NPORT-P false 0001699360 XXXXXXXX S000057732 C000186143 Morningstar Funds Trust 811-23235 0001699360 254900AE65UZA65M0T82 22 W. WASHINGTON STREET CHICAGO 60602 312-696-6000 Morningstar Defensive Bond Fund S000057732 254900JILOAKN6ZD6Q96 2027-04-30 2026-07-31 N 99719136.520000000000 592725.720000000000 99126410.800000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 99996.410000000000 0.000000000000 0.000000000000 3.460000000000 USD UST FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FQKN2 382000 PA USD 359331.81 0.3624985583 Long ABS-O USGSE US N 2 2029-11-25 Fixed 2.651000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FRZA2 100000 PA USD 90774.8 0.0915747875 Long ABS-O USGSE US N 2 2030-01-25 Fixed 1.639000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FTFY8 151000 PA USD 135593.08 0.1367880456 Long ABS-O USGSE US N 2 2030-04-25 Fixed 1.558000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418DU42 104135.33 PA USD 86892.54 0.0876583136 Long ABS-MBS USGSE US N 2 2040-12-01 Fixed 1.500000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYVJ5 66521.08 PA USD 55080.85 0.0555662709 Long ABS-MBS USGSE US N 2 2041-07-01 Fixed 1.500000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ6 N/A 36262LAJ9 118046.86 PA USD 104069.44 0.1049865915 Long ABS-O CORP US Y 2 2051-11-25 Variable 2.500000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XM6A9 163290.12 PA USD 139663.92 0.1408947614 Long ABS-MBS USGSE US N 2 2042-08-01 Fixed 2.000000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3132D9QJ6 199207.29 PA USD 170309.46 0.1718103769 Long ABS-MBS USGSE US N 2 2042-08-01 Fixed 2.000000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 3132A3KZ2 74544.55 PA USD 71128.62 0.0717554680 Long ABS-MBS USGSE US N 2 2040-10-01 Fixed 4.000000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FQKC6 271000 PA USD 254750.81 0.2569958984 Long ABS-O USGSE US N 2 2029-10-25 Fixed 2.537000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FVNG3 100000 PA USD 88458.5 0.0892380742 Long ABS-O USGSE US N 2 2030-06-25 Fixed 1.366000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3132D9P40 293145.11 PA USD 250792.44 0.2530026438 Long ABS-MBS USGSE US N 2 2042-05-01 Fixed 2.000000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140JCE42 170193.35 PA USD 152686.99 0.1540326022 Long ABS-MBS USGSE US N 2 2052-04-01 Variable 1.888000000000 N N N N N N VIRGINIA POWER FUEL SECURITIZATION LLC 254900BELJ95ONW6U791 92808VAB8 424000 PA USD 422388 0.4261104549 Long DBT CORP US N 2 2031-05-01 Fixed 4.877000000000 N N N N N N AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC IHXLB8SL0QWSSG2VG640 05377RJK1 467000 PA USD 470217.91 0.4743618842 Long ABS-O CORP US Y 2 2030-12-20 Fixed 5.230000000000 N N N N N N PRET 2024-RPL1 TRUST N/A 693989AA3 72332.36 PA USD 68242.45 0.0688438625 Long ABS-O CORP US Y 2 2063-10-25 Variable 3.900000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FTBM8 100000 PA USD 90085.67 0.0908795842 Long ABS-O USGSE US N 2 2030-03-25 Fixed 1.517000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3132D6AJ9 55979.62 PA USD 48068.38 0.0484920009 Long ABS-MBS USGSE US N 2 2036-07-01 Fixed 1.000000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3142BNCX0 70777.71 PA USD 63027.81 0.0635832665 Long ABS-MBS USGSE US N 2 2051-09-01 Variable 1.668000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FRUT6 100000 PA USD 91865.89 0.0926754931 Long ABS-O USGSE US N 2 2030-01-25 Fixed 2.069000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418DW40 81151.77 PA USD 67588.03 0.0681836752 Long ABS-MBS USGSE US N 2 2041-02-01 Fixed 1.500000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 31374CSC1 226569.51 PA USD 208469.95 0.2103071707 Long ABS-MBS USGSE US N 