# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001556
**Filing Date:** 2025-11
**Character Count:** 45007
**Document Hash:** 4bffe67d13399994d624d7854461d5c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001556.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001556

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251121

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN FUNDS
- **CENTRAL INDEX KEY:** 0000916620

**ORGANIZATION NAME:**
- **EIN:** 391777365
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08236
- **FILM NUMBER:** 251506522

**BUSINESS ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 800-595-9111

**MAIL ADDRESS:**
- **STREET 1:** NORTHERN FUNDS
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### CALIFORNIA TAX-EXEMPT FUND (Series ID: S000001251)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000003397 | CALIFORNIA TAX-EXEMPT FUND | NCATX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Funds

- **b. Investment Company Act file number:** 811-08236

- **c. CIK number of Registrant:** 0000916620

- **d. LEI of Registrant:** 5493004ZY1PEJR3C0A81

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 South LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 800-595-9111

**Item A.2. Information about the Series.**

- **a. Name of Series:** California Tax-Exempt Fund

- **b. EDGAR series identifier (if any):** S000001251

- **c. LEI of Series:** 5493005C5B0HM3U4QY92

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $127785624.59

**Total Liabilities:** $2262015.18

**Net Assets:** $125523609.41

**Cash Not Reported:** $0.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 491.838883178040 | **1-Year:** 10147.229898523246 | **5-Year:** 31357.325434329873 | **10-Year:** 40672.182655158969 | **30-Year:** 8657.565500290330

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

- **3-Month:** 0.000000000000 | **1-Year:** 12.953073188850 | **5-Year:** 617.861591123205 | **10-Year:** 84.144651071701 | **30-Year:** 472.726074662763

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003397 | -0.31%               | 0.86%                | 2.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-735402.20                                |
| Month 2  | $-390334.66              | $1144654.93                                |
| Month 3  | $-556672.15              | $3019590.52                                |

**Designated Index Information**

- **Index Name:** BBG California Muni Bond (Risk Basis: MUNI)

