# EDGAR Filing Document

**Accession Number:** 0000746601
**File Stem:** 0000940400-26-007490
**Filing Date:** 2026-2
**Character Count:** 176358
**Document Hash:** 06eb7d5f8d4b10c776a6e2334de6fa07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-007490.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000940400-26-007490

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26675516

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

**Sit Tax-Free Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br> Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Municipal Bonds - 91.9%** |  |  |  |  |
|  **Alabama - 1.9%** |  |  |  |  |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.05 | 10/1/45 | 510301 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 490000 | 4.63 | 10/1/49 | 481279 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.88 | 10/1/55 | 500262 |
|  AL Hsg. Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 4.95 | 10/1/55 | 501394 |
|  Mobile Co. Limited Obligation Warrants Rev. (Gomesa Proj.) <sup>4</sup> | 400000 | 4.00 | 11/1/45 | 363696 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356932 |
|  **Alaska - 0.2%** |  |  |  |  |
|  AK Industrial Dev. & Export Auth. Rev. (GTR Fairbanks Community Hospital Foundation) | 250000 | 5.00 | 4/1/33 | 250605 |
|  **Arizona - 0.7%** |  |  |  |  |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 750000 | 6.75 | 7/1/30 | 17625 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 100000 | 5.50 | 7/1/31 | 2350 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 750000 | 7.75 | 7/1/50 | 17625 |
|  AZ Industrial Dev. Auth. Rev. (Legacy Cares, Inc. Proj.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 200000 | 6.00 | 7/1/51 | 4700 |
|  Phoenix AZ Industrial Dev. Auth. Rev. (Christian Care Surprise Inc. Proj.) | 500000 | 5.50 | 12/1/50 | 498391 |
|  Pima Co. Industrial Dev. Auth. Rev. (LA Posada at Pusch Ridge Proj.) <sup>4</sup> | 350000 | 6.25 | 11/15/35 | 384469 |
|  |  |  |  | 925160 |
|  **Arkansas - 0.2%** |  |  |  |  |
|  Mountain Home City Sales & Use Tax Rev. | 405000 | 2.00 | 9/1/38 | 311768 |
|  **California - 4.0%** |  |  |  |  |
|  CA Enterprise Dev. Auth. Rev. (Castilleja School Foundation Proj.) | 300000 | 4.00 | 6/1/54 | 274008 |
|  CA Municipal Finance Auth. Rev. (Aldersly Proj.) | 300000 | 5.00 | 5/15/43 | 320210 |
|  CA Municipal Finance Auth. Rev. (Caritas Proj.) | 250000 | 4.00 | 8/15/56 | 207663 |
|  CA Pollution Control Financing Auth. Rev. (Poseidon Resources) <sup>4</sup> | 300000 | 5.00 | 7/1/38 | 321054 |
|  Encinitas Union School District G.O. Capital Appreciation <sup>6</sup> | 500000 | 6.75 | 8/1/35 | 631382 |
|  Irvine Facs. Financing Auth. Rev. (Gateway Preserve Land Acquisition Proj.) <sup>9</sup> | 300000 | 5.25 | 5/1/48 | 301091 |
|  Orange Co. Community Facs. District No. 2017-1 Special Assessment (Village of Esencia) | 500000 | 4.00 | 8/15/45 | 456362 |
|  Sacramento Co. Water Financing Auth. Rev. (NATL-RE FGIC Insured) <sup>1</sup> | 500000 | 3.29 | 6/1/39 | 470508 |
|  San Francisco City & County Airport Comm-San Francisco International Airport Rev. | 500000 | 5.25 | 5/1/55 | 517974 |
|  Santa Fe Springs Public Financing Auth. Rev. (Road Improvements) | 275000 | 5.25 | 6/1/45 | 297522 |
|  Tracy Joint Unified School District G.O. Capital Appreciation <sup>6</sup> | 600000 | 7.00 | 8/1/41 | 658340 |
|  Val Verde Unified School District G.O. Capital Appreciation (AGM Insured) <sup>6</sup> | 500000 | 6.13 | 8/1/34 | 589434 |
|  |  |  |  | 5045548 |
|  **Colorado - 2.0%** |  |  |  |  |
|  CO Educational & Cultural Facs. Auth. Rev. (CO Springs Charter Academy Proj.) | 250000 | 5.60 | 7/1/34 | 250312 |
|  CO Educational & Cultural Facs. Auth. Rev. (Mountain Phoenix Community Proj.) <sup>4</sup> | 500000 | 6.00 | 7/1/43 | 460129 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 400000 | 3.50 | 5/15/30 | 393727 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 415000 | 5.00 | 5/15/44 | 336472 |
|  CO Health Facs. Auth. Rev. (Aberdeen Ridge) | 500000 | 5.00 | 5/15/58 | 357531 |
|  CO. Hsg. and Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 350000 | 5.15 | 5/1/40 | 364075 |
|  Reunion Metropolitan District Rev. | 547259 | 3.63 | 12/1/44 | 405100 |
|  |  |  |  | 2567346 |
|  **Connecticut - 0.6%** |  |  |  |  |
|  Stamford Hsg. Auth. Rev. (Mozaic Concierge Living Proj.) | 750000 | 6.50 | 10/1/55 | 763146 |

