# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0001752724-25-202097
**Filing Date:** 2025-8
**Character Count:** 180733
**Document Hash:** 3dd4819dddd1cff6e1fb7684c5748de3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-202097.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-202097

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT MUTUAL FUNDS II INC
- **CENTRAL INDEX KEY:** 0000746601

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04033
- **FILM NUMBER:** 251250186

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 S. 8TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 612-332-3223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 S. 8TH STREET
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING TAX FREE INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING YIELD FUND INC
- **DATE OF NAME CHANGE:** 19880929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW BEGINNING YIELD FUND INC
- **DATE OF NAME CHANGE:** 19870907

## Series and Classes Contracts Data

### Sit Tax-Free Income Fund (Series ID: S000003467)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000009601 | Sit Tax-Free Income Fund - Class S | SNTIX           |
| C000229508 | Sit Tax-Free Income Fund - Class Y | SNTYX           |

## Nport-Ex

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  **Municipal Bonds - 89.3%** |  |  |  |  |
|  **Alabama - 1.7%** |  |  |  |  |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.05 | 10/1/45 | 501039 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.63 | 10/1/49 | 477145 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.70 | 10/1/54 | 479113 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.88 | 10/1/55 | 490822 |
|  Mobile Co. Limited Obligation Warrants Rev. (Gomesa Proj.) <sup>4</sup>  | 400000 | 4.00 | 11/1/45 | 343260 |
|  |  |  |  | 2291379 |
|  **Alaska - 0.2%** |  |  |  |  |
|  AK Industrial Dev. & Export Auth. Rev. (GTR Fairbanks Community Hospital Foundation) | 250000 | 5.00 | 4/1/33 | 250557 |
|  **Arizona - 0.3%** |  |  |  |  |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2, 4, 5</sup> | 750000 | 6.75 | 7/1/30 | 22500 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2, 4, 5</sup> | 100000 | 5.50 | 7/1/31 | 3000 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2, 4, 5</sup> | 750000 | 7.75 | 7/1/50 | 22500 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2, 4, 5</sup> | 200000 | 6.00 | 7/1/51 | 6000 |
|  Pima Co. Industrial Dev. Auth. Rev. (LA Posada at Pusch Ridge Proj.) <sup>4</sup>  | 350000 | 6.25 | 11/15/35 | 369693 |
|  |  |  |  | 423693 |
|  **Arkansas - 0.2%** |  |  |  |  |
|  Mountain Home City Sales & Use Tax Rev. | 420000 | 2.00 | 9/1/38 | 297026 |
|  **California - 3.6%** |  |  |  |  |
|  CA Enterprise Dev. Auth. Rev. (Castilleja School Foundation Proj.) | 300000 | 4.00 | 6/1/54 | 256263 |
|  CA Municipal Finance Auth. Rev. (Aldersly Proj.) | 300000 | 5.00 | 5/15/43 | 307990 |
|  CA Municipal Finance Auth. Rev. (Caritas Proj.) | 250000 | 4.00 | 8/15/56 | 197512 |
|  CA Pollution Control Financing Auth. Rev. (Poseidon Resources) <sup>4</sup>  | 300000 | 5.00 | 7/1/38 | 308179 |
|  Encinitas Union School District G.O. Capital Appreciation <sup>6</sup>  | 500000 | 6.75 | 8/1/35 | 615058 |
|  Irvine Facs. Financing Auth. Rev. (Gateway Preserve Land Acquisition Proj.) <sup>9</sup>  | 300000 | 5.25 | 5/1/48 | 302067 |
|  Orange Co. Community Facs. District No. 2017-1 Special Assessment (Village of Esencia) | 500000 | 4.00 | 8/15/45 | 438743 |
|  Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) <sup>1</sup>  | 500000 | 3.65 | 6/1/39 | 451785 |
|  San Jose Financing Auth. Rev. (Civic Center Garage Proj.) <sup>9</sup>  | 400000 | 5.00 | 6/1/39 | 400606 |
|  Santa Fe Springs Public Financing Auth. Rev. (Road Improvements) | 275000 | 5.25 | 6/1/45 | 287766 |
|  Tracy Joint Unified School District G.O. Capital Appreciation <sup>6</sup>  | 600000 | 7.00 | 8/1/41 | 626001 |
|  Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) <sup>6</sup>  | 500000 | 6.13 | 8/1/34 | 580362 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4772332 |
|  **Colorado - 2.2%** |  |  |  |  |
|  CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.) | 250000 | 5.60 | 7/1/34 | 250356 |
|  CO Educational & Cultural Facs. Auth. Rev. (Mountain Phoenix Community Proj.) <sup>4</sup>  | 500000 | 6.00 | 7/1/43 | 440386 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 400000 | 3.50 | 5/15/30 | 382154 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 415000 | 5.00 | 5/15/44 | 318799 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 500000 | 5.00 | 5/15/58 | 342872 |
|  CO. Hsg. and Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 350000 | 5.15 | 5/1/40 | 351746 |
|  Reunion Metropolitan District Rev. | 562454 | 3.63 | 12/1/44 | 393359 |
|  Rudolph Farms Metropolitan District No. 6 G.O. | 500000 | 6.50 | 6/1/52 | 461044 |
|  |  |  |  | 2940716 |
|  **Connecticut - 0.6%** |  |  |  |  |
|  Stamford Hsg. Auth. Rev. (Mozaic Concierge Living Proj.) | 750000 | 6.50 | 10/1/55 | 751076 |

---

JUNE 30, 2025<sub>1</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  **Florida - 14.2%** |  |  |  |  |
|  Artisan Lakes East Community Dev. District Special Assessment | 450000 | 4.00 | 5/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350489 |
|  Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.) | 100000 | 6.25 | 5/1/35 | 102399 |
|  Broward Co. FL Airport System Rev. | 500000 | 5.00 | 10/1/45 | 496727 |
|  Capital Trust Agency Rev. (Tallahassee Tapestry) <sup>2, 4, 5</sup> | 550000 | 6.75 | 12/1/35 | 66000 |
|  Capital Trust Agency Rev. (Tapestry Walden Senior Hsg. Proj.) <sup>2, 4, 5</sup> | 250000 | 6.75 | 7/1/37 | 3062 |
|  Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center) <sup>2, 5</sup> | 250000 | 7.00 | 4/1/35 | 137500 |
|  East Nassau Stewardship District Special Assessment (PDP#4 Series 2024 Proj.) | 350000 | 5.25 | 5/1/29 | 350000 |
|  Elevation Pointe Community Dev. District Special Assessment | 500000 | 4.40 | 5/1/32 | 499315 |
|  Entrada Community Dev. District Special Assessment Rev. <sup>4</sup>  | 400000 | 4.00 | 5/1/52 | 317630 |
|  FL Dev. Finance Corp. Rev. (Jensen Dunes Proj.) <sup>4</sup>  | 500000 | 5.00 | 11/15/30 | 468763 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 765000 | 5.05 | 7/1/47 | 758970 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 705000 | 2.75 | 7/1/50 | 452955 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 1355000 | 2.30 | 1/1/52 | 774453 |
|  FL Municipal Loan Council Special Assessment (Shingle Creek Transit & Utility 2024) | 655000 | 5.15 | 5/1/44 | 643457 |
|  Gramercy Farms Community Dev. District Special Assessment | 20000 | 6.75 | 5/1/39 | 19054 |
|  Grande Pines Community Dev. District Special Assessment | 335000 | 4.00 | 5/1/51 | 264756 |
|  Greater Orlando Aviation Auth. Rev. | 500000 | 5.00 | 10/1/49 | 494626 |
|  Hacienda North Community Dev. District Special Assessment | 500000 | 6.30 | 5/1/43 | 522609 |
|  Heritage Harbour North Community Dev. District Special Assessment | 200000 | 5.00 | 5/1/34 | 205978 |
|  Hillsborough Co. Aviation Auth. Rev. (Tampa International Airport) | 750000 | 5.50 | 10/1/49 | 784961 |
|  Hobe-St Lucie Conservancy District Special Assessment | 350000 | 5.60 | 5/1/44 | 350008 |
|  Hyde Park Community Dev. District No. 1 Special Assessment | 500000 | 5.25 | 5/1/34 | 499017 |
|  Lakes of Sarasota Community Dev. District No. 2 Special Assessment | 350000 | 5.20 | 5/1/35 | 348069 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 85000 | 3.88 | 5/1/31 | 84247 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 400000 | 4.13 | 5/1/31 | 398929 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 205000 | 4.30 | 5/1/51 | 165601 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National) | 300000 | 5.25 | 5/1/37 | 303402 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National) | 300000 | 5.38 | 5/1/47 | 301285 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 400000 | 5.00 | 5/1/36 | 402081 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 420000 | 3.00 | 5/1/41 | 325753 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 330000 | 5.55 | 5/1/54 | 321256 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lorraine Lakes Proj.) <sup>4</sup>  | 500000 | 3.63 | 5/1/40 | 429665 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Sweetwater Proj.) | 485000 | 3.10 | 5/1/41 | 374262 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Webb Proj.) <sup>4</sup>  | 320000 | 5.00 | 5/1/37 | 322687 |
|  Lakewood Ranch Stewardship District Special Assessment (Palm Grove Proj.) | 585000 | 5.25 | 5/1/44 | 574092 |
|  Lakewood Ranch Stewardship District Utility Rev. (System Acquisition Proj.) (AGM Insured) | 500000 | 5.25 | 10/1/53 | 511824 |
|  Laurel Road Community Dev. District Special Assessment | 310000 | 3.13 | 5/1/31 | 288237 |
|  LT Ranch Community Dev. District Special Assessment | 300000 | 5.90 | 5/1/53 | 302562 |
|  Marshall Creek Community Dev. District Cap. Improvement Special Assessment Rev. | 150000 | 5.00 | 5/1/32 | 150085 |
|  Meadow View at Twin Creeks Community Dev. District Special Assessment | 220000 | 3.75 | 5/1/52 | 163269 |
|  Meadow View at Twin Creeks Community Dev. District Special Assessment | 245000 | 4.00 | 5/1/52 | 191386 |
|  New River Community Dev. District Cap. Improvement Special Assessment Rev. <sup>2, 5, 15</sup> | 230000 | 5.00 | N/A | 2 |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 400000 | 5.75 | 5/1/33 | 412247 |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 250000 | 6.80 | 5/1/35 | 250122 |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 400000 | 6.50 | 5/1/44 | 417461 |