2 2044-04-01 Fixed 3.500000000000 N N N N N N KANSAS GAS SERVICE SECURITIZATION I LLC N/A 484915AA1 330545.66 PA USD 336565.88 0.3395319948 Long DBT CORP US N 2 2032-08-01 Fixed 5.486000000000 N N N N N N CERBERUS LOAN FUNDING XLIII LLC 6354005VK9L5QCJ8WJ98 156940AA6 451000 PA USD 451697.34 0.4556780946 Long ABS-CBDO CORP US Y 2 2035-10-15 Floating 6.177920000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3142BNFA7 82035.48 PA USD 74658.66 0.0753166178 Long ABS-MBS USGSE US N 2 2052-03-01 Variable 2.554000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FUZC1 100000 PA USD 88876.92 0.0896601817 Long ABS-O USGSE US N 2 2030-05-25 Fixed 1.350000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYVB2 473540.6 PA USD 393342.68 0.3968091620 Long ABS-MBS USGSE US N 2 2041-05-01 Fixed 1.500000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYVN6 65009.85 PA USD 55511.98 0.0560012004 Long ABS-MBS USGSE US N 2 2041-08-01 Fixed 2.000000000000 N N N N N N JP MORGAN MORTGAGE TRUST 2021-13 N/A 46592XAF1 306009.92 PA USD 270697.87 0.2730834979 Long ABS-O CORP US Y 2 2052-04-25 Variable 2.500000000000 N N N N N N CERBERUS LOAN FUNDING XLI LLC 635400YAOHPN8ZVJAS71 15674VAA2 419000 PA USD 419687.58 0.4233862364 Long ABS-CBDO CORP US Y 2 2035-07-15 Floating 6.302920000000 N N N N N N VT TOPCO INC 5493007T812R37X02Y38 91838PAA9 164000 PA USD 167500.91 0.1689770755 Long DBT CORP US Y 2 2030-08-15 Fixed 8.500000000000 N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 3140JCCP7 177704.52 PA USD 160882.39 0.1623002273 Long ABS-MBS USGSE US N 2 2051-08-01 Variable 1.966000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3142BNHB3 57816.37 PA USD 52493.9 0.0529565225 Long ABS-MBS USGSE US N 2 2052-05-01 Variable 2.513000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ5 N/A 362925BG3 529421.15 PA USD 460937.93 0.4650001208 Long ABS-O CORP US Y 2 2052-10-25 Variable 2.500000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYUP2 83082.18 PA USD 71594.34 0.0722252924 Long ABS-MBS USGSE US N 2 2040-12-01 Fixed 2.000000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133D3VP7 78995.43 PA USD 65916.11 0.0664970208 Long ABS-MBS USGSE US N 2 2041-02-01 Fixed 1.500000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418DX72 113257.44 PA USD 97256.38 0.0981134888 Long ABS-MBS USGSE US N 2 2036-04-01 Fixed 1.000000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ5 N/A 36261HAJ9 201629.24 PA USD 178377.26 0.1799492775 Long ABS-O CORP US Y 2 2051-10-25 Variable 2.500000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ7 N/A 36262CAJ9 208380.63 PA USD 183589.61 0.1852075633 Long ABS-O CORP US Y 2 2052-01-25 Variable 2.500000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 3140L0LQ8 68285.82 PA USD 58565.63 0.0590817619 Long ABS-MBS USGSE US N 2 2041-07-01 Fixed 2.000000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 3140XHFH5 962696.12 PA USD 826620.67 0.8339055791 Long ABS-MBS USGSE US N 2 2037-03-01 Fixed 1.000000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137HBC51 545000 PA USD 549533.31 0.5543762813 Long ABS-O USGSE US N 2 2030-11-25 Variable 4.940000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 31288QX54 73646.02 PA USD 69151.12 0.0697605405 Long ABS-MBS USGSE US N 2 2052-11-01 Variable 3.327000000000 N N N N N N GOLUB CAPITAL PARTNERS CLO 46(M) LTD N/A 38178UAA7 343000 PA USD 343204.15 0.3462287671 Long ABS-CBDO CORP KY Y 2 2037-04-20 Floating 5.539210000000 N N N N N N JP MORGAN MORTGAGE TRUST 2024-3 N/A 46657QAH4 202236.05 PA USD 180457.49 0.1820478403 Long ABS-O CORP US Y 2 2054-05-25 Variable 3.000000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XNMK7 73655.6 PA USD 70023.96 0.0706410728 Long ABS-MBS USGSE US N 2 2046-10-01 Fixed 