,387
Whitnall
School
District
Series
2024,
G.O.
Unlimited,
5.00%,
3/1/2031
50,000
54,978
976,351
Total
Municipal
Bonds
(Cost
$9,988,891)
9,882,060
Total
Investments
-
98.5%
(Cost
$9,988,891)
9,882,060
Other
assets
less
liabilities
-
1.5%
149,392
NET
ASSETS
-
100.0%
$10,031,452
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
BAM
Build
America
Mutual
G.O.
General
Obligation
PSF
Permanent
School
Fund
Security
Type
%
of
Net
Assets
Municipal
Bonds
98
.5
%
Others
(1)
1
.5
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
Municipal
Bonds
(1)
$
—
$
9,882
$
—
$
9,882
Total
Investments
$
—
$9,882
$
—
$9,882
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
2045
Tax-Exempt
Distributing
Ladder
ETF
27
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96
.3
%
Alabama
-
1
.4
%
Auburn
University
Series
2025A,
Revenue,
5.00%,
6/1/2045
$
10,000
$
10,630
Madison
County
Board
of
Education
Capital
Outlay,
Series
2025A,
Revenue,
5.00%,
9/1/2037
95,000
105,308
115,938
Arizona
-
1
.3
%
Arizona
Board
of
Regents
University
of
Arizona
SPEED,
Series
2024,
Revenue,
Refunding,
BAM
Insured,
5.00%,
8/1/2044
25,000
26,649
City
of
Buckeye
Series
2025,
G.O.
Unlimited,
5.00%,
7/1/2045
10,000
10,626
City
of
Lake
Havasu
City
Wastewater
System,
Series
2025,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2041
45,000
49,536
City
of
Mesa
Series
2025,
G.O.
Unlimited,
5.00%,
7/1/2040
10,000
11,060
5.00%,
7/1/2045
10,000
10,690
108,561
California
-
3
.2
%
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2021C,
Revenue,
5.00%,
7/1/2028
250,000
261,341
District
of
Columbia
-
1
.6
%
District
of
Columbia
Income
Tax,
Series
2025A,
Revenue,
Refunding,
5.00%,
6/1/2027
85,000
87,497
5.00%,
6/1/2039
35,000
38,755
126,252
Florida
-
7
.1
%
Central
Florida
Tourism
Oversight
District
Series
2024A,
G.O.
Limited,
5.00%,
6/1/2033
135,000
152,016
City
of
Jacksonville
Series
2025,
Revenue,
5.00%,
10/1/2045
10,000
10,575
County
of
Sarasota
Capital
Improvement,
Series
2025A,
Revenue,
5.00%,
10/1/2044
25,000
26,637
5.00%,
10/1/2045
15,000
15,860
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Florida
-
7.1%
continued
Florida
Atlantic
University
Finance
Corp.
Student
Housing
Project,
Series
2024,
Revenue,
5.00%,
7/1/2042
$
50,000
$
53,266
JEA
Electric
System
Series
2024A,
Revenue,
Refunding,
5.00%,
10/1/2035
60,000
68,191
JEA
Electric
System
Series
2024A,
Revenue,
Refunding,
AG
Insured,
5.00%,
10/1/2038
25,000
27,799
JEA
Water
&
Sewer
System
Series
2025A,
Revenue,
Refunding,
5.00%,
10/1/2045
15,000
15,998
Orlando
Utilities
Commission
Utility
System,
Series
2025A,
Revenue,
5.00%,
10/1/2045
15,000
15,885
State
of
Florida
Public
Education
Capital
Outlay,
Series
2020B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2030
85,000
92,920
State
of
Florida
Public
Education
Capital
Outlay,
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2031
15,000
16,627
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
7/1/2026
75,000
75,478
571,252
Hawaii
-
1
.2
%
State
of
Hawaii
Series
FE,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
95,000
96,210
Idaho
-
1
.5
%
Idaho
Housing
&
Finance
Association
Transportation
Expansion
&
Congestion
Mitigation
Fund,
Series
2025A,
Revenue,
5.00%,
8/15/2045
10,000
10,689
Idaho
State
Building
Authority
School
Modernization
Facilities
Fund,
Series
2025A,
Revenue,
5.00%,
6/1/2026
115,000
115,478
126,167
Northern
Trust
2045
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
28
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Illinois
-
6
.4
%
Chicago
O'Hare
International
Airport
Series
2024D,
Revenue,
Refunding,
5.00%,
1/1/2045
$
15,000
$
15,737
City
of
Chicago
Wastewater
Transmission,
Series
2024A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
1/1/2042
25,000
26,625
DuPage
County
High
School
District
No.
87
Glenbard,
Series
2025,
G.O.
Unlimited,
5.00%,
1/1/2039
25,000
27,134
Illinois
State
Toll
Highway
Authority
Series
2019C,
Revenue,
Refunding,
5.00%,
1/1/2027
85,000
86,598
Lake
County
Forest
Preserve
District
Series
2019,
G.O.
Unlimited,
Refunding,
5.00%,
12/15/2027
5,000
5,198
Lake
County
Township
High
School
District
No.
113
Highland
Park,
Series
2025,
G.O.
Unlimited,
5.00%,
1/1/2034
55,000
62,098
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2007B,
G.O.
Unlimited,
Refunding,
5.25%,
12/1/2035
120,000
139,904
Regional
Transportation
Authority
Series
2025A,
Revenue,
5.00%,
6/1/2042
25,000
26,787
5.00%,
6/1/2044
15,000
15,786
Sales
Tax
Securitization
Corp.
Series
2018C,
Revenue,
Refunding,
5.00%,
1/1/2029
30,000
31,658
State
of
Illinois
Sales
Tax,
Series
2025C,
Revenue,
5.00%,
6/15/2042
50,000
52,962
5.00%,
6/15/2043
30,000
31,659
522,146
Indiana
-
1
.4
%
Greater
Martinsville
School
Building
Corp.
First
Mortgage,
Series
2024,
Revenue,
State
Aid
Intercept,
5.00%,
1/15/2038
65,000
71,583
5.00%,
1/15/2044
25,000
26,230
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Indiana
-
1.4%
continued
MSD
Warren
Township
Vision
2005
School
Building
Corp.
First
Mortgage,
Series
2024,
Revenue,
State
Aid
Intercept,
5.00%,
1/10/2033
$
5,000
$
5,602
Wawasee
High
School
Building
Corp.
First
Mortgage,
Series
2024,
Revenue,
State
Aid
Intercept,
5.00%,
1/15/2034
5,000
5,541
108,956
Iowa
-
3
.1
%
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2025A,
Revenue,
5.00%,
8/1/2036
75,000
84,929
5.00%,
8/1/2039
60,000
66,558
5.00%,
8/1/2040
65,000
71,683
5.00%,
8/1/2042
30,000
32,686
255,856
Kansas
-
2
.6
%
City
of
Manhattan
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2034
185,000
207,939
Kentucky
-
2
.1
%
Kentucky
State
Property
&
Building
Commission
Project
No.
119,
Revenue,
5.00%,
5/1/2027
100,000
102,551
Kentucky
State
Property
&
Building
Commission
Project
No.
132,
Series
2025A,
Revenue,
5.00%,
4/1/2043
35,000
37,724
5.00%,
4/1/2044
30,000
32,058
172,333
Maryland
-
2
.6
%
County
of
Anne
Arundel
Water
and
Sewer,
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
4/1/2031
50,000
55,363
County
of
Baltimore
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2032
135,000
151,135
206,498
Massachusetts
-
2
.7
%
Commonwealth
of
Massachusetts
Series
2025A,
G.O.
Limited,
5.00%,
4/1/2039
55,000
61,328
29
Northern
Trust
2045
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Massachusetts
-
2.7%
continued
Commonwealth
of
Massachusetts
Series
2025A,
G.O.
Limited,
Refunding,
5.00%,
7/1/2033
$
85,000
$
96,740
Massachusetts
Development
Finance
Agency
Harvard
University
Issue,
Series
2025A2,
Revenue,
Mandatory
Put,
5.00%,
5/15/2055
(a)(b)
60,000
68,706
226,774
Michigan
-
6
.5
%
Crestwood
School
District
Series
2025I,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2045
15,000
15,819
Ferndale
Public
Schools
Series
2025,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2041
35,000
37,991
Ferris
State
University
Series
2025A,
Revenue,
Refunding,
AG
Insured,
5.00%,
10/1/2037
130,000
145,220
Gobles
Public
Schools
Series
2025II,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2044
25,000
26,591
Howell
Public
Schools
Series
2025II,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2045
15,000
15,819
L'Anse
Creuse
Public
Schools
Series
2025I,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2043
40,000
42,883
Lansing
School
District
Series
2025II,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2045
15,000
15,819
Michigan
State
University
Series
2025A,
Revenue,
Refunding,
5.00%,
8/15/2035
5,000
5,744
Romeo
Community
School
District
Series
2025,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2043
30,000
32,162
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Michigan
-
6.5%
continued
Utica
Community
Schools
Series
2024,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2034
$
50,000
$
56,469
Warren
Consolidated
Schools
Series
2025,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2041
55,000
59,701
Watervliet
Public
Schools
Series
2025,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2045
15,000
15,819
Wyandotte
City
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2041
55,000
59,701
529,738
Minnesota
-
2
.4
%
Minneapolis
Special
School
District
No.
1
Credit
Enhancement
Program,
Series
2018B,
G.O.
Unlimited,
School
District
Credit
Enhancement
Program,
5.00%,
2/1/2027
85,000
86,787
St.
Paul
Independent
School
District
No.
625
Series
2024B,
G.O.
Unlimited,
School
District
Credit
Enhancement
Program,
5.00%,
2/1/2031
100,000
109,926
196,713
Missouri
-
1
.4
%
Marion
&
Ralls
Counties
School
District
No.
60
Hannibal,
Series
2025A,
G.O.
Unlimited,
Refunding,
State
Aid
Direct
Deposit,
5.88%,
3/1/2038
25,000
29,503
Missouri
Joint
Municipal
Electric
Utility
Commission
Iatan
2
Project,
Series
2025,
Revenue,
Refunding,
5.00%,
1/1/2038
75,000
82,776
112,279
Nevada
-
1
.7
%
County
of
Clark
Highway
Improvement,
Series
2025,
Revenue,
Refunding,
5.00%,
7/1/2035
55,000
62,682
Northern
Trust
2045
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
30
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Nevada
-
1.7%
continued
State
of
Nevada
Series
2025A,
G.O.
Limited,
Refunding,
5.00%,
10/1/2026
$
75,000
$
75,940
138,622
New
Jersey
-
3
.3
%
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2022BB,
Revenue,
5.00%,
6/15/2031
195,000
215,092
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2024CC,
Revenue,
5.00%,
6/15/2042
50,000
53,857
268,949
New
York
-
9
.3
%
City
of
New
York
Series
2024C,
G.O.
Unlimited,
5.00%,
3/1/2045
10,000
10,420
City
of
New
York
Series
2025G1,
G.O.
Unlimited,
5.00%,
2/1/2039
70,000
76,631
5.00%,
2/1/2043
35,000
37,246
City
of
New
York
Series
2026A1,
G.O.
Unlimited,
5.00%,
8/1/2040
95,000
103,483
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024G1,
Revenue,
5.00%,
5/1/2045
10,000
10,491
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025F1,
Revenue,
Refunding,
5.00%,
11/1/2040
45,000
48,943
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025H1,
Revenue,
5.00%,
11/1/2042
30,000
32,346
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2026A1,
Revenue,
5.00%,
5/1/2045
10,000
10,564
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2024A,
Revenue,
5.00%,
3/15/2045
15,000
15,922
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2024B,
Revenue,
Refunding,
5.00%,
3/15/2045
10,000
10,618
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
New
York
-
9.3%
continued
New
York
State
Dormitory
Authority
Dormitory
Facilities,
Series
2025A,
Revenue,
5.00%,
7/1/2045
$
10,000
$
10,564
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2025A,
Revenue,
Refunding,
5.00%,
3/15/2043
35,000
37,690
5.00%,
3/15/2045
10,000
10,595
5.00%,
7/1/2045
10,000
10,634
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2025A,
Revenue,
5.00%,
12/1/2043
30,000
32,366
5.00%,
12/1/2045
10,000
10,592
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2025A1,
Revenue,
5.00%,
11/15/2045
15,000
15,909
Utility
Debt
Securitization
Authority
Series
2022TE1,
Revenue,
Refunding,
5.00%,
12/15/2029
250,000
269,477
754,491
North
Carolina
-
3
.1
%
County
of
Wake
Series
2024B,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2032
220,000
248,566
Ohio
-
0
.9
%
American
Municipal
Power,
Inc.
Combined
Hydroelectric
Project,
Series
2024A,
Revenue,
Refunding,
5.00%,
2/15/2044
25,000
26,226
Hilliard
School
District
Series
2025,
G.O.
Unlimited,
5.00%,
12/1/2038
25,000
27,850
State
of
Ohio
Mental
Health
Facilities
Improvement,
Series
2021A,
Revenue,
5.00%,
2/1/2030
25,000
27,100
81,176
Oklahoma
-
1
.0
%
Oklahoma
Capitol
Improvement
Authority
Department
of
Transportation,
Series
2025A,
Revenue,
5.00%,
7/1/2041
50,000
54,622
31
Northern
Trust
2045
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Oklahoma
-
1.0%
continued
Oklahoma
Turnpike
Authority
Turnpike
System,
Series
2025A,
Revenue,
5.00%,
1/1/2044
$
25,000
$
26,655
81,277
Oregon
-
0
.1
%
Oregon
City
School
District
No.
62
Series
2025B,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2045
10,000
10,687
Pennsylvania
-
1
.0
%
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2024,
Revenue,
Refunding,
5.00%,
12/1/2044
25,000
26,765
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2024C,
Revenue,
5.00%,
12/1/2045
15,000
15,948
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025A,
Revenue,
5.00%,
12/1/2041
35,000
38,296
81,009
South
Carolina
-
1
.0
%
City
of
Charleston
Series
2025B,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
9/1/2034
65,000
74,813
South
Carolina
Transportation
Infrastructure
Bank
Series
2021A,
Revenue,
Refunding,
4.00%,
10/1/2028
5,000
5,163
79,976
Tennessee
-
0
.1
%
City
of
Memphis
Gas
&
Water
Division
Electric
System,
Series
2020A,
Revenue,
5.00%,
12/1/2029
5,000
5,405
Texas
-
14
.0
%
Celina
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2039
30,000
33,193
City
of
Grand
Prairie
Series
2025,
G.O.
Limited,
5.00%,
2/15/2040
35,000
37,941
5.00%,
2/15/2041
65,000
70,185
5.00%,
2/15/2042
50,000
53,554
5.00%,
2/15/2044
25,000
26,476
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Texas
-
14.0%
continued
City
of
Grand
Prairie
Water
&
Wastewater
System,
Series
2025,
Revenue,
5.00%,
1/15/2037
$
50,000
$
55,274
City
of
Lubbock
Series
2025,
G.O.
Limited,
5.00%,
2/15/2043
25,000
26,715
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2024D,
Revenue,
Refunding,
5.00%,
2/1/2038
75,000
83,257
5.00%,
2/1/2044
25,000
26,762
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2024E,
Revenue,
Refunding,
5.00%,
2/1/2038
5,000
5,550
City
of
San
Antonio
Water
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
5/15/2039
45,000
49,788
County
of
Ector
Series
2024,
G.O.
Limited,
5.00%,
2/15/2044
25,000
26,267
Leander
Independent
School
District
Series
2025A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2040
50,000
54,817
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2025,
Revenue,
Refunding,
5.00%,
5/15/2044
25,000
26,334
Lubbock-Cooper
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2037
85,000
94,217
Mansfield
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2036
85,000
95,713
North
Texas
Tollway
Authority
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2045
10,000
10,608
Northwest
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2043
40,000
43,050
Northern
Trust
2045
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
32
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Texas
-
14.0%
continued
Quitman
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2036
$
100,000
$
111,708
Round
Rock
Independent
School
District
Series
2025B,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2036
100,000
112,725
5.00%,
8/1/2040
35,000
38,370
5.00%,
8/1/2041
20,000
21,833
Temple
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/1/2038
35,000
38,584
1,142,921
Utah
-
1
.2
%
Utah
Transit
Authority
Series
2025,
Revenue,
Refunding,
5.00%,
12/15/2033
85,000
96,637
Washington
-
6
.8
%
City
of
Tacoma
Electric
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2044
15,000
15,964
City
of
Tacoma
Electric
System,
Series
2025A,
Revenue,
5.00%,
1/1/2045
10,000
10,614
Clark
County
Public
Utility
District
No.
1
Electric,
Series
2024,
Revenue,
Refunding,
5.00%,
1/1/2045
10,000
10,474
County
of
King
Series
2023A,
G.O.
Limited,
Refunding,
5.00%,
12/1/2032
5,000
5,635
County
of
King
Series
2025A,
G.O.
Limited,
5.00%,
12/1/2042
50,000
54,703
County
of
King
Sewer,
Series
2024B,
Revenue,
Refunding,
5.00%,
7/1/2045
10,000
10,595
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2023A,
Revenue,
Refunding,
4.00%,
7/1/2030
5,000
5,247
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2043
30,000
32,512
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
96.3%
continued
Washington
-
6.8%
continued
King
County
School
District
No.
401
Highline,
Series
2025,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2040
$
25,000
$
27,273
Pierce
County
School
District
No.
320
Sumner,
Series
2025,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2038
30,000
33,478
Seattle
Museum
Development
Authority
Series
2024,
Revenue,
Refunding,
5.00%,
4/1/2028
105,000
110,032
Snohomish
County
Public
Utility
District
No.
1
Electric
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
12/1/2045
15,000
16,036
State
of
Washington
Series
2023B,
G.O.
Unlimited,
5.00%,
2/1/2033
50,000
56,377
State
of
Washington
Series
2026B,
G.O.
Unlimited,
5.00%,
6/1/2035
60,000
68,670
University
of
Washington
Series
2025A,
Revenue,
Refunding,
5.00%,
4/1/2043
30,000
32,528
5.00%,
4/1/2044
25,000
26,894
University
of
Washington
Series
2025C,
Revenue,
Refunding,
5.00%,
1/1/2039
40,000
44,511
561,543
Wisconsin
-
4
.3
%
City
of
Sun
Prairie
Series
2025A,
G.O.
Unlimited,
5.00%,
4/1/2030
245,000
264,783
State
of
Wisconsin
Series
2021-2,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2029
75,000
80,428
345,211
Total
Municipal
Bonds
(Cost
$7,724,932)
7,841,423
Total
Investments
-
96.3%
(Cost
$7,724,932)
7,841,423
Other
assets
less
liabilities
-
3.7%
302,185
NET
ASSETS
-
100.0%
$8,143,608
(a)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
March
31,
2026.
(b)
Maturity
date
represents
the
puttable
date.
33
Northern
Trust
2045
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
BAM
Build
America
Mutual
G.O.
General
Obligation
LCRA
Lower
Colorado
River
Authority
PSF
Permanent
School
Fund
Security
Type
%
of
Net
Assets
Municipal
Bonds
96
.3
%
Others
(1)
3
.7
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
Municipal
Bonds
(1)
$
—
$
7,841
$
—
$
7,841
Total
Investments
$
—
$7,841
$
—
$7,841
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
2055
Tax-Exempt
Distributing
Ladder
ETF
SCHEDULE
OF
INVESTMENTS
34
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98
.1
%
Alabama
-
1
.0
%
City
of
Tuscaloosa
Series
2025B,
G.O.
Limited,
5.25%,
8/1/2055
$
75,000
$
78,206
California
-
3
.9
%
California
Educational
Facilities
Authority
Chapman
University,
Series
2025A,
Revenue,
Refunding,
5.00%,
4/1/2045
25,000
26,743
City
of
San
Jose
Series
2025A,
G.O.
Unlimited,
5.00%,
9/1/2050
35,000
37,068
Folsom
Cordova
Unified
School
District
Election
of
2024,
Series
2025A,
G.O.
Unlimited,
5.00%,
10/1/2047
40,000
42,749
Los
Angeles
Unified
School
District
Series
2024QRR,
G.O.
Unlimited,
5.00%,
7/1/2044
65,000
71,007
Redding
Joint
Powers
Financing
Authority
Electric
System,
Series
2025A,
Revenue,
5.00%,
6/1/2055
50,000
51,216
San
Diego
Community
College
District
Series
2025A1,
G.O.
Unlimited,
5.00%,
8/1/2055
25,000
26,078
San
Diego
Public
Facilities
Financing
Authority
Water,
Series
2025A,
Revenue,
5.00%,
8/1/2045
25,000
27,406
University
of
California
Series
2025CC,
Revenue,
5.00%,
5/15/2047
35,000
37,161
319,428
Colorado
-
1
.0
%
City
of
Colorado
Springs
Utilities
System,
Series
2025A,
Revenue,
5.25%,
11/15/2055
75,000
78,700
District
of
Columbia
-
1
.5
%
District
of
Columbia
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2046
70,000
73,855
Washington
Metropolitan
Area
Transit
Authority
Series
2025A,
Revenue,
5.25%,
7/15/2055
50,000
51,932
125,787
Florida
-
5
.4
%
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2024A,
Revenue,
5.00%,
10/1/2049
5,000
5,174
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
Florida
-
5.4%
continued
County
of
Pasco
Capital
Improvement,
Series
2025A,
Revenue,
5.00%,
10/1/2037
$
170,000
$
189,597
5.00%,
10/1/2055
25,000
25,564
Duval
County
Public
Schools
Series
2022A,
Certificate
of
Participation,
AG
Insured,
5.00%,
7/1/2029
90,000
96,378
Peace
River
Manasota
Regional
Water
Supply
Authority
Series
2025A,
Revenue,
5.50%,
10/1/2055
40,000
42,272
State
of
Florida
Right
of
Way
Acquisition
and
Bridge
Construction,
Series
2025B,
G.O.
Unlimited,
5.00%,
7/1/2043
25,000
27,374
State
of
Florida
Board
of
Education
Lottery,
Series
2017A,
Revenue,
Refunding,
5.00%,
7/1/2027
50,000
51,553
437,912
Georgia
-
2
.0
%
Downtown
Smyrna
Development
Authority
Smyrna
Project,
Series
2021,
Revenue,
5.00%,
2/1/2028
115,000
120,192
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2025A,
Revenue,
5.00%,
7/1/2055
40,000
41,259
161,451
Illinois
-
5
.6
%
Lake
County
Community
Consolidated
School
District
No.
34
Antioch,
Series
2025C,
G.O.
Unlimited,
5.00%,
1/1/2036
50,000
55,443
Lake
County
School
District
No.
112
North
Shore,
Series
2024,
G.O.
Unlimited,
5.00%,
12/1/2033
80,000
89,864
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2024A,
G.O.
Limited,
5.00%,
12/1/2042
30,000
32,485
Sales
Tax
Securitization
Corp.
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2036
55,000
60,553
35
Northern
Trust
2055
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
Illinois
-
5.6%
continued
State
of
Illinois
Sales
Tax,
Series
2025B,
Revenue,
5.00%,
6/15/2039
$
135,000
$
145,428
University
of
Illinois
Auxiliary
Facilities
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
1/1/2055
75,000
76,093
459,866
Indiana
-
1
.1
%
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2019A,
Revenue,
5.00%,
2/1/2028
85,000
88,824
Iowa
-
2
.0
%
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2025A,
Revenue,
5.00%,
8/1/2040
85,000
93,740
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2025C,
Revenue,
Refunding,
5.00%,
8/1/2041
65,000
71,591
165,331
Kansas
-
2
.8
%
City
of
Manhattan
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2034
200,000
224,799
Maryland
-
7
.3
%
County
of
Anne
Arundel
Water
and
Sewer,
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
4/1/2033
80,000
90,718
County
of
Anne
Arundel
Water
and
Sewer,
Series
2025B,
G.O.
Limited,
Refunding,
5.00%,
10/1/2038
135,000
151,229
County
of
Baltimore
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2032
190,000
212,708
County
of
Baltimore
Series
2025,
G.O.
Unlimited,
5.00%,
3/1/2037
5,000
5,665
State
of
Maryland
Series
2025A,
G.O.
Unlimited,
5.00%,
6/1/2038
115,000
129,320
589,640
Massachusetts
-
8
.5
%
Commonwealth
of
Massachusetts
Series
2024B,
G.O.
Limited,
5.00%,
5/1/2049
40,000
41,500
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
Massachusetts
-
8.5%
continued
5.00%,
5/1/2047
$
90,000
$
94,214
5.00%,
5/1/2048
10,000
10,418
Commonwealth
of
Massachusetts
Series
2025A,
G.O.
Limited,
5.00%,
4/1/2055
25,000
25,714
Commonwealth
of
Massachusetts
Series
2024I,
G.O.
Unlimited,
5.00%,
12/1/2048
30,000
31,327
Commonwealth
of
Massachusetts
Series
2025B,
G.O.
Unlimited,
5.00%,
6/1/2036
125,000
142,434
Commonwealth
of
Massachusetts
Series
2025C,
G.O.
Unlimited,
5.00%,
6/1/2048
30,000
31,390
Massachusetts
Bay
Transportation
Authority
Sales
Tax,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2046
45,000
47,592
5.00%,
7/1/2048
30,000
31,293
Massachusetts
Bay
Transportation
Authority
Sales
Tax,
Series
2025B,
Revenue,
5.25%,
7/1/2055
40,000
41,971
Massachusetts
Development
Finance
Agency
Harvard
University
Issue,
Series
2025A2,
Revenue,
Mandatory
Put,
5.00%,
5/15/2055
(a)(b)
170,000
194,667
692,520
Michigan
-
4
.4
%
Crestwood
School
District
Series
2025I,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2055
50,000
50,874
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Series
2025C,
Revenue,
5.50%,
7/1/2055
50,000
52,434
L'Anse
Creuse
Public
Schools
Series
2025I,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2043
65,000
69,685
5.00%,
5/1/2045
90,000
94,915
Okemos
Public
Schools
Series
2024II,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2042
40,000
42,952
Northern
Trust
2055
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
36
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
Michigan
-
4.4%
continued
Redford
Union
School
District
No.
1
Series
2025I,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
6.00%,
11/1/2031
$
50,000
$
57,764
368,624
Nebraska
-
1
.3
%
Omaha
Public
Power
District
Electric,
Series
2023B,
Revenue,
Refunding,
5.00%,
2/1/2033
90,000
102,003
Nevada
-
0
.6
%
Las
Vegas
Valley
Water
District
Series
2025A,
G.O.
Limited,
5.25%,
6/1/2055
50,000
52,372
New
Hampshire
-
0
.6
%
New
Hampshire
Municipal
Bond
Bank
Series
2020A,
Revenue,
5.00%,
2/15/2029
50,000
53,325
New
Jersey
-
1
.0
%
New
Jersey
Turnpike
Authority
Series
2025A,
Revenue,
5.25%,
1/1/2055
75,000
78,478
New
Mexico
-
0
.6
%
New
Mexico
Finance
Authority
Public
Project
Revolving
Fund,
Series
2022B,
Revenue,
5.00%,
6/1/2027
50,000
51,441
New
York
-
14
.2
%
City
of
New
York
Series
2025C1,
G.O.
Unlimited,
5.25%,
9/1/2050
30,000
31,223
City
of
New
York
Series
2025G1,
G.O.
Unlimited,
5.00%,
2/1/2044
30,000
31,740
Metropolitan
Transportation
Authority
Series
2024B1,
Revenue,
Refunding,
5.00%,
11/15/2049
35,000
36,176
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2025BB,
Revenue,
5.25%,
6/15/2050
70,000
73,932
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024F1,
Revenue,
5.00%,
2/1/2049
35,000
35,898
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
New
York
-
14.2%
continued
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024G1,
Revenue,
5.25%,
5/1/2048
$
30,000
$
31,460
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025D,
Revenue,
5.00%,
5/1/2050
25,000
25,648
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025F1,
Revenue,
Refunding,
5.00%,
11/1/2036
20,000
22,460
5.00%,
11/1/2040
50,000
54,381
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2026A1,
Revenue,
5.00%,
5/1/2040
115,000
125,943
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2024A,
Revenue,
Refunding,
5.25%,
3/15/2049
45,000
47,228
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2024B,
Revenue,
Refunding,
5.00%,
3/15/2047
85,000
88,756
New
York
State
Environmental
Facilities
Corp.
Municipal
Water
Finance
Authority
Projects,
Series
2025C,
Revenue,
Refunding,
5.00%,
6/15/2055
40,000
41,557
New
York
State
Thruway
Authority
Personal
Income
Tax,
Series
2025A,
Revenue,
5.00%,
3/15/2039
115,000
128,439
Town
of
Islip
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
10/15/2026
100,000
101,516
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2025A,
Revenue,
5.00%,
12/1/2043
30,000
32,366
5.00%,
12/1/2045
110,000
116,512
Utility
Debt
Securitization
Authority
Series
2022TE1,
Revenue,
Refunding,
5.00%,
12/15/2029
110,000
118,570
1,143,805
37
Northern
Trust
2055
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
North
Carolina
-
1
.9
%
City
of
Charlotte
Airport,
Series
2025A,
Revenue,
Refunding,
5.25%,
7/1/2055
$
50,000
$
52,380
City
of
Salisbury
Combined
Enterprise
System,
Series
2020,
Revenue,
Refunding,
5.00%,
2/1/2027
5,000
5,104
State
of
North
Carolina
Build
NC,
Series
2025A,
Revenue,
5.00%,
5/1/2026
100,000
100,209
157,693
Oklahoma
-
0
.3
%
Oklahoma
Capitol
Improvement
Authority
Department
of
Transportation,
Series
2025A,
Revenue,
5.25%,
7/1/2055
25,000
26,135
Oregon
-
0
.2
%
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton,
Series
2025B,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2050
15,000
15,551
Pennsylvania
-
3
.0
%
Pennsylvania
State
University
(The)
Series
2025A,
Revenue,
Refunding,
5.50%,
9/1/2055
50,000
53,371
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025-2,
Revenue,
Refunding,
5.00%,
12/1/2043
105,000
113,627
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025A,
Revenue,
5.25%,
12/1/2055
75,000
78,379
245,377
South
Carolina
-
1
.5
%
Corp.
ForGreer
City
Improvement
Projects,
Series
2025,
Revenue,
5.00%,
9/1/2055
75,000
76,521
Fort
Mill
School
District
No.
4
Series
2017E,
G.O.
Unlimited,
Refunding,
State
School
District
Credit
Enhancement
Program,
5.00%,
3/1/2028
50,000
52,328
128,849
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
South
Dakota
-
1
.0
%
South
Dakota
Conservancy
District
State
Revolving
Fund,
Series
2025A,
Revenue,
Refunding,
5.00%,
8/1/2055
$
75,000
$
77,374
Tennessee
-
0
.6
%
City
of
Memphis
General
Improvement,
Series
2020,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2027
50,000
51,323
Texas
-
11
.7
%
Anna
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2035
75,000
84,665
Argyle
Independent
School
District
Series
2025A,
G.O.
Unlimited,
PSF
Guaranty,
5.25%,
8/15/2055
40,000
41,716
Bellville
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2034
50,000
56,545
City
of
Lubbock
Electric
Light
&
Power
System,
Series
2021,
Revenue,
5.00%,
4/15/2030
250,000
270,181
County
of
Harris
Toll
Road,
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
9/15/2041
110,000
120,291
Ferris
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2055
50,000
51,231
Humble
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2044
35,000
37,224
Longview
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2035
5,000
5,694
Lubbock-Cooper
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2037
75,000
83,132
Rockwall
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2032
60,000
67,002
Northern
Trust
2055
Tax-Exempt
Distributing
Ladder
ETF
continued
SCHEDULE
OF
INVESTMENTS
38
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
Texas
-
11.7%
continued
Roma
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2031
$
5,000
$
5,490
Taylor
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2031
50,000
54,901
Texas
Tech
University
System
Series
2025A,
Revenue,
Refunding,
5.00%,
2/15/2050
75,000
77,538
955,610
Utah
-
1
.8
%
Canyons
School
District
Utah
School
Bond
Guaranty
Program,
Series
2018,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2027
50,000
51,517
County
of
Salt
Lake
Sales
Tax,
Series
2020B,
Revenue,
Refunding,
5.00%,
2/1/2027
45,000
45,935
Timpanogos
Special
Service
District
Series
2024,
Revenue,
Refunding,
5.00%,
6/1/2049
50,000
51,848
149,300
Virginia
-
0
.3
%
Virginia
Port
Authority
Series
2025,
Revenue,
5.25%,
7/1/2055
25,000
26,014
Washington
-
9
.1
%
City
of
Seattle
Municipal
Light
&
Power,
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2046
80,000
84,611
County
of
King
Series
2024A,
G.O.
Limited,
Refunding,
5.00%,
12/1/2042
35,000
38,198
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2043
25,000
27,094
King
&
Snohomish
Counties
School
District
No.
417
Northshore,
Series
2024,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
12/1/2042
25,000
27,137
King
County
School
District
No.
401
Highline,
Series
2025,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2041
75,000
81,651
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.1%
continued
Washington
-
9.1%
continued
5.00%,
12/1/2044
$
120,000
$
127,897
Pierce
County
School
District
No.
320
Sumner,
Series
2025,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2042
75,000
81,994
Snohomish
County
School
District
No.
15
Edmonds,
Series
2024,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
12/1/2042
45,000
48,847
State
of
Washington
Series
2024C,
G.O.
Unlimited,
5.00%,
2/1/2048
70,000
72,856
State
of
Washington
Series
2024D,
G.O.
Unlimited,
5.00%,
6/1/2048
50,000
52,116
State
of
Washington
Series
2025A,
G.O.
Unlimited,
5.00%,
8/1/2046
25,000
26,405
State
of
Washington
Series
2025C,
G.O.
Unlimited,
5.00%,
2/1/2046
30,000
31,755
State
of
Washington
Series
2025D,
G.O.
Unlimited,
5.00%,
6/1/2049
40,000
41,785
742,346
Wisconsin
-
1
.9
%
City
of
Sun
Prairie
Series
2025A,
G.O.
Unlimited,
5.00%,
4/1/2031
145,000
158,628
Total
Municipal
Bonds
(Cost
$7,873,051)
8,006,712
Total
Investments
-
98.1%
(Cost
$7,873,051)
8,006,712
Other
assets
less
liabilities
-
1.9%
157,173
NET
ASSETS
-
100.0%
$8,163,885
(a)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
March
31,
2026.
(b)
Maturity
date
represents
the
puttable
date.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
G.O.
General
Obligation
PSF
Permanent
School
Fund
39
Northern
Trust
2055
Tax-Exempt
Distributing
Ladder
ETF
March
31,
2026
(Unaudited)
Security
Type
%
of
Net
Assets
Municipal
Bonds
98
.1
%
Others
(1)
1
.9
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
Municipal
Bonds
(1)
$
—
$
8,007
$
—
$
8,007
Total
Investments
$
—
$8,007
$
—
$8,007
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
SCHEDULE
OF
INVESTMENTS
40
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98
.7
%
Alabama
-
4
.8
%
Alabama
Federal
Aid
Highway
Finance
Authority
Series
2025A,
Revenue,
5.00%,
9/1/2033
$
85,000
$
96,528
5.00%,
9/1/2035
35,000
40,034
Alabama
Highway
Authority
Series
2025,
Revenue,
AG
Insured,
5.00%,
9/1/2030
10,000
10,958
5.00%,
9/1/2033
20,000
22,624
5.00%,
9/1/2027
10,000
10,350
5.00%,
9/1/2034
20,000
22,792
Alabama
Public
School
and
College
Authority
Series
2020A,
Revenue,
Refunding,
5.00%,
11/1/2029
10,000
10,795
5.00%,
11/1/2034
75,000
80,860
5.00%,
11/1/2035
90,000
96,630
5.00%,
11/1/2039
125,000
132,031
Auburn
University
Series
2025B,
Revenue,
Refunding,
5.00%,
6/1/2036
40,000
45,274
5.00%,
6/1/2038
30,000
33,413
Birmingham
City
Waterworks
Board
Water,
Series
2016A,
Revenue,
Refunding,
4.00%,
1/1/2038
50,000
50,020
Black
Belt
Energy
Gas
District
Project
No.
5,
Series
2020A1,
Revenue,
Mandatory
Put,
4.00%,
10/1/2049
(a)(b)
65,000
65,236
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2022C1,
Revenue,
Mandatory
Put,
5.25%,
2/1/2053
(a)(b)
90,000
94,416
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2022E,
Revenue,
Mandatory
Put,
5.00%,
5/1/2053
(a)(b)
100,000
103,980
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2022F,
Revenue,
Mandatory
Put,
5.50%,
11/1/2053
(a)(b)
40,000
41,867
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023A,
Revenue,
Mandatory
Put,
5.25%,
1/1/2054
(a)(b)
175,000
185,606
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Alabama
-
4.8%
continued
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023B,
Revenue,
Mandatory
Put,
5.25%,
12/1/2053
(a)(b)
$
140,000
$
149,428
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023C,
Revenue,
Mandatory
Put,
5.50%,
10/1/2054
(a)(b)
75,000
80,914
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023D1,
Revenue,
Refunding,
Mandatory
Put,
5.50%,
6/1/2049
(a)(b)
95,000
99,885
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2024A,
Revenue,
Mandatory
Put,
5.25%,
5/1/2055
(a)(b)
120,000
123,353
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2024C,
Revenue,
Mandatory
Put,
5.00%,
5/1/2055
(a)(b)
140,000
148,488
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2024D,
Revenue,
5.00%,
11/1/2030
25,000
26,328
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2024D,
Revenue,
Mandatory
Put,
5.00%,
3/1/2055
(a)(b)
175,000
185,254
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2025D,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
12/1/2055
(a)(b)
170,000
179,876
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2025E,
Revenue,
5.00%,
5/1/2030
100,000
104,744
5.00%,
5/1/2034
70,000
73,649
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2025E,
Revenue,
Mandatory
Put,
5.00%,
12/1/2055
(a)(b)
140,000
148,065
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2026A,
Revenue,
5.00%,
12/1/2034
125,000
130,408
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2026B,
Revenue,
5.00%,
12/1/2033
150,000
159,468
5.00%,
12/1/2034
45,000
48,016
41
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Alabama
-
4.8%
continued
City
of
Mobile
Series
2025A,
G.O.
Limited,
5.00%,
2/15/2035
$
80,000
$
91,353
City
of
Mobile
Series
2025B,
G.O.
Limited,
5.00%,
2/15/2031
70,000
76,921
County
of
Jefferson
Sewer,
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2034
85,000
93,614
Energy
Southeast
A
Cooperative
District
Series
2023A1,
Revenue,
Mandatory
Put,
5.50%,
11/1/2053
(a)(b)
190,000
204,327
Energy
Southeast
A
Cooperative
District
Series
2023B1,
Revenue,
Mandatory
Put,
5.75%,
4/1/2054
(a)(b)
155,000
169,109
Energy
Southeast
A
Cooperative
District
Series
2024B,
Revenue,
Mandatory
Put,
5.25%,
7/1/2054
(a)(b)
105,000
111,966
Lower
Alabama
Gas
District
(The)
Gas
Project,
Series
2025A,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
12/1/2033
60,000
62,303
Southeast
Alabama
Gas
Supply
District
(The)
Project
No.
1,
Series
2024A,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
8/1/2054
(a)(b)
180,000
190,727
Southeast
Alabama
Gas
Supply
District
(The)
Project
No.
2,
Series
2024B,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
6/1/2049
(a)(b)
100,000
105,266
Southeast
Energy
Authority
A
Cooperative
District
Project
No.
3,
Series
2022A1,
Revenue,
Mandatory
Put,
5.50%,
1/1/2053
(a)(b)
90,000
95,789
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2024A,
Revenue,
5.00%,
11/1/2035
100,000
102,140
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2024C,
Revenue,
Mandatory
Put,
5.00%,
10/1/2055
(a)(b)
155,000
164,911
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Alabama
-
4.8%
continued
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2025A,
Revenue,
Mandatory
Put,
5.00%,
1/1/2056
(a)(b)
$
175,000
$
175,990
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2025B,
Revenue,
Mandatory
Put,
5.25%,
3/1/2055
(a)(b)
105,000
107,877
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2025D,
Revenue,
5.00%,
9/1/2035
150,000
161,437
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2025E,
Revenue,
5.00%,
10/1/2030
175,000
185,687
Southeast
Energy
Authority
A
Cooperative
District
Gas
Supply,
Series
2025F,
Revenue,
5.25%,
11/1/2030
200,000
212,712
Southeast
Energy
Authority
A
Cooperative
District
Gas
Supply,
Series
2025F,
Revenue,
Mandatory
Put,
5.25%,
11/1/2055
(a)(b)
230,000
248,262
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2025H,
Revenue,
5.00%,
11/1/2035
40,000
41,772
University
of
Alabama
(The)
Series
2019A,
Revenue,
Refunding,
5.00%,
7/1/2029
120,000
128,861
5.00%,
7/1/2031
125,000
133,510
5.00%,
7/1/2032
70,000
74,630
5.00%,
7/1/2027
35,000
36,069
5,776,523
Alaska
-
0
.2
%
State
of
Alaska
Series
2024A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2029
50,000
53,789
State
of
Alaska
Series
2024B,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2028
25,000
26,376
State
of
Alaska
International
Airports
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
10/1/2034
125,000
140,424
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
42
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Alaska
-
0.2%
continued
State
of
Alaska
International
Airports
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
10/1/2035
$
40,000
$
44,654
265,243
Arizona
-
0
.9
%
Arizona
Board
of
Regents
University
of
Arizona
System,
Series
2026A,
Revenue,
Refunding,
5.00%,
6/1/2036
25,000
28,669
Arizona
Department
of
Transportation
Series
2023,
Revenue,
Refunding,
5.00%,
7/1/2033
25,000
28,313
5.00%,
7/1/2029
25,000
26,879
Arizona
Industrial
Development
Authority
Lincoln
South
Beltway
Project,
Series
2020,
Revenue,
5.00%,
11/1/2031
20,000
22,104
City
of
Chandler
Series
2026,
G.O.
Unlimited,
5.00%,
7/1/2038
130,000
147,473
City
of
Mesa
Series
2025,
G.O.
Unlimited,
5.00%,
7/1/2040
30,000
33,180
City
of
Phoenix
Civic
Improvement
Corp.
Airport,
Series
2017D,
Revenue,
Refunding,
5.00%,
7/1/2026
40,000
40,241
City
of
Phoenix
Civic
Improvement
Corp.
Rental
Car
Facility
Charge,
Series
2019A,
Revenue,
5.00%,
7/1/2038
25,000
25,992
City
of
Phoenix
Civic
Improvement
Corp.
Water
System,
Series
2021A,
Revenue,
5.00%,
7/1/2034
65,000
71,251
5.00%,
7/1/2037
35,000
37,822
5.00%,
7/1/2038
50,000
53,745
City
of
Phoenix
Civic
Improvement
Corp.
Wastewater,
Series
2023,
Revenue,
5.00%,
7/1/2035
40,000
44,941
5.00%,
7/1/2029
10,000
10,758
5.00%,
7/1/2040
10,000
10,913
City
of
Phoenix
Civic
Improvement
Corp.
Excise
Tax,
Series
2024,
Revenue,
5.00%,
7/1/2038
135,000
150,493
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Arizona
-
0.9%
continued
5.00%,
7/1/2039
$
30,000
$
33,247
City
of
Phoenix
Civic
Improvement
Corp.
Transportation,
Series
2025,
Revenue,
5.00%,
7/1/2035
55,000
63,442
5.00%,
7/1/2030
45,000
49,225
5.00%,
7/1/2033
95,000
107,989
City
of
Phoenix
Civic
Improvement
Corp.
Excise
Tax,
Series
2025C,
Revenue,
Refunding,
5.00%,
7/1/2031
30,000
33,312
Maricopa
County
Special
Health
Care
District
Integrated
Health
Serivces,
Series
2018C,
G.O.
Unlimited,
5.00%,
7/1/2032
25,000
26,114
Maricopa
County
Special
Health
Care
District
Series
2021D,
G.O.
Unlimited,
5.00%,
7/1/2033
20,000
21,870
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2023A,
Revenue,
5.00%,
1/1/2032
65,000
72,653
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
1/1/2033
55,000
62,074
5.00%,
1/1/2034
45,000
51,179
1,253,879
California
-
7
.0
%
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023D,
Revenue,
Mandatory
Put,
5.50%,
5/1/2054
(a)(b)
105,000
109,804
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023E1,
Revenue,
Mandatory
Put,
5.00%,
2/1/2054
(a)(b)
175,000
184,836
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023G,
Revenue,
Mandatory
Put,
5.25%,
11/1/2054
(a)(b)
125,000
131,889
43
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
California
-
7.0%
continued
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024A,
Revenue,
Mandatory
Put,
5.00%,
5/1/2054
(a)(b)
$
140,000
$
147,665
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024B,
Revenue,
Mandatory
Put,
5.00%,
1/1/2055
(a)(b)
125,000
127,625
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024D,
Revenue,
Mandatory
Put,
5.00%,
2/1/2055
(a)(b)
170,000
182,074
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024E,
Revenue,
Mandatory
Put,
5.00%,
2/1/2055
(a)(b)
140,000
148,182
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024F,
Revenue,
Mandatory
Put,
5.00%,
2/1/2055
(a)(b)
170,000
182,720
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024H,
Revenue,
Mandatory
Put,
5.00%,
1/1/2056
(a)(b)
130,000
140,660
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2025A,
Revenue,
Mandatory
Put,
5.00%,
1/1/2056
(a)(b)
50,000
50,647
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2025B,
Revenue,
Mandatory
Put,
5.00%,
3/1/2056
(a)(b)
250,000
269,087
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2025E,
Revenue,
Mandatory
Put,
5.00%,
10/1/2056
(a)(b)
55,000
58,929
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2026B,
Revenue,
5.00%,
3/1/2036
200,000
207,698
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
California
-
7.0%
continued
California
Educational
Facilities
Authority
Stanford
University,
Series
V4,
Revenue,
Mandatory
Put,
5.00%,
3/1/2055
(a)(b)
$
70,000
$
79,100
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2016C,
Revenue,
Refunding,
5.00%,
11/1/2029
35,000
35,485
5.00%,
11/1/2034
40,000
40,501
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2021B,
Revenue,
5.00%,
5/1/2032
25,000
27,570
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2023B,
Revenue,
Refunding,
5.00%,
12/1/2035
55,000
60,950
California
State
Public
Works
Board
May
Lee
State
Office
Complex,
Series
2024A,
Revenue,
5.00%,
4/1/2037
35,000
39,057
Central
Valley
Energy
Authority
Series
2025,
Revenue,
Mandatory
Put,
5.00%,
12/1/2055
(a)(b)
180,000
193,693
Central
Valley
Energy
Authority
Series
2026,
Revenue,
5.00%,
8/1/2034
175,000
184,074
City
of
Los
Angeles
Department
of
Airports,
Series
2021B,
Revenue,
Refunding,
5.00%,
5/15/2036
35,000
38,635
City
of
Los
Angeles
Solid
Waste
Resources,
Series
2023A,
Revenue,
5.00%,
2/1/2038
75,000
84,320
City
of
Riverside
Electric,
Series
2019A,
Revenue,
Refunding,
5.00%,
10/1/2031
65,000
69,893
5.00%,
10/1/2034
20,000
21,312
Contra
Costa
Transportation
Authority
Sales
Tax,
Series
2021A,
Revenue,
Refunding,
4.00%,
3/1/2032
15,000
16,049
County
of
San
Bernardino
Arrowhead
Project,
Series
2019A,
Certificate
of
Participation,
Refunding,
5.00%,
10/1/2026
60,000
60,803
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
44
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
California
-
7.0%
continued
County
of
Santa
Clara
Series
2017C,
G.O.
Unlimited,
Refunding,
3.25%,
8/1/2039
$
20,000
$
18,282
Imperial
Irrigation
District
Electric
System,
Series
2016C,
Revenue,
Refunding,
5.00%,
11/1/2037
25,000
25,033
Kern
Community
College
District
Election
of
2016,
Series
2023E,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2038
50,000
56,463
Long
Beach
Bond
Finance
Authority
Natural
Gas
Purchase,
Series
2007A,
Revenue,
5.00%,
11/15/2035
100,000
109,071
5.50%,
11/15/2037
140,000
157,463
Los
Angeles
Community
College
District
Election
of
2008,
Series
2022L,
G.O.
Unlimited,
5.00%,
8/1/2035
15,000
16,986
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax,
Series
2021A,
Revenue,
4.00%,
6/1/2034
20,000
21,241
5.00%,
7/1/2036
40,000
44,323
5.00%,
7/1/2039
50,000
54,591
Los
Angeles
County
Public
Works
Financing
Authority
Lease,
Series
2024H,
Revenue,
Refunding,
5.00%,
12/1/2033
30,000
35,102
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2017A,
Revenue,
Refunding,
5.00%,
7/1/2030
20,000
20,310
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2017B,
Revenue,
Refunding,
5.00%,
7/1/2033
65,000
65,878
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2018A,
Revenue,
5.00%,
7/1/2029
55,000
56,940
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2018A,
Revenue,
Refunding,
5.00%,
7/1/2028
130,000
134,618
5.00%,
7/1/2030
45,000
46,553
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
California
-
7.0%
continued
5.00%,
7/1/2029
$
65,000
$
67,293
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2018D,
Revenue,
Refunding,
5.00%,
7/1/2027
10,000
10,284
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2019A,
Revenue,
5.00%,
7/1/2032
55,000
57,582
5.00%,
7/1/2034
160,000
166,931
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2019B,
Revenue,
Refunding,
5.00%,
7/1/2032
25,000
26,173
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2019C,
Revenue,
5.00%,
7/1/2036
100,000
104,442
5.00%,
7/1/2037
45,000
46,855
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2020B,
Revenue,
Refunding,
5.00%,
7/1/2039
85,000
89,135
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2022A,
Revenue,
5.00%,
7/1/2038
175,000
185,295
5.00%,
7/1/2039
65,000
68,520
5.00%,
7/1/2040
45,000
47,348
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2022B,
Revenue,
5.00%,
7/1/2040
140,000
148,538
5.00%,
7/1/2039
60,000
63,798
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2022B,
Revenue,
Refunding,
5.00%,
7/1/2032
35,000
38,415
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2022C,
Revenue,
Refunding,
5.00%,
7/1/2036
25,000
26,972
5.00%,
7/1/2040
100,000
105,662
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
7/1/2028
20,000
20,907
5.00%,
7/1/2034
35,000
38,792
5.00%,
7/1/2038
20,000
21,568
45
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
California
-
7.0%
continued
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2023B,
Revenue,
5.00%,
7/1/2033
$
15,000
$
16,611
5.00%,
7/1/2037
15,000
16,190
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2023E,
Revenue,
Refunding,
5.00%,
7/1/2040
25,000
26,736
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2024A,
Revenue,
5.00%,
7/1/2040
40,000
42,943
5.00%,
7/1/2039
75,000
80,730
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2029
55,000
58,424
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2024B,
Revenue,
Refunding,
5.00%,
7/1/2038
15,000
16,315
5.00%,
7/1/2037
70,000
76,615
5.00%,
7/1/2039
110,000
118,865
5.00%,
7/1/2040
25,000
26,940
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024C,
Revenue,
Refunding,
5.00%,
7/1/2033
25,000
27,863
5.00%,
7/1/2035
45,000
49,800
5.00%,
7/1/2038
30,000
32,492
5.00%,
7/1/2039
40,000
43,056
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024D,
Revenue,
5.00%,
7/1/2038
115,000
125,081
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024E,
Revenue,
Refunding,
5.00%,
7/1/2039
40,000
43,224
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
7/1/2035
65,000
73,078
5.00%,
7/1/2032
25,000
27,632
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2025D,
Revenue,
Refunding,
5.00%,
7/1/2040
100,000
108,545
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
California
-
7.0%
continued
Los
Angeles
Unified
School
District
Series
2023A,
Certificate
of
Participation,
5.00%,
10/1/2037
$
80,000
$
89,359
Metropolitan
Water
District
of
Southern
California
Waterworks,
Series
2020C,
Revenue,
Refunding,
5.00%,
7/1/2040
30,000
32,028
Metropolitan
Water
District
of
Southern
California
Waterworks,
Series
2022B,
Revenue,
Refunding,
5.00%,
7/1/2040
45,000
49,523
M-S-R
Energy
Authority
Series
2009A,
Revenue,
6.50%,
11/1/2039
60,000
71,110
7.00%,
11/1/2034
150,000
177,434
M-S-R
Energy
Authority
Series
2009B,
Revenue,
7.00%,
11/1/2034
25,000
29,572
M-S-R
Energy
Authority
Series
2009C,
Revenue,
6.50%,
11/1/2039
50,000
59,258
Municipal
Improvement
Corp.
of
Los
Angeles
Real
Property,
Series
2016B,
Revenue,
Refunding,
4.00%,
11/1/2036
80,000
80,009
5.00%,
11/1/2028
65,000
65,886
5.00%,
11/1/2031
110,000
111,391
Northern
California
Energy
Authority
Commodity
Supply,
Series
2024,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
12/1/2054
(a)(b)
145,000
154,430
Poway
Redevelopment
Agency
Successor
Agency
Paguay
Redevelopment
Project,
Series
A,
Tax
Allocation,
Refunding,
5.00%,
12/15/2030
30,000
32,736
Sacramento
Municipal
Utility
District
Series
2020H,
Revenue,
5.00%,
8/15/2038
75,000
81,022
San
Francisco
Bay
Area
Rapid
Transit
District
Series
2019F1,
G.O.
Unlimited,
3.00%,
8/1/2038
30,000
27,312
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
46
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
California
-
7.0%
continued
San
Francisco
City
&
County
Airport
Commission
San
Francisco
International
Airport,
Series
2019D,
Revenue,
Refunding,
5.00%,
5/1/2033
$
25,000
$
26,810
San
Joaquin
Valley
Clean
Energy
Authority
Series
2025A,
Revenue,
Mandatory
Put,
5.50%,
1/1/2056
(a)(b)
90,000
98,009
Santa
Monica-Malibu
Unified
School
District
Election
of
2018,
Series
2023C,
G.O.
Unlimited,
5.00%,
8/1/2037
20,000
22,072
Southern
California
Public
Power
Authority
Milford
Wind
Corridor
Phase
I
Project,
Series
2019-1,
Revenue,
Refunding,
5.00%,
7/1/2029
80,000
84,979
Southern
California
Public
Power
Authority
Windy
Point/Windy
Flats
Project,
Series
2023-1,
Revenue,
Refunding,
5.00%,
7/1/2027
25,000
25,711
Southern
California
Public
Power
Authority
Southern
Transmission
System
Renewal
Project,
Series
2024-1,
Revenue,
5.00%,
7/1/2039
50,000
54,030
Southern
California
Public
Power
Authority
Apex
Power
Project,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2032
15,000
16,579
State
of
California
G.O.
Unlimited,
5.00%,
11/1/2039
75,000
83,188
State
of
California
G.O.
Unlimited,
Refunding,
5.00%,
4/1/2027
75,000
76,943
5.00%,
10/1/2036
25,000
27,761
5.00%,
8/1/2039
80,000
88,634
State
of
California
Series
2019,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
35,000
35,458
State
of
California
Series
2025,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2033
25,000
28,440
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
California
-
7.0%
continued
State
of
California
Public
Works
Board
Various
Capital
Projects,
Series
2023B,
Revenue,
Refunding,
5.00%,
12/1/2036
$
25,000
$
27,552
University
of
California
Series
2017AV,
Revenue,
5.00%,
5/15/2033
10,000
10,254
University
of
California
Series
2020BE,
Revenue,
Refunding,
5.00%,
5/15/2034
60,000
64,631
University
of
California
Series
2022S,
Revenue,
Refunding,
5.00%,
5/15/2033
20,000
22,334
University
of
California
Series
2023BM,
Revenue,
Refunding,
5.00%,
5/15/2036
55,000
61,163
University
of
California
Series
2024BV,
Revenue,
Refunding,
5.00%,
5/15/2038
80,000
88,999
5.00%,
5/15/2039
30,000
33,113
University
of
California
Series
2025CD,
Revenue,
5.00%,
5/15/2036
130,000
149,777
5.00%,
5/15/2040
155,000
172,781
8,462,050
Colorado
-
1
.9
%
Adams
&
Arapahoe
Counties
Joint
School
District
28J
Aurora,
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.50%,
12/1/2035
30,000
35,765
Adams
12
Five
Star
Schools
Series
2016B,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
12/15/2028
60,000
61,078
Adams
12
Five
Star
Schools
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.25%,
12/15/2039
15,000
16,825
Adams
12
Five
Star
Schools
Series
B,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
12/15/2031
25,000
25,433
Arapahoe
County
School
District
No.
5
Cherry
Creek,
Series
2026,
G.O.
Unlimited,
State
Aid
Withholding,
5.25%,
12/15/2035
20,000
23,433
47
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Colorado
-
1.9%
continued
Board
of
Governors
of
Colorado
State
University
System
Series
2013A,
Revenue,
Refunding,
State
Higher
Education
Intercept
Program,
5.00%,
3/1/2033
$
95,000
$
105,699
Board
of
Governors
of
Colorado
State
University
System
Series
2023A2,
Revenue,
Mandatory
Put,
4.50%,
3/1/2053
(a)(b)
35,000
36,129
Boulder
Larimer
&
Weld
Counties
St.
Vrain
Valley
School
Distric
No.
Re-
1J,
Series
2024,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2027
25,000
26,066
5.00%,
12/15/2037
35,000
39,039
5.00%,
12/15/2038
35,000
38,726
City
&
County
of
Denver
Wellington
E.
Webb
Municipal
Office
Building,
Series
2023,
Certificate
of
Participation,
Refunding,
5.00%,
12/1/2034
40,000
45,035
City
&
County
of
Denver
Elevate
Denver,
Series
2020A,
G.O.
Unlimited,
5.00%,
8/1/2031
35,000
38,255
City
&
County
of
Denver
Elevate
Denver,
Series
2022A,
G.O.
Unlimited,
5.00%,
8/1/2035
50,000
55,406
City
&
County
of
Denver
Airport
System,
Series
2019C,
Revenue,
Refunding,
5.00%,
11/15/2029
10,000
10,801
5.00%,
11/15/2030
20,000
21,531
5.00%,
11/15/2035
10,000
10,610
5.00%,
11/15/2034
45,000
47,904
City
&
County
of
Denver
Airport
System,
Series
2022C,
Revenue,
Refunding,
5.00%,
11/15/2030
50,000
54,820
City
&
County
of
Denver
Airport
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
11/15/2035
20,000
22,283
City
of
Colorado
Springs
Utilities
System,
Series
2022A,
Revenue,
Refunding,
5.00%,
11/15/2028
25,000
26,578
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Colorado
-
1.9%
continued
Colorado
Bridge
&
Tunnel
Enterprise
Series
2024B,
Revenue,
Refunding,
5.00%,
12/1/2030
$
10,000
$
11,028
5.00%,
12/1/2029
35,000
37,964
Denver
City
&
County
School
District
No.
1
Series
2017,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2031
30,000
30,493
5.00%,
12/1/2033
25,000
25,388
Denver
City
&
County
School
District
No.
1
Series
2018A,
G.O.
Unlimited,
State
Aid
Withholding,
5.50%,
12/1/2028
20,000
20,961
Denver
City
&
County
School
District
No.
1
Series
2021,
G.O.
Unlimited,
State
Aid
Withholding,
3.00%,
12/1/2036
45,000
41,437
5.00%,
12/1/2032
30,000
32,807
5.00%,
12/1/2034
60,000
65,053
Denver
City
&
County
School
District
No.
1
Series
2022A,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2034
55,000
61,119
Denver
City
&
County
School
District
No.
1
Series
2025A,
G.O.
Unlimited,
State
Aid
Withholding,
5.25%,
12/1/2037
85,000
97,427
Douglas
County
School
District
No.
Re1
Douglas
&
Elbert
Counties,
Series
2019,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2038
20,000
20,805
E-470
Public
Highway
Authority
Series
2020A,
Revenue,
Refunding,
5.00%,
9/1/2028
45,000
47,428
Eagle
County
School
District
No.
Re50J
Series
2017,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2029
40,000
40,677
Eagle
County
School
District
No.
Re50J
Series
2024,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2040
30,000
32,718
El
Paso
County
School
District
No.
2
Harrison,
Series
2019,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2038
25,000
25,976
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
48
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Colorado
-
1.9%
continued
Fort
Collins-Loveland
Water
District
Series
2025,
Revenue,
5.00%,
12/1/2039
$
40,000
$
44,495
Jefferson
County
School
District
No.
