# EDGAR Filing Document

**Accession Number:** 0000916620
**File Stem:** 0002066578-26-001899
**Filing Date:** 2026-5
**Character Count:** 62530
**Document Hash:** 99685322752810cf3805405ac328778e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001899.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002066578-26-001899

**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:** 261034944

**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:** 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:** $260323862.48

**Total Liabilities:** $8664216.30

**Net Assets:** $251659646.18

**Delayed Delivery Securities:** $8472167.25

**Cash Not Reported:** $0.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 13059.830912500641 | **1-Year:** 12723.161417386968 | **5-Year:** 60586.284500212258 | **10-Year:** 63939.429040645752 | **30-Year:** 1899.104522647932

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

- **3-Month:** 0.000000000000 | **1-Year:** 129.889855551690 | **5-Year:** 690.040727677117 | **10-Year:** 1303.886276637945 | **30-Year:** 855.732606072897

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000003396 | 0.84%                | 1.20%                | -2.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1558117.41                                |
| Month 2  | $0.00                    | $2322473.91                                |
| Month 3  | $25292.52                | $-7315974.93                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LOS ANGELES UNIFIED 5.00% | LOS ANGELES UNIFIED 5.00% | CUSIP: 5446466M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $198310.54    | 0.08%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY & COUNTY OF SA 2.00% | CITY & COUNTY OF SA 2.00% | CUSIP: 79765D3X6<br>LEI: 549300RA28ZEFOB6M782 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2449701.24   | 0.97%             | 2033-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NATOMAS UNIFIED SCH 3.00% | NATOMAS UNIFIED SCH 3.00% | CUSIP: 63877NLQ8<br>LEI: 5493003NJ3RTOZO25E38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1716406.00   | 0.68%             | 2040-08-01      | Fixed         | 3.00%                 | 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        |   1500000 | PA      | $1751398.20   | 0.70%             | 2038-10-15      | 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      | $2092515.40   | 0.83%             | 2031-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTR 5.00% | CALIFORNIA INFRASTR 5.00% | CUSIP: 13035ACQ0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    200000 | PA      | $219639.82    | 0.09%             | 2033-11-01      | 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      | $862162.95    | 0.34%             | 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      | $2085152.60   | 0.83%             | 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      | $2761512.25   | 1.10%             | 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      | $2844019.25   | 1.13%             | 2033-08-01      | 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      | $808034.51    | 0.32%             | 2033-08-15      | 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      | $2018815.60   | 0.80%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF SACRAMENT 5.00% | COUNTY OF SACRAMENT 5.00% | CUSIP: 786107WM0<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |    325000 | PA      | $355314.70    | 0.14%             | 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        |   2250000 | PA      | $2304702.68   | 0.92%             | 2055-06-01      | 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      | $2346441.00   | 0.93%             | 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      | $620438.82    | 0.25%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.00%  | LOS ANGELES COUNTY 5.00%  | CUSIP: 54473EZJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1949566.33   | 0.77%             | 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      | $2094111.40   | 0.83%             | 2052-08-01      | Fixed         | 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      | $250604.85    | 0.10%             | 2027-11-15      | 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        |   2000000 | PA      | $2202456.00   | 0.88%             | 2050-10-01      | Variable      | 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      | $1215519.80   | 0.48%             | 2036-07-01      | 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      | $1281960.84   | 0.51%             | 2054-11-01      | Variable      | 5.25%                 | 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      | $1022751.70   | 0.41%             | 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      | $1005663.60   | 0.40%             | 2043-08-01      | Fixed         | 5.00%                 | 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      | $388757.06    | 0.15%             | 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      | $1024782.30   | 0.41%             | 2027-09-01      | Fixed         | 5.00%                 | 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      | $792107.70    | 0.31%             | 2043-07-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY 5.00%  | SAN FRANCISCO CITY 5.00%  | CUSIP: 79766DUD9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074002.10   | 0.43%             | 2030-05-01      | 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        |   3222057 | PA      | $2799632.76   | 1.11%             | 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        |   1871922 | PA      | $1884069.96   | 0.75%             | 2035-03-25      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUC VAR | CALIFORNIA INFRASTRUC VAR | CUSIP: 13034AN30<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2844064.20   | 1.13%             | 2050-12-01      | Variable      | 1.20%                 | 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      | $824186.70    | 0.33%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1416406.18   | 0.56%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ENTERPRI 3.00% | CALIFORNIA ENTERPRI 3.00% | CUSIP: 13067VAU8<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2343898.80   | 0.93%             | 2044-11-01      | Fixed         | 3.00%                 | 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      | $487275.64    | 0.19%             | 2029-10-01      | Fixed         | 5.00%                 | 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      | $741527.68    | 0.29%             | 2040-07-01      | 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        |   3880270 | NS      | $3880269.88   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA MUNICIPA 3.00% | CALIFORNIA MUNICIPA 3.00% | CUSIP: 13048VXJ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $768351.50    | 0.31%             | 2046-10-01      | Fixed         | 3.00%                 | 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      | $996482.10    | 0.40%             | 2026-06-01      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| STATE OF CALIFORNIA 5.25% | STATE OF CALIFORNIA 5.25% | CUSIP: 13063DFQ6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502269.35   | 0.60%             | 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      | $1441994.55   | 0.57%             | 2028-06-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 4.00% | CALIFORNIA MUNICIPA 4.00% | CUSIP: 13048VB64<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $357746.72    | 0.14%             | 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      | $784915.73    | 0.31%             | 2053-12-01      | Variable      | 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      | $1949514.96   | 0.77%             | 2027-08-01      | Fixed         | 2.00%                 | 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      | $1328436.33   | 0.53%             | 2030-05-15      | 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      | $2037167.40   | 0.81%             | 2042-08-01      | 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      | $1041505.90   | 0.41%             | 2036-05-15      | 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      | $1890814.89   | 0.75%             | 2043-07-01      | 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      | $3102359.48   | 1.23%             | 2032-05-15      | 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      | $849584.61    | 0.34%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST FRN         | CALIFORNIA ST FRN         | CUSIP: 13063BCD2<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3500000.00   | 1.39%             | 2033-05-01      | Variable      | 2.55%                 | 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      | $1459791.76   | 0.58%             | 2039-08-01      | Fixed         | 3.00%                 | 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        |   1500000 | PA      | $1525803.00   | 0.61%             | 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      | $3493258.65   | 1.39%             | 2052-02-01      | Variable      | 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        |   2875000 | PA      | $3298688.18   | 1.31%             | 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      | $1495026.65   | 0.59%             | 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      | $1640864.85   | 0.65%             | 2032-06-01      | 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      | $1285658.60   | 0.51%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13078YYX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $340932.33    | 0.14%             | 2034-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWIN RIVERS UNIFIED 5.00% | TWIN RIVERS UNIFIED 5.00% | CUSIP: 90171TJV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1763472.60   | 0.70%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIFOR VAR | UNIVERSITY OF CALIFOR VAR | CUSIP: 91412HTH6<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.40%             | 2054-05-15      | Variable      | 1.80%                 | 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      | $1538267.14   | 0.61%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO UNIFI 4.00% | SAN FRANCISCO UNIFI 4.00% | CUSIP: 79771TMM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000551.60   | 0.40%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL IMPROVEME 5.00% | MUNICIPAL IMPROVEME 5.00% | CUSIP: 5445874K1<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |    600000 | PA      | $656486.58    | 0.26%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032UP93<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $2068600.47   | 0.82%             | 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        |   3250000 | PA      | $3318262.03   | 1.32%             | 2055-01-01      | 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      | $1609752.47   | 0.64%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13078YYY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $313998.55    | 0.12%             | 2035-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL IMPROVEME 5.00% | MUNICIPAL IMPROVEME 5.00% | CUSIP: 5445876F0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $862030.43    | 0.34%             | 2034-05-01      | Fixed         | 5.00%                 | 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        |   1250000 | PA      | $1348273.63   | 0.54%             | 2029-09-01      | 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        |   4560000 | PA      | $4717840.30   | 1.87%             | 2031-11-01      | Fixed         | 5.00%                 | 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      | $3113299.72   | 1.24%             | 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      | $663193.23    | 0.26%             | 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      | $3188543.93   | 1.27%             | 2037-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JFC5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    725000 | PA      | $773363.37    | 0.31%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544532RB2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1682066.10   | 0.67%             | 2034-07-01      | 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        |   2250000 | PA      | $2594943.45   | 1.03%             | 2036-11-15      | 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        |   2000000 | PA      | $2108914.80   | 0.84%             | 2028-08-01      | Fixed         | 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      | $910465.48    | 0.36%             | 2032-04-01      | 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      | $3031854.90   | 1.20%             | 2047-05-15      | Fixed         | 5.00%                 | 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      | $4692037.42   | 1.86%             | 2033-07-01      | 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      | $756245.84    | 0.30%             | 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      | $1656547.36   | 0.66%             | 2032-11-01      | Fixed         | 5.00%                 | 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      | $553838.79    | 0.22%             | 2033-11-01      | 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        |    500000 | PA      | $531122.35    | 0.21%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPA 5.00% | CALIFORNIA MUNICIPA 5.00% | CUSIP: 13048V5K0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    635000 | PA      | $647773.91    | 0.26%             | 2041-09-01      | 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      | $2003400.35   | 0.80%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRA. & 5.00% | CALIFORNIA INFRA. & 5.00% | CUSIP: 13034A7D6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1670146.95   | 0.66%             | 2031-11-01      | 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      | $1004027.80   | 0.40%             | 2043-08-01      | 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        |   3000000 | PA      | $3000000.00   | 1.19%             | 2055-04-01      | Variable      | 2.42%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2163996.40   | 0.86%             | 2056-01-01      | 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      | $27587.89     | 0.01%             | 2032-11-01      | 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      | $864417.83    | 0.34%             | 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      | $2026992.45   | 0.81%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA 5.00% | SOUTHERN CALIFORNIA 5.00% | CUSIP: 842475R64<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087918.90   | 0.43%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CITY UNI 5.00% | SACRAMENTO CITY UNI 5.00% | CUSIP: 785870U87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $988262.31    | 0.39%             | 2035-08-01      | Fixed         | 5.00%                 | 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      | $1360137.27   | 0.54%             | 2039-08-01      | 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      | $1048592.50   | 0.42%             | 2037-08-15      | 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      | $1083748.60   | 0.43%             | 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: 254900VWMA3IHACOBO19 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2505905.63   | 1.00%             | 2033-08-01      | 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      | $786499.42    | 0.31%             | 2033-05-15      | 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        |   1500000 | PA      | $1541515.80   | 0.61%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CITY UNI 5.00% | SACRAMENTO CITY UNI 5.00% | CUSIP: 785870U79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1503759.31   | 0.60%             | 2034-08-01      | Fixed         | 5.00%                 | 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      | $1486840.80   | 0.59%             | 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      | $1413746.38   | 0.56%             | 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      | $4045128.85   | 1.61%             | 2033-07-01      | 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        |   2000000 | PA      | $2130068.60   | 0.85%             | 2054-12-01      | Variable      | 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      | $1564844.40   | 0.62%             | 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      | $324193.08    | 0.13%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13080S3H5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $281320.66    | 0.11%             | 2045-04-01      | 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      | $1044516.78   | 0.42%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY VAR  | CALIFORNIA COMMUNITY VAR  | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071433.70   | 0.43%             | 2056-10-01      | 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        |   2500000 | PA      | $2513823.25   | 1.00%             | 2046-11-01      | 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      | $265330.89    | 0.11%             | 2031-08-01      | 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      | $281436.28    | 0.11%             | 2032-09-01      | 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      | $1582485.80   | 0.63%             | 2032-09-01      | 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      | $1664482.35   | 0.66%             | 2031-08-01      | 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      | $591790.36    | 0.24%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032UN87<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1485705.78   | 0.59%             | 2061-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CUCAMONGA RE 5.00% | RANCHO CUCAMONGA RE 5.00% | CUSIP: 75212CBS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1715424.75   | 0.68%             | 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      | $2455582.89   | 0.98%             | 2055-02-01      | Variable      | 5.00%                 | 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      | $354024.60    | 0.14%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL VALLEY ENER 5.00% | CENTRAL VALLEY ENER 5.00% | CUSIP: 15569DAG7<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525924.05    | 0.21%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS PUBLI 5.00% | RIVER ISLANDS PUBLI 5.00% | CUSIP: 768269AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $609580.39    | 0.24%             | 2046-09-01      | 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        |    550000 | PA      | $605166.16    | 0.24%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FAC VAR | CALIFORNIA HEALTH FAC VAR | CUSIP: 13032U5T1<br>LEI: 549300FOKP65GNO33016 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2258335.80   | 0.90%             | 2065-08-15      | Variable      | 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      | $302500.51    | 0.12%             | 2042-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HSH7<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3330865.50   | 1.32%             | 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      | $302094.77    | 0.12%             | 2031-09-01      | 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        |   3650000 | PA      | $3650000.00   | 1.45%             | 2055-04-01      | Variable      | 2.30%                 | No            |                  2 | On Loan: No      |
