# EDGAR Filing Document

**Accession Number:** 0000877880
**File Stem:** 0001752724-25-203010
**Filing Date:** 2025-8
**Character Count:** 82847
**Document Hash:** 8162becffec0ee3340925a301391916e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203010.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001752724-25-203010

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIT MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000877880

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06373
- **FILM NUMBER:** 251251737

**BUSINESS ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 SOUTH 8TH ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-4130
- **BUSINESS PHONE:** 612-332-3223

**MAIL ADDRESS:**
- **STREET 1:** 3300 IDS CTR, 80 SOUTH 8TH ST
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-4130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIT NEW BEGINNING MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### Sit Balanced Fund (Series ID: S000003462)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000009596 | Sit Balanced Fund | SIBAX           |

## 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 INC

- **b. Investment Company Act file number:** 811-06373

- **c. CIK number of Registrant:** 0000877880

- **d. LEI of Registrant:** 254900G3NOOZ0B3T2Q46

- **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 Balanced Fund

- **b. EDGAR series identifier (if any):** S000003462

- **c. LEI of Series:** 254900S381ELN1VXPI41

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

- **a. Date of fiscal year-end:** 2025-06-30

- **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:** $68196056.62

**Total Liabilities:** $48346.44

**Net Assets:** $68147710.18

**Cash Not Reported:** $189958.69

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2.32108000 | **1-Year:** 514.61040000 | **5-Year:** 6429.40586000 | **10-Year:** 3672.21925000 | **30-Year:** 139.03332000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009596 | 0.21%                | 4.38%                | 4.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-219745.90              | $222526.68                                 |
| Month 2  | $-23873.31               | $2660709.14                                |
| Month 3  | $17810.55                | $2941617.04                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DoubleLine Opportunistic Credit Fund                           | DoubleLine Opportunistic Credit Fund                 | CUSIP: 258623107<br>LEI: 5493003RT2VL4QLFXN55 | Long             | EC               | RF                | US        |      4400 | NS      | $67672.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                                    | NVIDIA Corp                                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     32950 | NS      | $5205770.50   | 7.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                                    | Goldman Sachs Group Inc/The                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1600 | NS      | $1132400.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418EHK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    286287 | PA      | $274302.77    | 0.40%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                                                 | Eaton Corp PLC                                       | CUSIP: 000000000<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |       800 | NS      | $285592.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp                                           | Parker-Hannifin Corp                                 | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       625 | NS      | $436543.75    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software                                  | Take-Two Interactive Software Inc                    | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      1765 | NS      | $428630.25    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Core Bond Trust                                      | BlackRock Core Bond Trust                            | CUSIP: 09249E101<br>LEI: CC8M7XFKTNG56DXMAR33 | Long             | EC               | RF                | US        |     27128 | NS      | $263680.57    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae REMICS                                    | CUSIP: 31359VSW4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2193 | PA      | $2215.11      | 0.00%             | 2029-04-25      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                 | Chase Home Lending Mortgage Trust 2025-1             | CUSIP: 16160TAD0<br>LEI: 529900UNQTJFSNGLF721 | Long             | ABS-MBS          | CORP              | US        |    224219 | PA      | $226935.33    | 0.33%             | 2055-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| EVERGY KANSAS CENTRAL                                          | Evergy Kansas Central Inc                            | CUSIP: 30036FAC5<br>LEI: J75GNWGEO73W89ZV3S44 | Long             | DBT              | CORP              | US        |    175000 | PA      | $185523.68    | 0.27%             | 2033-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Siemens AG                                                     | Siemens AG                                           | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      5175 | NS      | $666902.25    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NY MELLON CORP                                         | Bank of New York Mellon Corp/The                     | CUSIP: 06406RBU0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    175000 | PA      | $192672.10    | 0.28%             | 2034-10-25      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Nuveen Taxable Municipal Income Fund                           | Nuveen Taxable Municipal Income Fund                 | CUSIP: 67074C103<br>LEI: CGX4I2YMRMYU5022FW76 | Long             | EC               | RF                | US        |     11667 | NS      | $184571.94    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 3618N5ET2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    247156 | PA      | $236652.62    | 0.35%             | 2055-01-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31402DAA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5679 | PA      | $5888.79      | 0.01%             | 2033-03-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| First Trust Mortgage Income Fund                               | First Trust Mortgage Income Fund                     | CUSIP: 33734E103<br>LEI: 549300DJXDU5IDLS9H81 | Long             | EC               | RF                | US        |      8500 | NS      | $103700.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                                   | Alphabet Inc                                         | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12400 | NS      | $2185252.00   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | JP Morgan Mortgage Trust 2025-1                      | CUSIP: 46658UAS0<br>LEI: 529900DB310G9HU4BP72 | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $256704.18    | 0.38%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                            | Abbott Laboratories                                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2450 | NS      | $333224.