---

**2**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  Palm Beach Co. Health Facs. Auth. Rev. (Green Cay Life Plan Village Proj.) <sup>4</sup>  | 500000 | 11.50 | 7/1/27 | 500000 |
|  Palm Beach Co. Health Facs. Auth. Rev. (Lifespace Communities, Inc.) | 500000 | 4.00 | 5/15/53 | 389419 |
|  Parkview at Long Lake Ranch Community Dev. District Special Assessment | 270000 | 4.00 | 5/1/51 | 213386 |
|  River Landing Community Dev. District | 300000 | 4.35 | 5/1/51 | 251435 |
|  Rolling Hills Community Dev. District Special Assessment | 135000 | 3.65 | 5/1/32 | 125871 |
|  Sawyers Landing Community Dev. District Special Assessment Rev. | 750000 | 4.25 | 5/1/53 | 614800 |
|  Southern Groves Community Dev. District No. 5 Special Assessment | 280000 | 4.00 | 5/1/48 | 228935 |
|  Trout Creek Community Dev. District Special Assessment | 300000 | 5.38 | 5/1/38 | 302764 |
|  Waterset South Community Dev. District Special Assessment | 500000 | 5.90 | 5/1/42 | 512542 |
|  Windward at Lakewood Ranch Community Dev. District Special Assessment | 200000 | 4.50 | 5/1/50 | 168636 |
|  |  |  |  | 18909041 |
|  **Georgia - 2.2%** |  |  |  |  |
|  Clarke Co. Hospital Auth. Rev. (Piedmont Healthcare) | 350000 | 5.00 | 7/1/46 | 350197 |
|  Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center) | 500000 | 5.00 | 3/15/44 | 505175 |
|  GA Hsg. & Finance Auth. Rev. | 1000000 | 5.05 | 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002286 |
|  Gainesville & Hall Co. Dev. Auth. Rev. (Lanier Christian Academy, inc. Proj.) <sup>4</sup>  | 640000 | 6.25 | 9/1/44 | 562609 |
|  Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.) | 500000 | 5.00 | 2/15/37 | 508914 |
|  |  |  |  | 2929181 |
|  **Idaho - 0.6%** |  |  |  |  |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 100000 | 8.00 | 10/1/28 | 98400 |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 290000 | 3.80 | 10/1/31 | 267840 |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 500000 | 4.50 | 10/1/50 | 402484 |
|  |  |  |  | 768724 |
|  **Illinois - 5.1%** |  |  |  |  |
|  Burbank Educational Facs. Rev. (Intercultural Montessori Language School) <sup>4</sup>  | 500000 | 6.00 | 9/1/35 | 499976 |
|  Chicago O'Hare International Airport Rev. (Senior Lien) | 500000 | 5.25 | 1/1/48 | 508078 |
|  Chicago O'Hare International Airport Rev. (Senior Lien) (AGM Insured) | 500000 | 5.50 | 1/1/53 | 511503 |
|  Galesburg Rev. (Knox College Proj.) | 500000 | 6.00 | 10/1/45 | 501303 |
|  IL Fin. Auth. Rev. (Christian Homes, Inc.) <sup>2, 5</sup> | 194940 | 5.00 | 5/15/36 | 56532 |
|  IL Fin. Auth. Rev. (Edward Elmhurst Healthcare) | 1000000 | 5.00 | 1/1/44 | 1059659 |
|  IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.) | 1000000 | 6.25 | 12/1/38 | 675503 |
|  IL Hsg. Dev. Auth. Rev. | 740000 | 4.75 | 10/1/48 | 730755 |
|  IL Hsg. Dev. Auth. Rev. | 500000 | 4.63 | 4/1/50 | 476401 |
|  IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured) | 1000000 | 5.25 | 6/15/31 | 1001908 |
|  Malta Tax Allocation Rev. <sup>2, 5</sup> | 1921000 | 5.75 | 12/30/25 | 461040 |
|  Southwestern IL Dev. Auth. Tax Allocation Ref. (Local Govt. Program) <sup>2, 15</sup> | 313173 | 7.00 | N/A | 250538 |
|  |  |  |  | 6733196 |
|  **Indiana - 1.4%** |  |  |  |  |
|  IN Finance Auth. Rev. (Indiana Masonic Home Proj.) | 350000 | 5.38 | 5/1/50 | 339855 |
|  IN Hsg. & Community Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1500000 | 4.80 | 7/1/54 | 1458403 |
|  |  |  |  | 1798258 |
|  **Iowa - 0.8%** |  |  |  |  |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 500000 | 4.00 | 5/15/53 | 389419 |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 530000 | 4.00 | 5/15/55 | 407888 |
|  IA Finance Auth. Rev. (Lifespace Communities Inc.) | 350000 | 5.00 | 5/15/49 | 325192 |
|  |  |  |  | 1122499 |

---

JUNE 30, 2025<sub>3</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  **Kentucky - 0.5%** |  |  |  |  |
|  Boyle Co. Educational Facs. Auth. Rev. (Centre College) | 600000 | 5.25 | 6/1/49 | 605319 |
|  **Louisiana - 2.7%** |  |  |  |  |
|  Capital Area Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.50 | 10/1/53 | 512628 |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | 385000 | 2.50 | 12/1/45 | 256837 |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | 465000 | 5.75 | 6/1/54 | 498888 |
|  LA Local Government Environmental Facilities & Community Development Auth. | 500000 | 6.00 | 11/15/30 | 501128 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 200000 | 5.65 | 11/1/37 | 207445 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 410000 | 4.00 | 11/1/44 | 353369 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 390000 | 4.40 | 11/1/44 | 361886 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup>  | 615000 | 4.00 | 11/1/46 | 525558 |
|  LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) <sup>1</sup>  | 435000 | 3.77 | 2/15/36 | 424055 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641794 |
|  **Maryland - 0.3%** |  |  |  |  |
|  MD Community Dev. Administration Rev. | 500000 | 2.55 | 9/1/44 | 339698 |
|  **Massachusetts - 1.0%** |  |  |  |  |
|  MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.) | 400000 | 5.00 | 10/1/49 | 384362 |
|  MA Education Finance Auth. Education Rev. | 1000000 | 3.00 | 7/1/51 | 633982 |
|  MA Housing Finance Agy. Rev. | 400000 | 3.85 | 12/1/47 | 338071 |
|  |  |  |  | 1356415 |
|  **Michigan - 4.1%** |  |  |  |  |
|  City of Allen Park G.O. (BAM Insured) | 300000 | 3.25 | 5/1/34 | 286125 |
|  MI Finance Auth. Rev. (Holly Academy Proj.) | 400000 | 3.00 | 12/1/31 | 363206 |
|  MI Finance Auth. Rev. (Madison Academy Proj.) | 155000 | 4.25 | 12/1/39 | 126007 |
|  MI Hsg. Dev. Auth. Rev. | 2000000 | 2.75 | 6/1/51 | 1269068 |
|  MI Hsg. Dev. Auth. Rev. | 3500000 | 2.50 | 6/1/52 | 2141798 |
|  MI Hsg. Dev. Auth. Rev. | 790000 | 4.95 | 12/1/53 | 788767 |
|  MI Public Educational Facs. Auth. Rev. (Chandler Park Academy) | 145000 | 6.35 | 11/1/28 | 145106 |
|  Northern Michigan University Rev. | 250000 | 5.50 | 6/1/55 | 258858 |
|  |  |  |  | 5378935 |
|  **Minnesota - 0.2%** |  |  |  |  |
|  Apple Valley Rev. (Senior Living, LLC Proj.) | 475000 | 5.00 | 1/1/47 | 264070 |
|  **Mississippi - 0.9%** |  |  |  |  |
|  MS Development Bank Rev. (Green Bond-Hancock County) <sup>4</sup>  | 800000 | 4.55 | 11/1/39 | 786592 |
|  MS Development Bank Rev. (Jackson Co. Gomesa Proj.) <sup>4</sup>  | 400000 | 3.63 | 11/1/36 | 362805 |
|  |  |  |  | 1149397 |
|  **Missouri - 2.4%** |  |  |  |  |
|  Joplin Industrial Dev. Auth. Rev. (32nd Street Place Community Improvement Dist. Proj.) | 135000 | 3.50 | 11/1/40 | 123468 |
|  Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) <sup>2, 5</sup> | 118010 | 2.00 | 11/15/46 | 5465 |
|  Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) <sup>2, 5</sup> | 264421 | 5.00 | 11/15/46 | 175953 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 995000 | 5.00 | 11/1/48 | 978581 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 435000 | 2.50 | 5/1/50 | 264630 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 1000000 | 4.63 | 11/1/50 | 950837 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 350000 | 2.40 | 11/1/51 | 206623 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.70 | 11/1/54 | 479085 |
|  |  |  |  | 3184642 |