4.000000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FQ3Z4 404000 PA USD 379043.91 0.3823843786 Long ABS-O USGSE US N 2 2029-10-25 Fixed 2.524000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FX3Q9 493000 PA USD 435213.6 0.4390490854 Long ABS-O USGSE US N 2 2030-08-25 Fixed 1.406000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYUH0 87709.41 PA USD 73041.01 0.0736847117 Long ABS-MBS USGSE US N 2 2040-11-01 Fixed 1.500000000000 N N N N N N WEPCO ENVIRONMENTAL TRUST FINANCE I LLC N/A 950739AA0 62444.39 PA USD 55412.4 0.0559007429 Long ABS-O CORP US N 2 2035-12-15 Fixed 1.578000000000 N N N N N N JP MORGAN MORTGAGE TRUST 2022-3 N/A 46654UAE5 96547.74 PA USD 84613.2 0.0853588860 Long ABS-O CORP US Y 2 2052-08-25 Variable 2.500000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 31288QTU4 596180.86 PA USD 535381.95 0.5401002071 Long ABS-MBS USGSE US N 2 2052-07-01 Variable 2.152000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 3140XG2N8 675290.9 PA USD 579839.69 0.5849497478 Long ABS-MBS USGSE US N 2 2036-12-01 Fixed 1.000000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 31288QZD5 89057.87 PA USD 79994.3 0.0806992802 Long ABS-MBS USGSE US N 2 2053-05-01 Variable 2.158000000000 N N N N N N MMAF EQUIPMENT FINANCE 2024-A LLC N/A 55318CAD6 132000 PA USD 133462.67 0.1346388605 Long ABS-O CORP US Y 2 2049-07-13 Fixed 5.100000000000 N N N N N N UNITI GROUP INC N/A 912932100 3665 NS USD 35623.8 0.0359377483 Long EC CORP US N 1 N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137BKGK0 183000 PA USD 175871.34 0.1774212731 Long ABS-O USGSE US N 2 2030-04-25 Fixed 3.511000000000 N N N N N N NORTHERN INSTITUTIONAL FUNDS 549300Y178DO5JBR1S04 665279873 1083391.9 NS USD 1083391.9 1.0929397032 Long STIV RF US N 1 N N N SEQUOIA MORTGAGE TRUST 2025-S1 N/A 81749TAD4 262166.04 PA USD 229281.09 0.2313017168 Long ABS-O CORP US Y 2 2054-09-25 Variable 2.500000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XPQB8 75858.75 PA USD 72183.07 0.0728192108 Long ABS-MBS USGSE US N 2 2046-07-01 Fixed 4.000000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ6 N/A 36267JAX8 256883.78 PA USD 224230.51 0.2262066267 Long ABS-O CORP US Y 2 2053-01-25 Variable 2.500000000000 N N N N N N COPPER PROPERTY CTL PASS THROUGH TRUST N/A 217519107 25536 NS USD 268894.08 0.2712638114 Long EC CORP US N 2 N N N JP MORGAN MORTGAGE TRUST N/A 46654KAF4 381985.21 PA USD 337679.55 0.3406554795 Long ABS-O CORP US Y 2 2052-01-25 Variable 2.500000000000 N N N N N N GOLUB CAPITAL PARTNERS ABS FUNDING N/A 38178XAC7 652591.54 PA USD 590760.06 0.5959663577 Long ABS-O CORP KY Y 2 2029-10-19 Fixed 3.993600000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140W1VV2 287713.32 PA USD 237572.92 0.2396666217 Long ABS-MBS USGSE US N 2 2042-03-01 Fixed 1.500000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140W1LC5 164591.32 PA USD 136410.6 0.1376127703 Long ABS-MBS USGSE US N 2 2042-03-01 Fixed 1.500000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140W1N90 245191.96 PA USD 202896.42 0.2046845219 Long ABS-MBS USGSE US N 2 2042-03-01 Fixed 1.500000000000 N N N N N N PHI GROUP INC 5493002853B5XXHLIP12 69360B104 33330 NS USD 1066560 1.0759594657 Long EC CORP US N 1 N N N TEXAS NATURAL GAS SECURITIZATION FINANCE CORP N/A 88258MAA3 79078.7 PA USD 79995.36 0.0807003495 Long DBT MUN US N 2 2035-04-01 Fixed 5.102000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3132D9WU4 205626.65 PA USD 169313.53 0.1708056699 Long ABS-MBS USGSE US N 2 2042-01-01 Fixed 1.500000000000 N N N N N N GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 549300M8ZYFG0OCMTT87 38380PLB8 2016340.83 PA USD 118449.94 0.1194938252 Long ABS-O USGA US N 2 2062-02-16 Variable 0.877060000000 N N N N N N SPRINGCASTLE I SPV LLC N/A 85022WAP9 100886.96 PA