# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-25-001562
**Filing Date:** 2025-11
**Character Count:** 53132
**Document Hash:** 34574e9536411e3604e64b1355f5d883
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001562.hdr.sgml**: 20251121

**ACCESSION NUMBER**: 0002066578-25-001562

**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:** 251506527

**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 INTERMEDIATE TAX-EXEMPT FUND (Series ID: S000001250)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000003396 | CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND | NCITX           |

## 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 Intermediate Tax-Exempt Fund

- **b. EDGAR series identifier (if any):** S000001250

- **c. LEI of Series:** 549300C8VXBK7XMEDD49

**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:** $248254944.60

**Total Liabilities:** $8243484.89

**Net Assets:** $240011459.71

**Delayed Delivery Securities:** $2848675.00

**Cash Not Reported:** $0.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 594.408354595182 | **1-Year:** 15723.095181464779 | **5-Year:** 59525.261989254189 | **10-Year:** 54491.701329075601 | **30-Year:** 2722.198748955066

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

- **3-Month:** 0.000000000000 | **1-Year:** 151.156460139366 | **5-Year:** 700.199015169749 | **10-Year:** 1387.778493772053 | **30-Year:** 934.807655680059

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003396 | 0.34%                | 0.95%                | 1.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-16712.55               | $222247.55                                 |
| Month 2  | $-1048802.24             | $2739850.80                                |
| Month 3  | $-340229.77              | $3035916.17                                |

**Designated Index Information**

- **Index Name:** BBG Muni Mutual Fund California Intermediate (Risk Basis: MUNI)