---

**4**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  **Montana - 0.2%** |  |  |  |  |
|  MT Board of Housing Single Family Rev. | 405000 | 2.40 | 12/1/45 | 267215 |
|  **Nebraska - 0.5%** |  |  |  |  |
|  NE Investment Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 750000 | 4.70 | 9/1/51 | 702587 |
|  **Nevada - 0.8%** |  |  |  |  |
|  Las Vegas NV Special Improvement District No 817 Special Assessment (Summerlin Village 29) | 300000 | 6.00 | 6/1/48 | 310424 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 750000 | 2.60 | 4/1/46 | 501236 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 2.45 | 10/1/51 | 296470 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108130 |
|  **New Hampshire - 0.3%** |  |  |  |  |
|  New Hampshire Business Finance Auth. Rev. (Pennichuck Water Works, Inc.) | 450000 | 5.50 | 4/1/54 | 428258 |
|  **New Jersey - 0.7%** |  |  |  |  |
|  NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | 735000 | 2.30 | 10/1/46 | 456843 |
|  NJ Hsg. & Mtg. Finance Agy. Single Family Mtg. Rev. | 795000 | 2.45 | 10/1/50 | 480563 |
|  |  |  |  | 937406 |
|  **New Mexico - 0.5%** |  |  |  |  |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 2.35 | 7/1/51 | 282888 |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 600000 | 2.63 | 7/1/51 | 365918 |
|  |  |  |  | 648806 |
|  **New York - 5.9%** |  |  |  |  |
|  Build NYC Resource Corp. Rev. (Senior Airport Facilities) | 300000 | 5.50 | 7/1/55 | 303668 |
|  Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.) | 350000 | 4.00 | 7/1/33 | 350062 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 300000 | 4.05 | 11/1/41 | 279142 |
|  New York Transportation Dev. Corp. Rev. | 500000 | 5.50 | 6/30/60 | 499931 |
|  New York Transportation Dev. Corp. Rev. (AGC Insured) | 1000000 | 5.25 | 12/31/54 | 1000770 |
|  New York Transportation Dev. Corp. Rev. (AGM Insured) | 300000 | 5.50 | 6/30/44 | 310510 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 580000 | 2.20 | 4/1/36 | 459919 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 965000 | 4.70 | 10/1/38 | 949549 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 1000000 | 2.45 | 10/1/45 | 668609 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 980000 | 2.50 | 10/1/46 | 642782 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 975000 | 3.30 | 10/1/47 | 754695 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 1625000 | 2.55 | 4/1/50 | 1014681 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 585000 | 4.90 | 10/1/53 | 579694 |
|  |  |  |  | 7814012 |
|  **North Carolina - 0.7%** |  |  |  |  |
|  Mecklenburg Co. Rev. (Little Rock Apts) | 435000 | 5.38 | 1/1/36 | 435680 |
|  NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.00 | 7/1/46 | 500167 |
|  |  |  |  | 935847 |
|  **North Dakota - 0.9%** |  |  |  |  |
|  ND Housing Finance Agency Rev. | 925000 | 2.50 | 7/1/44 | 622983 |
|  ND Housing Finance Agency Rev. | 500000 | 5.10 | 7/1/48 | 502044 |
|  |  |  |  | 1125027 |
|  **Ohio - 6.7%** |  |  |  |  |
|  Bedford City School District G.O. (BAM Insured) | 750000 | 5.50 | 12/1/50 | 771488 |
|  Columbus Regional Airport Auth. Rev. (John Glenn Columbus International Airport) | 725000 | 5.50 | 1/1/50 | 751503 |
|  Euclid Public Library G.O. | 300000 | 5.00 | 12/1/49 | 301542 |

---

JUNE 30, 2025<sub>5</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  North Ridgeville City School District G.O. | 300000 | 5.25 | 12/1/54 | 304484 |
|  OH Housing Fin. Agy. Rev. | 1800000 | 2.45 | 9/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098872 |
|  OH Housing Fin. Agy. Rev. (First-Time Homebuyer Program) (GNMA/FNMA/FHLMC Collateralized) | 500000 | 2.90 | 9/1/45 | 358593 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1430000 | 2.85 | 9/1/46 | 995744 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1300000 | 5.10 | 9/1/47 | 1292385 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.65 | 9/1/49 | 479024 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 965000 | 2.75 | 9/1/51 | 615409 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 995000 | 4.70 | 9/1/54 | 953509 |
|  OH Housing Fin. Agy. Rev. (Middletown Phase Two Proj.) <sup>4</sup>  | 500000 | 6.25 | 3/1/26 | 500808 |
|  Xenia OH G.O. (BAM Insured) | 500000 | 5.00 | 12/1/54 | 503536 |
|  |  |  |  | 8926897 |
|  **Oklahoma - 0.3%** |  |  |  |  |
|  OK Hsg. Finance Agency Rev. (Home Ownership Prog.) (GNMA/FNMA/FHLMC Collateralized) | 480000 | 4.60 | 9/1/49 | 457151 |
|  **Oregon - 0.7%** |  |  |  |  |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 500000 | 2.35 | 1/1/44 | 331236 |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 1000000 | 2.38 | 1/1/45 | 655627 |
|  |  |  |  | 986863 |
|  **Pennsylvania - 2.2%** |  |  |  |  |
|  Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) <sup>1</sup>  | 460000 | 3.76 | 10/1/34 | 442161 |
|  PA Higher Educational Assistance Agy. Rev. | 295000 | 2.63 | 6/1/42 | 259511 |
|  PA Hsg. Finance Agency Rev. | 500000 | 5.10 | 10/1/45 | 499482 |
|  PA Hsg. Finance Agency Rev. | 1000000 | 5.00 | 10/1/50 | 991603 |
|  Philadelphia Airport Rev. | 425000 | 5.00 | 7/1/37 | 426788 |
|  Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.) | 350000 | 5.63 | 8/1/36 | 351597 |
|  |  |  |  | 2971142 |
|  **South Carolina - 2.7%** |  |  |  |  |
|  Berkeley Co. Nexton Improvement District Special Assessment | 350000 | 4.25 | 11/1/40 | 310542 |
|  SC Jobs-Economic Dev. Auth. Rev. (River Academy Proj.) <sup>4</sup>  | 325000 | 7.00 | 6/15/43 | 327586 |
|  SC Jobs-Economic Dev. Auth. Rev. (Seafields at Kiawah Island Proj.) | 500000 | 7.50 | 11/15/53 | 518838 |
|  SC State Hsg. Finance & Dev. Auth. Rev. | 965000 | 4.95 | 7/1/53 | 962272 |
|  SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.70 | 1/1/55 | 481296 |
|  SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1000000 | 5.00 | 1/1/55 | 986739 |
|  |  |  |  | 3587273 |
|  **Tennessee - 4.1%** |  |  |  |  |
|  Metropolitan Govt. Nashville & Davidson County Health & Edu. Facs. Board Rev. (Blakford at Green Hills) | 895000 | 4.00 | 11/1/45 | 713756 |
|  Metropolitan Nashville Airport Auth. Rev. | 300000 | 5.00 | 7/1/49 | 294368 |
|  Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation <sup>4</sup>  | 300000 | 5.13 | 6/1/36 | 302006 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2, 5, 15</sup> | 1850000 | 5.35 | N/A | 185 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2, 5</sup> | 7875000 | 5.55 | 1/1/29 | 787 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2, 5</sup> | 1630000 | 6.00 | 1/1/29 | 16 |
|  TN Hsg. Dev. Agency Rev. | 815000 | 2.55 | 1/1/45 | 555372 |
|  TN Hsg. Dev. Agency Rev. | 1485000 | 2.38 | 7/1/46 | 942773 |
|  TN Hsg. Dev. Agency Rev. | 385000 | 2.55 | 7/1/46 | 253748 |
|  TN Hsg. Dev. Agency Rev. | 730000 | 5.05 | 7/1/48 | 731046 |
|  TN Hsg. Dev. Agency Rev. | 990000 | 2.50 | 7/1/51 | 589434 |
|  TN Hsg. Dev. Agency Rev. | 500000 | 4.80 | 7/1/54 | 484645 |

---

**6**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  TN Hsg. Dev. Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.35 | 7/1/48 | 510706 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378842 |
|  **Texas - 11.6%** |  |  |  |  |
|  Arlington Higher Education Finance Corp., Education Rev. (Pineywoods Community Academy) | 750000 | 2.38 | 8/15/51 | 433301 |
|  Brazos Higher Education Auth., Inc. Rev. (Subordinate Student Loan) | 1000000 | 3.00 | 4/1/40 | 767038 |
|  Clifton Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.) | 250000 | 5.25 | 2/15/49 | 255910 |
|  Dallas Special Tax (Fair Park Venue Proj.) <sup>1, 4</sup> | 250000 | 6.25 | 8/15/53 | 250077 |
|  El Paso Hsg. Finance Corp. Rev. (GNMA Collateralized) | 770000 | 5.20 | 3/1/55 | 773267 |
|  Houston Airport System Rev. (AGM Insured) | 1000000 | 5.25 | 7/1/48 | 1019341 |
|  New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) <sup>2, 15</sup> | 260000 | 4.00 | N/A | 202800 |
|  New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) <sup>2</sup>  | 460000 | 4.00 | 7/1/26 | 358800 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. | 500000 | 6.50 | 10/1/55 | 485952 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Buckingham Senior Living Community, Inc.) <sup>1</sup>  | 535625 | 2.00 | 11/15/61 | 134968 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Wesleyan Homes, Inc. Proj.) | 750000 | 5.00 | 1/1/55 | 577394 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Windhaven Proj.) | 475000 | 5.50 | 10/1/27 | 475127 |
|  North Central Texas Health Facility Development Corp. (CC Young Memorial Home) <sup>2, 5, 15</sup> | 204000 | 5.38 | N/A | 132600 |
|  Tarrant County Cultural Education Facs. Finance Corp. Rev. (Trinity Terrace Proj.) | 300000 | 5.00 | 10/1/49 | 287087 |
|  TX Affordable Hsg. Corp. Rev. (GNMA Collateralized) | 500000 | 5.00 | 3/1/49 | 497282 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 3.00 | 9/1/45 | 375702 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 985000 | 2.50 | 7/1/51 | 586457 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1750000 | 3.13 | 1/1/52 | 1208904 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 5.00 | 1/1/49 | 499626 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1000000 | 5.00 | 1/1/50 | 995943 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 3.00 | 3/1/50 | 349101 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 750000 | 5.25 | 9/1/52 | 757998 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1500000 | 5.25 | 1/1/53 | 1515526 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1000000 | 5.25 | 9/1/53 | 1007586 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1500000 | 5.13 | 1/1/54 | 1504141 |
|  |  |  |  | 15451928 |
|  **Utah - 2.0%** |  |  |  |  |
|  Fields Estates Public Infrastructure District Special Assessment (Fields Estates Assessment Area) <sup>4</sup>  | 500000 | 5.25 | 12/1/53 | 464184 |
|  Jordanelle Ridge Public Infrastructure District No. 2 G.O. <sup>4</sup>  | 500000 | 7.75 | 3/1/54 | 514225 |
|  UT Charter School Finance Auth. Rev. (Mountain Sunrise Academy) <sup>4</sup>  | 495000 | 3.50 | 12/15/31 | 446566 |
|  UT Charter School Finance Auth. Rev. (Wasatch Peak Academy Proj.) | 325000 | 5.00 | 10/15/49 | 321504 |
|  UT Hsg. Corp. Single Family Mtg. Rev. | 5000 | 5.75 | 1/1/33 | 5007 |
|  UT Hsg. Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 4.70 | 1/1/54 | 474726 |
|  UT Hsg. Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 470000 | 5.00 | 1/1/54 | 462266 |
|  |  |  |  | 2688478 |
|  **Virginia - 1.2%** |  |  |  |  |
|  VA Beach Dev. Auth. Rev. (Westminster Canterbury Proj.) | 320000 | 6.25 | 9/1/30 | 322790 |
|  VA Hsg. Dev. Auth. Rev. (Commonwealth Mortgage Bonds) | 700000 | 4.70 | 7/1/55 | 673566 |
|  VA Hsg. Dev. Auth. Rev. (Commonwealth Mortgage Bonds) | 550000 | 4.70 | 7/1/55 | 529230 |
|  |  |  |  | 1525586 |
|  **Washington - 0.3%** |  |  |  |  |
|  WA State Hsg. Finance Commission Rev. (The Evergreen School Proj.) | 500000 | 4.50 | 7/1/55 | 438196 |