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 3137H9JY6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    126852 | PA      | $120128.36    | 0.18%             | 2050-01-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHARLES STARK DRAPER LAB                                       | Charles Stark Draper Laboratory Inc/The              | CUSIP: 15987TAT8<br>LEI: 254900FAU0MCDL819V50 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85891.12     | 0.13%             | 2048-09-01      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Williams Cos Inc/The                                           | Williams Cos Inc/The                                 | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      2250 | NS      | $141322.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                                      | Safran SA                                            | CUSIP: 786584102<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      7350 | NS      | $600274.50    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA TOWER TRUST                                                | SBA Tower Trust                                      | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $179826.10    | 0.26%             | 2028-01-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| FIDELITY INVESTMENTS MONEY MARKET FUNDS - GOVERNMENT PORTFOLIO | FIDELITY GOVERNMENT PORT-I                           | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   1005782 | NS      | $1005782.43   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Pool                                     | CUSIP: 3132DWNH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    483902 | PA      | $474397.95    | 0.70%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                     | Public Finance Authority                             | CUSIP: 74442PHC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    105000 | PA      | $102585.62    | 0.15%             | 2032-07-01      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418FEB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    582845 | PA      | $557574.30    | 0.82%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eaton Vance California Municipal Bond Fund                     | Eaton Vance California Municipal Bond Fund           | CUSIP: 27828A100<br>LEI: 549300FJGD8HWP11TO17 | Long             | EC               | RF                | US        |      2000 | NS      | $17840.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Taxable Municipal Bond Trust                         | BlackRock Taxable Municipal Bond Trust               | CUSIP: 09248X100<br>LEI: SNYX4R2CEK5Q5D25DZ39 | Long             | EC               | RF                | US        |     21971 | NS      | $353952.81    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                                         | Palo Alto Networks Inc                               | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      4320 | NS      | $884044.80    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | JP Morgan Mortgage Trust 2021-6                      | CUSIP: 46653PAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    249668 | PA      | $223423.35    | 0.33%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Nuveen Multi-Market Income Fund                                | Nuveen Multi-Market Income Fund                      | CUSIP: 67075J107<br>LEI: G7V8IS406QV705LBK003 | Long             | EC               | RF                | US        |     17353 | NS      | $108976.84    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY FL PROJ FIN                                        | Duke Energy Florida Project Finance LLC              | CUSIP: 26444GAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $108392.99    | 0.16%             | 2033-03-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418E5B2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    163882 | PA      | $152424.31    | 0.22%             | 2054-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Putnam Premier Income Trust                                    | Putnam Premier Income Trust                          | CUSIP: 746853100<br>LEI: G5048SOHSFOQHNEL1E85 | Long             | EC               | RF                | US        |     66592 | NS      | $244392.64    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Gold Pool                                | CUSIP: 31335AXQ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18608 | PA      | $19179.84     | 0.03%             | 2031-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                 | Chase Home Lending Mortgage Trust Series 2024-3      | CUSIP: 16159HAR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101798.76    | 0.15%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Financial Strategies Income Term Trust               | Angel Oak Financial Strategies Income Term Trust     | CUSIP: 03464A100<br>LEI: 549300BL3JQL47QYUO51 | Long             | EC               | RF                | US        |     27283 | NS      | $354129.02    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Pool                                     | CUSIP: 3132DWMW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    233049 | PA      | $222944.05    | 0.33%             | 2054-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                                   | Autodesk Inc                                         | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1275 | NS      | $394701.75    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                                   | Thermo Fisher Scientific Inc                         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1040 | NS      | $421678.40    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY MISSOURI W STORM                                        | Evergy Missouri West Storm Funding I LLC             | CUSIP: 30037HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     94104 | PA      | $94103.37     | 0.14%             | 2038-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418FGX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    490176 | PA      | $480586.59    | 0.71%             | 2055-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                                    | PepsiCo Inc                                          | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1825 | NS      | $240973.