USD 94798.36 0.0956338066 Long ABS-O CORP US Y 2 2037-09-25 Fixed 1.970000000000 N N N N N N GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 549300M8ZYFG0OCMTT87 38380PBP8 1332109.83 PA USD 86588.87 0.0873519674 Long ABS-O USGA US N 2 2062-03-16 Variable 0.939490000000 N N N N N N GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 549300M8ZYFG0OCMTT87 38380PHG2 1018253.76 PA USD 66996.92 0.0675873558 Long ABS-O USGA US N 2 2062-01-16 Variable 1.055860000000 N N N N N N UNITI GROUP INC N/A 97382C206 23.381 PA USD 23381 0.0235870540 Long EP CORP US N 3 N N N VCP RRL ABS I LTD N/A 92243RAC8 80496.44 PA USD 72595.79 0.0732355680 Long ABS-CBDO CORP US Y 2 2031-10-20 Fixed 2.848000000000 N N N N N N JP MORGAN MORTGAGE TRUST 2021-10 N/A 46654AAF6 309368.8 PA USD 271956.31 0.2743530284 Long ABS-O CORP US Y 2 2051-12-25 Variable 2.500000000000 N N N N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 91282CQK0 1146000 PA USD 1119409.22 1.1292744395 Long DBT UST US N 2 2031-04-30 Fixed 3.875000000000 N N N N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 91282CQX2 337000 PA USD 332524.22 0.3354547162 Long DBT UST US N 2 2031-06-30 Fixed 4.125000000000 N N N N N PROGRESS RESIDENTIAL 2024-SFR4 TRUST N/A 74334JAA8 600133.21 PA USD 567668.82 0.5726716174 Long ABS-O CORP US Y 2 2041-07-17 Fixed 3.100000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 31418D5Q1 139047.43 PA USD 119398.42 0.1204506640 Long ABS-MBS USGSE US N 2 2036-09-01 Fixed 1.000000000000 N N N N N N PROGRESS RESIDENTIAL 2025-SFR3 TRUST N/A 74334BAA5 100000 PA USD 93641.53 0.0944667816 Long ABS-O CORP US Y 2 2042-07-17 Fixed 3.390000000000 N N N N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797RG4 1095000 PA USD 1094671.5 1.1043187090 Long DBT UST US N 2 2026-08-06 None 0.000000000000 N N N N N N CHI COMMERCIAL MORTGAGE TRUST 2025-SFT N/A 16706GAA5 291000 PA USD 291684.11 0.2942546872 Long ABS-O CORP US Y 2 2042-04-15 Variable 5.482160000000 N N N N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 91282CPW5 5718000 PA USD 5563435.31 5.6124651998 Long DBT UST US N 2 2031-01-31 Fixed 3.750000000000 N N N N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 912797TW7 483000 PA USD 482516.33 0.4867686887 Long DBT UST US N 2 2026-08-13 None 0.000000000000 N N N N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 91282CQD6 2571000 PA USD 2474989.22 2.4968010039 Long DBT UST US N 2 2031-02-28 Fixed 3.500000000000 N N N N N N UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT 254900HROIFWPRGM1V77 91282CQP9 698000 PA USD 688787.47 0.6948576716 Long DBT UST US N 2 2031-04-15 Fixed 1.250000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XPRW1 441224.04 PA USD 375740.92 0.3790522798 Long ABS-MBS USGSE US N 2 2042-08-01 Fixed 2.000000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3131WQYR2 74468.44 PA USD 71060.06 0.0716863038 Long ABS-MBS USGSE US N 2 2040-11-01 Fixed 4.000000000000 N N N N N N GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 549300M8ZYFG0OCMTT87 38380PAD6 715095.61 PA USD 52902.49 0.0533687133 Long ABS-O USGA US N 2 2061-11-16 Variable 1.239140000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137HAGZ3 136000 PA USD 134091.97 0.1352737065 Long ABS-O USGSE US N 2 2030-07-25 Variable 4.284000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XL5Z7 70863.17 PA USD 67248.32 0.0678409714 Long ABS-MBS USGSE US N 2 2048-03-01 Fixed 4.000000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XPK32 287469.24 PA USD 273785.77 0.2761986112 Long ABS-MBS USGSE US N 2 2045-06-01 Fixed 4.000000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XPPN3 77426.21 PA USD 73773.8 0.0744239597 Long ABS-MBS USGSE US N 2 2046-10-01 Fixed 4.000000000000 N N N N N N NORTHERN INSTITUTIONAL FUNDS 