R-1
Series
2018,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2033
65,000
68,362
5.00%,
12/15/2032
100,000
105,365
5.00%,
12/15/2037
20,000
20,830
Public
Authority
for
Colorado
Energy
Natural
Gas
Purchase,
Series
2008,
Revenue,
6.50%,
11/15/2038
140,000
165,589
Pueblo
School
District
No.
60
Series
2020,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2033
75,000
80,075
5.00%,
12/15/2032
75,000
80,352
Regional
Transportation
District
Fastracks
Project,
Series
2021B,
Revenue,
Refunding,
4.00%,
11/1/2039
75,000
75,806
State
of
Colorado
Series
2021A,
Certificate
of
Participation,
5.00%,
12/15/2027
25,000
26,019
State
of
Colorado
Series
2022,
Certificate
of
Participation,
6.00%,
12/15/2032
110,000
130,976
6.00%,
12/15/2034
40,000
47,142
6.00%,
12/15/2035
50,000
58,584
University
of
Colorado
Series
2017A-2,
Revenue,
5.00%,
6/1/2030
55,000
57,641
University
of
Colorado
Series
2024A,
Revenue,
Refunding,
5.00%,
10/1/2030
30,000
32,932
Weld
County
School
District
No.
Re-4
Series
2023,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2036
50,000
54,863
5.00%,
12/1/2037
10,000
10,910
5.00%,
12/1/2038
5,000
5,426
5.00%,
12/1/2039
70,000
75,608
2,473,672
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Connecticut
-
0
.5
%
Connecticut
State
Health
&
Educational
Facilities
Authority
Quinnipiac
University,
Series
O,
Revenue,
Refunding,
5.00%,
7/1/2031
$
80,000
$
87,801
State
of
Connecticut
Series
2016B,
G.O.
Unlimited,
Refunding,
4.00%,
5/15/2026
15,000
15,027
State
of
Connecticut
Series
2018E,
G.O.
Unlimited,
5.00%,
9/15/2037
25,000
26,010
State
of
Connecticut
Series
2024C,
G.O.
Unlimited,
Refunding,
5.00%,
3/1/2031
10,000
11,048
State
of
Connecticut
Series
2024F,
G.O.
Unlimited,
5.00%,
11/15/2034
30,000
34,401
State
of
Connecticut
Series
2024H,
G.O.
Unlimited,
Refunding,
5.00%,
11/15/2026
65,000
66,001
State
of
Connecticut
Series
2025B,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2033
35,000
39,927
State
of
Connecticut
Transportation
Infrastructure,
Series
2023,
Special
Tax,
5.00%,
7/1/2034
15,000
17,121
State
of
Connecticut
Transportation
Infrastructure,
Series
2024A2,
Special
Tax,
5.00%,
7/1/2033
20,000
22,647
5.00%,
7/1/2034
45,000
51,362
State
of
Connecticut
Transportation
Infrastructure,
Series
2025A,
Special
Tax,
Refunding,
5.00%,
7/1/2039
95,000
106,001
5.00%,
7/1/2040
90,000
99,947
577,293
Delaware
-
1
.8
%
Delaware
Transportation
Authority
Garvee,
Series
2020,
Revenue,
Refunding,
5.00%,
7/1/2027
125,000
128,961
5.00%,
9/1/2031
135,000
146,851
5.00%,
7/1/2032
80,000
86,919
5.00%,
9/1/2027
65,000
67,290
5.00%,
7/1/2028
55,000
57,974
5.00%,
9/1/2029
65,000
69,873
5.00%,
9/1/2032
35,000
37,961
49
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Delaware
-
1.8%
continued
5.00%,
9/1/2026
$
75,000
$
75,792
5.00%,
7/1/2033
35,000
37,874
Delaware
Transportation
Authority
Transportation
System,
Series
2022,
Revenue,
Refunding,
5.00%,
7/1/2035
115,000
127,276
5.00%,
7/1/2036
45,000
49,493
State
of
Delaware
Series
2017A,
G.O.
Unlimited,
Refunding,
5.00%,
1/1/2028
20,000
20,850
State
of
Delaware
Series
2019,
G.O.
Unlimited,
5.00%,
2/1/2028
25,000
26,111
State
of
Delaware
Series
2019A,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
30,000
30,380
State
of
Delaware
Series
2020A,
G.O.
Unlimited,
5.00%,
1/1/2029
135,000
143,889
State
of
Delaware
Series
2022,
G.O.
Unlimited,
Refunding,
5.00%,
3/1/2029
60,000
64,168
5.00%,
3/1/2033
35,000
39,117
State
of
Delaware
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2029
65,000
69,744
5.00%,
5/1/2032
85,000
95,662
5.00%,
5/1/2033
75,000
85,316
5.00%,
5/1/2036
10,000
11,178
5.00%,
5/1/2037
120,000
133,293
State
of
Delaware
Series
2024A,
G.O.
Unlimited,
5.00%,
5/1/2028
45,000
47,294
5.00%,
5/1/2033
50,000
56,878
5.00%,
5/1/2038
100,000
111,671
State
of
Delaware
Series
2024B,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2034
45,000
51,719
State
of
Delaware
Series
2025,
G.O.
Unlimited,
5.00%,
5/1/2033
50,000
56,877
5.00%,
5/1/2038
45,000
50,772
University
of
Delaware
Series
2025A,
Revenue,
Refunding,
5.00%,
11/1/2035
75,000
84,652
5.00%,
11/1/2036
110,000
123,011
2,188,846
District
of
Columbia
-
2
.3
%
District
of
Columbia
Series
2016A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2033
20,000
20,080
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
District
of
Columbia
-
2.3%
continued
District
of
Columbia
Series
2017D,
G.O.
Unlimited,
5.00%,
6/1/2031
$
85,000
$
87,101
5.00%,
6/1/2029
30,000
30,806
District
of
Columbia
Series
2018B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2029
35,000
36,779
5.00%,
6/1/2031
40,000
41,834
District
of
Columbia
Series
2019A,
G.O.
Unlimited,
5.00%,
10/15/2028
85,000
90,204
District
of
Columbia
Series
2021D,
G.O.
Unlimited,
5.00%,
2/1/2031
65,000
71,452
5.00%,
2/1/2034
50,000
54,326
5.00%,
2/1/2035
55,000
59,502
District
of
Columbia
Series
2021E,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2034
75,000
81,489
5.00%,
2/1/2035
110,000
119,005
District
of
Columbia
Series
2023A,
G.O.
Unlimited,
5.00%,
1/1/2035
65,000
72,249
District
of
Columbia
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2031
30,000
33,208
District
of
Columbia
Series
2024B,
G.O.
Unlimited,
5.00%,
8/1/2029
45,000
48,437
District
of
Columbia
Water
&
Sewer
Authority
Public
Utility,
Series
2016A,
Revenue,
Refunding,
3.25%,
10/1/2037
85,000
80,120
District
of
Columbia
Georgetown
University
(The),
Series
2017,
Revenue,
Refunding,
5.00%,
4/1/2030
75,000
76,520
District
of
Columbia
Income
Tax,
Series
2019A,
Revenue,
5.00%,
3/1/2028
70,000
73,326
5.00%,
3/1/2032
85,000
90,818
District
of
Columbia
Income
Tax,
Series
2019C,
Revenue,
Refunding,
5.00%,
10/1/2026
35,000
35,435
5.00%,
10/1/2033
50,000
53,248
District
of
Columbia
Federal
Highway
Grant
Anticipation,
Series
2020,
Revenue,
5.00%,
12/1/2026
75,000
76,211
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
50
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
District
of
Columbia
-
2.3%
continued
District
of
Columbia
Income
Tax,
Series
2020A,
Revenue,
5.00%,
3/1/2031
$
40,000
$
43,232
5.00%,
3/1/2032
60,000
64,698
5.00%,
3/1/2033
95,000
102,091
5.00%,
3/1/2034
85,000
91,017
District
of
Columbia
Income
Tax,
Series
2020B,
Revenue,
Refunding,
5.00%,
10/1/2026
60,000
60,746
District
of
Columbia
Income
Tax,
Series
2020C,
Revenue,
5.00%,
5/1/2032
75,000
81,063
District
of
Columbia
Income
Tax,
Series
2022A,
Revenue,
5.00%,
7/1/2032
40,000
44,762
5.00%,
7/1/2036
50,000
54,703
5.00%,
7/1/2037
65,000
70,684
District
of
Columbia
Income
Tax,
Series
2022C,
Revenue,
Refunding,
5.00%,
12/1/2034
40,000
44,456
District
of
Columbia
Income
Tax,
Series
2023A,
Revenue,
5.00%,
5/1/2039
55,000
59,748
District
of
Columbia
Water
&
Sewer
Authority
Public
Utility,
Series
2024A,
Revenue,
Refunding,
5.00%,
10/1/2031
85,000
94,444
5.00%,
10/1/2038
25,000
27,782
Metropolitan
Washington
Airports
Authority
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series
2019A,
Revenue,
Refunding,
5.00%,
10/1/2039
60,000
62,027
Washington
Metropolitan
Area
Transit
Authority
Series
2017B,
Revenue,
5.00%,
7/1/2030
75,000
76,951
5.00%,
7/1/2034
75,000
76,573
Washington
Metropolitan
Area
Transit
Authority
Series
2018,
Revenue,
5.00%,
7/1/2035
30,000
30,593
Washington
Metropolitan
Area
Transit
Authority
Series
2020A,
Revenue,
5.00%,
7/15/2030
40,000
43,491
5.00%,
7/15/2033
20,000
21,503
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
District
of
Columbia
-
2.3%
continued
Washington
Metropolitan
Area
Transit
Authority
Series
2021A,
Revenue,
4.00%,
7/15/2038
$
75,000
$
75,419
5.00%,
7/15/2032
90,000
98,834
2,656,967
Florida
-
7
.9
%
Central
Florida
Expressway
Authority
Series
2017,
Revenue,
Pre-Refunded,
5.00%,
7/1/2037
(c)
10,000
10,308
Central
Florida
Expressway
Authority
Series
2017,
Revenue,
Refunding,
5.00%,
7/1/2029
40,000
41,231
Central
Florida
Expressway
Authority
Series
2019B,
Revenue,
5.00%,
7/1/2032
75,000
79,680
Central
Florida
Expressway
Authority
Series
2021D,
Revenue,
5.00%,
7/1/2032
55,000
60,684
5.00%,
7/1/2031
25,000
27,680
Central
Florida
Expressway
Authority
Series
2021D,
Revenue,
AG
Insured,
5.00%,
7/1/2034
60,000
65,634
5.00%,
7/1/2035
25,000
27,199
5.00%,
7/1/2033
30,000
32,970
Central
Florida
Expressway
Authority
Series
2024B,
Revenue,
AG
Insured,
5.00%,
7/1/2030
45,000
49,145
5.00%,
7/1/2035
75,000
84,678
Central
Florida
Expressway
Authority
Series
2025A,
Revenue,
5.00%,
7/1/2032
20,000
22,430
City
of
Gainesville
Utilities
System,
Series
2017A,
Revenue,
5.00%,
10/1/2029
20,000
20,677
5.00%,
10/1/2031
65,000
67,022
5.00%,
10/1/2032
45,000
46,323
5.00%,
10/1/2033
80,000
82,253
5.00%,
10/1/2037
15,000
15,332
City
of
Jacksonville
Series
2019A,
Revenue,
Refunding,
5.00%,
10/1/2032
25,000
26,743
City
of
Jacksonville
Series
2022A,
Revenue,
Refunding,
5.00%,
10/1/2030
50,000
54,595
5.00%,
10/1/2029
10,000
10,755
5.00%,
10/1/2028
70,000
74,017
51
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
City
of
Jacksonville
Series
2023A,
Revenue,
Refunding,
5.00%,
10/1/2037
$
30,000
$
32,975
5.00%,
10/1/2031
25,000
27,630
5.00%,
10/1/2032
60,000
67,015
5.00%,
10/1/2034
40,000
44,910
5.00%,
10/1/2038
25,000
27,365
City
of
Jacksonville
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2028
35,000
37,008
City
of
Jacksonville
Series
2025,
Revenue,
5.00%,
10/1/2028
110,000
116,312
City
of
Orlando
Tourist
Development
Tax,
Series
A,
Revenue,
Refunding,
AG
Insured,
5.00%,
11/1/2032
95,000
97,750
City
of
Tallahassee
Energy
System,
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2035
75,000
84,744
5.00%,
10/1/2040
10,000
10,939
City
of
Tallahassee
Utility
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
10/1/2034
25,000
28,647
5.00%,
10/1/2031
50,000
55,636
5.00%,
10/1/2032
25,000
28,158
City
of
Tallahassee
Energy
System,
Series
2025,
Revenue,
Refunding,
5.00%,
10/1/2032
50,000
56,317
County
of
Broward
Convention
Center
Expansion
Project,
Series
2021,
Revenue,
5.00%,
9/1/2030
25,000
27,275
County
of
Broward
Water
&
Sewer
Utility,
Series
2025,
Revenue,
Refunding,
5.00%,
10/1/2034
60,000
68,753
County
of
Miami-Dade
School
Board,
Series
2015D,
Certificate
of
Participation,
Refunding,
4.00%,
2/1/2033
60,000
60,039
County
of
Miami-Dade
School
Board,
Series
2025A,
Certificate
of
Participation,
Refunding,
5.00%,
5/1/2030
95,000
103,290
5.00%,
5/1/2032
20,000
22,354
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
County
of
Miami-Dade
Building
Better
Communitites
Project,
Series
2016A,
G.O.
Unlimited,
5.00%,
7/1/2032
$
95,000
$
103,058
5.00%,
7/1/2030
55,000
59,951
5.00%,
7/1/2033
50,000
54,044
County
of
Miami-Dade
School
Board,
Series
2026,
G.O.
Unlimited,
Refunding,
5.00%,
3/15/2039
120,000
133,631
5.00%,
3/15/2034
50,000
56,837
County
of
Miami-Dade
Series
2016,
Revenue,
Refunding,
4.00%,
10/1/2040
25,000
25,009
5.00%,
10/1/2034
105,000
106,090
County
of
Miami-Dade
Transit
System,
Series
2017,
Revenue,
Refunding,
4.00%,
7/1/2034
80,000
80,111
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2017B,
Revenue,
Refunding,
4.00%,
10/1/2037
45,000
45,211
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2019,
Revenue,
5.00%,
10/1/2036
20,000
20,860
County
of
Miami-Dade
Transit
System,
Series
2019,
Revenue,
Refunding,
5.00%,
7/1/2032
85,000
90,562
5.00%,
7/1/2033
25,000
26,505
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2021,
Revenue,
3.00%,
10/1/2040
125,000
108,072
5.00%,
10/1/2030
30,000
32,863
County
of
Miami-Dade
Seaport
Department,
Series
2022B,
Revenue,
Refunding,
5.00%,
10/1/2037
10,000
10,807
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2024B,
Revenue,
5.00%,
10/1/2030
45,000
49,295
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
10/1/2033
10,000
11,270
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
52
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
County
of
Miami-Dade
Aviation,
Series
A,
Revenue,
Refunding,
5.00%,
10/1/2031
$
30,000
$
30,309
Duval
County
Public
Schools
Series
2022A,
Certificate
of
Participation,
AG
Insured,
5.00%,
7/1/2027
55,000
56,639
Florida
Department
of
Environmental
Protection
Florida
Forever,
Series
2016A,
Revenue,
Pre-Refunded,
5.00%,
7/1/2027
(c)
50,000
50,312
Florida
Department
of
Environmental
Protection
Florida
Forever,
Series
2018A,
Revenue,
ETM,
5.00%,
7/1/2028
(c)
30,000
31,608
Florida
Department
of
Environmental
Protection
Florida
Forever,
Series
2018A,
Revenue,
Refunding,
5.00%,
7/1/2029
15,000
16,120
Florida
Insurance
Assistance
Interlocal
Agency
Insurance
Assessment,
Series
2023A1,
Revenue,
5.00%,
9/1/2028
80,000
80,724
Florida
Municipal
Power
Agency
All-Requirements
Power
Supply
Project,
Series
2016A,
Revenue,
Refunding,
5.00%,
10/1/2026
50,000
50,569
5.00%,
10/1/2028
35,000
35,407
Florida
State
Board
of
Governors
University
Athletics
Association,
Series
2024A,
Revenue,
BAM
Insured,
5.00%,
10/1/2038
75,000
82,459
JEA
Electric
System
Series
2020A3,
Revenue,
Refunding,
5.00%,
10/1/2034
75,000
80,018
JEA
Electric
System
Series
2024A,
Revenue,
Refunding,
AG
Insured,
5.00%,
10/1/2032
20,000
22,464
5.00%,
10/1/2033
25,000
28,336
JEA
Water
&
Sewer
System
Series
2017A,
Revenue,
Refunding,
5.00%,
10/1/2028
20,000
20,686
5.00%,
10/1/2032
125,000
128,563
5.00%,
10/1/2030
170,000
175,439
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
JEA
Water
&
Sewer
System
Series
2020A,
Revenue,
Refunding,
3.00%,
10/1/2036
$
40,000
$
37,745
5.00%,
10/1/2035
25,000
26,630
JEA
Water
&
Sewer
System
Series
2025A,
Revenue,
Refunding,
5.00%,
10/1/2040
15,000
16,502
Lee
County
School
Board
(The)
Series
2025A,
Certificate
of
Participation,
5.00%,
8/1/2039
75,000
82,525
Leon
County
-
City
of
Tallahassee
Blueprint
Intergovernmental
Agency
Sales
Tax,
Series
2024,
Revenue,
5.00%,
10/1/2035
20,000
22,136
5.00%,
10/1/2036
90,000
98,931
Manatee
County
School
District
Master
Lease
Program,
Series
2023A,
Certificate
of
Participation,
AG
Insured,
5.00%,
7/1/2034
150,000
167,676
5.00%,
7/1/2033
60,000
67,319
5.00%,
7/1/2036
25,000
27,545
5.00%,
7/1/2038
40,000
43,591
Marion
County
School
Board
Series
2024,
Certificate
of
Participation,
AG
Insured,
5.00%,
6/1/2039
135,000
146,730
5.00%,
6/1/2040
45,000
48,477
Miami-Dade
County
Educational
Facilities
Authority
University
of
Miami,
Series
2024A,
Revenue,
Refunding,
5.00%,
4/1/2040
50,000
53,829
5.00%,
4/1/2037
25,000
27,573
Miami-Dade
County
Educational
Facilities
Authority
University
of
Miami,
Series
B,
Revenue,
Refunding,
AMBAC
Insured,
5.25%,
4/1/2029
25,000
26,671
Okaloosa
County
School
Board
Series
2022A,
Certificate
of
Participation,
5.00%,
10/1/2029
10,000
10,720
Orange
County
Convention
Center
Series
2017,
Revenue,
Refunding,
5.00%,
10/1/2027
10,000
10,348
53
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
Orlando
Utilities
Commission
Utility
System,
Series
2018A,
Revenue,
5.00%,
10/1/2035
$
35,000
$
35,932
Orlando
Utilities
Commission
Utility
System,
Series
2023A,
Revenue,
5.00%,
10/1/2037
70,000
77,184
5.00%,
10/1/2038
100,000
109,738
Orlando
Utilities
Commission
Utility
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
10/1/2035
20,000
22,646
Palm
Beach
County
School
District
Series
2017A,
Certificate
of
Participation,
Refunding,
5.00%,
8/1/2027
50,000
51,606
Palm
Beach
County
School
District
Series
2018A,
Certificate
of
Participation,
Refunding,
5.00%,
8/1/2027
75,000
77,409
Palm
Beach
County
School
District
Series
2018C,
Certificate
of
Participation,
Refunding,
5.00%,
8/1/2029
165,000
173,768
Palm
Beach
County
School
District
Series
2021A,
Certificate
of
Participation,
5.00%,
8/1/2038
10,000
10,664
5.00%,
8/1/2040
80,000
85,034
Palm
Beach
County
School
District
Series
2022B,
Certificate
of
Participation,
5.00%,
8/1/2027
20,000
20,643
5.25%,
8/1/2035
45,000
50,119
5.25%,
8/1/2036
150,000
165,754
5.25%,
8/1/2037
35,000
38,512
5.25%,
8/1/2038
30,000
32,711
5.25%,
8/1/2039
45,000
48,867
Palm
Beach
County
School
District
Series
2023A,
Certificate
of
Participation,
5.00%,
8/1/2037
30,000
32,583
5.00%,
8/1/2036
35,000
38,291
Polk
County
School
District
Sales
Tax,
Series
2019,
Revenue,
5.00%,
10/1/2026
150,000
151,819
5.00%,
10/1/2031
45,000
48,068
5.00%,
10/1/2032
40,000
42,555
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
Reddy
Creek
Improvement
District
Series
2016A,
G.O.
Limited,
5.00%,
6/1/2035
$
25,000
$
25,074
Sarasota
County
School
Board
Master
Lease
Program,
Series
2022A,
Certificate
of
Participation,
5.00%,
7/1/2035
45,000
49,935
5.00%,
7/1/2037
85,000
93,026
Sarasota
County
School
Board
Master
Lease
Program,
Series
2023A,
Certificate
of
Participation,
5.00%,
7/1/2035
50,000
55,483
5.00%,
7/1/2032
40,000
44,545
5.00%,
7/1/2034
55,000
61,443
5.00%,
7/1/2037
45,000
49,249
5.00%,
7/1/2036
50,000
55,023
School
District
of
Broward
County
Series
2020A,
Certificate
of
Participation,
5.00%,
7/1/2031
75,000
80,684
5.00%,
7/1/2032
10,000
10,710
School
District
of
Broward
County
Series
2025A,
Certificate
of
Participation,
Refunding,
AG
Insured,
5.00%,
7/1/2032
135,000
150,910
Seminole
County
School
District
Series
2025,
Revenue,
AG
Insured,
5.00%,
10/1/2032
50,000
55,971
5.00%,
10/1/2026
155,000
156,942
5.00%,
10/1/2030
30,000
32,783
State
of
Florida
Department
of
Management
Services,
Series
2018A,
Certificate
of
Participation,
Refunding,
5.00%,
11/1/2027
85,000
88,241
State
of
Florida
Public
Education
Capital
Outlay,
Series
2017B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2030
10,000
10,262
State
of
Florida
Department
of
Transportation,
Series
2019A,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2028
40,000
42,181
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
54
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
State
of
Florida
Public
Education
Capital
Outlay,
Series
2019C,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
$
25,000
$
26,322
5.00%,
6/1/2031
75,000
80,204
State
of
Florida
Public
Education
Capital
Outlay,
Series
2020A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
90,000
92,688
5.00%,
6/1/2029
55,000
59,107
5.00%,
6/1/2028
25,000
26,322
5.00%,
6/1/2033
105,000
113,844
5.00%,
6/1/2031
90,000
97,888
State
of
Florida
Right
of
Way
Acquisition
&
Bridge
Construction,
Series
2021A,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2029
20,000
21,521
State
of
Florida
Right
of
Way
Acquisition
&
Bridge
Construction,
Series
2021B,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2029
55,000
59,182
State
of
Florida
Public
Education
Capital
Outlay,
Series
2022B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2033
75,000
84,970
State
of
Florida
Public
Education
Capital
Outlay,
Series
2022C,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
20,000
21,057
5.00%,
6/1/2027
30,000
30,896
State
of
Florida
Public
Education
Capital
Outlay,
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
35,000
36,850
State
of
Florida
Public
Education
Capital
Outlay,
Series
2024A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
30,000
31,586
State
of
Florida
Public
Education
Capital
Outlay,
Series
2024B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
30,000
30,896
5.00%,
6/1/2030
50,000
54,659
State
of
Florida
Public
Education
Capital
Outlay,
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
40,000
41,194
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
5.00%,
6/1/2032
$
50,000
$
56,115
State
of
Florida
Board
of
Education
Lottery,
Series
2017A,
Revenue,
Refunding,
5.00%,
7/1/2027
90,000
92,795
5.00%,
7/1/2028
15,000
15,774
State
of
Florida
Department
of
Transportation
Financing
Corp.,
Series
2018,
Revenue,
5.00%,
7/1/2032
25,000
26,162
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2018A,
Revenue,
5.00%,
7/1/2035
60,000
62,560
State
of
Florida
Department
of
Transportation
Federal
Highway
Reimbursement,
Series
2019A,
Revenue,
5.00%,
7/1/2028
135,000
142,208
5.00%,
7/1/2029
30,000
32,126
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2019A,
Revenue,
Refunding,
5.00%,
7/1/2032
105,000
110,224
5.00%,
7/1/2030
25,000
26,347
5.00%,
7/1/2031
105,000
110,376
State
of
Florida
Department
of
Transportation
Financing
Corp.,
Series
2020,
Revenue,
5.00%,
7/1/2030
10,000
10,900
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
7/1/2028
65,000
68,514
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2028
30,000
31,622
5.00%,
7/1/2033
20,000
22,634
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2034
20,000
22,798
6.00%,
7/1/2029
95,000
105,043
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2034
55,000
62,694
5.00%,
7/1/2031
125,000
138,465
55
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Florida
-
7.9%
continued
Tampa
Bay
Water
Regional
Water
Supply
Authority
Utility
System,
Series
2001A,
Revenue,
NATL
Insured,
ETM,
6.00%,
10/1/2029
(c)
$
60,000
$
66,240
Tampa
Bay
Water
Regional
Water
Supply
Authority
Utility
System,
Series
2016A,
Revenue,
Refunding,
5.00%,
10/1/2036
30,000
30,286
Tampa
Bay
Water
Regional
Water
Supply
Authority
Utility
System,
Series
2025,
Revenue,
Refunding,
5.00%,
10/1/2028
20,000
21,148
Volusia
County
Educational
Facility
Authority
Embry-
Riddle
Aeronautical
University,
Inc.
Project,
Series
2025,
Revenue,
5.00%,
10/15/2039
70,000
76,493
9,332,325
Georgia
-
2
.9
%
Cherokee
County
Board
of
Education
Series
2025B,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
2/1/2027
75,000
76,571
City
of
Atlanta
Water
&
Wastewater,
Series
2004,
Revenue,
AG
Insured,
5.75%,
11/1/2026
95,000
96,838
City
of
Atlanta
Water
&
Wastewater,
Series
2017A,
Revenue,
Pre-Refunded,
5.00%,
11/1/2029
(c)
30,000
31,171
5.00%,
11/1/2031
(c)
40,000
41,561
5.00%,
11/1/2030
(c)
25,000
25,976
City
of
Atlanta
Water
&
Wastewater,
Series
2018C,
Revenue,
Refunding,
5.00%,
11/1/2026
110,000
111,622
City
of
Atlanta
Airport,
Series
2020A,
Revenue,
Refunding,
5.00%,
7/1/2029
20,000
21,488
5.00%,
7/1/2027
50,000
51,515
5.00%,
7/1/2026
55,000
55,338
Columbia
County
School
District
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
10/1/2039
125,000
139,524
5.00%,
10/1/2040
30,000
33,225
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Georgia
-
2.9%
continued
County
of
DeKalb
Water
&
Sewerage,
Series
2006B,
Revenue,
Refunding,
5.25%,
10/1/2026
$
65,000
$
65,901
County
of
DeKalb
Water
&
Sewerage,
Series
2022,
Revenue,
Refunding,
5.00%,
10/1/2034
50,000
55,649
5.00%,
10/1/2039
25,000
27,087
County
of
Fulton
Water
&
Sewerage,
Series
2025,
Revenue,
Refunding,
5.00%,
1/1/2033
100,000
112,913
Georgia
Ports
Authority
Series
2022,
Revenue,
5.00%,
7/1/2027
15,000
15,458
Georgia
State
Road
&
Tollway
Authority
Garvee,
Series
2020,
Revenue,
5.00%,
6/1/2027
55,000
56,604
5.00%,
6/1/2026
15,000
15,064
5.00%,
6/1/2031
30,000
32,535
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2019A,
Revenue,
5.00%,
5/15/2036
50,000
53,542
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2019C,
Revenue,
Mandatory
Put,
4.00%,
3/1/2050
(a)(b)
90,000
90,250
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2021A,
Revenue,
Mandatory
Put,
4.00%,
7/1/2052
(a)(b)
50,000
50,582
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2022A,
Revenue,
Mandatory
Put,
4.00%,
9/1/2052
(a)(b)
65,000
65,639
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2023B,
Revenue,
Mandatory
Put,
5.00%,
7/1/2053
(a)(b)
100,000
104,854
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2024A,
Revenue,
Mandatory
Put,
5.00%,
5/1/2054
(a)(b)
175,000
185,443
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2024B,
Revenue,
Mandatory
Put,
5.00%,
12/1/2054
(a)(b)
40,000
42,696
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2024C,
Revenue,
Mandatory
Put,
5.00%,
12/1/2054
(a)(b)
150,000
158,293
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2024D,
Revenue,
Mandatory
Put,
5.00%,
4/1/2054
(a)(b)
170,000
180,499
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
56
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Georgia
-
2.9%
continued
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2024E,
Revenue,
Mandatory
Put,
5.00%,
5/1/2055
(a)(b)
$
175,000
$
183,585
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2025A,
Revenue,
Mandatory
Put,
5.00%,
6/1/2055
(a)(b)
75,000
80,207
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2025B,
Revenue,
5.00%,
12/1/2032
45,000
47,121
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2025B,
Revenue,
Mandatory
Put,
5.00%,
12/1/2055
(a)(b)
125,000
131,224
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2007-3,
Revenue,
NATL
Insured,
ETM,
5.25%,
7/1/2027
(c)
55,000
56,916
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2007A,
Revenue,
NATL
Insured,
ETM,
5.25%,
7/1/2029
(c)
85,000
92,286
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2015C,
Revenue,
Refunding,
5.00%,
7/1/2029
70,000
70,414
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2023B,
Revenue,
5.00%,
7/1/2031
35,000
38,882
5.00%,
7/1/2028
40,000
42,173
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2024B,
Revenue,
5.00%,
7/1/2032
85,000
95,700
Municipal
Electric
Authority
of
Georgia
Project
One,
Series
2024,
Revenue,
Refunding,
5.00%,
1/1/2037
10,000
10,973
Private
Colleges
&
Universities
Authority
Emory
University,
Series
2019A,
Revenue,
Refunding,
5.00%,
9/1/2033
75,000
79,975
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Georgia
-
2.9%
continued
Private
Colleges
&
Universities
Authority
Emory
University,
Series
2020B,
Revenue,
Refunding,
5.00%,
9/1/2033
$
35,000
$
37,778
State
of
Georgia
Series
2016F,
G.O.
Unlimited,
Refunding,
5.00%,
1/1/2027
35,000
35,669
State
of
Georgia
Series
2017A,
G.O.
Unlimited,
5.00%,
2/1/2029
60,000
61,248
5.00%,
2/1/2032
60,000
61,185
State
of
Georgia
Series
2017A2,
G.O.
Unlimited,
3.00%,
2/1/2037
25,000
23,439
5.00%,
2/1/2031
30,000
30,599
State
of
Georgia
Series
2019A,
G.O.
Unlimited,
5.00%,
7/1/2029
35,000
37,686
5.00%,
7/1/2030
85,000
91,291
State
of
Georgia
Series
2022A,
G.O.
Unlimited,
5.00%,
7/1/2029
20,000
21,535
State
of
Georgia
Series
2022C,
G.O.
Unlimited,
Refunding,
4.00%,
7/1/2026
20,000
20,079
State
of
Georgia
Series
2023A,
G.O.
Unlimited,
5.00%,
7/1/2034
45,000
50,932
3,398,735
Hawaii
-
0
.5
%
City
&
County
of
Honolulu
Wastewater
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2034
140,000
160,265
State
of
Hawaii
Series
FE,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
75,000
75,955
State
of
Hawaii
Series
FG,
G.O.
Unlimited,
5.00%,
10/1/2028
25,000
25,313
5.00%,
10/1/2026
165,000
167,101
State
of
Hawaii
Series
FH,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
145,000
146,846
State
of
Hawaii
Series
FN,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2029
50,000
51,754
State
of
Hawaii
State
Highway
Fund,
Series
2016B,
Revenue,
Refunding,
5.00%,
1/1/2027
30,000
30,176
657,410
57
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Idaho
-
0
.7
%
Idaho
Housing
&
Finance
Association
Federal
Highway
Trust
Fund,
Series
2019A,
Revenue,
Refunding,
5.00%,
7/15/2033
$
100,000
$
105,984
5.00%,
7/15/2035
45,000
47,392
5.00%,
7/15/2036
85,000
89,241
Idaho
Housing
&
Finance
Association
Transportation
Expansion
&
Congestion
Mitigation
Fund,
Series
2023A,
Revenue,
5.00%,
8/15/2038
80,000
88,097
5.00%,
8/15/2032
140,000
157,402
5.00%,
8/15/2037
20,000
22,145
5.00%,
8/15/2039
20,000
21,909
Idaho
Housing
&
Finance
Association
Transportation
Expansion
&
Congestion
Mitigation
Fund,
Series
2024A,
Revenue,
5.00%,
8/15/2035
50,000
56,835
5.00%,
8/15/2036
35,000
39,470
5.00%,
8/15/2040
10,000
10,996
Idaho
State
Building
Authority
School
Modernization
Facilities
Fund,
Series
2024A,
Revenue,
5.00%,
6/1/2034
25,000
28,562
5.00%,
6/1/2033
105,000
118,972
Idaho
State
Building
Authority
School
Modernization
Facilities
Fund,
Series
2025A,
Revenue,
5.00%,
6/1/2034
30,000
34,275
821,280
Illinois
-
6
.3
%
Board
of
Trustees
of
the
University
of
Illinois
(The)
Auxiliary
Facilities
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
4/1/2027
10,000
10,243
Chicago
Midway
International
Airport
Series
2023B,
Revenue,
Refunding,
BAM
Insured,
5.00%,
1/1/2027
130,000
132,463
Chicago
O'Hare
International
Airport
Series
2017B,
Revenue,
Refunding,
5.00%,
1/1/2035
60,000
60,785
5.00%,
1/1/2036
150,000
151,847
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Illinois
-
6.3%
continued
Chicago
O'Hare
International
Airport
Series
2018B,
Revenue,
5.00%,
1/1/2037
$
10,000
$
10,410
5.00%,
1/1/2036
85,000
88,725
5.00%,
1/1/2038
75,000
77,881
Chicago
O'Hare
International
Airport
Series
2020A,
Revenue,
Refunding,
5.00%,
1/1/2034
70,000
74,280
Chicago
O'Hare
International
Airport
Series
2024B,
Revenue,
5.00%,
1/1/2040
15,000
16,217
Chicago
O'Hare
International
Airport
Series
2024D,
Revenue,
Refunding,
5.00%,
1/1/2031
65,000
70,942
5.00%,
1/1/2032
55,000
60,788
Chicago
O'Hare
International
Airport
Series
B,
Revenue,
Refunding,
5.00%,
1/1/2038
65,000
65,702
Chicago
O'Hare
International
Airport
Series
C,
Revenue,
Refunding,
5.00%,
1/1/2041
25,000
25,223
City
of
Chicago
Series
2015C,
G.O.
Unlimited,
5.00%,
1/1/2038
30,000
30,003
City
of
Chicago
Waterworks,
Series
2000,
Revenue,
5.00%,
11/1/2029
30,000
30,332
City
of
Chicago
Waterworks,
Series
2004,
Revenue,
Refunding,
5.00%,
11/1/2027
55,000
55,717
City
of
Chicago
Waterworks,
Series
2017,
Revenue,
Refunding,
5.00%,
11/1/2029
35,000
36,148
City
of
Chicago
Waterworks,
Series
2024A,
Revenue,
Refunding,
5.00%,
11/1/2036
55,000
60,167
5.00%,
11/1/2038
120,000
129,555
5.00%,
11/1/2040
70,000
74,944
City
of
Chicago
Wastewater
Transmission,
Series
2024A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
1/1/2038
20,000
21,626
Cook
County
Community
College
District
No.
508
City
Colleges
of
Chicago,
Series
2024,
G.O.
Unlimited,
Refunding,
BAM
Insured,
5.00%,
12/1/2037
25,000
27,046
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
58
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Illinois
-
6.3%
continued
County
of
Cook
Series
2016A,
G.O.
Unlimited,
Refunding,
AG
Insured,
5.00%,
11/15/2026
$
135,000
$
137,078
County
of
Cook
Series
2022A,
G.O.
Unlimited,
Refunding,
5.00%,
11/15/2029
70,000
75,486
County
of
Cook
Series
2017,
Revenue,
Refunding,
5.00%,
11/15/2033
65,000
66,908
5.00%,
11/15/2035
70,000
71,845
DuPage
County
School
District
No.
58
Downers
Grove,
Series
2022,
G.O.
Unlimited,
5.00%,
12/15/2037
175,000
190,065
5.25%,
12/15/2039
100,000
109,125
5.25%,
12/15/2038
140,000
153,402
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2017,
Revenue,
5.00%,
7/1/2029
115,000
116,962
5.00%,
7/1/2032
130,000
131,983
5.00%,
7/1/2031
40,000
40,634
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2019,
Revenue,
5.00%,
7/1/2031
125,000
133,381
5.00%,
7/1/2027
30,000
30,935
5.00%,
1/1/2032
110,000
117,297
5.00%,
7/1/2033
60,000
63,745
5.25%,
7/1/2035
20,000
21,259
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2020,
Revenue,
5.00%,
7/1/2029
10,000
10,731
5.00%,
7/1/2031
35,000
38,206
Illinois
Finance
Authority
University
of
Chicago
(The),
Series
2024B,
Revenue,
Refunding,
5.00%,
4/1/2032
35,000
38,825
5.25%,
4/1/2038
80,000
88,515
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2025A,
Revenue,
5.00%,
1/1/2034
105,000
119,015
Illinois
Finance
Authority
University
of
Chicago
(The),
Series
2025C,
Revenue,
Refunding,
5.00%,
4/1/2027
85,000
87,015
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Illinois
-
6.3%
continued
Illinois
State
Toll
Highway
Authority
Series
2015B,
Revenue,
5.00%,
1/1/2040
$
35,000
$
34,997
Illinois
State
Toll
Highway
Authority
Series
2017A,
Revenue,
5.00%,
1/1/2039
40,000
41,039
Illinois
State
Toll
Highway
Authority
Series
2018A,
Revenue,
Refunding,
5.00%,
1/1/2027
60,000
61,128
Illinois
State
Toll
Highway
Authority
Series
2019B,
Revenue,
Refunding,
5.00%,
1/1/2027
45,000
45,846
Illinois
State
Toll
Highway
Authority
Series
2023A,
Revenue,
5.00%,
1/1/2041
70,000
75,581
Illinois
State
Toll
Highway
Authority
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2028
50,000
52,151
5.00%,
1/1/2033
50,000
56,066
5.00%,
1/1/2037
25,000
27,571
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2007C,
G.O.
Limited,
Refunding,
5.25%,
12/1/2032
40,000
45,549
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2021C,
G.O.
Limited,
Refunding,
5.00%,
12/1/2032
60,000
66,222
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2021D,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2030
45,000
49,330
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
A,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2029
175,000
177,641
5.00%,
12/1/2031
165,000
167,314
5.00%,
12/1/2028
65,000
66,007
Sales
Tax
Securitization
Corp.
Series
2018A,
Revenue,
Refunding,
5.00%,
1/1/2032
45,000
46,346
Sales
Tax
Securitization
Corp.
Series
2018C,
Revenue,
Refunding,
5.50%,
1/1/2032
25,000
26,518
59
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Illinois
-
6.3%
continued
Sales
Tax
Securitization
Corp.
Series
2020A,
Revenue,
Refunding,
5.00%,
1/1/2027
$
80,000
$
81,372
Sales
Tax
Securitization
Corp.
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2034
85,000
94,111
5.00%,
1/1/2037
25,000
27,153
5.00%,
1/1/2036
100,000
110,097
5.00%,
1/1/2038
70,000
75,984
5.00%,
1/1/2039
60,000
64,710
Sales
Tax
Securitization
Corp.
Series
2025A,
Revenue,
Refunding,
5.00%,
1/1/2040
125,000
134,948
State
of
Illinois
Series
2006,
G.O.
Unlimited,
5.50%,
1/1/2030
25,000
27,209
State
of
Illinois
Series
2016,
G.O.
Unlimited,
4.00%,
6/1/2036
120,000
117,900
5.00%,
11/1/2029
75,000
75,827
5.00%,
11/1/2034
40,000
40,304
State
of
Illinois
Series
2016,
G.O.
Unlimited,
AG
Insured,
4.00%,
1/1/2037
55,000
54,374
State
of
Illinois
Series
2016,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2028
90,000
91,478
State
of
Illinois
Series
2017D,
G.O.
Unlimited,
5.00%,
11/1/2028
55,000
56,628
State
of
Illinois
Series
2018A,
G.O.
Unlimited,
5.00%,
5/1/2029
20,000
20,813
5.00%,
5/1/2038
105,000
106,922
State
of
Illinois
Series
2019B,
G.O.
Unlimited,
4.00%,
11/1/2036
50,000
48,892
State
of
Illinois
Series
2020B,
G.O.
Unlimited,
5.00%,
10/1/2030
50,000
53,913
State
of
Illinois
Series
2021A,
G.O.
Unlimited,
5.00%,
3/1/2029
60,000
63,399
5.00%,
3/1/2031
140,000
151,577
5.00%,
3/1/2037
60,000
62,922
State
of
Illinois
Series
2021B,
G.O.
Unlimited,
5.00%,
12/1/2033
30,000
32,287
State
of
Illinois
Series
2022A,
G.O.
Unlimited,
5.00%,
3/1/2030
45,000
48,203
5.00%,
3/1/2036
35,000
37,239
5.25%,
3/1/2038
25,000
26,621
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Illinois
-
6.3%
continued
State
of
Illinois
Series
2022C,
G.O.
Unlimited,
5.00%,
10/1/2038
$
155,000
$
163,261
State
of
Illinois
Series
2023B,
G.O.
Unlimited,
5.00%,
5/1/2030
20,000
21,466
5.00%,
12/1/2031
35,000
38,119
5.00%,
5/1/2033
50,000
54,202
5.00%,
12/1/2038
65,000
68,798
5.25%,
5/1/2039
160,000
169,734
State
of
Illinois
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2034
25,000
27,507
5.00%,
2/1/2035
40,000
43,863
5.00%,
2/1/2038
30,000
32,110
State
of
Illinois
Series
2024B,
G.O.
Unlimited,
5.00%,
5/1/2030
140,000
150,265
5.00%,
5/1/2034
35,000
38,531
State
of
Illinois
Sales
Tax,
Series
2016C,
Revenue,
Refunding,
4.00%,
6/15/2031
45,000
45,063
State
of
Illinois
Sales
Tax,
Series
2024B,
Revenue,
5.00%,
6/15/2038
65,000
70,060
5.00%,
6/15/2039
20,000
21,403
State
of
Illinois
Sales
Tax,
Series
2025A,
Revenue,
5.00%,
6/15/2029
55,000
58,762
5.00%,
6/15/2034
115,000
128,120
5.00%,
6/15/2034
40,000
44,563
5.00%,
6/15/2032
50,000
55,206
State
of
Illinois
Sales
Tax,
Series
2025B,
Revenue,
5.00%,
6/15/2038
100,000
108,577
5.00%,
6/15/2039
75,000
80,793
5.00%,
6/15/2039
90,000
96,952
7,415,000
Indiana
-
3
.1
%
Allen
County
Building
Corp.
Lease
Rent,
Series
2024,
Revenue,
State
Aid
Intercept,
5.00%,
7/15/2039
105,000
113,495
5.00%,
7/15/2040
50,000
53,734
Avon
Community
School
Building
Corp.
First
Mortgage,
Series
2023,
Revenue,
State
Aid
Intercept,
5.25%,
7/15/2039
45,000
49,229
City
of
Indianapolis
Water
System,
Series
2018A,
Revenue,
Refunding,
5.00%,
10/1/2027
15,000
15,552
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
60
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Indiana
-
3.1%
continued
Crown
Point
Multi
School
Building
Corp.
First
Mortgage,
Series
2021,
Revenue,
State
Aid
Intercept,
5.00%,
7/15/2031
$
165,000
$
180,040
5.00%,
7/15/2032
60,000
65,142
5.00%,
7/15/2034
140,000
150,382
5.00%,
7/15/2035
55,000
58,728
East
Allen
Multi
School
Building
Corp.
First
Mortgage,
Series
2025,
Revenue,
State
Aid
Intercept,
5.00%,
7/15/2040
75,000
79,972
Indiana
Finance
Authority
Highway,
Series
2017A,
Revenue,
Pre-Refunded,
5.00%,
6/1/2033
(c)
25,000
25,987
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2018A,
Revenue,
5.00%,
2/1/2027
75,000
76,565
5.00%,
2/1/2029
75,000
78,190
5.00%,
2/1/2032
75,000
77,867
5.00%,
2/1/2033
55,000
57,028
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2019E,
Revenue,
5.00%,
2/1/2029
75,000
80,013
5.00%,
2/1/2028
65,000
67,924
Indiana
Finance
Authority
CWA
Authority
Project,
Series
2021-1,
Revenue,
Refunding,
5.00%,
10/1/2027
105,000
108,755
5.00%,
10/1/2030
20,000
21,839
5.00%,
10/1/2032
85,000
93,762
5.00%,
10/1/2033
65,000
71,378
Indiana
Finance
Authority
Stadium
Project,
Series
2022A,
Revenue,
Refunding,
5.00%,
2/1/2031
60,000
65,759
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2022B,
Revenue,
5.00%,
2/1/2030
45,000
48,852
5.00%,
2/1/2034
25,000
27,630
5.00%,
2/1/2035
60,000
66,150
5.00%,
2/1/2036
100,000
109,720
Indiana
Finance
Authority
CWA
Authority
Project,
Series
2023A,
Revenue,
Refunding,
5.00%,
10/1/2035
25,000
27,842
5.00%,
10/1/2037
25,000
27,481
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Indiana
-
3.1%
continued
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2023B,
Revenue,
Refunding,
5.00%,
2/1/2033
$
40,000
$
45,099
5.00%,
2/1/2034
10,000
11,215
5.00%,
2/1/2036
20,000
22,226
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2024A,
Revenue,
5.00%,
2/1/2036
20,000
22,454
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2024B,
Revenue,
5.00%,
2/1/2039
25,000
27,539
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2025C,
Revenue,
Refunding,
5.00%,
2/1/2031
35,000
38,609
Indiana
University
Series
2024A,
Revenue,
5.00%,
6/1/2034
95,000
108,230
Indianapolis
Local
Public
Improvement
Bond
Bank
Courthouse
&
Jail
Project,
Series
2019A,
Revenue,
5.00%,
2/1/2032
45,000
47,610
5.00%,
2/1/2030
30,000
31,866
Indianapolis
Local
Public
Improvement
Bond
Bank
Series
2021A,
Revenue,
Refunding,
5.00%,
6/1/2035
175,000
189,681
5.00%,
6/1/2034
150,000
163,238
Indianapolis
Local
Public
Improvement
Bond
Bank
Series
2021A,
Revenue,
Refunding,
AG
Insured,
4.00%,
6/1/2039
35,000
34,982
Indianapolis
Local
Public
Improvement
Bond
Bank
Unlimited
AD
Valorem
Property
Tax
Suported
Project,
Series
2025C,
Revenue,
Refunding,
5.00%,
1/15/2039
105,000
115,393
IPS
Multi-School
Building
Corp.
First
Mortgage,
Series
2024,
Revenue,
State
Aid
Intercept,
5.00%,
7/15/2038
25,000
27,162
5.00%,
7/15/2039
170,000
183,514
5.00%,
7/15/2040
40,000
42,940
61
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Indiana
-
3.1%
continued
Merrillville
Multi
School
Building
Corp.
First
Mortgage,
Series
2022,
Revenue,
State
Aid
Intercept,
5.00%,
7/15/2034
$
95,000
$
104,431
5.00%,
7/15/2037
110,000
118,815
5.00%,
7/15/2038
150,000
160,718
5.00%,
7/15/2039
80,000
85,413
Purdue
University
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2036
75,000
84,918
Westfield-Washington
Multi-
School
Building
Corp.
First
Mortgage,
Series
2024A,
Revenue,
BAM
Insured,
5.00%,
7/15/2036
75,000
82,839
5.25%,
7/15/2040
80,000
87,619
3,735,527
Iowa
-
1
.1
%
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2019A,
Revenue,
Refunding,
5.00%,
8/1/2029
135,000
142,320
5.00%,
8/1/2032
95,000
99,750
5.00%,
8/1/2031
105,000
110,377
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2020A,
Revenue,
5.00%,
8/1/2027
45,000
46,506
5.00%,
8/1/2034
75,000
81,035
5.00%,
8/1/2033
70,000
75,919
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2021A,
Revenue,
5.00%,
8/1/2035
95,000
103,786
5.00%,
8/1/2036
105,000
114,075
5.00%,
8/1/2037
55,000
59,470
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2023A,
Revenue,
Refunding,
5.00%,
8/1/2035
55,000
61,776
5.00%,
8/1/2040
25,000
27,189
Iowa
Finance
Authority
Midwestern
Disaster
Area
Iowa
Fertilizer
Co.
Project,
Series
2022,
Revenue,
Pre-Refunded,
5.00%,
12/1/2050
(c)
55,000
61,941
Iowa
Finance
Authority
Midwestern
Disaster
Area
Iowa
Fertilizer
Co.
Project,
Series
2022,
Revenue,
Pre-Refunded,
Mandatory
Put,
5.00%,
12/1/2050
(a)(c)
150,000
168,931
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Iowa
-
1.1%
continued
State
of
Iowa
Ijobs
Program,
Series
2019A,
Revenue,
Refunding,
5.00%,
6/1/2034
$
90,000
$
94,889
1,247,964
Kansas
-
0
.9
%
County
of
Johnson
Internal
Improvement,
Series
2018A,
G.O.
Unlimited,
5.00%,
9/1/2028
150,000
155,134
Johnson
County
Unified
School
District
No.
233
Olathe,
Series
2022A,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2032
105,000
116,105
5.00%,
9/1/2030
30,000
32,796
5.00%,
9/1/2034
100,000
109,515
Kansas
Development
Finance
Authority
Kansas
Department
of
Health
&
Environment,
Series
2023SRF,
Revenue,
5.00%,
5/1/2034
145,000
162,962
5.00%,
5/1/2036
20,000
22,235
Kansas
Development
Finance
Authority
Kansas
Department
of
Health
&
Environment,
Series
2024SRF,
Revenue,
5.00%,
5/1/2033
10,000
11,300
5.00%,
5/1/2035
75,000
84,926
5.00%,
5/1/2039
50,000
55,138
Sedgwick
County
Unified
School
District
No.
266
Maize,
Series
2019A,
G.O.
Unlimited,
4.00%,
9/1/2032
25,000
25,304
State
of
Kansas
Department
of
Transportation,
Series
2017A,
Revenue,
5.00%,
9/1/2030
100,000
103,147
5.00%,
9/1/2034
10,000
10,257
State
of
Kansas
Department
of
Transportation,
Series
2018A,
Revenue,
5.00%,
9/1/2028
25,000
25,847
5.00%,
9/1/2031
110,000
113,291
State
of
Kansas
Department
of
Transportation,
Series
2024A,
Revenue,
Refunding,
5.00%,
9/1/2035
5,000
5,667
State
of
Kansas
Department
of
Transportation,
Series
2025A,
Revenue,
Refunding,
5.00%,
9/1/2033
30,000
34,086
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
62
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Kansas
-
0.9%
continued
5.00%,
9/1/2034
$
80,000
$
91,615
1,159,325
Kentucky
-
1
.4
%
Kentucky
Municipal
Power
Agency
Power
System,
Series
2015A,
Revenue,
Refunding,
NATL
Insured,
4.00%,
9/1/2039
75,000
69,594
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2024A,
Revenue,
Mandatory
Put,
5.00%,
5/1/2055
(a)(b)
140,000
146,765
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2024B,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
1/1/2055
(a)(b)
205,000
217,001
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2025A,
Revenue,
Refunding,
Mandatory
Put,
5.25%,
6/1/2055
(a)(b)
45,000
47,623
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2025C,
Revenue,
Refunding,
5.00%,
5/1/2036
125,000
131,553
Kentucky
State
Property
&
Building
Commission
Project
No.
115,
Revenue,
5.00%,
4/1/2028
30,000
30,701
Kentucky
State
Property
&
Building
Commission
Project
No.
130,
Series
2024A,
Revenue,
5.00%,
11/1/2034
25,000
28,279
Kentucky
State
Property
&
Building
Commission
Project
No.
131,
Series
A,
Revenue,
5.00%,
9/1/2040
20,000
22,009
5.00%,
6/1/2032
15,000
16,727
5.00%,
10/1/2030
25,000
27,309
5.00%,
4/1/2028
40,000
41,845
5.00%,
9/1/2031
35,000
38,713
5.00%,
9/1/2036
10,000
11,316
5.00%,
10/1/2037
175,000
195,027
5.00%,
9/1/2039
45,000
49,826
5.25%,
6/1/2039
55,000
60,058
Kentucky
State
Property
&
Building
Commission
Project
No.
112,
Series
B,
Revenue,
Refunding,
State
Appropriation,
5.00%,
11/1/2028
40,000
40,583
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Kentucky
-
1.4%
continued
Kentucky
Turnpike
Authority
Revitalization
Projects,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2032
$
25,000
$
27,478
5.00%,
7/1/2031
50,000
55,206
Louisville
&
Jefferson
County
Metropolitan
Sewer
District
Sewer
&
Drainage
System,
Series
2023C,
Revenue,
Refunding,
5.00%,
5/15/2038
90,000
99,190
Louisville
&
Jefferson
County
Metropolitan
Sewer
District
Sewer
&
Drainage
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
5/15/2038
60,000
66,582
University
of
Kentucky
Series
2018A,
Revenue,
State
Aid
Intercept,
3.00%,
10/1/2035
50,000
46,430
University
of
Kentucky
Series
2024B,
Revenue,
State
Aid
Intercept,
5.00%,
4/1/2038
60,000
65,077
5.00%,
4/1/2037
75,000
81,799
1,616,691
Louisiana
-
1
.0
%
Jefferson
Sales
Tax
District
Series
2019B,
Revenue,
AG
Insured,
5.00%,
12/1/2030
35,000
37,536
5.00%,
12/1/2033
15,000
15,905
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Louisiana
Insurance
Guaranty
Association,
Series
2022B,
Revenue,
5.00%,
8/15/2037
140,000
141,858
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
East
Baton
Rouge
Sewerage
Commission,
Series
2024,
Revenue,
Refunding,
BAM
Insured,
5.00%,
2/1/2038
20,000
21,815
Louisiana
Stadium
&
Exposition
District
Series
2023A,
Revenue,
Refunding,
5.00%,
7/1/2040
70,000
74,714
63
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Louisiana
-
1.0%
continued
Louisiana
State
Citizens
Property
Insurance
Corp.
Series
2016A,
Revenue,
Refunding,
5.00%,
6/1/2026
$
80,000
$
80,297
State
of
Louisiana
Series
2016A,
G.O.
Unlimited,
5.00%,
9/1/2027
55,000
55,553
State
of
Louisiana
Series
2016B,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
10,000
10,081
State
of
Louisiana
Series
2021A,
G.O.
Unlimited,
5.00%,
3/1/2033
45,000
49,227
State
of
Louisiana
Series
2022A,
G.O.
Unlimited,
5.00%,
4/1/2036
65,000
70,591
State
of
Louisiana
Series
2023A,
G.O.
Unlimited,
5.00%,
4/1/2032
30,000
33,644
5.00%,
4/1/2036
120,000
132,873
5.00%,
4/1/2031
10,000
11,058
State
of
Louisiana
Series
2024A,
G.O.
Unlimited,
5.00%,
5/1/2036
30,000
33,633
State
of
Louisiana
Series
2024C,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2033
25,000
28,449
State
of
Louisiana
Series
2025B,
G.O.
Unlimited,
5.00%,
6/1/2030
30,000
32,759
5.00%,
6/1/2035
50,000
57,178
State
of
Louisiana
Garvee,
Series
2023,
Revenue,
5.00%,
9/1/2030
10,000
10,919
5.00%,
9/1/2034
125,000
139,563
5.00%,
9/1/2035
120,000
133,162
1,170,815
Maine
-
0
.1
%
State
of
Maine
Series
2019B,
G.O.
Unlimited,
5.00%,
6/1/2027
45,000
46,307
State
of
Maine
Series
2020B,
G.O.
Unlimited,
5.00%,
6/1/2026
25,000
25,103
5.00%,
6/1/2027
45,000
46,307
117,717
Maryland
-
0
.8
%
County
of
Baltimore
Series
2022,
G.O.
Unlimited,
5.00%,
3/1/2031
15,000
16,589
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Maryland
-
0.8%
continued
County
of
Howard
Consolidated
Public
Improvement,
Series
2017D,
G.O.
Unlimited,
Refunding,
5.00%,
2/15/2030
$
20,000
$
20,879
County
of
Montgomery
Consolidated
Public
Improvement
Project,
Series
2021A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2030
20,000
21,940
County
of
Prince
George's
Consolidated
Public
Improvement,
Series
2025A,
G.O.
Limited,
5.00%,
8/1/2032
30,000
33,695
Maryland
State
Transportation
Authority
Transportation
Facilities
Projects,
Series
2020,
Revenue,
5.00%,
7/1/2033
80,000
86,412
5.00%,
7/1/2030
20,000
21,867
Maryland
State
Transportation
Authority
Transportation
Facilities
Projects,
Series
2021A,
Revenue,
Refunding,
5.00%,
7/1/2027
25,000
25,780
Maryland
State
Transportation
Authority
Transportation
Facilities
Projects,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2028
30,000
31,622
State
of
Maryland
Series
2020A2,
G.O.
Unlimited,
5.00%,
8/1/2031
35,000
38,189
State
of
Maryland
Series
2021A,
G.O.
Unlimited,
5.00%,
8/1/2034
25,000
27,429
5.00%,
3/1/2035
145,000
157,706
State
of
Maryland
Series
2024A,
G.O.
Unlimited,
5.00%,
6/1/2033
100,000
113,507
State
of
Maryland
Series
A2,
G.O.
Unlimited,
5.00%,
8/1/2028
30,000
31,699
State
of
Maryland
Department
of
Transportation,
Series
2018,
Revenue,
5.00%,
10/1/2026
45,000
45,566
State
of
Maryland
Department
of
Transportation,
Series
2020,
Revenue,
5.00%,
10/1/2033
65,000
70,492
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
64
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Maryland
-
0.8%
continued
5.00%,
10/1/2034
$
155,000
$
167,487
5.00%,
10/1/2032
25,000
27,237
State
of
Maryland
Department
of
Transportation,
Series
2021A,
Revenue,
3.00%,
10/1/2035
25,000
23,619
State
of
Maryland
Department
of
Transportation,
Series
2022B,
Revenue,
Refunding,
5.00%,
12/1/2029
45,000
48,776
State
of
Maryland
Department
of
Transportation,
Series
2025B,
Revenue,
5.00%,
10/1/2034
125,000
141,056
Washington
Suburban
Sanitary
Commission
Series
2018,
Revenue,
County
Guaranty,
5.00%,
6/1/2032
40,000
41,876
1,193,423
Massachusetts
-
0
.6
%
Commonwealth
of
Massachusetts
Series
2019,
G.O.
Limited,
5.00%,
1/1/2030
45,000
47,884
Commonwealth
of
Massachusetts
Series
2019C,
G.O.
Limited,
Refunding,
5.00%,
5/1/2030
20,000
21,876
Commonwealth
of
Massachusetts
Series
2019D,
G.O.
Limited,
3.00%,
5/1/2036
25,000
23,525
Commonwealth
of
Massachusetts
Series
2020B,
G.O.
Limited,
Refunding,
5.00%,
7/1/2033
30,000
32,557
Commonwealth
of
Massachusetts
Series
2020D,
G.O.
Limited,
5.00%,
7/1/2037
20,000
21,377
Commonwealth
of
Massachusetts
Series
2023A,
G.O.
Limited,
5.00%,
5/1/2038
20,000
21,975
Commonwealth
of
Massachusetts
Series
A,
G.O.
Limited,
Refunding,
5.00%,
7/1/2027
50,000
51,584
Commonwealth
of
Massachusetts
Series
C,
G.O.