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                                  | Accenture PLC                                        | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      2025 | NS      | $605252.25    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| INDIANA ST HSG & CMNTY DEV AUT                                 | Indiana Housing & Community Development Authority    | CUSIP: 45505TD99<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309075.60    | 0.45%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Linde PLC                                                      | Linde PLC                                            | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |      1225 | NS      | $574745.50    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | JP Morgan Mortgage Trust 2021-6                      | CUSIP: 46653PBJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    251345 | PA      | $245100.83    | 0.36%             | 2051-10-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Government National Mortgage Association             | CUSIP: 38382QQF0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120521 | PA      | $116444.46    | 0.17%             | 2051-05-20      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Government National Mortgage Association             | CUSIP: 38379NAS1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3303 | PA      | $3503.24      | 0.01%             | 2045-06-20      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 3133TJDP5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8145 | PA      | $8269.39      | 0.01%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO EDUCTNL & CULTURAL AU                                 | Colorado Educational & Cultural Facilities Authority | CUSIP: 19645UFU3<br>LEI: 549300BJRX2FHSSZP042 | Long             | DBT              | MUN               | US        |    205000 | PA      | $154435.07    | 0.23%             | 2056-03-01      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| ServiceNow Inc                                                 | ServiceNow Inc                                       | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       560 | NS      | $575724.80    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION ELECTRIC CO                                              | Union Electric Co                                    | CUSIP: 906548CN0<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    275000 | PA      | $215969.89    | 0.32%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                            | JPMorgan Chase & Co                                  | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2925 | NS      | $847986.75    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                                   | Alphabet Inc                                         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4100 | NS      | $727299.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                                    | Honeywell International Inc                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      1450 | NS      | $337676.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FannieMae Grantor Trust                                        | Fannie Mae Grantor Trust 2004-T3                     | CUSIP: 31393YU78<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      4073 | PA      | $4200.94      | 0.01%             | 2044-02-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Putnam Master Intermediate Income Trust                        | Putnam Master Intermediate Income Trust              | CUSIP: 746909100<br>LEI: QYQERD8ESA0ALFI8LA12 | Long             | EC               | RF                | US        |     61000 | NS      | $204350.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HALLIBURTON CO                                                 | Halliburton Co                                       | CUSIP: 406216AS0<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | DBT              | CORP              | US        |     75000 | PA      | $85814.99     | 0.13%             | 2096-08-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| UTAH ST CHRT SCH FIN AUTH CHRT                                 | Utah Charter School Finance Authority                | CUSIP: 91754TA37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $196558.14    | 0.29%             | 2027-10-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                                  | Massachusetts Educational Financing Authority        | CUSIP: 57563RSU4<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    155000 | PA      | $150764.76    | 0.22%             | 2038-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc                                                 | Salesforce Inc                                       | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      3650 | NS      | $995318.50    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Pool                                     | CUSIP: 3132DWM91<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    242916 | PA      | $225931.24    | 0.33%             | 2054-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dynatrace Inc                                                  | Dynatrace Inc                                        | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      4250 | NS      | $234642.50    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 36202DDN8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      7379 | PA      | $7620.78      | 0.01%             | 2029-09-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 3617A0T63<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5706 | PA      | $5814.14      | 0.01%             | 2032-04-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| John Hancock Income Securities Trust                           | John Hancock Income Securities Trust                 | CUSIP: 410123103<br>LEI: 549300RB36J7QSFLWG11 | Long             | EC               | RF                | US        |      5000 | NS      | $56400.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 36179XE93<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    201068 | PA      | $184541.09    | 0.27%             | 2052-09-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST DEPT OF HSG & CMNTY A                                 | Texas Department of Housing & Community Affairs      | CUSIP: 88275FZU6<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208181.06    | 0.31%             | 2053-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 3137B7FP9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5312 | PA      | $5442.84      | 0.01%             | 2047-10-15      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| VERMILLION CNTY IN ECON DEV LE                                 | County of Vermillion IN                              | CUSIP: 92407TAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253286.45    | 0.37%             | 2032-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | J.P. Morgan Mortgage Trust 2023-6                    | CUSIP: 465989AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    109031 | PA      | $109865.66    | 0.16%             | 2053-12-26      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc/The                                             | Home Depot Inc/The                                   | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1825 | NS      | $669118.