549300Y178DO5JBR1S04 665279873 111.76 NS USD 111.76 0.0001127449 Long STIV RF US N 1 N N N GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ2 N/A 36267EBT7 99965.27 PA USD 89346.98 0.0901343842 Long ABS-O CORP US Y 2 2052-06-25 Variable 3.000000000000 N N N N N N BBCMS MORTGAGE TRUST 2025-5C36 N/A 05556CAC4 100000 PA USD 101460.39 0.1023545483 Long ABS-O CORP US N 2 2058-08-15 Variable 5.517000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYVX4 81165.37 PA USD 66965.74 0.0675559011 Long ABS-MBS USGSE US N 2 2041-10-01 Fixed 1.500000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418D6K3 679534.47 PA USD 557204.93 0.5621155104 Long ABS-MBS USGSE US N 2 2041-11-01 Fixed 1.500000000000 N N N N N N TEXAS ELECTRIC MARKET STABILIZATION FUNDING N LLC N/A 88240TAA9 75715.46 PA USD 73755.32 0.0744053168 Long DBT CORP US Y 2 2034-08-01 Fixed 4.265000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3 N/A 362924BG6 63754.74 PA USD 56026.1 0.0565198513 Long ABS-O CORP US Y 2 2052-08-25 Variable 2.500000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYVE6 303537.45 PA USD 251873.05 0.2540927771 Long ABS-MBS USGSE US N 2 2041-06-01 Fixed 1.500000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3132D9RW6 82319.01 PA USD 66906 0.0674956346 Long ABS-MBS USGSE US N 2 2041-11-01 Fixed 1.500000000000 N N N N N N GREATAMERICA LEASING RECEIVABLES FUNDING LLC 549300JFP7GIDD4UWO79 39154TCR7 100000 PA USD 98710.56 0.0995804844 Long ABS-O CORP US Y 2 2032-09-15 Fixed 4.290000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FWHT0 100000 PA USD 88389.45 0.0891684156 Long ABS-O USGSE US N 2 2030-07-25 Fixed 1.378000000000 N N N N N N WHARF COMMERCIAL MORTGAGE TRUST 2025-DC N/A 92987LAA5 100000 PA USD 100582.93 0.1014693553 Long ABS-O CORP US Y 2 2040-07-15 Variable 5.349480000000 N N N N N N SCE RECOVERY FUNDING LLC N/A 78433LAJ5 357000 PA USD 346168.34 0.3492190802 Long DBT CORP US N 2 2036-03-15 Fixed 4.453000000000 N N N N N N FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES SERIES 2020-K120 N/A 3137F72P9 140000 PA USD 123231.74 0.1243177666 Long ABS-O USGSE US N 2 2030-10-25 Variable 1.500000000000 N N N N N N CenterPoint Energy Restoration Bond Co II LLC N/A 15201GAA7 299549.36 PA USD 292148.87 0.2947235430 Long ABS-O CORP US N 2 2034-12-15 Fixed 4.255000000000 N N N N N N BANK5 2025-5YR13 N/A 06604CAC4 145000 PA USD 145123.03 0.1464019819 Long ABS-O CORP US N 2 2058-12-15 Variable 5.145000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYT90 43818.27 PA USD 37795.75 0.0381288394 Long ABS-MBS USGSE US N 2 2040-08-01 Fixed 2.000000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418DT93 79357.63 PA USD 66112.5 0.0666951416 Long ABS-MBS USGSE US N 2 2040-11-01 Fixed 1.500000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYV30 102259.31 PA USD 84299.63 0.0850425526 Long ABS-MBS USGSE US N 2 2041-11-01 Fixed 1.500000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3132D9RZ9 82200.59 PA USD 67066.53 0.0676575793 Long ABS-MBS USGSE US N 2 2042-01-01 Fixed 1.500000000000 N N N N N N JP MORGAN SEASONED MORTGAGE TRUST 2025-1 N/A 46659PAG6 134621.39 PA USD 123362.3 0.1244494772 Long ABS-O CORP US Y 2 2063-01-25 Variable 3.661386000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418D5F5 462256.63 PA USD 381751.63 0.3851159614 Long ABS-MBS USGSE US N 2 2041-10-01 Fixed 1.500000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYV63 480556.44 PA USD 396233.55 0.3997255089 Long ABS-MBS USGSE US N 2 2041-12-01 Fixed 1.500000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES 2022- N/A 36264RBE4 175580.18 PA USD 154785.11 0.1561492127 Long ABS-O CORP US Y 2 2052-09-25 Variable 2.500000000000 N N N N N N ISHARES US ETF TRUST 5493002YECWEEITPWL97 46434V878 239817 NS USD 