- **Index Identifier:** BMUNICAMN

### Schedule of Portfolio Investments

| Name                      | Title                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SONOMA COUNTY JUNIO 3.00% | SONOMA COUNTY JUNIO 3.00% | CUSIP: 835569GF5<br>LEI: 549300C1BQ28FZTVYK25 | Long             | DBT              | MUN               | US        |    900000 | PA      | $856628.64    | 0.68%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LUCIA MAR UNIFIED S 5.00% | LUCIA MAR UNIFIED S 5.00% | CUSIP: 54947TFR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1491111.42   | 1.19%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS RIOS COMMUNITY 3.00%  | LOS RIOS COMMUNITY 3.00%  | CUSIP: 545624RB6<br>LEI: 549300POMNL5W7FEFO13 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $795111.30    | 0.63%             | 2044-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUC VAR | CALIFORNIA INFRASTRUC VAR | CUSIP: 13034AN30<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1854789.40   | 1.48%             | 2050-12-01      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| COACHELLA VALLEY WA 4.00% | COACHELLA VALLEY WA 4.00% | CUSIP: 18985DAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1682836.58   | 1.34%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544532BK9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    525000 | PA      | $546135.24    | 0.44%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN FRANCIS 4.00% | CITY OF SAN FRANCIS 4.00% | CUSIP: 79771FEH6<br>LEI: 213800P9VO3CSYYNM193 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997073.80    | 0.79%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DKG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507848.75   | 1.20%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MESA WATER DISTRICT 4.00% | MESA WATER DISTRICT 4.00% | CUSIP: 59059CAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1148540.54   | 0.91%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JOINT POWE 5.00% | TRANSBAY JOINT POWE 5.00% | CUSIP: 89356CAT3<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000270.30   | 0.80%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    600000 | PA      | $613717.56    | 0.49%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DUD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $996050.79    | 0.79%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO UNIFI 4.00% | SAN FRANCISCO UNIFI 4.00% | CUSIP: 79771TMM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500691.80    | 0.40%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032UP93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $253909.69    | 0.20%             | 2054-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ COUNTY C 4.00% | SANTA CRUZ COUNTY C 4.00% | CUSIP: 80181PGP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $340120.37    | 0.27%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 4.00% | CALIFORNIA HEALTH F 4.00% | CUSIP: 13032UMN5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1852331.20   | 1.48%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HAT0<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |     85000 | PA      | $89521.25     | 0.07%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051808.30   | 0.84%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN JOSE CA 5.00% | CITY OF SAN JOSE CA 5.00% | CUSIP: 798135D63<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1361556.23   | 1.08%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COMMUNI 4.00% | LOS ANGELES COMMUNI 4.00% | CUSIP: 54438CYC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2915000 | PA      | $2919688.49   | 2.33%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1334021 | NS      | $1334021.23   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544525S41<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    450000 | PA      | $491802.53    | 0.39%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WATER DI VAR | METROPOLITAN WATER DI VAR | CUSIP: 59266TXR7<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116560.70   | 0.89%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHORI VAR | BAY AREA TOLL AUTHORI VAR | CUSIP: 072024UJ9<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   3590000 | PA      | $3591617.30   | 2.86%             | 2047-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.00%  | LOS ANGELES COUNTY 5.00%  | CUSIP: 54466HHJ8<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |    525000 | PA      | $559815.80    | 0.45%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY T 5.00% | CALIFORNIA COUNTY T 5.00% | CUSIP: 13016NGL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $331394.09    | 0.26%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544532BL7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030641.00   | 0.82%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING 3.50%  | CALIFORNIA HOUSING 3.50%  | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1162531 | PA      | $1135292.34   | 0.90%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 2.625% | LOS ANGELES COUNTY 2.625% | CUSIP: 54473EWQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1085351.84   | 0.86%             | 2051-12-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 4.00% | CALIFORNIA MUNICIPA 4.00% | CUSIP: 13048VB64<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    175000 | PA      | $157612.86    | 0.13%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DVG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2034111.20   | 1.62%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANTIOCH UNIFIED SCH 5.00% | ANTIOCH UNIFIED SCH 5.00% | CUSIP: 037105NV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $966371.58    | 0.77%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT MESA UNIFIE 0.00% | NEWPORT MESA UNIFIE 0.00% | CUSIP: 652113WK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5593298.90   | 4.46%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA UNIFIED SCH 5.00% | ALAMEDA UNIFIED SCH 5.00% | CUSIP: 010824LH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510941.90    | 0.41%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DMB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005438.50   | 0.80%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN COMMUN 4.00% | SOUTHWESTERN COMMUN 4.00% | CUSIP: 845389PL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $693259.65    | 0.55%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 4.00% | UNIVERSITY OF CALIF 4.00% | CUSIP: 91412HJF1<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1878594.60   | 1.50%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DRZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009839.20   | 0.80%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOOTHILL-EASTERN TR 4.00% | FOOTHILL-EASTERN TR 4.00% | CUSIP: 