Limited,
Refunding,
5.00%,
10/1/2026
100,000
101,288
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Massachusetts
-
0.6%
continued
Commonwealth
of
Massachusetts
Series
2005,
Revenue,
NATL
Insured,
ETM,
5.50%,
1/1/2034
(c)
$
130,000
$
148,591
Commonwealth
of
Massachusetts
Accelerated
Bridge
Program,
Series
2016A,
Revenue,
5.00%,
6/15/2027
15,000
15,068
Massachusetts
Development
Finance
Agency
The
Broad
Institute
Issue,
Series
2017,
Revenue,
Refunding,
5.00%,
4/1/2037
20,000
20,353
Massachusetts
Development
Finance
Agency
Northeastern
University
Issue,
Series
2024A,
Revenue,
Refunding,
5.00%,
10/1/2038
50,000
55,571
Massachusetts
Development
Finance
Agency
Amherst
College
Issue,
Series
2025A,
Revenue,
Mandatory
Put,
5.00%,
11/1/2055
(a)(b)
25,000
28,633
Massachusetts
Development
Finance
Agency
Brandeis
University
Issue,
Series
2025T2,
Revenue,
Mandatory
Put,
5.00%,
10/1/2055
(a)(b)
65,000
73,473
663,755
Michigan
-
1
.1
%
Great
Lakes
Water
Authority
Water
Supply
System,
Series
2022A,
Revenue,
5.00%,
7/1/2035
30,000
32,881
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Series
2023B,
Revenue,
Refunding,
5.00%,
7/1/2034
40,000
45,309
Great
Lakes
Water
Authority
Water
Supply
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2030
65,000
70,851
5.00%,
7/1/2034
130,000
146,063
Michigan
Finance
Authority
Clean
Water
Revolving
Fund,
Series
2016B,
Revenue,
Refunding,
5.00%,
10/1/2027
40,000
40,483
65
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Michigan
-
1.1%
continued
Michigan
Finance
Authority
State
Revolving
Fund
Program,
Series
2024A,
Revenue,
5.00%,
10/1/2037
$
30,000
$
33,633
Michigan
State
Building
Authority
Facilities
Program,
Series
2016I,
Revenue,
Refunding,
5.00%,
10/15/2031
65,000
65,744
5.00%,
4/15/2027
40,000
40,500
Michigan
State
Building
Authority
Facilities
Program,
Series
2020I,
Revenue,
Refunding,
5.00%,
10/15/2029
50,000
53,984
5.00%,
10/15/2030
40,000
43,896
Michigan
State
Building
Authority
Facilities
Program,
Series
2023II,
Revenue,
Refunding,
5.00%,
10/15/2028
30,000
31,784
Michigan
State
Building
Authority
Facilities
Program,
Series
2025I,
Revenue,
Refunding,
5.00%,
4/15/2030
20,000
21,778
5.00%,
4/15/2038
100,000
112,624
Michigan
State
University
Series
2019B,
Revenue,
5.00%,
2/15/2038
10,000
10,429
Michigan
State
University
Series
2023A,
Revenue,
Refunding,
5.00%,
8/15/2029
30,000
32,317
5.00%,
8/15/2030
55,000
60,256
5.00%,
8/15/2037
75,000
82,189
5.00%,
8/15/2040
95,000
102,610
State
of
Michigan
Garvee,
Series
2016,
Revenue,
Refunding,
5.00%,
3/15/2027
80,000
81,859
State
of
Michigan
Trunk
Line,
Series
2020B,
Revenue,
4.00%,
11/15/2038
75,000
76,284
5.00%,
11/15/2030
15,000
16,502
5.00%,
11/15/2031
20,000
21,885
State
of
Michigan
Trunk
Line,
Series
2021A,
Revenue,
5.00%,
11/15/2035
25,000
27,304
5.00%,
11/15/2032
55,000
60,966
State
of
Michigan
Trunk
Line,
Series
2023,
Revenue,
5.00%,
11/15/2032
55,000
62,059
5.00%,
11/15/2034
20,000
22,538
5.00%,
11/15/2040
35,000
38,086
1,434,814
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Minnesota
-
1
.4
%
County
of
Hennepin
Series
2016B,
G.O.
Unlimited,
5.00%,
12/1/2034
$
50,000
$
50,629
County
of
Hennepin
Series
2024A,
G.O.
Unlimited,
5.00%,
12/1/2034
125,000
143,185
5.00%,
12/1/2039
45,000
49,886
Metropolitan
Council
Series
2026A,
G.O.
Unlimited,
Refunding,
5.00%,
3/1/2039
75,000
84,265
Minnesota
Municipal
Gas
Agency
Gas
Project,
Series
2026A,
Revenue,
5.00%,
9/1/2035
200,000
206,066
Rosemount-Apple
Valley-
Eagan
Independent
School
District
No.
196
Series
2023A,
G.O.
Unlimited,
School
District
Credit
Enhancement
Program,
5.00%,
2/1/2033
40,000
44,484
5.00%,
2/1/2034
40,000
44,277
5.00%,
2/1/2035
25,000
27,533
State
of
Minnesota
State
Office
Building
Project,
Series
2023,
Certificate
of
Participation,
5.00%,
11/1/2035
15,000
16,794
5.00%,
11/1/2033
35,000
39,444
5.00%,
11/1/2034
150,000
169,120
State
of
Minnesota
Series
2017A,
G.O.
Unlimited,
5.00%,
10/1/2028
55,000
56,988
State
of
Minnesota
Series
2019A,
G.O.
Unlimited,
5.00%,
8/1/2029
10,000
10,777
State
of
Minnesota
Series
2020A,
G.O.
Unlimited,
5.00%,
8/1/2031
10,000
10,929
5.00%,
8/1/2034
75,000
81,098
5.00%,
8/1/2035
85,000
91,554
5.00%,
8/1/2032
15,000
16,337
5.00%,
8/1/2033
65,000
70,552
State
of
Minnesota
Series
2021A,
G.O.
Unlimited,
5.00%,
9/1/2032
55,000
60,929
State
of
Minnesota
Series
2021B,
G.O.
Unlimited,
5.00%,
9/1/2030
130,000
142,681
State
of
Minnesota
Series
2022A,
G.O.
Unlimited,
5.00%,
8/1/2030
50,000
54,805
5.00%,
8/1/2035
35,000
38,780
State
of
Minnesota
Series
2024B,
G.O.
Unlimited,
5.00%,
8/1/2032
35,000
39,395
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
66
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Minnesota
-
1.4%
continued
State
of
Minnesota
Series
2025D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2034
$
50,000
$
56,949
1,607,457
Mississippi
-
0
.4
%
Mississippi
Development
Bank
Department
of
Corrections,
Series
A,
Revenue,
Refunding,
5.00%,
8/1/2027
10,000
10,296
State
of
Mississippi
Series
2016B,
G.O.
Unlimited,
5.00%,
12/1/2028
50,000
50,803
State
of
Mississippi
Series
2016B,
G.O.
Unlimited,
Pre-Refunded,
5.00%,
12/1/2036
(c)
45,000
45,753
5.00%,
12/1/2033
(c)
65,000
66,088
State
of
Mississippi
Series
2017A,
G.O.
Unlimited,
Pre-Refunded,
5.00%,
10/1/2032
(c)
20,000
20,741
State
of
Mississippi
Series
2017A,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2027
35,000
36,304
5.00%,
10/1/2026
65,000
65,825
State
of
Mississippi
Series
2021C,
G.O.
Unlimited,
5.00%,
10/1/2033
100,000
105,035
5.00%,
10/1/2034
45,000
47,166
5.00%,
10/1/2036
10,000
10,440
State
of
Mississippi
Gaming,
Series
2019A,
Revenue,
5.00%,
10/15/2032
50,000
52,127
510,578
Missouri
-
0
.5
%
City
of
Springfield
Public
Utility,
Series
2025,
Certificate
of
Participation,
5.00%,
11/1/2031
30,000
33,321
Jackson
County
Reorganized
School
District
No.
7
Lee's
Summit,
Series
2020,
G.O.
Unlimited,
Refunding,
4.00%,
3/1/2030
35,000
36,246
4.00%,
3/1/2031
45,000
46,496
Jackson
County
School
District
No.
R-IV
Blue
Springs,
Series
2021A,
G.O.
Unlimited,
State
Aid
Direct
Deposit,
4.00%,
3/1/2038
15,000
15,171
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Missouri
-
0.5%
continued
Missouri
Highway
&
Transportation
Commission
State
Road,
Series
2022A,
Revenue,
4.00%,
5/1/2033
$
25,000
$
26,680
Missouri
Joint
Municipal
Electric
Utility
Commission
Prairie
State
Project,
Series
2025,
Revenue,
Refunding,
5.00%,
12/1/2034
40,000
45,137
5.00%,
12/1/2029
30,000
32,266
5.00%,
12/1/2028
90,000
95,165
5.00%,
12/1/2026
35,000
35,519
St.
Louis
Board
of
Education
Series
2023,
G.O.
Unlimited,
AG
Insured,
5.00%,
4/1/2037
25,000
26,959
St.
Louis
Community
College
District
Series
2024,
Certificate
of
Participation,
5.00%,
4/1/2037
165,000
180,463
5.00%,
4/1/2033
30,000
33,513
5.00%,
4/1/2035
65,000
72,258
679,194
Nebraska
-
1
.0
%
Central
Plains
Energy
Project
Gas
Project
No.
3,
Series
2017A,
Revenue,
Refunding,
5.00%,
9/1/2029
125,000
130,220
5.00%,
9/1/2032
110,000
115,359
5.00%,
9/1/2034
150,000
156,900
Central
Plains
Energy
Project
Gas
Supply,
Series
2025A1,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
8/1/2055
(a)(b)
160,000
169,368
City
of
Lincoln
Electric
System,
Series
2015A,
Revenue,
Refunding,
3.50%,
9/1/2036
25,000
24,545
City
of
Lincoln
Electric
System,
Series
2018,
Revenue,
5.00%,
9/1/2027
35,000
35,763
Omaha
Public
Power
District
Electric,
Series
2018A,
Revenue,
5.00%,
2/1/2034
35,000
36,251
Omaha
Public
Power
District
Electric,
Series
2022B,
Revenue,
5.00%,
2/1/2033
35,000
38,904
Omaha
Public
Power
District
Electric,
Series
2023A,
Revenue,
5.00%,
2/1/2037
35,000
38,387
67
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Nebraska
-
1.0%
continued
Omaha
Public
Power
District
Electric,
Series
2024B,
Revenue,
Refunding,
5.00%,
2/1/2035
$
85,000
$
95,205
5.00%,
2/1/2034
165,000
186,264
5.00%,
2/1/2039
10,000
10,903
Omaha
Public
Power
District
Electric,
Series
2025A,
Revenue,
5.00%,
2/1/2036
55,000
62,462
1,100,531
Nevada
-
3
.9
%
Clark
County
School
District
Building,
Series
2017C,
G.O.
Limited,
Refunding,
5.00%,
6/15/2029
60,000
62,224
5.00%,
6/15/2032
20,000
20,663
5.00%,
6/15/2031
40,000
41,388
5.00%,
6/15/2033
55,000
56,750
Clark
County
School
District
Building,
Series
2018B,
G.O.
Limited,
5.00%,
6/15/2032
35,000
36,722
Clark
County
School
District
Building,
Series
2019B,
G.O.
Limited,
AG
Insured,
5.00%,
6/15/2031
170,000
180,951
Clark
County
School
District
Building,
Series
2020A,
G.O.
Limited,
AG
Insured,
5.00%,
6/15/2031
10,000
10,833
5.00%,
6/15/2032
10,000
10,801
Clark
County
School
District
Building,
Series
2020B,
G.O.
Limited,
BAM
Insured,
5.00%,
6/15/2031
55,000
59,584
Clark
County
School
District
Building,
Series
2023A,
G.O.
Limited,
5.00%,
6/15/2036
75,000
82,172
Clark
County
School
District
Building,
Series
2025B,
G.O.
Limited,
Refunding,
5.00%,
6/15/2037
15,000
16,635
Clark
County
Water
Reclamation
District
Series
2023,
G.O.
Limited,
5.00%,
7/1/2038
45,000
49,460
5.00%,
7/1/2039
25,000
27,334
County
of
Clark
Series
2016B,
G.O.
Limited,
Refunding,
5.00%,
11/1/2030
55,000
55,812
5.00%,
11/1/2026
120,000
121,728
5.00%,
11/1/2029
105,000
106,562
5.00%,
11/1/2028
45,000
45,670
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Nevada
-
3.9%
continued
County
of
Clark
Series
2017,
G.O.
Limited,
Refunding,
5.00%,
6/1/2029
$
110,000
$
113,231
5.00%,
6/1/2030
10,000
10,293
5.00%,
6/1/2028
150,000
154,406
5.00%,
6/1/2026
35,000
35,144
County
of
Clark
Park
Improvement,
Series
2018,
G.O.
Limited,
4.00%,
12/1/2037
45,000
45,399
4.00%,
12/1/2038
40,000
40,244
5.00%,
12/1/2034
25,000
26,283
5.00%,
12/1/2033
80,000
84,279
County
of
Clark
Stadium
Improvements,
Series
2018A,
G.O.
Limited,
5.00%,
6/1/2029
20,000
21,043
5.00%,
6/1/2032
100,000
104,735
5.00%,
6/1/2031
150,000
157,291
5.00%,
6/1/2030
25,000
26,270
County
of
Clark
Transportation
Improvement,
Series
2018B,
G.O.
Limited,
5.00%,
12/1/2032
40,000
42,233
5.00%,
12/1/2030
90,000
95,367
5.00%,
12/1/2033
150,000
158,024
5.00%,
12/1/2034
150,000
157,696
County
of
Clark
Detention
Center,
Series
2019,
G.O.
Limited,
5.00%,
6/1/2033
35,000
37,241
5.00%,
6/1/2032
85,000
90,695
County
of
Clark
Airport
System,
Series
2019B,
Revenue,
Refunding,
5.00%,
7/1/2034
10,000
10,567
5.00%,
7/1/2032
95,000
100,948
County
of
Clark
Airport
System,
Series
2019D,
Revenue,
Refunding,
5.00%,
7/1/2026
45,000
45,271
5.00%,
7/1/2031
45,000
47,980
County
of
Clark
Las
Vegas-
McCarran
International
Airport
Passenger
Facility
Charge,
Series
2019E,
Revenue,
Refunding,
5.00%,
7/1/2030
20,000
21,401
5.00%,
7/1/2027
55,000
56,632
County
of
Clark
Highway
Improvement,
Series
2023,
Revenue,
5.00%,
7/1/2034
20,000
22,442
5.00%,
7/1/2035
80,000
88,839
5.00%,
7/1/2037
85,000
93,037
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
68
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Nevada
-
3.9%
continued
County
of
Clark
Airport
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2028
$
25,000
$
26,317
5.00%,
7/1/2032
30,000
33,461
5.00%,
7/1/2031
105,000
115,711
County
of
Clark
Airport
System,
Series
2024B,
Revenue,
5.00%,
7/1/2029
10,000
10,734
Las
Vegas
Valley
Water
District
Series
2021A,
G.O.
Limited,
Refunding,
5.00%,
6/1/2030
30,000
32,773
5.00%,
6/1/2029
40,000
42,939
5.00%,
6/1/2028
155,000
163,200
Las
Vegas
Valley
Water
District
Series
2021C,
G.O.
Limited,
Refunding,
5.00%,
6/1/2029
100,000
107,348
Las
Vegas
Valley
Water
District
Series
2022C,
G.O.
Limited,
Refunding,
5.00%,
6/1/2031
95,000
105,214
5.00%,
6/1/2032
60,000
67,201
Las
Vegas
Valley
Water
District
Series
2024A,
G.O.
Limited,
Refunding,
5.00%,
6/1/2033
25,000
28,275
5.00%,
6/1/2034
25,000
28,484
State
of
Nevada
Series
2019A,
G.O.
Limited,
Refunding,
5.00%,
5/1/2029
30,000
32,145
State
of
Nevada
Series
2023A,
G.O.
Limited,
5.00%,
5/1/2038
95,000
104,170
5.00%,
5/1/2040
70,000
76,183
State
of
Nevada
Series
2026A,
G.O.
Limited,
5.00%,
5/1/2038
150,000
168,725
State
of
Nevada
Highway
Improvement,
Series
2017,
Revenue,
5.00%,
12/1/2031
30,000
30,808
5.00%,
12/1/2030
160,000
164,438
State
of
Nevada
Highway
Improvement,
Series
2018,
Revenue,
5.00%,
12/1/2031
130,000
136,355
Truckee
Meadows
Water
Authority
Series
2016,
Revenue,
Pre-Refunded,
5.00%,
7/1/2033
(c)
25,000
25,150
Truckee
Meadows
Water
Authority
Series
2017,
Revenue,
Refunding,
5.00%,
7/1/2028
50,000
51,495
5.00%,
7/1/2029
125,000
128,659
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Nevada
-
3.9%
continued
5.00%,
7/1/2030
$
85,000
$
87,404
4,639,469
New
Hampshire
-
0
.1
%
National
Finance
Authority
Winston
Salem
Sustainable
Energy
Partners,
Series
2025A,
Revenue,
5.00%,
12/1/2035
35,000
38,335
New
Hampshire
Health
and
Education
Facilities
Authority
University
System
of
New
Hampshire,
Series
2023,
Revenue,
Refunding,
BAM
Insured,
5.00%,
7/1/2028
30,000
31,563
State
of
New
Hampshire
Series
2025B,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2026
95,000
96,396
166,294
New
Jersey
-
0
.9
%
New
Jersey
Economic
Development
Authority
House
Project,
Series
2017B,
Revenue,
BAM
Insured,
4.13%,
6/15/2039
25,000
25,113
New
Jersey
Economic
Development
Authority
School
Facilities
Construction,
Series
2017DDD,
Revenue,
Pre-Refunded,
5.00%,
6/15/2030
(c)
15,000
15,460
New
Jersey
Economic
Development
Authority
Transit
Transportation
Project,
Series
2020A,
Revenue,
5.00%,
11/1/2030
35,000
37,588
New
Jersey
Economic
Development
Authority
Transit
Transportation
Project,
Series
2022A,
Revenue,
5.00%,
11/1/2031
35,000
38,744
New
Jersey
Educational
Facilities
Authority
Princeton
University,
Series
A2,
Revenue,
Mandatory
Put,
5.00%,
7/1/2064
(a)(b)
25,000
28,802
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2014BB2,
Revenue,
5.00%,
6/15/2032
25,000
27,466
69
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
Jersey
-
0.9%
continued
New
Jersey
Transportation
Trust
Fund
Authority
Fedral
Highway
Reimbursement,
Series
2016A1,
Revenue,
5.00%,
6/15/2029
$
30,000
$
30,133
New
Jersey
Transportation
Trust
Fund
Authority
Fedral
Highway
Reimbursement,
Series
2018A,
Revenue,
Refunding,
4.00%,
12/15/2031
25,000
25,584
5.00%,
6/15/2031
55,000
55,217
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System,
Series
2021A,
Revenue,
Refunding,
5.00%,
6/15/2032
20,000
21,973
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2022CC,
Revenue,
5.00%,
6/15/2040
20,000
21,402
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System,
Series
2023A,
Revenue,
Refunding,
4.25%,
6/15/2040
100,000
101,079
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2023AA,
Revenue,
Refunding,
5.00%,
6/15/2035
55,000
61,053
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
6/15/2035
40,000
45,196
5.25%,
6/15/2039
170,000
189,240
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2024CC,
Revenue,
5.00%,
6/15/2035
30,000
33,897
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2025AA,
Revenue,
5.00%,
6/15/2038
150,000
166,545
New
Jersey
Turnpike
Authority
Series
2017G,
Revenue,
Refunding,
5.00%,
1/1/2035
60,000
61,831
986,323
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
Mexico
-
0
.4
%
New
Mexico
Finance
Authority
State
Transportation
Commission,
Series
2018A,
Revenue,
Refunding,
5.00%,
6/15/2030
$
60,000
$
62,782
New
Mexico
Finance
Authority
Public
Project
Revolving
Fund,
Series
2023B,
Revenue,
5.00%,
6/1/2033
15,000
17,006
5.00%,
6/1/2032
90,000
101,072
5.00%,
6/1/2034
35,000
39,388
New
Mexico
Municipal
Energy
Acquisition
Authority
Series
2025,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
6/1/2054
(a)(b)
120,000
126,508
State
of
New
Mexico
Capital
Project,
Series
2025,
G.O.
Unlimited,
5.00%,
3/1/2035
70,000
75,135
State
of
New
Mexico
Severance
Tax
Permanent
Fund,
Series
2021A,
Revenue,
5.00%,
7/1/2031
25,000
27,644
449,535
New
York
-
5
.7
%
City
of
New
York
Series
2006I4,
G.O.
Unlimited,
Refunding,
5.00%,
4/1/2035
50,000
55,624
City
of
New
York
Series
2008J10,
G.O.
Unlimited,
5.00%,
8/1/2026
5,000
5,040
City
of
New
York
Series
2008L5,
G.O.
Unlimited,
5.00%,
4/1/2034
10,000
10,833
City
of
New
York
Series
2017A1,
G.O.
Unlimited,
5.00%,
8/1/2033
75,000
75,493
City
of
New
York
Series
2017B,
G.O.
Unlimited,
5.00%,
12/1/2031
70,000
70,972
City
of
New
York
Series
2018C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2029
60,000
62,465
City
of
New
York
Series
2018E1,
G.O.
Unlimited,
5.00%,
3/1/2032
75,000
78,002
5.00%,
3/1/2039
45,000
46,249
City
of
New
York
Series
2019D1,
G.O.
Unlimited,
5.00%,
12/1/2038
40,000
41,552
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
70
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
York
-
5.7%
continued
City
of
New
York
Series
2019E,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2031
$
45,000
$
47,588
5.00%,
8/1/2034
25,000
26,284
City
of
New
York
Series
2020A1,
G.O.
Unlimited,
5.00%,
8/1/2039
75,000
78,380
City
of
New
York
Series
2020C1,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2031
80,000
86,710
5.00%,
8/1/2032
20,000
21,622
City
of
New
York
Series
2020D1,
G.O.
Unlimited,
5.00%,
3/1/2037
40,000
42,178
City
of
New
York
Series
2021F1,
G.O.
Unlimited,
5.00%,
3/1/2037
55,000
58,748
City
of
New
York
Series
2023-1,
G.O.
Unlimited,
5.00%,
8/1/2032
45,000
49,994
City
of
New
York
Series
2023B1,
G.O.
Unlimited,
5.25%,
10/1/2040
30,000
32,392
City
of
New
York
Series
2023E1,
G.O.
Unlimited,
5.00%,
4/1/2034
25,000
27,680
5.00%,
4/1/2035
35,000
38,501
5.00%,
4/1/2038
35,000
37,779
City
of
New
York
Series
2023F1,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2035
75,000
82,626
City
of
New
York
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2040
30,000
32,091
City
of
New
York
Series
2024C,
G.O.
Unlimited,
5.00%,
3/1/2037
30,000
32,871
City
of
New
York
Series
2024D,
G.O.
Unlimited,
5.00%,
4/1/2039
25,000
27,053
City
of
New
York
Series
2025E,
G.O.
Unlimited,
5.00%,
8/1/2040
15,000
16,225
City
of
New
York
Series
2025G1,
G.O.
Unlimited,
5.00%,
2/1/2039
10,000
10,947
City
of
New
York
Series
2026G,
G.O.
Unlimited,
5.00%,
2/1/2040
200,000
219,304
City
of
New
York
Series
A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
15,000
15,120
City
of
New
York
Series
C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
5,000
5,040
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
York
-
5.7%
continued
County
of
Nassau
Series
2016B,
G.O.
Limited,
Pre-Refunded,
5.00%,
10/1/2027
$
25,000
$
25,289
Empire
State
Development
Corp.
Personal
Income
Tax,
Series
2016A,
Revenue,
Refunding,
5.00%,
3/15/2032
25,000
25,027
Empire
State
Development
Corp.
Personal
Income
Tax,
Series
2020A,
Revenue,
5.00%,
3/15/2035
140,000
150,577
Empire
State
Development
Corp.
Personal
Income
Tax,
Series
2020C,
Revenue,
Refunding,
5.00%,
3/15/2032
35,000
38,184
5.00%,
3/15/2035
55,000
59,179
Empire
State
Development
Corp.
State
of
New
York,
Series
2021A,
Revenue,
Refunding,
3.00%,
3/15/2040
105,000
90,762
Empire
State
Development
Corp.
Sales
Tax,
Series
2023A,
Revenue,
5.00%,
3/15/2034
55,000
62,228
Long
Island
Power
Authority
Electric
System,
Series
2023E,
Revenue,
5.00%,
9/1/2038
45,000
49,738
Metropolitan
Transportation
Authority
Series
2017C1,
Revenue,
Refunding,
4.00%,
11/15/2037
100,000
99,282
Metropolitan
Transportation
Authority
Series
B2,
Revenue,
Refunding,
5.00%,
11/15/2029
55,000
55,749
Nassau
County
Interim
Finance
Authority
Sales
Tax,
Series
2024A,
Revenue,
5.00%,
11/15/2029
30,000
32,700
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2021CC2,
Revenue,
5.00%,
6/15/2028
25,000
25,431
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2021CC3,
Revenue,
Refunding,
5.00%,
6/15/2032
25,000
27,609
71
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
York
-
5.7%
continued
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2022DD,
Revenue,
Refunding,
Daily
VRDN
and
Put,
2.85%,
6/15/2033
(a)(b)
$
450,000
$
450,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2018C2,
Revenue,
5.00%,
5/1/2037
30,000
30,982
New
York
City
Transitional
Finance
Authority
Building
Aid,
Series
2018S3,
Revenue,
State
Aid
Withholding,
5.25%,
7/15/2035
55,000
57,694
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2019A1,
Revenue,
5.00%,
8/1/2036
135,000
140,169
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2019C1,
Revenue,
5.00%,
11/1/2039
30,000
31,207
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2021C1,
Revenue,
5.00%,
5/1/2034
65,000
70,006
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2021D1,
Revenue,
5.00%,
11/1/2026
45,000
45,643
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2021F1,
Revenue,
Refunding,
5.00%,
11/1/2026
45,000
45,643
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2022C1,
Revenue,
5.00%,
2/1/2030
50,000
54,186
5.00%,
2/1/2035
25,000
27,255
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2023A1,
Revenue,
5.00%,
8/1/2039
60,000
64,067
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
York
-
5.7%
continued
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2023B1,
Revenue,
Refunding,
5.00%,
11/1/2033
$
160,000
$
177,419
5.25%,
11/1/2036
45,000
49,763
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2023D1,
Revenue,
5.25%,
11/1/2038
20,000
21,830
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2023E1,
Revenue,
Refunding,
5.00%,
11/1/2035
20,000
22,150
5.00%,
11/1/2037
10,000
10,919
5.00%,
11/1/2036
20,000
21,981
5.00%,
11/1/2039
15,000
16,132
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024A1,
Revenue,
5.00%,
5/1/2039
100,000
107,804
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024B,
Revenue,
5.00%,
5/1/2038
25,000
27,273
5.00%,
5/1/2037
65,000
71,552
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024C,
Revenue,
5.00%,
5/1/2037
150,000
165,121
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024D1,
Revenue,
Refunding,
5.00%,
11/1/2040
10,000
10,794
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024G1,
Revenue,
5.00%,
5/1/2037
35,000
38,730
5.00%,
5/1/2039
50,000
54,375
5.00%,
5/1/2040
55,000
59,534
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025A1,
Revenue,
Refunding,
5.00%,
11/1/2037
35,000
38,814
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
72
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
York
-
5.7%
continued
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025D,
Revenue,
5.00%,
5/1/2034
$
200,000
$
225,908
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025F1,
Revenue,
Refunding,
5.00%,
11/1/2038
35,000
38,589
5.00%,
11/1/2040
35,000
38,067
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025G1,
Revenue,
Refunding,
5.00%,
11/1/2037
10,000
11,140
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025H1,
Revenue,
5.00%,
11/1/2032
45,000
50,304
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025J1,
Revenue,
Refunding,
5.00%,
11/1/2029
15,000
16,193
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2026B,
Revenue,
5.00%,
5/1/2039
10,000
11,011
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
B1,
Revenue,
5.00%,
8/1/2036
100,000
103,829
5.00%,
8/1/2038
35,000
36,234
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
C,
Revenue,
Refunding,
5.00%,
11/1/2033
95,000
97,102
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2016A,
Revenue,
5.00%,
3/15/2032
100,000
101,057
5.00%,
3/15/2035
50,000
50,460
5.00%,
2/15/2034
65,000
65,507
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2017A,
Revenue,
5.00%,
3/15/2038
130,000
131,987
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
York
-
5.7%
continued
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2017B,
Revenue,
5.00%,
2/15/2039
$
35,000
$
35,744
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2017B,
Revenue,
Refunding,
5.00%,
2/15/2037
30,000
30,715
New
York
State
Dormitory
Authority
School
District,
Series
2018A,
Revenue,
State
Aid
Withholding,
5.00%,
10/1/2030
55,000
55,672
5.00%,
10/1/2028
40,000
40,493
5.00%,
10/1/2027
55,000
55,623
5.00%,
10/1/2033
75,000
75,834
5.00%,
10/1/2032
65,000
65,762
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2018C,
Revenue,
Refunding,
5.00%,
3/15/2035
25,000
25,972
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2018E,
Revenue,
5.00%,
3/15/2030
40,000
42,311
New
York
State
Dormitory
Authority
New
York
University,
Series
2019A,
Revenue,
5.00%,
7/1/2035
60,000
63,614
5.00%,
7/1/2039
20,000
21,012
5.00%,
7/1/2038
55,000
57,959
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2019A,
Revenue,
Refunding,
5.00%,
3/15/2034
15,000
15,868
5.00%,
3/15/2040
25,000
26,095
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2021A,
Revenue,
Refunding,
5.00%,
3/15/2032
35,000
38,467
5.00%,
3/15/2034
10,000
10,877
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2021E,
Revenue,
4.00%,
3/15/2040
15,000
14,897
New
York
State
Dormitory
Authority
School
District,
Series
2022A,
Revenue,
BAM
Insured,
5.00%,
10/1/2026
50,000
50,642
73
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
York
-
5.7%
continued
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2022A,
Revenue,
Refunding,
4.00%,
3/15/2034
$
60,000
$
62,130
New
York
State
Dormitory
Authority
School
District,
Series
2023A,
Revenue,
AG
Insured,
5.00%,
10/1/2036
90,000
97,664
5.00%,
10/1/2037
100,000
107,918
New
York
State
Dormitory
Authority
School
District,
Series
2024A,
Revenue,
AG
Insured,
5.00%,
10/1/2036
20,000
22,036
New
York
State
Environmental
Facilities
Corp.
Municipal
Water
Finance
Authority
Projects,
Series
2023B,
Revenue,
Refunding,
5.00%,
6/15/2030
15,000
16,484
5.00%,
6/15/2033
40,000
45,841
New
York
State
Environmental
Facilities
Corp.
Municipal
Water
Finance
Authority
Projects,
Series
2024A,
Revenue,
Refunding,
5.00%,
6/15/2035
25,000
28,524
5.00%,
6/15/2037
30,000
33,784
New
York
State
Thruway
Authority
Personal
Income
Tax,
Series
2019B,
Revenue,
AG
Insured,
4.00%,
1/1/2040
100,000
98,056
New
York
State
Thruway
Authority
Personal
Income
Tax,
Series
2025A,
Revenue,
5.00%,
3/15/2039
100,000
111,686
State
of
New
York
Series
2023B,
G.O.
Unlimited,
5.00%,
3/15/2030
40,000
43,921
Town
of
Hempstead
Series
2025A,
G.O.
Limited,
4.00%,
6/1/2039
15,000
15,372
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2021C-
1A,
Revenue,
5.00%,
5/15/2040
20,000
21,310
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2023A,
Revenue,
Refunding,
5.00%,
11/15/2026
35,000
35,555
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
New
York
-
5.7%
continued
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2023B,
Revenue,
5.00%,
11/15/2028
$
40,000
$
42,336
5.00%,
11/15/2033
25,000
28,530
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2023B1,
Revenue,
5.00%,
11/15/2039
50,000
54,377
5.00%,
11/15/2040
50,000
54,070
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2025A,
Revenue,
5.00%,
12/1/2033
10,000
11,453
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
Museum
of
Modern
Art
(The),
Series
2016E1,
Revenue,
Refunding,
4.00%,
4/1/2031
80,000
80,497
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
Lincoln
Center
for
the
Performing
Arts,
Inc.,
Series
2020A,
Revenue,
Refunding,
5.00%,
12/1/2031
120,000
131,034
Utility
Debt
Securitization
Authority
Series
2023TE1,
Revenue,
Refunding,
5.00%,
6/15/2028
70,000
70,317
5.00%,
12/15/2040
30,000
33,279
7,039,280
North
Carolina
-
0
.5
%
City
of
Charlotte
Water
&
Sewer
System,
Series
2020,
Revenue,
Refunding,
5.00%,
7/1/2031
20,000
21,845
City
of
Charlotte
Water
&
Sewer
System,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2029
20,000
21,528
City
of
Raleigh
Combined
Enterprise
System,
Series
2023,
Revenue,
Refunding,
5.00%,
9/1/2032
25,000
28,246
County
of
Cabarrus
Development
Corp.
Ltd.,
Series
2024A,
Revenue,
Refunding,
5.00%,
8/1/2031
20,000
22,183
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
74
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
North
Carolina
-
0.5%
continued
County
of
Guilford
Series
2025,
G.O.
Unlimited,
5.00%,
3/1/2035
$
25,000
$
28,876
County
of
Mecklenburg
Public
Improvement,
Series
2016B,
G.O.
Unlimited,
5.00%,
12/1/2027
65,000
66,040
County
of
Mecklenburg
Public
Improvement,
Series
2017A,
G.O.
Unlimited,
3.00%,
4/1/2036
30,000
28,199
3.00%,
4/1/2037
40,000
36,989
County
of
Mecklenburg
School,
Series
2021,
G.O.
Unlimited,
5.00%,
3/1/2030
20,000
21,790
County
of
Union
Enterprise
System,
Series
2021,
Revenue,
3.00%,
6/1/2037
20,000
18,476
County
of
Wake
Series
2021,
G.O.
Unlimited,
Refunding,
5.00%,
4/1/2028
25,000
26,258
County
of
Wake
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2031
80,000
88,776
County
of
Wake
Series
2025A,
G.O.
Unlimited,
5.00%,
4/1/2029
30,000
32,140
County
of
Wake
Series
2025A,
Revenue,
5.00%,
5/1/2037
40,000
45,114
North
Carolina
Capital
Facilities
Finance
Agency
Duke
University,
Series
2016B,
Revenue,
Refunding,
5.00%,
10/1/2026
45,000
45,575
North
Carolina
Turnpike
Authority
Triangle
Expressway,
Series
2018,
Revenue,
Refunding,
5.00%,
1/1/2040
35,000
35,946
North
Carolina
Turnpike
Authority
Triangle
Expressway,
Series
2018A,
Revenue,
Refunding,
4.00%,
1/1/2033
80,000
81,340
State
of
North
Carolina
Build
NC,
Series
2019A,
Revenue,
4.00%,
5/1/2033
20,000
20,561
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
North
Carolina
-
0.5%
continued
State
of
North
Carolina
Garvee,
Series
2021,
Revenue,
5.00%,
3/1/2033
$
100,000
$
108,950
State
of
North
Carolina
Build
NC,
Series
2022A,
Revenue,
5.00%,
5/1/2029
25,000
26,788
805,620
North
Dakota
-
0
.2
%
North
Dakota
Public
Finance
Authority
State
Revolving
Fund
Program,
Series
2024A,
Revenue,
Refunding,
5.00%,
10/1/2034
105,000
120,334
5.00%,
10/1/2031
105,000
117,073
5.00%,
10/1/2032
35,000
39,471
276,878
Ohio
-
2
.7
%
American
Municipal
Power,
Inc.
Prairie
State
Energy
Campus,
Series
2021A,
Revenue,
Refunding,
5.00%,
2/15/2033
30,000
31,984
Cincinnati
School
District
Classroom
Construction
&
Improvement,
Series
2006,
G.O.
Unlimited,
Refunding,
NATL
Insured,
5.25%,
12/1/2026
35,000
35,648
City
of
Columbus
Various
Purpose,
Series
2022A,
G.O.
Unlimited,
5.00%,
4/1/2035
55,000
60,760
5.00%,
4/1/2038
20,000
21,708
City
of
Columbus
Various
Purpose,
Series
2023A,
G.O.
Unlimited,
5.00%,
8/15/2028
20,000
21,145
5.00%,
8/15/2035
140,000
157,270
City
of
Columbus
Various
Purpose,
Series
2024A,
G.O.
Unlimited,
5.00%,
8/15/2030
10,000
10,954
County
of
Hamilton
Sales
Tax,
Series
2016A,
Revenue,
Refunding,
5.00%,
12/1/2029
85,000
86,419
County
of
Hamilton
TriHealth,
Inc.
Obligated
Group
Project,
Series
2021B,
Revenue,
Refunding,
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
2.80%,
8/15/2051
(a)(b)
550,000
550,000
75
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Ohio
-
2.7%
continued
Northeast
Ohio
Regional
Sewer
District
Series
2024,
Revenue,
Refunding,
5.00%,
11/15/2029
$
20,000
$
21,660
Ohio
Higher
Educational
Facility
Commission
Case
Western
Reserve
University,
Series
2016,
Revenue,
Refunding,
3.25%,
12/1/2034
25,000
24,312
Ohio
State
University
(The)
Multiyear
Debt
Issuance
Program
II,
Series
2021A,
Revenue,
5.00%,
12/1/2034
70,000
76,558
5.00%,
12/1/2030
15,000
16,459
Ohio
Turnpike
&
Infrastructure
Commission
Series
2018A,
Revenue,
5.00%,
2/15/2037
50,000
51,468
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2020A,
Revenue,
5.00%,
6/1/2030
20,000
21,854
5.00%,
12/1/2030
40,000
43,634
5.00%,
6/1/2032
25,000
27,142
5.00%,
12/1/2033
130,000
140,412
5.00%,
6/1/2033
45,000
48,678
Ohio
Water
Development
Authority
Drinking
Water
Assistance,
Series
2021A,
Revenue,
5.00%,
12/1/2038
35,000
37,536
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2023A,
Revenue,
Refunding,
5.00%,
12/1/2029
20,000
21,677
5.00%,
12/1/2030
40,000
44,050
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2023B,
Revenue,
5.00%,
12/1/2038
30,000
32,924
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2023C,
Revenue,
5.00%,
12/1/2030
45,000
49,556
5.00%,
12/1/2033
75,000
85,196
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2024A,
Revenue,
5.00%,
12/1/2039
35,000
38,556
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Ohio
-
2.7%
continued
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2024B,
Revenue,
Refunding,
5.00%,
6/1/2033
$
15,000
$
17,024
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2024D,
Revenue,
5.00%,
12/1/2029
40,000
43,355
5.00%,
12/1/2031
95,000
106,101
5.00%,
12/1/2032
50,000
56,472
5.00%,
12/1/2033
75,000
85,501
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2025,
Revenue,
5.00%,
6/1/2035
65,000
74,822
5.00%,
12/1/2034
125,000
143,482
State
of
Ohio
Higher
Education,
Series
2025A,
G.O.
Limited,
5.00%,
5/1/2029
50,000
53,602
State
of
Ohio
Highway
Capital
Improvement,
Series
2016S,
G.O.
Unlimited,
5.00%,
5/1/2026
35,000
35,074
State
of
Ohio
Infrastructure
Improvement,
Series
2017B,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2028
85,000
89,971
State
of
Ohio
Common
School,
Series
2019A,
G.O.
Unlimited,
5.00%,
5/1/2027
15,000
15,407
5.00%,
6/15/2030
45,000
49,165
State
of
Ohio
Higher
Education,
Series
2021A,
G.O.
Unlimited,
5.00%,
6/15/2030
90,000
98,330
5.00%,
5/1/2033
45,000
49,427
5.00%,
6/15/2032
10,000
11,046
5.00%,
5/1/2032
105,000
115,833
State
of
Ohio
Infrastructure
Improvement,
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
3/15/2035
20,000
22,399
5.00%,
9/1/2035
35,000
39,327
State
of
Ohio
Infrastructure
Improvement,
Series
2025A,
G.O.
Unlimited,
5.00%,
3/1/2036
30,000
34,220
State
of
Ohio
Higher
Education,
Series
2025C,
G.O.
Unlimited,
5.00%,
11/1/2034
100,000
114,723
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
76
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Ohio
-
2.7%
continued
5.00%,
11/1/2039
$
125,000
$
138,324
State
of
Ohio
Infrastructure
Improvement,
Series
2026A,
G.O.
Unlimited,
5.00%,
3/1/2036
70,000
80,789
State
of
Ohio
Highway
Capital
Improvement,
Series
V,
G.O.
Unlimited,
5.00%,
5/1/2031
20,000
20,923
State
of
Ohio
Highway
Capital
Improvement,
Series
Z,
G.O.
Unlimited,
5.00%,
5/1/2037
50,000
57,248
State
of
Ohio
Major
New
Infrastructure
Project,
Series
2019-1,
Revenue,
5.00%,
12/15/2030
60,000
66,085
State
of
Ohio
Adult
Correctional
Building
Fund,
Series
2025A,
Revenue,
5.00%,
10/1/2034
30,000
34,253
3,410,463
Oklahoma
-
1
.1
%
Canadian
County
Educational
Facilities
Authority
Mustang
Public
Schools
Project,
Series
2017,
Revenue,
5.00%,
9/1/2028
65,000
65,593
County
of
Oklahoma
Series
2025,
G.O.
Limited,
5.00%,
11/1/2031
50,000
55,562
Grand
River
Dam
Authority
Series
2016A,
Revenue,
Refunding,
5.00%,
6/1/2032
55,000
55,767
5.00%,
6/1/2031
170,000
172,452
Grand
River
Dam
Authority
Series
2023,
Revenue,
5.00%,
6/1/2037
75,000
81,801
Oklahoma
Capitol
Improvement
Authority
State
Highway
Capital
Improvement,
Series
2016,
Revenue,
4.00%,
7/1/2032
100,000
100,351
Oklahoma
Capitol
Improvement
Authority
State
Highway
Capital
Improvement,
Series
2016,
Revenue,
Refunding,
5.00%,
7/1/2031
20,000
20,120
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Oklahoma
-
1.1%
continued
Oklahoma
Capitol
Improvement
Authority
State
Facilities,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2028
$
90,000
$
94,866
Oklahoma
County
Finance
Authority
Midwest
City-
Del
City
Public
Schools
Project,
Series
2024,
Revenue,
BAM
Insured,
5.00%,
10/1/2035
35,000
39,189
Oklahoma
State
University
Agricultural
&
Mechanical
Colleges
University,
Series
2020A,
Revenue,
Refunding,
5.00%,
9/1/2029
35,000
37,615
5.00%,
9/1/2031
65,000
70,824
5.00%,
9/1/2032
100,000
108,426
5.00%,
9/1/2026
5,000
5,046
Oklahoma
Turnpike
Authority
Turnpike
System,
Series
2017C,
Revenue,
5.00%,
1/1/2035
130,000
131,751
Oklahoma
Turnpike
Authority
Turnpike
System,
Series
2018A,
Revenue,
5.00%,
1/1/2032
55,000
55,830
5.00%,
1/1/2036
60,000
60,793
Oklahoma
Turnpike
Authority
Turnpike
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
1/1/2028
45,000
46,841
5.00%,
1/1/2027
80,000
81,480
University
of
Oklahoma
(The)
Series
2025A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
7/1/2038
25,000
27,664
1,311,971
Oregon
-
1
.1
%
City
of
Portland
Sewer
System,
Series
2018A,
Revenue,
4.50%,
5/1/2036
20,000
20,016
City
of
Portland
Sewer
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
12/1/2033
15,000
16,956
City
of
Portland
Water
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
5/1/2031
25,000
27,680
City
of
Portland
Sewer
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
10/1/2034
15,000
17,142
77
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Oregon
-
1.1%
continued
Deschutes
Public
Library
District
Series
2021,
G.O.
Unlimited,
4.00%,
6/1/2034
$
40,000
$
41,576
Hillsboro
School
District
No.
1J
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2029
10,000
10,282
5.00%,
6/15/2032
30,000
30,765
5.00%,
6/15/2031
30,000
30,790
Multnomah
County
School
District
No.
1J
Portland,
Series
2023,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2027
10,000
10,294
5.00%,
6/15/2033
30,000
33,962
Oregon
State
Lottery
Series
2022A,
Revenue,
5.00%,
4/1/2036
35,000
38,371
5.00%,
4/1/2038
20,000
21,677
Oregon
State
Lottery
Series
2023A,
Revenue,
Moral
Obligation,
5.00%,
4/1/2034
35,000
39,383
5.00%,
4/1/2035
30,000
33,557
5.00%,
4/1/2040
25,000
27,055
Oregon
State
Lottery
Series
2025A,
Revenue,
Refunding,
5.00%,
4/1/2038
15,000
16,822
5.00%,
4/1/2039
150,000
166,768
5.00%,
4/1/2040
10,000
11,021
Oregon
State
Lottery
Series
A,
Revenue,
5.00%,
4/1/2034
35,000
35,687
5.00%,
4/1/2035
40,000
40,754
Salem-Keizer
School
District
No.
24J
Series
2018,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2029
30,000
31,563
5.00%,
6/15/2032
20,000
20,954
State
of
Oregon
Article
XI-Q
State
Project,
Series
2019A,
G.O.
Unlimited,
5.00%,
5/1/2030
20,000
21,397
5.00%,
5/1/2034
35,000
37,023
State
of
Oregon
Article
XI-Q
State
Project,
Series
2021A,
G.O.
Unlimited,
5.00%,
5/1/2032
85,000
93,906
5.00%,
5/1/2034
20,000
21,851
5.00%,
5/1/2033
30,000
32,985
State
of
Oregon
Article
XI-Q
State
Project,
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2035
35,000
39,121
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Oregon
-
1.1%
continued
State
of
Oregon
Article
XI-Q
State
Project,
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2036
$
70,000
$
79,622
5.00%,
5/1/2039
30,000
33,363
State
of
Oregon
Department
of
Transportation,
Series
2022A,
Revenue,
5.00%,
11/15/2037
40,000
44,059
State
of
Oregon
Department
of
Transportation,
Series
2023A,
Revenue,
5.00%,
11/15/2038
55,000
60,161
State
of
Oregon
Department
of
Transportation,
Series
2024,
Revenue,
5.00%,
5/15/2035
40,000
45,087
State
of
Oregon
Department
of
Transportation,
Series
2024A,
Revenue,
Refunding,
5.00%,
11/15/2030
15,000
16,489
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2030
20,000
20,534
1,268,673
Pennsylvania
-
3
.1
%
City
of
Philadelphia
Series
2025A,
G.O.
Unlimited,
5.00%,
8/1/2036
10,000
11,271
City
of
Philadelphia
Water
&
Wastewater,
Series
2020A,
Revenue,
Refunding,
5.00%,
11/1/2040
100,000
105,563
City
of
Philadelphia
Water
&
Wastewater,
Series
2024C,
Revenue,
AG
Insured,
5.00%,
9/1/2037
35,000
39,100
5.00%,
9/1/2040
40,000
43,944
Commonwealth
of
Pennsylvania
Series
2016-
2,
G.O.
Unlimited,
5.00%,
9/15/2029
70,000
70,747
Commonwealth
of
Pennsylvania
Series
2020-
1,
G.O.
Unlimited,
5.00%,
5/1/2029
25,000
26,763
Commonwealth
of
Pennsylvania
Series
2022-
1,
G.O.
Unlimited,
5.00%,
10/1/2033
25,000
27,886
5.00%,
10/1/2032
45,000
50,459
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
78
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Pennsylvania
-
3.1%
continued
5.00%,
10/1/2026
$
40,000
$
40,497
5.00%,
10/1/2036
20,000
21,948
Commonwealth
of
Pennsylvania
Series
2024,
G.O.
Unlimited,
5.00%,
8/15/2035
25,000
28,197
Commonwealth
of
Pennsylvania
Series
2024-
1,
G.O.
Unlimited,
5.00%,
8/15/2034
145,000
164,849
5.00%,
8/15/2039
30,000
33,019
Delaware
Valley
Regional
Finance
Authority
Series
1998A,
Revenue,
AMBAC
Insured,
5.50%,
8/1/2028
60,000
63,554
Delaware
Valley
Regional
Finance
Authority
Series
2002,
Revenue,
5.75%,
7/1/2032
30,000
34,443
Pennsylvania
Higher
Educational
Facilities
Authority
Drexel
University,
Series
2020A,
Revenue,
Refunding,
AG
Insured,
4.00%,
5/1/2040
25,000
24,538
Pennsylvania
Turnpike
Commission
Registration
Fee,
Series
2005A,
Revenue,
AG
Insured,
5.25%,
7/15/2029
10,000
10,771
Pennsylvania
Turnpike
Commission
Motor
Licence
Fund
Enhanced,
Series
2016,
Revenue,
Refunding,
5.00%,
12/1/2030
90,000
91,302
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax,
Series
2016A,
Revenue,
Refunding,
5.00%,
12/1/2029
85,000
86,307
5.00%,
12/1/2028
55,000
55,871
5.00%,
12/1/2031
75,000
75,963
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2016A3,
Revenue,
Refunding,
5.00%,
12/1/2030
35,000
35,467
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2016B,
Revenue,
Refunding,
5.00%,
6/1/2027
35,000
35,122
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Pennsylvania
-
3.1%
continued
Pennsylvania
Turnpike
Commission
Motor
Licence
Fund
Enhanced,
Series
2017,
Revenue,
Refunding,
4.00%,
12/1/2036
$
10,000
$
10,066
5.00%,
12/1/2032
35,000
36,167
5.00%,
12/1/2032
100,000
103,335
5.00%,
12/1/2035
60,000
61,706
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2017A,
Revenue,
AG
Insured,
4.00%,
12/1/2037
75,000
75,228
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2018A2,
Revenue,
5.00%,
12/1/2038
75,000
77,944
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2019A,
Revenue,
5.00%,
12/1/2034
105,000
112,043
5.00%,
12/1/2032
100,000
106,882
5.00%,
12/1/2038
50,000
52,567
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2021B,
Revenue,
4.00%,
12/1/2036
75,000
76,084
5.00%,
12/1/2033
20,000
21,988
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2021B,
Revenue,
Refunding,
5.00%,
12/1/2034
20,000
21,749
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2021C,
Revenue,
Refunding,
4.00%,
12/1/2039
30,000
30,271
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2022A,
Revenue,
Refunding,
5.00%,
12/1/2033
55,000
61,501
5.00%,
12/1/2035
35,000
38,597
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2023-1,
Revenue,
Refunding,
5.00%,
12/1/2034
125,000
140,171
5.00%,
12/1/2036
90,000
99,303
5.00%,
12/1/2039
30,000
32,525
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2023A,
Revenue,
Refunding,
5.00%,
12/1/2037
80,000
88,278
79
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Pennsylvania
-
3.1%
continued
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2024,
Revenue,
Refunding,
5.00%,
12/1/2040
$
40,000
$
43,741
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2024-1,
Revenue,
Refunding,
5.00%,
6/1/2035
125,000
140,638
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2024A,
Revenue,
5.00%,
12/1/2034
20,000
22,500
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025-1,
Revenue,
Refunding,
5.00%,
12/1/2040
15,000
16,564
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025-2,
Revenue,
Refunding,
5.00%,
12/1/2036
20,000
22,511
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax,
Series
A,
Revenue,
Refunding,
5.00%,
12/1/2027
75,000
76,200
Pennsylvania
Turnpike
Commission
Turnpike,
Series
B1,
Revenue,
5.00%,
6/1/2037
100,000
101,816
Pennsylvania
Turnpike
Commission
Turnpike,
Series
B2,
Revenue,
Refunding,
AG
Insured,
5.00%,
6/1/2033
100,000
102,305
Philadelphia
Authority
for
Industrial
Development
Lease,
Series
2019,
Revenue,
Refunding,
5.00%,
10/1/2030
20,000
21,803
School
District
of
Philadelphia
(The)
Series
2016F,
G.O.
Limited,
Refunding,
State
Aid
Withholding,
5.00%,
9/1/2033
35,000
35,289
School
District
of
Philadelphia
(The)
Series
2018A,
G.O.
Limited,
State
Aid
Withholding,
5.00%,
9/1/2038
25,000
25,829
School
District
of
Philadelphia
(The)
Series
2019A,
G.O.
Limited,
State
Aid
Withholding,
4.00%,
9/1/2036
150,000
151,454
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Pennsylvania
-
3.1%
continued
4.00%,
9/1/2039
$
65,000
$
64,345
School
District
of
Philadelphia
(The)
Series
2021A,
G.O.
Limited,
State
Aid
Withholding,
5.00%,
9/1/2032
35,000
38,352
Southeastern
Pennsylvania
Transportation
Authority
Asset
Improvement
Program,
Series
2022,
Revenue,
5.00%,
6/1/2038
100,000
107,585
5.25%,
6/1/2040
75,000
80,992
5.25%,
6/1/2039
45,000
48,884
Sports
&
Exhibition
Authority
of
Pittsburgh
&
Allegheny
County
Hotel
Room
Excise
Tax,
Series
2022A,
Revenue,
Refunding,
AG
Insured,
5.00%,
2/1/2034
45,000
49,082
Temple
University
of
The
Commonwealth
System
of
Higher
Education
Series
2025-1,
Revenue,
Refunding,
AG
Insured,
5.00%,
4/1/2035
20,000
22,842
Westmoreland
County
Municipal
Authority
Series
2025A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
8/15/2039
100,000
109,382
3,706,100
Rhode
Island
-
0
.2
%
Rhode
Island
Commerce
Corp.
Garvee,
Series
2016B,
Revenue,
5.00%,
6/15/2029
15,000
15,066
5.00%,
6/15/2031
15,000
15,062
Rhode
Island
Commerce
Corp.
Rhode
Island
Department
of
Transportation,
Series
2020A,
Revenue,
5.00%,
5/15/2028
20,000
20,944
5.00%,
5/15/2032
100,000
107,290
Rhode
Island
Commerce
Corp.
Rhode
Island
Department
of
Transportation,
Series
2024A,
Revenue,
5.00%,
5/15/2035
80,000
88,593
State
of
Rhode
Island
Series
2022A,
G.O.
Unlimited,
5.00%,
8/1/2037
25,000
27,112
5.00%,
8/1/2040
5,000
5,350
279,417
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
80
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
South
Carolina
-
0
.5
%
County
of
Charleston
Transportation,
Series
2017C,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
11/1/2027
$
15,000
$
15,595
Greenville
County
School
District
School
Project,
Series
2023,
Revenue,
Refunding,
5.00%,
12/1/2026
70,000
71,163
Lancaster
County
School
District
Series
2017,
G.O.
Unlimited,
State
School
District
Credit
Enhancement
Program,
3.25%,
3/1/2032
80,000
79,314
Patriots
Energy
Group
Financing
Agency
Series
2023B1,
Revenue,
Refunding,
Mandatory
Put,
5.25%,
2/1/2054
(a)(b)
110,000
117,425
Richland
County
School
District
No.
2
Series
2023A,
G.O.
Unlimited,
State
School
District
Credit
Enhancement
Program,
5.00%,
3/1/2035
20,000
22,034
South
Carolina
Public
Service
Authority
Series
2016A,
Revenue,
5.00%,
12/1/2037
50,000
50,102
5.00%,
12/1/2038
30,000
30,056
South
Carolina
Public
Service
Authority
Series
2016A,
Revenue,
Refunding,
5.00%,
12/1/2037
30,000
30,122
5.00%,
12/1/2038
15,000
15,061
South
Carolina
Public
Service
Authority
Series
2021B,
Revenue,
5.00%,
12/1/2040
30,000
31,669
South
Carolina
Transportation
Infrastructure
Bank
Series
2021B,
Revenue,
Refunding,
5.00%,
10/1/2026
75,000
75,951
538,492
Tennessee
-
1
.6
%
City
of
Knoxville
Wastewater
System,
Series
2021A,
Revenue,
Refunding,
5.00%,
4/1/2031
125,000
138,230
County
of
Blount
Series
2016B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2029
25,000
25,086
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Tennessee
-
1.6%
continued
County
of
Hamilton
Series
2018A,
G.O.
Unlimited,
5.00%,
4/1/2028
$
105,000
$
110,154
5.00%,
4/1/2031
95,000
99,185
5.00%,
4/1/2029
50,000
52,408
County
of
Hamilton
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2039
75,000
83,094
5.00%,
8/1/2040
50,000
55,088
County
of
Shelby
Public
Improvement
&
School,
Series
2020B,
G.O.
Unlimited,
4.00%,
4/1/2038
125,000
126,193
County
of
Shelby
Public
Improvement
&
School,
Series
2025A,
G.O.
Unlimited,
5.00%,
4/1/2031
10,000
11,039
Metropolitan
Government
of
Nashville
&
Davidson
County
Series
2016,
G.O.
Unlimited,
Refunding,
5.00%,
1/1/2027
20,000
20,120
5.00%,
1/1/2028
75,000
75,449
Metropolitan
Government
of
Nashville
&
Davidson
County
Improvement,
Series
2018,
G.O.
Unlimited,
5.00%,
7/1/2032
25,000
26,150
5.00%,
7/1/2026
55,000
55,346
Metropolitan
Government
of
Nashville
&
Davidson
County
Improvement,
Series
2018,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2030
35,000
36,759
Metropolitan
Government
of
Nashville
&
Davidson
County
Series
2022A,
G.O.
Unlimited,
5.00%,
1/1/2027
80,000
81,503
Metropolitan
Government
of
Nashville
&
Davidson
County
Electric,
Series
2024A,
Revenue,
5.00%,
5/15/2039
165,000
181,862
Metropolitan
Government
of
Nashville
&
Davidson
County
Electric,
Series
2024B,
Revenue,
Refunding,
5.00%,
5/15/2028
25,000
26,254
81
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Tennessee
-
1.6%
continued
Metropolitan
Government
of
Nashville
&
Davidson
County
Water
&
Sewer,
Series
2025,
Revenue,
Refunding,
5.00%,
7/1/2031
$
20,000
$
22,165
5.00%,
7/1/2030
60,000
65,527
Metropolitan
Nashville
Airport
Authority
(The)
Series
2026A,
Revenue,
5.00%,
7/1/2039
25,000
27,721
State
of
Tennessee
Series
2021A,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2026
20,000
20,299
5.00%,
11/1/2032
100,000
111,337
State
of
Tennessee
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2029
30,000
32,191
5.00%,
5/1/2032
40,000
45,022
5.00%,
5/1/2035
20,000
22,506
Tennergy
Corp.
Series
2024A,
Revenue,
Mandatory
Put,
5.00%,
10/1/2054
(a)(b)
160,000
167,728
Tennessee
Energy
Acquisition
Corp.
Gas
Project,
Series
2021A,
Revenue,
Mandatory
Put,
5.00%,
5/1/2052
(a)(b)
30,000
31,718
Tennessee
Energy
Acquisition
Corp.
Gas
Project,
Series
2023A1,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
5/1/2053
(a)(b)
80,000
82,517
Tennessee
Energy
Acquisition
Corp.
Gas
Project,
Series
2026A,
Revenue,
5.00%,
11/1/2034
80,000
85,365
Tennessee
State
School
Bond
Authority
Higher
Education
Facilities
Second
Program,
Series
2022A,
Revenue,
State
Aid
Intercept,
5.00%,
11/1/2040
35,000
37,769
Tennessee
State
School
Bond
Authority
Higher
Education
Facilities
Second
Program,
Series
B,
Revenue,
Refunding,
State
Aid
Intercept,
5.00%,
11/1/2026
95,000
96,373
2,052,158
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14
.6
%
Alamo
Community
College
District
Series
2017,
G.O.
Limited,
Refunding,
5.00%,
8/15/2027
$
175,000
$
180,928
Alamo
Community
College
District
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
8/15/2026
50,000
50,468
Aldine
Independent
School
District
Series
2014,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2040
30,000
32,559
Aldine
Independent
School
District
Series
2017A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
70,000
71,541
5.00%,
2/15/2031
25,000
25,463
Aldine
Independent
School
District
Series
2024A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2037
50,000
55,217
Aldine
Independent
School
District
Series
2024B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
90,000
91,981
5.00%,
2/15/2040
30,000
32,559
Arlington
Independent
School
District
Series
2020,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
60,000
62,777
Arlington
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2029
20,000
21,325
Austin
Independent
School
District
School
Building,
Series
2019,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2028
90,000
94,995
5.00%,
8/1/2031
20,000
20,970
5.00%,
8/1/2027
75,000
77,471
Austin
Independent
School
District
School
Building,
Series
2020,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2030
20,000
21,872
Austin
Independent
School
District
School
Building,
Series
2022B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2027
50,000
51,647
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
82
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Austin
Independent
School
District
School
Building,
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2029
$
65,000
$
69,948
5.00%,
8/1/2028
100,000
105,550
Austin
Independent
School
District
School
Building,
Series
2049,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2030
45,000
47,293
Board
of
Regents
of
the
University
of
Texas
System
Series
2016E,
Revenue,
5.00%,
8/15/2027
85,000
87,832
Board
of
Regents
of
the
University
of
Texas
System
Series
2017B,
Revenue,
5.00%,
8/15/2027
55,000
56,832
Board
of
Regents
of
the
University
of
Texas
System
Series
2019A,
Revenue,
Refunding,
5.00%,
8/15/2032
45,000
48,040
Board
of
Regents
of
the
University
of
Texas
System
Series
2020A,
Revenue,
Refunding,
5.00%,
8/15/2030
40,000
43,753
Board
of
Regents
of
the
University
of
Texas
System
Series
2020C,
Revenue,
Refunding,
5.00%,
8/15/2028
20,000
21,132
Board
of
Regents
of
the
University
of
Texas
System
Series
2025A,
Revenue,
5.00%,
8/15/2027
65,000
67,165
City
of
Austin
Public
Improvement,
Series
2023,
G.O.