12125147.52 12.2320049946 Long EC RF US N 1 N N NORTHERN INSTITUTIONAL FUNDS 549300Y178DO5JBR1S04 665279873 3371277.12 NS USD 3371277.12 3.4009877820 Long STIV RF US N 1 N N N SCHWAB STRATEGIC TRUST 549300NAZEQOIX80E226 808524862 1361208 NS USD 32805112.8 33.0942203347 Long EC RF US N 1 N N VANGUARD MALVERN FUNDS 549300EW16IGZDA38J20 922020805 152396 NS USD 7567985.36 7.6346811096 Long EC RF US N 1 N N N GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 549300M8ZYFG0OCMTT87 38378X2M2 845917.08 PA USD 21055.05 0.0212406056 Long ABS-O USGA US N 2 2057-01-16 Variable 0.487870000000 N N N N N N GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 549300M8ZYFG0OCMTT87 38379KYD4 35065.85 PA USD 77.39 0.0000780720 Long ABS-O USGA US N 2 2056-10-16 Variable 0.341230000000 N N N N N N BX TRUST 2018-BILT N/A 05606FAA1 418000 PA USD 393075.16 0.3965392844 Long ABS-O CORP US Y 2 2041-12-09 Fixed 3.202000000000 N N N N N N M&T EQUIPMENT 2026-LEAF1 LLC N/A 552476AD5 100000 PA USD 99969.19 0.1008502065 Long ABS-O CORP US Y 2 2033-07-18 Fixed 4.910000000000 N N N N N N GOVERNMENT NATIONAL MORTGAGE ASSOCIATION 549300M8ZYFG0OCMTT87 38378B2X6 438911.73 PA USD 3734.44 0.0037673512 Long ABS-O USGA US N 2 2052-11-16 Variable 0.427450000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FRUJ8 100000 PA USD 91325.23 0.0921300683 Long ABS-O USGSE US N 2 2030-01-25 Fixed 1.872000000000 N N N N N N PROGRESS RESIDENTIAL 2024-SFR5 TRUST N/A 74332HAA4 103842.15 PA USD 97559.99 0.0984197745 Long ABS-O CORP US Y 2 2029-08-09 Fixed 3.000000000000 N N N N N N VERIZON MASTER TRUST 5493007MUBNP1GFMEB89 92348KDJ9 233000 PA USD 230681.58 0.2327145492 Long ABS-O CORP US Y 2 2032-08-20 Fixed 4.350000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XRVQ5 364508.25 PA USD 314551.35 0.3173234534 Long ABS-MBS USGSE US N 2 2041-09-01 Fixed 2.000000000000 N N N N N N JP MORGAN MORTGAGE TRUST 2021-8 N/A 46592TAF0 64020.8 PA USD 56830.87 0.0573317137 Long ABS-O CORP US Y 2 2051-12-25 Variable 2.500000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3132CXLX8 78969.36 PA USD 67811.96 0.0684095787 Long ABS-MBS USGSE US N 2 2036-10-01 Fixed 1.000000000000 N N N N N N BMO 2024-5C7 MORTGAGE TRUST N/A 09660WAU5 126000 PA USD 127532.25 0.1286561765 Long ABS-O CORP US N 2 2057-11-15 Variable 5.565700000000 N N N N N N ROCK TRUST 2024-CNTR N/A 74970WAA8 209000 PA USD 210047.72 0.2118988454 Long ABS-O CORP US Y 2 2041-11-13 Fixed 5.388340000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418DU67 73845.95 PA USD 63690.29 0.0642515849 Long ABS-MBS USGSE US N 2 2040-12-01 Fixed 2.000000000000 N N N N N N JP MORGAN MORTGAGE TRUST N/A 46654AAG4 115242.98 PA USD 99651.99 0.1005302111 Long ABS-O CORP US Y 2 2051-12-25 Variable 2.000000000000 N N N N N N FORD CREDIT FLOORPLAN MASTER OWNER TRUST A 5493001DTG5N7T8BG747 34528QJQ8 197000 PA USD 195334.78 0.1970562420 Long ABS-O CORP US Y 2 2031-09-15 Fixed 4.400000000000 N N N N N N OAKTREE STRATEGIC CREDIT FUND 2549006RRE0JC7G43241 67403AAB5 313000 PA USD 328259.9 0.3311528152 Long DBT CORP US N 2 2028-11-14 Fixed 8.400000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3132D9UR3 186510.64 PA USD 151881.55 0.1532200639 Long ABS-MBS USGSE US N 2 2041-12-01 Fixed 1.500000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 3140XRYW9 114087.44 PA USD 94531.33 0.0953644233 Long ABS-MBS USGSE US N 2 2042-03-01 Fixed 1.500000000000 N N N N N N Federal National Mortgage Association B1V7KEBTPIMZEU4LTD58 31418D7A4 86962.62 PA USD 74670.14 0.0753281990 Long ABS-MBS USGSE US N 2 2036-11-01 Fixed 1.000000000000 N N N N N N J.P. MORGAN MORTGAGE TRUST 2021-15 N/A 46654TAF5 62072.31 PA USD 54576.25 0.0550572240 Long ABS-O CORP US Y 2 2052-06-25 Variable 2.500000000000 N N N N N N HPS CORPORATE LENDING