MUNC
Northern Trust 2045 Tax-Exempt Distributing Ladder ETF
Northern Funds
ETF

Portfolio concentration

As of March 31, 2026 · N-PORT
Holdings
149
Top-10 weight
26.21%
Effective holdings ?
75
Crowding ?
3.5

Holdings

As of March 31, 2026 · N-PORT
#SecurityTickerSharesValue% of fund
1 UTILITY DEBT SECZ-TE1 250,000 $269.48K 3.31%
2 City of Sun Prairie, Series 2025A 245,000 $264.78K 3.25%
3 Los Angeles Department of Water & Power, Series 2021C 250,000 $261.34K 3.21%
4 County of Wake, Series 2024B 220,000 $248.57K 3.05%
5 NJ TRANSP 5% 6/15/2031 195,000 $215.09K 2.64%
6 City of Manhattan, Series 2025A 185,000 $207.94K 2.55%
7 Central Florida Tourism Oversight District, Series 2024A 135,000 $152.02K 1.87%
8 County of Baltimore, Series 2024 135,000 $151.13K 1.86%
9 Ferris State University, Series 2025A 130,000 $145.22K 1.78%
10 Metropolitan Water Reclamation District of Greater Chicago, Series 2007B 120,000 $139.90K 1.72%
11 IDAHO ST BLDG AUTH-A 115,000 $115.48K 1.42%
12 Round Rock Independent School District, Series 2025B 100,000 $112.73K 1.38%
13 Quitman Independent School District, Series 2025 100,000 $111.71K 1.37%
14 Seattle Museum Development Authority, Series 2024 105,000 $110.03K 1.35%
15 St. Paul Independent School District No. 625, Series 2024B 100,000 $109.93K 1.35%
16 Madison County Board of Education, Series 2025A 95,000 $105.31K 1.29%
17 NEW YORK A-1 95,000 $103.48K 1.27%
18 Kentucky State Property & Building Commission 100,000 $102.55K 1.26%
19 MASSACHUSETTS-A-REF 85,000 $96.74K 1.19%
20 Utah Transit Authority, Series 2025, RB 85,000 $96.64K 1.19%
21 State of Hawaii, Series FE 95,000 $96.21K 1.18%
22 Mansfield Independent School District, Series 2025 85,000 $95.71K 1.18%
23 Lubbock-Cooper Independent School District, Series 2025 85,000 $94.22K 1.16%
24 State of Florida, Series 2020B 85,000 $92.92K 1.14%
25 District of Columbia, Series 2025 A, Ref. RB 85,000 $87.50K 1.07%
26 Minneapolis Special School District No. 1, Series 2018B 85,000 $86.79K 1.07%
27 IL ST TOLL HWY AUTH 85,000 $86.60K 1.06%
28 Iowa Finance Authority, Series 2025A 75,000 $84.93K 1.04%
29 City of San Antonio, Series 2024D 75,000 $83.26K 1.02%
30 Missouri Joint Municipal Electric Utility Commission, Series 2025 75,000 $82.78K 1.02%
31 Wisconsin (State of), Series 2021-2, Ref. GO Bonds 75,000 $80.43K 0.99%
32 NEW YORK NY CITY OF NEW YORK NY 70,000 $76.63K 0.94%
33 State of Nevada, Series 2025, GO Bonds 75,000 $75.94K 0.93%
34 State of Florida, Series 2023A 75,000 $75.48K 0.93%
35 City of Charleston, Series 2025B 65,000 $74.81K 0.92%
36 Iowa Finance Authority, Series 2025A 65,000 $71.68K 0.88%
37 Greater Martinsville School Building Corp., Series 2024 65,000 $71.58K 0.88%
38 City of Grand Prairie, Series 2025 65,000 $70.19K 0.86%
39 MA ST DEV FIN AGY-A-2 60,000 $68.71K 0.84%
40 State of Washington, Series 2026B 60,000 $68.67K 0.84%
41 JEA FL ELEC SYS REVENUE JEA A REV REF 60,000 $68.19K 0.84%
42 Iowa Finance Authority, Series 2025A 60,000 $66.56K 0.82%
43 County of Clark, Series 2025 55,000 $62.68K 0.77%
44 Lake County Township High School District No. 113-Highland Park, Series 2025 55,000 $62.10K 0.76%
45 MA ST 5% 4/1/2039 55,000 $61.33K 0.75%
46 WYANDOTTE MICH 5% 5/1/2041 55,000 $59.70K 0.73%
47 Warren Consolidated Schools, Series 2025 55,000 $59.70K 0.73%
48 Utica Community Schools, Series 2024 50,000 $56.47K 0.69%
49 State of Washington, Series 2023B 50,000 $56.38K 0.69%
50 County of Anne Arundel, Series 2025 50,000 $55.36K 0.68%
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