Limited,
Refunding,
5.00%,
9/1/2028
90,000
95,011
5.00%,
9/1/2029
40,000
43,012
5.00%,
9/1/2032
35,000
39,204
City
of
Austin
Public
Improvement,
Series
2024,
G.O.
Limited,
Refunding,
5.00%,
9/1/2029
25,000
26,882
5.00%,
9/1/2032
50,000
56,006
City
of
Austin
Series
2025,
G.O.
Limited,
5.00%,
9/1/2032
95,000
106,411
5.00%,
9/1/2038
50,000
55,726
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
City
of
Austin
Public
Improvement,
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
9/1/2030
$
35,000
$
38,256
5.00%,
9/1/2038
35,000
39,009
City
of
Austin
Water
&
Wastewater
System,
Series
2017,
Revenue,
5.00%,
11/15/2028
80,000
83,017
5.00%,
11/15/2029
25,000
25,910
City
of
Austin
Electric
Utility,
Series
2020A,
Revenue,
Refunding,
5.00%,
11/15/2030
10,000
10,926
City
of
Austin
Water
&
Wastewater
System,
Series
2021,
Revenue,
5.00%,
11/15/2026
95,000
96,452
City
of
Austin
Water
&
Wastewater
System,
Series
2022,
Revenue,
Refunding,
5.00%,
11/15/2028
70,000
74,213
City
of
Austin
Water
&
Wastewater
System,
Series
2024,
Revenue,
Refunding,
5.00%,
11/15/2033
55,000
62,119
City
of
Austin
Electric
Utility,
Series
2025,
Revenue,
Refunding,
5.00%,
11/15/2027
15,000
15,578
City
of
Dallas
Series
2017,
G.O.
Limited,
Refunding,
5.00%,
2/15/2030
130,000
132,531
City
of
Dallas
Series
2019A,
G.O.
Limited,
Refunding,
5.00%,
2/15/2032
125,000
132,193
5.00%,
2/15/2028
35,000
36,574
5.00%,
2/15/2027
95,000
97,033
5.00%,
2/15/2031
85,000
90,110
City
of
Dallas
Series
2023A,
G.O.
Limited,
Refunding,
5.00%,
2/15/2033
85,000
95,358
5.00%,
2/15/2035
30,000
33,175
City
of
Dallas
Series
2024A,
G.O.
Limited,
5.00%,
2/15/2027
20,000
20,428
City
of
Dallas
Series
2024B,
G.O.
Limited,
5.00%,
2/15/2030
25,000
27,078
5.00%,
2/15/2033
30,000
33,656
5.00%,
2/15/2029
40,000
42,603
City
of
Dallas
Series
2024B,
G.O.
Limited,
Refunding,
5.00%,
2/15/2032
25,000
27,821
83
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
City
of
Dallas
Series
2024C,
G.O.
Limited,
Refunding,
5.00%,
2/15/2027
$
35,000
$
35,749
5.00%,
2/15/2028
75,000
78,372
City
of
Dallas
Series
2025,
G.O.
Limited,
5.00%,
2/15/2028
15,000
15,674
City
of
Dallas
Waterworks
&
Sewer
System,
Series
2016A,
Revenue,
Refunding,
5.00%,
10/1/2028
65,000
65,733
5.00%,
10/1/2034
155,000
156,569
5.00%,
10/1/2029
45,000
45,498
City
of
Dallas
Waterworks
&
Sewer
System,
Series
2020C,
Revenue,
Refunding,
5.00%,
10/1/2032
25,000
27,089
City
of
Denton
Series
2024,
G.O.
Limited,
5.00%,
2/15/2039
50,000
54,410
City
of
Denton
Utility
System,
Series
2017,
Revenue,
5.00%,
12/1/2028
35,000
35,551
5.00%,
12/1/2027
25,000
25,384
5.00%,
12/1/2029
90,000
91,365
5.00%,
12/1/2032
35,000
35,482
5.00%,
12/1/2030
105,000
106,532
5.00%,
12/1/2031
105,000
106,487
5.00%,
12/1/2033
100,000
101,329
City
of
Houston
Public
Improvement,
Series
2019A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2029
20,000
21,262
5.00%,
3/1/2031
80,000
84,644
City
of
Houston
Public
Improvement,
Series
2023A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2033
75,000
83,632
City
of
Houston
Combined
Utility
System,
Series
2002C,
Revenue,
Refunding,
4.00%,
11/15/2039
25,000
24,862
City
of
Houston
Combined
Utility
System,
Series
2016B,
Revenue,
Refunding,
5.00%,
11/15/2027
45,000
45,659
5.00%,
11/15/2026
80,000
81,207
5.00%,
11/15/2029
90,000
91,294
City
of
Houston
Combined
Utility
System,
Series
2017B,
Revenue,
Refunding,
5.00%,
11/15/2026
20,000
20,302
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
5.00%,
11/15/2028
$
60,000
$
62,204
5.00%,
11/15/2027
25,000
25,963
City
of
Houston
Airport
System,
Series
2018B,
Revenue,
Refunding,
5.00%,
7/1/2026
30,000
30,174
City
of
Houston
Combined
Utility
System,
Series
2018D,
Revenue,
Refunding,
5.00%,
11/15/2028
25,000
26,466
5.00%,
11/15/2027
10,000
10,385
City
of
Houston
Combined
Utility
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
11/15/2032
10,000
10,856
City
of
Houston
Airport
System,
Series
2020B,
Revenue,
Refunding,
5.00%,
7/1/2030
60,000
65,248
City
of
Houston
Combined
Utility
System,
Series
2020C,
Revenue,
Refunding,
5.00%,
11/15/2032
60,000
65,138
City
of
Houston
Combined
Utility
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
11/15/2027
25,000
25,963
City
of
San
Antonio
General
Improvement,
Series
2019,
G.O.
Limited,
Refunding,
5.00%,
8/1/2027
65,000
67,158
5.00%,
8/1/2029
65,000
69,710
5.00%,
8/1/2030
10,000
10,695
City
of
San
Antonio
Series
2024,
G.O.
Limited,
5.00%,
2/1/2035
45,000
50,493
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2016,
Revenue,
Refunding,
4.00%,
2/1/2034
75,000
75,099
5.00%,
2/1/2029
15,000
15,110
5.00%,
2/1/2027
110,000
110,850
City
of
San
Antonio
Water
System,
Series
2016C,
Revenue,
Refunding,
5.00%,
5/15/2031
40,000
40,490
City
of
San
Antonio
Water
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
5/15/2027
40,000
41,123
5.00%,
5/15/2028
140,000
146,885
5.00%,
5/15/2031
50,000
54,179
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
84
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2023A,
Revenue,
Refunding,
5.00%,
2/1/2039
$
20,000
$
21,756
5.00%,
2/1/2030
70,000
75,719
5.00%,
2/1/2035
25,000
27,860
5.00%,
2/1/2036
85,000
94,126
Clear
Creek
Independent
School
District
School
Building,
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2034
25,000
28,329
Collin
County
Community
College
District
Series
2020A,
G.O.
Limited,
5.00%,
8/15/2029
10,000
10,715
5.00%,
8/15/2031
95,000
101,250
Collin
County
Community
College
District
Series
2024,
Revenue,
5.00%,
8/15/2040
60,000
64,550
Comal
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2032
30,000
33,467
Conroe
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2038
100,000
110,108
5.00%,
2/15/2039
25,000
27,347
Conroe
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2029
50,000
53,342
Conroe
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2039
45,000
49,682
Corpus
Christi
Independent
School
District
Series
2019,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2028
85,000
89,750
5.00%,
8/15/2030
25,000
26,352
County
of
Harris
Toll
Road,
Series
2020A,
G.O.
Limited,
Refunding,
5.00%,
10/1/2026
25,000
25,315
County
of
Harris
Toll
Road,
Series
2022A,
G.O.
Limited,
Refunding,
5.00%,
8/15/2029
15,000
16,122
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
County
of
Harris
Toll
Road,
Series
2007C,
G.O.
Unlimited,
Refunding,
AG
Insured,
5.25%,
8/15/2027
$
30,000
$
31,117
5.25%,
8/15/2030
20,000
22,058
County
of
Harris
Toll
Road,
Series
2024A,
G.O.
Unlimited,
Refunding,
5.00%,
9/15/2030
40,000
43,729
County
of
Harris
Toll
Road,
Series
2018A,
Revenue,
Refunding,
5.00%,
8/15/2029
45,000
46,871
5.00%,
8/15/2028
155,000
161,648
5.00%,
8/15/2033
50,000
51,715
County
of
Harris
Toll
Road,
Series
2021,
Revenue,
Refunding,
5.00%,
8/15/2031
70,000
76,004
5.00%,
8/15/2028
65,000
68,541
County
of
Harris
Toll
Road,
Series
2022A,
Revenue,
Refunding,
5.00%,
8/15/2030
35,000
38,138
County
of
Harris
Toll
Road,
Series
2023A,
Revenue,
Refunding,
5.00%,
8/15/2028
55,000
57,996
5.00%,
8/15/2030
35,000
38,139
County
of
Montgomery
Series
2025A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2029
85,000
90,387
County
of
Travis
Series
2019A,
G.O.
Limited,
5.00%,
3/1/2029
25,000
26,577
5.00%,
3/1/2027
100,000
102,258
5.00%,
3/1/2032
25,000
26,393
County
of
Williamson
Series
2020,
G.O.
Unlimited,
5.00%,
2/15/2029
25,000
26,505
5.00%,
2/15/2030
20,000
21,136
5.00%,
2/15/2028
35,000
36,561
5.00%,
2/15/2027
75,000
76,592
Cypress-Fairbanks
Independent
School
District
Series
2019,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2031
30,000
31,809
Cypress-Fairbanks
Independent
School
District
Series
2020A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
4.00%,
2/15/2038
45,000
45,459
85
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Cypress-Fairbanks
Independent
School
District
Series
2022,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2035
$
70,000
$
76,649
5.00%,
2/15/2036
35,000
38,099
Cypress-Fairbanks
Independent
School
District
Series
2022A,
G.O.
Unlimited,
PSF
Guaranty,
4.25%,
2/15/2038
25,000
25,628
Cypress-Fairbanks
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2033
35,000
39,292
5.00%,
2/15/2039
35,000
37,918
Cypress-Fairbanks
Independent
School
District
Series
2023A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2039
125,000
135,422
Cypress-Fairbanks
Independent
School
District
Series
2024B,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2035
30,000
33,730
Cypress-Fairbanks
Independent
School
District
Series
2026,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2029
25,000
26,707
Dallas
Area
Rapid
Transit
Series
2019,
Revenue,
Refunding,
5.00%,
12/1/2031
10,000
10,732
Dallas
College
Series
2023,
G.O.
Limited,
5.00%,
2/15/2030
45,000
48,758
5.00%,
2/15/2027
65,000
66,374
Dallas
Fort
Worth
International
Airport
Series
2020A,
Revenue,
Refunding,
5.00%,
11/1/2030
15,000
16,390
Dallas
Fort
Worth
International
Airport
Series
2020B,
Revenue,
Refunding,
5.00%,
11/1/2026
150,000
152,159
5.00%,
11/1/2031
40,000
43,558
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Dallas
Fort
Worth
International
Airport
Series
2022B,
Revenue,
Refunding,
5.00%,
11/1/2033
$
40,000
$
44,523
5.00%,
11/1/2037
85,000
92,359
Dallas
Fort
Worth
International
Airport
Series
2023B,
Revenue,
Refunding,
5.00%,
11/1/2035
90,000
100,321
Dallas
Fort
Worth
International
Airport
Series
2024,
Revenue,
Refunding,
5.00%,
11/1/2035
30,000
33,834
Dallas
Independent
School
District
Series
2019B,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2029
45,000
48,046
5.00%,
2/15/2030
75,000
79,870
Dallas
Independent
School
District
Series
2021A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
70,000
71,541
Dallas
Independent
School
District
Series
2023,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2031
85,000
93,453
5.00%,
2/15/2033
25,000
27,700
Dallas
Independent
School
District
Series
2025B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
85,000
86,871
Dallas
Independent
School
District
Series
2025C,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2029
35,000
37,369
5.00%,
2/15/2027
55,000
56,211
Denton
Independent
School
District
School
Building,
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2028
35,000
36,981
Ector
County
Independent
School
District
Series
2024A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2029
25,000
26,872
5.00%,
8/15/2027
70,000
72,342
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
86
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
El
Paso
Independent
School
District
School
Building,
Series
2019,
G.O.
Unlimited,
PSF
Guaranty,
4.00%,
8/15/2035
$
75,000
$
75,874
Forney
Independent
School
District
School
Building,
Series
2022B,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2036
50,000
53,883
5.00%,
8/15/2035
15,000
16,263
Forney
Independent
School
District
School
Building,
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
10,000
10,762
Fort
Bend
Independent
School
District
Series
2019B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
35,000
36,593
5.00%,
2/15/2029
40,000
41,714
Fort
Bend
Independent
School
District
Series
2022A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2027
15,000
15,506
Fort
Bend
Independent
School
District
Series
2024A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
25,000
26,889
5.00%,
8/15/2028
30,000
31,677
Galveston
Independent
School
District
Series
2022,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/1/2035
60,000
63,915
5.00%,
2/1/2036
50,000
53,068
Grand
Parkway
Transportation
Corp.
Tela
Supported,
Series
2018A,
Revenue,
5.00%,
10/1/2032
150,000
155,869
Gregory-Portland
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2028
40,000
41,761
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Thermal
Utility
Teco
Project,
Series
2017,
Revenue,
Refunding,
5.00%,
11/15/2033
30,000
30,807
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Harris
County
Flood
Control
District
Improvement,
Series
2022A,
G.O.
Limited,
Refunding,
5.25%,
10/1/2037
$
45,000
$
49,554
Harris
County
Flood
Control
District
Contract,
Series
2025A,
G.O.
Limited,
Refunding,
5.00%,
9/15/2027
50,000
51,787
Harris
County
Flood
Control
District
Contract,
Series
2017A,
Revenue,
Refunding,
5.00%,
10/1/2032
20,000
20,564
5.00%,
10/1/2034
25,000
25,642
Houston
Independent
School
District
Series
2018,
G.O.
Limited,
5.00%,
7/15/2031
80,000
83,639
Houston
Independent
School
District
Series
2025A,
G.O.
Limited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2032
55,000
61,387
Houston
Independent
School
District
Series
2025B,
G.O.
Limited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
45,000
45,967
Hurst-Euless-Bedford
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2039
130,000
142,082
Irving
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2040
40,000
42,696
Katy
Independent
School
District
School
Building,
Series
2017,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2039
35,000
35,470
Klein
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2034
40,000
44,738
Lamar
Consolidated
Independent
School
District
Series
2023,
G.O.
Unlimited,
5.00%,
2/15/2040
60,000
64,125
Lewisville
Independent
School
District
Series
2020,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2027
40,000
41,366
5.00%,
8/15/2029
50,000
53,811
87
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
5.00%,
8/15/2031
$
25,000
$
26,671
5.00%,
8/15/2032
40,000
42,543
Lewisville
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2028
80,000
84,737
5.00%,
8/15/2027
60,000
62,049
Lone
Star
College
System
Series
2016,
G.O.
Limited,
Pre-Refunded,
4.00%,
2/15/2038
(c)
35,000
35,173
Lone
Star
College
System
Series
2016,
G.O.
Limited,
Refunding,
5.00%,
2/15/2028
20,000
20,040
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2019,
Revenue,
Refunding,
5.00%,
5/15/2037
60,000
60,898
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2021,
Revenue,
Refunding,
5.00%,
5/15/2031
50,000
53,836
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2022,
Revenue,
Refunding,
5.00%,
5/15/2036
95,000
101,638
5.00%,
5/15/2037
50,000
53,190
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2023A,
Revenue,
Refunding,
AG
Insured,
5.00%,
5/15/2030
40,000
43,280
5.00%,
5/15/2035
75,000
82,865
5.00%,
5/15/2038
60,000
65,182
Lower
Colorado
River
Authority
Series
2024,
Revenue,
Refunding,
5.00%,
5/15/2039
40,000
42,944
5.00%,
5/15/2038
35,000
37,795
Marble
Falls
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2041
45,000
49,131
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Matagorda
County
Navigation
District
No.
1
AEP
Texas,
Inc.,
Series
2005A,
Revenue,
Refunding,
AMBAC
Insured,
4.40%,
5/1/2030
$
45,000
$
46,739
Metropolitan
Transit
Authority
of
Harris
County
Sales
&
Use
Tax,
Series
2016A,
Revenue,
Refunding,
5.00%,
11/1/2026
135,000
136,999
Metropolitan
Transit
Authority
of
Harris
County
Sales
&
Use
Tax,
Series
2018,
Revenue,
5.00%,
11/1/2027
30,000
31,182
Midland
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2028
25,000
26,152
New
Braunfels
Independent
School
District
Series
2022B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/1/2034
25,000
27,479
North
East
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2027
25,000
25,820
North
Harris
County
Regional
Water
Authority
Series
2016,
Revenue,
Refunding,
5.00%,
12/15/2027
40,000
40,634
5.00%,
12/15/2029
25,000
25,374
5.00%,
12/15/2030
135,000
136,912
5.00%,
12/15/2033
35,000
35,457
5.00%,
12/15/2031
55,000
55,759
5.00%,
12/15/2032
45,000
45,596
North
Texas
Tollway
Authority
System,
Series
2019B,
Revenue,
Refunding,
5.00%,
1/1/2029
30,000
31,778
North
Texas
Tollway
Authority
System,
Series
2021B,
Revenue,
Refunding,
5.00%,
1/1/2030
85,000
91,479
North
Texas
Tollway
Authority
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2029
40,000
42,458
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
88
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
North
Texas
Tollway
Authority
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
1/1/2029
$
40,000
$
42,458
North
Texas
Tollway
Authority
System,
Series
A,
Revenue,
Refunding,
5.00%,
1/1/2032
75,000
76,147
5.00%,
1/1/2034
30,000
33,915
5.00%,
1/1/2035
65,000
65,864
North
Texas
Tollway
Authority
System,
Series
B,
Revenue,
Refunding,
5.00%,
1/1/2032
150,000
152,172
Northside
Independent
School
District
Series
2018,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2030
55,000
56,671
5.00%,
8/15/2031
95,000
97,761
Northwest
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2036
55,000
59,900
Pecos
Barstow
Toyah
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2028
35,000
36,593
5.00%,
2/15/2031
30,000
31,189
Permanent
University
Fund
-
University
of
Texas
System
Series
2022A,
Revenue,
5.00%,
7/1/2027
45,000
46,408
Permanent
University
Fund
-
University
of
Texas
System
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2031
40,000
44,272
Permanent
University
Fund
-
University
of
Texas
System
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2027
25,000
25,760
Pflugerville
Independent
School
District
Series
2023A,
G.O.
Unlimited,
5.00%,
2/15/2033
30,000
33,102
5.00%,
2/15/2034
45,000
49,421
Plano
Independent
School
District
Series
2023,
G.O.
Unlimited,
5.00%,
2/15/2028
35,000
36,607
5.00%,
2/15/2034
70,000
77,407
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Plano
Independent
School
District
Series
2025B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2029
$
30,000
$
32,039
Port
Authority
of
Houston
of
Harris
County
Series
2020A2,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2029
10,000
10,733
5.00%,
10/1/2027
10,000
10,362
5.00%,
10/1/2032
15,000
16,228
Round
Rock
Independent
School
District
Series
2019A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2027
175,000
180,811
5.00%,
8/1/2031
35,000
37,330
Round
Rock
Independent
School
District
Series
2025B,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2038
95,000
105,458
San
Antonio
Independent
School
District
School
Building,
Series
2015,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
4.00%,
2/15/2040
30,000
29,999
San
Antonio
Independent
School
District
School
Building,
Series
2019,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2030
60,000
63,116
San
Antonio
Independent
School
District
School
Building,
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2028
35,000
36,956
Spring
Branch
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/1/2030
20,000
21,697
Spring
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2040
75,000
82,101
State
of
Texas
Transportation
Commission,
Series
2016A,
G.O.
Unlimited,
5.00%,
4/1/2027
25,000
25,048
5.00%,
4/1/2030
20,000
20,040
89
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
State
of
Texas
Transportation
Commission,
Series
2025,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2040
$
100,000
$
110,583
State
of
Texas
Water
Financial
Assistance,
Series
2025B,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2039
25,000
27,546
State
of
Texas
Transportation
Commission,
Series
B,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2029
120,000
124,063
Tarrant
County
College
District
Series
2022,
G.O.
Limited,
5.00%,
8/15/2033
50,000
55,097
5.00%,
8/15/2034
25,000
27,439
Texas
Department
of
Transportation
State
Highway
Fund,
Series
2008,
Revenue,
5.25%,
4/1/2027
40,000
41,095
Texas
Department
of
Transportation
State
Highway
Fund,
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2030
35,000
38,318
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
I
Gas
Supply,
Series
2006A,
Revenue,
5.25%,
12/15/2026
70,000
71,123
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Gas
Supply,
Series
2021,
Revenue,
Refunding,
5.00%,
12/15/2029
90,000
94,433
5.00%,
12/15/2032
60,000
64,204
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
Gas
Supply,
Series
2023B,
Revenue,
Mandatory
Put,
5.50%,
1/1/2054
(a)(b)
60,000
65,504
Texas
Municipal
Power
Agency
Series
2021,
Revenue,
Refunding,
AG
Insured,
3.00%,
9/1/2039
60,000
51,248
Texas
Public
Finance
Authority
Facilities
Commission,
Series
2019,
Revenue,
Refunding,
5.00%,
2/1/2028
75,000
78,388
5.00%,
2/1/2029
35,000
37,150
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Texas
State
Technical
College
Financing
System
Improvement,
Series
2022A,
Revenue,
AG
Insured,
5.25%,
8/1/2034
$
45,000
$
50,241
Texas
State
University
System
Series
2017A,
Revenue,
Refunding,
5.00%,
3/15/2031
30,000
30,578
Texas
State
University
System
Series
2024,
Revenue,
Refunding,
5.00%,
3/15/2038
70,000
76,997
Texas
Tech
University
System
Series
2023A,
Revenue,
5.00%,
2/15/2036
25,000
27,471
Texas
Transportation
Commission
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
4/1/2029
30,000
32,012
5.00%,
4/1/2027
75,000
76,884
5.00%,
4/1/2039
40,000
43,575
Texas
Transportation
Commission
Central
Turnpike
System,
Series
2024C,
Revenue,
Refunding,
5.00%,
8/15/2037
25,000
27,480
Texas
Transportation
Finance
Corp.
SH
288
System
Toll,
Series
2025A,
Revenue,
Refunding,
5.00%,
10/1/2039
65,000
71,767
Texas
Water
Development
Board
State
Water
Implementation,
Series
2017A,
Revenue,
5.00%,
4/15/2028
45,000
46,709
5.00%,
4/15/2027
20,000
20,521
5.00%,
4/15/2030
30,000
31,044
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2018,
Revenue,
5.00%,
8/1/2031
55,000
56,576
Texas
Water
Development
Board
State
Water
Implementation,
Series
2018A,
Revenue,
5.00%,
10/15/2027
70,000
72,673
5.00%,
10/15/2028
60,000
62,973
5.00%,
10/15/2029
50,000
52,364
5.00%,
10/15/2031
100,000
104,308
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
90
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Texas
Water
Development
Board
State
Water
Implementation,
Series
2018B,
Revenue,
5.00%,
10/15/2028
$
60,000
$
63,672
5.00%,
4/15/2029
50,000
52,964
5.00%,
4/15/2030
80,000
84,535
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2019,
Revenue,
5.00%,
8/1/2028
70,000
73,962
5.00%,
8/1/2033
60,000
63,838
5.00%,
8/1/2039
70,000
72,941
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2020,
Revenue,
5.00%,
8/1/2027
100,000
103,321
5.00%,
8/1/2028
75,000
79,245
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2021,
Revenue,
5.00%,
8/1/2027
45,000
46,494
5.00%,
8/1/2028
35,000
36,981
5.00%,
8/1/2033
30,000
32,989
5.00%,
8/1/2032
65,000
71,794
Texas
Water
Development
Board
Master
Trust,
Series
2022,
Revenue,
4.50%,
10/15/2037
40,000
42,126
5.00%,
10/15/2034
115,000
127,844
5.00%,
8/1/2037
40,000
43,535
Texas
Water
Development
Board
State
Water
Implementation,
Series
2023A,
Revenue,
5.00%,
10/15/2028
35,000
37,142
Texas
Water
Development
Board
Master
Trust,
Series
2025,
Revenue,
4.00%,
10/15/2039
50,000
50,495
5.00%,
10/15/2028
25,000
26,530
Tomball
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
50,000
51,096
Tomball
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2027
65,000
66,425
Trinity
River
Authority
Central
Regional
Wastewater
System,
Series
2017,
Revenue,
Refunding,
5.00%,
8/1/2027
30,000
30,988
5.00%,
8/1/2030
80,000
82,325
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Texas
-
14.6%
continued
Trinity
River
Authority
Central
Regional
Wastewater
System,
Series
2018,
Revenue,
Refunding,
5.00%,
8/1/2028
$
45,000
$
47,425
Trinity
River
Authority
Central
Regional
Wastewater
System,
Series
2019,
Revenue,
Refunding,
5.00%,
8/1/2029
15,000
16,106
University
of
Houston
Series
2017A,
Revenue,
Refunding,
5.00%,
2/15/2028
20,000
20,037
5.00%,
2/15/2036
25,000
25,016
University
of
Houston
Series
2020A,
Revenue,
Refunding,
5.00%,
2/15/2027
95,000
96,999
University
of
Houston
Series
2022A,
Revenue,
Refunding,
5.00%,
2/15/2027
115,000
117,420
5.00%,
2/15/2040
70,000
74,273
University
of
North
Texas
Series
2017A,
Revenue,
Refunding,
5.00%,
4/15/2032
30,000
30,590
17,405,253
Utah
-
1
.7
%
Intermountain
Power
Agency
Power
Supply,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2033
145,000
157,971
5.00%,
7/1/2040
150,000
158,490
5.00%,
7/1/2035
90,000
97,204
5.00%,
7/1/2039
85,000
90,105
Intermountain
Power
Agency
Power
Supply,
Series
2023A,
Revenue,
5.00%,
7/1/2034
125,000
137,683
5.00%,
7/1/2032
75,000
83,485
5.00%,
7/1/2036
55,000
59,719
5.00%,
7/1/2039
30,000
32,111
Nebo
School
District
Series
2022,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
7/1/2027
35,000
36,087
State
of
Utah
Series
2019,
G.O.
Unlimited,
5.00%,
7/1/2031
25,000
26,554
State
of
Utah
Series
2020,
G.O.
Unlimited,
5.00%,
7/1/2027
40,000
41,237
State
of
Utah
Series
2020B,
G.O.
Unlimited,
5.00%,
7/1/2028
45,000
47,466
91
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Utah
-
1.7%
continued
University
of
Utah
(The)
Series
2017A,
Revenue,
Refunding,
State
Appropriation,
5.00%,
8/1/2030
$
35,000
$
35,995
5.00%,
8/1/2031
25,000
25,681
University
of
Utah
(The)
Series
2022B,
Revenue,
5.00%,
8/1/2035
70,000
77,103
5.00%,
8/1/2036
25,000
27,365
5.00%,
8/1/2039
45,000
48,479
University
of
Utah
(The)
Series
2023A,
Revenue,
5.00%,
8/1/2040
25,000
26,839
5.00%,
8/1/2039
85,000
91,572
Utah
Telecommunication
Open
Infrastructure
Agency
Series
2022,
Revenue,
Refunding,
5.25%,
6/1/2033
75,000
83,981
5.50%,
6/1/2040
25,000
27,427
Utah
Transit
Authority
Series
2006C,
Revenue,
Refunding,
AG
Insured,
5.25%,
6/15/2032
85,000
93,786
Utah
Transit
Authority
Series
2007A,
Revenue,
Refunding,
NATL
Insured,
5.00%,
6/15/2035
40,000
45,533
Utah
Transit
Authority
Series
2016,
Revenue,
Refunding,
3.00%,
12/15/2027
75,000
75,024
Utah
Transit
Authority
Series
2018-2,
Revenue,
Refunding,
BAM
Insured,
5.00%,
12/15/2040
10,000
10,257
Utah
Transit
Authority
Series
2024,
Revenue,
Refunding,
5.00%,
6/15/2040
160,000
174,645
5.00%,
6/15/2034
30,000
34,190
Utah
Transit
Authority
Series
2025,
Revenue,
Refunding,
5.00%,
12/15/2026
65,000
66,151
5.00%,
12/15/2031
40,000
44,637
1,956,777
Virginia
-
0
.7
%
County
of
Fairfax
Public
Improvement,
Series
2019A,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
10/1/2030
30,000
32,001
County
of
Fairfax
Public
Improvement,
Series
2021A,
G.O.
Unlimited,
State
Aid
Withholding,
4.00%,
10/1/2026
25,000
25,192
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Virginia
-
0.7%
continued
County
of
Loudoun
Series
2020A,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
12/1/2029
$
30,000
$
32,539
County
of
Loudoun
Series
2024A,
G.O.
Unlimited,
5.00%,
12/1/2026
35,000
35,591
Loudoun
County
Economic
Development
Authority
Public
Facilities
Lease,
Series
2020A,
Revenue,
Refunding,
3.00%,
12/1/2036
90,000
82,991
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2017C,
Revenue,
3.00%,
2/1/2032
50,000
49,185
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2020A,
Revenue,
5.00%,
2/1/2027
105,000
107,190
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2021A,
Revenue,
4.00%,
2/1/2033
25,000
25,877
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2022A,
Revenue,
5.00%,
2/1/2038
30,000
32,332
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2023A,
Revenue,
5.00%,
2/1/2037
15,000
16,425
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2024A,
Revenue,
5.00%,
2/1/2039
15,000
16,480
Virginia
Commonwealth
Transportation
Board
Federal
Highway
Transportation
Grant,
Series
2016,
Revenue,
5.00%,
9/15/2028
40,000
40,436
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
92
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Virginia
-
0.7%
continued
Virginia
Public
Building
Authority
Public
Facilities,
Series
2020A,
Revenue,
5.00%,
8/1/2034
$
85,000
$
91,683
Virginia
Public
Building
Authority
Public
Facilities,
Series
2022A,
Revenue,
4.00%,
8/1/2039
75,000
75,328
5.00%,
8/1/2033
75,000
83,860
747,110
Washington
-
5
.2
%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
Series
2018,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2029
65,000
67,682
Central
Puget
Sound
Regional
Transit
Authority
Sales
Tax
&
Motor
Vehicle
Excise
Tax,
Series
2016S1,
Revenue,
5.00%,
11/1/2029
45,000
45,667
5.00%,
11/1/2028
150,000
152,223
5.00%,
11/1/2031
150,000
152,109
Central
Puget
Sound
Regional
Transit
Authority
Sales
Tax
&
Motor
Vehicle
Excise
Tax,
Series
2021S,
Revenue,
Refunding,
5.00%,
11/1/2028
50,000
53,100
City
of
Seattle
Municipal
Light
&
Power,
Series
2017C,
Revenue,
Refunding,
5.00%,
9/1/2030
120,000
123,847
City
of
Seattle
Municipal
Light
&
Power,
Series
2020A,
Revenue,
5.00%,
7/1/2026
115,000
115,730
City
of
Seattle
Municipal
Light
&
Power,
Series
2023A,
Revenue,
Refunding,
5.00%,
3/1/2034
55,000
61,700
5.00%,
3/1/2038
30,000
32,814
City
of
Seattle
Municipal
Light
&
Power,
Series
2025,
Revenue,
Refunding,
5.00%,
2/1/2039
50,000
55,739
Clark
County
School
District
No.
114
Evergreen,
Series
2019,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2030
95,000
101,594
5.00%,
12/1/2031
30,000
31,988
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Washington
-
5.2%
continued
Clark
County
School
District
No.
114
Evergreen,
Series
2020,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2030
$
50,000
$
54,425
Clark
County
School
District
No.
37
Vancouver,
Series
2019,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2033
80,000
84,698
County
of
King
Series
2017,
G.O.
Limited,
Refunding,
4.00%,
7/1/2031
45,000
45,564
County
of
King
Series
2019,
G.O.
Limited,
5.00%,
1/1/2032
70,000
74,298
County
of
King
Sewer,
Series
2018B,
Revenue,
5.00%,
7/1/2028
50,000
52,706
County
of
King
Sewer,
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2033
55,000
62,002
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2016A,
Revenue,
Refunding,
5.00%,
7/1/2028
40,000
40,251
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2018A,
Revenue,
Refunding,
5.00%,
7/1/2033
70,000
73,137
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2019A,
Revenue,
Refunding,
5.00%,
7/1/2035
35,000
36,978
5.00%,
7/1/2036
80,000
84,159
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2020A,
Revenue,
Refunding,
5.00%,
7/1/2033
55,000
59,476
5.00%,
7/1/2039
70,000
73,887
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2033
75,000
83,623
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2039
50,000
54,970
Energy
Northwest
Project
1
Electric,
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2040
25,000
27,567
93
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Washington
-
5.2%
continued
FYI
Properties
State
of
Washington
DIS
Project,
Series
2019,
Revenue,
Refunding,
5.00%,
6/1/2030
$
125,000
$
130,921
5.00%,
6/1/2029
25,000
26,218
King
County
School
District
No.
401
Highline,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2031
140,000
142,293
5.00%,
12/1/2028
90,000
91,528
King
County
School
District
No.
403
Renton,
Series
2023,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2035
50,000
55,272
King
County
School
District
No.
405
Bellevue,
Series
2016,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
12/1/2027
40,000
40,648
5.00%,
12/1/2030
175,000
177,925
5.00%,
12/1/2028
50,000
50,849
5.00%,
12/1/2029
155,000
157,621
5.00%,
12/1/2026
60,000
61,001
King
County
School
District
No.
411
Issaquah,
Series
2016,
G.O.
Unlimited,
School
Bond
Guaranty,
4.00%,
12/1/2031
65,000
65,098
King
County
School
District
No.
411
Issaquah,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2032
55,000
55,875
King
County
School
District
No.
412
Shoreline,
Series
2018,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2031
65,000
68,702
King
County
School
District
No.
414
Lake
Washington,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2030
120,000
123,483
5.00%,
12/1/2031
40,000
41,137
Pierce
County
School
District
No.
3
Puyallup,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2034
50,000
51,294
5.00%,
12/1/2028
135,000
138,981
5.00%,
12/1/2031
150,000
154,266
5.00%,
12/1/2032
145,000
149,005
5.00%,
12/1/2030
100,000
102,902
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Washington
-
5.2%
continued
Pierce
County
School
District
No.
320
Sumner,
Series
2025,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2038
$
105,000
$
117,172
Pierce
County
School
District
No.
403
Bethel,
Series
2019,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2032
30,000
31,948
5.00%,
12/1/2035
80,000
84,443
Port
of
Seattle
Series
2024A,
Revenue,
Refunding,
5.00%,
3/1/2028
55,000
57,539
Snohomish
County
Public
Utility
District
No.
1
Electric
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
12/1/2039
125,000
138,832
Spokane
County
School
District
No.
356
Central
Valley,
Series
2018,
G.O.
Unlimited,
School
Bond
Guaranty,
4.00%,
12/1/2034
90,000
90,963
Spokane
County
School
District
No.
81
Spokane,
Series
2019,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2034
40,000
42,295
Spokane
County
School
District
No.
81
Spokane,
Series
2021,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
4.00%,
12/1/2028
30,000
31,075
State
of
Washington
Series
2017A,
G.O.
Unlimited,
5.00%,
8/1/2033
40,000
40,279
State
of
Washington
Series
2017D,
G.O.
Unlimited,
5.00%,
2/1/2033
40,000
40,721
State
of
Washington
Series
2018A,
G.O.
Unlimited,
5.00%,
8/1/2031
60,000
61,822
5.00%,
8/1/2030
55,000
56,714
5.00%,
8/1/2029
145,000
149,634
5.00%,
8/1/2038
40,000
40,950
State
of
Washington
Series
2018C,
G.O.
Unlimited,
5.00%,
2/1/2032
110,000
114,368
5.00%,
2/1/2035
105,000
108,655
State
of
Washington
Series
2018V,
G.O.
Unlimited,
5.00%,
2/1/2028
25,000
26,115
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
94
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Washington
-
5.2%
continued
State
of
Washington
Series
2019A,
G.O.
Unlimited,
5.00%,
8/1/2036
$
25,000
$
26,022
State
of
Washington
Series
2019C,
G.O.
Unlimited,
5.00%,
2/1/2039
45,000
46,922
5.00%,
2/1/2037
60,000
62,851
State
of
Washington
Series
2020A,
G.O.
Unlimited,
5.00%,
8/1/2027
70,000
72,296
5.00%,
8/1/2029
30,000
32,304
5.00%,
8/1/2034
35,000
37,246
State
of
Washington
Series
2020C,
G.O.
Unlimited,
5.00%,
2/1/2028
55,000
57,454
5.00%,
2/1/2032
25,000
27,049
State
of
Washington
Series
2021A,
G.O.
Unlimited,
5.00%,
8/1/2032
30,000
32,702
5.00%,
8/1/2034
40,000
43,154
State
of
Washington
Series
2021C,
G.O.
Unlimited,
5.00%,
2/1/2029
35,000
37,330
5.00%,
2/1/2028
55,000
57,454
State
of
Washington
Series
2023B,
G.O.
Unlimited,
5.00%,
2/1/2027
100,000
102,070
5.00%,
2/1/2035
25,000
27,846
State
of
Washington
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2033
25,000
28,317
State
of
Washington
Series
2024C,
G.O.
Unlimited,
5.00%,
2/1/2027
135,000
137,795
State
of
Washington
Series
R-2017A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2033
30,000
30,209
State
of
Washington
Series
R-2017B,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2033
25,000
25,175
State
of
Washington
Series
R-2018C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2029
10,000
10,321
5.00%,
8/1/2031
30,000
30,911
State
of
Washington
Series
R-2018D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2029
25,000
25,799
State
of
Washington
Series
R-2024C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
55,000
55,458
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Washington
-
5.2%
continued
State
of
Washington
Series
R-2025D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
$
5,000
$
5,042
6,032,205
West
Virginia
-
1
.8
%
State
of
West
Virginia
Series
2018A,
G.O.
Unlimited,
5.00%,
12/1/2028
30,000
31,537
State
of
West
Virginia
Series
2018B,
G.O.
Unlimited,
5.00%,
6/1/2032
30,000
31,369
5.00%,
12/1/2030
115,000
120,537
5.00%,
12/1/2031
150,000
157,046
5.00%,
6/1/2027
95,000
97,726
5.00%,
6/1/2033
125,000
130,470
5.00%,
12/1/2040
15,000
15,408
State
of
West
Virginia
Series
2018D,
G.O.
Unlimited,
5.00%,
6/1/2031
115,000
120,420
State
of
West
Virginia
Series
2019A,
G.O.
Unlimited,
5.00%,
6/1/2029
30,000
32,193
5.00%,
12/1/2028
70,000
74,388
5.00%,
6/1/2031
60,000
64,032
5.00%,
6/1/2030
170,000
181,970
5.00%,
6/1/2028
70,000
73,624
5.00%,
12/1/2030
100,000
106,925
5.00%,
12/1/2031
130,000
138,685
5.00%,
12/1/2032
55,000
58,521
5.00%,
6/1/2033
95,000
100,869
5.00%,
12/1/2033
75,000
79,516
5.00%,
6/1/2035
175,000
184,699
5.00%,
6/1/2034
165,000
174,628
5.00%,
12/1/2036
35,000
36,737
West
Virginia
Commissioner
of
Highways
Surface
Transporation
Improvements,
Series
2017A,
Revenue,
5.00%,
9/1/2028
50,000
51,594
West
Virginia
Parkways
Authority
Series
2021,
Revenue,
5.00%,
6/1/2037
20,000
21,419
2,084,313
Wisconsin
-
1
.6
%
County
of
Dane
Series
2024A,
G.O.
Unlimited,
4.00%,
6/1/2026
15,000
15,038
Madison
Metropolitan
School
District
Series
2025A,
G.O.
Unlimited,
5.00%,
3/1/2039
65,000
71,198
State
of
Wisconsin
Series
2016-2,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2026
25,000
25,052
95
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Wisconsin
-
1.6%
continued
State
of
Wisconsin
Series
2017-2,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2026
$
30,000
$
30,444
State
of
Wisconsin
Series
2020A,
G.O.
Unlimited,
4.00%,
5/1/2029
70,000
71,732
State
of
Wisconsin
Series
2020B,
G.O.
Unlimited,
5.00%,
5/1/2031
45,000
48,013
5.00%,
5/1/2030
90,000
96,255
State
of
Wisconsin
Series
2021-1,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2027
60,000
61,635
5.00%,
5/1/2031
85,000
92,403
5.00%,
5/1/2028
30,000
31,510
State
of
Wisconsin
Series
2021-2,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2028
85,000
89,280
State
of
Wisconsin
Series
2022A,
G.O.
Unlimited,
5.00%,
5/1/2034
45,000
49,289
5.00%,
5/1/2035
60,000
65,336
State
of
Wisconsin
Series
2023-1,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2028
60,000
63,021
State
of
Wisconsin
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2035
80,000
88,342
State
of
Wisconsin
Series
2023B,
G.O.
Unlimited,
5.00%,
5/1/2028
45,000
47,266
State
of
Wisconsin
Series
2024-1,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2027
65,000
66,771
5.00%,
5/1/2030
50,000
54,585
State
of
Wisconsin
Series
2024C,
G.O.
Unlimited,
5.00%,
5/1/2027
40,000
41,090
State
of
Wisconsin
Series
2025-2,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2027
85,000
87,316
State
of
Wisconsin
Series
2025-3,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2033
100,000
113,275
State
of
Wisconsin
Series
2025A,
G.O.
Unlimited,
5.00%,
5/1/2036
30,000
33,674
State
of
Wisconsin
Series
2025B,
G.O.
Unlimited,
5.00%,
5/1/2027
35,000
35,954
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.7%
continued
Wisconsin
-
1.6%
continued
State
of
Wisconsin
Transportation,
Series
2017-2,
Revenue,
Refunding,
5.00%,
7/1/2027
$
90,000
$
92,818
State
of
Wisconsin
Transportation,
Series
2023I,
Revenue,
Refunding,
5.00%,
7/1/2034
145,000
162,961
State
of
Wisconsin
Transportation,
Series
2024-2,
Revenue,
Refunding,
5.00%,
7/1/2031
80,000
88,700
5.00%,
7/1/2032
40,000
44,933
State
of
Wisconsin
Environmental
Improvement
Fund,
Series
2024A,
Revenue,
5.00%,
6/1/2033
50,000
56,271
State
of
Wisconsin
Transportation,
Series
2025-1,
Revenue,
Refunding,
5.00%,
7/1/2027
30,000
30,939
1,855,101
Total
Municipal
Bonds
(Cost
$119,461,530)
118,528,446
Total
Investments
-
98.7%
(Cost
$119,461,530)
118,528,446
Other
assets
less
liabilities
-
1.3%
1,607,854
NET
ASSETS
-
100.0%
$120,136,300
(a)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
March
31,
2026.
(b)
Maturity
date
represents
the
puttable
date.
(c)
Pre-refunded
security.
Maturity
date
disclosed
is
earliest
of
the
next
put
date
or
final
maturity
date.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
BAM
Build
America
Mutual
CWA
Clean
Water
Act
ETM
Escrowed
to
Maturity
G.O.
General
Obligation
LCRA
Lower
Colorado
River
Authority
PSF
Permanent
School
Fund
Security
Type
%
of
Net
Assets
Municipal
Bonds
98
.7
%
Others
(1)
1
.3
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Northern
Trust
Intermediate
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
96
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
Municipal
Bonds
(1)
$
—
$
118,528
$
—
$
118,528
Total
Investments
$
—
$118,528
$
—
$118,528
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
97
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98
.6
%
Alabama
-
3
.8
%
Alabama
Corrections
Institution
Finance
Authority
Series
2022A,
Revenue,
5.00%,
7/1/2028
$
65,000
$
68,194
Alabama
Federal
Aid
Highway
Finance
Authority
Series
2025B,
Revenue,
Refunding,
5.00%,
9/1/2030
20,000
21,918
5.00%,
9/1/2026
105,000
106,100
Alabama
Highway
Authority
Series
2025,
Revenue,
AG
Insured,
5.00%,
9/1/2030
200,000
219,160
Alabama
Public
School
and
College
Authority
Series
2020A,
Revenue,
Refunding,
5.00%,
11/1/2027
60,000
62,259
5.00%,
11/1/2029
30,000
32,386
5.00%,
11/1/2028
60,000
63,565
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2022C1,
Revenue,
Mandatory
Put,
5.25%,
2/1/2053
(a)(b)
170,000
178,342
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2022E,
Revenue,
Mandatory
Put,
5.00%,
5/1/2053
(a)(b)
100,000
103,980
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023A,
Revenue,
Mandatory
Put,
5.25%,
1/1/2054
(a)(b)
150,000
159,091
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023B,
Revenue,
Mandatory
Put,
5.25%,
12/1/2053
(a)(b)
175,000
186,784
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023D1,
Revenue,
Refunding,
Mandatory
Put,
5.50%,
6/1/2049
(a)(b)
140,000
147,200
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2025E,
Revenue,
5.00%,
5/1/2030
110,000
115,218
5.00%,
5/1/2029
150,000
155,615
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2025F,
Revenue,
5.00%,
12/1/2030
200,000
212,055
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Alabama
-
3.8%
continued
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2026B,
Revenue,
5.00%,
12/1/2030
$
50,000
$
52,772
County
of
Jefferson
Series
2017,
Revenue,
Refunding,
5.00%,
9/15/2026
60,000
60,627
Energy
Southeast
A
Cooperative
District
Series
2023A1,
Revenue,
Mandatory
Put,
5.50%,
11/1/2053
(a)(b)
180,000
193,573
Southeast
Energy
Authority
A
Cooperative
District
Project
No.
1,
Series
2021A,
Revenue,
Mandatory
Put,
4.00%,
11/1/2051
(a)(b)
150,000
152,639
Southeast
Energy
Authority
A
Cooperative
District
Project
No.
3,
Series
2022A1,
Revenue,
Mandatory
Put,
5.50%,
1/1/2053
(a)(b)
280,000
298,011
Southeast
Energy
Authority
A
Cooperative
District
Project
No.
4,
Series
2022B1,
Revenue,
Mandatory
Put,
5.00%,
5/1/2053
(a)(b)
105,000
108,783
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2025E,
Revenue,
5.00%,
10/1/2030
175,000
185,687
Southeast
Energy
Authority
A
Cooperative
District
Gas
Supply,
Series
2025F,
Revenue,
5.25%,
11/1/2030
250,000
265,890
State
of
Alabama
Series
2016C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2027
15,000
15,120
3,164,969
Alaska
-
0
.3
%
Borough
of
North
Slope
Series
2025,
G.O.
Unlimited,
5.00%,
6/30/2028
50,000
52,601
State
of
Alaska
Series
2024A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2029
55,000
59,169
State
of
Alaska
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
70,000
70,583
182,353
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
98
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Arizona
-
1
.1
%
Arizona
Board
of
Regents
University
of
Arizona
System,
Series
2016,
Revenue,
Refunding,
5.00%,
6/1/2029
$
95,000
$
95,378
Arizona
Board
of
Regents
University
of
Arizona
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
6/1/2029
100,000
107,033
Arizona
Department
of
Transportation
Series
2023,
Revenue,
Refunding,
5.00%,
7/1/2029
110,000
118,265
5.00%,
7/1/2026
75,000
75,472
City
of
Phoenix
Civic
Improvement
Corp.
Water
System,
Series
2016,
Revenue,
Refunding,
5.00%,
7/1/2029
20,000
20,127
City
of
Phoenix
Civic
Improvement
Corp.
Airport,
Series
2017D,
Revenue,
Refunding,
5.00%,
7/1/2028
10,000
10,308
5.00%,
7/1/2026
75,000
75,453
5.00%,
7/1/2030
20,000
20,583
City
of
Phoenix
Civic
Improvement
Corp.
Wastewater,
Series
2023,
Revenue,
5.00%,
7/1/2028
15,000
15,815
Gilbert
Water
Resource
Municipal
Property
Corp.
Waterworks
&
Sewer
System,
Series
2022,
Revenue,
5.00%,
7/15/2028
10,000
10,554
Maricopa
County
Special
Health
Care
District
Integrated
Health
Serivces,
Series
2018C,
G.O.
Unlimited,
5.00%,
7/1/2029
35,000
36,677
Maricopa
County
Union
High
School
District
No.
210
Project
of
2023,
Series
2024A,
G.O.
Unlimited,
5.00%,
7/1/2026
90,000
90,569
Maricopa
County
Union
High
School
District
No.
210
Project
of
2023,
Series
2025B,
G.O.
Unlimited,
5.00%,
7/1/2030
25,000
27,358
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Arizona
-
1.1%
continued
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2016A,
Revenue,
Refunding,
5.00%,
1/1/2029
$
70,000
$
71,230
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2017A,
Revenue,
Refunding,
5.00%,
1/1/2030
20,000
20,817
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2019A,
Revenue,
5.00%,
1/1/2030
95,000
103,129
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
1/1/2028
20,000
20,864
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2021A,
Revenue,
Refunding,
5.00%,
1/1/2029
10,000
10,653
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2024A,
Revenue,
5.00%,
1/1/2030
10,000
10,856
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
1/1/2031
30,000
33,083
974,224
California
-
3
.8
%
Anaheim
Housing
&
Public
Improvements
Authority
Electric
Utility
Distribution
System
Improvements,
Series
2022A,
Revenue,
Refunding,
5.00%,
10/1/2030
100,000
103,657
Anaheim
Public
Financing
Authority
Anahein
Public
Improvements
Project,
Series
2019A,
Revenue,
Refunding,
5.00%,
9/1/2029
45,000
48,695
99
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
3.8%
continued
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2022A1,
Revenue,
Mandatory
Put,
4.00%,
5/1/2053
(a)(b)
$
120,000
$
121,463
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023B1,
Revenue,
Mandatory
Put,
5.00%,
7/1/2053
(a)(b)
90,000
94,384
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023D,
Revenue,
Mandatory
Put,
5.50%,
5/1/2054
(a)(b)
15,000
15,686
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023E1,
Revenue,
Mandatory
Put,
5.00%,
2/1/2054
(a)(b)
175,000
184,836
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023F,
Revenue,
Mandatory
Put,
5.50%,
10/1/2054
(a)(b)
135,000
146,820
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023G,
Revenue,
Mandatory
Put,
5.25%,
11/1/2054
(a)(b)
210,000
221,574
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2026D,
Revenue,
5.00%,
2/1/2031
35,000
37,079
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2017B,
Revenue,
5.00%,
10/1/2029
20,000
20,704
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2021B,
Revenue,
5.00%,
5/1/2029
15,000
16,087
5.00%,
5/1/2030
20,000
21,828
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2023C,
Revenue,
Refunding,
5.00%,
9/1/2028
20,000
21,166
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
3.8%
continued
California
State
Public
Works
Board
Department
of
Corrections
and
Rehabilitation,
Series
D,
Revenue,
5.00%,
9/1/2028
$
10,000
$
10,347
Long
Beach
Bond
Finance
Authority
Natural
Gas
Purchase,
Series
2007A,
Revenue,
5.50%,
11/15/2030
100,000
108,948
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2018A,
Revenue,
5.00%,
7/1/2029
10,000
10,353
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2018A,
Revenue,
Refunding,
5.00%,
7/1/2030
40,000
41,380
5.00%,
7/1/2028
160,000
165,684
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2018D,
Revenue,
Refunding,
5.00%,
7/1/2029
35,000
36,576
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2019A,
Revenue,
5.00%,
7/1/2030
15,000
15,741
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2019B,
Revenue,
Refunding,
5.00%,
7/1/2030
60,000
62,964
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
7/1/2029
10,000
10,622
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2029
65,000
69,046
5.00%,
7/1/2027
110,000
113,128
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024C,
Revenue,
Refunding,
5.00%,
7/1/2027
25,000
25,711
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
1/1/2030
20,000
21,184
5.00%,
7/1/2028
155,000
160,507
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
100
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
3.8%
continued
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2025C,
Revenue,
Refunding,
5.00%,
7/1/2030
$
20,000
$
21,379
Los
Angeles
Unified
School
District
Series
2016B,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2027
130,000
130,880
Los
Angeles
Unified
School
District
Series
2020C,
G.O.
Unlimited,
5.00%,
7/1/2029
50,000
54,276
Los
Angeles
Unified
School
District
Series
2021RYRR,
G.O.
Unlimited,
5.00%,
7/1/2029
95,000
103,125
Metropolitan
Water
District
of
Southern
California
Waterworks,
Series
2022B,
Revenue,
Refunding,
3.00%,
7/1/2026
25,000
25,039
Municipal
Improvement
Corp.
of
Los
Angeles
Real
Property,
Series
2016B,
Revenue,
Refunding,
5.00%,
11/1/2027
75,000
76,096
5.00%,
11/1/2028
125,000
126,705
Municipal
Improvement
Corp.
of
Los
Angeles
Real
Property,
Series
2021C,
Revenue,
5.00%,
11/1/2030
45,000
49,640
Northern
California
Energy
Authority
Commodity
Supply,
Series
2024,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
12/1/2054
(a)(b)
50,000
53,252
Sacramento
City
Financing
Authority
Master
Lease
Program
Facilities,
Series
E,
Revenue,
Refunding,
AMBAC
Insured,
5.25%,
12/1/2030
10,000
10,893
San
Diego
Public
Facilities
Financing
Authority
Water,
Series
2016B,
Revenue,
Refunding,
5.00%,
8/1/2030
65,000
65,560
San
Diego
Unified
School
District
Series
2022F2,
G.O.
Unlimited,
5.00%,
7/1/2029
55,000
59,884
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
3.8%
continued
San
Francisco
Bay
Area
Rapid
Transit
District
Series
2020C1,
G.O.
Unlimited,
4.00%,
8/1/2030
$
25,000
$
26,202
Southern
California
Public
Power
Authority
Milford
Wind
Corridor
Phase
I
Project,
Series
2019-1,
Revenue,
Refunding,
5.00%,
7/1/2029
150,000
159,337
State
of
California
Series
2019,
G.O.
Unlimited,
Refunding,
5.00%,
4/1/2028
10,000
10,507
State
of
California
Series
2020,
G.O.
Unlimited,
4.00%,
11/1/2030
35,000
36,954
State
of
California
Series
2022,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2030
40,000
43,982
University
of
California
Series
2018,
Revenue,
Refunding,
4.00%,
5/15/2028
20,000
20,665
University
of
California
Series
2025CD,
Revenue,
5.00%,
5/15/2030
200,000
218,486
3,199,032
Colorado
-
1
.0
%
Adams
&
Arapahoe
Counties
Joint
School
District
28J
Aurora,
Series
2021A,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2028
10,000
10,633
Adams
12
Five
Star
Schools
Series
2016B,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
12/15/2028
40,000
40,718
Boulder
Larimer
&
Weld
Counties
St.
Vrain
Valley
School
Distric
No.
Re-
1J,
Series
2024,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2029
10,000
10,855
City
&
County
of
Denver
Wellington
E.
Webb
Municipal
Office
Building,
Series
2023,
Certificate
of
Participation,
Refunding,
5.00%,
12/1/2027
10,000
10,419
101
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Colorado
-
1.0%
continued
City
&
County
of
Denver
Airport
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
11/15/2030
$
10,000
$
10,932
City
of
Colorado
Springs
Utilities
System,
Series
2020C,
Revenue,
5.00%,
11/15/2027
30,000
31,205
City
of
Colorado
Springs
Utilities
System,
Series
2021A,
Revenue,
Refunding,
5.00%,
11/15/2030
85,000
93,594
City
of
Colorado
Springs
Utilities
System,
Series
2022A,
Revenue,
Refunding,
5.00%,
11/15/2030
15,000
16,517
5.00%,
11/15/2028
10,000
10,631
City
of
Colorado
Springs
Utilities
System,
Series
2023B,
Revenue,
Refunding,
5.00%,
11/15/2028
15,000
15,946
5.00%,
11/15/2030
15,000
16,516
City
of
Colorado
Springs
Utilities
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
11/15/2027
20,000
20,803
5.00%,
11/15/2030
35,000
38,539
City
of
Colorado
Springs
Utilities
System,
Series
A1,
Revenue,
Refunding,
5.00%,
11/15/2029
50,000
51,889
5.00%,
11/15/2030
15,000
15,547
Colorado
Bridge
&
Tunnel
Enterprise
Series
2024B,
Revenue,
Refunding,
5.00%,
12/1/2028
10,000
10,641
5.00%,
12/1/2030
55,000
60,652
Denver
City
&
County
School
District
No.
1
Series
2017,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2027
85,000
86,360
Denver
City
&
County
School
District
No.
1
Series
2018A,
G.O.
Unlimited,
State
Aid
Withholding,
5.50%,
12/1/2028
10,000
10,480
Denver
City
&
County
School
District
No.
1
Series
2025B,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
12/1/2026
75,000
76,262
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Colorado
-
1.0%
continued
Douglas
County
School
District
No.
Re1
Douglas
&
Elbert
Counties,
Series
2019,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2027
$
20,000
$
20,836
Jefferson
County
School
District
No.
R-1
Series
2018,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2029
15,000
15,914
Pueblo
School
District
No.
60
Series
2020,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2029
150,000
162,265
State
of
Colorado
Series
2018M,
Certificate
of
Participation,
Refunding,
5.00%,
3/15/2030
10,000
10,438
State
of
Colorado
Series
2020A,
Certificate
of
Participation,
5.00%,
12/15/2028
15,000
15,933
5.00%,
12/15/2030
25,000
27,446
University
of
Colorado
Series
2025B,
Revenue,
Refunding,
5.00%,
6/1/2030
35,000
38,221
930,192
Connecticut
-
0
.7
%
Connecticut
State
Health
&
Educational
Facilities
Authority
Yale
University,
Series
2025B1,
Revenue,
Mandatory
Put,
5.00%,
7/1/2064
(a)(b)
50,000
54,375
State
of
Connecticut
Series
2016E,
G.O.
Unlimited,
5.00%,
10/15/2027
25,000
25,318
5.00%,
10/15/2026
70,000
70,948
State
of
Connecticut
Series
2018A,
G.O.
Unlimited,
5.00%,
4/15/2029
35,000
36,684
State
of
Connecticut
Series
2018B,
G.O.
Unlimited,
Refunding,
5.00%,
4/15/2027
200,000
205,170
State
of
Connecticut
Series
2018F,
G.O.
Unlimited,
Refunding,
5.00%,
9/15/2028
10,000
10,593
State
of
Connecticut
Series
2019A,
G.O.
Unlimited,
5.00%,
4/15/2029
60,000
64,250
State
of
Connecticut
Series
2020C,
G.O.
Unlimited,
4.00%,
6/1/2029
10,000
10,410
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
102
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Connecticut
-
0.7%
continued
State
of
Connecticut
Series
2022D,
G.O.