345105JL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $231056.33    | 0.18%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 3.00% | CALIFORNIA EDUCATIO 3.00% | CUSIP: 130179UN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $405346.56    | 0.32%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544532FW9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510392.05    | 0.41%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786153RP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065703.40   | 0.85%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.25% | CALIFORNIA MUNICIPA 5.25% | CUSIP: 13048VF37<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512762.05    | 0.41%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ENT. DEV 5.00% | CALIFORNIA ENT. DEV 5.00% | CUSIP: 13067VBB9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1187393.90   | 0.95%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.00% | CALIFORNIA MUNICIPA 5.00% | CUSIP: 13049UER6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597525.35   | 1.27%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN FRANCIS 3.00% | CITY OF SAN FRANCIS 3.00% | CUSIP: 79765R5Q8<br>LEI: 213800P9VO3CSYYNM193 | Long             | DBT              | MUN               | US        |    600000 | PA      | $440808.06    | 0.35%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ COUNTY C 4.00% | SANTA CRUZ COUNTY C 4.00% | CUSIP: 80181PGM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311838.03    | 0.25%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARLSBAD UNIFIED SC 3.00% | CARLSBAD UNIFIED SC 3.00% | CUSIP: 142665GB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $449668.12    | 0.36%             | 2042-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COUNTY T 4.00% | CALIFORNIA COUNTY T 4.00% | CUSIP: 13016NHS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    885000 | PA      | $886857.35    | 0.71%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SILICON VALLEY CLEA 0.50% | SILICON VALLEY CLEA 0.50% | CUSIP: 82707BEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1979958.80   | 1.58%             | 2026-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING 3.75%  | CALIFORNIA HOUSING 3.75%  | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    472099 | PA      | $475191.24    | 0.38%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN HILLS T 4.00% | SAN JOAQUIN HILLS T 4.00% | CUSIP: 798111GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519730.50    | 0.41%             | 2034-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMP 4.30% | CSCDA COMMUNITY IMP 4.30% | CUSIP: 126292CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $392899.80    | 0.31%             | 2059-07-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| WESTERN PLACER WAST 5.00% | WESTERN PLACER WAST 5.00% | CUSIP: 95921MAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $680217.44    | 0.54%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HPK3<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1737211.20   | 1.38%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MODESTO HIGH SCHOOL 5.00% | MODESTO HIGH SCHOOL 5.00% | CUSIP: 607743LC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045389.50   | 0.83%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPPER SANTA CLARA V 4.00% | UPPER SANTA CLARA V 4.00% | CUSIP: 916544EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1157322.84   | 0.92%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA CLARITA COMMU 5.25% | SANTA CLARITA COMMU 5.25% | CUSIP: 801686UM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061919.00   | 0.85%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445NU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504547.05    | 0.40%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF SA 2.00% | CITY & COUNTY OF SA 2.00% | CUSIP: 79765D3X6<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1061082.36   | 0.85%             | 2033-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL IRRIGATION 5.00% | IMPERIAL IRRIGATION 5.00% | CUSIP: 452650HH0<br>LEI: 549300WHWX5TZ5O15D48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510330.95   | 1.20%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13078RHT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546091.00    | 0.44%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERGREEN SCHOOL DI 5.00% | EVERGREEN SCHOOL DI 5.00% | CUSIP: 300191C35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1330229.94   | 1.06%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZAT 4.00% | TOBACCO SECURITIZAT 4.00% | CUSIP: 888794BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $686794.92    | 0.55%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ENT. DEV 5.00% | CALIFORNIA ENT. DEV 5.00% | CUSIP: 13067VBC7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    905000 | PA      | $1043412.42   | 0.83%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.25%  | LOS ANGELES COUNTY 5.25%  | CUSIP: 54473EYF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112801.70   | 0.89%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 5.00% | CALIFORNIA HEALTH F 5.00% | CUSIP: 13032U2N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $926897.36    | 0.74%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 3.00% | CALIFORNIA MUNICIPA 3.00% | CUSIP: 13048VXL7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $703142.40    | 0.56%             | 2049-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 3.00% | CALIFORNIA STATEWID 3.00% | CUSIP: 13078RJD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $370035.95    | 0.29%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $794207.33    | 0.63%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1673446.20   | 1.33%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO COMMUNITY 5.00% | SAN DIEGO COMMUNITY 5.00% | CUSIP: 797272TE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1587516.90   | 1.26%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE FACIL 5.00% | LAKE ELSINORE FACIL 5.00% | CUSIP: 50962CCM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1168150.20   | 0.93%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.25%  | LOS ANGELES COUNTY 5.25%  | CUSIP: 54473EZP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613792.55   | 1.29%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063ENW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2156882.40   | 1.72%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REDWOOD CITY PUBLIC 3.00% | REDWOOD CITY PUBLIC 3.00% | CUSIP: 757884AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1274429.63   | 1.02%             | 2051-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 4.00% | CALIFORNIA MUNICIPA 4.00% | CUSIP: 13048VWU8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $206327.83    | 