---

JUNE 30, 2025<sub>7</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  **West Virginia - 0.3%** |  |  |  |  |
|  WV Hsg. Dev. Fund Rev. | 665000 | 2.50 | 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394706 |
|  **Wisconsin - 1.5%** |  |  |  |  |
|  Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) | 500000 | 5.00 | 2/1/52 | 475496 |
|  Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) <sup>4</sup>  | 500000 | 6.00 | 2/1/62 | 509752 |
|  WI Public Finance Auth. Rev. (Delray Beach Radiation Therapy) <sup>2, 4, 5</sup> | 750000 | 6.25 | 11/1/28 | 412500 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16520 | 9.00 | 1/1/46 | 520 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16287 | 9.00 | 1/1/47 | 472 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 447 | 12.00 | 1/1/47 | 13 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16171 | 9.00 | 1/1/48 | 440 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 390 | 12.00 | 1/1/48 | 11 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16055 | 9.00 | 1/1/49 | 409 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 384 | 11.00 | 1/1/49 | 10 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15822 | 9.00 | 1/1/50 | 372 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 372 | 11.00 | 1/1/50 | 9 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 17334 | 9.00 | 1/1/51 | 383 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 365 | 11.00 | 1/1/51 | 8 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>1, 2, 4</sup> | 446246 | 3.75 | 7/1/51 | 299050 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 17218 | 9.00 | 1/1/52 | 352 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 475 | 10.00 | 1/1/52 | 10 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16985 | 9.00 | 1/1/53 | 327 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 469 | 10.00 | 1/1/53 | 9 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16869 | 9.00 | 1/1/54 | 304 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 453 | 10.00 | 1/1/54 | 8 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16636 | 9.00 | 1/1/55 | 282 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 444 | 9.00 | 1/1/55 | 8 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16404 | 9.00 | 1/1/56 | 263 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 434 | 9.00 | 1/1/56 | 7 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 23656 | 5.50 | 7/1/56 | 16993 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16287 | 9.00 | 1/1/57 | 245 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 481 | 9.00 | 1/1/57 | 7 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 469 | 9.00 | 1/1/58 | 7 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 16055 | 9.00 | 1/1/58 | 227 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 456 | 9.00 | 1/1/59 | 6 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15938 | 9.00 | 1/1/59 | 213 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 447 | 8.00 | 1/1/60 | 6 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15822 | 9.00 | 1/1/60 | 198 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 440 | 8.00 | 1/1/61 | 5 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15589 | 9.00 | 1/1/61 | 183 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 428 | 8.00 | 1/1/62 | 5 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15473 | 9.00 | 1/1/62 | 171 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 419 | 8.00 | 1/1/63 | 4 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15240 | 9.00 | 1/1/63 | 159 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 409 | 8.00 | 1/1/64 | 4 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15124 | 9.00 | 1/1/64 | 150 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 403 | 7.00 | 1/1/65 | 4 |

---

**8**

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br>Rate (%)** | **Maturity<br>Date** | **Fair<br>Value ($)** |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 15008 | 9.00 | 1/1/65 | 139 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 434 | 7.00 | 1/1/66 | 4 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 14775 | 9.00 | 1/1/66 | 126 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 5235 | 5.00 | 1/1/67 | 40 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2, 4, 5</sup> | 192429 | 9.00 | 1/1/67 | 1488 |
|  WI Public Finance Auth. Rev. (MD Proton Treatment Center) <sup>2, 4, 5</sup> | 500000 | 6.13 | 1/1/33 | 225000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946399 |
|  **Total Municipal Bonds<br>(Cost: $152,654,373)** |  |  |  | 118628697 |
|  | **Quantity** |  |  |  |
|  **Investment Companies - 5.0%** |  |  |  |  |
|  BlackRock MuniHoldings Fund, Inc. (MHD) | 19518 |  |  | 218602 |
|  BlackRock MuniHoldings Quality Fund II, Inc. (MUE) | 30464 |  |  | 291845 |
|  BlackRock MuniYield Quality Fund III, Inc. (MYI) | 43083 |  |  | 451941 |
|  DWS Municipal Income Trust (KTF) | 76592 |  |  | 677073 |
|  Invesco Advantage Municipal Income Trust II (VKI) | 55874 |  |  | 467665 |
|  Invesco Municipal Opportunity Trust (VMO) | 62240 |  |  | 571363 |
|  Invesco Municipal Trust (VKQ) | 67772 |  |  | 620114 |
|  Invesco Pennsylvania Value Municipal Income Trust (VPV) | 8257 |  |  | 83065 |
|  Invesco Quality Municipal Income Trust (IQI) | 78114 |  |  | 732709 |
|  Invesco Trust for Investment Grade Municipals (VGM) | 56447 |  |  | 535682 |
|  Nuveen AMT-Free Municipal Credit Income Fund (NVG) | 32623 |  |  | 389192 |
|  Nuveen AMT-Free Quality Municipal Income Fund (NEA) | 75639 |  |  | 825978 |
|  Nuveen Quality Municipal Income Fund (NAD) | 61295 |  |  | 692021 |
|  **Total Investment Companies<br>(cost: $8,413,481)** |  |  |  | 6557250 |
|  **Total Investments in Securities - 94.3%<br>(cost: $161,067,854)** |  |  |  | 125185947 |
|  **Other Assets and Liabilities, net - 5.7%** |  |  |  | 7626263 |
|  **Net Assets - 100.0%** |  |  |  | $132812210 |

---

---

| | |
|:---|:---|
| 1 | Variable rate security. Rate disclosed is as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.  |

---

---

| | |
|:---|:---|
| 2 | Security considered illiquid by the Investment Adviser. The total value of such securities as of June 30, 2025 was $2,866,431 and represented 2.2% of net assets.  |

---

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of June 30, 2025 was $11,559,920 and represented 8.7% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

---

| | |
|:---|:---|
| 5 | The issuer is in default of interest or principal payments, or other debt covenants. Income is not being accrued. The total value of such securities as of June 30, 2025 was $1,755,243 and represented 1.3% of net assets.  |

---

6 Zero coupon or convertible capital appreciation bond, for which the rate disclosed is either the effective yield on purchase date or the coupon rate to be paid upon conversion to coupon paying.

---

| | |
|:---|:---|
| 9 | Municipal Lease Security. The total value of such securities as of June 30, 2025 was $702,673 and represented 0.5% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors.  |

---

15 Securities with a "N/A" maturity date have passed their stated maturity date and have pending restructuring arrangements.

Numeric footnotes not disclosed are not applicable to this Schedule of Investments.

JUNE 30, 2025<sub>9</sub>

------

**SCHEDULE OF INVESTMENTS (Unaudited)** 

June 30, 2025

**Sit Tax-Free Income Fund (Continued)** 

A summary of the levels for the Fund's investments as of June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
|  | **Level 1**<br> Quoted<br>Prices ($) | **Level 2**<br> Other significant<br>observable inputs ($) | **Level 3**<br> Significant<br>unobservable inputs ($) | Total ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 118628697 |  | 118628697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 6557250 |  |  | 6557250 |
|  Total: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557250 | 118628697 |  | 125185947 |

---

There were no transfers into or out of level 3 during the reporting period.

For additional information about significant policies, including valuation of investments, refer to the Fund's most recent annual report.