Unlimited,
Refunding,
5.00%,
9/15/2030
$
55,000
$
60,351
State
of
Connecticut
Series
2025B,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2027
15,000
15,603
State
of
Connecticut
Transportation
Infrastructure,
Series
2018A,
Special
Tax,
5.00%,
1/1/2030
10,000
10,400
State
of
Connecticut
Transportation
Infrastructure,
Series
2021D,
Special
Tax,
5.00%,
11/1/2030
25,000
27,452
University
of
Connecticut
Series
2023A,
Revenue,
Refunding,
State
Appropriation,
5.00%,
8/15/2030
15,000
16,388
607,942
Delaware
-
1
.6
%
Delaware
River
&
Bay
Authority
Series
2019,
Revenue,
Refunding,
5.00%,
1/1/2030
75,000
79,643
Delaware
Transportation
Authority
Transportation
System,
Series
2016,
Revenue,
Refunding,
5.00%,
7/1/2027
115,000
115,691
Delaware
Transportation
Authority
Transportation
System,
Series
2020,
Revenue,
Refunding,
5.00%,
9/1/2028
10,000
10,561
5.00%,
9/1/2030
25,000
27,286
5.00%,
7/1/2028
205,000
216,084
5.00%,
7/1/2029
115,000
123,670
5.00%,
9/1/2029
70,000
75,248
5.00%,
7/1/2027
70,000
72,218
5.00%,
9/1/2026
140,000
141,478
State
of
Delaware
Series
2019,
G.O.
Unlimited,
4.00%,
2/1/2031
25,000
25,864
5.00%,
2/1/2028
10,000
10,444
State
of
Delaware
Series
2020A,
G.O.
Unlimited,
5.00%,
1/1/2028
90,000
93,824
State
of
Delaware
Series
2021,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2027
90,000
91,841
5.00%,
2/1/2031
100,000
110,545
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Delaware
-
1.6%
continued
State
of
Delaware
Series
2025,
G.O.
Unlimited,
5.00%,
5/1/2030
$
200,000
$
218,504
1,412,901
District
of
Columbia
-
4
.1
%
District
of
Columbia
Series
2017A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2030
10,000
10,256
District
of
Columbia
Series
2018B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2030
140,000
146,807
5.00%,
6/1/2026
80,000
80,330
District
of
Columbia
Series
2019A,
G.O.
Unlimited,
5.00%,
10/15/2029
95,000
101,598
5.00%,
10/15/2026
140,000
141,872
District
of
Columbia
Series
2021D,
G.O.
Unlimited,
4.00%,
2/1/2027
80,000
81,033
District
of
Columbia
Series
2023B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
55,000
56,616
District
of
Columbia
Series
2024C,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2026
90,000
91,513
District
of
Columbia
Series
D,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2026
155,000
155,639
District
of
Columbia
Income
Tax,
Series
2019A,
Revenue,
5.00%,
3/1/2030
55,000
59,133
5.00%,
3/1/2027
90,000
92,089
District
of
Columbia
Income
Tax,
Series
2019C,
Revenue,
Refunding,
5.00%,
10/1/2030
205,000
220,421
5.00%,
10/1/2029
75,000
80,844
5.00%,
10/1/2026
55,000
55,683
District
of
Columbia
Federal
Highway
Grant
Anticipation,
Series
2020,
Revenue,
5.00%,
12/1/2029
160,000
172,958
5.00%,
12/1/2027
70,000
72,709
5.00%,
12/1/2026
105,000
106,695
District
of
Columbia
Income
Tax,
Series
2020A,
Revenue,
5.00%,
3/1/2028
90,000
94,276
District
of
Columbia
Income
Tax,
Series
2020B,
Revenue,
Refunding,
5.00%,
10/1/2026
115,000
116,429
103
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
District
of
Columbia
-
4.1%
continued
District
of
Columbia
Income
Tax,
Series
2020C,
Revenue,
5.00%,
5/1/2029
$
60,000
$
64,287
District
of
Columbia
Income
Tax,
Series
2022C,
Revenue,
Refunding,
5.00%,
12/1/2030
25,000
27,452
District
of
Columbia
Water
&
Sewer
Authority
Public
Utility,
Series
2024A,
Revenue,
Refunding,
5.00%,
10/1/2030
60,000
65,753
5.00%,
10/1/2028
280,000
296,557
5.00%,
10/1/2029
75,000
80,896
5.00%,
10/1/2026
80,000
81,018
District
of
Columbia
Income
Tax,
Series
2025A,
Revenue,
Refunding,
5.00%,
6/1/2027
125,000
128,673
Washington
Metropolitan
Area
Transit
Authority
Series
2017A1,
Revenue,
Refunding,
5.00%,
7/1/2029
35,000
35,959
5.00%,
7/1/2028
255,000
262,337
Washington
Metropolitan
Area
Transit
Authority
Series
2017B,
Revenue,
5.00%,
7/1/2028
25,000
25,719
Washington
Metropolitan
Area
Transit
Authority
Series
2020A,
Revenue,
5.00%,
7/15/2027
65,000
67,055
Washington
Metropolitan
Area
Transit
Authority
Series
2021A,
Revenue,
5.00%,
7/15/2028
70,000
73,654
5.00%,
7/15/2030
70,000
76,109
5.00%,
7/15/2026
175,000
176,258
Washington
Metropolitan
Area
Transit
Authority
Series
2023A,
Revenue,
5.00%,
7/15/2026
90,000
90,647
Washington
Metropolitan
Area
Transit
Authority
Series
A1,
Revenue,
Refunding,
5.00%,
7/1/2026
60,000
60,373
3,549,648
Florida
-
6
.3
%
Central
Florida
Expressway
Authority
Series
2016B,
Revenue,
Pre-Refunded,
4.00%,
7/1/2032
(c)
85,000
85,324
4.00%,
7/1/2033
(c)
110,000
110,420
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Florida
-
6.3%
continued
Central
Florida
Expressway
Authority
Series
2021,
Revenue,
Refunding,
AG
Insured,
5.00%,
7/1/2028
$
95,000
$
100,030
5.00%,
7/1/2026
180,000
181,087
City
of
Gainesville
Utilities
System,
Series
2017A,
Revenue,
5.00%,
10/1/2029
55,000
56,861
5.00%,
10/1/2030
75,000
77,422
City
of
Jacksonville
Series
2022A,
Revenue,
Refunding,
5.00%,
10/1/2026
75,000
75,943
City
of
Jacksonville
Series
2023B,
Revenue,
Refunding,
5.00%,
10/1/2026
50,000
50,629
City
of
Jacksonville
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2030
75,000
81,892
City
of
Port
St.
Lucie
Utility
System,
Series
2007,
Revenue,
Refunding,
NATL
Insured,
5.25%,
9/1/2027
95,000
98,607
City
of
Tallahassee
Energy
System,
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2030
30,000
32,956
County
of
Miami-Dade
Series
2016A,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2029
45,000
45,244
County
of
Miami-Dade
Building
Better
Communitites
Project,
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2026
185,000
186,131
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2017B,
Revenue,
Refunding,
5.00%,
10/1/2029
100,000
103,353
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2021,
Revenue,
5.00%,
10/1/2028
90,000
95,209
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2024B,
Revenue,
5.00%,
10/1/2030
20,000
21,909
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
104
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Florida
-
6.3%
continued
Duval
County
Public
Schools
Series
2022A,
Certificate
of
Participation,
AG
Insured,
5.00%,
7/1/2030
$
285,000
$
310,177
Duval
County
Public
Schools
Series
2025A,
Certificate
of
Participation,
Refunding,
AG
Insured,
5.00%,
7/1/2029
50,000
53,543
Florida
Department
of
Environmental
Protection
Florida
Forever,
Series
2016A,
Revenue,
Pre-Refunded,
5.00%,
7/1/2027
(c)
100,000
100,624
Florida
Department
of
Environmental
Protection
Florida
Forever,
Series
2018A,
Revenue,
Refunding,
5.00%,
7/1/2029
85,000
91,350
Florida
Insurance
Assistance
Interlocal
Agency
Insurance
Assessment,
Series
2023A1,
Revenue,
5.00%,
9/1/2028
155,000
156,402
Florida
Municipal
Power
Agency
All-Requirements
Power
Supply
Project,
Series
2016A,
Revenue,
Refunding,
5.00%,
10/1/2029
200,000
202,275
Florida
Municipal
Power
Agency
All-Requirements
Power
Supply
Project,
Series
2017A,
Revenue,
Refunding,
5.00%,
10/1/2026
160,000
161,821
Hillsborough
County
School
Board
Series
2020A,
Certificate
of
Participation,
Refunding,
5.00%,
7/1/2027
10,000
10,272
Orange
County
School
Board
Series
2016C,
Certificate
of
Participation,
Pre-Refunded,
5.00%,
8/1/2034
(c)
215,000
216,775
Palm
Beach
County
School
District
Series
2018C,
Certificate
of
Participation,
Refunding,
5.00%,
8/1/2029
205,000
215,893
Palm
Beach
County
School
District
Series
2022B,
Certificate
of
Participation,
5.00%,
8/1/2028
60,000
63,146
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Florida
-
6.3%
continued
Reddy
Creek
Improvement
District
Series
2017A,
G.O.
Limited,
5.00%,
6/1/2030
$
65,000
$
66,586
School
District
of
Broward
County
Series
2016A,
Certificate
of
Participation,
Refunding,
5.00%,
7/1/2027
230,000
231,377
5.00%,
7/1/2029
215,000
216,287
5.00%,
7/1/2028
60,000
60,359
5.00%,
7/1/2030
235,000
236,406
School
District
of
Broward
County
Series
2019A,
Certificate
of
Participation,
Refunding,
5.00%,
7/1/2027
60,000
61,638
School
District
of
Broward
County
Series
2020A,
Certificate
of
Participation,
5.00%,
7/1/2030
15,000
16,237
State
of
Florida
Department
of
Management
Services,
Series
2018A,
Certificate
of
Participation,
Refunding,
5.00%,
11/1/2028
70,000
74,210
State
of
Florida
Public
Education
Capital
Outlay,
Series
2017B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2029
25,000
25,681
State
of
Florida
Public
Education
Capital
Outlay,
Series
2017C,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
70,000
72,090
State
of
Florida
Right
of
Way
Acquisition
&
Bridge
Construction,
Series
2021A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2030
80,000
87,454
5.00%,
7/1/2026
75,000
75,472
State
of
Florida
Public
Education
Capital
Outlay,
Series
2022B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2030
15,000
16,392
State
of
Florida
Public
Education
Capital
Outlay,
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
60,000
61,792
105
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Florida
-
6.3%
continued
State
of
Florida
Public
Education
Capital
Outlay,
Series
2024A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2030
$
90,000
$
98,386
State
of
Florida
Public
Education
Capital
Outlay,
Series
2024B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
75,000
78,964
State
of
Florida
Public
Education
Capital
Outlay,
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
170,000
175,076
State
of
Florida
Board
of
Education
Lottery,
Series
2016B,
Revenue,
Refunding,
5.00%,
7/1/2026
100,000
100,625
State
of
Florida
Board
of
Education
Lottery,
Series
2017A,
Revenue,
Refunding,
5.00%,
7/1/2027
95,000
97,950
State
of
Florida
Department
of
Transportation
Financing
Corp.,
Series
2018,
Revenue,
5.00%,
7/1/2030
50,000
52,547
5.00%,
7/1/2029
160,000
168,231
State
of
Florida
Department
of
Transportation
Federal
Highway
Reimbursement,
Series
2019A,
Revenue,
5.00%,
7/1/2027
60,000
61,781
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2019A,
Revenue,
Refunding,
5.00%,
7/1/2030
30,000
31,616
5.00%,
7/1/2029
110,000
115,980
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2026
60,000
60,382
5,328,814
Georgia
-
3
.2
%
City
of
Atlanta
Public
Improvement,
Series
2022A1,
G.O.
Unlimited,
ETM,
5.00%,
12/1/2030
(c)
30,000
33,010
City
of
Atlanta
Water
&
Wastewater,
Series
2004,
Revenue,
AG
Insured,
5.75%,
11/1/2027
105,000
110,400
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Georgia
-
3.2%
continued
City
of
Atlanta
Water
&
Wastewater,
Series
2017A,
Revenue,
Pre-Refunded,
5.00%,
11/1/2038
(c)
$
25,000
$
25,976
5.00%,
11/1/2031
(c)
10,000
10,390
City
of
Atlanta
Water
&
Wastewater,
Series
2018C,
Revenue,
Pre-Refunded,
5.00%,
11/1/2032
(c)
25,000
25,976
5.00%,
11/1/2034
(c)
20,000
20,781
City
of
Atlanta
Airport,
Series
2020A,
Revenue,
Refunding,
5.00%,
7/1/2028
65,000
68,469
City
of
Atlanta
Water
&
Wastewater,
Series
2024,
Revenue,
BAM
Insured,
5.00%,
11/1/2030
30,000
32,943
City
of
Columbus
Series
2022,
G.O.
Unlimited,
5.00%,
1/1/2029
10,000
10,659
5.00%,
1/1/2027
105,000
106,997
County
of
DeKalb
Water
&
Sewerage,
Series
2006B,
Revenue,
Refunding,
5.25%,
10/1/2026
10,000
10,139
Development
Authority
of
Burke
County
(The)
Oglethorpe
Power
Corp.,
Series
2017E,
Revenue,
Mandatory
Put,
3.60%,
11/1/2045
(a)(b)
90,000
91,160
Douglas
County
School
District
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
4/1/2028
130,000
136,306
Georgia
Ports
Authority
Series
2022,
Revenue,
5.00%,
7/1/2030
20,000
21,869
Georgia
State
Road
&
Tollway
Authority
Garvee,
Series
2020,
Revenue,
5.00%,
6/1/2027
155,000
159,519
5.00%,
6/1/2028
50,000
52,535
Gwinnett
County
Water
&
Sewerage
Authority
Series
2019,
Revenue,
Refunding,
5.00%,
8/1/2027
50,000
51,660
Henry
County
School
District
Series
2016,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
8/1/2026
100,000
100,826
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
106
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Georgia
-
3.2%
continued
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2019C,
Revenue,
Mandatory
Put,
4.00%,
3/1/2050
(a)(b)
$
80,000
$
80,222
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2022A,
Revenue,
Mandatory
Put,
4.00%,
9/1/2052
(a)(b)
120,000
121,180
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2023B,
Revenue,
Mandatory
Put,
5.00%,
7/1/2053
(a)(b)
125,000
131,067
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2023C,
Revenue,
Mandatory
Put,
5.00%,
9/1/2053
(a)(b)
200,000
210,267
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2007A,
Revenue,
NATL
Insured,
ETM,
5.25%,
7/1/2028
(c)
25,000
26,532
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2015C,
Revenue,
Refunding,
5.00%,
7/1/2027
155,000
155,931
5.00%,
7/1/2026
65,000
65,406
5.00%,
7/1/2029
95,000
95,562
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2023B,
Revenue,
5.00%,
7/1/2030
65,000
71,157
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2024B,
Revenue,
5.00%,
7/1/2030
60,000
65,684
Municipal
Electric
Authority
of
Georgia
Project
One,
Series
2024,
Revenue,
Refunding,
5.00%,
1/1/2028
40,000
41,692
Private
Colleges
&
Universities
Authority
Emory
University,
Series
2019A,
Revenue,
Refunding,
5.00%,
9/1/2029
105,000
112,773
State
of
Georgia
Series
2016C,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2026
60,000
60,384
State
of
Georgia
Series
2016E,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2026
55,000
55,910
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Georgia
-
3.2%
continued
State
of
Georgia
Series
2017C,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2029
$
55,000
$
56,704
State
of
Georgia
Series
2018A,
G.O.
Unlimited,
5.00%,
7/1/2030
95,000
100,079
State
of
Georgia
Series
2022C,
G.O.
Unlimited,
Refunding,
4.00%,
7/1/2026
75,000
75,295
2,595,460
Hawaii
-
1
.1
%
City
&
County
of
Honolulu
Rail
Transit
Project,
Series
2019A,
G.O.
Unlimited,
5.00%,
9/1/2029
110,000
116,116
City
&
County
of
Honolulu
Rail
Transit
Project,
Series
2020B,
G.O.
Unlimited,
Refunding,
5.00%,
3/1/2029
20,000
21,361
City
&
County
of
Honolulu
Rail
Transit
Project,
Series
2021E,
G.O.
Unlimited,
5.00%,
3/1/2031
40,000
44,141
5.00%,
3/1/2027
90,000
92,090
City
&
County
of
Honolulu
Rail
Transit
Project,
Series
2023D,
G.O.
Unlimited,
Refunding,
5.00%,
3/1/2028
10,000
10,475
5.00%,
3/1/2030
10,000
10,876
City
&
County
of
Honolulu
Series
2025F,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2028
140,000
147,607
City
&
County
of
Honolulu
Series
D,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2026
85,000
85,905
County
of
Maui
Series
2025,
G.O.
Unlimited,
6.00%,
9/1/2030
45,000
51,298
State
of
Hawaii
Series
2017FN,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
70,000
70,891
State
of
Hawaii
Series
2018FT,
G.O.
Unlimited,
5.00%,
1/1/2029
25,000
26,056
5.00%,
1/1/2028
10,000
10,434
State
of
Hawaii
Series
FG,
G.O.
Unlimited,
5.00%,
10/1/2026
130,000
131,655
107
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Hawaii
-
1.1%
continued
State
of
Hawaii
Series
FN,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2028
$
10,000
$
10,360
5.00%,
10/1/2029
80,000
82,807
912,072
Idaho
-
0
.8
%
Idaho
Housing
&
Finance
Association
Federal
Highway
Trust
Fund,
Series
2021A,
Revenue,
Refunding,
5.00%,
7/15/2029
10,000
10,700
Idaho
State
Building
Authority
School
Modernization
Facilities
Fund,
Series
2024A,
Revenue,
5.00%,
6/1/2030
135,000
147,311
5.00%,
6/1/2029
190,000
204,021
5.00%,
6/1/2028
50,000
52,613
5.00%,
6/1/2027
255,000
262,346
676,991
Illinois
-
6
.3
%
Board
of
Trustees
of
the
University
of
Illinois
(The)
Auxiliary
Facilities
System,
Series
2021A,
Revenue,
Refunding,
5.00%,
4/1/2028
15,000
15,671
5.00%,
4/1/2027
60,000
61,458
Chicago
O'Hare
International
Airport
Series
2020B,
Revenue,
Refunding,
5.00%,
1/1/2030
35,000
37,731
5.00%,
1/1/2029
10,000
10,617
Chicago
O'Hare
International
Airport
Series
2022D,
Revenue,
Refunding,
5.00%,
1/1/2030
20,000
21,561
5.00%,
1/1/2031
10,000
10,914
Chicago
O'Hare
International
Airport
Series
2024D,
Revenue,
Refunding,
5.00%,
1/1/2030
25,000
26,951
5.00%,
1/1/2028
10,000
10,405
Chicago
O'Hare
International
Airport
Series
2025D,
Revenue,
Refunding,
5.00%,
1/1/2031
15,000
16,371
City
of
Chicago
Series
2020A,
G.O.
Unlimited,
Refunding,
5.00%,
1/1/2027
35,000
35,339
City
of
Chicago
Waterworks,
Series
2017-2,
Revenue,
Refunding,
AG
Insured,
5.00%,
11/1/2030
50,000
51,617
5.00%,
11/1/2028
25,000
25,909
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Illinois
-
6.3%
continued
City
of
Chicago
Wastewater
Transmission,
Series
2023B,
Revenue,
Refunding,
AG
Insured,
5.00%,
1/1/2030
$
10,000
$
10,725
City
of
Chicago
Waterworks,
Series
2024A,
Revenue,
Refunding,
5.00%,
11/1/2030
10,000
10,815
5.00%,
11/1/2029
155,000
165,455
County
of
Cook
Series
2016A,
G.O.
Unlimited,
Refunding,
5.00%,
11/15/2026
65,000
65,919
County
of
Cook
Series
2016A,
G.O.
Unlimited,
Refunding,
AG
Insured,
5.00%,
11/15/2026
55,000
55,847
County
of
Cook
Series
2021A,
G.O.
Unlimited,
Refunding,
5.00%,
11/15/2026
115,000
116,627
Illinois
Finance
Authority
Northwestern
University,
Series
2015,
Revenue,
5.00%,
12/1/2028
15,000
15,913
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2017,
Revenue,
5.00%,
7/1/2026
215,000
216,359
5.00%,
1/1/2029
80,000
81,389
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2019,
Revenue,
5.00%,
1/1/2030
165,000
176,623
5.00%,
7/1/2026
140,000
140,885
5.00%,
7/1/2030
30,000
32,078
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2020,
Revenue,
5.00%,
1/1/2030
140,000
151,448
5.00%,
7/1/2030
140,000
152,661
5.00%,
7/1/2027
65,000
67,027
5.00%,
7/1/2026
55,000
55,348
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2025A,
Revenue,
5.00%,
1/1/2031
30,000
32,939
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2025B,
Revenue,
Refunding,
5.00%,
7/1/2028
10,000
10,532
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
108
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Illinois
-
6.3%
continued
Illinois
Municipal
Electric
Agency
Power
Supply
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
2/1/2028
$
95,000
$
98,839
Illinois
State
Toll
Highway
Authority
Series
2018A,
Revenue,
Refunding,
5.00%,
1/1/2027
155,000
157,915
Illinois
State
Toll
Highway
Authority
Series
2019B,
Revenue,
Refunding,
5.00%,
1/1/2028
35,000
36,505
5.00%,
1/1/2027
150,000
152,821
Illinois
State
Toll
Highway
Authority
Series
2019C,
Revenue,
Refunding,
5.00%,
1/1/2029
110,000
116,790
Illinois
State
Toll
Highway
Authority
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2031
20,000
21,904
5.00%,
1/1/2029
55,000
58,395
Metropolitan
Pier
&
Exposition
Authority
McCormick
Place
Expansion
Project,
Series
2024B,
Revenue,
Refunding,
4.00%,
12/15/2026
20,000
20,135
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2016A,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2027
100,000
101,485
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2021D,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2030
10,000
10,963
Sales
Tax
Securitization
Corp.
Series
2017A,
Revenue,
Refunding,
5.00%,
1/1/2030
30,000
31,019
5.00%,
1/1/2029
70,000
72,435
5.00%,
1/1/2027
65,000
66,115
Sales
Tax
Securitization
Corp.
Series
2020A,
Revenue,
Refunding,
5.00%,
1/1/2029
135,000
142,350
5.00%,
1/1/2027
215,000
218,686
Sales
Tax
Securitization
Corp.
Series
2021A,
Revenue,
Refunding,
5.00%,
1/1/2027
80,000
81,372
5.00%,
1/1/2029
50,000
52,722
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Illinois
-
6.3%
continued
State
of
Illinois
Series
2006,
G.O.
Unlimited,
5.50%,
1/1/2028
$
75,000
$
78,421
5.50%,
1/1/2030
45,000
48,976
State
of
Illinois
Series
2016,
G.O.
Unlimited,
3.50%,
6/1/2029
100,000
100,025
State
of
Illinois
Series
2016,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2027
60,000
61,081
State
of
Illinois
Series
2016,
G.O.
Unlimited,
Refunding,
AG
Insured,
4.00%,
2/1/2030
65,000
65,476
State
of
Illinois
Series
2017D,
G.O.
Unlimited,
3.25%,
11/1/2026
75,000
75,196
State
of
Illinois
Series
2018A,
G.O.
Unlimited,
5.00%,
5/1/2030
75,000
77,890
State
of
Illinois
Series
2018A,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2030
60,000
62,689
State
of
Illinois
Series
2018B,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2029
145,000
151,881
State
of
Illinois
Series
2019A,
G.O.
Unlimited,
5.00%,
11/1/2026
50,000
50,633
State
of
Illinois
Series
2019B,
G.O.
Unlimited,
5.00%,
11/1/2030
50,000
53,142
State
of
Illinois
Series
2020B,
G.O.
Unlimited,
5.00%,
10/1/2029
65,000
69,255
5.00%,
10/1/2026
115,000
116,251
State
of
Illinois
Series
2021A,
G.O.
Unlimited,
5.00%,
3/1/2029
50,000
52,832
5.00%,
12/1/2030
15,000
16,201
5.00%,
12/1/2026
125,000
126,805
5.00%,
12/1/2027
90,000
93,123
State
of
Illinois
Series
2021B,
G.O.
Unlimited,
5.00%,
3/1/2027
95,000
96,882
State
of
Illinois
Series
2022B,
G.O.
Unlimited,
5.00%,
10/1/2029
110,000
117,201
State
of
Illinois
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2027
80,000
81,449
State
of
Illinois
Series
2024B,
G.O.
Unlimited,
5.00%,
10/1/2030
30,000
32,348
5.00%,
5/1/2030
20,000
21,466
5.00%,
5/1/2027
20,000
20,466
5.25%,
10/1/2029
20,000
21,474
109
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Illinois
-
6.3%
continued
State
of
Illinois
Series
2025B,
G.O.
Unlimited,
5.00%,
9/1/2030
$
10,000
$
10,773
5.25%,
9/1/2029
15,000
16,084
State
of
Illinois
Sales
Tax,
Series
2021A,
Revenue,
4.00%,
6/15/2029
20,000
20,665
State
of
Illinois
Sales
Tax,
Series
2021C,
Revenue,
Refunding,
5.00%,
6/15/2029
20,000
21,368
5.00%,
6/15/2030
65,000
70,412
State
of
Illinois
Sales
Tax,
Series
2022-1,
Revenue,
NATL
Insured,
6.00%,
6/15/2027
25,000
26,008
State
of
Illinois
Sales
Tax,
Series
2025A,
Revenue,
5.00%,
6/15/2028
130,000
136,358
5.00%,
6/15/2029
65,000
69,446
5,385,862
Indiana
-
1
.9
%
City
of
Indianapolis
Water
System,
Series
2016B,
Revenue,
Refunding,
5.00%,
10/1/2027
75,000
75,867
City
of
Indianapolis
Water
System,
Series
2018A,
Revenue,
Refunding,
5.00%,
10/1/2029
50,000
52,697
Indiana
Finance
Authority
Highway,
Series
2016C,
Revenue,
Refunding,
5.00%,
6/1/2029
200,000
214,248
5.00%,
6/1/2028
70,000
73,535
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2017C,
Revenue,
Refunding,
5.00%,
2/1/2029
70,000
72,964
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2019A,
Revenue,
5.00%,
2/1/2027
60,000
61,252
Indiana
Finance
Authority
State
Revolving
Fund,
Series
2019E,
Revenue,
5.00%,
2/1/2027
80,000
81,670
Indiana
Finance
Authority
CWA
Authority
Project,
Series
2021-1,
Revenue,
Refunding,
5.00%,
10/1/2030
300,000
327,581
5.00%,
10/1/2028
110,000
116,261
5.00%,
10/1/2029
150,000
161,329
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Indiana
-
1.9%
continued
Indiana
Finance
Authority
Stadium
Project,
Series
2022A,
Revenue,
Refunding,
5.00%,
2/1/2031
$
10,000
$
10,960
Indiana
Municipal
Power
Agency
Series
2017A,
Revenue,
Refunding,
5.00%,
1/1/2028
10,000
10,392
5.00%,
1/1/2030
55,000
57,090
Indianapolis
Local
Public
Improvement
Bond
Bank
Courthouse
&
Jail
Project,
Series
2019A,
Revenue,
5.00%,
2/1/2028
105,000
109,258
Indianapolis
Local
Public
Improvement
Bond
Bank
Unlimited
AD
Valorem
Property
Tax
Suported
Project,
Series
2025D,
Revenue,
Refunding,
5.00%,
1/15/2029
10,000
10,606
5.00%,
1/15/2027
100,000
101,858
1,537,568
Iowa
-
0
.2
%
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2017,
Revenue,
Refunding,
5.00%,
8/1/2027
10,000
10,335
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2020A,
Revenue,
5.00%,
8/1/2027
55,000
56,841
State
of
Iowa
Ijobs
Program,
Series
2016A,
Revenue,
Refunding,
4.00%,
6/1/2026
15,000
15,038
State
of
Iowa
Ijobs
Program,
Series
2019A,
Revenue,
Refunding,
5.00%,
6/1/2029
85,000
91,133
173,347
Kansas
-
0
.8
%
Butler
County
Unified
School
District
No.
385
Andover,
Series
2017,
G.O.
Unlimited,
Refunding,
4.00%,
9/1/2029
25,000
25,420
County
of
Johnson
Internal
Improvement,
Series
2018A,
G.O.
Unlimited,
5.00%,
9/1/2028
75,000
77,567
Johnson
County
Unified
School
District
No.
233
Olathe,
Series
2022A,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2030
40,000
43,727
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
110
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Kansas
-
0.8%
continued
State
of
Kansas
Department
of
Transportation,
Series
2017A,
Revenue,
5.00%,
9/1/2028
$
15,000
$
15,508
5.00%,
9/1/2030
135,000
139,248
State
of
Kansas
Department
of
Transportation,
Series
2018A,
Revenue,
5.00%,
9/1/2027
15,000
15,535
State
of
Kansas
Department
of
Transportation,
Series
2024A,
Revenue,
Refunding,
5.00%,
9/1/2030
25,000
27,395
State
of
Kansas
Department
of
Transportation,
Series
2025A,
Revenue,
Refunding,
5.00%,
9/1/2030
75,000
82,185
Wyandotte
County
Unified
School
District
No.
500
Kansas
City,
Series
A,
G.O.
Unlimited,
Pre-Refunded,
4.13%,
9/1/2037
(c)
65,000
65,449
5.25%,
9/1/2042
(c)
215,000
217,479
709,513
Kentucky
-
1
.7
%
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2019C,
Revenue,
Mandatory
Put,
4.00%,
2/1/2050
(a)(b)
10,000
10,092
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2022A1,
Revenue,
Mandatory
Put,
4.00%,
8/1/2052
(a)(b)
210,000
212,328
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2024A,
Revenue,
Mandatory
Put,
5.00%,
5/1/2055
(a)(b)
130,000
136,282
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2025A,
Revenue,
Refunding,
Mandatory
Put,
5.25%,
6/1/2055
(a)(b)
175,000
185,199
Kentucky
State
Property
&
Building
Commission
Project
No.
115,
Revenue,
5.00%,
5/1/2029
65,000
68,068
5.00%,
4/1/2029
105,000
107,400
5.00%,
4/1/2030
260,000
265,680
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Kentucky
-
1.7%
continued
Kentucky
State
Property
&
Building
Commission
Project
No.
130,
Series
2024B,
Revenue,
Refunding,
5.00%,
11/1/2029
$
10,000
$
10,784
5.00%,
11/1/2030
45,000
49,253
Kentucky
State
Property
&
Building
Commission
Project
No.
132,
Series
2025A,
Revenue,
5.00%,
4/1/2029
10,000
10,674
Kentucky
State
Property
&
Building
Commission
Project
No.
131,
Series
A,
Revenue,
5.00%,
10/1/2030
95,000
103,772
5.00%,
6/1/2030
20,000
21,740
Kentucky
State
Property
&
Building
Commission
Project
No.
112,
Series
B,
Revenue,
Refunding,
State
Appropriation,
5.00%,
11/1/2026
80,000
81,110
Kentucky
Turnpike
Authority
Revitalization
Projects,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2030
55,000
59,951
Kentucky
Turnpike
Authority
Revitalization
Projects,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2030
30,000
32,700
5.00%,
7/1/2029
75,000
80,460
Kentucky
Turnpike
Authority
Revitalization
Projects,
Series
B,
Revenue,
Refunding,
5.00%,
7/1/2028
50,000
51,489
1,486,982
Louisiana
-
0
.5
%
Louisiana
Public
Facilities
Authority
Tulane
University
Project,
Series
2016A,
Revenue,
Refunding,
5.00%,
12/15/2029
10,000
10,144
St.
John
Baptist
Parish
Marathon
Oil
Corp.,
Series
2017C,
Revenue,
Refunding,
Mandatory
Put,
3.30%,
6/1/2037
(a)(b)
100,000
100,846
State
of
Louisiana
Series
2017B,
G.O.
Unlimited,
5.00%,
10/1/2027
10,000
10,359
State
of
Louisiana
Series
2019A,
G.O.
Unlimited,
5.00%,
3/1/2030
15,000
15,969
111
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Louisiana
-
0.5%
continued
5.00%,
3/1/2029
$
110,000
$
117,517
State
of
Louisiana
Series
2021A,
G.O.
Unlimited,
5.00%,
3/1/2031
35,000
38,656
State
of
Louisiana
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2031
25,000
27,578
State
of
Louisiana
Series
2024E,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2029
60,000
64,684
State
of
Louisiana
Garvee,
Series
2023,
Revenue,
5.00%,
9/1/2030
10,000
10,919
State
of
Louisiana
Gasoline
&
Fuels
Tax,
Series
2025B,
Revenue,
Refunding,
5.00%,
5/1/2028
25,000
26,270
422,942
Maine
-
0
.6
%
State
of
Maine
Series
2020B,
G.O.
Unlimited,
5.00%,
6/1/2030
75,000
81,834
5.00%,
6/1/2028
190,000
199,837
5.00%,
6/1/2029
185,000
198,465
480,136
Maryland
-
1
.6
%
County
of
Anne
Arundel
General
Improvement,
Series
2021,
G.O.
Limited,
Refunding,
5.00%,
4/1/2029
50,000
53,566
County
of
Baltimore
Consolidated
Public
Improvement,
Series
2019,
G.O.
Unlimited,
5.00%,
3/1/2030
115,000
122,559
5.00%,
3/1/2028
10,000
10,462
County
of
Baltimore
Consolidated
Public
Improvement,
Series
2024A,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2030
80,000
87,642
County
of
Howard
Consolidated
Public
Improvement,
Series
2017D,
G.O.
Unlimited,
Refunding,
5.00%,
2/15/2028
15,000
15,694
5.00%,
2/15/2029
25,000
26,130
County
of
Montgomery
Consolidated
Public
Improvement
Project,
Series
2019A,
G.O.
Unlimited,
5.00%,
11/1/2026
75,000
76,163
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Maryland
-
1.6%
continued
County
of
Montgomery
Consolidated
Public
Improvement
Project,
Series
2020B,
G.O.
Unlimited,
Refunding,
4.00%,
11/1/2026
$
90,000
$
90,878
County
of
Montgomery
Consolidated
Public
Improvement
Project,
Series
2024B,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2027
20,000
20,867
County
of
Prince
George's
Consolidated
Public
Improvement,
Series
2019A,
G.O.
Limited,
5.00%,
7/15/2030
45,000
48,289
County
of
Prince
George's
Consolidated
Public
Improvement,
Series
2020A,
G.O.
Limited,
5.00%,
7/15/2030
60,000
63,159
County
of
Prince
George's
Consolidated
Public
Improvement,
Series
2020B,
G.O.
Limited,
Refunding,
5.00%,
9/15/2027
10,000
10,359
Maryland
State
Transportation
Authority
Transportation
Facilities
Projects,
Series
2020,
Revenue,
5.00%,
7/1/2030
30,000
32,801
Maryland
State
Transportation
Authority
Transportation
Facilities
Projects,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2029
10,000
10,748
State
of
Maryland
Series
2017A,
G.O.
Unlimited,
5.00%,
8/1/2028
10,000
10,328
State
of
Maryland
Series
2019-1,
G.O.
Unlimited,
5.00%,
3/15/2028
20,000
20,961
State
of
Maryland
Series
2022C,
G.O.
Unlimited,
Refunding,
4.00%,
3/1/2029
40,000
41,571
State
of
Maryland
Series
2024A1,
G.O.
Unlimited,
5.00%,
6/1/2029
15,000
16,097
State
of
Maryland
Series
A2,
G.O.
Unlimited,
5.00%,
8/1/2028
195,000
206,046
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
112
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Maryland
-
1.6%
continued
State
of
Maryland
Department
of
Transportation,
Series
2016,
Revenue,
Refunding,
4.00%,
9/1/2027
$
10,000
$
10,211
State
of
Maryland
Department
of
Transportation,
Series
2017,
Revenue,
5.00%,
9/1/2027
30,000
31,048
State
of
Maryland
Department
of
Transportation,
Series
2020,
Revenue,
5.00%,
10/1/2028
10,000
10,604
5.00%,
10/1/2026
80,000
81,007
State
of
Maryland
Department
of
Transportation,
Series
2021B,
Revenue,
Refunding,
5.00%,
12/1/2028
15,000
15,960
State
of
Maryland
Department
of
Transportation,
Series
2022B,
Revenue,
Refunding,
5.00%,
12/1/2029
105,000
113,810
State
of
Maryland
Department
of
Transportation,
Series
2025C,
Revenue,
Refunding,
5.00%,
11/1/2030
15,000
16,485
Washington
Suburban
Sanitary
Commission
Series
2017,
Revenue,
County
Guaranty,
5.00%,
6/15/2029
15,000
15,436
1,258,881
Massachusetts
-
0
.2
%
Commonwealth
of
Massachusetts
Series
2017E,
G.O.
Limited,
Refunding,
5.00%,
11/1/2027
20,000
20,797
Commonwealth
of
Massachusetts
Series
2018B,
G.O.
Limited,
5.00%,
1/1/2028
10,000
10,439
Commonwealth
of
Massachusetts
Series
2019E,
G.O.
Limited,
Refunding,
3.00%,
12/1/2026
30,000
30,063
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Massachusetts
-
0.2%
continued
Commonwealth
of
Massachusetts
Series
2024A,
G.O.
Limited,
5.00%,
1/1/2028
$
25,000
$
26,097
Commonwealth
of
Massachusetts
Series
2024B,
G.O.
Limited,
Refunding,
5.00%,
11/1/2030
20,000
22,055
Massachusetts
Development
Finance
Agency
Harvard
University
Issue,
Series
2016A,
Revenue,
Refunding,
5.00%,
7/15/2027
125,000
125,905
235,356
Michigan
-
1
.7
%
Great
Lakes
Water
Authority
Water
Supply
System,
Series
2018A,
Revenue,
Refunding,
5.00%,
7/1/2028
105,000
110,324
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Series
2018B,
Revenue,
Refunding,
5.00%,
7/1/2029
10,000
10,722
Great
Lakes
Water
Authority
Water
Supply
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2028
185,000
194,711
5.00%,
7/1/2027
255,000
262,881
Great
Lakes
Water
Authority
Water
Supply
System,
Series
D,
Revenue,
Refunding,
5.00%,
7/1/2030
80,000
80,477
Michigan
State
Building
Authority
Facilities
Program,
Series
2016I,
Revenue,
Refunding,
5.00%,
10/15/2029
20,000
20,244
Michigan
State
Building
Authority
Facilities
Program,
Series
2020I,
Revenue,
Refunding,
5.00%,
4/15/2028
95,000
99,654
5.00%,
10/15/2030
75,000
82,305
5.00%,
10/15/2027
145,000
150,424
Michigan
State
Building
Authority
Facilities
Program,
Series
2025I,
Revenue,
Refunding,
5.00%,
4/15/2030
20,000
21,778
Michigan
State
University
Series
2023A,
Revenue,
Refunding,
5.00%,
8/15/2028
10,000
10,564
113
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Michigan
-
1.7%
continued
5.00%,
8/15/2030
$
85,000
$
93,122
State
of
Michigan
Environmental
Program,
Series
2018,
G.O.
Unlimited,
3.00%,
5/1/2030
70,000
69,623
State
of
Michigan
Trunk
Line,
Series
2020B,
Revenue,
5.00%,
11/15/2030
155,000
170,515
5.00%,
11/15/2029
70,000
75,763
State
of
Michigan
Trunk
Line,
Series
2023,
Revenue,
5.00%,
11/15/2030
20,000
22,002
1,475,109
Minnesota
-
1
.8
%
Minneapolis
Special
School
District
No.
1
Credit
Enhancement
Program,
Series
2022C,
Certificate
of
Participation,
Refunding,
School
District
Credit
Enhancement
Program,
5.00%,
2/1/2029
70,000
74,598
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
Airport,
Series
2016A,
Revenue,
Refunding,
5.00%,
1/1/2028
25,000
25,421
5.00%,
1/1/2030
10,000
10,164
Rosemount-Apple
Valley-
Eagan
Independent
School
District
No.
196
Series
2023A,
G.O.
Unlimited,
School
District
Credit
Enhancement
Program,
5.00%,
2/1/2031
10,000
11,016
State
of
Minnesota
State
Office
Building
Project,
Series
2023,
Certificate
of
Participation,
5.00%,
11/1/2030
20,000
21,890
State
of
Minnesota
Series
2019A,
G.O.
Unlimited,
5.00%,
8/1/2027
65,000
67,159
State
of
Minnesota
Series
2020A,
G.O.
Unlimited,
5.00%,
8/1/2028
210,000
221,989
State
of
Minnesota
Series
2021A,
G.O.
Unlimited,
5.00%,
9/1/2027
10,000
10,352
State
of
Minnesota
Series
2022A,
G.O.
Unlimited,
5.00%,
8/1/2027
10,000
10,332
5.00%,
8/1/2030
135,000
147,973
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Minnesota
-
1.8%
continued
State
of
Minnesota
Series
2022B,
G.O.
Unlimited,
5.00%,
8/1/2028
$
50,000
$
52,855
5.00%,
8/1/2030
75,000
82,207
5.00%,
8/1/2029
170,000
183,212
State
of
Minnesota
Series
2022D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2030
125,000
137,012
State
of
Minnesota
Series
2023E,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2030
65,000
71,247
State
of
Minnesota
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2030
65,000
71,246
State
of
Minnesota
Series
2024D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2027
10,000
10,332
State
of
Minnesota
Series
2022A,
Revenue,
Refunding,
5.00%,
3/1/2027
260,000
265,917
State
of
Minnesota
Public
Facilities
Authority,
Series
2023A,
Revenue,
5.00%,
3/1/2030
115,000
125,196
1,600,118
Mississippi
-
0
.9
%
Mississippi
Development
Bank
Desoto
County
Highway
Project,
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2031
50,000
54,736
5.00%,
1/1/2029
15,000
15,930
Mississippi
Development
Bank
Department
of
Corrections,
Series
A,
Revenue,
Refunding,
5.00%,
8/1/2026
50,000
50,376
State
of
Mississippi
Series
2016B,
G.O.
Unlimited,
5.00%,
12/1/2028
155,000
157,489
5.00%,
12/1/2026
75,000
76,262
State
of
Mississippi
Series
2016B,
G.O.
Unlimited,
Pre-Refunded,
5.00%,
12/1/2031
(c)
105,000
106,757
5.00%,
12/1/2036
(c)
100,000
101,673
State
of
Mississippi
Series
2017A,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2027
120,000
124,471
5.00%,
10/1/2029
130,000
134,557
822,251
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
114
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Missouri
-
0
.6
%
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
Combined
Lien
Mass
Transit,
Series
2019,
Revenue,
Refunding,
5.00%,
10/1/2026
$
105,000
$
106,221
City
of
St.
Louis
International
Airport,
Series
2005,
Revenue,
Refunding,
NATL
Insured,
5.50%,
7/1/2030
30,000
33,208
Curators
of
the
University
of
Missouri
(The)
Series
2020B,
Revenue,
5.00%,
11/1/2030
90,000
98,676
Curators
of
the
University
of
Missouri
(The)
Series
2024,
Revenue,
Refunding,
5.00%,
11/1/2029
15,000
16,187
5.00%,
11/1/2027
20,000
20,772
Jackson
County
Reorganized
School
District
No.
7
Lee's
Summit,
Series
2020,
G.O.
Unlimited,
Refunding,
4.00%,
3/1/2029
5,000
5,175
4.00%,
3/1/2030
115,000
119,094
Missouri
Joint
Municipal
Electric
Utility
Commission
Plum
Point
Project,
Series
2024,
Revenue,
Refunding,
5.00%,
1/1/2031
40,000
43,529
Missouri
Joint
Municipal
Electric
Utility
Commission
Prairie
State
Project,
Series
2025,
Revenue,
Refunding,
5.00%,
12/1/2028
135,000
142,747
585,609
Nebraska
-
0
.6
%
Central
Plains
Energy
Project
Gas
Project
No.
5,
Series
2022-1,
Revenue,
Mandatory
Put,
5.00%,
5/1/2053
(a)(b)
70,000
73,107
Central
Plains
Energy
Project
Gas
Project
No.
4,
Series
2023A1,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
5/1/2054
(a)(b)
40,000
42,307
City
of
Lincoln
Electric
System,
Series
2018,
Revenue,
5.00%,
9/1/2027
35,000
35,764
5.00%,
9/1/2029
10,000
10,197
5.00%,
9/1/2026
90,000
90,904
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Nebraska
-
0.6%
continued
City
of
Omaha
Omaha
Convention
Center
&
Arena,
Series
2004,
G.O.
Unlimited,
Refunding,
5.25%,
4/1/2027
$
90,000
$
92,479
Nebraska
Public
Power
District
Series
2023A,
Revenue,
Refunding,
5.00%,
7/1/2028
20,000
20,821
Omaha
Public
Power
District
Electric,
Series
2018A,
Revenue,
5.00%,
2/1/2029
50,000
52,229
Omaha
Public
Power
District
Electric,
Series
2019A,
Revenue,
5.00%,
2/1/2031
10,000
10,592
Omaha
Public
Power
District
Electric,
Series
2025A,
Revenue,
5.00%,
2/1/2031
25,000
27,565
Public
Power
Generation
Agency
Whelan
Energy
Center
Unit
2,
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2030
45,000
48,446
504,411
Nevada
-
3
.1
%
Clark
County
School
District
Building,
Series
2017C,
G.O.
Limited,
Refunding,
5.00%,
6/15/2029
30,000
31,112
Clark
County
School
District
Building,
Series
2018B,
G.O.
Limited,
5.00%,
6/15/2029
55,000
58,073
Clark
County
School
District
Building,
Series
2018B,
G.O.
Limited,
BAM
Insured,
5.00%,
6/15/2028
10,000
10,515
Clark
County
School
District
Building,
Series
2019A,
G.O.
Limited,
AG
Insured,
5.00%,
6/15/2029
90,000
92,370
Clark
County
School
District
Building,
Series
2024B,
G.O.
Limited,
5.00%,
6/15/2027
30,000
30,867
5.00%,
6/15/2028
205,000
215,208
Clark
County
School
District
Building,
Series
2024C,
G.O.
Limited,
Refunding,
5.00%,
6/15/2027
10,000
10,289
Clark
County
School
District
Building,
Series
2025B,
G.O.
Limited,
Refunding,
5.00%,
6/15/2027
125,000
128,612
115
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Nevada
-
3.1%
continued
County
of
Clark
Series
2017,
G.O.
Limited,
Refunding,
5.00%,
6/1/2029
$
85,000
$
87,497
5.00%,
6/1/2030
110,000
113,218
County
of
Clark
Stadium
Improvements,
Series
2018A,
G.O.
Limited,
5.00%,
6/1/2029
40,000
42,085
5.00%,
6/1/2030
120,000
126,094
County
of
Clark
Transportation
Improvement,
Series
2018B,
G.O.
Limited,
5.00%,
12/1/2030
75,000
79,472
County
of
Clark
Airport
System,
Series
2019B,
Revenue,
Refunding,
5.00%,
7/1/2028
45,000
47,372
County
of
Clark
Las
Vegas-
McCarran
International
Airport
Passenger
Facility
Charge,
Series
2019E,
Revenue,
Refunding,
5.00%,
7/1/2027
20,000
20,593
5.00%,
7/1/2029
195,000
209,317
5.00%,
7/1/2026
60,000
60,361
County
of
Clark
Highway
Improvement,
Series
2024,
Revenue,
Refunding,
5.00%,
7/1/2028
25,000
26,336
County
of
Clark
Airport
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2026
180,000
181,083
County
of
Clark
Airport
System,
Series
2024B,
Revenue,
5.00%,
7/1/2029
10,000
10,734
Las
Vegas
Valley
Water
District
Series
2021A,
G.O.
Limited,
Refunding,
5.00%,
6/1/2029
10,000
10,735
5.00%,
6/1/2027
70,000
72,041
Las
Vegas
Valley
Water
District
Series
2021C,
G.O.
Limited,
Refunding,
5.00%,
6/1/2030
95,000
103,781
5.00%,
6/1/2028
135,000
142,142
5.00%,
6/1/2026
70,000
70,299
Las
Vegas
Valley
Water
District
Series
2022C,
G.O.
Limited,
Refunding,
5.00%,
6/1/2028
55,000
57,910
State
of
Nevada
Series
2019A,
G.O.
Limited,
Refunding,
5.00%,
5/1/2029
30,000
32,145
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Nevada
-
3.1%
continued
State
of
Nevada
Series
2023A,
G.O.
Limited,
5.00%,
5/1/2027
$
70,000
$
71,877
State
of
Nevada
Series
2025A,
G.O.
Limited,
Refunding,
5.00%,
10/1/2026
185,000
187,319
State
of
Nevada
Highway
Improvement,
Series
2016,
Revenue,
Refunding,
5.00%,
12/1/2027
40,000
40,161
State
of
Nevada
Highway
Improvement,
Series
2018,
Revenue,
5.00%,
12/1/2030
110,000
115,498
Truckee
Meadows
Water
Authority
Series
2017,
Revenue,
Refunding,
5.00%,
7/1/2028
120,000
123,588
5.00%,
7/1/2030
155,000
159,383
2,768,087
New
Hampshire
-
0
.2
%
New
Hampshire
Municipal
Bond
Bank
Series
2025B,
Revenue,
5.00%,
8/15/2030
5,000
5,471
State
of
New
Hampshire
Series
2025B,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2026
135,000
136,984
142,455
New
Jersey
-
0
.9
%
New
Jersey
Economic
Development
Authority
School
Facilities
Construction,
Series
2019LLL,
Revenue,
5.00%,
6/15/2029
50,000
53,514
New
Jersey
Economic
Development
Authority
Transit
Transportation
Project,
Series
2020A,
Revenue,
5.00%,
11/1/2029
85,000
91,555
New
Jersey
Economic
Development
Authority
New
Jersey
Transit
Corp.
Project,
Series
B,
Revenue,
Refunding,
5.00%,
11/1/2026
115,000
116,629
New
Jersey
Educational
Facilities
Authority
Montclair
State
University,
Series
2016B,
Revenue,
Refunding,
5.00%,
7/1/2030
65,000
65,281
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
116
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
Jersey
-
0.9%
continued
New
Jersey
Transportation
Trust
Fund
Authority
Fedral
Highway
Reimbursement,
Series
2016A1,
Revenue,
5.00%,
6/15/2028
$
135,000
$
135,626
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System,
Series
2019A,
Revenue,
Refunding,
5.00%,
12/15/2027
10,000
10,404
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2022AA,
Revenue,
Refunding,
5.00%,
6/15/2029
80,000
85,698
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2023AA,
Revenue,
Refunding,
5.00%,
6/15/2026
15,000
15,076
State
of
New
Jersey
Covid-19
Emergency
Bonds,
Series
2020A,
G.O.
Unlimited,
5.00%,
6/1/2029
185,000
198,757
772,540
New
Mexico
-
1
.0
%
New
Mexico
Finance
Authority
State
Transportation
Commission,
Series
2018A,
Revenue,
Refunding,
5.00%,
6/15/2028
80,000
84,267
New
Mexico
Finance
Authority
State
Transportation
Commission,
Series
2021A,
Revenue,
5.00%,
6/15/2029
15,000
16,123
5.00%,
6/15/2030
135,000
147,569
5.00%,
6/15/2026
100,000
100,513
New
Mexico
Finance
Authority
Public
Project
Revolving
Fund,
Series
2025C,
Revenue,
5.00%,
12/15/2027
70,000
72,925
State
of
New
Mexico
Capital
Project,
Series
2021,
G.O.
Unlimited,
5.00%,
3/1/2028
25,000
26,188
State
of
New
Mexico
Capital
Project,
Series
2023,
G.O.
Unlimited,
5.50%,
3/1/2028
40,000
42,273
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
Mexico
-
1.0%
continued
State
of
New
Mexico
Capital
Project,
Series
2025,
G.O.
Unlimited,
5.00%,
3/1/2029
$
55,000
$
58,744
7.00%,
3/1/2030
55,000
63,862
State
of
New
Mexico
Severance
Tax
Permanent
Fund,
Series
2021A,
Revenue,
5.00%,
7/1/2030
80,000
87,208
State
of
New
Mexico
Severance
Tax
Permanent
Fund,
Series
2022B,
Revenue,
5.00%,
7/1/2029
145,000
155,473
855,145
New
York
-
2
.4
%
City
of
New
York
Series
2021-2,
G.O.
Limited,
Daily
VRDN
and
Put,
2.90%,
4/1/2042
(a)(b)
100,000
100,000
City
of
New
York
Series
2008J10,
G.O.
Unlimited,
5.00%,
8/1/2027
10,000
10,313
City
of
New
York
Series
2018C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2030
70,000
72,799
5.00%,
8/1/2029
150,000
156,163
City
of
New
York
Series
2020B1,
G.O.
Unlimited,
5.00%,
10/1/2027
10,000
10,352
City
of
New
York
Series
2021-1,
G.O.
Unlimited,
5.00%,
4/1/2028
10,000
10,481
City
of
New
York
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2027
10,000
10,323
Empire
State
Development
Corp.
Personal
Income
Tax,
Series
2023B,
Revenue,
Refunding,
5.00%,
3/15/2030
10,000
10,910
Metropolitan
Transportation
Authority
Series
2016D,
Revenue,
Refunding,
5.00%,
11/15/2030
85,000
85,983
5.00%,
11/15/2027
120,000
121,531
Metropolitan
Transportation
Authority
Series
2018B,
Revenue,
Refunding,
5.00%,
11/15/2026
130,000
131,969
Metropolitan
Transportation
Authority
Series
2024A,
Revenue,
Refunding,
5.00%,
11/15/2030
35,000
38,392
117
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
2.4%
continued
Metropolitan
Transportation
Authority
Series
A2,
Revenue,
Refunding,
5.00%,
11/15/2026
$
70,000
$
71,060
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2022DD,
Revenue,
Refunding,
Daily
VRDN
and
Put,
2.85%,
6/15/2033
(a)(b)
150,000
150,000
New
York
City
Transitional
Finance
Authority
Building
Aid,
Series
2019S3A,
Revenue,
Refunding,
State
Aid
Withholding,
5.00%,
7/15/2028
10,000
10,566
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2021A,
Revenue,
Refunding,
5.00%,
11/1/2030
20,000
21,928
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2022A1,
Revenue,
Refunding,
5.00%,
11/1/2027
35,000
36,345
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2022D1,
Revenue,
Refunding,
5.00%,
11/1/2027
10,000
10,384
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2023B1,
Revenue,
Refunding,
5.00%,
11/1/2027
15,000
15,576
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2023E1,
Revenue,
Refunding,
5.00%,
11/1/2030
20,000
21,928
New
York
City
Transitional
Finance
Authority
Building
Aid,
Series
2023S1A,
Revenue,
Refunding,
State
Aid
Withholding,
5.00%,
7/15/2030
30,000
32,913
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024D1,
Revenue,
Refunding,
5.00%,
11/1/2030
40,000
43,856
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
2.4%
continued
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025A1,
Revenue,
Refunding,
5.00%,
11/1/2030
$
75,000
$
82,230
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025G1,
Revenue,
Refunding,
5.00%,
11/1/2030
25,000
27,410
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025H1,
Revenue,
5.00%,
11/1/2030
25,000
27,410
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2026F1,
Revenue,
5.00%,
2/1/2029
30,000
31,947
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
C,
Revenue,
Refunding,
5.00%,
11/1/2029
150,000
153,719
New
York
State
Dormitory
Authority
New
York
University,
Series
2016A,
Revenue,
5.00%,
7/1/2029
75,000
75,431
New
York
State
Dormitory
Authority
School
District,
Series
2018A,
Revenue,
State
Aid
Withholding,
5.00%,
10/1/2028
155,000
156,909
New
York
State
Dormitory
Authority
School
District,
Series
2023A,
Revenue,
AG
Insured,
5.00%,
10/1/2030
15,000
16,553
New
York
State
Dormitory
Authority
School
District,
Series
2024A,
Revenue,
AG
Insured,
5.00%,
10/1/2030
20,000
22,071
New
York
State
Thruway
Authority
Personal
Income
Tax,
Series
2025A,
Revenue,
5.00%,
3/15/2031
30,000
33,212
Port
Authority
of
New
York
&
New
Jersey
Series
205,
Revenue,
Refunding,
5.00%,
11/15/2030
10,000
10,370
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
118
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
2.4%
continued
Port
Authority
of
New
York
&
New
Jersey
Series
243,
Revenue,
Refunding,
5.00%,
12/1/2030
$
20,000
$
22,139
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2002F,
Revenue,
Refunding,
5.00%,
11/1/2030
50,000
55,137
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2023A,
Revenue,
Refunding,
5.00%,
11/15/2030
30,000
33,102
5.00%,
11/15/2027
15,000
15,619
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2023C,
Revenue,
Refunding,
5.00%,
11/15/2030
10,000
11,016
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2024A2,
Revenue,
Refunding,
5.00%,
11/15/2030
25,000
27,585
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2026A1,
Revenue,
5.00%,
2/1/2028
90,000
93,916
Trust
for
Cultural
Resources
of
The
City
of
New
York
(The)
Museum
of
Modern
Art
(The),
Series
2016E1,
Revenue,
Refunding,
4.00%,
4/1/2027
15,000
15,121
2,084,669
North
Carolina
-
2
.1
%
City
of
Charlotte
Water
&
Sewer
System,
Series
2018,
Revenue,
Refunding,
5.00%,
7/1/2029
10,000
10,536
City
of
Charlotte
Water
&
Sewer
System,
Series
2020,
Revenue,
Refunding,
5.00%,
7/1/2030
40,000
43,806
City
of
Charlotte
Water
&
Sewer
System,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2029
195,000
209,904
City
of
Raleigh
Combined
Enterprise
System,
Series
2023,
Revenue,
Refunding,
5.00%,
9/1/2028
10,000
10,585
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
North
Carolina
-
2.1%
continued
5.00%,
9/1/2030
$
120,000
$
131,822
City
of
Raleigh
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2030
15,000
16,440
City
of
Winston-Salem
Water
&
Sewer
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
6/1/2030
10,000
10,941
County
of
Cabarrus
Development
Corp.
Ltd.,
Series
2024A,
Revenue,
Refunding,
5.00%,
8/1/2029
10,000
10,761
5.00%,
8/1/2028
65,000
68,623
County
of
Guilford
Series
2024,
G.O.
Unlimited,
5.00%,
3/1/2031
20,000
22,139
County
of
Mecklenburg
Public
Improvement,
Series
2019,
G.O.
Unlimited,
5.00%,
3/1/2029
50,000
53,477
5.00%,
3/1/2030
70,000
74,725
5.00%,
3/1/2028
190,000
198,954
County
of
Mecklenburg
School,
Series
2021,
G.O.
Unlimited,
5.00%,
3/1/2030
10,000
10,895
County
of
Mecklenburg
School,
Series
2022,
G.O.
Unlimited,
5.00%,
9/1/2030
75,000
82,389
County
of
Mecklenburg
School,
Series
2025B,
G.O.
Unlimited,
5.00%,
2/1/2029
20,000
21,354
County
of
Mecklenburg
Series
2025,
Revenue,
5.00%,
2/1/2031
145,000
159,889
County
of
Wake
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2030
20,000
21,852
County
of
Wake
Series
2025A,
G.O.
Unlimited,
5.00%,
4/1/2029
85,000
91,064
County
of
Wake
Series
2021,
Revenue,
5.00%,
3/1/2028
45,000
47,095
5.00%,
3/1/2030
50,000
54,378
State
of
North
Carolina
Connect
NC,
Series
2018A,
G.O.
Unlimited,
5.00%,
6/1/2028
10,000
10,531
5.00%,
6/1/2030
10,000
10,513
119
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
North
Carolina
-
2.1%
continued
State
of
North
Carolina
Series
2017B,
Revenue,
Refunding,
5.00%,
5/1/2028
$
15,000
$
15,401
5.00%,
5/1/2029
60,000
61,545
State
of
North
Carolina
Garvee,
Series
2019,
Revenue,
5.00%,
3/1/2029
165,000
176,127
State
of
North
Carolina
Garvee,
Series
2021,
Revenue,
5.00%,
3/1/2028
25,000
26,155
5.00%,
3/1/2031
30,000
33,030
State
of
North
Carolina
Build
NC,
Series
2022A,
Revenue,
5.00%,
5/1/2030
50,000
54,529
5.00%,
5/1/2029
10,000
10,715
1,750,175
Ohio
-
3
.1
%
American
Municipal
Power,
Inc.
AMP
Fremont
Energy
Center,
Series
2017A,
Revenue,
Refunding,
5.00%,
2/15/2029
40,000
41,715
City
of
Akron
Income
Tax,
Series
2022,
Revenue,
Refunding,
4.00%,
12/1/2026
25,000
25,223
4.00%,
12/1/2028
15,000
15,497
City
of
Columbus
Various
Purpose,
Series
2017A,
G.O.
Unlimited,
4.00%,
4/1/2029
30,000
30,383
City
of
Columbus
Various
Purpose,
Series
2018A,
G.O.