FUND 549300ZS7IHUA6FKFV61 40440VAF2 207000 PA USD 210462.8 0.2123175835 Long DBT CORP US N 2 2029-01-30 Fixed 6.750000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418DY89 114903.28 PA USD 101708.78 0.1026051273 Long ABS-MBS USGSE US N 2 2041-05-01 Fixed 2.500000000000 N N N N N N PROGRESS RESIDENTIAL 2024-SFR3 TRUST N/A 74331VAA4 129928.15 PA USD 122909.82 0.1239930095 Long ABS-O CORP US Y 2 2041-06-17 Fixed 3.000000000000 N N N N N N BLUE OWL CREDIT INCOME CORP 5493003I42XBWPE05N35 69120VBB6 468000 PA USD 482186.76 0.4864362142 Long DBT CORP US N 2 2028-06-13 Fixed 7.950000000000 N N N N N N AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC IHXLB8SL0QWSSG2VG640 05377RLG7 100000 PA USD 97867.66 0.0987301560 Long ABS-O CORP US Y 2 2032-08-20 Fixed 4.600000000000 N N N N N N EZEE FIBER FUNDING, LLC 959800RCPA4USH4RFB78 30234NAE4 100000 PA USD 100919.1 0.1018084880 Long ABS-O CORP US Y 2 2056-08-20 None 0.000000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31418DUA8 123773.51 PA USD 106573.82 0.1075130423 Long ABS-MBS USGSE US N 2 2040-11-01 Fixed 2.000000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ4 N/A 36264PAH2 111994.71 PA USD 99176.71 0.1000507425 Long ABS-O CORP US Y 2 2051-09-25 Variable 2.500000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133D3XV2 241943.57 PA USD 201312.77 0.2030869154 Long ABS-MBS USGSE US N 2 2041-03-01 Fixed 1.500000000000 N N N N N N Federal Home Loan Mortgage Corp. S6XOOCT0IEG5ABCC6L87 3132D9T95 113460.15 PA USD 97289.12 0.0981465174 Long ABS-MBS USGSE US N 2 2042-08-01 Fixed 2.000000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ3 N/A 362924BK7 63754.74 PA USD 56995.96 0.0574982586 Long ABS-O CORP US Y 2 2052-08-25 Variable 3.000000000000 N N N N N N MIDCAP FINANCIAL ISSUER TRUST N/A 59567LAA2 461000 PA USD 460695.65 0.4647557057 Long DBT CORP US Y 2 2028-05-01 Fixed 6.500000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2022-PJ1 N/A 36263NAH8 174362.33 PA USD 152787.43 0.1541339273 Long ABS-O CORP US Y 2 2052-05-28 Variable 2.500000000000 N N N N N N GREATAMERICA LEASING RECEIVABLES FUNDING LLC 549300JFP7GIDD4UWO79 39154GAR7 100000 PA USD 100623.64 0.1015104241 Long ABS-O CORP US Y 2 2033-05-16 Fixed 4.960000000000 N N N N N N CARMAX AUTO OWNER TRUST N/A 14321HAE5 100000 PA USD 99859.5 0.1007395498 Long ABS-O CORP US N 2 2032-10-15 Fixed 4.670000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137FREH0 118000 PA USD 109364.91 0.1103287299 Long ABS-O USGSE US N 2 2030-01-25 Fixed 2.253000000000 N N N N N N LIGHTPATH FIBER ISSUER LLC N/A 53229YAA7 102000 PA USD 101027.77 0.1019181157 Long ABS-O CORP US Y 2 2056-03-25 Fixed 5.597000000000 N N N N N N CNH EQUIPMENT TRUST 2026-B N/A 12676QAE0 100000 PA USD 99684.85 0.1005633607 Long ABS-O CORP US N 2 2033-11-15 Fixed 4.740000000000 N N N N N N CITIGROUP COMMERCIAL MORTGAGE TRUST N/A 17292PAB1 100000 PA USD 102353.42 0.1032554484 Long ABS-O CORP US N 2 2059-07-15 Variable 5.875600000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 31364HP50 4911.84 PA USD 4827.29 0.0048698323 Long ABS-MBS USGSE US N 2 2027-07-25 None 0.000000000000 N N N N N N GOLUB CAPITAL PARTNERS ABS FUNDING 2020-1 LTD N/A 38177UAA8 36900.04 PA USD 35785.6 0.0361009742 Long ABS-O CORP US Y 2 2029-01-22 Fixed 3.208000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYU56 537250.89 PA USD 446999.79 0.4509391457 Long ABS-MBS USGSE US N 2 2041-03-01 Fixed 1.500000000000 N N N N N N JP MORGAN MORTGAGE TRUST 2021-7 N/A 46592NAF3 115683.37 PA USD 102194.7 0.1030953297 Long ABS-O CORP US Y 2 2051-11-25 Variable 2.500000000000 N N N N N N VCP RRL ABS 2021-1 LTD N/A 92243RAA2 87269.3 PA USD 83935.17 0.0846748806 Long ABS-CBDO CORP KY Y 2 2031-10-20 Fixed 2.152000000000 N N N N N N SFS AUTO RECEIVABLES