**10**

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** SIT MUTUAL FUNDS II INC

- **b. Investment Company Act file number:** 811-04033

- **c. CIK number of Registrant:** 0000746601

- **d. LEI of Registrant:** 2549002D9C8PNDJXIE31

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

  - **Street Address 1:** 80 S. Eighth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

  - **Telephone number:** 612-332-3223

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

- **a. Name of Series:** Sit Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000003467

- **c. LEI of Series:** 254900TQWRCNLFBZX811

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

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

- **b. Date as of which information is reported:** 2025-06-30

**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:** $134823762.55

**Total Liabilities:** $2219217.52

**Net Assets:** $132604545.03

**Delayed Delivery Securities:** $1608267.50

**Cash Not Reported:** $6615954.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 73.58048000 | **1-Year:** 940.01771000 | **5-Year:** 7911.19223000 | **10-Year:** 100127.40240000 | **30-Year:** 15438.12026000

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

- **3-Month:** 0.00000000 | **1-Year:** 94.71331000 | **5-Year:** 128.38573000 | **10-Year:** 173.23003000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229508 | -0.74%               | -0.43%               | 0.45%                |
| Class ID C000009601 | -0.76%               | -0.44%               | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-528775.42              | $-1044908.29                               |
| Month 2  | $-713977.60              | $-949810.91                                |
| Month 3  | $-656393.66              | $859298.62                                 |