Unlimited,
5.00%,
4/1/2030
25,000
26,437
City
of
Columbus
Various
Purpose,
Series
2021A,
G.O.
Unlimited,
5.00%,
4/1/2029
25,000
26,759
City
of
Columbus
Various
Purpose,
Series
2023A,
G.O.
Unlimited,
5.00%,
8/15/2028
10,000
10,572
County
of
Hamilton
Sales
Tax,
Series
2016A,
Revenue,
Refunding,
5.00%,
12/1/2027
155,000
161,204
5.00%,
12/1/2029
120,000
122,003
Lancaster
Port
Authority
Gas
Supply,
Series
2024A,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
2/1/2055
(a)(b)
150,000
157,862
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Ohio
-
3.1%
continued
Ohio
State
University
(The)
Multiyear
Debt
Issuance
Program
II,
Series
2021A,
Revenue,
5.00%,
12/1/2030
$
25,000
$
27,431
Ohio
Turnpike
&
Infrastructure
Commission
Series
2022A,
Revenue,
Refunding,
5.00%,
2/15/2031
15,000
16,490
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2017A,
Revenue,
5.00%,
12/1/2028
25,000
25,728
Ohio
Water
Development
Authority
Drinking
Water
Assistance,
Series
2019,
Revenue,
5.00%,
12/1/2029
245,000
264,153
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2019A,
Revenue,
5.00%,
12/1/2027
30,000
31,241
5.00%,
6/1/2029
265,000
283,034
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2020A,
Revenue,
5.00%,
6/1/2029
80,000
85,921
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2023A,
Revenue,
Refunding,
5.00%,
12/1/2030
10,000
11,013
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2023C,
Revenue,
5.00%,
12/1/2030
25,000
27,531
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2024D,
Revenue,
5.00%,
12/1/2030
65,000
71,581
5.00%,
12/1/2029
180,000
195,096
State
of
Ohio
Higher
Education,
Series
2025B,
G.O.
Limited,
Refunding,
5.00%,
11/1/2030
40,000
43,959
State
of
Ohio
Higher
Education,
Series
2017C,
G.O.
Unlimited,
5.00%,
8/1/2028
10,000
10,566
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
120
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Ohio
-
3.1%
continued
State
of
Ohio
Highway
Capital
Improvement,
Series
2018V,
G.O.
Unlimited,
5.00%,
5/1/2030
$
245,000
$
256,710
State
of
Ohio
Common
School,
Series
2019A,
G.O.
Unlimited,
5.00%,
6/15/2030
50,000
54,628
State
of
Ohio
Common
School,
Series
2021A,
G.O.
Unlimited,
5.00%,
6/15/2029
15,000
16,117
State
of
Ohio
Common
School,
Series
2021B,
G.O.
Unlimited,
Refunding,
5.00%,
9/15/2030
110,000
120,653
State
of
Ohio
Infrastructure
Improvement,
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2030
110,000
120,582
State
of
Ohio
Highway
Capital
Improvement,
Series
T,
G.O.
Unlimited,
5.00%,
11/1/2027
70,000
72,746
State
of
Ohio
Highway
Capital
Improvement,
Series
U,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2028
30,000
31,529
State
of
Ohio
Highway
Capital
Improvement,
Series
V,
G.O.
Unlimited,
5.00%,
5/1/2028
20,000
21,019
State
of
Ohio
Major
New
Infrastructure
Project,
Series
2019-1,
Revenue,
5.00%,
12/15/2030
35,000
38,550
5.00%,
12/15/2027
25,000
26,036
State
of
Ohio
Adult
Correctional
Building
Fund,
Series
2025A,
Revenue,
5.00%,
10/1/2030
125,000
136,924
5.00%,
10/1/2029
75,000
80,894
2,687,787
Oklahoma
-
0
.8
%
Canadian
County
Educational
Facilities
Authority
Mustang
Public
Schools
Project,
Series
2017,
Revenue,
3.00%,
9/1/2029
20,000
19,852
5.00%,
9/1/2028
155,000
156,413
5.00%,
9/1/2027
190,000
191,590
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Oklahoma
-
0.8%
continued
Cleveland
County
Educational
Facilities
Authority
Moore
Public
Schools
Project,
Series
2021,
Revenue,
4.00%,
6/1/2028
$
15,000
$
15,338
Oklahoma
Capitol
Improvement
Authority
State
Facilities,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2030
55,000
60,020
Oklahoma
County
Independent
School
District
No.
89
Oklahoma
City,
Series
2023A,
G.O.
Unlimited,
3.00%,
7/1/2026
150,000
150,146
Oklahoma
State
University
Agricultural
&
Mechanical
Colleges
University,
Series
2020A,
Revenue,
Refunding,
5.00%,
9/1/2030
20,000
21,840
Oklahoma
Turnpike
Authority
Turnpike
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
1/1/2028
10,000
10,409
University
of
Oklahoma
(The)
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2028
20,000
21,064
University
of
Oklahoma
(The)
Series
2025A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
7/1/2030
30,000
32,565
679,237
Oregon
-
0
.8
%
City
of
Portland
Sewer
System,
Series
2019A,
Revenue,
Refunding,
5.00%,
3/1/2028
70,000
73,260
City
of
Portland
Sewer
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
12/1/2030
10,000
11,005
5.00%,
12/1/2027
20,000
20,834
City
of
Portland
Sewer
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
10/1/2030
10,000
10,977
Hillsboro
School
District
No.
1J
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2028
35,000
36,006
121
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Oregon
-
0.8%
continued
Multnomah
County
School
District
No.
1J
Portland,
Series
2020,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2029
$
70,000
$
75,197
State
of
Oregon
Article
XI-Q
State
Project,
Series
2019A,
G.O.
Unlimited,
5.00%,
5/1/2030
145,000
155,130
State
of
Oregon
Article
XI-Q
State
Project,
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2028
85,000
89,336
State
of
Oregon
Article
XI-Q
State
Project,
Series
2024A,
G.O.
Unlimited,
5.00%,
5/1/2027
125,000
128,419
State
of
Oregon
Department
of
Transportation,
Series
2024,
Revenue,
5.00%,
5/15/2030
25,000
27,271
State
of
Oregon
Department
of
Transportation,
Series
A,
Revenue,
5.00%,
11/15/2026
70,000
71,092
State
of
Oregon
Department
of
Transportation,
Series
B,
Revenue,
Refunding,
5.00%,
11/15/2026
55,000
55,858
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
6/15/2029
15,000
15,413
769,798
Pennsylvania
-
3
.2
%
City
of
Philadelphia
Series
2017,
G.O.
Unlimited,
Refunding,
AG
Insured,
5.00%,
8/1/2027
55,000
56,730
City
of
Philadelphia
Series
2019B,
G.O.
Unlimited,
5.00%,
2/1/2027
80,000
81,555
City
of
Philadelphia
Series
2021A,
G.O.
Unlimited,
5.00%,
5/1/2030
90,000
97,781
City
of
Philadelphia
Series
2025C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
105,000
105,822
City
of
Philadelphia
Water
&
Wastewater,
Series
2017B,
Revenue,
Refunding,
5.00%,
11/1/2029
10,000
10,366
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Pennsylvania
-
3.2%
continued
City
of
Philadelphia
Water
&
Wastewater,
Series
2019B,
Revenue,
5.00%,
11/1/2027
$
15,000
$
15,546
Commonwealth
of
Pennsylvania
Series
2019-1,
G.O.
Unlimited,
Refunding,
5.00%,
7/15/2026
75,000
75,535
Commonwealth
of
Pennsylvania
Series
2021-
1,
G.O.
Unlimited,
5.00%,
5/15/2030
100,000
108,871
Commonwealth
of
Pennsylvania
Series
2022-
1,
G.O.
Unlimited,
5.00%,
10/1/2026
100,000
101,243
Commonwealth
of
Pennsylvania
Series
2023-
1,
G.O.
Unlimited,
5.00%,
9/1/2030
100,000
109,362
Commonwealth
of
Pennsylvania
Series
2023-1,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2030
40,000
43,745
Commonwealth
of
Pennsylvania
Series
2024-1,
G.O.
Unlimited,
Refunding,
4.00%,
2/15/2028
20,000
20,547
Delaware
Valley
Regional
Finance
Authority
Series
1998A,
Revenue,
AMBAC
Insured,
5.50%,
8/1/2028
65,000
68,851
Montgomery
County
Industrial
Development
Authority
Constellation
Energy
Generation
LLC,
Series
2023A,
Revenue,
Refunding,
Mandatory
Put,
4.10%,
4/1/2053
(a)(b)
65,000
66,364
Pennsylvania
State
University
(The)
Series
B,
Revenue,
Refunding,
4.00%,
9/1/2027
60,000
60,303
Pennsylvania
Turnpike
Commission
Registration
Fee,
Series
2005A,
Revenue,
AG
Insured,
5.25%,
7/15/2028
105,000
111,180
Pennsylvania
Turnpike
Commission
Registration
Fee,
Series
2005A,
Revenue,
AG
Insured,
ETM,
5.25%,
7/15/2028
(c)
25,000
26,443
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
122
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Pennsylvania
-
3.2%
continued
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax,
Series
2016A,
Revenue,
Refunding,
5.00%,
12/1/2028
$
25,000
$
25,396
5.00%,
12/1/2029
140,000
142,153
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2016A3,
Revenue,
Refunding,
5.00%,
12/1/2027
85,000
86,190
Pennsylvania
Turnpike
Commission
Motor
Licence
Fund
Enhanced,
Series
2017,
Revenue,
Refunding,
5.00%,
12/1/2028
25,000
25,964
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2017-2,
Revenue,
Refunding,
5.00%,
12/1/2029
155,000
160,811
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2017-3,
Revenue,
Refunding,
5.00%,
12/1/2027
55,000
56,992
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2017B2,
Revenue,
Refunding,
5.00%,
6/1/2026
35,000
35,130
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2018A2,
Revenue,
5.00%,
12/1/2030
30,000
31,793
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2022A,
Revenue,
Refunding,
5.00%,
12/1/2030
25,000
27,394
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2023-1,
Revenue,
Refunding,
5.00%,
12/1/2030
115,000
125,540
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax,
Series
A,
Revenue,
Refunding,
5.00%,
12/1/2026
70,000
71,084
Pennsylvania
Turnpike
Commission
Turnpike,
Series
A2,
Revenue,
Refunding,
5.00%,
12/1/2027
30,000
31,136
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Pennsylvania
-
3.2%
continued
Philadelphia
Authority
for
Industrial
Development
Lease,
Series
2019,
Revenue,
Refunding,
5.00%,
10/1/2030
$
155,000
$
168,970
5.00%,
10/1/2028
110,000
116,121
5.00%,
10/1/2029
150,000
161,168
Southeastern
Pennsylvania
Transportation
Authority
Capital
Grant
Receipts,
Series
2017,
Revenue,
Refunding,
5.00%,
6/1/2029
35,000
35,843
5.00%,
6/1/2028
25,000
25,670
Southeastern
Pennsylvania
Transportation
Authority
Asset
Improvement
Program,
Series
2022,
Revenue,
5.00%,
6/1/2027
255,000
262,105
Sports
&
Exhibition
Authority
of
Pittsburgh
&
Allegheny
County
Regional
Asset
District
Sales
Tax,
Series
2020,
Revenue,
Refunding,
AG
Insured,
5.00%,
2/1/2031
15,000
16,014
2,765,718
Rhode
Island
-
0
.8
%
Rhode
Island
Commerce
Corp.
Garvee,
Series
2016B,
Revenue,
5.00%,
6/15/2028
155,000
155,679
5.00%,
6/15/2026
50,000
50,228
5.00%,
6/15/2029
80,000
80,351
Rhode
Island
Commerce
Corp.
Rhode
Island
Department
of
Transportation,
Series
2020A,
Revenue,
5.00%,
5/15/2029
15,000
15,999
5.00%,
5/15/2030
155,000
167,869
5.00%,
5/15/2028
80,000
83,776
Rhode
Island
Health
and
Educational
Building
Corp.
Brown
University,
Series
2017A,
Revenue,
Refunding,
5.00%,
9/1/2029
60,000
61,816
615,718
South
Carolina
-
0
.7
%
Beaufort
County
School
District
Series
2025B,
G.O.
Unlimited,
State
School
District
Credit
Enhancement
Program,
5.00%,
3/1/2028
55,000
57,508
123
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
South
Carolina
-
0.7%
continued
Greenville
County
School
District
School
Project,
Series
2023,
Revenue,
Refunding,
5.00%,
12/1/2027
$
35,000
$
36,424
SCAGO
Educational
Facilities
Corp.
for
Pickens
School
District
Pickens
County
School
District
Project,
Series
2025,
Revenue,
Refunding,
5.00%,
12/1/2030
15,000
16,391
South
Carolina
Public
Service
Authority
Series
2025B,
Revenue,
Refunding,
5.00%,
12/1/2027
80,000
83,149
5.00%,
12/1/2026
50,000
50,804
South
Carolina
Public
Service
Authority
Series
2026C,
Revenue,
Refunding,
5.00%,
12/1/2030
100,000
109,307
South
Carolina
Transportation
Infrastructure
Bank
Series
2016A,
Revenue,
Refunding,
3.00%,
10/1/2029
80,000
79,779
South
Carolina
Transportation
Infrastructure
Bank
Series
2019A,
Revenue,
5.00%,
10/1/2026
135,000
136,712
South
Carolina
Transportation
Infrastructure
Bank
Series
2021B,
Revenue,
Refunding,
5.00%,
10/1/2030
55,000
60,347
630,421
Tennessee
-
1
.5
%
City
of
Chattanooga
Electric
System,
Series
2025,
Revenue,
Refunding,
5.00%,
9/1/2030
25,000
27,386
5.00%,
9/1/2028
10,000
10,574
County
of
Hamilton
Series
2018A,
G.O.
Unlimited,
5.00%,
4/1/2029
25,000
26,204
5.00%,
4/1/2028
55,000
57,700
Metropolitan
Government
of
Nashville
&
Davidson
County
Improvement,
Series
2017,
G.O.
Unlimited,
4.75%,
7/1/2026
105,000
105,596
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Tennessee
-
1.5%
continued
Metropolitan
Government
of
Nashville
&
Davidson
County
Improvement,
Series
2018,
G.O.
Unlimited,
5.00%,
7/1/2026
$
115,000
$
115,723
Metropolitan
Government
of
Nashville
&
Davidson
County
Series
2022A,
G.O.
Unlimited,
4.00%,
1/1/2028
160,000
164,098
Metropolitan
Government
of
Nashville
&
Davidson
County
Series
2024A,
G.O.
Unlimited,
5.00%,
1/1/2028
25,000
26,066
5.00%,
1/1/2030
50,000
54,200
Metropolitan
Government
of
Nashville
&
Davidson
County
Electric,
Series
2024B,
Revenue,
Refunding,
5.00%,
5/15/2029
10,000
10,713
State
of
Tennessee
Series
2021A,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2030
65,000
71,590
5.00%,
11/1/2026
125,000
126,866
State
of
Tennessee
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2030
160,000
174,816
Tennergy
Corp.
Series
2024A,
Revenue,
Mandatory
Put,
5.00%,
10/1/2054
(a)(b)
105,000
110,072
Tennessee
Energy
Acquisition
Corp.
Gas
Project,
Series
2023A1,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
5/1/2053
(a)(b)
185,000
190,820
Tennessee
State
School
Bond
Authority
Higher
Education
Facilities
Second
Program,
Series
B,
Revenue,
Refunding,
State
Aid
Intercept,
5.00%,
11/1/2026
75,000
76,084
1,348,508
Texas
-
17
.5
%
Aldine
Independent
School
District
Series
2017A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
65,000
66,431
Aldine
Independent
School
District
Series
2024B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2030
65,000
70,487
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
124
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
5.00%,
2/15/2028
$
75,000
$
78,414
Arlington
Independent
School
District
Series
2020,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
55,000
57,545
Austin
Independent
School
District
School
Building,
Series
2020,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2030
100,000
109,361
5.00%,
8/1/2029
60,000
64,567
Austin
Independent
School
District
School
Building,
Series
2021,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2030
95,000
103,893
Austin
Independent
School
District
School
Building,
Series
2022B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2028
130,000
137,216
Austin
Independent
School
District
School
Building,
Series
B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2026
75,000
75,628
Bexar
County
Hospital
District
Ltd.
Series
2019,
G.O.
Limited,
Refunding,
5.00%,
2/15/2030
20,000
20,773
Board
of
Regents
of
the
University
of
Texas
System
Series
2014B,
Revenue,
Refunding,
5.00%,
8/15/2026
180,000
181,655
Board
of
Regents
of
the
University
of
Texas
System
Series
2016D,
Revenue,
5.00%,
8/15/2026
100,000
100,920
Board
of
Regents
of
the
University
of
Texas
System
Series
2016H,
Revenue,
Refunding,
5.00%,
8/15/2026
55,000
55,506
Board
of
Regents
of
the
University
of
Texas
System
Series
2020C,
Revenue,
Refunding,
5.00%,
8/15/2028
110,000
116,226
Board
of
Regents
of
the
University
of
Texas
System
Series
2024A,
Revenue,
Refunding,
5.00%,
8/15/2026
70,000
70,644
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Board
of
Regents
of
the
University
of
Texas
System
Series
2025A,
Revenue,
5.00%,
8/15/2026
$
140,000
$
141,287
Central
Texas
Regional
Mobility
Authority
Series
2021D,
Revenue,
Refunding,
5.00%,
1/1/2031
10,000
10,891
5.00%,
1/1/2029
155,000
163,934
City
of
Austin
Public
Improvement,
Series
2024,
G.O.
Limited,
Refunding,
5.00%,
9/1/2026
140,000
141,472
City
of
Austin
Water
&
Wastewater
System,
Series
2016,
Revenue,
5.00%,
11/15/2029
15,000
15,217
City
of
Austin
Water
&
Wastewater
System,
Series
2017,
Revenue,
5.00%,
11/15/2028
95,000
98,582
City
of
Austin
Water
&
Wastewater
System,
Series
2017,
Revenue,
Pre-Refunded,
5.00%,
11/15/2028
(c)
5,000
5,181
City
of
Austin
Electric
Utility,
Series
2023,
Revenue,
Refunding,
5.00%,
11/15/2028
50,000
52,918
City
of
Austin
Electric
Utility,
Series
2025,
Revenue,
Refunding,
5.00%,
11/15/2026
70,000
71,057
City
of
Dallas
Series
2017,
G.O.
Limited,
Refunding,
5.00%,
2/15/2029
110,000
112,228
City
of
Dallas
Series
2019A,
G.O.
Limited,
Refunding,
5.00%,
2/15/2030
95,000
100,935
City
of
Dallas
Series
2024A,
G.O.
Limited,
5.00%,
2/15/2029
80,000
85,206
City
of
Dallas
Series
2024C,
G.O.
Limited,
Refunding,
5.00%,
2/15/2027
115,000
117,461
City
of
Fort
Worth
Series
2025,
G.O.
Limited,
5.00%,
3/1/2027
190,000
194,341
City
of
Houston
Public
Improvement,
Series
2017A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2028
80,000
81,715
5.00%,
3/1/2030
115,000
117,243
125
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
City
of
Houston
Public
Improvement,
Series
2019A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2030
$
85,000
$
90,136
City
of
Houston
Public
Improvement,
Series
2025,
G.O.
Unlimited,
Refunding,
5.00%,
3/1/2029
65,000
69,101
City
of
Houston
Combined
Utility
System,
Series
2002C,
Revenue,
Refunding,
5.00%,
11/15/2028
50,000
52,931
City
of
Houston
Combined
Utility
System,
Series
2016B,
Revenue,
Refunding,
5.00%,
11/15/2029
85,000
86,222
City
of
Houston
Combined
Utility
System,
Series
2017B,
Revenue,
Refunding,
5.00%,
11/15/2028
25,000
25,919
5.00%,
11/15/2026
110,000
111,660
City
of
Houston
Airport
System,
Series
2018B,
Revenue,
Refunding,
5.00%,
7/1/2027
215,000
221,298
5.00%,
7/1/2030
120,000
125,923
5.00%,
7/1/2029
105,000
110,264
City
of
Houston
Airport
System,
Series
2018D,
Revenue,
Refunding,
5.00%,
7/1/2028
50,000
52,568
City
of
Houston
Airport
System,
Series
2020B,
Revenue,
Refunding,
5.00%,
7/1/2028
105,000
110,439
City
of
Houston
Combined
Utility
System,
Series
2020C,
Revenue,
Refunding,
5.00%,
11/15/2030
60,000
65,586
City
of
Houston
Airport
System,
Series
2023B,
Revenue,
Refunding,
AG
Insured,
5.00%,
7/1/2028
90,000
94,581
City
of
Laredo
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
2/15/2027
90,000
91,894
City
of
San
Antonio
General
Improvement,
Series
2019,
G.O.
Limited,
Refunding,
5.00%,
8/1/2027
55,000
56,827
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2015B,
Revenue,
Refunding,
4.00%,
2/1/2031
$
10,000
$
10,468
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2016,
Revenue,
Refunding,
5.00%,
2/1/2029
20,000
20,146
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2019,
Revenue,
Refunding,
4.00%,
2/1/2027
95,000
96,189
4.00%,
2/1/2028
210,000
215,630
City
of
San
Antonio
Water
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
5/15/2028
105,000
110,164
City
of
San
Antonio
Water
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
5/15/2027
190,000
195,335
Collin
County
Community
College
District
Series
2018,
G.O.
Limited,
4.00%,
8/15/2030
85,000
86,218
Collin
County
Community
College
District
Series
2020A,
G.O.
Limited,
5.00%,
8/15/2026
185,000
186,639
Comal
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2030
75,000
81,303
Conroe
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
150,000
156,941
Conroe
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2031
35,000
38,548
Corpus
Christi
Independent
School
District
Series
2019,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2028
145,000
153,104
County
of
Harris
Toll
Road,
Series
2022A,
G.O.
Limited,
Refunding,
5.00%,
8/15/2026
100,000
100,935
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
126
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
County
of
Harris
Toll
Road,
Series
2007C,
G.O.
Unlimited,
Refunding,
AG
Insured,
5.25%,
8/15/2030
$
185,000
$
204,040
5.25%,
8/15/2029
80,000
86,678
County
of
Harris
Toll
Road,
Series
2016A,
Revenue,
Refunding,
5.00%,
8/15/2027
115,000
115,945
County
of
Harris
Toll
Road,
Series
2018A,
Revenue,
Refunding,
5.00%,
8/15/2028
110,000
114,718
County
of
Harris
Toll
Road,
Series
2021,
Revenue,
Refunding,
5.00%,
8/15/2028
150,000
158,171
County
of
Harris
Toll
Road,
Series
2022A,
Revenue,
Refunding,
5.00%,
8/15/2027
80,000
82,633
5.00%,
8/15/2026
135,000
136,227
County
of
Harris
Houston
Sports
Authority,
Series
2024A,
Revenue,
Refunding,
AG
Insured,
5.00%,
11/15/2027
40,000
41,418
Dallas
Area
Rapid
Transit
Series
2007,
Revenue,
Refunding,
AMBAC
Insured,
5.25%,
12/1/2030
45,000
49,791
5.25%,
12/1/2029
75,000
81,595
Dallas
County
Utility
&
Reclamation
District
Series
2016,
G.O.
Unlimited,
Refunding,
5.00%,
2/15/2027
35,000
35,694
Dallas
Fort
Worth
International
Airport
Series
2020A,
Revenue,
Refunding,
5.00%,
11/1/2028
50,000
52,941
Dallas
Fort
Worth
International
Airport
Series
2020B,
Revenue,
Refunding,
5.00%,
11/1/2028
55,000
58,236
Dallas
Independent
School
District
Series
2021A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
95,000
99,396
Dallas
Independent
School
District
Series
2023,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2031
45,000
49,475
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Denton
Independent
School
District
School
Building,
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2029
$
75,000
$
80,791
Ector
County
Independent
School
District
Series
2024A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2026
225,000
227,011
Fort
Bend
Independent
School
District
Series
2018,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
60,000
61,806
5.00%,
8/15/2030
55,000
56,581
Fort
Bend
Independent
School
District
Series
2019B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2030
85,000
88,517
5.00%,
2/15/2028
165,000
172,512
Fort
Bend
Independent
School
District
Series
2025A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2026
105,000
105,978
Garland
Independent
School
District
Series
2023A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2030
90,000
97,667
Gregory-Portland
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2027
90,000
91,887
Houston
Independent
School
District
Series
2017,
G.O.
Limited,
PSF
Guaranty,
5.00%,
2/15/2030
190,000
193,825
Houston
Independent
School
District
Series
2017,
G.O.
Limited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
75,000
76,611
Hurst-Euless-Bedford
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2030
175,000
190,892
5.00%,
8/15/2029
55,000
59,099
5.00%,
8/15/2026
65,000
65,579
Lamar
Consolidated
Independent
School
District
Series
2024A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
250,000
261,475
127
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
5.00%,
2/15/2029
$
120,000
$
127,883
Lewisville
Independent
School
District
Series
2020,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
145,000
156,051
5.00%,
8/15/2030
90,000
96,277
5.00%,
8/15/2026
165,000
166,524
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2019,
Revenue,
Refunding,
5.00%,
5/15/2030
50,000
53,072
5.00%,
5/15/2029
65,000
69,182
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2023,
Revenue,
Refunding,
AG
Insured,
5.00%,
5/15/2028
85,000
88,965
5.00%,
5/15/2029
85,000
90,599
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2023A,
Revenue,
Refunding,
AG
Insured,
5.00%,
5/15/2029
185,000
197,187
Lower
Colorado
River
Authority
Series
2025A,
Revenue,
Refunding,
5.00%,
5/15/2027
175,000
179,619
Metropolitan
Transit
Authority
of
Harris
County
Sales
&
Use
Tax,
Series
2016A,
Revenue,
Refunding,
5.00%,
11/1/2029
30,000
30,399
Metropolitan
Transit
Authority
of
Harris
County
Sales
&
Use
Tax,
Series
2018,
Revenue,
5.00%,
11/1/2027
60,000
62,363
North
East
Independent
School
District
Series
2007,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.25%,
2/1/2031
25,000
27,765
5.25%,
2/1/2028
75,000
78,680
North
East
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2027
215,000
222,053
5.00%,
8/1/2026
195,000
196,625
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
North
Harris
County
Regional
Water
Authority
Series
2016,
Revenue,
Refunding,
5.00%,
12/15/2027
$
70,000
$
71,110
5.00%,
12/15/2029
80,000
81,197
North
Texas
Tollway
Authority
System,
Series
2021B,
Revenue,
Refunding,
5.00%,
1/1/2031
35,000
38,196
North
Texas
Tollway
Authority
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
1/1/2029
80,000
84,916
Northside
Independent
School
District
Series
2018,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
85,000
87,641
Pecos
Barstow
Toyah
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2030
75,000
78,089
5.00%,
2/15/2027
125,000
127,653
Permanent
University
Fund
-
Texas
A&M
University
System
Series
2023,
Revenue,
5.00%,
7/1/2030
60,000
65,456
5.00%,
7/1/2029
50,000
53,644
Permanent
University
Fund
-
University
of
Texas
System
Series
2006B,
Revenue,
Refunding,
5.25%,
7/1/2026
175,000
176,218
Permanent
University
Fund
-
University
of
Texas
System
Series
2022A,
Revenue,
5.00%,
7/1/2026
105,000
105,666
Permanent
University
Fund
-
University
of
Texas
System
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2030
150,000
163,767
Plano
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2027
130,000
132,850
Port
Authority
of
Houston
of
Harris
County
Series
2020A2,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2029
15,000
16,100
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
128
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
State
of
Texas
Public
Finance
Authority,
Series
2018A,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
$
90,000
$
91,128
5.00%,
10/1/2027
75,000
77,761
Tarrant
County
College
District
Series
2020,
G.O.
Limited,
5.00%,
8/15/2027
75,000
77,510
Tarrant
Regional
Water
District
Water
Supply
System,
Series
2024,
Revenue,
Refunding,
5.00%,
3/1/2030
50,000
54,154
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Gas
Supply,
Series
2021,
Revenue,
Refunding,
5.00%,
12/15/2029
150,000
157,388
Texas
Public
Finance
Authority
Facilities
Commission,
Series
2019,
Revenue,
Refunding,
5.00%,
2/1/2030
90,000
95,305
Texas
State
University
System
Series
2017A,
Revenue,
Refunding,
5.00%,
3/15/2028
210,000
214,729
5.00%,
3/15/2029
110,000
112,386
Texas
Transportation
Commission
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
4/1/2028
65,000
68,167
5.00%,
4/1/2027
215,000
220,400
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2018,
Revenue,
5.00%,
8/1/2029
25,000
25,782
Texas
Water
Development
Board
State
Water
Implementation,
Series
2018A,
Revenue,
5.00%,
10/15/2029
100,000
104,728
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2019,
Revenue,
5.00%,
8/1/2029
70,000
75,345
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2020,
Revenue,
5.00%,
8/1/2028
75,000
79,245
5.00%,
8/1/2029
105,000
113,017
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2021,
Revenue,
5.00%,
8/1/2028
$
205,000
$
216,603
Texas
Water
Development
Board
Master
Trust,
Series
2022,
Revenue,
5.00%,
10/15/2029
60,000
64,822
Texas
Water
Development
Board
Master
Trust,
Series
2024A,
Revenue,
5.00%,
10/15/2030
145,000
159,050
Texas
Water
Development
Board
Master
Trust,
Series
2025,
Revenue,
5.00%,
10/15/2027
55,000
57,100
Trinity
River
Authority
Central
Regional
Wastewater
System,
Series
2018,
Revenue,
Refunding,
5.00%,
8/1/2029
100,000
105,230
Trinity
River
Authority
Central
Regional
Wastewater
System,
Series
2019,
Revenue,
Refunding,
5.00%,
8/1/2029
180,000
193,275
University
of
Houston
Series
2020A,
Revenue,
Refunding,
5.00%,
2/15/2027
100,000
102,104
University
of
Houston
Series
2022A,
Revenue,
Refunding,
5.00%,
2/15/2029
125,000
132,997
5.00%,
2/15/2030
60,000
64,927
5.00%,
2/15/2028
90,000
93,810
University
of
North
Texas
System
Series
2017A,
Revenue,
Refunding,
5.00%,
4/15/2029
15,000
15,346
University
of
North
Texas
System
Series
2025A,
Revenue,
Refunding,
5.00%,
4/15/2030
25,000
27,125
14,758,273
Utah
-
1
.6
%
Intermountain
Power
Agency
Power
Supply,
Series
2023A,
Revenue,
5.00%,
7/1/2029
10,000
10,699
5.00%,
7/1/2028
100,000
105,142
5.00%,
7/1/2026
100,000
100,622
Nebo
School
District
Series
2022,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
7/1/2027
80,000
82,485
5.00%,
7/1/2026
125,000
125,787
129
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Utah
-
1.6%
continued
State
of
Utah
Series
2017,
G.O.
Unlimited,
5.00%,
7/1/2026
$
85,000
$
85,533
State
of
Utah
Series
2018,
G.O.
Unlimited,
5.00%,
7/1/2027
130,000
134,021
State
of
Utah
Series
2020,
G.O.
Unlimited,
5.00%,
7/1/2029
150,000
159,822
5.00%,
7/1/2026
215,000
216,348
University
of
Utah
(The)
Series
2022B,
Revenue,
5.00%,
8/1/2028
20,000
21,077
5.00%,
8/1/2027
30,000
30,996
Utah
Transit
Authority
Series
2016,
Revenue,
Refunding,
3.00%,
12/15/2027
220,000
220,070
Utah
Transit
Authority
Series
2025,
Revenue,
Refunding,
5.00%,
12/15/2030
45,000
49,549
1,342,151
Virginia
-
1
.9
%
City
of
Alexandria
Series
2023,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2029
70,000
75,976
County
of
Fairfax
Public
Improvement,
Series
2021A,
G.O.
Unlimited,
State
Aid
Withholding,
4.00%,
10/1/2026
130,000
130,999
County
of
Loudoun
Series
2023A,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2027
15,000
15,620
Hampton
Roads
Sanitation
District
Wastewater,
Series
2016A,
Revenue,
Pre-Refunded,
5.00%,
8/1/2030
(c)
105,000
105,888
Hampton
Roads
Transportation
Accountability
Commission
Series
2023A,
Revenue,
5.00%,
7/1/2027
25,000
25,745
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2017E,
Revenue,
Refunding,
5.00%,
2/1/2029
65,000
67,722
5.00%,
2/1/2030
55,000
57,252
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Virginia
-
1.9%
continued
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2019A,
Revenue,
5.00%,
2/1/2030
$
40,000
$
42,478
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2019C,
Revenue,
Refunding,
5.00%,
2/1/2028
45,000
47,023
5.00%,
2/1/2029
10,000
10,660
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2020A,
Revenue,
5.00%,
2/1/2029
10,000
10,660
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2021A,
Revenue,
5.00%,
2/1/2030
50,000
54,225
5.00%,
2/1/2031
20,000
22,025
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2022A,
Revenue,
5.00%,
2/1/2031
80,000
88,100
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2023B,
Revenue,
Refunding,
5.00%,
2/1/2031
15,000
16,519
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2024A,
Revenue,
5.00%,
2/1/2029
10,000
10,660
5.00%,
2/1/2027
130,000
132,712
Virginia
Commonwealth
Transportation
Board
Transportation
Capital
Project,
Series
2024,
Revenue,
Refunding,
5.00%,
5/15/2027
175,000
179,875
Virginia
Public
Building
Authority
Public
Facilities,
Series
2021A1,
Revenue,
5.00%,
8/1/2030
65,000
71,135
5.00%,
8/1/2029
125,000
134,549
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
130
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Virginia
-
1.9%
continued
Virginia
Public
Building
Authority
Public
Facilities,
Series
2022A,
Revenue,
5.00%,
8/1/2028
$
10,000
$
10,554
Virginia
Public
School
Authority
School
Financing
1997
Resolution,
Series
2025B,
Revenue,
Refunding,
State
Aid
Withholding,
5.00%,
8/1/2026
115,000
115,966
Wise
County
Industrial
Development
Authority
Electric
&
Power
Co.
Project,
Series
2009A,
Revenue,
Mandatory
Put,
3.13%,
10/1/2040
(a)(b)
140,000
139,083
1,565,426
Washington
-
6
.5
%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
Series
2018,
G.O.
Unlimited,
School
Bond
Guaranty,
4.00%,
12/1/2030
25,000
25,476
Central
Puget
Sound
Regional
Transit
Authority
Sales
Tax
&
Motor
Vehicle
Excise
Tax,
Series
2021S1,
Revenue,
Refunding,
5.00%,
11/1/2029
160,000
173,237
City
of
Seattle
General
Improvement,
Series
2021A,
G.O.
Limited,
Refunding,
5.00%,
12/1/2027
50,000
52,077
City
of
Seattle
General
Improvement,
Series
2022A,
G.O.
Limited,
Refunding,
4.00%,
9/1/2027
50,000
51,084
City
of
Seattle
Municipal
Light
&
Power,
Series
2017C,
Revenue,
Refunding,
5.00%,
9/1/2029
105,000
108,485
City
of
Seattle
Municipal
Light
&
Power,
Series
2020A,
Revenue,
5.00%,
7/1/2027
135,000
139,210
City
of
Seattle
Drainage
&
Wastewater,
Series
2021,
Revenue,
Refunding,
5.00%,
9/1/2029
100,000
107,741
City
of
Seattle
Drainage
&
Wastewater,
Series
2022,
Revenue,
Refunding,
5.00%,
9/1/2027
55,000
56,938
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Washington
-
6.5%
continued
City
of
Seattle
Water
System,
Series
2025,
Revenue,
Refunding,
5.00%,
5/1/2027
$
125,000
$
128,419
County
of
King
Series
2017,
G.O.
Limited,
Refunding,
5.00%,
7/1/2027
65,000
67,010
County
of
King
Series
2019,
G.O.
Limited,
5.00%,
1/1/2030
50,000
53,239
County
of
King
Sewer,
Series
2016B,
Revenue,
Refunding,
4.00%,
7/1/2030
50,000
50,105
5.00%,
7/1/2027
10,000
10,060
5.00%,
7/1/2026
215,000
216,348
County
of
King
Sewer,
Series
2018B,
Revenue,
5.00%,
7/1/2028
140,000
147,576
5.00%,
7/1/2027
75,000
77,320
Energy
Northwest
Project
3
Electric,
Series
2016A,
Revenue,
Refunding,
5.00%,
7/1/2028
85,000
85,534
5.00%,
7/1/2026
100,000
100,612
Energy
Northwest
Project
1
Electric,
Series
2017A,
Revenue,
Refunding,
5.00%,
7/1/2028
40,000
41,176
5.00%,
7/1/2028
120,000
123,528
Energy
Northwest
Project
3
Electric,
Series
2018C,
Revenue,
Refunding,
5.00%,
7/1/2027
125,000
128,788
Energy
Northwest
Project
1
Electric,
Series
2021A,
Revenue,
Refunding,
5.00%,
7/1/2026
95,000
95,581
Energy
Northwest
Project
1
Electric,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2028
125,000
131,708
5.00%,
7/1/2026
90,000
90,551
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2030
100,000
109,178
Energy
Northwest
Project
1
Electric,
Series
2024B,
Revenue,
Refunding,
5.00%,
7/1/2028
160,000
168,586
5.00%,
7/1/2026
100,000
100,612
Energy
Northwest
Project
1
Electric,
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2027
60,000
61,818
131
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Washington
-
6.5%
continued
King
County
School
District
No.
401
Highline,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2028
$
50,000
$
50,849
5.00%,
12/1/2027
60,000
60,940
King
County
School
District
No.
405
Bellevue,
Series
2016,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
12/1/2026
155,000
157,586
King
County
School
District
No.
412
Shoreline,
Series
2021A,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
4.00%,
12/1/2027
75,000
76,750
4.00%,
12/1/2026
215,000
217,133
Pierce
County
School
District
No.
10
Tacoma,
Series
2024,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2027
70,000
72,768
Pierce
County
School
District
No.
3
Puyallup,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2028
65,000
66,917
Port
of
Seattle
Series
2022A,
Revenue,
Refunding,
5.00%,
8/1/2029
125,000
134,420
Spokane
County
School
District
No.
81
Spokane,
Series
2021,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
4.00%,
12/1/2028
210,000
217,522
4.00%,
12/1/2029
75,000
78,396
State
of
Washington
Series
2017D,
G.O.
Unlimited,
5.00%,
2/1/2030
30,000
30,596
State
of
Washington
Series
2018A,
G.O.
Unlimited,
5.00%,
8/1/2026
85,000
85,709
5.00%,
8/1/2030
75,000
77,337
State
of
Washington
Series
2022D,
G.O.
Unlimited,
Refunding,
4.00%,
7/1/2029
120,000
125,222
State
of
Washington
Series
2025A,
G.O.
Unlimited,
5.00%,
8/1/2030
25,000
27,383
State
of
Washington
Series
E-2017A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2030
105,000
105,817
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Washington
-
6.5%
continued
State
of
Washington
Series
R-2017B,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2030
$
105,000
$
105,817
State
of
Washington
Series
R-2018D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
50,000
50,417
State
of
Washington
Series
R-2020D,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2026
60,000
60,375
State
of
Washington
Series
R-2022C,
G.O.
Unlimited,
Refunding,
4.00%,
7/1/2027
105,000
106,951
State
of
Washington
Series
R-2023B,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2030
65,000
71,102
5.00%,
7/1/2026
75,000
75,469
State
of
Washington
Series
R-2024C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
120,000
121,000
State
of
Washington
Series
R-2025A,
G.O.
Unlimited,
Refunding,
4.00%,
7/1/2026
75,000
75,283
State
of
Washington
Series
R-2025D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
125,000
126,042
University
of
Washington
Series
2024A,
Revenue,
5.00%,
4/1/2029
70,000
74,806
5.00%,
4/1/2028
110,000
115,226
University
of
Washington
Series
2025A,
Revenue,
Refunding,
5.00%,
4/1/2030
125,000
135,942
5.00%,
4/1/2028
135,000
141,413
5,547,185
West
Virginia
-
0
.8
%
State
of
West
Virginia
Series
2018A,
G.O.
Unlimited,
5.00%,
6/1/2029
40,000
42,024
5.00%,
12/1/2028
130,000
136,662
State
of
West
Virginia
Series
2018B,
G.O.
Unlimited,
5.00%,
6/1/2027
15,000
15,430
5.00%,
6/1/2030
45,000
47,207
State
of
West
Virginia
Series
2019A,
G.O.
Unlimited,
5.00%,
12/1/2029
90,000
96,468
5.00%,
6/1/2030
155,000
165,914
5.00%,
6/1/2028
25,000
26,295
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
132
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
West
Virginia
-
0.8%
continued
West
Virginia
Commissioner
of
Highways
Surface
Transporation
Improvements,
Series
2017A,
Revenue,
5.00%,
9/1/2027
$
20,000
$
20,651
5.00%,
9/1/2028
160,000
165,101
715,752
Wisconsin
-
2
.5
%
City
of
Madison
Series
2025D,
G.O.
Unlimited,
5.00%,
10/1/2026
50,000
50,609
Green
Bay
Area
Public
School
District
G.O.
Unlimited,
5.00%,
4/1/2027
190,000
194,578
State
of
Wisconsin
Series
2017-1,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2028
70,000
71,814
5.00%,
11/1/2027
70,000
71,890
State
of
Wisconsin
Series
2017-2,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2026
150,000
152,221
State
of
Wisconsin
Series
2017-3,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2028
20,000
20,518
5.00%,
11/1/2026
125,000
126,851
State
of
Wisconsin
Series
2019B,
G.O.
Unlimited,
5.00%,
5/1/2027
110,000
112,997
State
of
Wisconsin
Series
2020-1,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2029
75,000
80,427
State
of
Wisconsin
Series
2020B,
G.O.
Unlimited,
5.00%,
5/1/2030
110,000
117,644
State
of
Wisconsin
Series
2021-2,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2028
85,000
89,280
State
of
Wisconsin
Series
2024-1,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2028
105,000
110,287
5.00%,
5/1/2029
70,000
75,066
State
of
Wisconsin
Transportation,
Series
2017-1,
Revenue,
Refunding,
5.00%,
7/1/2028
145,000
149,276
5.00%,
7/1/2026
110,000
110,698
State
of
Wisconsin
Transportation,
Series
2017-2,
Revenue,
Refunding,
5.00%,
7/1/2027
150,000
154,696
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Wisconsin
-
2.5%
continued
5.00%,
7/1/2030
$
115,000
$
118,145
5.00%,
7/1/2029
210,000
215,945
5.00%,
7/1/2026
120,000
120,762
2,143,704
Total
Municipal
Bonds
(Cost
$84,272,760)
84,155,432
Total
Investments
-
98.6%
(Cost
$84,272,760)
84,155,432
Other
assets
less
liabilities
-
1.4%
1,187,588
NET
ASSETS
-
100.0%
$85,343,020
(a)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
March
31,
2026.
(b)
Maturity
date
represents
the
puttable
date.
(c)
Pre-refunded
security.
Maturity
date
disclosed
is
earliest
of
the
next
put
date
or
final
maturity
date.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
BAM
Build
America
Mutual
CWA
Clean
Water
Act
ETM
Escrowed
to
Maturity
G.O.
General
Obligation
LCRA
Lower
Colorado
River
Authority
PSF
Permanent
School
Fund
Security
Type
%
of
Net
Assets
Municipal
Bonds
98
.6
%
Others
(1)
1
.4
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
133
Northern
Trust
Short-Term
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
Municipal
Bonds
(1)
$
—
$
84,155
$
—
$
84,155
Total
Investments
$
—
$84,155
$
—
$84,155
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.
Northern
Trust
Tax-Exempt
Bond
ETF
SCHEDULE
OF
INVESTMENTS
134
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98
.6
%
Alabama
-
4
.2
%
Alabama
Corrections
Institution
Finance
Authority
Series
2022A,
Revenue,
5.00%,
7/1/2035
$
15,000
$
16,401
Alabama
Highway
Authority
Series
2025,
Revenue,
AG
Insured,
5.00%,
9/1/2033
10,000
11,312
Alabama
Public
School
and
College
Authority
Series
2020A,
Revenue,
Refunding,
5.00%,
11/1/2032
10,000
10,876
5.00%,
11/1/2034
75,000
80,860
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2022C1,
Revenue,
Mandatory
Put,
5.25%,
2/1/2053
(a)(b)
100,000
104,907
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023B,
Revenue,
Mandatory
Put,
5.25%,
12/1/2053
(a)(b)
15,000
16,010
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023C,
Revenue,
Mandatory
Put,
5.50%,
10/1/2054
(a)(b)
50,000
53,943
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2023D1,
Revenue,
Refunding,
Mandatory
Put,
5.50%,
6/1/2049
(a)(b)
100,000
105,142
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2024B,
Revenue,
Mandatory
Put,
5.00%,
10/1/2055
(a)(b)
110,000
116,046
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2024D,
Revenue,
Mandatory
Put,
5.00%,
3/1/2055
(a)(b)
100,000
105,859
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2025D,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
12/1/2055
(a)(b)
100,000
105,809
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2025E,
Revenue,
Mandatory
Put,
5.00%,
12/1/2055
(a)(b)
100,000
105,761
Black
Belt
Energy
Gas
District
Gas
Project,
Series
2026A,
Revenue,
5.00%,
12/1/2034
75,000
78,245
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Alabama
-
4.2%
continued
City
of
Mobile
Series
2025A,
G.O.
Limited,
5.00%,
2/15/2045
$
70,000
$
74,120
County
of
Jefferson
Series
2017,
Revenue,
Refunding,
5.00%,
9/15/2027
65,000
66,334
County
of
Jefferson
Sewer,
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2026
50,000
50,564
Energy
Southeast
A
Cooperative
District
Series
2023A1,
Revenue,
Mandatory
Put,
5.50%,
11/1/2053
(a)(b)
110,000
118,294
Energy
Southeast
A
Cooperative
District
Series
2023B1,
Revenue,
Mandatory
Put,
5.75%,
4/1/2054
(a)(b)
25,000
27,276
Energy
Southeast
A
Cooperative
District
Series
2024B,
Revenue,
Mandatory
Put,
5.25%,
7/1/2054
(a)(b)
100,000
106,635
Lower
Alabama
Gas
District
(The)
Gas
Project,
Series
2025A,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
12/1/2033
70,000
72,687
Southeast
Alabama
Gas
Supply
District
(The)
Project
No.
1,
Series
2024A,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
8/1/2054
(a)(b)
90,000
95,363
Southeast
Alabama
Gas
Supply
District
(The)
Project
No.
2,
Series
2024B,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
6/1/2049
(a)(b)
55,000
57,897
Southeast
Energy
Authority
A
Cooperative
District
Project
No.
3,
Series
2022A1,
Revenue,
Mandatory
Put,
5.50%,
1/1/2053
(a)(b)
20,000
21,287
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2024C,
Revenue,
Mandatory
Put,
5.00%,
10/1/2055
(a)(b)
100,000
106,395
135
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Alabama
-
4.2%
continued
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2025A,
Revenue,
Mandatory
Put,
5.00%,
1/1/2056
(a)(b)
$
75,000
$
75,424
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply,
Series
2025E,
Revenue,
5.00%,
10/1/2030
165,000
175,076
Southeast
Energy
Authority
A
Cooperative
District
Gas
Supply,
Series
2025F,
Revenue,
5.25%,
11/1/2030
100,000
106,356
Southeast
Energy
Authority
A
Cooperative
District
Gas
Supply,
Series
2025F,
Revenue,
Mandatory
Put,
5.25%,
11/1/2055
(a)(b)
110,000
118,734
University
of
Alabama
(The)
Series
2019A,
Revenue,
Refunding,
5.00%,
7/1/2032
105,000
111,946
5.00%,
7/1/2030
100,000
107,038
2,402,597
Alaska
-
0
.1
%
State
of
Alaska
Series
2024A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2030
15,000
16,404
5.00%,
8/1/2029
20,000
21,516
State
of
Alaska
International
Airports
System,
Series
2025A,
Revenue,
Refunding,
5.00%,
10/1/2034
40,000
44,936
82,856
Arizona
-
1
.0
%
Arizona
Board
of
Regents
University
of
Arizona
SPEED,
Series
2024,
Revenue,
Refunding,
5.00%,
8/1/2054
10,000
10,225
Arizona
Department
of
Transportation
Series
2023,
Revenue,
Refunding,
5.00%,
7/1/2026
20,000
20,126
City
of
Chandler
Series
2026,
G.O.
Unlimited,
5.00%,
7/1/2038
100,000
113,441
City
of
Mesa
Utility
System,
Series
2017,
Revenue,
3.25%,
7/1/2041
80,000
71,465
City
of
Mesa
Utility
System,
Series
2023,
Revenue,
5.00%,
7/1/2046
80,000
83,417
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Arizona
-
1.0%
continued
City
of
Phoenix
Civic
Improvement
Corp.
Airport,
Series
2017B,
Revenue,
Refunding,
5.00%,
7/1/2035
$
15,000
$
15,357
City
of
Phoenix
Civic
Improvement
Corp.
Wastewater,
Series
2023,
Revenue,
5.00%,
7/1/2029
10,000
10,758
5.00%,
7/1/2036
15,000
16,733
City
of
Phoenix
Civic
Improvement
Corp.
Excise
Tax,
Series
2024A,
Revenue,
5.00%,
7/1/2042
30,000
32,844
City
of
Phoenix
Civic
Improvement
Corp.
Excise
Tax,
Series
2025C,
Revenue,
Refunding,
5.00%,
7/1/2032
40,000
45,011
Gilbert
Water
Resource
Municipal
Property
Corp.
Waterworks
&
Sewer
System,
Series
2022,
Revenue,
5.00%,
7/15/2030
10,000
10,941
5.00%,
7/15/2035
10,000
11,054
Maricopa
County
Special
Health
Care
District
Integrated
Health
Serivces,
Series
2018C,
G.O.
Unlimited,
5.00%,
7/1/2031
60,000
62,742
Pima
County
Unified
School
District
No.
1
Tucson,
Project
of
2023,
Series
2024A,
G.O.
Unlimited,
AG
Insured,
5.00%,
7/1/2043
10,000
10,691
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2016A,
Revenue,
Refunding,
5.00%,
1/1/2029
10,000
10,176
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2023A,
Revenue,
5.00%,
1/1/2032
15,000
16,766
Salt
River
Project
Agricultural
Improvement
&
Power
District
Electric
System,
Series
2024A,
Revenue,
5.25%,
1/1/2054
100,000
105,123
646,870
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
136
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Arkansas
-
0
.2
%
University
of
Arkansas
UAMS
Campus,
Series
2021A,
Revenue,
5.00%,
12/1/2045
$
85,000
$
87,754
University
of
Arkansas
UAMS
Nortwest
Arkansas,
Series
2022A,
Revenue,
5.00%,
4/1/2052
15,000
15,367
103,121
California
-
9
.1
%
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023B1,
Revenue,
Mandatory
Put,
5.00%,
7/1/2053
(a)(b)
75,000
78,654
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023E1,
Revenue,
Mandatory
Put,
5.00%,
2/1/2054
(a)(b)
100,000
105,621
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2023G,
Revenue,
Mandatory
Put,
5.25%,
11/1/2054
(a)(b)
65,000
68,582
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024A,
Revenue,
Mandatory
Put,
5.00%,
5/1/2054
(a)(b)
55,000
58,011
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024B,
Revenue,
Mandatory
Put,
5.00%,
1/1/2055
(a)(b)
80,000
81,680
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024C,
Revenue,
Mandatory
Put,
5.00%,
8/1/2055
(a)(b)
10,000
10,377
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024D,
Revenue,
Mandatory
Put,
5.00%,
2/1/2055
(a)(b)
35,000
37,486
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024E,
Revenue,
Mandatory
Put,
5.00%,
2/1/2055
(a)(b)
45,000
47,630
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
9.1%
continued
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024F,
Revenue,
Mandatory
Put,
5.00%,
2/1/2055
(a)(b)
$
115,000
$
123,605
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2024H,
Revenue,
Mandatory
Put,
5.00%,
1/1/2056
(a)(b)
45,000
48,690
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2025C,
Revenue,
Mandatory
Put,
5.00%,
12/1/2055
(a)(b)
60,000
62,554
California
Community
Choice
Financing
Authority
Clean
Energy
Project,
Series
2026B,
Revenue,
5.00%,
3/1/2036
100,000
103,849
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2021B,
Revenue,
4.00%,
5/1/2039
90,000
91,508
California
State
Public
Works
Board
Sacramento
Region
New
Natural
Resources
Headquarters,
Series
2021C,
Revenue,
5.00%,
11/1/2032
15,000
16,643
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2022A,
Revenue,
Refunding,
5.00%,
8/1/2034
40,000
43,888
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2022C,
Revenue,
Refunding,
5.00%,
8/1/2034
10,000
10,972
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2023C,
Revenue,
Refunding,
5.00%,
9/1/2027
10,000
10,347
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2023D,
Revenue,
5.00%,
11/1/2044
85,000
90,800
California
State
Public
Works
Board
May
Lee
State
Office
Complex,
Series
2024A,
Revenue,
5.00%,
4/1/2045
55,000
58,556
137
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
9.1%
continued
California
State
Public
Works
Board
Various
Capital
Projects,
Series
2024C,
Revenue,
Refunding,
5.00%,
9/1/2037
$
15,000
$
16,771
California
State
University
Series
2024A,
Revenue,
5.50%,
11/1/2046
180,000
200,317
Central
Valley
Energy
Authority
Series
2025,
Revenue,
Mandatory
Put,
5.00%,
12/1/2055
(a)(b)
115,000
123,748
Central
Valley
Energy
Authority
Series
2026,
Revenue,
5.00%,
8/1/2034
75,000
78,889
City
&
County
of
San
Francisco
Earthquack
Safety
&
Emergency
Response,
Series
2025B1,
G.O.
Unlimited,
5.00%,
6/15/2045
45,000
48,119
City
of
San
Francisco
Public
Utilities
Commission
Water,
Series
2025D,
Revenue,
5.00%,
11/1/2051
195,000
204,658
Coast
Community
College
District
Series
2019F,
G.O.
Unlimited,
3.00%,
8/1/2038
30,000
27,312
County
of
Sacramento
Airport
System,
Series
2024,
Revenue,
5.00%,
7/1/2049
30,000
31,306
Desert
Community
College
District
Election
of
2016,
Series
2024,
G.O.
Unlimited,
4.00%,
8/1/2045
155,000
152,392
Elk
Grove
Unified
School
District
Election
of
2016,
Series
2023,
G.O.
Unlimited,
4.00%,
8/1/2043
45,000
45,047
Foothill-De
Anza
Community
College
District
Series
2021A,
G.O.
Unlimited,
Refunding,
3.00%,
8/1/2037
45,000
41,825
3.00%,
8/1/2038
50,000
45,773
Long
Beach
Bond
Finance
Authority
Natural
Gas
Purchase,
Series
2007A,
Revenue,
5.50%,
11/15/2030
35,000
38,131
5.50%,
11/15/2032
40,000
44,572
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
9.1%
continued
Los
Angeles
County
Public
Works
Financing
Authority
Lease,
Series
2022G,
Revenue,
Refunding,
5.00%,
12/1/2037
$
25,000
$
27,655
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2018A,
Revenue,
5.00%,
7/1/2043
15,000
15,260
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2018D,
Revenue,
Refunding,
5.00%,
7/1/2043
20,000
20,441
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2019A,
Revenue,
5.00%,
7/1/2034
50,000
52,166
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
7/1/2050
10,000
10,145
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2020C,
Revenue,
Refunding,
5.00%,
7/1/2040
35,000
36,562
5.00%,
7/1/2041
90,000
93,539
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2021B,
Revenue,
Refunding,
5.00%,
7/1/2037
20,000
21,156
5.00%,
7/1/2035
70,000
74,805
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2021C,
Revenue,
5.00%,
7/1/2045
30,000
30,923
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2022A,
Revenue,
5.00%,
7/1/2038
100,000
105,883
5.00%,
7/1/2036
45,000
48,033
5.00%,
7/1/2042
100,000
104,366
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2022B,
Revenue,
5.00%,
7/1/2036
100,000
107,888
5.00%,
7/1/2039
5,000
5,317
5.00%,
7/1/2042
35,000
36,785
5.00%,
7/1/2041
95,000
100,291
5.00%,
7/1/2047
95,000
97,565
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
138
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
9.1%
continued
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2022C,
Revenue,
Refunding,
5.00%,
7/1/2036
$
60,000
$
64,733
5.00%,
7/1/2040
20,000
21,132
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2023D,
Revenue,
Refunding,
5.00%,
7/1/2042
80,000
84,642
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2023E,
Revenue,
Refunding,
5.00%,
7/1/2043
75,000
78,939
5.00%,
7/1/2044
15,000
15,704
5.00%,
7/1/2048
85,000
87,328
Los
Angeles
Department
of
Water
&
Power
Water
System,
Series
2024A,
Revenue,
5.00%,
7/1/2039
75,000
80,729
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2041
20,000
21,343
5.00%,
7/1/2044
10,000
10,497
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024B,
Revenue,
Refunding,
5.00%,
7/1/2039
5,000
5,403
5.00%,
7/1/2039
10,000
10,764
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024C,
Revenue,
Refunding,
5.00%,
7/1/2041
15,000
16,007
5.00%,
7/1/2045
15,000
15,648
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024D,
Revenue,
5.00%,
7/1/2045
15,000
15,683
Los
Angeles
Department
of
Water
&
Power
Power
System,
Series
2024E,
Revenue,
Refunding,
5.00%,
7/1/2039
20,000
21,612
M-S-R
Energy
Authority
Series
2009B,
Revenue,
6.50%,
11/1/2039
75,000
88,886
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
9.1%
continued
Northern
California
Energy
Authority
Commodity
Supply,
Series
2024,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
12/1/2054
(a)(b)
$
100,000
$
106,503
Sacramento
City
Unified
School
District
Election
of
2020,
Series
2025C,
G.O.
Unlimited,
AG
Insured,
5.00%,
8/1/2054
40,000
41,283
San
Diego
County
Regional
Airport
Authority
Series
2021A,
Revenue,
5.00%,
7/1/2056
80,000
81,496
San
Diego
County
Regional
Transportation
Commission
Series
2023A,
Revenue,
Refunding,
5.00%,
4/1/2035
30,000
34,572
San
Diego
Public
Facilities
Financing
Authority
Water,
Series
2025A,
Revenue,
Refunding,
5.00%,
10/15/2045
20,000
21,627
5.25%,
10/15/2055
10,000
10,577
San
Francisco
City
&
County
Airport
Commission
San
Francisco
International
Airport,
Series
2023B,
Revenue,
Refunding,
5.00%,
5/1/2043
45,000
48,864
San
Francisco
City
&
County
Airport
Commission
San
Francisco
International
Airport,
Series
2024B,
Revenue,
Refunding,
5.00%,
5/1/2044
30,000
32,653
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
Community
Facilities
District
No.
6,
Series
2023,
Special
Tax,
Refunding,
AG
Insured,
5.25%,
8/1/2043
15,000
16,521
San
Jose
Redevelopment
Agency
Successor
Agency
Series
2017A,
Tax
Allocation,
Refunding,
5.00%,
8/1/2035
75,000
76,797
San
Marcos
Unified
School
District
Election
of
2024,
Series
A,
G.O.
Unlimited,
5.25%,
8/1/2050
30,000
32,008
139
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
California
-
9.1%
continued
Southern
California
Public
Power
Authority
Southern
Transmission
System
Renewal
Project,
Series
2023-1,
Revenue,
5.00%,
7/1/2034
$
20,000
$
22,167
Southern
California
Public
Power
Authority
Southern
Transmission
System
Renewal
Project,
Series
2024-1,
Revenue,
5.00%,
7/1/2042
115,000
122,451
State
of
California
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
25,000
25,035
State
of
California
Series
2020,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2029
20,000
21,633
University
of
California
Series
2022BK,
Revenue,
5.00%,
5/15/2052
280,000
288,318
University
of
California
Series
2023BM,
Revenue,
Refunding,
5.00%,
5/15/2037
10,000
11,057
University
of
California
Series
2025CB,
Revenue,
5.00%,
5/15/2037
10,000
11,313
University
of
California
Series
2025CD,
Revenue,
5.00%,
5/15/2036
50,000
57,607
West
Contra
Costa
Unified
School
District
Election
of
2020,
Series
2024B,
G.O.
