# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001902
**Filing Date:** 2026-5
**Character Count:** 50621
**Document Hash:** c43c71884267504e05677c7d24d16c11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001902.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001902

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261034946

**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:** 2026-03-31

**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:** $136431834.10

**Total Liabilities:** $5545393.35

**Net Assets:** $130886440.75

**Delayed Delivery Securities:** $5420335.20

**Cash Not Reported:** $0.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 6777.149352853634 | **1-Year:** 9804.786627391150 | **5-Year:** 29609.341878014069 | **10-Year:** 42719.356027334604 | **30-Year:** 7024.044113581192

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 413.542155040587 | **10-Year:** 250.487448916681 | **30-Year:** 464.295127422385

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003397 | 0.75%                | 1.29%                | -2.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $532673.81                                 |
| Month 2  | $43578.21                | $1394700.17                                |
| Month 3  | $-365525.37              | $-2902926.09                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA HEALTH F 5.00% | CALIFORNIA HEALTH F 5.00% | CUSIP: 13032U2N7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $925382.72    | 0.71%             | 2034-02-01      | 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      | $1154831.70   | 0.88%             | 2034-09-01      | Fixed         | 5.00%                 | 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      | $529338.60    | 0.40%             | 2034-11-01      | 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      | $236418.75    | 0.18%             | 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      | $792362.55    | 0.61%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032U4Q8<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101228.00   | 0.84%             | 2050-10-01      | Variable      | 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        |    750000 | PA      | $885061.50    | 0.68%             | 2034-08-01      | Fixed         | 5.00%                 | 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      | $1496720.60   | 1.14%             | 2042-08-01      | Fixed         | 5.00%                 | 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      | $508601.00    | 0.39%             | 2044-05-15      | 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      | $1155012.00   | 0.88%             | 2045-08-01      | Fixed         | 4.00%                 | 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      | $1363747.07   | 1.04%             | 2042-09-01      | Fixed         | 5.00%                 | 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      | $1063152.32   | 0.81%             | 2051-12-01      | Fixed         | 2.62%                 | 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      | $5586527.80   | 4.27%             | 2033-08-01      | None          | 0.00%                 | 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      | $675917.18    | 0.52%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DRZ4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012230.80   | 0.77%             | 2045-05-01      | Fixed         | 5.00%                 | 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      | $408200.16    | 0.31%             | 2051-12-01      | Fixed         | 3.00%                 | 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      | $1055365.70   | 0.81%             | 2034-09-01      | 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      | $438483.30    | 0.34%             | 2050-11-01      | Fixed         | 3.00%                 | 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      | $508575.20    | 0.39%             | 2046-05-15      | Fixed         | 5.00%                 | 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      | $460450.82    | 0.35%             | 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      | $884998.32    | 0.68%             | 2035-06-01      | Fixed         | 4.00%                 | 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      | $513084.65    | 0.39%             | 2034-01-15      | Fixed         | 4.00%                 | 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      | $129643.07    | 0.10%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HPK3<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120087.40   | 0.86%             | 2035-05-15      | 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      | $1015456.60   | 0.78%             | 2041-11-01      | 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      | $1038369.67   | 0.79%             | 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      | $1137541.00   | 0.87%             | 2041-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    600000 | PA      | $607031.22    | 0.46%             | 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: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1256582.46   | 0.96%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHORI VAR | BAY AREA TOLL AUTHORI VAR | CUSIP: 072024YE6<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500000.00   | 1.91%             | 2055-04-01      | Variable      | 2.42%                 | 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      | $500275.80    | 0.38%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032UP93<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    225000 | PA      | $250908.41    | 0.19%             | 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      | $338592.54    | 0.26%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1786756.48   | 1.37%             | 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      | $1622997.30   | 1.24%             | 2056-01-01      | Variable      | 5.00%                 | 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      | $1844283.40   | 1.41%             | 2044-11-01      | 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        |   2432909 | NS      | $2432908.80   | 1.86%             |  |  |  | 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      | $485281.08    | 0.37%             | 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      | $1091967.10   | 0.83%             | 2037-07-01      | Variable      | 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      | $806340.60    | 0.62%             | 2045-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING 3.50%  | CALIFORNIA HOUSING 3.50%  | CUSIP: 13033DAE5<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1151711 | PA      | $1133772.18   | 0.87%             | 2035-11-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DVG0<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017755.60   | 1.54%             | 2035-09-01      | Fixed         | 5.00%                 | 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      | $1545133.80   | 1.18%             | 2055-11-01      | Fixed         | 5.00%                 | 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      | $1936169.20   | 1.48%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1385000 | PA      | $1465940.65   | 1.12%             | 2055-02-01      | Variable      | 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      | $237264.15    | 0.18%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.25% | CALIFORNIA MUNICIPA 5.25% | CUSIP: 13048VF37<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514608.80    | 0.39%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN JOAQUIN VALLEY CL VAR | SAN JOAQUIN VALLEY CL VAR | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088989.30   | 0.83%             | 2056-01-01      | Variable      | 5.50%                 | 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      | $1810638.55   | 1.38%             | 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      | $443679.28    | 0.34%             | 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      | $535511.85    | 0.41%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING 3.75%  | CALIFORNIA HOUSING 3.75%  | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |    467980 | PA      | $471017.51    | 0.36%             | 2035-03-25      | Fixed         | 3.75%                 | 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      | $392282.85    | 0.30%             | 2059-07-01      | Fixed         | 4.30%                 | 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      | $1045667.80   | 0.80%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHORI VAR | BAY AREA TOLL AUTHORI VAR | CUSIP: 072024YF3<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.76%             | 2055-04-01      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13078YYS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214259.48    | 0.16%             | 2029-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063ELN4<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041675.50   | 0.80%             | 2055-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HWX7<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1153308.20   | 0.88%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544532QW7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1327805.88   | 1.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIE 5.00% | MOUNT DIABLO UNIFIE 5.00% | CUSIP: 621204DH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $650089.62    | 0.50%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL VALLEY ENER 5.00% | CENTRAL VALLEY ENER 5.00% | CUSIP: 15569DAC6<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524825.40    | 0.40%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN CALIFORNIA E VAR | NORTHERN CALIFORNIA E VAR | CUSIP: 664840AL9<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |    775000 | PA      | $825401.58    | 0.63%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DWT1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    730000 | PA      | $800940.60    | 0.61%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWIN RIVERS UNIFIED 5.00% | TWIN RIVERS UNIFIED 5.00% | CUSIP: 90171TKD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058631.50   | 0.81%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13078YYR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $284444.33    | 0.22%             | 2028-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JHM1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519245.15    | 0.40%             | 2036-03-01      | 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      | $697723.32    | 0.53%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 3.00% | CALIFORNIA MUNICIPA 3.00% | CUSIP: 13048VXL7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $723969.90    | 0.55%             | 2049-10-01      | Fixed         | 3.00%                 | 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      | $1564684.05   | 1.20%             | 2055-08-01      | 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      | $1278296.78   | 0.98%             | 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      | $207869.48    | 0.16%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.00% | CALIFORNIA MUNICIPA 5.00% | CUSIP: 13048VGH5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034604.10   | 0.79%             | 2040-04-01      | 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      | $549503.15    | 0.42%             | 2041-11-01      | Fixed         | 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      | $634745.75    | 0.48%             | 2044-11-01      | 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      | $3467001.65   | 2.65%             | 2055-08-01      | Variable      | 1.75%                 | 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      | $1329577.21   | 1.02%             | 2046-08-01      | 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      | $1220312.69   | 0.93%             | 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      | $1047909.90   | 0.80%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TURLOCK IRRIGATION 5.00%  | TURLOCK IRRIGATION 5.00%  | CUSIP: 900190LB3<br>LEI: 5493001J7IGC81HEQJ12 | Long             | DBT              | MUN               | US        |    805000 | PA      | $861903.60    | 0.66%             | 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: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076829.40   | 0.82%             | 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      | $502070.80    | 0.38%             | 2045-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL IMPROVEME 5.00% | MUNICIPAL IMPROVEME 5.00% | CUSIP: 5445875W4<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025566.70   | 0.78%             | 2055-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CITY UNI 5.00% | SACRAMENTO CITY UNI 5.00% | CUSIP: 785870Q82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1468566.72   | 1.12%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA 5.00% | SOUTHERN CALIFORNIA 5.00% | CUSIP: 842472EQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $548435.55    | 0.42%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XRR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048285.60   | 0.80%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.25% | UNIVERSITY OF CALIF 5.25% | CUSIP: 91412HWL3<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |    600000 | PA      | $708846.06    | 0.54%             | 2040-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PASADENA UNIFIED SC 5.25% | PASADENA UNIFIED SC 5.25% | CUSIP: 702282SA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088509.90   | 0.83%             | 2047-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SUTTER BUTTE FLOOD 5.00%  | SUTTER BUTTE FLOOD 5.00%  | CUSIP: 869398CG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $845635.80    | 0.65%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF OAKLAND CA 5.00%  | CITY OF OAKLAND CA 5.00%  | CUSIP: 672240D39<br>LEI: 549300BRTTFKDQCGL048 | Long             | DBT              | MUN               | US        |    750000 | PA      | $771898.50    | 0.59%             | 2055-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST FRN         | CALIFORNIA ST FRN         | CUSIP: 13063BCD2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 1.15%             | 2033-05-01      | Variable      | 2.55%                 | 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      | $1049871.96   | 0.80%             | 2033-10-01      | Fixed         | 2.00%                 | 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      | $550538.00    | 0.42%             | 2039-07-01      | Fixed         | 5.00%                 | 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      | $1004446.70   | 0.77%             | 2045-10-01      | Fixed         | 5.00%                 | 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      | $1072101.20   | 0.82%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XSM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $808964.18    | 0.62%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.00% | CALIFORNIA MUNICIPA 5.00% | CUSIP: 13048V5L8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    675000 | PA      | $673600.73    | 0.51%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND UNIFIED SCH 5.00% | OAKLAND UNIFIED SCH 5.00% | CUSIP: 672325U47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1122997.13   | 0.86%             | 2028-08-01      | 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      | $328285.63    | 0.25%             | 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      | $1044617.30   | 0.80%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032U5S3<br>LEI: 549300FOKP65GNO33016 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1645440.00   | 1.26%             | 2047-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL IRRIGATION 5.00% | IMPERIAL IRRIGATION 5.00% | CUSIP: 452650HH0<br>LEI: 549300WHWX5TZ5O15D48 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508293.95   | 1.15%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DMB2<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002356.60   | 0.77%             | 2049-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS PUBLI 5.00% | RIVER ISLANDS PUBLI 5.00% | CUSIP: 768269AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $533581.66    | 0.41%             | 2052-09-01      | Fixed         | 5.00%                 | 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      | $507959.60    | 0.39%             | 2052-07-01      | 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      | $538672.40    | 0.41%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ENT. DEV 5.00% | CALIFORNIA ENT. DEV 5.00% | CUSIP: 13067RGD9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    500000 | PA      | $550151.05    | 0.42%             | 2033-07-01      | Fixed         | 5.00%                 | 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      | $684793.50    | 0.52%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL IMPROVEME 5.00% | MUNICIPAL IMPROVEME 5.00% | CUSIP: 5445875Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789012.08    | 0.60%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13080S3K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311738.58    | 0.24%             | 2047-04-01      | 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      | $803166.30    | 0.61%             | 2044-08-01      | Fixed         | 3.00%                 | 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      | $1151502.82   | 0.88%             | 2045-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DSA8<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501623.45   | 1.15%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUC VAR | CALIFORNIA INFRASTRUC VAR | CUSIP: 13034AN30<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1896042.80   | 1.45%             | 2050-12-01      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DKG3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1510014.75   | 1.15%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063ENW2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158308.80   | 1.65%             | 2045-08-01      | 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      | $1042576.30   | 0.80%             | 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      | $1435986.37   | 1.10%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 5.25% | CALIFORNIA EDUCATIO 5.25% | CUSIP: 130179YN8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $770757.90    | 0.59%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 4.00% | CALIFORNIA MUNICIPA 4.00% | CUSIP: 13048VB64<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    175000 | PA      | $156514.19    | 0.12%             | 2041-11-01      | Fixed         | 4.00%                 | 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      | $509291.85    | 0.39%             | 2042-08-01      | Fixed         | 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      | $1047055.70   | 0.80%             | 2052-08-01      | Fixed         | 5.00%                 | 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      | $365275.15    | 0.28%             | 2051-05-15      | Fixed         | 3.00%                 | 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      | $2531383.25   | 1.93%             | 2058-05-15      | Fixed         | 5.00%                 | 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      | $1048099.00   | 0.80%             | 2047-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SONOMA COUNTY JUNIO 3.00% | SONOMA COUNTY JUNIO 3.00% | CUSIP: 835569GF5<br>LEI: 549300C1BQ28FZTVYK25 | Long             | DBT              | MUN               | US        |    900000 | PA      | $845232.03    | 0.65%             | 2036-08-01      | Fixed         | 3.00%                 | 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      | $1603296.30   | 1.22%             | 2050-12-01      | Fixed         | 5.25%                 | 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      | $88743.91     | 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: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034614.10   | 0.79%             | 2031-11-01      | 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      | $2915359.42   | 2.23%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786107WM0<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |    300000 | PA      | $327982.80    | 0.25%             | 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: 549300G0VQMKGZ4YHU07 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1280390.38   | 0.98%             | 2055-06-01      | 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      | $527555.90    | 0.40%             | 2054-11-01      | Variable      | 5.25%                 | 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      | $311257.56    | 0.24%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Northern Funds

**Signature:** Randal E. Rein

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

**Title:** Treasurer and Principal Financial Officer