- **Index Identifier:** MFCA_INTM

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063DVG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3559694.60   | 1.48%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPARTM 5.00% | LOS ANGELES DEPARTM 5.00% | CUSIP: 544525YH5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1867091.04   | 0.78%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH 5.00%  | CITY OF LONG BEACH 5.00%  | CUSIP: 542424VE3<br>LEI: 549300XH3OUOL3JO1O51 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3044706.00   | 1.27%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA ROSA HIGH SCH 5.00% | SANTA ROSA HIGH SCH 5.00% | CUSIP: 802615J21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013982.80   | 0.42%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REDLANDS UNIFIED SC 3.00% | REDLANDS UNIFIED SC 3.00% | CUSIP: 757606TP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2307643.61   | 0.96%             | 2030-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANTA ROSA ELEMENTA 5.00% | SANTA ROSA ELEMENTA 5.00% | CUSIP: 802598NG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1161010.31   | 0.48%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES UNIFIED 5.00% | LOS ANGELES UNIFIED 5.00% | CUSIP: 5446466M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $201956.66    | 0.08%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATOMAS UNIFIED SCH 3.00% | NATOMAS UNIFIED SCH 3.00% | CUSIP: 63877NLP0<br>LEI: 5493003NJ3RTOZO25E38 | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1452480.96   | 0.61%             | 2039-08-01      | Fixed         | 3.00%                 | 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        |   2800000 | PA      | $2475858.84   | 1.03%             | 2033-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MENIFEE CA 4.00%  | CITY OF MENIFEE CA 4.00%  | CUSIP: 58680WBD5<br>LEI: QBYVXZGTBGYIK7O14C08 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $856129.10    | 0.36%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544532NR1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   4210000 | PA      | $4800241.16   | 2.00%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79770GKJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1303822.85   | 0.54%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 5.00% | CALIFORNIA EDUCATIO 5.00% | CUSIP: 130179XL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $745822.84    | 0.31%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063EKW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1686473.61   | 0.70%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE ELSINORE FACIL 5.00% | LAKE ELSINORE FACIL 5.00% | CUSIP: 50962CCL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $2036410.43   | 0.85%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATOMAS UNIFIED SCH 3.00% | NATOMAS UNIFIED SCH 3.00% | CUSIP: 63877NLQ8<br>LEI: 5493003NJ3RTOZO25E38 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $1976078.18   | 0.82%             | 2040-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2231261.60   | 0.93%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79770GKK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1628056.70   | 0.68%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIE 5.00% | MOUNT DIABLO UNIFIE 5.00% | CUSIP: 621196V68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $882095.48    | 0.37%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALUM ROCK UNION ELE 5.00% | ALUM ROCK UNION ELE 5.00% | CUSIP: 022168TZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $2028121.55   | 0.85%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA 5.00% | SOUTHERN CALIFORNIA 5.00% | CUSIP: 842475R64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083140.70   | 0.45%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.25% | CITY OF LOS ANGELES 5.25% | CUSIP: 544445EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2105268.00   | 0.88%             | 2031-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DESERT SANDS UNIFIE 5.00% | DESERT SANDS UNIFIE 5.00% | CUSIP: 250433TR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1366243.30   | 0.57%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ENTERPRI 3.00% | CALIFORNIA ENTERPRI 3.00% | CUSIP: 13067VAU8<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2350271.40   | 0.98%             | 2044-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCHOOL F 4.00% | CALIFORNIA SCHOOL F 4.00% | CUSIP: 13059TGY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $737100.24    | 0.31%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBAC 2.158% | GOLDEN STATE TOBAC 2.158% | CUSIP: 38122NC59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986167.50    | 0.41%             | 2026-06-01      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTR 5.00% | CALIFORNIA INFRASTR 5.00% | CUSIP: 13035ACQ0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    200000 | PA      | $220075.12    | 0.09%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.25%  | SAN FRANCISCO CITY 5.25%  | CUSIP: 79766DWT2<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067944.30   | 0.44%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PERALTA COMMUNITY C 5.00% | PERALTA COMMUNITY C 5.00% | CUSIP: 713575ZK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2542488.31   | 1.06%             | 2033-08-01      | Fixed         | 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        |   6825000 | PA      | $6828074.66   | 2.84%             | 2047-04-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO UNIFI 3.25% | SAN FRANCISCO UNIFI 3.25% | CUSIP: 79771TLC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499169.90   | 0.62%             | 2032-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DESERT SANDS UNIFIE 5.00% | DESERT SANDS UNIFIE 5.00% | CUSIP: 250433WZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1443228.74   | 0.60%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES UNIFIED 5.00% | LOS ANGELES UNIFIED 5.00% | CUSIP: 544647JT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4144964.25   | 1.73%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VISTA