**Designated Index Information**

- **Index Name:** Carve Out - ZFA_SI30

- **Index Identifier:** CO_ZFA_SI30

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCN8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15938 | PA      | $213.36       | 0.00%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QDS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16520 | PA      | $519.93       | 0.00%             | 2046-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLACKBURN CREEK CMNTY DEV DIST                    | Blackburn Creek Community Development District                                   | CUSIP: 09228KAB8<br>LEI: 5493006SPPQ601PCBO77 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102399.04    | 0.08%             | 2035-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRANDE PINES CDD FL SPL ASSMNT                    | Grande Pines Community Development District                                      | CUSIP: 38656NAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $501851.61    | 0.38%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750ZX3<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504141.35   | 1.13%             | 2054-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DE                    | South Carolina State Housing Finance & Development Authority                     | CUSIP: 83712D8T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986739.40    | 0.74%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCF5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     17218 | PA      | $352.14       | 0.00%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NASHVILLE MET DEV & HSG AGY TN                    | Nashville Metropolitan Development & Housing Agency                              | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302005.95    | 0.23%             | 2036-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EL PASO TX HSG FIN CORP                           | El Paso Housing Finance Corp                                                     | CUSIP: 283758LJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $773267.42    | 0.58%             | 2055-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Invesco Trust for Investment Grade Municipals     | Invesco Trust for Investment Grade Municipals                                    | CUSIP: 46131M106<br>LEI: V0VF67S6NRLBDK357F71 | Long             | EC               | RF                | US        |     56447 | NS      | $535682.03    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MOBILE CNTY AL LTD OBLG                           | County of Mobile AL                                                              | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $343259.36    | 0.26%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Quality Municipal Income Fund     | Nuveen AMT-Free Quality Municipal Income Fund                                    | CUSIP: 670657105<br>LEI: 549300OTYQOOXS64NI63 | Long             | EC               | RF                | US        |     75639 | NS      | $825977.88    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       453 | PA      | $8.16         | 0.00%             | 2054-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT                    | Michigan State Housing Development Authority                                     | CUSIP: 594654TL9<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    790000 | PA      | $788767.36    | 0.59%             | 2053-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16404 | PA      | $263.08       | 0.00%             | 2056-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 88046KGU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510706.25    | 0.39%             | 2048-07-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BlackRock MuniHoldings Quality Fund II Inc        | BlackRock MuniHoldings Quality Fund II Inc                                       | CUSIP: 09254C107<br>LEI: V04K6JK5YHD4O5SHSC34 | Long             | EC               | RF                | US        |     30464 | NS      | $291845.12    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AVE MARIA FL STEWARDSHIP CMNTY                    | Ave Maria Stewardship Community District                                         | CUSIP: 05355ABT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487070.80    | 0.37%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301284.69    | 0.23%             | 2047-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BOYLE CNTY KY EDUCTNL FACS REV                    | County of Boyle KY                                                               | CUSIP: 10346PAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605319.06    | 0.46%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV                    | Build NYC Resource Corp                                                          | CUSIP: 12008QAG4<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303667.71    | 0.23%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIELDS ESTATES PUBLIC INFRASTR                    | Fields Estates Public Infrastructure District                                    | CUSIP: 31657CAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $464183.65    | 0.35%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15240 | PA      | $159.32       | 0.00%             | 2063-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST HSG FIN AUTH SF MTG                    | Alabama Housing Finance Authority                                                | CUSIP: 01030RLL4<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $479113.20    | 0.36%             | 2054-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW RIVER FL CDD CAPITAL IMPT                     | New River Community Development District                                         | CUSIP: 648466AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $2.30         | 0.00%             | 2013-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                    | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645UQA5<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    500000 | PA      | $440386.15    | 0.33%             | 2043-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CUF7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    615000 | PA      | $525558.09    | 0.40%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LT RANCH CDD FL CAPITAL IMPT R                    | LT Ranch Community Development District                                          | CUSIP: 54912EAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302561.52    | 0.23%             | 2053-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAK6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       390 | PA      | $10.61        | 0.00%             | 2048-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15822 | PA      | $198.03       | 0.00%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU                    | County of Berkeley SC                                                            | CUSIP: 084220AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $310542.05    | 0.23%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARTISAN LAKES EAST CDD FL CAPI                    | Artisan Lakes East Community Development District                                | CUSIP: 04316FAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $350488.58    | 0.26%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                    | Michigan Finance Authority                                                       | CUSIP: 594479GW1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    400000 | PA      | $363205.92    | 0.27%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PJT3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $225000.00    | 0.17%             | 2033-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION                     | Hillsborough County Aviation Authority                                           | CUSIP: 432308W91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $784961.48    | 0.59%             | 2049-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IRVINE CA FACS FING AUTH LEASE                    | Irvine Facilities Financing Authority                                            | CUSIP: 46360XAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302066.97    | 0.23%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16869 | PA      | $304.03       | 0.00%             | 2054-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA ARPT REVENUE                      | City of Philadelphia PA Airport Revenue                                          | CUSIP: 717817UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $426788.36    | 0.32%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency Homeowner Mortgage Revenue                     | CUSIP: 64988YVB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $949549.48    | 0.72%             | 2038-10-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| VAL VERDE CA UNIF SCH DIST                        | Val Verde Unified School District                                                | CUSIP: 91882RBM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $580362.05    | 0.44%             | 2034-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF                    | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QV75<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499481.90    | 0.38%             | 2045-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN                    | Illinois Housing Development Authority                                           | CUSIP: 45203MF48<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $476401.15    | 0.36%             | 2050-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MEADOW VIEW AT TWIN CREEKS CDD                    | Meadow View at Twin Creeks Community Development District                        | CUSIP: 583188AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $163268.89    | 0.12%             | 2052-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST BUSINESS FIN                     | New Hampshire Business Finance Authority                                         | CUSIP: 644684GK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $428257.98    | 0.32%             | 2054-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAS9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       444 | PA      | $7.53         | 0.00%             | 2055-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16171 | PA      | $439.95       | 0.00%             | 2048-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT                    | Indiana Housing & Community Development Authority                                | CUSIP: 45505T2Z3<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1458402.60   | 1.10%             | 2054-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                    | California Pollution Control Financing Authority                                 | CUSIP: 13054WBD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $308179.35    | 0.23%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16287 | PA      | $471.70       | 0.00%             | 2047-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                    | Idaho Health Facilities Authority                                                | CUSIP: 451295A58<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    290000 | PA      | $267840.00    | 0.20%             | 2031-10-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| HARBOR BAY FL CDD CAPITAL IMPT                    | Harbor Bay Community Development District                                        | CUSIP: 411466AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $233875.24    | 0.18%             | 2048-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FSF7<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $349101.20    | 0.26%             | 2050-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756UBD9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    995000 | PA      | $953508.70    | 0.72%             | 2054-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH                     | Louisiana Public Facilities Authority                                            | CUSIP: 546398ST6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    435000 | PA      | $424054.79    | 0.32%             | 2036-02-15      | Variable      | 3.77%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SPORTS FACS AUTH                      | Illinois Sports Facilities Authority/The                                         | CUSIP: 452143FD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001908.20   | 0.76%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN                    | Public Finance Authority                                                         | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509751.75    | 0.38%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HSG & FIN AUTH                        | Colorado Housing and Finance Authority                                           | CUSIP: 19648GJ94<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351746.19    | 0.27%             | 2040-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO                    | California Municipal Finance Authority                                           | CUSIP: 13049SES9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $197512.23    | 0.15%             | 2056-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $574092.09    | 0.43%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA FING AUTH LEASE RE                    | San Jose Financing Authority                                                     | CUSIP: 798153MW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400606.00    | 0.30%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804615R5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $942773.34    | 0.71%             | 2046-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $322686.69    | 0.24%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535625 | PA      | $134968.34    | 0.10%             | 2061-11-15      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT                    | Michigan State Housing Development Authority                                     | CUSIP: 594654LQ6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1269067.80   | 0.96%             | 2051-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BEDFORD OH CITY SCH DIST                          | Bedford City School District                                                     | CUSIP: 076365LX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771487.73    | 0.58%             | 2050-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| APPLE VLY MN SENIOR LIVING REV                    | City of Apple Valley MN                                                          | CUSIP: 03789YDH6<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    475000 | PA      | $264070.17    | 0.20%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECON DEV A                    | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704EAC8<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518837.90    | 0.39%             | 2053-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637BE97<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    350000 | PA      | $206623.45    | 0.16%             | 2051-11-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP                    | State of Oregon Housing & Community Services Department                          | CUSIP: 686087L96<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    500000 | PA      | $331235.90    | 0.25%             | 2044-01-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                    | New York Transportation Development Corp                                         | CUSIP: 650116HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000770.20   | 0.75%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP                    | Metropolitan Nashville Airport Authority/The                                     | CUSIP: 592190PG1<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    300000 | PA      | $294367.53    | 0.22%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FVV8<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    750000 | PA      | $757997.70    | 0.57%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRAMERCY FARMS FL CDD SPL ASSM                    | Gramercy Farms Community Development District                                    | CUSIP: 384873AE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $19054.04     | 0.01%             | 2039-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DE                    | South Carolina State Housing Finance & Development Authority                     | CUSIP: 83712D2W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $962271.95    | 0.73%             | 2053-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $202800.00    | 0.15%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $577394.25    | 0.44%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                      | Capital Trust Agency Inc                                                         | CUSIP: 14052WCB1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $137500.00    | 0.10%             | 2035-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Invesco Advantage Municipal Income Trust II       | Invesco Advantage Municipal Income Trust II                                      | CUSIP: 46132E103<br>LEI: DA89O2CSN0WUDR74HM71 | Long             | EC               | RF                | US        |     55874 | NS      | $467665.38    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201PC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $282887.65    | 0.21%             | 2051-07-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804615S3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    990000 | PA      | $589433.82    | 0.44%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                     | Arizona Industrial Development Authority                                         | CUSIP: 040523AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $3000.00      | 0.00%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Invesco Quality Municipal Income Trust            | Invesco Quality Municipal Income Trust                                           | CUSIP: 46133G107<br>LEI: WLEGDSEH0E242WVNUY02 | Long             | EC               | RF                | US        |     78114 | NS      | $732709.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District Utility Revenue                              | CUSIP: 51265LAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511824.50    | 0.39%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16055 | PA      | $408.82       | 0.00%             | 2049-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST PUBLIC EDUCTNL FAC                    | Michigan Public Educational Facilities Authority                                 | CUSIP: 594569CV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145106.18    | 0.11%             | 2028-11-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                    | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MDR4<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    325000 | PA      | $327585.70    | 0.25%             | 2043-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST DEV BANK SPL OB                    | Mississippi Development Bank                                                     | CUSIP: 60534WP69<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    800000 | PA      | $786592.24    | 0.59%             | 2039-11-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF                    | Pennsylvania Housing Finance Agency                                              | CUSIP: 70879QTZ6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991602.80    | 0.75%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FULTON CNTY GA DEV AUTH REVENU                    | Development Authority for Fulton County                                          | CUSIP: 36005FBW4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505175.40    | 0.38%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL ARPT SYS REVEN                    | County of Broward FL Airport System Revenue                                      | CUSIP: 114894WJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496727.25    | 0.37%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK SPL OBLIG                      | Mississippi Development Bank                                                     | CUSIP: 60534XKC9<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    400000 | PA      | $362804.44    | 0.27%             | 2036-11-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency Homeowner Mortgage Revenue                     | CUSIP: 64988YSG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $579694.34    | 0.44%             | 2053-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ENCINITAS CA UNION SCH DIST                       | Encinitas Union School District/CA                                               | CUSIP: 292533EJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $615058.40    | 0.46%             | 2035-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CJC7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    410000 | PA      | $353368.63    | 0.27%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UHF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $485952.40    | 0.37%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP SF MTGE                     | Louisiana Housing Corp                                                           | CUSIP: 54627DLR0<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    465000 | PA      | $498887.71    | 0.38%             | 2054-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Nuveen Quality Municipal Income Fund              | Nuveen Quality Municipal Income Fund                                             | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             | EC               | RF                | US        |     61295 | NS      | $692020.55    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46247SFU3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    350000 | PA      | $325192.04    | 0.25%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTRADA CMNTY DEV DIST FL CAPI                    | Entrada Community Development District                                           | CUSIP: 29384HAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $317629.96    | 0.24%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       419 | PA      | $4.38         | 0.00%             | 2063-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                    | Utah Charter School Finance Authority                                            | CUSIP: 91754T3A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $321504.43    | 0.24%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QL88<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1098872.46   | 0.83%             | 2051-09-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                     | Arizona Industrial Development Authority                                         | CUSIP: 040523AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $22500.00     | 0.02%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MECKLENBURG CNTY NC MF HSG REV                    | County of Mecklenburg NC                                                         | CUSIP: 58400RAD6<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |    435000 | PA      | $435680.17    | 0.33%             | 2036-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG SF MTGE                     | Montana Board of Housing                                                         | CUSIP: 61212WLR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $267215.19    | 0.20%             | 2045-12-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                    | Chicago O'Hare International Airport                                             | CUSIP: 