Unlimited,
BAM
Insured,
5.00%,
8/1/2049
50,000
52,212
4,990,837
Colorado
-
2
.1
%
Adams
&
Arapahoe
Counties
Joint
School
District
28J
Aurora,
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.50%,
12/1/2042
10,000
11,411
Adams
12
Five
Star
Schools
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.25%,
12/15/2042
15,000
16,696
Adams
12
Five
Star
Schools
Series
B,
G.O.
Unlimited,
Pre-Refunded,
State
Aid
Withholding,
5.00%,
12/15/2035
(c)
15,000
15,270
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Colorado
-
2.1%
continued
Arapahoe
County
School
District
No.
5
Cherry
Creek,
Series
2025,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
12/15/2029
$
5,000
$
5,422
City
&
County
of
Denver
Elevate
Denver,
Series
2020B,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2030
10,000
10,970
City
&
County
of
Denver
Airport
System,
Series
2023A,
Revenue,
Refunding,
5.00%,
11/15/2041
65,000
70,138
City
of
Colorado
Springs
Utilities
System,
Series
2025A,
Revenue,
5.25%,
11/15/2050
70,000
74,132
Denver
City
&
County
School
District
No.
1
Series
2022A,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2041
15,000
16,213
5.00%,
12/1/2045
20,000
21,135
Denver
Convention
Center
Hotel
Authority
Series
2016,
Revenue,
Refunding,
5.00%,
12/1/2040
105,000
104,753
E-470
Public
Highway
Authority
Series
2020A,
Revenue,
Refunding,
5.00%,
9/1/2036
15,000
15,950
Eagle
County
School
District
No.
Re50J
Series
2024,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2038
20,000
21,955
5.00%,
12/1/2042
10,000
10,823
Larimer
County
School
District
No.
R-1
Poudre,
Series
2018,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2031
85,000
89,947
Larimer
Weld
&
Boulder
County
School
District
R-2J
Thompson,
Series
2019,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2033
35,000
36,755
Mesa
County
Valley
School
District
No.
51
Grand
Junction,
Series
2025,
G.O.
Unlimited,
State
Aid
Withholding,
5.25%,
12/1/2042
10,000
11,090
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
140
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Colorado
-
2.1%
continued
Park
Creek
Metropolitan
District
Property
Tax,
Series
2025,
Tax
Allocation,
Refunding,
AG
Insured,
5.00%,
12/1/2041
$
10,000
$
10,644
Public
Authority
for
Colorado
Energy
Natural
Gas
Purchase,
Series
2008,
Revenue,
6.50%,
11/15/2038
85,000
100,536
Pueblo
School
District
No.
60
Series
2020,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/15/2029
10,000
10,818
Regional
Transportation
District
Fastracks
Project,
Series
2013A,
Revenue,
Refunding,
4.25%,
11/1/2036
10,000
10,849
State
of
Colorado
Series
2020A,
Certificate
of
Participation,
5.00%,
12/15/2033
35,000
37,809
State
of
Colorado
Series
2021A,
Certificate
of
Participation,
5.00%,
12/15/2032
50,000
55,100
5.00%,
12/15/2033
30,000
32,875
State
of
Colorado
Series
2022,
Certificate
of
Participation,
6.00%,
12/15/2033
15,000
17,768
6.00%,
12/15/2040
40,000
45,677
6.00%,
12/15/2038
25,000
28,813
6.00%,
12/15/2041
25,000
28,509
State
of
Colorado
Series
2024A,
Certificate
of
Participation,
5.00%,
11/1/2043
45,000
48,686
Weld
County
School
District
No.
6
Greeley,
Series
2020,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2037
80,000
84,300
Weld
County
School
District
No.
Re-4
Series
2023,
G.O.
Unlimited,
State
Aid
Withholding,
5.00%,
12/1/2036
70,000
76,808
5.00%,
12/1/2042
15,000
16,020
1,137,872
Connecticut
-
0
.3
%
State
of
Connecticut
Series
2024A,
G.O.
Unlimited,
5.00%,
1/15/2035
15,000
16,962
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Connecticut
-
0.3%
continued
State
of
Connecticut
Series
2025A,
G.O.
Unlimited,
5.00%,
3/15/2032
$
35,000
$
39,244
State
of
Connecticut
Transportation
Infrastructure,
Series
2024A2,
Special
Tax,
5.00%,
7/1/2033
10,000
11,323
5.00%,
7/1/2032
40,000
44,857
5.00%,
7/1/2038
25,000
27,813
State
of
Connecticut
Transportation
Infrastructure,
Series
2025A,
Special
Tax,
Refunding,
5.00%,
7/1/2032
15,000
16,821
157,020
Delaware
-
1
.1
%
Delaware
Transportation
Authority
Transportation
System,
Series
2016,
Revenue,
Refunding,
5.00%,
7/1/2027
30,000
30,181
Delaware
Transportation
Authority
Transportation
System,
Series
2020,
Revenue,
Refunding,
5.00%,
7/1/2027
85,000
87,693
5.00%,
9/1/2027
65,000
67,290
State
of
Delaware
Series
2018A,
G.O.
Unlimited,
5.00%,
2/1/2028
70,000
73,110
5.00%,
2/1/2032
60,000
62,420
State
of
Delaware
Series
2019,
G.O.
Unlimited,
5.00%,
2/1/2028
10,000
10,444
State
of
Delaware
Series
2019A,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2027
20,000
20,730
State
of
Delaware
Series
2020A,
G.O.
Unlimited,
5.00%,
1/1/2027
10,000
10,184
State
of
Delaware
Series
2021,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2030
20,000
21,757
5.00%,
2/1/2029
10,000
10,677
State
of
Delaware
Series
2022,
G.O.
Unlimited,
Refunding,
5.00%,
3/1/2028
20,000
20,928
5.00%,
3/1/2033
60,000
67,058
State
of
Delaware
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2028
45,000
47,294
5.00%,
5/1/2035
40,000
45,006
141
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Delaware
-
1.1%
continued
State
of
Delaware
Series
2024A,
G.O.
Unlimited,
5.00%,
5/1/2028
$
10,000
$
10,510
5.00%,
5/1/2039
15,000
16,653
5.00%,
5/1/2040
10,000
11,042
State
of
Delaware
Series
2025,
G.O.
Unlimited,
5.00%,
5/1/2037
15,000
17,054
630,031
District
of
Columbia
-
2
.3
%
District
of
Columbia
Series
2018B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
20,000
21,057
5.00%,
6/1/2029
45,000
47,287
District
of
Columbia
Series
2019A,
G.O.
Unlimited,
5.00%,
10/15/2026
45,000
45,602
5.00%,
10/15/2029
15,000
16,042
District
of
Columbia
Series
2021D,
G.O.
Unlimited,
5.00%,
2/1/2038
65,000
69,306
5.00%,
2/1/2046
45,000
46,515
District
of
Columbia
Series
2021E,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2028
10,000
10,455
District
of
Columbia
Series
2023A,
G.O.
Unlimited,
5.00%,
1/1/2042
20,000
21,429
District
of
Columbia
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2028
10,000
10,566
5.00%,
8/1/2027
10,000
10,335
5.00%,
8/1/2036
65,000
72,845
5.00%,
8/1/2045
15,000
15,931
District
of
Columbia
Series
2024C,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2026
20,000
20,336
District
of
Columbia
Series
2026B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2029
15,000
16,096
5.00%,
6/1/2036
15,000
17,171
District
of
Columbia
Series
D,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
15,000
15,246
District
of
Columbia
Income
Tax,
Series
2019A,
Revenue,
5.00%,
3/1/2027
35,000
35,812
5.00%,
3/1/2036
70,000
73,895
District
of
Columbia
Income
Tax,
Series
2019C,
Revenue,
Refunding,
5.00%,
10/1/2026
10,000
10,124
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
District
of
Columbia
-
2.3%
continued
District
of
Columbia
Federal
Highway
Grant
Anticipation
Note,
Series
2020,
Revenue,
5.00%,
12/1/2031
$
120,000
$
128,830
District
of
Columbia
Income
Tax,
Series
2020C,
Revenue,
5.00%,
5/1/2027
15,000
15,391
5.00%,
5/1/2032
25,000
27,021
5.00%,
5/1/2035
45,000
48,106
District
of
Columbia
Income
Tax,
Series
2022A,
Revenue,
5.00%,
7/1/2033
15,000
16,700
District
of
Columbia
Income
Tax,
Series
2022C,
Revenue,
Refunding,
5.00%,
12/1/2029
40,000
43,239
5.00%,
12/1/2033
25,000
27,944
District
of
Columbia
Water
&
Sewer
Authority
Public
Utility,
Series
2022C1,
Revenue,
5.00%,
10/1/2033
10,000
11,091
District
of
Columbia
Water
&
Sewer
Authority
Public
Utility,
Series
2024A,
Revenue,
Refunding,
5.00%,
10/1/2039
15,000
16,549
District
of
Columbia
Income
Tax,
Series
2025A,
Revenue,
Refunding,
5.00%,
6/1/2045
20,000
21,319
District
of
Columbia
Water
&
Sewer
Authority
Public
Utility,
Series
2026B,
Revenue,
Refunding,
5.00%,
10/1/2036
10,000
11,405
Metropolitan
Washington
Airports
Authority
Dulles
Metrorail
&
Capital
Improvement
Projects,
Series
2019B,
Revenue,
Refunding,
5.00%,
10/1/2026
5,000
5,059
5.00%,
10/1/2034
20,000
20,920
Washington
Metropolitan
Area
Transit
Authority
Series
2017B,
Revenue,
5.00%,
7/1/2027
45,000
46,381
5.00%,
7/1/2034
15,000
15,314
5.00%,
7/1/2037
30,000
30,535
Washington
Metropolitan
Area
Transit
Authority
Series
2018,
Revenue,
5.00%,
7/1/2034
105,000
107,202
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
142
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
District
of
Columbia
-
2.3%
continued
Washington
Metropolitan
Area
Transit
Authority
Series
2020A,
Revenue,
5.00%,
7/15/2034
$
25,000
$
26,785
5.00%,
7/15/2036
25,000
26,568
Washington
Metropolitan
Area
Transit
Authority
Series
2021A,
Revenue,
4.00%,
7/15/2034
55,000
56,622
Washington
Metropolitan
Area
Transit
Authority
Series
A1,
Revenue,
Refunding,
5.00%,
7/1/2027
15,000
15,460
1,294,491
Florida
-
4
.5
%
Central
Florida
Expressway
Authority
Series
2018,
Revenue,
5.00%,
7/1/2048
45,000
45,637
Central
Florida
Expressway
Authority
Series
2024A,
Revenue,
AG
Insured,
5.00%,
7/1/2049
85,000
88,398
Central
Florida
Expressway
Authority
Series
2025A,
Revenue,
5.00%,
7/1/2032
10,000
11,215
5.00%,
7/1/2039
65,000
71,668
City
of
Gainesville
Utilities
System,
Series
2017A,
Revenue,
5.00%,
10/1/2026
10,000
10,119
5.00%,
10/1/2033
10,000
10,282
5.00%,
10/1/2034
25,000
25,671
City
of
Jacksonville
Series
2022A,
Revenue,
Refunding,
5.00%,
10/1/2028
60,000
63,443
City
of
Orlando
Camping
World
Stadium,
Series
2025,
Revenue,
AG
Insured,
5.50%,
11/1/2050
75,000
79,351
City
of
Tallahassee
Energy
System,
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2033
20,000
22,741
County
of
Broward
Convention
Center
Expansion
Project,
Series
2021,
Revenue,
5.00%,
9/1/2029
15,000
16,109
County
of
Broward
Water
&
Sewer
Utility,
Series
2025,
Revenue,
Refunding,
5.00%,
10/1/2032
60,000
67,581
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Florida
-
4.5%
continued
County
of
Miami-Dade
Series
2016A,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2036
$
50,000
$
50,224
County
of
Miami-Dade
Water
&
Sewer
System,
Series
2025A,
Revenue,
4.50%,
10/1/2051
100,000
96,227
5.00%,
10/1/2055
100,000
102,431
County
of
Miami-Dade
Aviation,
Series
A,
Revenue,
Refunding,
5.00%,
10/1/2041
100,000
100,601
Duval
County
Public
Schools
Series
2022A,
Certificate
of
Participation,
AG
Insured,
5.00%,
7/1/2030
15,000
16,325
Florida
Municipal
Power
Agency
All-Requirements
Power
Supply
Project,
Series
2016A,
Revenue,
Refunding,
5.00%,
10/1/2030
30,000
30,332
Hillsborough
County
Aviation
Authority
Tampa
International
Airport,
Series
2022B,
Revenue,
5.00%,
10/1/2047
100,000
103,246
JEA
Electric
System
Series
2020A3,
Revenue,
Refunding,
5.00%,
10/1/2034
110,000
117,359
Lee
County
School
Board
(The)
Series
2023A,
Certificate
of
Participation,
5.00%,
8/1/2043
15,000
15,958
Marion
County
School
Board
Series
2024,
Certificate
of
Participation,
AG
Insured,
5.00%,
6/1/2034
10,000
11,185
Miami-Dade
County
Educational
Facilities
Authority
University
of
Miami,
Series
2024A,
Revenue,
Refunding,
5.25%,
4/1/2048
50,000
51,849
Orange
County
Convention
Center
Series
2017,
Revenue,
Refunding,
5.00%,
10/1/2028
30,000
31,715
Orlando
Utilities
Commission
Utility
System,
Series
2018A,
Revenue,
5.00%,
10/1/2035
10,000
10,266
143
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Florida
-
4.5%
continued
Orlando
Utilities
Commission
Utility
System,
Series
2025A,
Revenue,
5.00%,
10/1/2046
$
20,000
$
20,990
Palm
Beach
County
School
District
Series
2017A,
Certificate
of
Participation,
Refunding,
5.00%,
8/1/2027
10,000
10,321
Palm
Beach
County
School
District
Series
2018B,
Certificate
of
Participation,
Refunding,
5.00%,
8/1/2028
25,000
26,311
Palm
Beach
County
School
District
Series
2020A,
Certificate
of
Participation,
5.00%,
8/1/2033
80,000
85,854
5.00%,
8/1/2034
85,000
90,971
Palm
Beach
County
School
District
Series
2021A,
Certificate
of
Participation,
5.00%,
8/1/2036
60,000
64,616
Palm
Beach
County
School
District
Series
2022B,
Certificate
of
Participation,
5.25%,
8/1/2036
25,000
27,626
Polk
County
School
District
Sales
Tax,
Series
2019,
Revenue,
5.00%,
10/1/2032
40,000
42,555
School
District
of
Broward
County
Series
2020A,
Certificate
of
Participation,
5.00%,
7/1/2032
60,000
64,257
State
of
Florida
Department
of
Transportation,
Series
2017A,
G.O.
Unlimited,
3.13%,
7/1/2035
55,000
53,362
State
of
Florida
Public
Education
Capital
Outlay,
Series
2017C,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
20,000
20,557
State
of
Florida
Public
Education
Capital
Outlay,
Series
2020A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
45,000
47,379
State
of
Florida
Public
Education
Capital
Outlay,
Series
2021A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2030
15,000
16,398
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Florida
-
4.5%
continued
State
of
Florida
Right
of
Way
Acquisition
&
Bridge
Construction,
Series
2021B,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2027
$
20,000
$
20,621
State
of
Florida
Public
Education
Capital
Outlay,
Series
2022A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2028
15,000
15,793
5.00%,
6/1/2031
55,000
60,964
State
of
Florida
Public
Education
Capital
Outlay,
Series
2022C,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2027
45,000
46,344
State
of
Florida
Public
Education
Capital
Outlay,
Series
2024B,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2029
20,000
21,493
State
of
Florida
Department
of
Transportation
Financing
Corp.,
Series
2018,
Revenue,
5.00%,
7/1/2032
45,000
47,092
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2019A,
Revenue,
Refunding,
5.00%,
7/1/2028
25,000
26,352
5.00%,
7/1/2032
45,000
47,239
5.00%,
7/1/2031
100,000
105,120
State
of
Florida
Department
of
Transportation
Federal
Highway
Reimbursement,
Series
2021A,
Revenue,
5.00%,
7/1/2027
50,000
51,484
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2025D,
Revenue,
4.25%,
7/1/2055
150,000
138,129
State
of
Florida
Department
of
Transportation
Turnpike
System,
Series
2925B,
Revenue,
5.00%,
7/1/2055
75,000
77,063
Town
of
Davie
Nova
Southeastern
University
Project,
Series
2018,
Revenue,
Refunding,
5.00%,
4/1/2048
50,000
50,283
2,529,107
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
144
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Georgia
-
2
.5
%
City
of
Atlanta
Public
Improvement,
Series
2022A1,
G.O.
Unlimited,
ETM,
5.00%,
12/1/2028
(c)
$
65,000
$
69,073
City
of
Atlanta
Water
&
Wastewater,
Series
2017A,
Revenue,
Pre-Refunded,
5.00%,
11/1/2035
(c)
10,000
10,390
City
of
Atlanta
Water
&
Wastewater,
Series
2018C,
Revenue,
Refunding,
5.00%,
11/1/2026
30,000
30,443
City
of
Columbus
Series
2022,
G.O.
Unlimited,
5.00%,
1/1/2029
15,000
15,989
City
of
Columbus
Water
&
Sewerage,
Series
2026,
Revenue,
Refunding,
5.00%,
5/1/2056
100,000
102,777
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Authority
Cobb
Galleria
Center
Project,
Series
2025,
Revenue,
5.50%,
10/1/2050
80,000
86,130
County
of
DeKalb
Series
2016,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2027
15,000
15,240
County
of
DeKalb
Water
&
Sewerage,
Series
2022,
Revenue,
Refunding,
5.00%,
10/1/2030
15,000
16,465
5.00%,
10/1/2029
15,000
16,195
5.00%,
10/1/2026
20,000
20,250
County
of
DeKalb
Water
&
Sewerage,
Series
2025A,
Revenue,
5.00%,
10/1/2044
10,000
10,788
County
of
Fulton
Water
&
Sewerage,
Series
2025,
Revenue,
Refunding,
5.00%,
1/1/2033
65,000
73,394
Forsyth
County
School
District
Series
2020,
G.O.
Unlimited,
5.00%,
2/1/2034
30,000
32,260
Georgia
Ports
Authority
Series
2021,
Revenue,
5.00%,
7/1/2033
70,000
76,911
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2022B,
Revenue,
Mandatory
Put,
5.00%,
12/1/2052
(a)(b)
25,000
26,084
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Georgia
-
2.5%
continued
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2023A,
Revenue,
Mandatory
Put,
5.00%,
6/1/2053
(a)(b)
$
15,000
$
15,695
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2023B,
Revenue,
Mandatory
Put,
5.00%,
7/1/2053
(a)(b)
10,000
10,485
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2023E,
Revenue,
Mandatory
Put,
5.00%,
12/1/2053
(a)(b)
60,000
63,509
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2024C,
Revenue,
Mandatory
Put,
5.00%,
12/1/2054
(a)(b)
130,000
137,187
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2024D,
Revenue,
Mandatory
Put,
5.00%,
4/1/2054
(a)(b)
105,000
111,485
Main
Street
Natural
Gas,
Inc.
Gas
Supply,
Series
2024E,
Revenue,
Mandatory
Put,
5.00%,
5/1/2055
(a)(b)
10,000
10,491
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2017C,
Revenue,
Refunding,
3.25%,
7/1/2039
175,000
158,168
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2023B,
Revenue,
5.00%,
7/1/2030
20,000
21,895
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2024B,
Revenue,
5.00%,
7/1/2030
25,000
27,368
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2025A,
Revenue,
5.25%,
7/1/2050
100,000
105,983
Metropolitan
Atlanta
Rapid
Transit
Authority
Sales
Tax,
Series
2025B,
Revenue,
Refunding,
5.00%,
7/1/2032
50,000
56,294
Private
Colleges
&
Universities
Authority
Emory
University,
Series
2019A,
Revenue,
Refunding,
5.00%,
9/1/2031
20,000
21,412
State
of
Georgia
Series
2016C,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2026
15,000
15,096
145
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Georgia
-
2.5%
continued
State
of
Georgia
Series
2016E,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2026
$
45,000
$
45,745
State
of
Georgia
Series
2016F,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2028
20,000
20,379
State
of
Georgia
Series
2017A,
G.O.
Unlimited,
5.00%,
2/1/2028
15,000
15,311
State
of
Georgia
Series
2018A,
G.O.
Unlimited,
5.00%,
7/1/2028
10,000
10,548
1,449,440
Hawaii
-
0
.3
%
City
&
County
of
Honolulu
Rail
Transit
Project,
Series
2021E,
G.O.
Unlimited,
5.00%,
3/1/2027
85,000
86,973
City
&
County
of
Honolulu
Wastewater
System,
Series
2022A,
Revenue,
5.00%,
7/1/2042
25,000
26,729
State
of
Hawaii
Series
FG,
G.O.
Unlimited,
5.00%,
10/1/2026
55,000
55,700
169,402
Idaho
-
0
.5
%
Idaho
Housing
&
Finance
Association
Federal
Highway
Trust
Fund,
Series
2019A,
Revenue,
Refunding,
5.00%,
7/15/2033
50,000
52,992
5.00%,
7/15/2036
75,000
78,742
Idaho
Housing
&
Finance
Association
Transportation
Expansion
&
Congestion
Mitigation
Fund,
Series
2023A,
Revenue,
5.00%,
8/15/2039
10,000
10,954
5.00%,
8/15/2041
10,000
10,883
5.00%,
8/15/2042
35,000
37,869
Idaho
State
Building
Authority
School
Modernization
Facilities
Fund,
Series
2024A,
Revenue,
5.00%,
6/1/2029
20,000
21,476
5.00%,
6/1/2033
45,000
50,988
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Idaho
-
0.5%
continued
Idaho
State
Building
Authority
School
Modernization
Facilities
Fund,
Series
2025A,
Revenue,
5.00%,
6/1/2034
$
20,000
$
22,850
286,754
Illinois
-
6
.2
%
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax,
Series
2023,
Revenue,
5.25%,
4/1/2033
130,000
142,046
Chicago
Midway
International
Airport
Series
2025B,
Revenue,
Refunding,
5.00%,
1/1/2043
70,000
74,777
5.00%,
1/1/2044
55,000
58,180
Chicago
O'Hare
International
Airport
Series
2017B,
Revenue,
Refunding,
5.00%,
1/1/2036
100,000
101,231
Chicago
O'Hare
International
Airport
Series
2020B,
Revenue,
Refunding,
5.00%,
1/1/2030
15,000
16,171
5.00%,
1/1/2031
15,000
16,109
Chicago
O'Hare
International
Airport
Series
2022D,
Revenue,
Refunding,
5.00%,
1/1/2041
70,000
73,945
Chicago
O'Hare
International
Airport
Series
2024B,
Revenue,
5.00%,
1/1/2048
15,000
15,305
5.25%,
1/1/2053
125,000
128,966
Chicago
O'Hare
International
Airport
Series
2026A,
Revenue,
5.25%,
1/1/2056
100,000
103,370
Chicago
O'Hare
International
Airport
Series
B,
Revenue,
Refunding,
5.00%,
1/1/2034
20,000
20,275
Chicago
O'Hare
International
Airport
Series
E,
Revenue,
5.25%,
1/1/2028
10,000
10,188
Chicago
O'Hare
International
Airport
Series
F,
Revenue,
BAM
Insured,
4.25%,
1/1/2042
85,000
84,717
Chicago
Transit
Authority
Series
2024A,
Revenue,
Refunding,
5.00%,
12/1/2041
20,000
21,340
5.00%,
12/1/2044
60,000
63,248
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
146
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Illinois
-
6.2%
continued
Chicago
Transit
Authority
Series
2026A,
Revenue,
Refunding,
5.50%,
12/1/2059
$
100,000
$
104,705
City
of
Chicago
Series
2024A,
G.O.
Unlimited,
5.00%,
1/1/2041
75,000
74,916
City
of
Chicago
Series
2024B,
G.O.
Unlimited,
Refunding,
5.00%,
1/1/2033
30,000
31,258
City
of
Chicago
Waterworks,
Series
2004,
Revenue,
Refunding,
5.00%,
11/1/2026
20,000
20,271
City
of
Chicago
Wastewater
Transmission,
Series
2023B,
Revenue,
Refunding,
AG
Insured,
5.00%,
1/1/2034
10,000
10,984
5.00%,
1/1/2035
50,000
54,579
5.00%,
11/1/2038
10,000
10,664
City
of
Chicago
Waterworks,
Series
2024A,
Revenue,
Refunding,
5.00%,
11/1/2041
60,000
64,393
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No.
512
William
Rainey
Harper
College,
Series
2017B,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2028
10,000
10,576
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No.
512
William
Rainey
Harper
College,
Series
2020,
G.O.
Unlimited,
4.00%,
12/15/2031
30,000
30,712
County
of
Cook
Series
2022A,
G.O.
Unlimited,
Refunding,
5.00%,
11/15/2033
20,000
22,057
County
of
Cook
Series
2022A,
Revenue,
Refunding,
5.00%,
11/15/2042
55,000
57,903
County
of
Cook
Series
2024,
Revenue,
Refunding,
5.00%,
11/15/2043
100,000
104,138
DuPage
County
School
District
No.
58
Downers
Grove,
Series
2022,
G.O.
Unlimited,
5.00%,
12/15/2037
10,000
10,861
5.25%,
12/15/2039
80,000
87,300
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Illinois
-
6.2%
continued
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2017,
Revenue,
5.00%,
7/1/2028
$
30,000
$
30,524
5.00%,
1/1/2029
30,000
30,521
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2019,
Revenue,
5.00%,
1/1/2027
10,000
10,189
5.00%,
7/1/2030
45,000
48,117
5.00%,
7/1/2034
10,000
10,590
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2020,
Revenue,
5.00%,
7/1/2031
10,000
10,916
5.00%,
1/1/2027
15,000
15,283
5.00%,
7/1/2028
35,000
36,861
Illinois
Finance
Authority
University
of
Chicago
(The),
Series
2020A,
Revenue,
4.00%,
4/1/2050
70,000
61,007
Illinois
Finance
Authority
Clean
Water
Initiative
Revolving
Fund,
Series
2025A,
Revenue,
5.00%,
1/1/2034
65,000
73,676
5.00%,
7/1/2036
90,000
101,722
5.00%,
7/1/2045
15,000
15,961
Illinois
Finance
Authority
Rosalind
Franklin
University
of
Medicine
and
Science,
Series
A,
Revenue,
Refunding,
5.00%,
8/1/2042
55,000
54,477
Illinois
State
Toll
Highway
Authority
Series
2015B,
Revenue,
5.00%,
1/1/2040
45,000
44,996
Illinois
State
Toll
Highway
Authority
Series
2017A,
Revenue,
5.00%,
1/1/2042
25,000
25,537
Illinois
State
Toll
Highway
Authority
Series
2019B,
Revenue,
Refunding,
5.00%,
1/1/2031
30,000
32,123
Illinois
State
Toll
Highway
Authority
Series
2020A,
Revenue,
5.00%,
1/1/2045
45,000
46,559
5.00%,
1/1/2039
20,000
21,210
Illinois
State
Toll
Highway
Authority
Series
2021A,
Revenue,
5.00%,
1/1/2043
85,000
89,145
147
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Illinois
-
6.2%
continued
Illinois
State
Toll
Highway
Authority
Series
2023A,
Revenue,
5.00%,
1/1/2044
$
75,000
$
79,495
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
2021C,
G.O.
Limited,
Refunding,
5.00%,
12/1/2029
15,000
16,193
Metropolitan
Water
Reclamation
District
of
Greater
Chicago
Series
A,
G.O.
Unlimited,
Refunding,
5.00%,
12/1/2029
20,000
20,302
5.00%,
12/1/2030
20,000
20,291
Sales
Tax
Securitization
Corp.
Series
2017A,
Revenue,
Refunding,
5.00%,
1/1/2027
60,000
61,029
Sales
Tax
Securitization
Corp.
Series
2020A,
Revenue,
Refunding,
5.00%,
1/1/2027
35,000
35,600
Sales
Tax
Securitization
Corp.
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2037
35,000
38,259
State
of
Illinois
Series
2006,
G.O.
Unlimited,
5.50%,
1/1/2030
10,000
10,884
State
of
Illinois
Series
2017A,
G.O.
Unlimited,
4.25%,
12/1/2040
55,000
52,747
5.00%,
12/1/2032
55,000
56,289
State
of
Illinois
Series
2018A,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2032
50,000
51,894
State
of
Illinois
Series
2020B,
G.O.
Unlimited,
5.00%,
10/1/2030
20,000
21,565
5.00%,
10/1/2031
15,000
16,095
5.00%,
10/1/2026
105,000
106,143
State
of
Illinois
Series
2021A,
G.O.
Unlimited,
5.00%,
3/1/2037
60,000
62,922
State
of
Illinois
Series
2023B,
G.O.
Unlimited,
5.00%,
5/1/2036
75,000
79,832
5.00%,
5/1/2037
70,000
74,056
State
of
Illinois
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2034
60,000
66,017
State
of
Illinois
Series
2024B,
G.O.
Unlimited,
5.00%,
5/1/2027
75,000
76,747
5.00%,
5/1/2039
10,000
10,600
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Illinois
-
6.2%
continued
State
of
Illinois
Series
2025D,
G.O.
Unlimited,
5.00%,
9/1/2039
$
35,000
$
37,138
State
of
Illinois
Sales
Tax,
Series
2021C,
Revenue,
Refunding,
5.00%,
6/15/2032
10,000
10,887
State
of
Illinois
Sales
Tax,
Series
2024A,
Revenue,
5.00%,
6/15/2033
65,000
72,100
State
of
Illinois
Sales
Tax,
Series
2025B,
Revenue,
5.00%,
6/15/2039
25,000
26,931
3,488,615
Indiana
-
1
.4
%
Allen
County
Building
Corp.
Lease
Rent,
Series
2024,
Revenue,
State
Aid
Intercept,
5.00%,
7/15/2041
65,000
69,507
City
of
Indianapolis
Water
System,
Series
2016B,
Revenue,
Refunding,
5.00%,
10/1/2028
65,000
65,729
Indiana
Finance
Authority
Highway,
Series
2016C,
Revenue,
Refunding,
5.00%,
6/1/2027
85,000
86,310
Indiana
Finance
Authority
CWA
Authority
Project,
Series
2021-1,
Revenue,
Refunding,
5.00%,
10/1/2028
45,000
47,561
5.00%,
10/1/2033
75,000
82,359
Indianapolis
Local
Public
Improvement
Bond
Bank
Courthouse
&
Jail
Project,
Series
2019A,
Revenue,
5.00%,
2/1/2033
150,000
158,269
IPS
Multi-School
Building
Corp.
First
Mortgage,
Series
2023,
Revenue,
State
Aid
Intercept,
5.25%,
7/15/2041
25,000
26,518
Merrillville
Multi
School
Building
Corp.
First
Mortgage,
Series
2022,
Revenue,
State
Aid
Intercept,
5.00%,
7/15/2037
40,000
43,205
5.00%,
7/15/2039
40,000
42,707
Westfield-Washington
Multi-
School
Building
Corp.
First
Mortgage,
Series
2024A,
Revenue,
BAM
Insured,
5.00%,
7/15/2036
65,000
71,794
5.25%,
7/15/2043
95,000
102,866
796,825
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
148
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Iowa
-
0
.6
%
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2017,
Revenue,
Refunding,
5.00%,
8/1/2028
$
20,000
$
20,643
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2021A,
Revenue,
5.00%,
8/1/2036
40,000
43,457
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2022A,
Revenue,
Refunding,
5.00%,
8/1/2039
30,000
32,452
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2023A,
Revenue,
Refunding,
5.00%,
8/1/2031
25,000
27,804
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2024A,
Revenue,
5.00%,
8/1/2034
35,000
39,942
Iowa
Finance
Authority
State
Revolving
Fund,
Series
2025C,
Revenue,
Refunding,
5.00%,
8/1/2043
10,000
10,842
Iowa
Finance
Authority
Midwestern
Disaster
Area
Iowa
Fertilizer
Co.
Project,
Series
2022,
Revenue,
Pre-Refunded,
Mandatory
Put,
5.00%,
12/1/2050
(a)(c)
80,000
90,096
State
of
Iowa
Ijobs
Program,
Series
2019A,
Revenue,
Refunding,
5.00%,
6/1/2031
10,000
10,656
5.00%,
6/1/2032
55,000
58,407
334,299
Kansas
-
0
.9
%
County
of
Johnson
Internal
Improvement,
Series
2018A,
G.O.
Unlimited,
5.00%,
9/1/2026
25,000
25,266
Johnson
County
Unified
School
District
No.
233
Olathe,
Series
2022A,
G.O.
Unlimited,
Refunding,
5.00%,
9/1/2033
80,000
88,066
5.00%,
9/1/2032
30,000
33,173
Kansas
Development
Finance
Authority
Kansas
Department
of
Health
&
Environment,
Series
2023SRF,
Revenue,
5.00%,
5/1/2034
75,000
84,291
5.00%,
5/1/2039
10,000
10,935
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Kansas
-
0.9%
continued
Kansas
Development
Finance
Authority
Kansas
Department
of
Health
&
Environment,
Series
2024SRF,
Revenue,
5.00%,
5/1/2035
$
15,000
$
16,985
Riley
County
Unified
School
District
No.
383
Manhattan-Ogden,
Series
2018A,
G.O.
Unlimited,
Pre-Refunded,
5.00%,
9/1/2038
(c)
10,000
10,338
State
of
Kansas
Department
of
Transportation,
Series
2017A,
Revenue,
5.00%,
9/1/2027
10,000
10,356
State
of
Kansas
Department
of
Transportation,
Series
2018A,
Revenue,
5.00%,
9/1/2029
35,000
36,152
5.00%,
9/1/2031
60,000
61,795
5.00%,
9/1/2033
10,000
10,270
5.00%,
9/1/2028
50,000
51,693
State
of
Kansas
Department
of
Transportation,
Series
2024A,
Revenue,
Refunding,
5.00%,
9/1/2043
10,000
10,780
State
of
Kansas
Department
of
Transportation,
Series
2025A,
Revenue,
Refunding,
5.00%,
9/1/2039
50,000
55,531
Wyandotte
County
Unified
School
District
No.
500
Kansas
City,
Series
A,
G.O.
Unlimited,
Pre-Refunded,
5.25%,
9/1/2042
(c)
60,000
60,692
566,323
Kentucky
-
1
.2
%
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2024A,
Revenue,
Mandatory
Put,
5.00%,
5/1/2055
(a)(b)
100,000
104,832
Kentucky
Public
Energy
Authority
Gas
Supply,
Series
2024B,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
1/1/2055
(a)(b)
130,000
137,610
Kentucky
State
Property
&
Building
Commission
Project
No.
115,
Revenue,
5.00%,
5/1/2029
35,000
36,652
5.00%,
4/1/2028
65,000
66,519
5.00%,
4/1/2030
35,000
35,765
149
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Kentucky
-
1.2%
continued
Kentucky
State
Property
&
Building
Commission
Project
No.
130,
Series
2024A,
Revenue,
5.00%,
11/1/2034
$
10,000
$
11,312
Kentucky
State
Property
&
Building
Commission
Project
No.
132,
Series
A,
Revenue,
5.00%,
10/1/2029
10,000
10,769
5.00%,
4/1/2033
75,000
83,983
5.00%,
4/1/2034
25,000
28,182
5.00%,
9/1/2038
10,000
11,152
5.25%,
6/1/2038
15,000
16,455
5.50%,
11/1/2042
10,000
11,175
Kentucky
State
Property
&
Building
Commission
Project
No.
112,
Series
B,
Revenue,
Refunding,
State
Appropriation,
5.00%,
11/1/2028
50,000
50,728
Kentucky
Turnpike
Authority
Revitalization
Projects,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2032
25,000
27,478
Louisville
&
Jefferson
County
Metropolitan
Sewer
District
Sewer
&
Drainage
System,
Series
2023C,
Revenue,
Refunding,
5.00%,
5/15/2034
10,000
11,313
5.00%,
5/15/2040
10,000
10,862
Louisville
Water
Co.
Series
2025,
Revenue,
5.00%,
11/15/2039
15,000
16,590
Scott
County
School
District
Finance
Corp.
Board
of
Education,
Series
2022,
Revenue,
BAM
Insured,
5.00%,
9/1/2041
75,000
79,052
750,429
Louisiana
-
0
.5
%
City
of
New
Orleans
Series
2021A,
G.O.
Unlimited,
5.00%,
12/1/2041
65,000
66,876
Jefferson
Parish
Consolidated
Waterworks
District
No.
2
Series
2022,
Revenue,
Refunding,
BAM
Insured,
4.00%,
2/1/2038
25,000
25,451
Jefferson
Sales
Tax
District
Series
2019B,
Revenue,
AG
Insured,
5.00%,
12/1/2030
10,000
10,725
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Louisiana
-
0.5%
continued
Louisiana
Public
Facilities
Authority
Tulane
University
Project,
Series
2023A,
Revenue,
Refunding,
5.00%,
10/15/2036
$
45,000
$
48,945
Louisiana
Stadium
&
Exposition
District
Series
2023A,
Revenue,
Refunding,
5.00%,
7/1/2040
70,000
74,714
State
of
Louisiana
Series
2024A,
G.O.
Unlimited,
5.00%,
5/1/2035
40,000
45,175
State
of
Louisiana
Garvee,
Series
2019A,
Revenue,
5.00%,
9/1/2027
25,000
25,849
State
of
Louisiana
Garvee,
Series
2023,
Revenue,
5.00%,
9/1/2035
5,000
5,548
5.00%,
9/1/2034
40,000
44,660
347,943
Maine
-
0
.2
%
Maine
Governmental
Facilities
Authority
Series
2025A,
Revenue,
5.25%,
10/1/2045
10,000
10,720
Maine
Health
&
Higher
Educational
Facilities
Authority
Northeastern
University
Issue,
Series
2024B,
Revenue,
5.00%,
10/1/2039
10,000
10,858
State
of
Maine
Series
2019B,
G.O.
Unlimited,
5.00%,
6/1/2029
35,000
37,547
State
of
Maine
Series
2020B,
G.O.
Unlimited,
5.00%,
6/1/2029
10,000
10,728
5.00%,
6/1/2027
45,000
46,307
116,160
Maryland
-
0
.6
%
Maryland
Stadium
Authority
Baltimore
City
Public
School
Construction
Financing
Fund,
Series
2020A,
Revenue,
State
Aid
Intercept,
5.00%,
5/1/2050
60,000
62,672
Maryland
State
Transportation
Authority
Transportation
Facilities
Projects,
Series
2020,
Revenue,
5.00%,
7/1/2033
20,000
21,603
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
150
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Maryland
-
0.6%
continued
Maryland
State
Transportation
Authority
Transportation
Facilities
Projects,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2039
$
10,000
$
11,021
State
of
Maryland
Series
2025A1,
G.O.
Limited,
5.00%,
6/1/2033
15,000
17,026
State
of
Maryland
Series
2017A,
G.O.
Unlimited,
5.00%,
8/1/2027
25,000
25,830
State
of
Maryland
Series
2018-2,
G.O.
Unlimited,
5.00%,
8/1/2027
80,000
82,657
State
of
Maryland
Series
2021A,
G.O.
Unlimited,
5.00%,
8/1/2034
25,000
27,429
5.00%,
8/1/2026
5,000
5,041
State
of
Maryland
Department
of
Transportation,
Series
2025B,
Revenue,
5.00%,
10/1/2034
70,000
78,991
332,270
Massachusetts
-
1
.8
%
Commonwealth
of
Massachusetts
Series
2019C,
G.O.
Limited,
5.00%,
5/1/2039
25,000
26,149
Commonwealth
of
Massachusetts
Series
2021D,
G.O.
Limited,
5.00%,
9/1/2049
105,000
107,788
Commonwealth
of
Massachusetts
Series
2023B,
G.O.
Limited,
5.00%,
10/1/2034
10,000
11,315
Commonwealth
of
Massachusetts
Series
2023C,
G.O.
Limited,
Refunding,
5.00%,
8/1/2043
10,000
10,727
Commonwealth
of
Massachusetts
Series
2024A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2039
10,000
11,035
Commonwealth
of
Massachusetts
Series
2024B,
G.O.
Limited,
5.00%,
5/1/2054
55,000
56,481
Commonwealth
of
Massachusetts
Series
2024H,
G.O.
Unlimited,
5.00%,
12/1/2044
10,000
10,741
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Massachusetts
-
1.8%
continued
Commonwealth
of
Massachusetts
Series
2025C,
G.O.
Unlimited,
5.00%,
6/1/2042
$
85,000
$
93,065
Commonwealth
of
Massachusetts
Series
2005,
Revenue,
NATL
Insured,
ETM,
5.50%,
1/1/2034
(c)
65,000
74,296
Massachusetts
Bay
Transportation
Authority
Assessment,
Series
2022A1,
Revenue,
Refunding,
5.00%,
7/1/2036
10,000
11,024
Massachusetts
Bay
Transportation
Authority
Sales
Tax,
Series
2024A,
Revenue,
Refunding,
5.25%,
7/1/2052
75,000
78,732
Massachusetts
Bay
Transportation
Authority
Sales
Tax,
Series
2025B,
Revenue,
5.00%,
7/1/2044
10,000
10,855
5.00%,
7/1/2045
10,000
10,737
5.00%,
7/1/2055
75,000
76,898
Massachusetts
Clean
Water
Trust
(The)
State
Revolving
Fund,
Series
27,
Revenue,
Refunding,
5.00%,
2/1/2056
100,000
104,160
Massachusetts
Department
of
Transportation
Metropolitan
Highway
System,
Series
2019A,
Revenue,
Refunding,
5.00%,
1/1/2034
15,000
15,785
Massachusetts
Development
Finance
Agency
Boston
College
Issue,
Series
2021V,
Revenue,
5.00%,
7/1/2055
100,000
104,269
Massachusetts
Development
Finance
Agency
Northeastern
University
Issue,
Series
2022,
Revenue,
Refunding,
5.00%,
10/1/2035
15,000
16,622
5.00%,
10/1/2044
100,000
105,979
Massachusetts
Development
Finance
Agency
Harvard
University
Issue,
Series
2025A2,
Revenue,
Mandatory
Put,
5.00%,
5/15/2055
(a)(b)
100,000
114,510
1,051,168
151
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Michigan
-
1
.1
%
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Series
2025B,
Revenue,
Refunding,
5.00%,
7/1/2034
$
10,000
$
11,298
Howell
Public
Schools
Series
2025II,
G.O.
Unlimited,
Qualified
School
Bond
Loan
Fund,
5.00%,
5/1/2039
10,000
11,046
5.00%,
5/1/2045
20,000
21,092
Michigan
State
Building
Authority
Facilities
Program,
Series
2016I,
Revenue,
Refunding,
5.00%,
10/15/2028
105,000
106,320
5.00%,
10/15/2029
60,000
60,732
5.00%,
10/15/2046
10,000
10,039
Michigan
State
Building
Authority
Facilities
Program,
Series
2025I,
Revenue,
Refunding,
5.00%,
4/15/2045
10,000
10,657
5.00%,
10/15/2050
100,000
104,084
Michigan
State
University
Series
2023A,
Revenue,
Refunding,
5.00%,
8/15/2041
50,000
53,879
Michigan
State
University
Series
2024A,
Revenue,
5.00%,
8/15/2038
10,000
11,073
5.25%,
8/15/2054
10,000
10,446
Michigan
State
University
Series
2025A,
Revenue,
Refunding,
5.00%,
2/15/2045
10,000
10,681
State
of
Michigan
Garvee,
Series
2016,
Revenue,
Refunding,
5.00%,
3/15/2027
25,000
25,581
State
of
Michigan
Trunk
Line,
Series
2020B,
Revenue,
4.00%,
11/15/2038
25,000
25,428
State
of
Michigan
Trunk
Line,
Series
2023,
Revenue,
5.00%,
11/15/2042
10,000
10,786
5.00%,
11/15/2046
20,000
20,908
Wayne
County
Airport
Authority
Detroit
Metropolitan
Wayne
County
Airport,
Series
2021A,
Revenue,
5.00%,
12/1/2046
25,000
25,720
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Michigan
-
1.1%
continued
Wayne
County
Airport
Authority
Detroit
Metropolitan
Wayne
County
Airport,
Series
2023C,
Revenue,
Refunding,
AG
Insured,
5.25%,
12/1/2041
$
15,000
$
16,460
5.25%,
12/1/2042
60,000
65,449
611,679
Minnesota
-
1
.4
%
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
Airport,
Series
2016C,
Revenue,
5.00%,
1/1/2041
35,000
35,312
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
Airport,
Series
2024A,
Revenue,
4.00%,
1/1/2054
40,000
34,957
Minnesota
Municipal
Gas
Agency
Gas
Project,
Series
2026A,
Revenue,
5.00%,
9/1/2035
100,000
103,033
State
of
Minnesota
State
Office
Building
Project,
Series
2023,
Certificate
of
Participation,
5.00%,
11/1/2032
10,000
11,203
5.00%,
11/1/2035
10,000
11,196
5.00%,
11/1/2034
90,000
101,472
5.00%,
11/1/2039
10,000
10,907
State
of
Minnesota
Series
2019A,
G.O.
Unlimited,
5.00%,
8/1/2031
20,000
21,442
5.00%,
8/1/2033
85,000
90,886
5.00%,
8/1/2035
30,000
31,894
State
of
Minnesota
Series
2020A,
G.O.
Unlimited,
5.00%,
8/1/2031
25,000
27,323
5.00%,
8/1/2035
45,000
48,470
State
of
Minnesota
Series
2021A,
G.O.
Unlimited,
5.00%,
9/1/2028
10,000
10,590
State
of
Minnesota
Series
2021B,
G.O.
Unlimited,
5.00%,
9/1/2027
55,000
56,938
State
of
Minnesota
Series
2022A,
G.O.
Unlimited,
5.00%,
8/1/2027
40,000
41,328
State
of
Minnesota
Series
2022B,
G.O.
Unlimited,
5.00%,
8/1/2035
30,000
33,258
State
of
Minnesota
Series
2022D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2031
40,000
44,508
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
152
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Minnesota
-
1.4%
continued
State
of
Minnesota
Series
2023E,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2033
$
10,000
$
11,332
State
of
Minnesota
Series
2024D,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
5,000
5,042
State
of
Minnesota
Series
2025A,
G.O.
Unlimited,
5.00%,
8/1/2030
10,000
10,961
State
of
Minnesota
Series
2022A,
Revenue,
Refunding,
5.00%,
3/1/2029
75,000
79,949
822,001
Mississippi
-
0
.6
%
State
of
Mississippi
Series
2016B,
G.O.
Unlimited,
Pre-Refunded,
5.00%,
12/1/2029
(c)
35,000
35,586
5.00%,
12/1/2032
(c)
55,000
55,920
State
of
Mississippi
Series
2017A,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2026
25,000
25,317
State
of
Mississippi
Series
2018A,
G.O.
Unlimited,
Pre-Refunded,
5.00%,
11/1/2035
(c)
10,000
10,147
5.00%,
11/1/2032
(c)
20,000
20,294
5.00%,
11/1/2034
(c)
25,000
25,367
State
of
Mississippi
Series
2021A,
G.O.
Unlimited,
5.00%,
6/1/2032
80,000
86,865
State
of
Mississippi
Series
2021C,
G.O.
Unlimited,
5.00%,
10/1/2034
40,000
41,925
State
of
Mississippi
Gaming,
Series
2019A,
Revenue,
5.00%,
10/15/2030
45,000
47,111
348,532
Missouri
-
0
.3
%
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
Combined
Lien
Mass
Transit,
Series
2019,
Revenue,
Refunding,
4.00%,
10/1/2034
30,000
30,615
Missouri
Highway
&
Transportation
Commission
State
Road,
Series
2022A,
Revenue,
5.00%,
5/1/2027
30,000
30,801
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Missouri
-
0.3%
continued
Springfield
School
District
No.
R-12
School
Building,
Series
2019,
G.O.
Unlimited,
4.00%,
3/1/2034
$
40,000
$
41,026
Springfield
School
District
No.
R-12
School
Building,
Series
2023,
G.O.
Unlimited,
State
Aid
Direct
Deposit,
5.00%,
3/1/2033
20,000
22,205
St.
Louis
Community
College
District
Series
2024,
Certificate
of
Participation,
4.00%,
4/1/2042
30,000
29,519
154,166
Nebraska
-
0
.9
%
Central
Plains
Energy
Project
Gas
Project
No.
3,
Series
2017A,
Revenue,
Refunding,
5.00%,
9/1/2029
40,000
41,670
5.00%,
9/1/2042
100,000
101,039
Central
Plains
Energy
Project
Gas
Supply,
Series
2025A1,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
8/1/2055
(a)(b)
20,000
21,171
Nebraska
Public
Power
District
Series
2016B,
Revenue,
Refunding,
5.00%,
1/1/2031
30,000
30,050
Omaha
Public
Power
District
Electric,
Series
2023A,
Revenue,
5.25%,
2/1/2048
100,000
105,445
Omaha
Public
Power
District
Electric,
Series
2024C,
Revenue,
5.00%,
2/1/2054
35,000
35,920
Omaha
Public
Power
District
Electric,
Series
2026A,
Revenue,
Refunding,
5.00%,
2/1/2049
100,000
104,439
439,734
Nevada
-
1
.2
%
Clark
County
School
District
Building,
Series
2020A,
G.O.
Limited,
AG
Insured,
5.00%,
6/15/2035
40,000
42,680
Clark
County
School
District
Building,
Series
2023A,
G.O.
Limited,
5.00%,
6/15/2039
30,000
32,221
153
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Nevada
-
1.2%
continued
Clark
County
School
District
Building,
Series
2024A,
G.O.
Limited,
5.00%,
6/15/2037
$
65,000
$
71,423
Clark
County
School
District
Building,
Series
2025A,
G.O.
Limited,
5.00%,
6/15/2037
60,000
66,541
Clark
County
Water
Reclamation
District
Series
2023,
G.O.
Limited,
5.00%,
7/1/2042
10,000
10,815
County
of
Clark
Series
2016B,
G.O.
Limited,
Refunding,
5.00%,
11/1/2029
115,000
116,711
County
of
Clark
Transportation
Improvement,
Series
2018B,
G.O.
Limited,
5.00%,
12/1/2032
75,000
79,188
County
of
Clark
Airport
System,
Series
2019B,
Revenue,
Refunding,
5.00%,
7/1/2042
45,000
46,552
County
of
Clark
Las
Vegas-
McCarran
International
Airport
Passenger
Facility
Charge,
Series
2019E,
Revenue,
Refunding,
5.00%,
7/1/2033
50,000
52,980
County
of
Clark
Highway
Improvement,
Series
2023,
Revenue,
4.00%,
7/1/2043
185,000
183,480
702,591
New
Hampshire
-
0
.2
%
New
Hampshire
Health
and
Education
Facilities
Authority
University
System
of
New
Hampshire,
Series
2015,
Revenue,
Refunding,
5.00%,
7/1/2045
100,000
100,033
New
Hampshire
Municipal
Bond
Bank
Series
2025B,
Revenue,
5.00%,
8/15/2030
15,000
16,413
116,446
New
Jersey
-
1
.3
%
New
Jersey
Economic
Development
Authority
House
Project,
Series
2017B,
Revenue,
5.00%,
6/15/2033
20,000
21,019
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
Jersey
-
1.3%
continued
New
Jersey
Economic
Development
Authority
Transit
Transportation
Project,
Series
2020A,
Revenue,
5.00%,
11/1/2033
$
35,000
$
37,246
5.00%,
11/1/2034
30,000
31,823
New
Jersey
Economic
Development
Authority
School
Facilities
Construction,
Series
2024SSS,
Revenue,
Refunding,
5.25%,
6/15/2038
70,000
78,160
New
Jersey
Educational
Facilities
Authority
Princeton
University,
Series
2021C,
Revenue,
Refunding,
3.00%,
3/1/2034
40,000
38,787
New
Jersey
Educational
Facilities
Authority
Princeton
University,
Series
A2,
Revenue,
Mandatory
Put,
5.00%,
7/1/2064
(a)(b)
80,000
92,167
New
Jersey
Transportation
Trust
Fund
Authority
Fedral
Highway
Reimbursement,
Series
2016A1,
Revenue,
4.10%,
6/15/2031
100,000
100,177
5.00%,
6/15/2029
100,000
100,442
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System,
Series
2018A,
Revenue,
Refunding,
5.00%,
12/15/2032
35,000
36,808
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2019AA,
Revenue,
4.50%,
6/15/2049
70,000
68,314
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
6/15/2032
20,000
22,343
5.00%,
6/15/2035
65,000
73,444
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2024AA,
Revenue,
Refunding,
5.00%,
6/15/2042
35,000
37,727
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
154
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
Jersey
-
1.3%
continued
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program,
Series
2025AA,
Revenue,
5.00%,
6/15/2033
$
10,000
$
11,251
5.00%,
6/15/2037
10,000
11,200
760,908
New
Mexico
-
0
.0
%
(d)
State
of
New
Mexico
Capital
Project,
Series
2025,
G.O.
Unlimited,
5.00%,
3/1/2035
10,000
10,734
New
York
-
11
.1
%
City
of
New
York
Series
2021-2,
G.O.
Limited,
Daily
VRDN
and
Put,
2.90%,
4/1/2042
(a)(b)
300,000
300,000
City
of
New
York
Series
2019D1,
G.O.
Unlimited,
5.00%,
12/1/2041
80,000
82,608
City
of
New
York
Series
2019E,
G.O.
Unlimited,
Refunding,
3.13%,
8/1/2035
60,000
57,304
City
of
New
York
Series
2020B1,
G.O.
Unlimited,
5.00%,
10/1/2038
20,000
20,984
City
of
New
York
Series
2020D1,
G.O.
Unlimited,
5.00%,
3/1/2039
15,000
15,670
City
of
New
York
Series
2021-1,
G.O.
Unlimited,
5.00%,
4/1/2035
15,000
16,186
City
of
New
York
Series
2021F1,
G.O.
Unlimited,
5.00%,
3/1/2037
70,000
74,770
City
of
New
York
Series
2022A1,
G.O.
Unlimited,
5.00%,
8/1/2047
25,000
25,718
City
of
New
York
Series
2023A1,
G.O.
Unlimited,
5.00%,
9/1/2036
20,000
21,738
5.25%,
9/1/2042
25,000
26,786
City
of
New
York
Series
2024A,
G.O.
Unlimited,
5.00%,
8/1/2047
70,000
71,816
City
of
New
York
Series
2024D,
G.O.
Unlimited,
4.00%,
4/1/2050
55,000
48,910
5.00%,
4/1/2038
15,000
16,338
5.25%,
4/1/2047
135,000
141,384
City
of
New
York
Series
2025C1,
G.O.
Unlimited,
5.00%,
9/1/2047
65,000
66,894
City
of
New
York
Series
2025F,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2043
35,000
37,146
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
11.1%
continued
City
of
New
York
Series
2026G,
G.O.
Unlimited,
5.25%,
2/1/2053
$
150,000
$
156,139
County
of
Nassau
Series
2024A,
G.O.
Limited,
5.00%,
4/1/2045
15,000
15,903
Empire
State
Development
Corp.
Personal
Income
Tax,
Series
2017C,
Revenue,
Refunding,
5.00%,
3/15/2042
275,000
279,645
Empire
State
Development
Corp.
Personal
Income
Tax,
Series
2020A,
Revenue,
5.00%,
3/15/2041
95,000
100,192
Empire
State
Development
Corp.
Sales
Tax,
Series
2023A,
Revenue,
5.00%,
3/15/2040
15,000
16,326
Empire
State
Development
Corp.
Personal
Income
Tax,
Series
2023A,
Revenue,
Refunding,
5.00%,
3/15/2041
10,000
10,800
Empire
State
Development
Corp.
Sales
Tax,
Series
2024A,
Revenue,
5.00%,
3/15/2050
100,000
103,089
Erie
County
Fiscal
Stability
Authority
Sales
Tax,
Series
2017D,
Revenue,
5.00%,
9/1/2039
90,000
92,011
Long
Island
Power
Authority
Electric
System,
Series
2020A,
Revenue,
Refunding,
4.00%,
9/1/2039
105,000
105,952
5.00%,
9/1/2038
40,000
42,428
Metropolitan
Transportation
Authority
Series
2022A,
Revenue,
4.00%,
11/15/2051
10,000
8,807
5.00%,
11/15/2045
10,000
10,407
Metropolitan
Transportation
Authority
Series
2024B1,
Revenue,
Refunding,
5.00%,
11/15/2051
15,000
15,376
5.00%,
11/15/2050
65,000
66,880
5.00%,
11/15/2052
25,000
25,578
Metropolitan
Transportation
Authority
Series
2025A,
Revenue,
Refunding,
5.00%,
11/15/2036
15,000
16,707
Metropolitan
Transportation
Authority
Series
B1,
Revenue,
5.00%,
11/15/2056
15,000
15,042
155
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
11.1%
continued
Metropolitan
Transportation
Authority
Series
2024A,
Special
Tax,
5.00%,
11/15/2049
$
100,000
$
103,361
Monroe
County
Industrial
Development
Corp.
University
of
Rochester
Project,
Series
2020A,
Revenue,
4.00%,
7/1/2050
180,000
160,420
Nassau
County
Interim
Finance
Authority
Sales
Tax,
Series
2021A,
Revenue,
Refunding,
4.00%,
11/15/2032
35,000
37,022
New
York
City
Educational
Construction
Fund
Series
2021B,
Revenue,
State
Aid
Intercept,
5.00%,
4/1/2052
75,000
75,563
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2013BB,
Revenue,
3.25%,
6/15/2047
110,000
86,088
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2019FF2,
Revenue,
Refunding,
5.00%,
6/15/2040
55,000
57,463
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2023CC,
Revenue,
Barclays
Bank
plc,
Daily
VRDN
and
Put,
2.85%,
6/15/2053
(a)(b)
350,000
350,000
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2024BB2,
Revenue,
Refunding,
5.25%,
6/15/2047
25,000
26,437
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
2026AA2,
Revenue,
Refunding,
5.00%,
6/15/2044
75,000
80,607
5.00%,
6/15/2050
75,000
77,695
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
System,
Series
BB1,
Revenue,
5.00%,
6/15/2045
20,000
20,265
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
11.1%
continued
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2017E1,
Revenue,
5.00%,
2/1/2039
$
50,000
$
50,626
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2019C1,
Revenue,
5.00%,
11/1/2039
15,000
15,604
New
York
City
Transitional
Finance
Authority
Building
Aid,
Series
2019S3A,
Revenue,
Refunding,
State
Aid
Withholding,
5.00%,
7/15/2034
85,000
88,880
New
York
City
Transitional
Finance
Authority
Building
Aid,
Series
2020S1B,
Revenue,
State
Aid
Withholding,
4.00%,
7/15/2044
45,000
43,147
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2022A1,
Revenue,
Refunding,
5.00%,
11/1/2033
10,000
10,956
5.00%,
11/1/2034
10,000
10,905
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2022D1,
Revenue,
Refunding,
5.00%,
11/1/2033
50,000
55,068
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2022F1,
Revenue,
5.00%,
2/1/2044
85,000
88,376
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2023B1,
Revenue,
Refunding,
5.25%,
11/1/2037
45,000
49,433
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2023D1,
Revenue,
5.25%,
11/1/2041
10,000
10,794
5.25%,
11/1/2048
75,000
77,934
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024F1,
Revenue,
4.25%,
2/1/2054
100,000
92,400
5.00%,
2/1/2048
50,000
51,372
5.00%,
2/1/2049
90,000
92,308
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
156
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
11.1%
continued
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2024G1,
Revenue,
5.00%,
5/1/2052
$
65,000
$
66,511
5.25%,
5/1/2048
80,000
83,895
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025C1,
Revenue,
5.00%,
5/1/2041
70,000
75,783
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2025D,
Revenue,
5.00%,
5/1/2038
10,000
11,012
5.00%,
5/1/2049
30,000
30,829
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2026A1,
Revenue,
5.50%,
5/1/2050
50,000
53,585
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured,
Series
2026B,
Revenue,
5.00%,
5/1/2045
15,000
15,846
New
York
Liberty
Development
Corp.