---

DECEMBER 31, 2025<sub>1</sub>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br> Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  **Florida - 15.8%** |  |  |  |  |
|  Blackburn Creek Community Dev. District Special Assessment (Grand Palm Proj.) | 100000 | 6.25 | 5/1/35 | 102441 |
|  Broward Co. FL Airport System Rev. | 500000 | 5.00 | 10/1/45 | 499073 |
|  Capital Projects Finance Auth. Rev. (Imagine School at North Port Proj.) <sup>4</sup> | 500000 | 6.50 | 6/15/55 | 503353 |
|  Capital Trust Agency Rev. (Tallahassee Tapestry) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 550000 | 6.75 | 12/1/35 | 66000 |
|  Capital Trust Agency Rev. (Tuscan Gardens Senior Living Center) <sup>2,</sup> <sup>5</sup> | 250000 | 7.00 | 4/1/35 | 137500 |
|  Capital Trust Auth. Rev. (Academir Charter Schools Inc. Proj.) <sup>4</sup> | 500000 | 6.50 | 7/1/55 | 504079 |
|  Capital Trust Auth. Rev. (The Classical Academy Of Sarasota Proj.) <sup>4</sup> | 500000 | 6.13 | 7/1/55 | 498767 |
|  East Nassau Stewardship District Special Assessment (PDP No. 4 Series 2025 Proj.) | 500000 | 6.00 | 5/1/45 | 518711 |
|  Elevation Pointe Community Dev. District Special Assessment | 500000 | 4.40 | 5/1/32 | 510724 |
|  Entrada Community Dev. District Special Assessment Rev. <sup>4</sup> | 400000 | 4.00 | 5/1/52 | 334464 |
|  Firethorn Community Dev. District Special Assessment | 265000 | 5.60 | 5/1/55 | 263374 |
|  FL Dev. Finance Corp. Rev. (Jensen Dunes Proj.) <sup>4</sup> | 400000 | 5.00 | 11/15/30 | 389207 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 765000 | 5.05 | 7/1/47 | 780376 |
|  FL Hsg. Finance Corp. (GNMA/FNMA/FHLMC Collateralized) | 705000 | 2.75 | 7/1/50 | 519745 |
|  FL Municipal Loan Council Special Assessment (Shingle Creek Transit & Utility 2024) | 655000 | 5.15 | 5/1/44 | 669273 |
|  Gramercy Farms Community Dev. District Special Assessment | 20000 | 6.75 | 5/1/39 | 19255 |
|  Grande Pines Community Dev. District Special Assessment | 335000 | 4.00 | 5/1/51 | 278125 |
|  Greater Orlando Aviation Auth. Rev. | 500000 | 5.00 | 10/1/49 | 503283 |
|  Hacienda North Community Dev. District Special Assessment | 500000 | 6.30 | 5/1/43 | 537815 |
|  Heritage Harbour North Community Dev. District Special Assessment | 200000 | 5.00 | 5/1/34 | 208930 |
|  Hillsborough Co. Aviation Auth. Rev. (Tampa International Airport) | 750000 | 5.50 | 10/1/49 | 796201 |
|  Hobe-St Lucie Conservancy District Special Assessment | 350000 | 5.60 | 5/1/44 | 361055 |
|  Hyde Park Community Dev. District No. 1 Special Assessment | 500000 | 5.25 | 5/1/34 | 514863 |
|  KD52 Community Dev. District No. 1 Special Assessment | 350000 | 6.13 | 5/1/56 | 350353 |
|  Lakes of Sarasota Community Dev. District No. 2 Special Assessment | 350000 | 5.20 | 5/1/35 | 361841 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 85000 | 3.88 | 5/1/31 | 85836 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 200000 | 4.13 | 5/1/31 | 203010 |
|  Lakes of Sarasota Community Dev. District Special Assessment | 205000 | 4.30 | 5/1/51 | 174690 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National) | 300000 | 5.25 | 5/1/37 | 304514 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood National) | 300000 | 5.38 | 5/1/47 | 301269 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 400000 | 5.00 | 5/1/36 | 401439 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Lakewood Ranch) | 330000 | 5.55 | 5/1/54 | 333867 |
|  Lakewood Ranch Stewardship District Cap. Improvement Special Assessment Rev. (Webb Proj.) <sup>4</sup> | 320000 | 5.00 | 5/1/37 | 324204 |
|  Lakewood Ranch Stewardship District Special Assessment (Calusa Proj.) | 250000 | 5.90 | 5/1/55 | 256788 |
|  Lakewood Ranch Stewardship District Special Assessment (Palm Grove Proj.) | 480000 | 5.25 | 5/1/44 | 488774 |
|  Lakewood Ranch Stewardship District Special Assessment (Southeast Proj.) | 1000000 | 6.00 | 5/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032399 |
|  Lakewood Ranch Stewardship District Utility Rev. (System Acquisition Proj.) (AGM Insured) | 500000 | 5.25 | 10/1/53 | 523378 |
|  Laurel Road Community Dev. District Special Assessment | 210000 | 3.13 | 5/1/31 | 200671 |
|  LT Ranch Community Dev. District Special Assessment | 300000 | 5.90 | 5/1/53 | 308212 |
|  Marshall Creek Community Dev. District Cap. Improvement Special Assessment Rev. | 150000 | 5.00 | 5/1/32 | 150128 |
|  Meadow View at Twin Creeks Community Dev. District Special Assessment | 220000 | 3.75 | 5/1/52 | 170520 |
|  Meadow View at Twin Creeks Community Dev. District Special Assessment | 245000 | 4.00 | 5/1/52 | 199384 |
|  New River Community Dev. District Cap. Improvement Special Assessment Rev. <sup>2,</sup> <sup>5,</sup> <sup>15</sup> | 230000 | 5.00 | N/A | 2 |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 305000 | 5.75 | 5/1/33 | 322109 |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 250000 | 6.80 | 5/1/35 | 250218 |