SECURITIZATION TRUST 2026-2 N/A 78398NAE5 100000 PA USD 99723.49 0.1006023412 Long ABS-O CORP US Y 2 2033-05-20 Fixed 4.690000000000 N N N N N N ARBOR MULTIFAMILY MORTGAGE SECURITIES TRUST 2020-MF1 N/A 03881BAE3 540000 PA USD 500842.22 0.5052560826 Long ABS-O CORP US Y 2 2053-05-15 Fixed 2.756300000000 N N N N N N GMF FLOORPLAN OWNER REVOLVING TRUST N/A 361886ES9 100000 PA USD 99878.96 0.1007591813 Long ABS-O CORP US Y 2 2033-05-16 Fixed 4.770000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3137AYHU8 35686.42 PA USD 34620.77 0.0349258787 Long ABS-O USGSE US N 2 2033-02-15 Fixed 3.000000000000 N N N N N N J.C. Penney Corporation 8TDNUQ07MEFMWW1VHP39 46611NAJ2 225538.13 PA USD 22.55 0.0000227487 Long LON CORP US N 3 2028-04-30 Floating N/A Y N N N N N GOLUB CAPITAL PARTNERS ABS FUNDING 2021-1 LP 254900VEBKJT3ANDRH92 38177UAC4 95183.45 PA USD 93322.77 0.0941452124 Long ABS-O CORP KY Y 2 2029-01-22 Fixed 4.496000000000 N N N N N N GOLUB CAPITAL PARTNERS ABS FUNDING 2021-1 LP 254900VEBKJT3ANDRH92 38178HAC2 188692.13 PA USD 173855.95 0.1753881217 Long ABS-O CORP KY Y 2 2029-04-20 Fixed 3.816000000000 N N N N N N GOLUB CAPITAL PARTNERS ABS FUNDING 2019-1 LP 254900NK0D2D29GBW841 38178HAA6 70913.92 PA USD 67510.66 0.0681056234 Long ABS-O CORP KY Y 2 2029-04-20 Fixed 2.773000000000 N N N N N N SLG OFFICE TRUST COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES 2021-OVA N/A 78449RAA3 455000 PA USD 402115.08 0.4056588721 Long ABS-O CORP US Y 2 2041-07-15 Fixed 2.585400000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ11 N/A 36263VAH0 61018.91 PA USD 53908.39 0.0543834782 Long ABS-O CORP US Y 2 2052-04-25 Variable 2.500000000000 N N N N N N JP MORGAN MORTGAGE TRUST 2022-2 N/A 46655DAE2 63384.08 PA USD 55630.29 0.0561205531 Long ABS-O CORP US Y 2 2052-08-25 Variable 2.500000000000 N N N N N N BMO 2025-C13 MORTGAGE TRUST N/A 09664JAC0 100000 PA USD 100243.16 0.1011265910 Long ABS-O CORP US N 2 2058-12-15 Fixed 5.227000000000 N N N N N N Barings Equipment Finance LLC 2026-A N/A 06764QAC9 100000 PA USD 98132.93 0.0989977638 Long ABS-O CORP US Y 2 2045-11-13 Fixed 4.240000000000 N N N N N N ENTERPRISE FLEET FINANCING 2019-3 LLC N/A 29375HAD0 100000 PA USD 99428.3 0.1003045497 Long ABS-O CORP US Y 2 2033-01-20 Fixed 4.590000000000 N N N N N N FEDERAL NATIONAL MORTGAGE ASSOCIATION B1V7KEBTPIMZEU4LTD58 3136ABJH7 36861.62 PA USD 36504.95 0.0368266638 Long ABS-O USGSE US N 2 2042-04-25 Fixed 3.500000000000 N N N N N N JP MORGAN MORTGAGE TRUST N/A 46653PAF4 76955.87 PA USD 68183.32 0.0687842114 Long ABS-O CORP US Y 2 2051-10-25 Variable 2.500000000000 N N N N N N PG&E RECOVERY FUNDING LLC N/A 71710TAG3 264341.56 PA USD 262513.86 0.2648273632 Long DBT CORP US N 2 2033-06-01 Fixed 4.838000000000 N N N N N N GS MORTGAGE-BACKED SECURITIES TRUST 2021-PJ10 N/A 36262PAH4 62352.44 PA USD 54800.08 0.0552830265 Long ABS-O CORP US Y 2 2052-03-25 Variable 2.500000000000 N N N N N N ECHOSTAR CORP 549300EE20907QZ9GT38 278768AB2 27000 PA USD 71085.03 0.0717114939 Long DBT CORP US N 2 2030-11-30 Fixed 3.875000000000 N N N N N N FEDERAL HOME LOAN MORTGAGE CORP S6XOOCT0IEG5ABCC6L87 3133KYU80 137373.27 PA USD 114195.63 0.1152020224 Long ABS-MBS USGSE US N 2 2041-04-01 Fixed 1.500000000000 N N N N N N WTS. UNITI GROUP INC N/A 000000000 714 NC USD 6940.08 0.0070012421 N/A DE CORP US N 3 N/A N/A Call Purchased UNITI GROUP INC UNITI GROUP INC 1 0.000001000000 USD 2028-08-01 XXXX 6940.08 N N N Northern Institutional Funds 549300Y178DO5JBR1S04 665279105 22295670 NS USD 22295670 22.4921590725 Long STIV RF US N 1 N N Northern Institutional Funds 549300Y178DO5JBR1S04 665279105 13020 NS USD 13020 0.0131347437 Long STIV RF US N 1 N N 2026-08-28 Morningstar Funds Trust D. Scott Schilling D. Scott Schilling Chief Compliance Officer XXXX