JOINT POWERS 5.00%  | VISTA JOINT POWERS 5.00%  | CUSIP: 928317FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1042789.23   | 0.43%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 5.00% | CALIFORNIA HEALTH F 5.00% | CUSIP: 13032U3Z9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    690000 | PA      | $818423.77    | 0.34%             | 2033-08-15      | 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        |    325000 | PA      | $359867.76    | 0.15%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH 5.00%  | CITY OF LONG BEACH 5.00%  | CUSIP: 542424UU8<br>LEI: 549300XH3OUOL3JO1O51 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1345404.97   | 0.56%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL IRRIGATION 5.00% | IMPERIAL IRRIGATION 5.00% | CUSIP: 452650HH0<br>LEI: 549300WHWX5TZ5O15D48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2517218.25   | 1.05%             | 2046-11-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2043767.60   | 0.85%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.00% | CALIFORNIA MUNICIPA 5.00% | CUSIP: 13048VGF9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2380696.78   | 0.99%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JOINT POWE 5.00% | TRANSBAY JOINT POWE 5.00% | CUSIP: 89356CAL0<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    600000 | PA      | $623356.02    | 0.26%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST CONTRA COSTA U 5.00% | WEST CONTRA COSTA U 5.00% | CUSIP: 95234AAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $266812.87    | 0.11%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE UNIFIED SCHO 5.00% | IRVINE UNIFIED SCHO 5.00% | CUSIP: 463612PU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1617928.06   | 0.67%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OXNARD UNION HIGH S 6.00% | OXNARD UNION HIGH S 6.00% | CUSIP: 692039TX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1164992.00   | 0.49%             | 2030-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON UNION HIG 5.00% | JEFFERSON UNION HIG 5.00% | CUSIP: 4724667L9<br>LEI: 549300S1EAFO90X8HQ88 | Long             | DBT              | MUN               | US        |    300000 | PA      | $359171.22    | 0.15%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117474.20   | 0.88%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 5.00% | CALIFORNIA HEALTH F 5.00% | CUSIP: 13032UBB3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250932.18    | 0.10%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786107QV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $726844.25    | 0.30%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445R76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2840000 | PA      | $3129952.07   | 1.30%             | 2032-05-15      | 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        |    670000 | PA      | $773986.08    | 0.32%             | 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        |   1500000 | PA      | $1721492.10   | 0.72%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| HAYWARD UNIFIED SCH 5.00% | HAYWARD UNIFIED SCH 5.00% | CUSIP: 421295AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4360331.63   | 1.82%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH F 5.00% | CALIFORNIA HEALTH F 5.00% | CUSIP: 13032U2M9<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    700000 | PA      | $805329.07    | 0.34%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO COUNTY RE 5.00% | SAN DIEGO COUNTY RE 5.00% | CUSIP: 79739GST4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1222990.23   | 0.51%             | 2036-07-01      | 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        |   4630000 | PA      | $5056802.66   | 2.11%             | 2033-05-15      | Fixed         | 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        |   1500000 | PA      | $1735555.05   | 0.72%             | 2032-09-01      | 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        |   1000000 | PA      | $1023253.80   | 0.43%             | 2046-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBANY UNIFIED SCHO 5.00% | ALBANY UNIFIED SCHO 5.00% | CUSIP: 012104RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014644.00   | 0.42%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA 5.00% | SOUTHERN CALIFORNIA 5.00% | CUSIP: 84251KBV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049809.80   | 0.85%             | 2043-08-01      | Fixed         | 5.00%                 | 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        |   3000000 | PA      | $2969938.20   | 1.24%             | 2026-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF SA 5.00% | CITY & COUNTY OF SA 5.00% | CUSIP: 79773NAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $392921.85    | 0.16%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786153RG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036251.20   | 0.43%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 5.00% | CALIFORNIA EDUCATIO 5.00% | CUSIP: 130179XK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $655398.40    | 0.27%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ALAMITOS UNIFIED STP  | LOS ALAMITOS UNIFIED STP  | CUSIP: 544204DP2<br>LEI: 549300YJXGV6HPEZKU12 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1214215.20   | 0.51%             | 2034-08-01      | Variable      | 5.95%                 | 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        |   1500000 | PA      | $1513641.15   | 0.63%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3587371.55   | 1.49%             | 2052-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO PUBLIC FINC 5.00% | ONTARIO PUBLIC FINC 5.00% | CUSIP: 68304RDV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $559972.51    | 0.23%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445LR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1548905.97   | 0.65%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL IMPROVEME 5.00% | MUNICIPAL IMPROVEME 5.00% | CUSIP: 5445874K1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $673301.46    | 0.28%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE COUNTY COMMU 5.00% | ORANGE COUNTY COMMU 5.00% | CUSIP: 68423PZG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058878.70   | 0.44%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LONG BEACH 5.00%  | CITY OF LONG BEACH 5.00%  | CUSIP: 542426DJ7<br>LEI: 549300XH3OUOL3JO1O51 | Long             | DBT              | MUN               | US        |    700000 | PA      | $795102.77    | 0.33%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544445EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3435000 | PA      | $3564220.23   | 1.49%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VENTURA UNIFIED SCH 5.00% | VENTURA UNIFIED SCH 5.00% | CUSIP: 923004TD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $782511.52    | 0.33%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUC VAR | CALIFORNIA INFRASTRUC VAR | CUSIP: 13034AN30<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2782184.10   | 1.16%             | 2050-12-01      | Variable      | 1.20%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMP 3.25% | CSCDA COMMUNITY IMP 3.25% | CUSIP: 126292CL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $758201.10    | 0.32%             | 2043-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NATOMAS UNIFIED SCH 3.00% | NATOMAS UNIFIED SCH 3.00% | CUSIP: 63877NLR6<br>LEI: 5493003NJ3RTOZO25E38 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2131343.89   | 0.89%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EAST SIDE UNION HIG 5.00% | EAST SIDE UNION HIG 5.00% | CUSIP: 275282TG6<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |    750000 | PA      | $877428.23    | 0.37%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ENT. DEV 5.00% | CALIFORNIA ENT. DEV 5.00% | CUSIP: 13067VBC7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3314707.96   | 1.38%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORELAND SCHOOL DIS 5.00% | MORELAND SCHOOL DIS 5.00% | CUSIP: 616794WR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1525363.71   | 0.64%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC F 5.00% | CALIFORNIA PUBLIC F 5.00% | CUSIP: 13057EJD7<br>LEI: 549300IFY1T501PZ2S75 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1669229.70   | 0.70%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1432007.64   | 0.60%             | 2052-10-01      | Variable      | 4.00%                 | 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        |   1000000 | PA      | $1001383.60   | 0.42%             | 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        |   1855000 | PA      | $2093344.31   | 0.87%             | 2054-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JEA0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1323678.88   | 0.55%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063EKR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $28125.36     | 0.01%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO PUBLIC FA 5.00% | SAN DIEGO PUBLIC FA 5.00% | CUSIP: 797299RR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2863188.50   | 1.19%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIFOR VAR | UNIVERSITY OF CALIFOR VAR | CUSIP: 91412GSG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.62%             | 2048-05-15      | Variable      | 2.55%                 | 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        |   4560000 | PA      | $4796245.85   | 2.00%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRANSBAY JOINT POWE 5.00% | TRANSBAY JOINT POWE 5.00% | CUSIP: 89356CAF3<br>LEI: 549300WC0UP8WU8GYU95 | Long             | DBT              | MUN               | US        |    465000 | PA      | $494101.05    | 0.21%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO ASSOCIATI 5.00% | SAN DIEGO ASSOCIATI 5.00% | CUSIP: 797257AV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029817.70   | 0.43%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZUSA UNIFIED SCHOO 5.00% | AZUSA UNIFIED SCHOO 5.00% | CUSIP: 055033QY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1753418.08   | 0.73%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NI US GOV T PORTFOLIO     | NI US GOV T PORTFOLIO     | CUSIP: 665278404<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2810734 | NS      | $2810734.44   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA MUNICIPA 3.00% | CALIFORNIA MUNICIPA 3.00% | CUSIP: 13048VXJ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $732057.30    | 0.31%             | 2046-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.00%  | LOS ANGELES COUNTY 5.00%  | CUSIP: 54466HHL3<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   2975000 | PA      | $3150301.58   | 1.31%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GARDEN GROVE PUBLIC 5.00% | GARDEN GROVE PUBLIC 5.00% | CUSIP: 36527RBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $673390.96    | 0.28%             | 2032-04-01      | 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        |   2920000 | PA      | $3260357.24   | 1.36%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO PUBLIC FA 5.00% | SAN DIEGO PUBLIC FA 5.00% | CUSIP: 797299QF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1167346.10   | 0.49%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032U4Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2228059.20   | 0.93%             | 2050-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.00%  | LOS ANGELES COUNTY 5.00%  | CUSIP: 54473ESL9<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1671544.62   | 0.70%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063C4Q0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041371.60   | 0.85%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN LEANDRO UNIFIED 5.00% | SAN LEANDRO UNIFIED 5.00% | CUSIP: 798458SY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $594436.75    | 0.25%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA EDUCATIO 5.00% | CALIFORNIA EDUCATIO 5.00% | CUSIP: 130179XZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $882772.95    | 0.37%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2146640.40   | 0.89%             | 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        |   2500000 | PA      | $2750869.50   | 1.15%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063ENT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2908637.00   | 1.21%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.25% | STATE OF CALIFORNIA 5.25% | CUSIP: 13063DFQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511883.15   | 0.63%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE TOBAC 2.532% | GOLDEN STATE TOBAC 2.532% | CUSIP: 38122NC75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1427916.30   | 0.59%             | 2028-06-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| ONTARIO PUBLIC FINC 5.00% | ONTARIO PUBLIC FINC 5.00% | CUSIP: 68304RDU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $350315.34    | 0.15%             | 2032-11-01      | 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        |    385000 | PA      | $299534.43    | 0.12%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 4.00% | CALIFORNIA MUNICIPA 4.00% | CUSIP: 13048VB64<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $360257.96    | 0.15%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JBL9<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    750000 | PA      | $798357.38    | 0.33%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BAY AREA TOLL AUTHO 5.00% | BAY AREA TOLL AUTHO 5.00% | CUSIP: 072024B84<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |    795000 | PA      | $925094.52    | 0.39%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JGR1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2150979.40   | 0.90%             | 2055-10-01      | Variable      | 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        |   2250000 | PA      | $2346502.28   | 0.98%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM SPRINGS UNIFIE 2.00% | PALM SPRINGS UNIFIE 2.00% | CUSIP: 6966673W2<br>LEI: 549300VO66CCEHGE5291 | Long             | DBT              | MUN               | US        |   1970000 | PA      | $1942995.63   | 0.81%             | 2027-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063C8R4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2099451.80   | 0.87%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786107QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $603922.06    | 0.25%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTR 5.00% | CALIFORNIA INFRASTR 5.00% | CUSIP: 13034ATU4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046930.50   | 0.44%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAL VERDE UNIFIED S 5.00% | VAL VERDE UNIFIED S 5.00% | CUSIP: 918828CF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $283866.68    | 0.12%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2532547.73   | 1.06%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.00%  | LOS ANGELES COUNTY 5.00%  | CUSIP: 54473EZJ6<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1895598.08   | 0.79%             | 2043-12-01      | 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        |   2000000 | PA      | $2128614.40   | 0.89%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.00%  | LOS ANGELES COUNTY 5.00%  | CUSIP: 54473ERH9<br>LEI: 54930051IHTXE1N9RB42 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2640337.74   | 1.10%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES UNIFIED 5.00% | LOS ANGELES UNIFIED 5.00% | CUSIP: 544647AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1592947.50   | 0.66%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GARDEN GROVE PUBLIC 5.00% | GARDEN GROVE PUBLIC 5.00% | CUSIP: 36527RAX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $329071.86    | 0.14%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XCC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1712667.45   | 0.71%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JDG8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1317517.08   | 0.55%             | 2054-11-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032UN87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1517447.52   | 0.63%             | 2061-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST SIDE UNION HIG 5.00% | EAST SIDE UNION HIG 5.00% | CUSIP: 275282SC6<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |   4610000 | PA      | $5409174.39   | 2.25%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XLZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4049050.95   | 1.69%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRA. & 5.00% | CALIFORNIA INFRA. & 5.00% | CUSIP: 13035ADD8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2045000 | PA      | $2195522.02   | 0.91%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2720000 | PA      | $2986395.17   | 1.24%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786107QH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532914.00    | 0.22%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 2.65% | CALIFORNIA MUNICIPA 2.65% | CUSIP: 130483DZ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3246094 | PA      | $2820339.25   | 1.18%             | 2036-08-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HOUSING 3.75%  | CALIFORNIA HOUSING 3.75%  | CUSIP: 13033DAG0<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   1888395 | PA      | $1900764.85   | 0.79%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79768HKB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2328384.80   | 0.97%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HSH7<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5155778.70   | 2.15%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIALTO UNIFIED SCHO 5.00% | RIALTO UNIFIED SCHO 5.00% | CUSIP: 762497CX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $305176.28    | 0.13%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF LOS ANGELES 5.00% | CITY OF LOS ANGELES 5.00% | CUSIP: 544386ED3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $869384.93    | 0.36%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.00% | STATE OF CALIFORNIA 5.00% | CUSIP: 13063ENU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2339802.60   | 0.97%             | 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