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                                 | Government National Mortgage Association             | CUSIP: 38381AGM2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18507 | PA      | $19508.09     | 0.03%             | 2048-10-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 3137FGC52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    135867 | PA      | $128596.35    | 0.19%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418EV56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    258755 | PA      | $240692.00    | 0.35%             | 2053-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31389YN23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3632 | PA      | $3649.30      | 0.01%             | 2032-01-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                 | Chase Home Lending Mortgage Trust Series 2024-2      | CUSIP: 161929AQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $203543.00    | 0.30%             | 2055-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                 | Chase Home Lending Mortgage Trust 2024-9             | CUSIP: 16160QAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    137642 | PA      | $138042.42    | 0.20%             | 2055-09-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 31392TEK9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12250 | PA      | $12548.40     | 0.02%             | 2032-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                                        | Sherwin-Williams Co/The                              | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1000 | NS      | $343360.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                                | United States Treasury Note/Bond                     | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    325000 | PA      | $317395.51    | 0.47%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                       | Minnesota Housing Finance Agency                     | CUSIP: 60416UFX8<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    225000 | PA      | $228463.61    | 0.34%             | 2031-02-01      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| FannieMae Whole Loan                                           | Fannie Mae Trust 2004-W9                             | CUSIP: 31394ACL8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     19560 | PA      | $20020.82     | 0.03%             | 2044-02-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY PROG SC STOR                                       | Duke Energy Progress SC Storm Funding LLC            | CUSIP: 26445CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72378 | PA      | $73533.56     | 0.11%             | 2044-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE GAS & ELEC                                          | Louisville Gas and Electric Co                       | CUSIP: 546676AZ0<br>LEI: KO3GRIB3RPH1XDX50U72 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51697.10     | 0.08%             | 2033-04-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                         | Sequoia Mortgage Trust 2025-3                        | CUSIP: 817370AR0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $153291.71    | 0.22%             | 2055-04-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH INC                                              | L3Harris Technologies Inc                            | CUSIP: 502431AV1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48543.83     | 0.07%             | 2054-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEXAS CHILDRENS HOSPITAL                                       | Texas Children's Hospital                            | CUSIP: 88224LAQ1<br>LEI: 549300JQ1IKID2ZK7X26 | Long             | DBT              | CORP              | US        |    115000 | PA      | $112850.96    | 0.17%             | 2029-10-01      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Constellation Brands Inc                                       | Constellation Brands Inc                             | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |      2250 | NS      | $366030.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Pool                                     | CUSIP: 3133D0CD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    460186 | PA      | $451184.02    | 0.66%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENTERGY LOUISIANA LLC                                          | Entergy Louisiana LLC                                | CUSIP: 29364WBQ0<br>LEI: 0V5453U14HDZO63CGH17 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125189.43    | 0.18%             | 2055-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                                  | Massachusetts Educational Financing Authority        | CUSIP: 57563RPQ6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14810.58     | 0.02%             | 2034-07-01      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                 | Chase Home Lending Mortgage Trust Series 2024-1      | CUSIP: 16160DAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $203563.34    | 0.30%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Government National Mortgage Association             | CUSIP: 38382NJZ1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    163914 | PA      | $168751.26    | 0.25%             | 2051-02-20      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| SECURITY BENEFIT LIFE                                          | Security Benefit Life Insurance Co                   | CUSIP: 814120AC5<br>LEI: 6GG1425B5X0SPG36P168 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98263.30     | 0.14%             | 2033-10-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418ES35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    221020 | PA      | $211744.93    | 0.31%             | 2053-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TR 2014                                       | CVS Pass-Through Trust Series 2014                   | CUSIP: 12665VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    154907 | PA      | $143207.04    | 0.21%             | 2036-08-11      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                       | Visa Inc                                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2800 | NS      | $994140.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                                         | UnitedHealth Group Inc                               | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1900 | NS      | $592743.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                                          | Applied Materials Inc                                | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1900 | NS      | $347833.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                                  | Massachusetts Educational Financing Authority        | CUSIP: 57563RTM1<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151108.77    | 0.22%             | 2044-07-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                | United States Treasury Note/Bond                     | CUSIP: 912810UA4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    225000 | PA      | $218874.02    | 0.32%             | 2054-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 36202EXP9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      8054 | PA      | $8317.67      | 0.01%             | 2038-11-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corp                                          | General Dynamics Corp                                | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       700 | NS      | $204162.