0.16%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO PUBLIC FINC 5.00% | ONTARIO PUBLIC FINC 5.00% | CUSIP: 68304RDW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $534496.73    | 0.43%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073320.20   | 0.86%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 5.00% | CALIFORNIA HEALTH F 5.00% | CUSIP: 13032U4X3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1430452.14   | 1.14%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HDE0<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2523491.50   | 2.01%             | 2058-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO COMMU 3.00% | SAN FRANCISCO COMMU 3.00% | CUSIP: 797683HC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $790913.60    | 0.63%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.50% | CITY OF LOS ANGELES 5.50% | CUSIP: 544445F46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044716.80   | 0.83%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 5.00% | CALIFORNIA EDUCATIO 5.00% | CUSIP: 130179XP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556183.40   | 1.24%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SAN FRANCIS 5.00% | CITY OF SAN FRANCIS 5.00% | CUSIP: 79771FFZ5<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |    205000 | PA      | $241720.58    | 0.19%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH 5.00%  | CITY OF LONG BEACH 5.00%  | CUSIP: 542426DK4<br>LEI: 549300XH3OUOL3JO1O51 | Long             | DBT              | MUN               | US        |    700000 | PA      | $799034.39    | 0.64%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786107WM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $332185.62    | 0.26%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REDDING JOINT POWER 5.00% | REDDING JOINT POWER 5.00% | CUSIP: 75728LCE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1303612.38   | 1.04%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.00% | CALIFORNIA MUNICIPA 5.00% | CUSIP: 13048VGH5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039987.60   | 0.83%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE COUNTY TR 4.00% | RIVERSIDE COUNTY TR 4.00% | CUSIP: 76912DAZ1<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |    750000 | PA      | $672143.40    | 0.54%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF LOS ANGELES 5.00% | PORT OF LOS ANGELES 5.00% | CUSIP: 544552E24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $409906.28    | 0.33%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES UNIFIED 5.00% | LOS ANGELES UNIFIED 5.00% | CUSIP: 544647JC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1148777.80   | 0.92%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1511887.33   | 1.20%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058737.10   | 0.84%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH COMMUNIT 5.00% | LONG BEACH COMMUNIT 5.00% | CUSIP: 542411QY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064307.20   | 0.85%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE FINANCING 5.00%  | SAN JOSE FINANCING 5.00%  | CUSIP: 79816NAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542545.80    | 0.43%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMECULA VALLEY UNI 5.00% | TEMECULA VALLEY UNI 5.00% | CUSIP: 87975BBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2575000 | PA      | $2974647.98   | 2.37%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VALLEY CL VAR | SAN JOAQUIN VALLEY CL VAR | CUSIP: 79811YAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1147661.40   | 0.91%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032U4Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114029.60   | 0.89%             | 2050-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTR 5.00% | CALIFORNIA INFRASTR 5.00% | CUSIP: 13035AAS8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    625000 | PA      | $629277.88    | 0.50%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DSA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511554.80   | 1.20%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUC VAR | CALIFORNIA INFRASTRUC VAR | CUSIP: 13034AD23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3450083.00   | 2.75%             | 2055-08-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507311.85    | 0.40%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542188.10    | 0.43%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XLU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1837617.60   | 1.46%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN CARLOS SCHOOL D 5.00% | SAN CARLOS SCHOOL D 5.00% | CUSIP: 797138MS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $441603.84    | 0.35%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $548969.70    | 0.44%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CUCAMONGA RE 5.00% | RANCHO CUCAMONGA RE 5.00% | CUSIP: 75212CBS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1157036.70   | 0.92%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTEREY COUNTY FIN 5.00% | MONTEREY COUNTY FIN 5.00% | CUSIP: 612454BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1229764.07   | 0.98%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445LS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052991.70   | 0.84%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MENIFEE CA 3.00%  | CITY OF MENIFEE CA 3.00%  | CUSIP: 58680WBC7<br>LEI: QBYVXZGTBGYIK7O14C08 | Long             | DBT              | MUN               | US        |    165000 | PA      | $128371.90    | 0.10%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TURLOCK IRRIGATION 5.00%  | TURLOCK IRRIGATION 5.00%  | CUSIP: 900190LB3<br>LEI: 5493001J7IGC81HEQJ12 | Long             | DBT              | MUN               | US        |    805000 | PA      | $866957.79    | 0.69%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DU89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071179.40   | 0.85%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW-WHISM 4.25% | MOUNTAIN VIEW-WHISM 4.25% | CUSIP: 62451FME7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501847.95    | 0.40%             | 2045-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HSH7<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1575376.83   | 1.26%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRA. & 5.00% | CALIFORNIA INFRA. & 5.00% | CUSIP: 13035ADS5<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    275000 | PA      | $283787.85    | 0.23%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIE 5.00% | MOUNT DIABLO UNIFIE 5.00% | CUSIP: 621196V84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1496546.75   | 1.19%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

**Name of Signer:** Randal E. Rein

**Title:** Treasurer and Principal Financial Officer