$PZA

Northern Limited Term Tax-Exempt Fund's Q4 2025 commentary indicates a positive outlook for municipal bonds due to a declining interest rate environment and increased demand for tax-exempt investments. The fund's performance has been bolstered by strong credit quality among municipal issuers. Investors are advised to consider the favorable macroeconomic indicators that may benefit similar funds. However, potential tax law changes could pose a risk in the long term. Overall, while the current market conditions are supportive, vigilance is required regarding future policy shifts.