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                                 | Government National Mortgage Association             | CUSIP: 38382UHV6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    156950 | PA      | $161523.59    | 0.24%             | 2051-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Government National Mortgage Association             | CUSIP: 38374L5X5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |        73 | PA      | $73.63        | 0.00%             | 2035-09-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 31392TAU1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13481 | PA      | $14046.43     | 0.02%             | 2032-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418FEA1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    242157 | PA      | $225225.82    | 0.33%             | 2054-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 3622ADJS8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    153580 | PA      | $145531.84    | 0.21%             | 2064-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TCW Strategic Income Fund Inc                                  | TCW Strategic Income Fund Inc                        | CUSIP: 872340104<br>LEI: 54930062BZFVP7F6WJ47 | Long             | EC               | RF                | US        |     18000 | NS      | $87840.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                                       | Ameriprise Financial Inc                             | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |      1150 | NS      | $613789.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                                             | Meta Platforms Inc                                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2000 | NS      | $1476180.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | J.P. Morgan Mortgage Trust 2024-1                    | CUSIP: 46657PAR4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $202841.36    | 0.30%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Pool                                     | CUSIP: 3132DWN58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    258740 | PA      | $240648.27    | 0.35%             | 2055-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Pool                                     | CUSIP: 3132DWF32<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    239561 | PA      | $223148.40    | 0.33%             | 2053-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Income Trust Inc                                     | BlackRock Income Trust Inc                           | CUSIP: 09247F209<br>LEI: TZVEKBHO1R4X5PI73286 | Long             | EC               | RF                | US        |      2807 | NS      | $32982.25     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | JP Morgan Mortgage Trust Series 2024-5               | CUSIP: 46658RAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $203687.32    | 0.30%             | 2054-11-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MASSACHUSETTS MA BLDG                                  | University of Massachusetts Building Authority       | CUSIP: 914440LJ9<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251364.38    | 0.37%             | 2040-11-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                         | Sequoia Mortgage Trust 2025-1                        | CUSIP: 81743EAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    223631 | PA      | $226634.47    | 0.33%             | 2055-01-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MFS Intermediate Income Trust                                  | MFS Intermediate Income Trust                        | CUSIP: 55273C107<br>LEI: WGVMPY7PP3OZCAPKRD65 | Long             | EC               | RF                | US        |     83033 | NS      | $225019.43    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 36179WXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    225691 | PA      | $205843.19    | 0.30%             | 2052-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Chubb Ltd                                                      | Chubb Ltd                                            | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      1400 | NS      | $405608.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                             | NextEra Energy Inc                                   | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      4140 | NS      | $287398.80    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                                | United States Treasury Note/Bond                     | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $102730.47    | 0.15%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AFLAC INC                                                      | Aflac Inc                                            | CUSIP: 001055AF9<br>LEI: 549300N0B7DOGLXWPP39 | Long             | DBT              | CORP              | US        |    225000 | PA      | $244525.01    | 0.36%             | 2040-08-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Small Business Administration                                  | United States Small Business Administration          | CUSIP: 83162CRN5<br>LEI: N/A                  | Long             | ABS-O            | USGA              | US        |      6194 | PA      | $6215.37      | 0.01%             | 2028-01-01      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                                     | Intuit Inc                                           | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1200 | NS      | $945156.00    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                                 | Maricopa County Industrial Development Authority     | CUSIP: 56681NGX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $76613.99     | 0.11%             | 2044-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GATX CORP                                                      | GATX Corp                                            | CUSIP: 361448BN2<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    175000 | PA      | $193802.57    | 0.28%             | 2034-05-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Pool                                     | CUSIP: 3132DWPF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    245948 | PA      | $235283.87    | 0.35%             | 2055-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 3133TJDF7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13063 | PA      | $13296.36     | 0.02%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae REMICS                                    | CUSIP: 31397NWY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     19766 | PA      | $21076.51     | 0.03%             | 2039-05-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 36202CYF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      1720 | PA      | $1776.44      | 0.00%             | 2027-11-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                                 | Microsoft Corp                                       | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      7475 | NS      | $3718139.75   | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                      | Apple Inc                                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     13475 | NS      | $2764665.75   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                                   | Broadcom Inc                                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     11400 | NS      | $3142410.00   | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                                                | United States Treasury Note/Bond                     | CUSIP: 912810TV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1150000 | PA      | $1141375.00   | 1.67%             | 2053-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FannieMae Grantor Trust                                        | Fannie Mae Grantor Trust 2004-T1                     | CUSIP: 31393XFS1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     10814 | PA      | $11155.30     | 0.02%             | 2044-01-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31371NJ71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6280 | PA      | $6484.45      | 0.01%             | 2027-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                | United States Treasury Note/Bond                     | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $201906.25    | 0.30%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DALLAS TX                                                      | City of Dallas TX                                    | CUSIP: 235219MD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261366.25    | 0.38%             | 2030-02-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp                                             | Union Pacific Corp                                   | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      2050 | NS      | $471664.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LAGRANGE CNTY IN REGL UTIL DIS                                 | LaGrange County Regional Utility District            | CUSIP: 50710RBZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $183577.95    | 0.27%             | 2040-01-01      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| DWS Municipal Income Trust                                     | DWS Municipal Income Trust                           | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             | EC               | RF                | US        |     23200 | NS      | $205088.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                                          | Quest Diagnostics Inc                                | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      1475 | NS      | $264954.25    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Chase Mortgage Finance Corpora                                 | Chase Home Lending Mortgage Trust 2023-1             | CUSIP: 16159PAD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    124287 | PA      | $125238.76    | 0.18%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | JP Morgan Mortgage Trust 2023-10                     | CUSIP: 465986AZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $152271.95    | 0.22%             | 2054-05-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                                        | Booz Allen Hamilton Inc                              | CUSIP: 09951LAD5<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152199.15    | 0.22%             | 2035-04-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | JP Morgan Mortgage Trust 2021-13                     | CUSIP: 46592XAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    219564 | PA      | $196147.56    | 0.29%             | 2052-04-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                                                 | Eli Lilly & Co                                       | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       840 | NS      | $654805.20    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                                          | Northrop Grumman Corp                                | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |       375 | NS      | $187492.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418E6Y1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    248728 | PA      | $237943.96    | 0.35%             | 2054-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp                                                | McDonald's Corp                                      | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      1450 | NS      | $423646.50    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                                         | Intuitive Surgical Inc                               | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       990 | NS      | $537975.90    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac Pool                                     | CUSIP: 3132DWNV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    250416 | PA      | $239558.08    | 0.35%             | 2055-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                                | United States Treasury Note/Bond                     | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $780000.00    | 1.14%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                 | Chase Home Lending Mortgage Trust Series 2025-2      | CUSIP: 16159VAR7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $254581.28    | 0.37%             | 2055-12-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                             | Vertiv Holdings Co                                   | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |      1225 | NS      | $157302.25    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418FHW0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    261870 | PA      | $250515.92    | 0.37%             | 2055-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                                    | Netflix Inc                                          | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       460 | NS      | $615999.80    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Capital Management                                    | RCKT Mortgage Trust 2025-CES1                        | CUSIP: 749427AA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    465986 | PA      | $468703.06    | 0.69%             | 2045-01-25      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae REMICS                                    | CUSIP: 3136AYLX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15197 | PA      | $13476.34     | 0.02%             | 2047-10-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CVS PASS-THROUGH TRUST                                         | CVS Pass-Through Trust                               | CUSIP: 126650BQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69444 | PA      | $71676.48     | 0.11%             | 2030-01-10      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                         | Sequoia Mortgage Trust 2020-4                        | CUSIP: 81748RAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34211 | PA      | $31797.98     | 0.05%             | 2050-11-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | JP Morgan Mortgage Trust 2024-2                      | CUSIP: 46657TAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $126065.46    | 0.18%             | 2054-08-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| NEBRASKA ST INVESTMENT FIN AUT                                 | Nebraska Investment Finance Authority                | CUSIP: 63968XBU8<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    120000 | PA      | $126397.21    | 0.19%             | 2031-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DTE ELECT SECUR FND II                                         | DTE Electric Securitization Funding II LLC           | CUSIP: 23346TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $107997.15    | 0.16%             | 2037-09-01      | Fixed         | 6.