167593X98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511502.95    | 0.39%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                       | Indiana Finance Authority                                                        | CUSIP: 45506ENH2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $339855.50    | 0.26%             | 2050-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VIRGINIA BEACH VA DEV AUTH RSD                    | Virginia Beach Development Authority                                             | CUSIP: 92774NBD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $322790.27    | 0.24%             | 2030-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORTH RIVER RANCH IMPT STEWARD                    | North River Ranch Improvement Stewardship District                               | CUSIP: 66200PAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417460.92    | 0.31%             | 2044-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $515956.17    | 0.39%             | 2054-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PARKVIEW AT LONG LAKE RANCH CD                    | Parkview at Long Lake Ranch Community Development District                       | CUSIP: 70149AAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $213385.73    | 0.16%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                    | Utah Charter School Finance Authority                                            | CUSIP: 91754TN25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $446565.78    | 0.34%             | 2031-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                    | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638TJK0<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    300000 | PA      | $287086.59    | 0.22%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                       | North Dakota Housing Finance Agency                                              | CUSIP: 658909ZQ2<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    925000 | PA      | $622983.52    | 0.47%             | 2044-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                    | Idaho Health Facilities Authority                                                | CUSIP: 451295A82<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $402484.00    | 0.30%             | 2050-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAL4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       384 | PA      | $9.78         | 0.00%             | 2049-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA HSG DEV AUTH                             | Virginia Housing Development Authority                                           | CUSIP: 92812XCF7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    700000 | PA      | $673565.34    | 0.51%             | 2055-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency Homeowner Mortgage Revenue                     | CUSIP: 64988YQG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $754694.66    | 0.57%             | 2047-10-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV                    | Ohio Housing Finance Agency                                                      | CUSIP: 676900WK5<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500808.35    | 0.38%             | 2026-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HYDE PARK CDD #1 FL SPL ASSMNT                    | Hyde Park Community Development District No 1                                    | CUSIP: 448642AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499017.20    | 0.38%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU                    | Alaska Industrial Development & Export Authority                                 | CUSIP: 011903EW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250556.68    | 0.19%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELEVATION POINTE CMNTY DEV DIS                    | Elevation Pointe Community Development District                                  | CUSIP: 28624AAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499315.05    | 0.38%             | 2032-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                    | Clifton Higher Education Finance Corp                                            | CUSIP: 187145VQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255909.43    | 0.19%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637B7C8<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    995000 | PA      | $978580.81    | 0.74%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| XENIA OH                                          | City of Xenia OH                                                                 | CUSIP: 984053GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503536.15    | 0.38%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $374261.94    | 0.28%             | 2041-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CER9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207445.24    | 0.16%             | 2037-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| UTAH HSG CORP SF MTGE REVENUE                     | Utah Housing Corp                                                                | CUSIP: 917437EN1<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    470000 | PA      | $462265.63    | 0.35%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCG3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16985 | PA      | $327.21       | 0.00%             | 2053-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                             | CUSIP: 19648FTG9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    415000 | PA      | $318799.47    | 0.24%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15589 | PA      | $183.09       | 0.00%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency Homeowner Mortgage Revenue                     | CUSIP: 64988YKJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $459919.35    | 0.35%             | 2036-04-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15822 | PA      | $371.82       | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DE                    | South Carolina State Housing Finance & Development Authority                     | CUSIP: 83712D7P5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481296.10    | 0.36%             | 2055-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       440 | PA      | $5.17         | 0.00%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                     | Arlington Higher Education Finance Corp                                          | CUSIP: 0418064T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $433301.03    | 0.33%             | 2051-08-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QD20<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $358592.65    | 0.27%             | 2045-09-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| VIRGINIA HSG DEV AUTH                             | Virginia Housing Development Authority                                           | CUSIP: 92812XFH0<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    550000 | PA      | $529229.91    | 0.40%             | 2055-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAP5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       475 | PA      | $9.71         | 0.00%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAA8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     23656 | PA      | $16993.24     | 0.01%             | 2056-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT                     | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $165601.19    | 0.12%             | 2051-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628CJB9<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    390000 | PA      | $361885.95    | 0.27%             | 2044-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                             | CUSIP: 19648FTJ3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $342872.30    | 0.26%             | 2058-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 88046KJZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484645.00    | 0.37%             | 2054-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NORTH RIVER RANCH IMPT STEWARD                    | North River Ranch Improvement Stewardship District                               | CUSIP: 66200PAN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250121.73    | 0.19%             | 2035-05-01      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 88046KCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $731045.73    | 0.55%             | 2048-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NTHRN MI UNIV REVENUES                            | Northern Michigan University                                                     | CUSIP: 665398PT4<br>LEI: 549300Y2Q94GGNQC7X56 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258857.90    | 0.20%             | 2055-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REUNION MET DIST CO SPL REVENU                    | Reunion Metropolitan District                                                    | CUSIP: 76133UAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    562454 | PA      | $393359.16    | 0.30%             | 2044-12-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15473 | PA      | $171.14       | 0.00%             | 2062-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARSHALL CREEK FL CDD SPL ASSM                    | Marshall Creek Community Development District                                    | CUSIP: 57231NAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150084.62    | 0.11%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &                     | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 821697SY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1630000 | PA      | $16.30        | 0.00%             | 2029-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH SPORTS FA                    | Illinois Finance Authority                                                       | CUSIP: 45202UAS3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $675502.90    | 0.51%             | 2038-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORTH RIDGEVILLE OH CITY SCH D                    | North Ridgeville City School District                                            | CUSIP: 661870LV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304484.01    | 0.23%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45204EM96<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059658.70   | 0.80%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST HSG FIN AGY SF MTG                    | Oklahoma Housing Finance Agency                                                  | CUSIP: 67886MP78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $457151.47    | 0.34%             | 2049-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QT80<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $995744.04    | 0.75%             | 2046-09-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                    | Washington State Housing Finance Commission                                      | CUSIP: 93978LHX7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $438196.10    | 0.33%             | 2055-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                    | California Municipal Finance Authority                                           | CUSIP: 13048VL30<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307989.72    | 0.23%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT                     | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $398929.36    | 0.30%             | 2031-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750XV9<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499625.80    | 0.38%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FUND                     | West Virginia Housing Development Fund                                           | CUSIP: 95662NDR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $394705.70    | 0.30%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA DEV                    | Gainesville & Hall County Development Authority                                  | CUSIP: 36274PAF4<br>LEI: 549300L0GMYXTK7H5359 | Long             | DBT              | MUN               | US        |    640000 | PA      | $562609.34    | 0.42%             | 2044-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                    | New York Transportation Development Corp                                         | CUSIP: 650116GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310509.87    | 0.23%             | 2044-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                      | Capital Trust Agency Inc                                                         | CUSIP: 14052WCG0<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    550000 | PA      | $66000.00     | 0.05%             | 2035-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAW0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       456 | PA      | $6.10         | 0.00%             | 2059-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MD73<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    765000 | PA      | $758969.73    | 0.57%             | 2047-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency Homeowner Mortgage Revenue                     | CUSIP: 64988YEP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $668609.10    | 0.50%             | 2045-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH S                    | Kansas City Industrial Development Authority                                     | CUSIP: 48504LAD5<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    264421 | PA      | $175953.37    | 0.13%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA WTR FING AU                    | Sacramento County Water Financing Authority                                      | CUSIP: 78615RCV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $451785.20    | 0.34%             | 2039-06-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| WATERSET SOUTH CDD FL SPL ASSM                    | Waterset South Community Development District                                    | CUSIP: 94186HAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512542.35    | 0.39%             | 2042-05-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MALTA IL TAX INCR REVENUE                         | Village of Malta IL Tax Increment Revenue                                        | CUSIP: 561353AR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1921000 | PA      | $461040.00    | 0.35%             | 2025-12-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       447 | PA      | $12.95        | 0.00%             | 2047-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Invesco Municipal Trust                           | Invesco Municipal Trust                                                          | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |     67772 | NS      | $620113.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756Q2F3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1292385.25   | 0.97%             | 2047-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TRACY CA JT UNIF SCH DIST                         | Tracy Unified School District                                                    | CUSIP: 892392DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $626001.24    | 0.47%             | 2041-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PDC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $412500.00    | 0.31%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST AFFORDABLE HSG CORP S                    | Texas State Affordable Housing Corp                                              | CUSIP: 88271HJS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497282.10    | 0.38%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                     | North Carolina Housing Finance Agency                                            | CUSIP: 6582074D4<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500166.35    | 0.38%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE & HALL CNTY GA HOS                    | Gainesville & Hall County Hospital Authority                                     | CUSIP: 362762MK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508914.25    | 0.38%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN                    | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    350000 | PA      | $369693.28    | 0.28%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TROUT CREEK CDD FL CAPITAL IMP                    | Trout Creek Community Development District                                       | CUSIP: 897188AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302764.26    | 0.23%             | 2038-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HEMPSTEAD TOWN NY LOCAL DEV CO                    | Hempstead Town Local Development Corp                                            | CUSIP: 424682EB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350062.27    | 0.26%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency Homeowner Mortgage Revenue                     | CUSIP: 64988YEQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1014680.71   | 0.77%             | 2050-04-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBC3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       403 | PA      | $3.74         | 0.00%             | 2065-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAM2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       372 | PA      | $8.74         | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750C91<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995942.60    | 0.75%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST HSG FIN AUTH SF MTG                    | Alabama Housing Finance Authority                                                | CUSIP: 01030RPV8<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501039.30    | 0.38%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUNI LOAN COUNCIL C                    | Florida Municipal Loan Council                                                   | CUSIP: 34281UAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $643456.94    | 0.49%             | 2044-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| COLORADO ST EDUCTNL & CULTURAL                    | Colorado Educational & Cultural Facilities Authority                             | CUSIP: 19645RKD2<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250355.55    | 0.19%             | 2034-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A                    | California Enterprise Development Authority                                      | CUSIP: 13067REJ8<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    300000 | PA      | $256262.70    | 0.19%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JORDANELLE RIDGE PUBLIC INFRA                     | Jordanelle Ridge Public Infrastructure District No 2                             | CUSIP: 480790AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514225.10    | 0.39%             | 2054-03-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                    | New York Transportation Development Corp                                         | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499931.05    | 0.38%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL AREA FIN AUTH LA SF MT                    | Capital Area Finance Authority                                                   | CUSIP: 13973GBH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512628.20    | 0.39%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EAST NASSAU STEWARDSHIP DIST F                    | East Nassau Stewardship District                                                 | CUSIP: 27379AAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350000.25    | 0.26%             | 2029-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                    | Florida Development Finance Corp                                                 | CUSIP: 34061WBV5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468762.80    | 0.35%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                    | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507US9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $389418.85    | 0.29%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DWS Municipal Income Trust                        | DWS Municipal Income Trust                                                       | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             | EC               | RF                | US        |     76592 | NS      | $677073.28    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N CENTRL TEXAS ST HLTH FAC DEV                    | North Central Texas Health Facility Development Corp                             | CUSIP: 658546UP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    204000 | PA      | $132600.00    | 0.10%             | 2025-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCL2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16287 | PA      | $244.82       | 0.00%             | 2057-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BlackRock MuniHoldings Fund Inc                   | BlackRock MuniHoldings Fund Inc                                                  | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             | EC               | RF                | US        |     19518 | NS      | $218601.60    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                    | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542PBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $358800.00    | 0.27%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX SPL TAX REVENUE                         | City of Dallas TX                                                                | CUSIP: 235380AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250077.35    | 0.19%             | 2053-08-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE                    | Maryland Community Development Administration                                    | CUSIP: 57419TVK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $339698.50    | 0.26%             | 2044-09-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| MEADOW VIEW AT TWIN CREEKS CDD                    | Meadow View at Twin Creeks Community Development District                        | CUSIP: 583188BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $191386.28    | 0.14%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       434 | PA      | $3.72         | 0.00%             | 2066-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804616T0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $253747.57    | 0.19%             | 2046-07-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15008 | PA      | $139.22       | 0.00%             | 2065-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H                    | Massachusetts Housing Finance Agency                                             | CUSIP: 57587AXG8<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    400000 | PA      | $338071.08    | 0.25%             | 2047-12-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD 2 CAPITA                    | Lakes of Sarasota Community Development District 2                               | CUSIP: 51207BAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $348069.33    | 0.26%             | 2035-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Invesco Pennsylvania Value Municipal Income Trust | Invesco Pennsylvania Value Municipal Income Trust                                | CUSIP: 46132K109<br>LEI: 549300S5KHBL3XISY922 | Long             | EC               | RF                | US        |      8257 | NS      | $83065.42     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461X29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $555372.46    | 0.42%             | 