Goldman
Sachs
Headquarters
LLC,
Series
2005,
Revenue,
Refunding,
5.25%,
10/1/2035
25,000
28,406
New
York
State
Dormitory
Authority
The
New
School
Project,
Series
2016A,
Revenue,
Refunding,
3.25%,
7/1/2034
35,000
33,288
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2017A,
Revenue,
5.00%,
3/15/2038
115,000
116,758
5.00%,
3/15/2042
30,000
30,392
5.00%,
3/15/2043
30,000
30,362
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2018A,
Revenue,
5.00%,
3/15/2044
75,000
76,709
New
York
State
Dormitory
Authority
New
York
University,
Series
2019A,
Revenue,
5.00%,
7/1/2030
15,000
16,098
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2019A,
Revenue,
Refunding,
5.00%,
3/15/2041
25,000
26,050
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
11.1%
continued
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2023A,
Revenue,
Refunding,
5.00%,
3/15/2034
$
10,000
$
11,262
5.00%,
3/15/2037
15,000
16,434
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2024A,
Revenue,
5.00%,
3/15/2049
60,000
62,087
5.00%,
3/15/2051
15,000
15,438
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2024B,
Revenue,
Refunding,
5.00%,
3/15/2054
20,000
20,497
New
York
State
Dormitory
Authority
Sales
Tax,
Series
2025A,
Revenue,
Refunding,
5.00%,
3/15/2044
15,000
16,027
5.00%,
3/15/2055
85,000
87,131
New
York
State
Dormitory
Authority
Personal
Income
Tax,
Series
2025C,
Revenue,
Refunding,
5.25%,
3/15/2047
15,000
15,980
New
York
State
Environmental
Facilities
Corp.
2010
Master
Financing
Program,
Series
2022B,
Revenue,
5.00%,
9/15/2042
20,000
21,546
New
York
State
Environmental
Facilities
Corp.
Municipal
Water
Finance
Authority
Projects,
Series
2024A,
Revenue,
Refunding,
5.00%,
6/15/2037
50,000
56,306
5.00%,
6/15/2038
35,000
39,167
5.00%,
6/15/2049
25,000
26,194
New
York
State
Thruway
Authority
Personal
Income
Tax,
Series
2025A,
Revenue,
5.00%,
3/15/2039
10,000
11,169
5.00%,
3/15/2049
265,000
274,236
New
York
State
Thruway
Authority
Personal
Income
Tax,
Series
P,
Revenue,
Refunding,
5.00%,
1/1/2049
10,000
10,434
Onondaga
County
Trust
for
Cultural
Resources
Syracuse
University
Project,
Series
2019,
Revenue,
Refunding,
5.00%,
12/1/2045
60,000
62,018
157
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
11.1%
continued
Port
Authority
of
New
York
&
New
Jersey
Series
214,
Revenue,
Refunding,
5.00%,
7/15/2042
$
35,000
$
37,996
Port
Authority
of
New
York
&
New
Jersey
Series
241,
Revenue,
5.00%,
7/15/2042
10,000
10,856
Port
Authority
of
New
York
&
New
Jersey
Series
245,
Revenue,
Refunding,
5.00%,
9/1/2054
100,000
103,455
State
of
New
York
Series
2023A,
G.O.
Unlimited,
5.00%,
3/15/2037
55,000
61,400
Town
of
Hempstead
Series
2025A,
G.O.
Limited,
4.00%,
6/1/2039
75,000
76,861
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2021A1,
Revenue,
Refunding,
5.00%,
5/15/2051
100,000
101,965
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2022A,
Revenue,
Refunding,
5.00%,
5/15/2052
90,000
95,875
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2023C,
Revenue,
Refunding,
5.00%,
11/15/2038
70,000
77,366
5.25%,
11/15/2039
25,000
27,953
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2024A1,
Revenue,
5.00%,
11/15/2043
10,000
10,773
5.25%,
11/15/2051
75,000
78,537
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2024B1,
Revenue,
Refunding,
5.25%,
5/15/2054
100,000
104,233
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2024C,
Revenue,
Refunding,
5.00%,
11/15/2037
10,000
11,222
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2025A,
Revenue,
5.00%,
12/1/2039
10,000
11,082
5.25%,
12/1/2054
20,000
20,818
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
New
York
-
11.1%
continued
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2025A1,
Revenue,
5.00%,
11/15/2046
$
25,000
$
26,293
Triborough
Bridge
&
Tunnel
Authority
MTA
Bridges
and
Tunnel,
Series
2025A2,
Revenue,
Refunding,
5.00%,
11/15/2043
10,000
10,790
6,227,183
North
Carolina
-
1
.0
%
City
of
Charlotte
Series
2019A,
G.O.
Unlimited,
Refunding,
5.00%,
6/1/2026
15,000
15,059
City
of
Charlotte
Series
2023B,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2028
25,000
26,375
City
of
Charlotte
Water
&
Sewer
System,
Series
2020,
Revenue,
Refunding,
5.00%,
7/1/2030
10,000
10,952
City
of
Charlotte
Water
&
Sewer
System,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2030
15,000
16,427
City
of
Raleigh
Combined
Enterprise
System,
Series
2023,
Revenue,
Refunding,
5.00%,
9/1/2029
20,000
21,596
County
of
Guilford
Series
2024,
G.O.
Unlimited,
5.00%,
3/1/2032
20,000
22,463
County
of
Mecklenburg
Public
Improvement,
Series
2017A,
G.O.
Unlimited,
3.00%,
4/1/2037
70,000
64,731
County
of
Mecklenburg
School,
Series
2021,
G.O.
Unlimited,
5.00%,
3/1/2031
20,000
22,139
5.00%,
3/1/2029
50,000
53,476
County
of
Wake
Series
2021,
Revenue,
3.00%,
3/1/2036
45,000
42,224
North
Carolina
Municipal
Power
Agency
No.
1
Catawba
Electric,
Series
2015A,
Revenue,
Refunding,
5.00%,
1/1/2028
30,000
30,206
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
158
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
North
Carolina
-
1.0%
continued
State
of
North
Carolina
Garvee,
Series
2019,
Revenue,
5.00%,
3/1/2029
$
70,000
$
74,721
5.00%,
3/1/2033
80,000
84,374
State
of
North
Carolina
Build
NC,
Series
2020B,
Revenue,
3.00%,
5/1/2033
40,000
38,528
State
of
North
Carolina
Garvee,
Series
2021,
Revenue,
4.00%,
3/1/2034
50,000
51,650
5.00%,
3/1/2032
10,000
10,940
State
of
North
Carolina
Build
NC,
Series
2022A,
Revenue,
5.00%,
5/1/2033
15,000
16,709
State
of
North
Carolina
Build
NC,
Series
2025A,
Revenue,
5.00%,
5/1/2027
35,000
35,946
638,516
Ohio
-
4
.1
%
City
of
Columbus
Various
Purpose,
Series
2023A,
G.O.
Unlimited,
5.00%,
8/15/2030
10,000
10,954
County
of
Cuyahoga
Convention
Hotel
Project,
Series
2024,
Certificate
of
Participation,
Refunding,
4.00%,
12/1/2044
35,000
32,468
County
of
Hamilton
TriHealth,
Inc.
Obligated
Group
Project,
Series
2021B,
Revenue,
Refunding,
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
2.80%,
8/15/2051
(a)(b)
1,495,000
1,495,000
JobsOhio
Beverage
System
Series
2025A,
Revenue,
Refunding,
5.00%,
1/1/2053
85,000
87,274
Ohio
Higher
Educational
Facility
Commission
Case
Western
Reserve
University,
Series
2016,
Revenue,
Refunding,
3.25%,
12/1/2035
75,000
72,342
Ohio
State
University
(The)
Multiyear
Debt
Issuance
Program
II,
Series
2021A,
Revenue,
5.00%,
12/1/2031
10,000
11,126
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Ohio
-
4.1%
continued
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2019A,
Revenue,
5.00%,
6/1/2028
$
25,000
$
26,315
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2020B,
Revenue,
5.00%,
6/1/2029
20,000
21,480
Ohio
Water
Development
Authority
Drinking
Water
Assistance,
Series
2022A,
Revenue,
5.00%,
12/1/2042
10,000
10,715
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2023B,
Revenue,
5.00%,
12/1/2043
10,000
10,703
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2023C,
Revenue,
5.00%,
6/1/2030
15,000
16,391
Ohio
Water
Development
Authority
Drinking
Water
Assistance,
Series
2024A,
Revenue,
5.00%,
12/1/2043
10,000
10,787
Ohio
Water
Development
Authority
Water
Pollution
Control,
Series
2024D,
Revenue,
5.00%,
12/1/2037
95,000
106,631
State
of
Ohio
Higher
Education,
Series
2025B,
G.O.
Limited,
Refunding,
5.00%,
11/1/2029
15,000
16,229
State
of
Ohio
Common
School,
Series
2019A,
G.O.
Unlimited,
5.00%,
6/15/2030
10,000
10,925
State
of
Ohio
Common
School,
Series
2021A,
G.O.
Unlimited,
5.00%,
6/15/2028
15,000
15,806
State
of
Ohio
Infrastructure
Improvement,
Series
2022A,
G.O.
Unlimited,
5.00%,
3/1/2041
10,000
10,808
State
of
Ohio
Infrastructure
Improvement,
Series
2023A,
G.O.
Unlimited,
Refunding,
5.00%,
3/15/2031
50,000
55,249
5.00%,
9/1/2034
60,000
67,808
159
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Ohio
-
4.1%
continued
State
of
Ohio
Higher
Education,
Series
2025C,
G.O.
Unlimited,
5.00%,
11/1/2030
$
100,000
$
109,897
5.00%,
11/1/2045
15,000
16,003
State
of
Ohio
Highway
Capital
Improvement,
Series
V,
G.O.
Unlimited,
5.00%,
5/1/2032
50,000
52,245
State
of
Ohio
Major
New
Infrastructure
Project,
Series
2018-1,
Revenue,
5.00%,
12/15/2028
35,000
35,173
State
of
Ohio
Major
New
Infrastructure
Project,
Series
2022-1,
Revenue,
5.00%,
12/15/2033
55,000
59,934
State
of
Ohio
Administrative
Building
Fund
Project,
Series
2025B,
Revenue,
5.00%,
10/1/2045
5,000
5,317
2,367,580
Oklahoma
-
1
.0
%
Canadian
County
Educational
Facilities
Authority
Mustang
Public
Schools
Project,
Series
2023A,
Revenue,
5.25%,
9/1/2034
50,000
56,050
Grand
River
Dam
Authority
Series
2016A,
Revenue,
Refunding,
5.00%,
6/1/2032
10,000
10,140
Oklahoma
Capitol
Improvement
Authority
State
Facilities,
Series
2024A,
Revenue,
Refunding,
5.00%,
7/1/2027
25,000
25,761
Oklahoma
Capitol
Improvement
Authority
Department
of
Transportation,
Series
2025A,
Revenue,
5.25%,
7/1/2055
75,000
78,403
Oklahoma
Industries
Authority
Oklahoma
City
Public
Schools
Project,
Series
2024,
Revenue,
5.00%,
4/1/2030
40,000
43,230
5.00%,
4/1/2027
35,000
35,830
Oklahoma
State
University
Agricultural
&
Mechanical
Colleges
University,
Series
2020A,
Revenue,
Refunding,
5.00%,
9/1/2031
15,000
16,344
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Oklahoma
-
1.0%
continued
Oklahoma
Turnpike
Authority
Turnpike
System,
Series
2017C,
Revenue,
5.00%,
1/1/2035
$
95,000
$
96,279
5.00%,
1/1/2036
25,000
25,330
Oklahoma
Turnpike
Authority
Turnpike
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
1/1/2027
50,000
50,925
Oklahoma
Turnpike
Authority
Turnpike
System,
Series
2025A,
Revenue,
5.00%,
1/1/2040
85,000
93,122
5.00%,
1/1/2039
10,000
11,012
Oklahoma
Water
Resources
Board
Clean
Water,
Series
2025A,
Revenue,
5.25%,
4/1/2050
70,000
73,802
University
of
Oklahoma
(The)
Series
2024A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
7/1/2049
25,000
25,672
641,900
Oregon
-
0
.6
%
City
of
Portland
Sewer
System,
Series
2018A,
Revenue,
4.50%,
5/1/2030
10,000
10,013
City
of
Portland
Sewer
System,
Series
2019A,
Revenue,
Refunding,
5.00%,
3/1/2031
20,000
21,516
Multnomah
County
School
District
No.
1J
Portland,
Series
2020B,
G.O.
Unlimited,
School
Bond
Guaranty,
3.00%,
6/15/2033
40,000
38,590
Oregon
State
Lottery
Series
2022A,
Revenue,
5.00%,
4/1/2041
50,000
53,323
Oregon
State
Lottery
Series
2025A,
Revenue,
Refunding,
5.00%,
4/1/2030
10,000
10,903
5.00%,
4/1/2039
10,000
11,118
Portland
Community
College
District
Series
2023,
G.O.
Unlimited,
5.00%,
6/15/2035
15,000
16,756
State
of
Oregon
Article
XI-Q
State
Project,
Series
2019A,
G.O.
Unlimited,
5.00%,
5/1/2031
10,000
10,673
State
of
Oregon
Article
XI-Q
State
Project,
Series
2021A,
G.O.
Unlimited,
5.00%,
5/1/2030
30,000
32,766
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
160
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Oregon
-
0.6%
continued
5.00%,
5/1/2034
$
20,000
$
21,851
State
of
Oregon
Article
XI-Q
State
Project,
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2031
20,000
22,164
State
of
Oregon
Article
XI-M,
XI-N,
XI-P
State
Project,
Series
2025C,
G.O.
Unlimited,
5.25%,
6/1/2045
10,000
10,922
State
of
Oregon
Department
of
Transportation,
Series
2020A,
Revenue,
5.00%,
11/15/2039
50,000
53,125
State
of
Oregon
Department
of
Transportation,
Series
2022A,
Revenue,
5.00%,
11/15/2041
20,000
21,667
State
of
Oregon
Department
of
Transportation,
Series
2023A,
Revenue,
5.00%,
11/15/2041
10,000
10,814
Tri-County
Metropolitan
Transportation
District
of
Oregon
Garvee,
Series
2018A,
Revenue,
5.00%,
10/1/2028
10,000
10,429
356,630
Pennsylvania
-
3
.5
%
Allegheny
County
Sanitary
Authority
Sewer,
Series
2020A,
Revenue,
Refunding,
5.00%,
6/1/2026
5,000
5,020
Allegheny
County
Sanitary
Authority
Sewer,
Series
2025,
Revenue,
Refunding,
5.00%,
12/1/2050
70,000
72,071
City
of
Philadelphia
Series
2019A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2026
10,000
10,078
City
of
Philadelphia
Series
2025A,
G.O.
Unlimited,
5.00%,
8/1/2039
10,000
11,028
City
of
Philadelphia
Water
&
Wastewater,
Series
2019B,
Revenue,
5.00%,
11/1/2049
15,000
15,285
City
of
Philadelphia
Water
&
Wastewater,
Series
2020A,
Revenue,
Refunding,
5.00%,
11/1/2040
20,000
21,113
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Pennsylvania
-
3.5%
continued
City
of
Philadelphia
Water
&
Wastewater,
Series
2023B,
Revenue,
Refunding,
AG
Insured,
5.00%,
9/1/2043
$
45,000
$
48,193
City
of
Philadelphia
Water
&
Wastewater,
Series
2024C,
Revenue,
AG
Insured,
5.00%,
9/1/2038
15,000
16,658
Commonwealth
of
Pennsylvania
Series
2016-
2,
G.O.
Unlimited,
5.00%,
9/15/2026
80,000
80,905
Commonwealth
of
Pennsylvania
Series
2022-
1,
G.O.
Unlimited,
5.00%,
10/1/2034
15,000
16,648
County
of
Allegheny
Series
C-75,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2027
55,000
55,723
Delaware
Valley
Regional
Finance
Authority
Series
2002,
Revenue,
5.75%,
7/1/2032
40,000
45,923
Delaware
Valley
Regional
Finance
Authority
Series
2023A,
Revenue,
Refunding,
4.00%,
3/1/2034
75,000
77,902
Montgomery
County
Industrial
Development
Authority
Constellation
Energy
Generation
LLC,
Series
2023B,
Revenue,
Refunding,
4.10%,
6/1/2029
25,000
25,732
Pennsylvania
Higher
Educational
Facilities
Authority
System,
Series
AT1,
Revenue,
3.00%,
6/15/2045
35,000
26,864
Pennsylvania
Turnpike
Commission
Motor
Licence
Fund
Enhanced,
Series
2016,
Revenue,
Refunding,
5.00%,
12/1/2030
75,000
76,085
Pennsylvania
Turnpike
Commission
Motor
Licence
Fund
Enhanced,
Series
2017,
Revenue,
Refunding,
4.00%,
12/1/2037
110,000
110,557
5.00%,
12/1/2029
50,000
51,875
5.00%,
12/1/2035
100,000
102,844
5.00%,
12/1/2041
70,000
71,522
161
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Pennsylvania
-
3.5%
continued
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2017-3,
Revenue,
Refunding,
5.00%,
12/1/2040
$
100,000
$
102,197
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax,
Series
2018B,
Revenue,
5.00%,
12/1/2048
50,000
50,769
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2019A,
Revenue,
5.00%,
12/1/2038
10,000
10,513
5.00%,
12/1/2038
20,000
20,977
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2021B,
Revenue,
5.00%,
12/1/2032
10,000
11,075
5.00%,
12/1/2035
25,000
27,160
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2021B,
Revenue,
Refunding,
5.00%,
12/1/2033
10,000
10,924
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax,
Series
2022B,
Revenue,
5.00%,
12/1/2053
100,000
102,433
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2022B,
Revenue,
Refunding,
5.25%,
12/1/2041
75,000
81,654
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2023-1,
Revenue,
Refunding,
5.00%,
12/1/2034
10,000
11,214
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2023A,
Revenue,
Refunding,
4.25%,
12/1/2044
70,000
69,999
5.00%,
12/1/2053
75,000
76,801
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2024,
Revenue,
Refunding,
5.00%,
12/1/2040
50,000
54,677
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2024C,
Revenue,
5.00%,
12/1/2047
40,000
41,893
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Pennsylvania
-
3.5%
continued
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025-1,
Revenue,
Refunding,
5.00%,
12/1/2038
$
15,000
$
16,639
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025-2,
Revenue,
Refunding,
5.00%,
12/1/2045
15,000
15,966
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025-3,
Revenue,
Refunding,
Mandatory
Put,
5.00%,
12/1/2045
(a)(b)
40,000
44,363
Pennsylvania
Turnpike
Commission
Turnpike,
Series
2025A,
Revenue,
5.00%,
12/1/2043
10,000
10,822
Pennsylvania
Turnpike
Commission
Turnpike,
Series
A1,
Revenue,
5.00%,
12/1/2033
15,000
15,483
Pennsylvania
Turnpike
Commission
Turnpike,
Series
B2,
Revenue,
Refunding,
AG
Insured,
5.00%,
6/1/2033
40,000
40,922
Philadelphia
Gas
Works
Co.
1998
General
Ordinance,
Series
17A,
Revenue,
AG
Insured,
5.25%,
8/1/2054
25,000
25,986
Philadelphia
Gas
Works
Co.
1998
General
Ordinance,
Series
17-A,
Revenue,
5.00%,
8/1/2044
10,000
10,540
Philadelphia
Gas
Works
Co.
1998
General
Ordinance,
Series
17-A,
Revenue,
AG
Insured,
5.25%,
8/1/2041
35,000
38,975
School
District
of
Philadelphia
(The)
Series
2021A,
G.O.
Limited,
State
Aid
Withholding,
5.00%,
9/1/2032
55,000
60,268
School
District
of
Philadelphia
(The)
Series
F,
G.O.
Limited,
Refunding,
State
Aid
Withholding,
5.00%,
9/1/2032
15,000
15,128
Southeastern
Pennsylvania
Transportation
Authority
Asset
Improvement
Program,
Series
2022,
Revenue,
5.25%,
6/1/2040
75,000
80,992
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
162
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Pennsylvania
-
3.5%
continued
Sports
&
Exhibition
Authority
of
Pittsburgh
&
Allegheny
County
Hotel
Room
Excise
Tax,
Series
2022A,
Revenue,
Refunding,
AG
Insured,
5.00%,
2/1/2033
$
20,000
$
21,927
5.00%,
2/1/2035
15,000
16,294
Westmoreland
County
Municipal
Authority
Series
2025A,
Revenue,
Refunding,
BAM
Insured,
5.00%,
8/15/2039
75,000
82,037
2,110,654
Rhode
Island
-
0
.7
%
Rhode
Island
Commerce
Corp.
Garvee,
Series
2016B,
Revenue,
5.00%,
6/15/2029
80,000
80,351
Rhode
Island
Commerce
Corp.
Rhode
Island
Department
of
Transportation,
Series
2020A,
Revenue,
5.00%,
5/15/2032
55,000
59,009
5.00%,
5/15/2033
50,000
53,414
Rhode
Island
Health
and
Educational
Building
Corp.
Providence
College,
Series
2023,
Revenue,
5.00%,
11/1/2047
90,000
92,742
State
of
Rhode
Island
Series
2022A,
G.O.
Unlimited,
4.13%,
8/1/2042
75,000
74,395
5.00%,
8/1/2034
40,000
44,416
404,327
South
Carolina
-
0
.5
%
Horry
County
School
District
Series
2024,
G.O.
Unlimited,
State
School
District
Credit
Enhancement
Program,
5.00%,
3/1/2030
25,000
27,189
5.00%,
3/1/2027
40,000
40,929
Richland
County
School
District
No.
2
Series
2023A,
G.O.
Unlimited,
State
School
District
Credit
Enhancement
Program,
5.00%,
3/1/2035
10,000
11,017
South
Carolina
Public
Service
Authority
Series
2014C,
Revenue,
Refunding,
4.00%,
12/1/2045
80,000
74,157
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
South
Carolina
-
0.5%
continued
South
Carolina
Public
Service
Authority
Series
2022A,
Revenue,
Refunding,
5.00%,
12/1/2044
$
85,000
$
88,656
South
Carolina
Public
Service
Authority
Series
2022E,
Revenue,
5.50%,
12/1/2041
10,000
10,978
South
Carolina
Public
Service
Authority
Series
2025A,
Revenue,
5.00%,
12/1/2041
15,000
16,209
South
Carolina
Transportation
Infrastructure
Bank
Series
2017A,
Revenue,
Refunding,
5.00%,
10/1/2038
15,000
15,322
5.00%,
10/1/2036
20,000
20,486
South
Carolina
Transportation
Infrastructure
Bank
Series
2021B,
Revenue,
Refunding,
5.00%,
10/1/2031
20,000
22,265
327,208
South
Dakota
-
0
.3
%
South
Dakota
Conservancy
District
State
Revolving
Fund,
Series
2025A,
Revenue,
Refunding,
5.00%,
8/1/2055
140,000
144,431
Tennessee
-
1
.5
%
City
of
Chattanooga
Electric
System,
Series
2023,
Revenue,
5.00%,
9/1/2041
55,000
58,195
City
of
Memphis
General
Improvement,
Series
2018,
G.O.
Unlimited,
3.55%,
6/1/2038
115,000
108,887
4.00%,
6/1/2046
45,000
41,653
County
of
Hamilton
Series
2018A,
G.O.
Unlimited,
5.00%,
4/1/2028
15,000
15,736
County
of
Shelby
Public
Improvement
&
School,
Series
2020B,
G.O.
Unlimited,
4.00%,
4/1/2039
75,000
75,472
County
of
Shelby
Public
Improvement
&
School,
Series
2025A,
G.O.
Unlimited,
5.00%,
4/1/2035
15,000
16,969
5.00%,
4/1/2039
55,000
60,276
163
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Tennessee
-
1.5%
continued
Metropolitan
Government
of
Nashville
&
Davidson
County
Series
2024B,
G.O.
Unlimited,
5.00%,
1/1/2035
$
20,000
$
22,567
Metropolitan
Government
of
Nashville
&
Davidson
County
Electric,
Series
2024A,
Revenue,
5.00%,
5/15/2039
50,000
55,110
Metropolitan
Knoxville
Airport
Authority
Airport,
Series
2024A,
Revenue,
5.25%,
6/1/2054
60,000
61,684
State
of
Tennessee
Series
2023A,
G.O.
Unlimited,
5.00%,
5/1/2042
30,000
32,418
5.00%,
5/1/2043
15,000
16,126
5.00%,
5/1/2027
20,000
20,549
5.00%,
5/1/2033
20,000
22,754
Tennessee
State
School
Bond
Authority
Higher
Education
Facilities
Second
Program,
Series
2022A,
Revenue,
State
Aid
Intercept,
5.00%,
11/1/2041
75,000
80,805
5.00%,
11/1/2042
20,000
21,427
5.00%,
11/1/2052
10,000
10,269
The
Health
&
Educational
Facilities
Board
of
The
Metropolitan
Government
of
Nashville
&
Davidson
County
Vanderbilt
University
(The),
Series
2024,
Revenue,
Refunding,
5.00%,
10/1/2054
45,000
46,695
The
Sports
Authority
of
The
Metropolitan
Government
of
Nashville
&
Davidson
County
Stadium
Project,
Series
2023A,
Revenue,
AG
Insured,
5.25%,
7/1/2053
40,000
41,324
5.25%,
7/1/2048
10,000
10,498
819,414
Texas
-
17
.5
%
Alamo
Community
College
District
Series
2017,
G.O.
Limited,
Refunding,
5.00%,
8/15/2027
15,000
15,508
Aldine
Independent
School
District
Series
2017A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2030
35,000
35,674
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Aldine
Independent
School
District
Series
2024A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2038
$
100,000
$
109,748
Aldine
Independent
School
District
Series
2024B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2041
50,000
53,933
Alvin
Independent
School
District
Series
2019,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
3.38%,
2/15/2040
95,000
87,078
Austin
Independent
School
District
School
Building,
Series
2019,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2028
10,000
10,555
5.00%,
8/1/2031
70,000
73,393
Austin
Independent
School
District
School
Building,
Series
2021,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2029
25,000
26,903
Austin
Independent
School
District
School
Building,
Series
2023,
G.O.
Unlimited,
5.00%,
8/1/2042
15,000
16,014
Austin
Independent
School
District
School
Building,
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2031
20,000
22,172
5.00%,
8/1/2029
10,000
10,761
5.00%,
8/1/2041
50,000
53,549
Board
of
Regents
of
the
University
of
Texas
System
Series
2019A,
Revenue,
Refunding,
5.00%,
8/15/2031
15,000
16,053
Board
of
Regents
of
the
University
of
Texas
System
Series
2019B,
Revenue,
5.00%,
8/15/2049
100,000
108,054
Board
of
Regents
of
the
University
of
Texas
System
Series
2024A,
Revenue,
Refunding,
5.00%,
8/15/2028
20,000
21,132
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
164
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Board
of
Regents
of
the
University
of
Texas
System
Series
2025B,
Revenue,
5.00%,
8/15/2028
$
10,000
$
10,566
Celina
Independent
School
District
Series
2025A,
G.O.
Unlimited,
PSF
Guaranty,
5.25%,
2/15/2055
25,000
26,158
City
of
Austin
Public
Improvement,
Series
2023,
G.O.
Limited,
Refunding,
5.00%,
9/1/2028
60,000
63,341
City
of
Austin
Public
Improvement,
Series
2024,
G.O.
Limited,
Refunding,
5.00%,
9/1/2041
45,000
48,995
City
of
Austin
Public
Improvement,
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
9/1/2031
30,000
33,265
City
of
Austin
Water
&
Wastewater
System,
Series
2017,
Revenue,
5.00%,
11/15/2027
75,000
77,927
5.00%,
11/15/2028
60,000
62,262
City
of
Austin
Water
&
Wastewater
System,
Series
2017,
Revenue,
Pre-Refunded,
5.00%,
11/15/2028
(c)
5,000
5,180
City
of
Austin
Water
&
Wastewater
System,
Series
2022,
Revenue,
Refunding,
5.00%,
11/15/2026
115,000
116,757
City
of
Austin
Water
&
Wastewater
System,
Series
2024,
Revenue,
Refunding,
5.00%,
11/15/2026
20,000
20,306
5.00%,
11/15/2029
15,000
16,188
5.00%,
11/15/2031
20,000
22,200
5.00%,
11/15/2049
35,000
36,275
City
of
Corpus
Christi
Utility
System,
Series
2024,
Revenue,
Refunding,
5.00%,
7/15/2030
10,000
10,778
5.00%,
7/15/2049
55,000
55,816
City
of
Dallas
Series
2017,
G.O.
Limited,
Refunding,
5.00%,
2/15/2031
100,000
101,875
City
of
Dallas
Series
2019A,
G.O.
Limited,
Refunding,
5.00%,
2/15/2030
45,000
47,811
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
5.00%,
2/15/2029
$
25,000
$
26,627
City
of
Dallas
Series
2023A,
G.O.
Limited,
Refunding,
5.00%,
2/15/2029
10,000
10,651
5.00%,
2/15/2039
70,000
75,661
City
of
Dallas
Series
2024B,
G.O.
Limited,
5.00%,
2/15/2028
15,000
15,674
5.00%,
2/15/2030
20,000
21,662
City
of
Dallas
Series
2024C,
G.O.
Limited,
Refunding,
5.00%,
2/15/2027
110,000
112,354
5.00%,
2/15/2034
45,000
50,785
City
of
Dallas
Series
2025,
G.O.
Limited,
5.00%,
2/15/2027
25,000
25,535
City
of
Dallas
Waterworks
&
Sewer
System,
Series
2016A,
Revenue,
Refunding,
5.00%,
10/1/2032
45,000
45,487
City
of
Dallas
Waterworks
&
Sewer
System,
Series
2020C,
Revenue,
Refunding,
5.00%,
10/1/2033
50,000
53,919
5.00%,
10/1/2032
45,000
48,761
City
of
Denton
Utility
System,
Series
2017,
Revenue,
5.00%,
12/1/2029
10,000
10,152
5.00%,
12/1/2030
10,000
10,146
5.00%,
12/1/2027
15,000
15,230
5.00%,
12/1/2028
80,000
81,260
5.00%,
12/1/2031
75,000
76,062
City
of
Fort
Worth
Water
&
Sewer
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
2/15/2027
45,000
45,987
City
of
Garland
Electric
Utility
System,
Series
2019A,
Revenue,
Refunding,
5.00%,
3/1/2030
15,000
16,148
City
of
Houston
Public
Improvement,
Series
2017A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2028
45,000
45,965
5.00%,
3/1/2030
60,000
61,170
5.00%,
3/1/2031
20,000
20,375
City
of
Houston
Public
Improvement,
Series
2019A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2031
25,000
26,451
165
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
City
of
Houston
Public
Improvement,
Series
2021A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2028
$
20,000
$
20,905
City
of
Houston
Public
Improvement,
Series
2024A,
G.O.
Limited,
Refunding,
5.25%,
3/1/2049
25,000
26,253
City
of
Houston
Combined
Utility
System,
Series
2002C,
Revenue,
Refunding,
5.00%,
11/15/2027
50,000
51,927
City
of
Houston
Combined
Utility
System,
Series
2016B,
Revenue,
Refunding,
5.00%,
11/15/2027
45,000
45,659
City
of
Houston
Combined
Utility
System,
Series
2017B,
Revenue,
Refunding,
5.00%,
11/15/2028
10,000
10,367
City
of
Houston
Airport
System,
Series
2018B,
Revenue,
Refunding,
5.00%,
7/1/2028
10,000
10,513
City
of
Houston
Airport
System,
Series
2018D,
Revenue,
Refunding,
5.00%,
7/1/2028
60,000
63,081
5.00%,
11/15/2028
10,000
10,586
City
of
Houston
Airport
System,
Series
2023B,
Revenue,
Refunding,
AG
Insured,
5.00%,
7/1/2028
10,000
10,509
City
of
Houston
Combined
Utility
System,
Series
2024A,
Revenue,
Refunding,
5.25%,
11/15/2054
25,000
26,455
City
of
San
Antonio
General
Improvement,
Series
2019,
G.O.
Limited,
Refunding,
5.00%,
8/1/2031
10,000
10,668
5.00%,
8/1/2030
60,000
64,168
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2017,
Revenue,
Refunding,
5.00%,
2/1/2042
10,000
10,161
City
of
San
Antonio
Water
System,
Series
2020A,
Revenue,
Refunding,
5.00%,
5/15/2030
75,000
81,515
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
5.00%,
5/15/2028
$
10,000
$
10,492
5.00%,
5/15/2031
60,000
65,015
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2021A,
Revenue,
Refunding,
5.00%,
2/1/2040
30,000
31,658
5.00%,
2/1/2049
35,000
35,803
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2023C,
Revenue,
Refunding,
5.00%,
2/1/2041
100,000
108,312
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2024A,
Revenue,
Refunding,
5.00%,
2/1/2037
50,000
55,593
5.25%,
2/1/2043
60,000
65,769
City
of
San
Antonio
Water
System,
Series
2024B,
Revenue,
5.00%,
5/15/2044
100,000
106,280
5.00%,
5/15/2047
30,000
31,334
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2024B,
Revenue,
Refunding,
5.00%,
2/1/2043
105,000
113,010
City
of
San
Antonio
Electric
&
Gas
Systems,
Series
2024D,
Revenue,
Refunding,
5.00%,
2/1/2030
10,000
10,817
City
of
San
Antonio
Water
System,
Series
2025C,
Revenue,
Refunding,
5.00%,
5/15/2031
10,000
11,024
City
of
Seguin
Series
2025,
G.O.
Limited,
5.50%,
9/1/2059
60,000
63,815
Collin
County
Community
College
District
Series
2020A,
G.O.
Limited,
5.00%,
8/15/2031
35,000
37,303
5.00%,
8/15/2028
15,000
15,789
Comal
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
10,000
10,459
5.00%,
2/15/2029
20,000
21,302
Conroe
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2039
75,000
82,042
County
of
Fort
Bend
Series
2023,
G.O.
Unlimited,
5.25%,
3/1/2053
100,000
104,343
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
166
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
County
of
Harris
Toll
Road,
Series
2022A,
G.O.
Limited,
Refunding,
5.00%,
8/15/2027
$
20,000
$
20,678
5.00%,
8/15/2029
35,000
37,619
County
of
Harris
Toll
Road,
Series
2023A,
G.O.
Limited,
5.00%,
9/15/2048
10,000
10,360
County
of
Harris
Toll
Road,
Series
2024,
G.O.
Limited,
5.00%,
9/15/2054
75,000
76,994
County
of
Harris
Toll
Road,
Series
2007C,
G.O.
Unlimited,
Refunding,
AG
Insured,
5.25%,
8/15/2029
40,000
43,339
5.25%,
8/15/2026
15,000
15,154
County
of
Harris
Toll
Road,
Series
2024A,
G.O.
Unlimited,
Refunding,
5.00%,
9/15/2030
10,000
10,932
County
of
Harris
Toll
Road,
Series
2025A,
G.O.
Unlimited,
Refunding,
5.00%,
9/15/2026
25,000
25,287
County
of
Harris
Toll
Road,
Series
2018A,
Revenue,
Refunding,
5.00%,
8/15/2029
10,000
10,416
5.00%,
8/15/2028
100,000
104,289
County
of
Harris
Toll
Road,
Series
2021,
Revenue,
Refunding,
5.00%,
8/15/2028
15,000
15,817
County
of
Harris
Toll
Road,
Series
2022A,
Revenue,
Refunding,
5.00%,
8/15/2028
30,000
31,634
5.00%,
8/15/2027
20,000
20,658
County
of
Harris
Toll
Road,
Series
2025A,
Revenue,
Refunding,
4.50%,
8/15/2055
75,000
72,362
County
of
Travis
Series
2016A,
G.O.
Limited,
Refunding,
5.00%,
3/1/2028
35,000
35,068
County
of
Travis
Series
2019A,
G.O.
Limited,
5.00%,
3/1/2030
15,000
15,906
County
of
Williamson
Series
2024,
G.O.
Limited,
5.00%,
2/15/2028
15,000
15,669
Crowley
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/1/2048
60,000
61,929
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Cypress-Fairbanks
Independent
School
District
Series
2019A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2031
$
10,000
$
10,603
Cypress-Fairbanks
Independent
School
District
Series
2020A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2031
10,000
10,999
Cypress-Fairbanks
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
35,000
36,600
Dallas
Area
Rapid
Transit
Series
2007,
Revenue,
Refunding,
AMBAC
Insured,
5.25%,
12/1/2028
50,000
53,349
Dallas
Fort
Worth
International
Airport
Series
2020A,
Revenue,
Refunding,
5.00%,
11/1/2026
10,000
10,144
Dallas
Fort
Worth
International
Airport
Series
2020B,
Revenue,
Refunding,
5.00%,
11/1/2026
10,000
10,144
5.00%,
11/1/2032
20,000
21,705
Dallas
Fort
Worth
International
Airport
Series
2025B,
Revenue,
Refunding,
5.00%,
11/1/2041
60,000
65,113
Dallas
Independent
School
District
Series
2019B,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2030
75,000
79,870
Dallas
Independent
School
District
Series
2021A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
10,000
10,463
Dallas
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2034
80,000
89,751
5.00%,
2/15/2039
50,000
54,423
5.00%,
2/15/2042
50,000
53,610
167
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Dallas
Independent
School
District
Series
2025B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
$
35,000
$
35,770
5.00%,
2/15/2029
35,000
37,369
Dallas
Independent
School
District
Series
2025C,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2033
10,000
11,253
Dallas
Independent
School
District
Series
2026A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2032
15,000
16,716
Denton
Independent
School
District
School
Building,
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2029
25,000
26,930
Forney
Independent
School
District
School
Building,
Series
2022B,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2036
55,000
59,272
5.00%,
8/15/2038
20,000
21,344
Forney
Independent
School
District
School
Building,
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2048
70,000
72,011
Frenship
Independent
School
District
Series
2025,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2055
30,000
30,849
Frisco
Independent
School
District
Series
2025B,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
20,000
20,440
Garland
Independent
School
District
Series
2023A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2031
15,000
16,499
Grand
Parkway
Transportation
Corp.
Tela
Supported,
Series
2018A,
Revenue,
5.00%,
10/1/2032
85,000
88,326
5.00%,
10/1/2043
50,000
51,019
Grapevine-Colleyville
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
15,000
16,153
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Gregory-Portland
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2038
$
45,000
$
48,409
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Thermal
Utility
Teco
Project,
Series
2017,
Revenue,
Refunding,
5.00%,
11/15/2031
85,000
87,633
5.00%,
11/15/2029
105,000
108,585
5.00%,
11/15/2028
95,000
98,352
5.00%,
11/15/2033
10,000
10,269
Harris
County
Flood
Control
District
Improvement,
Series
2025,
G.O.
Limited,
Refunding,
5.00%,
9/15/2026
20,000
20,228
Harris
County
Flood
Control
District
Contract,
Series
2017A,
Revenue,
Refunding,
5.00%,
10/1/2032
25,000
25,706
Hays
Consolidated
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2037
30,000
32,446
Highland
Park
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
5.00%,
2/15/2030
25,000
27,149
5.00%,
2/15/2031
50,000
55,140
Houston
Independent
School
District
Series
2025A,
G.O.
Limited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2036
25,000
28,253
Katy
Independent
School
District
School
Building,
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2048
75,000
77,883
Katy
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2027
45,000
45,967
Killeen
Independent
School
District
School
Building,
Series
2018,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2028
75,000
78,415
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
168
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Klein
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/1/2039
$
85,000
$
92,177
Lamar
Consolidated
Independent
School
District
Series
2023A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2039
125,000
135,185
5.00%,
2/15/2042
80,000
84,980
Lewisville
Independent
School
District
Series
2020,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
25,000
26,905
5.00%,
8/15/2033
35,000
37,113
Lewisville
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2028
90,000
95,329
5.00%,
8/15/2040
65,000
70,276
Lone
Star
College
System
Series
2016,
G.O.
Limited,
Refunding,
5.00%,
2/15/2029
35,000
35,039
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2019,
Revenue,
Refunding,
5.00%,
5/15/2031
25,000
26,474
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2019A,
Revenue,
Refunding,
5.00%,
5/15/2044
45,000
46,019
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2020,
Revenue,
Refunding,
5.00%,
5/15/2045
10,000
10,184
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2020A,
Revenue,
Refunding,
5.00%,
5/15/2050
10,000
10,113
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2021,
Revenue,
Refunding,
5.00%,
5/15/2037
100,000
105,225
5.00%,
5/15/2051
50,000
50,518
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Lower
Colorado
River
Authority
Series
2022,
Revenue,
Refunding,
AG
Insured,
5.00%,
5/15/2035
$
35,000
$
37,725
5.00%,
5/15/2039
45,000
47,663
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2023A,
Revenue,
Refunding,
5.25%,
5/15/2048
80,000
83,097
Lower
Colorado
River
Authority
Series
2024,
Revenue,
Refunding,
5.00%,
5/15/2034
35,000
38,731
5.00%,
5/15/2039
100,000
107,361
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2024,
Revenue,
Refunding,
AG
Insured,
5.00%,
5/15/2041
15,000
16,024
5.00%,
5/15/2049
10,000
10,263
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2024A,
Revenue,
Refunding,
AG
Insured,
5.00%,
5/15/2041
15,000
16,147
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.,
Series
2025,
Revenue,
Refunding,
BAM
Insured,
5.00%,
5/15/2055
55,000
56,040
Mesquite
Independent
School
District
Series
2025,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2049
75,000
77,709
North
East
Independent
School
District
Series
2007,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.25%,
2/1/2028
15,000
15,736
5.25%,
2/1/2030
25,000
27,310
5.25%,
2/1/2027
20,000
20,455
North
Harris
County
Regional
Water
Authority
Series
2016,
Revenue,
Refunding,
5.00%,
12/15/2030
15,000
15,213
5.00%,
12/15/2028
10,000
10,157
5.00%,
12/15/2031
10,000
10,138
169
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
North
Texas
Municipal
Water
District
Water
System,
Series
2016,
Revenue,
Refunding,
5.00%,
9/1/2035
$
15,000
$
15,099
North
Texas
Tollway
Authority
System,
Series
2022B,
Revenue,
Refunding,
5.00%,
1/1/2028
10,000
10,401
North
Texas
Tollway
Authority
System,
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2035
15,000
16,854
5.00%,
1/1/2045
15,000
15,912
Northside
Independent
School
District
Series
2018,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2028
15,000
15,494
Northside
Independent
School
District
Series
2021,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/15/2029
45,000
48,445
5.00%,
8/15/2028
25,000
26,403
Northwest
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2037
100,000
108,209
5.00%,
2/15/2048
75,000
76,981
Northwest
Independent
School
District
Series
2024A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2035
60,000
66,534
Permanent
University
Fund
-
Texas
A&M
University
System
Series
2023,
Revenue,
5.00%,
7/1/2030
10,000
10,909
Permanent
University
Fund
-
Texas
A&M
University
System
Series
2025A,
Revenue,
Refunding,
5.00%,
7/1/2031
10,000
11,068
Permanent
University
Fund
-
University
of
Texas
System
Series
2024B,
Revenue,
Refunding,
5.00%,
7/1/2043
10,000
10,755
Pflugerville
Independent
School
District
Series
2023A,
G.O.
Unlimited,
4.00%,
2/15/2044
110,000
103,232
5.00%,
2/15/2033
20,000
22,067
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Plano
Independent
School
District
Series
2023,
G.O.
Unlimited,
5.00%,
2/15/2028
$
20,000
$
20,918
5.00%,
2/15/2041
65,000
69,428
Port
Authority
of
Houston
of
Harris
County
Series
2020A2,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2029
20,000
21,467
5.00%,
10/1/2027
30,000
31,086
Prosper
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2041
50,000
53,933
Richardson
Independent
School
District
Series
2022A,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2039
15,000
16,048
Round
Rock
Independent
School
District
Series
2019A,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
8/1/2027
15,000
15,498
Royse
City
Independent
School
District
Series
2023,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
2/15/2048
65,000
66,856
Spring
Independent
School
District
Series
2023,
G.O.
Unlimited,
5.00%,
8/15/2044
20,000
21,029
State
of
Texas
Transportation
Commission,
Series
2025,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2040
65,000
71,879
State
of
Texas
Transportation
Commission,
Series
B,
G.O.
Unlimited,
Refunding,
5.00%,
10/1/2029
15,000
15,508
Texas
A&M
University
Series
2024A,
Revenue,
5.00%,
5/15/2030
15,000
16,332
Texas
Department
of
Transportation
State
Highway
Fund,
Series
2016-A,
Revenue,
5.00%,
10/1/2027
75,000
75,905
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
I
Gas
Supply,
Series
2008D,
Revenue,
Refunding,
6.25%,
12/15/2026
40,000
40,950
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
170
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Gas
Supply,
Series
2021,
Revenue,
Refunding,
5.00%,
12/15/2029
$
130,000
$
136,403
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
Gas
Supply,
Series
2023B,
Revenue,
Mandatory
Put,
5.50%,
1/1/2054
(a)(b)
15,000
16,376
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
NTE
Mobility
Partners
LLC,
Series
2019A,
Revenue,
Refunding,
5.00%,
12/31/2030
40,000
42,445
Texas
State
University
System
Series
2024,
Revenue,
Refunding,
5.00%,
3/15/2042
45,000
48,476
Texas
Transportation
Finance
Corp.
SH
288
System
Toll,
Series
2025A,
Revenue,
Refunding,
5.25%,
10/1/2055
70,000
73,516
5.50%,
10/1/2055
70,000
75,130
Texas
Water
Development
Board
State
Water
Implementation,
Series
2015A,
Revenue,
5.00%,
10/15/2045
65,000
65,004
Texas
Water
Development
Board
State
Water
Implementation,
Series
2017A,
Revenue,
5.00%,
4/15/2027
80,000
82,084
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2018,
Revenue,
5.00%,
8/1/2032
30,000
30,828
Texas
Water
Development
Board
State
Water
Implementation,
Series
2018A,
Revenue,
5.00%,
10/15/2028
25,000
26,239
5.00%,
10/15/2029
70,000
73,310
Texas
Water
Development
Board
State
Water
Implementation,
Series
2018B,
Revenue,
5.00%,
10/15/2026
50,000
50,682
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Texas
-
17.5%
continued
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2019,
Revenue,
5.00%,
8/1/2039
$
50,000
$
52,101
5.00%,
8/1/2029
70,000
75,345
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2021,
Revenue,
5.00%,
8/1/2027
90,000
92,989
Texas
Water
Development
Board
State
Revolving
Fund,
Series
2022,
Revenue,
5.00%,
8/1/2033
60,000
66,999
5.00%,
8/1/2037
60,000
65,302
Texas
Water
Development
Board
Master
Trust,
Series
2025,
Revenue,
4.80%,
10/15/2056
75,000
74,597
Tomball
Independent
School
District
Series
2024,
G.O.
Unlimited,
Refunding,
PSF
Guaranty,
5.00%,
2/15/2028
25,000
26,138
Trinity
River
Authority
Central
Regional
Wastewater
System,
Series
2018,
Revenue,
Refunding,
5.00%,
8/1/2033
55,000
57,390
University
of
Houston
Series
2022A,
Revenue,
Refunding,
5.00%,
2/15/2041
80,000
84,651
University
of
North
Texas
Series
2022,
Revenue,
Refunding,
5.00%,
4/15/2047
50,000
50,617
Wylie
Independent
School
District
Series
2024,
G.O.
Unlimited,
PSF
Guaranty,
5.00%,
8/15/2036
10,000
11,039
10,002,654
Utah
-
1
.5
%
Intermountain
Power
Agency
Power
Supply,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2044
15,000
15,601
5.00%,
7/1/2032
20,000
21,895
5.00%,
7/1/2040
30,000
31,698
5.00%,
7/1/2041
90,000
94,813
5.00%,
7/1/2043
25,000
26,134
5.00%,
7/1/2042
40,000
41,991
Intermountain
Power
Agency
Power
Supply,
Series
2023A,
Revenue,
5.00%,
7/1/2033
15,000
16,607
171
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Utah
-
1.5%
continued
5.00%,
7/1/2029
$
50,000
$
53,499
5.00%,
7/1/2028
10,000
10,514
5.00%,
7/1/2038
40,000
43,014
5.00%,
7/1/2041
80,000
84,967
Intermountain
Power
Agency
Power
Supply,
Series
2024A,
Revenue,
5.00%,
7/1/2041
80,000
85,658
State
of
Utah
Series
2019,
G.O.
Unlimited,
5.00%,
7/1/2032
10,000
10,605
State
of
Utah
Series
2020,
G.O.
Unlimited,
5.00%,
7/1/2028
10,000
10,548
State
of
Utah
Series
2020B,
G.O.
Unlimited,
5.00%,
7/1/2029
45,000
47,947
University
of
Utah
(The)
Series
2022A,
Revenue,
5.00%,
8/1/2046
80,000
82,587
University
of
Utah
(The)
Series
2023A,
Revenue,
5.00%,
8/1/2042
10,000
10,667
University
of
Utah
(The)
Series
2023B,
Revenue,
5.25%,
8/1/2048
75,000
78,934
5.25%,
8/1/2053
10,000
10,389
Utah
Telecommunication
Open
Infrastructure
Agency
Series
2022,
Revenue,
Refunding,
5.50%,
6/1/2040
65,000
71,311
Utah
Transit
Authority
Series
2018-2,
Revenue,
Refunding,
BAM
Insured,
5.00%,
12/15/2040
10,000
10,257
Utah
Transit
Authority
Series
2025,
Revenue,
Refunding,
5.00%,
12/15/2043
50,000
54,526
914,162
Virginia
-
0
.9
%
City
of
Chesapeake
Transportation
System,
Series
A,
Revenue,
4.13%,
7/15/2042
20,000
19,999
County
of
Loudoun
Series
2020A,
G.O.
Unlimited,
Refunding,
State
Aid
Withholding,
5.00%,
12/1/2029
15,000
16,269
Loudoun
County
Economic
Development
Authority
Public
Facilities
Lease,
Series
2020A,
Revenue,
Refunding,
5.00%,
12/1/2026
55,000
55,921
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Virginia
-
0.9%
continued
Loudoun
County
Economic
Development
Authority
Howard
Hughes
Medical
Institute,
Series
2022A,
Revenue,
Refunding,
4.00%,
10/1/2052
$
60,000
$
54,193
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2021A,
Revenue,
4.00%,
2/1/2032
115,000
119,701
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2023B,
Revenue,
Refunding,
5.00%,
2/1/2034
20,000
22,422
Virginia
College
Building
Authority
21st
Century
College
&
Equipment
Programs,
Series
2024A,
Revenue,
5.00%,
2/1/2039
10,000
10,986
Virginia
Commonwealth
Transportation
Board
Capital
Project,
Series
2019,
Revenue,
3.00%,
5/15/2037
65,000
59,983
Virginia
Public
Building
Authority
Public
Facilities,
Series
2020A,
Revenue,
5.00%,
8/1/2033
140,000
151,640
511,114
Washington
-
4
.4
%
Central
Puget
Sound
Regional
Transit
Authority
Sales
Tax
&
Motor
Vehicle
Excise
Tax,
Series
2016S1,
Revenue,
5.00%,
11/1/2028
30,000
30,445
5.00%,
11/1/2031
90,000
91,265
Central
Puget
Sound
Regional
Transit
Authority
Sales
Tax
&
Motor
Vehicle
Excise
Tax,
Series
2021S1,
Revenue,
Refunding,
4.00%,
11/1/2041
55,000
54,775
City
of
Seattle
General
Improvement,
Series
2021A,
G.O.
Limited,
Refunding,
5.00%,
12/1/2027
25,000
26,038
City
of
Seattle
Municipal
Light
&
Power,
Series
2022,
Revenue,
Refunding,
5.00%,
7/1/2027
20,000
20,624
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
172
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Washington
-
4.4%
continued
City
of
Seattle
Municipal
Light
&
Power,
Series
2025,
Revenue,
Refunding,
5.00%,
2/1/2045
$
10,000
$
10,679
Clark
County
School
District
No.
114
Evergreen,
Series
2019,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2030
75,000
80,206
Clark
County
School
District
No.
114
Evergreen,
Series
2020,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2030
25,000
27,213
County
of
King
Sewer,
Series
2016B,
Revenue,
Refunding,
5.00%,
7/1/2027
40,000
40,240
County
of
King
Sewer,
Series
2024A,
Revenue,
Refunding,
5.00%,
1/1/2049
85,000
88,242
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2016A,
Revenue,
Refunding,
5.00%,
7/1/2028
120,000
120,753
Energy
Northwest
Project
3
Electric,
Series
2017A,
Revenue,
Refunding,
5.00%,
7/1/2028
20,000
20,588
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2019A,
Revenue,
Refunding,
5.00%,
7/1/2038
30,000
31,381
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2020A,
Revenue,
Refunding,
4.00%,
7/1/2039
75,000
75,372
5.00%,
7/1/2039
50,000
52,776
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2021A,
Revenue,
Refunding,
5.00%,
7/1/2041
75,000
79,230
Energy
Northwest
Columbia
Generating
Station
Electric,
Series
2022A,
Revenue,
Refunding,
5.00%,
7/1/2037
70,000
76,088
King
County
Public
Hospital
District
No.
1
Valley
Medical
Center,
Series
2016,
G.O.
Limited,
Refunding,
5.00%,
12/1/2028
135,000
136,734
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Washington
-
4.4%
continued
King
County
School
District
No.
210
Federal
Way,
Series
2018,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2030
$
65,000
$
67,650
King
County
School
District
No.
403
Renton,
Series
2023,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2036
65,000
71,403
King
County
School
District
No.
405
Bellevue,
Series
2016,
G.O.
Unlimited,
Refunding,
School
Bond
Guaranty,
5.00%,
12/1/2030
80,000
81,337
5.00%,
12/1/2026
55,000
55,918
King
County
School
District
No.
412
Shoreline,
Series
2018,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2031
70,000
73,987
King
County
School
District
No.
414
Lake
Washington,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2030
25,000
25,726
5.00%,
12/1/2031
10,000
10,284
Kitsap
County
School
District
No.
100-C
Bremerton,
Series
2024,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2043
65,000
69,797
Pierce
County
School
District
No.
3
Puyallup,
Series
2017,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2030
110,000
113,192
5.00%,
12/1/2029
15,000
15,441
5.00%,
12/1/2033
10,000
10,268
Pierce
County
School
District
No.
403
Bethel,
Series
2019,
G.O.
Unlimited,
School
Bond
Guaranty,
5.00%,
12/1/2033
10,000
10,618
5.00%,
12/1/2034
10,000
10,589
5.00%,
12/1/2035
80,000
84,444
5.00%,
12/1/2036
20,000
21,033
Port
of
Seattle
Series
2022A,
Revenue,
Refunding,
5.00%,
8/1/2033
10,000
11,107
State
of
Washington
Series
2017A,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2028
45,000
45,368
173
Northern
Trust
Tax-Exempt
Bond
ETF
March
31,
2026
(Unaudited)
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Washington
-
4.4%
continued
State
of
Washington
Series
2017B,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2031
$
55,000
$
55,415
State
of
Washington
Series
2017D,
G.O.
Unlimited,
5.00%,
2/1/2031
70,000
71,355
State
of
Washington
Series
2018A,
G.O.
Unlimited,
5.00%,
8/1/2033
20,000
20,562
State
of
Washington
Series
2018C,
G.O.
Unlimited,
5.00%,
2/1/2029
45,000
46,960
5.00%,
2/1/2032
100,000
103,971
5.00%,
2/1/2035
65,000
67,262
5.00%,
2/1/2034
20,000
20,729
State
of
Washington
Series
2019A,
G.O.
Unlimited,
5.00%,
8/1/2042
40,000
41,095
State
of
Washington
Series
2020A,
G.O.
Unlimited,
5.00%,
8/1/2027
45,000
46,476
State
of
Washington
Series
2020C,
G.O.
Unlimited,
5.00%,
2/1/2028
45,000
47,008
State
of
Washington
Series
2021C,
G.O.
Unlimited,
5.00%,
2/1/2036
20,000
21,626
State
of
Washington
Series
2022A,
G.O.
Unlimited,
5.00%,
8/1/2028
10,000
10,564
5.00%,
8/1/2046
60,000
62,172
State
of
Washington
Series
2022C,
G.O.
Unlimited,
5.00%,
2/1/2032
10,000
11,156
State
of
Washington
Series
2024C,
G.O.
Unlimited,
Refunding,
5.00%,
8/1/2027
35,000
36,148
State
of
Washington
Series
R-2022A,
G.O.
Unlimited,
Refunding,
5.00%,
2/1/2031
15,000
16,526
State
of
Washington
Series
R-2026B,
G.O.
Unlimited,
Refunding,
5.00%,
7/1/2028
20,000
21,091
University
of
Washington
Series
2021A,
Revenue,
Refunding,
5.00%,
4/1/2046
55,000
56,800
2,597,727
West
Virginia
-
0
.3
%
State
of
West
Virginia
Series
2018B,
G.O.
Unlimited,
5.00%,
6/1/2037
145,000
150,057
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
West
Virginia
-
0.3%
continued
State
of
West
Virginia
Series
2019A,
G.O.
Unlimited,
5.00%,
12/1/2036
$
10,000
$
10,496
160,553
Wisconsin
-
1
.1
%
City
of
Madison
Series
2025D,
G.O.
Unlimited,
5.00%,
10/1/2026
20,000
20,243
Middleton-Cross
Plains
Area
School
District
School
Building
&
Improvement,
Series
2019A,
G.O.
Unlimited,
3.25%,
3/1/2036
50,000
49,439
State
of
Wisconsin
Series
2017-1,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2027
75,000
77,025
State
of
Wisconsin
Series
2017-2,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2026
15,000
15,222
State
of
Wisconsin
Series
2017-3,
G.O.
Unlimited,
Refunding,
5.00%,
11/1/2026
15,000
15,222
State
of
Wisconsin
Series
2020B,
G.O.
Unlimited,
5.00%,
5/1/2028
55,000
57,769
State
of
Wisconsin
Series
2021-1,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2027
25,000
25,681
5.00%,
5/1/2030
10,000
10,917
State
of
Wisconsin
Series
2023-1,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2028
60,000
63,021
State
of
Wisconsin
Series
2024-1,
G.O.
Unlimited,
Refunding,
5.00%,
5/1/2027
70,000
71,907
State
of
Wisconsin
Series
2025B,
G.O.
Unlimited,
5.00%,
5/1/2036
55,000
62,098
State
of
Wisconsin
Transportation,
Series
2024-2,
Revenue,
Refunding,
5.00%,
7/1/2031
65,000
72,069
5.00%,
7/1/2032
50,000
56,166
Northern
Trust
Tax-Exempt
Bond
ETF
continued
SCHEDULE
OF
INVESTMENTS
174
Investments
Principal
Amount
Value
MUNICIPAL
BONDS
-
98.6%
continued
Wisconsin
-
1.1%
continued
State
of
Wisconsin
Environmental
Improvement
Fund,
Series
2024A,
Revenue,
5.00%,
6/1/2033
$
45,000
$
50,644
647,423
Total
Municipal
Bonds
(Cost
$56,638,563)
56,502,697
Total
Investments
-
98.6%
(Cost
$56,638,563)
56,502,697
Other
assets
less
liabilities
-
1.4%
792,670
NET
ASSETS
-
100.0%
$57,295,367
(a)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
is
the
rate
in
effect
as
of
March
31,
2026.
(b)
Maturity
date
represents
the
puttable
date.
(c)
Pre-refunded
security.
Maturity
date
disclosed
is
earliest
of
the
next
put
date
or
final
maturity
date.
(d)
Represents
less
than
0.05%
of
net
assets.
Percentages
shown
are
based
on
Net
Assets.
Abbreviations
BAM
Build
America
Mutual
CWA
Clean
Water
Act
ETM
Escrowed
to
Maturity
G.O.
General
Obligation
LCRA
Lower
Colorado
River
Authority
PSF
Permanent
School
Fund
Security
Type
%
of
Net
Assets
Municipal
Bonds
98
.6
%
Others
(1)
1
.4
100
.0
%
(1)
Includes
any
other
net
assets/(liabilities).
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
levels
listed
below:
Level
1
-
Unadjusted
quoted
market
prices
in
active
markets
for
identical
securities
on
the
measurement
date.
Level
2
-
Other
observable
inputs
(e.g.,
quoted
prices
in
active
markets
for
similar
securities,
securities
valuations
based
on
commonly
quoted
benchmark
interest
rates
and
yield
curves,
maturities,
ratings
and/or
securities
indices).
Level
3
-
Significant
unobservable
inputs
(e.g.,
information
about
assumptions,
including
risk,
market
participants
would
use
in
pricing
a
security).
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities
and
other
financial
instruments,
if
any.
The
following
table
summarizes
the
valuations
of
the
Fund’s
investments
by
the
above
fair
value
hierarchy
as
of
March
31,
2026:
Level
1
(000s)
Level
2
(000s)
Level
3
(000s)
Total
(000s)
Investments
Municipal
Bonds
(1)
$
—
$
56,503
$
—
$
56,503
Total
Investments
$
—
$56,503
$
—
$56,503
(1)
Classifications
as
defined
in
the
Schedule
of
Investments.