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 36202EWG0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4548 | PA      | $4780.17      | 0.01%             | 2038-09-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31381D3U7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       104 | PA      | $103.68       | 0.00%             | 2026-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora                                 | Chase Home Lending Mortgage Trust Series 2024-4      | CUSIP: 16159NAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204102.22    | 0.30%             | 2055-03-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                            | Cheniere Energy Inc                                  | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      1900 | NS      | $462688.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                                 | Amazon.com Inc                                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      9700 | NS      | $2128083.00   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JP Morgan Mortgage Trust                                       | JP Morgan Mortgage Trust Series 2024-4               | CUSIP: 46657WAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204518.24    | 0.30%             | 2054-10-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se                                 | Wells Fargo Mortgage Backed Securities 2020-5 Trust  | CUSIP: 95003BAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     28768 | PA      | $26616.03     | 0.04%             | 2050-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                                     | AbbVie Inc                                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1750 | NS      | $324835.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| New Residential Mortgage Loan                                  | New Residential Mortgage Loan Trust 2018-3           | CUSIP: 64830KAA5<br>LEI: 549300U48YU2VDL8N523 | Long             | ABS-MBS          | CORP              | US        |     26227 | PA      | $25672.18     | 0.04%             | 2058-05-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 3137A0XM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5827 | PA      | $6216.06      | 0.01%             | 2036-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Dexcom Inc                                                     | Dexcom Inc                                           | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      3500 | NS      | $305515.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A                                 | Ginnie Mae II Pool                                   | CUSIP: 3617BFSK9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     18560 | PA      | $18456.81     | 0.03%             | 2048-05-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                                 | State of Connecticut                                 | CUSIP: 20772G4Z8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153862.53    | 0.23%             | 2029-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                                                | TJX Cos Inc/The                                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      5100 | NS      | $629799.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                                 | ConocoPhillips                                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      2400 | NS      | $215376.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FUND                                  | West Virginia Housing Development Fund               | CUSIP: 95662NQS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254775.85    | 0.37%             | 2034-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418ET42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    244165 | PA      | $233884.53    | 0.34%             | 2053-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                                                    | City of New York NY                                  | CUSIP: 64966HTX8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207723.38    | 0.30%             | 2036-12-01      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 3140MSBY0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    284153 | PA      | $271920.20    | 0.40%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 3133TUUU0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11637 | PA      | $12035.01     | 0.02%             | 2031-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Arista Networks Inc                                            | Arista Networks Inc                                  | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      3060 | NS      | $313068.60    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                       | Minnesota Housing Finance Agency                     | CUSIP: 60416S4U1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    135000 | PA      | $131183.50    | 0.19%             | 2027-01-01      | Fixed         | 2.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                                    | Freddie Mac REMICS                                   | CUSIP: 3137BLU48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10298 | PA      | $11313.63     | 0.02%             | 2045-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Shell PLC                                                      | Shell PLC                                            | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      2400 | NS      | $168984.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST CITIZENS BANCSHARE                                       | First Citizens BancShares Inc/NC                     | CUSIP: 31959XAF0<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49727.55     | 0.07%             | 2040-03-12      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                         | Motorola Solutions Inc                               | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1400 | NS      | $588644.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FUND                                  | West Virginia Housing Development Fund               | CUSIP: 95662NSN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $267293.00    | 0.39%             | 2030-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                                     | Fannie Mae Pool                                      | CUSIP: 31418FCD7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    167216 | PA      | $155524.94    | 0.23%             | 2054-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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