2045-01-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAQ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       469 | PA      | $9.04         | 0.00%             | 2053-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN HOME AR SALES & USE T                    | City of Mountain Home AR Sales & Use Tax Revenue                                 | CUSIP: 624076AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $297025.72    | 0.22%             | 2038-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| GALESBURG IL REVENUE                              | City of Galesburg IL                                                             | CUSIP: 363433BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501302.85    | 0.38%             | 2045-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                       | City of Houston TX Airport System Revenue                                        | CUSIP: 442349GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019340.80   | 0.77%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCJ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16636 | PA      | $282.06       | 0.00%             | 2055-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                     | Arizona Industrial Development Authority                                         | CUSIP: 040523AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $22500.00     | 0.02%             | 2030-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAX8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       447 | PA      | $5.59         | 0.00%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                    | Massachusetts Development Finance Agency                                         | CUSIP: 57584YRG6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    400000 | PA      | $384362.00    | 0.29%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                    | Idaho Health Facilities Authority                                                | CUSIP: 451295B24<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98399.70     | 0.07%             | 2028-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                    | Colorado Health Facilities Authority                                             | CUSIP: 19648FTK0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    400000 | PA      | $382153.92    | 0.29%             | 2030-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                     | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RSK6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $633981.50    | 0.48%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756QQ67<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    965000 | PA      | $615409.06    | 0.46%             | 2051-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAN0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       365 | PA      | $8.07         | 0.00%             | 2051-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP SF MTGE                     | Louisiana Housing Corp                                                           | CUSIP: 54627DFJ5<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    385000 | PA      | $256836.81    | 0.19%             | 2045-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                      | Capital Trust Agency Inc                                                         | CUSIP: 14052WCW5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    250000 | PA      | $3062.50      | 0.00%             | 2037-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LAKES OF SARASOTA CDD FL IMPT                     | Lakes of Sarasota Community Development District                                 | CUSIP: 51206YAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $84246.68     | 0.06%             | 2031-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Invesco Municipal Opportunity Trust               | Invesco Municipal Opportunity Trust                                              | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |     62240 | NS      | $571363.20    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTH RIVER RANCH IMPT STEWARD                    | North River Ranch Improvement Stewardship District                               | CUSIP: 66200PAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412246.56    | 0.31%             | 2033-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    446246 | PA      | $299049.95    | 0.23%             | 2051-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                    | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592041YU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $713755.88    | 0.54%             | 2045-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750TZ5<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1515526.20   | 1.14%             | 2053-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GROVE CMNTY DEV DIST                     | Southern Groves Community Development District No 5                              | CUSIP: 843021AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $228934.83    | 0.17%             | 2048-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HERITAGE HARBOUR FL N CDD SPLA                    | Heritage Harbour North Community Development District                            | CUSIP: 42727LAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205977.70    | 0.16%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH S                    | Kansas City Industrial Development Authority                                     | CUSIP: 48504LAE3<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    118010 | PA      | $5464.94      | 0.00%             | 2046-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16055 | PA      | $227.23       | 0.00%             | 2058-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY PA GEN AUTH REVENU                    | Butler County General Authority                                                  | CUSIP: 123574AG0<br>LEI: 549300TSJ3NDU9FG0667 | Long             | DBT              | MUN               | US        |    460000 | PA      | $442160.74    | 0.33%             | 2034-10-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| HACIENDA NORTH CDD FL SPL ASSM                    | Hacienda North Community Development District                                    | CUSIP: 404511AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522608.95    | 0.39%             | 2043-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV SF MTGE REVE                    | Nevada Housing Division                                                          | CUSIP: 641279PP3<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |    495000 | PA      | $296469.56    | 0.22%             | 2051-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL HLTH FACS A                    | Palm Beach County Health Facilities Authority                                    | CUSIP: 696507VM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.38%             | 2027-07-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| BlackRock MuniYield Quality Fund III Inc          | BlackRock MuniYield Quality Fund III Inc                                         | CUSIP: 09254E103<br>LEI: UB5J2GS6Q51M6A2L8886 | Long             | EC               | RF                | US        |     43083 | NS      | $451940.67    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WINDWARD AT LAKEWOOD RANCH CDD                    | Windward at Lakewood Ranch Community Development District                        | CUSIP: 97382EAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $168635.90    | 0.13%             | 2050-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL ASSMNT DIST #                    | City of Las Vegas NV Special Improvement District No 817                         | CUSIP: 51779BAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310424.19    | 0.23%             | 2048-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT                    | Nebraska Investment Finance Authority                                            | CUSIP: 63968M7T0<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    750000 | PA      | $702587.10    | 0.53%             | 2051-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST                    | Orange County Community Facilities District                                      | CUSIP: 68423PYT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $438743.05    | 0.33%             | 2045-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750RT1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1208903.50   | 0.91%             | 2052-01-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ALLEN PARK MI                                     | City of Allen Park MI                                                            | CUSIP: 018015RM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $286124.43    | 0.22%             | 2034-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MUK5<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    705000 | PA      | $452954.75    | 0.34%             | 2050-07-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU                    | Florida Housing Finance Corp                                                     | CUSIP: 34074MXV8<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $774453.10    | 0.58%             | 2052-01-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SAWYERS LANDING CDD FL SPL ASS                    | Sawyers Landing Community Development District                                   | CUSIP: 805517AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $614799.60    | 0.46%             | 2053-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402081.48    | 0.30%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15124 | PA      | $149.99       | 0.00%             | 2064-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                    | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 64613AEZ1<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    735000 | PA      | $456843.22    | 0.34%             | 2046-10-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &                     | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 821697TD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $185.00       | 0.00%             | 2019-01-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| NEVADA ST HSG DIV SF MTGE REVE                    | Nevada Housing Division                                                          | CUSIP: 641279PX6<br>LEI: 549300RE377OK3CTT852 | Long             | DBT              | MUN               | US        |    750000 | PA      | $501236.25    | 0.38%             | 2046-04-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTGE FIN A                    | New Jersey Housing & Mortgage Finance Agency                                     | CUSIP: 64613ACW0<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    795000 | PA      | $480562.32    | 0.36%             | 2050-10-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201QF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $365918.22    | 0.28%             | 2051-07-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| RUDOLPH FARMS MET DIST #6 CO R                    | Rudolph Farms Metropolitan District No 6                                         | CUSIP: 78128QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $461043.75    | 0.35%             | 2052-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST HSG FIN AUTH SF MTG                    | Alabama Housing Finance Authority                                                | CUSIP: 01030RLK6<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $477145.30    | 0.36%             | 2049-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| JOPLIN MO INDL DEV AUTH SALES                     | Joplin Industrial Development Authority                                          | CUSIP: 48068CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $123468.39    | 0.09%             | 2040-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637GGQ6<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $950836.50    | 0.72%             | 2050-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH ECON                     | Arizona Industrial Development Authority                                         | CUSIP: 040523AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $6000.00      | 0.00%             | 2051-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    420000 | PA      | $325753.39    | 0.25%             | 2041-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN HLTH EDUCTNL &                     | Shelby County Health Educational & Housing Facilities Board                      | CUSIP: 821697SX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7875000 | PA      | $787.50       | 0.00%             | 2029-01-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302269.26    | 0.23%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST HSG FIN AUTH SF MTG                    | Alabama Housing Finance Authority                                                | CUSIP: 01030RNT5<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $490821.95    | 0.37%             | 2055-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                    | Chicago O'Hare International Airport                                             | CUSIP: 1675934R0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508077.60    | 0.38%             | 2048-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOBE ST LUCIE CONSERVANCY DIST                    | Hobe-St Lucie Conservancy District                                               | CUSIP: 434043AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350008.47    | 0.26%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     14775 | PA      | $126.49       | 0.00%             | 2066-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FWY1<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007585.50   | 0.76%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLARKE CNTY GA HOSP AUTH                          | Clarke County Hospital Authority                                                 | CUSIP: 181685JM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350196.81    | 0.26%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nuveen AMT-Free Municipal Credit Income Fund      | Nuveen AMT-Free Municipal Credit Income Fund                                     | CUSIP: 67071L106<br>LEI: 549300LBMO1C0IG71T03 | Long             | EC               | RF                | US        |     32623 | NS      | $389192.39    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EUCLID OH PUBLIC LIBRARY SPL O                    | Euclid Public Library                                                            | CUSIP: 29805CAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301541.97    | 0.23%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAUREL ROAD CDD FL CAPITAL IMP                    | Laurel Road Community Development District                                       | CUSIP: 51888TAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $288237.01    | 0.22%             | 2031-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46246K6Y3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    530000 | PA      | $407888.11    | 0.31%             | 2055-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637GDF3<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    500000 | PA      | $479084.45    | 0.36%             | 2054-11-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ROLLING HILLS FL CDD CAPITAL I                    | Rolling Hills Community Development District                                     | CUSIP: 775658BA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $125870.96    | 0.09%             | 2032-05-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                     | New York City Housing Development Corp                                           | CUSIP: 64972CA29<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $279142.14    | 0.21%             | 2041-11-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      5235 | PA      | $40.48        | 0.00%             | 2067-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency Homeowner Mortgage Revenue                     | CUSIP: 64988YHX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $642781.61    | 0.48%             | 2046-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV                    | Columbus Regional Airport Authority                                              | CUSIP: 199546DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $751503.25    | 0.57%             | 2050-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| S WSTRN IL DEV AUTH REV                           | Southwestern Illinois Development Authority                                      | CUSIP: 84552YHD6<br>LEI: 549300B1KLLJ8NU5XK71 | Long             | DBT              | MUN               | US        |    313173 | PA      | $250538.02    | 0.19%             | 2022-10-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN                    | Public Finance Authority                                                         | CUSIP: 74447DAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $475495.95    | 0.36%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 546282H56<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501128.60    | 0.38%             | 2030-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                     | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UGJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $475127.02    | 0.36%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BRAZOS TX HGR EDU AUTH STUDENT                    | Brazos Higher Education Authority Inc                                            | CUSIP: 10623ABV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $767038.00    | 0.58%             | 2040-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                     | Philadelphia Authority for Industrial Development                                | CUSIP: 71781XCA9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    350000 | PA      | $351596.81    | 0.27%             | 2036-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SANTA FE SPRINGS CA PUBLIC FIN                    | Santa Fe Springs Public Financing Authority                                      | CUSIP: 80218FAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $287765.42    | 0.22%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                       | North Dakota Housing Finance Agency                                              | CUSIP: 6589095K8<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502043.65    | 0.38%             | 2048-07-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT                    | Michigan State Housing Development Authority                                     | CUSIP: 594654NW1<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2141798.40   | 1.62%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UTAH HSG CORP SF MTGE REVENUE                     | Utah Housing Corp                                                                | CUSIP: 917437GT6<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |    495000 | PA      | $474726.04    | 0.36%             | 2054-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46247SBN3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $389418.85    | 0.29%             | 2053-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       434 | PA      | $6.96         | 0.00%             | 2056-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GTR ORLANDO FL AVIATION AUTH A                    | Greater Orlando Aviation Authority                                               | CUSIP: 3922742G0<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494625.60    | 0.37%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK IL EDUCTNL FACS REVENU                    | City of Burbank IL                                                               | CUSIP: 12083CAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499975.60    | 0.38%             | 2035-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       469 | PA      | $6.64         | 0.00%             | 2058-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       428 | PA      | $4.73         | 0.00%             | 2062-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                    | Michigan Finance Authority                                                       | CUSIP: 594479GT8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    155000 | PA      | $126006.89    | 0.10%             | 2039-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HGR EDU ASSISTANC                    | Pennsylvania Higher Education Assistance Agency                                  | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $259511.29    | 0.20%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 88275FSE0<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    500000 | PA      | $375702.15    | 0.28%             | 2045-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                    | Texas Department of Housing & Community Affairs                                  | CUSIP: 882750QP0<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    985000 | PA      | $586456.88    | 0.44%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637BZC7<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    435000 | PA      | $264629.90    | 0.20%             | 2050-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       481 | PA      | $7.23         | 0.00%             | 2057-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303402.21    | 0.23%             | 2037-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45203H6Y3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    194940 | PA      | $56532.51     | 0.04%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    192429 | PA      | $1488.11      | 0.00%             | 2067-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $429665.15    | 0.32%             | 2040-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCE8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     17334 | PA      | $383.31       | 0.00%             | 2051-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP                    | State of Oregon Housing & Community Services Department                          | CUSIP: 686087Q42<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $655626.70    | 0.49%             | 2045-01-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN                    | Illinois Housing Development Authority                                           | CUSIP: 45203MQC8<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    740000 | PA      | $730755.40    | 0.55%             | 2048-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                              | Stamford Housing Authority                                                       | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751075.50    | 0.57%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756Q7Z4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $479023.50    | 0.36%             | 2049-09-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       409 | PA      | $4.06         | 0.00%             | 2064-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST HSG CORP SF MTGE REVEN                    | Utah Housing Corp                                                                | CUSIP: 9174362B2<br>LEI: 549300YXWQEI0S47WI02 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5007.46      | 0.00%             | 2033-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE                    | Georgia Housing & Finance Authority                                              | CUSIP: 37353PRH4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002285.60   | 0.76%             | 2045-12-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** SIT MUTUAL FUNDS II INC

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

**Title:** VP, Treasurer & Chief Compliance Officer