| MOUNT DIABLO UNIFIE 5.00% | MOUNT DIABLO UNIFIE 5.00% | CUSIP: 621204DL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $454657.24    | 0.18%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO PUBLIC FIN 4.567% | ONTARIO PUBLIC FIN 4.567% | CUSIP: 68304RFB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496629.75    | 0.20%             | 2034-10-01      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNIT 5.00% | CALIFORNIA COMMUNIT 5.00% | CUSIP: 13013JHM1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038490.30   | 0.41%             | 2036-03-01      | Fixed         | 5.00%                 | 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      | $860617.80    | 0.34%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XRC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $465604.12    | 0.19%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF CALIF 5.00% | UNIVERSITY OF CALIF 5.00% | CUSIP: 91412HWH2<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3456401.70   | 1.37%             | 2036-05-15      | 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      | $1020444.50   | 0.41%             | 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      | $1751890.46   | 0.70%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMECULA VALLEY UNI 5.00% | TEMECULA VALLEY UNI 5.00% | CUSIP: 87975BBG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $760282.50    | 0.30%             | 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: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1633483.95   | 0.65%             | 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      | $4332186.38   | 1.72%             | 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: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $803615.61    | 0.32%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWID 5.00% | CALIFORNIA STATEWID 5.00% | CUSIP: 13080S2X1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2254453.60   | 0.90%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORONGO UNIFIED SCH 5.00% | MORONGO UNIFIED SCH 5.00% | CUSIP: 617736LU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $417437.66    | 0.17%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO UNION HIG 5.00% | SAN MATEO UNION HIG 5.00% | CUSIP: 799017A73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $711746.22    | 0.28%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLACENTIA-YORBA LIN 5.00% | PLACENTIA-YORBA LIN 5.00% | CUSIP: 726000DX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135928.50   | 0.45%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES COUNTY 5.00%  | LOS ANGELES COUNTY 5.00%  | CUSIP: 54473ESL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1665000 | PA      | $1669362.30   | 0.66%             | 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: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016321.00   | 0.80%             | 2028-08-01      | 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      | $4988106.42   | 1.98%             | 2033-05-15      | 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      | $3928216.25   | 1.56%             | 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      | $2170226.80   | 0.86%             | 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      | $2913184.46   | 1.16%             | 2055-02-01      | Variable      | 5.00%                 | 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      | $345584.91    | 0.14%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA PUBLIC FACI 5.00% | FONTANA PUBLIC FACI 5.00% | CUSIP: 34461BCD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $521507.75    | 0.21%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIFORNIA 5.00% | SOUTHERN CALIFORNIA 5.00% | CUSIP: 842472EG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $421089.26    | 0.17%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATE PU 5.00% | CALIFORNIA STATE PU 5.00% | CUSIP: 13068XRG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $557363.05    | 0.22%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD JOINT POW 5.00% | INGLEWOOD JOINT POW 5.00% | CUSIP: 45710PAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1204301.37   | 0.48%             | 2040-08-01      | 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      | $2296343.26   | 0.91%             | 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      | $1149611.83   | 0.46%             | 2043-08-01      | 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      | $664502.10    | 0.26%             | 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      | $1207517.85   | 0.48%             | 2034-08-01      | Variable      | 5.95%                 | 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      | $2295671.60   | 0.91%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA PUBLIC FACI 5.00% | FONTANA PUBLIC FACI 5.00% | CUSIP: 34461BBY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $487632.17    | 0.19%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT. O 5.00% | LOS ANGELES DEPT. O 5.00% | CUSIP: 544532QH0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $2079902.46   | 0.83%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ COUNTY R 5.00% | SANTA CRUZ COUNTY R 5.00% | CUSIP: 80182YDT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $637582.40    | 0.25%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNICIPAL IMPROVEME 5.00% | MUNICIPAL IMPROVEME 5.00% | CUSIP: 5445875M6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113508.90   | 0.44%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUTTER BUTTE FLOOD 5.00%  | SUTTER BUTTE FLOOD 5.00%  | CUSIP: 869398CD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $576807.60    | 0.23%             | 2035-10-01      | Fixed         | 5.00%                 | 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