---

**2**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br> Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  North River Ranch Improvement Stewardship District Special Assessment Rev. | 400000 | 6.50 | 5/1/44 | 429497 |
|  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 | 384516 |
|  Pensacola Airport Rev. | 500000 | 5.50 | 10/1/55 | 525868 |
|  River Landing Community Dev. District | 300000 | 4.35 | 5/1/51 | 265274 |
|  Rolling Hills Community Dev. District Special Assessment | 120000 | 3.65 | 5/1/32 | 115055 |
|  Trout Creek Community Dev. District Special Assessment | 300000 | 5.38 | 5/1/38 | 306289 |
|  Village Community Dev. District No. 16 Special Assessment | 500000 | 5.13 | 5/1/56 | 499644 |
|  Waterset South Community Dev. District Special Assessment | 500000 | 5.90 | 5/1/42 | 527798 |
|  Windward at Lakewood Ranch Community Dev. District Special Assessment | 200000 | 4.50 | 5/1/50 | 178846 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;19993007 |
|  **Georgia - 2.4%** |  |  |  |  |
|  Clarke Co. Hospital Auth. Rev. (Piedmont Healthcare) | 350000 | 5.00 | 7/1/46 | 350871 |
|  Fulton Co. Dev. Auth. Rev. (Woodruff Arts Center) | 500000 | 5.00 | 3/15/44 | 506343 |
|  GA Hsg. & Finance Auth. Rev. | 1000000 | 5.05 | 12/1/45 | 1023111 |
|  Gainesville & Hall Co. Dev. Auth. Rev. (Lanier Christian Academy, inc. Proj.) <sup>4</sup> | 640000 | 6.25 | 9/1/44 | 611635 |
|  Gainesville Hospital Auth. Rev. (Northeast Georgia Health System, Inc. Proj.) | 500000 | 5.00 | 2/15/37 | 510497 |
|  |  |  |  | 3002457 |
|  **Idaho - 0.3%** |  |  |  |  |
|  ID Health Facs. Authority Rev. (Terraces Boise Proj.) | 500000 | 4.50 | 10/1/50 | 431690 |
|  **Illinois - 4.4%** |  |  |  |  |
|  Burbank Educational Facs. Rev. (Intercultural Montessori Language School) <sup>4</sup> | 500000 | 6.00 | 9/1/35 | 500138 |
|  Chicago O'Hare International Airport Rev. (Senior Lien) | 500000 | 5.25 | 1/1/48 | 514160 |
|  Chicago O'Hare International Airport Rev. (Senior Lien) (AGM Insured) | 500000 | 5.50 | 1/1/53 | 516121 |
|  Galesburg Rev. (Knox College Proj.) | 500000 | 6.00 | 10/1/45 | 512406 |
|  IL Fin. Auth. Educational Facs. Rev. (Rogers Park Montessori School Proj.) <sup>4</sup> | 250000 | 6.25 | 8/1/45 | 258454 |
|  IL Fin. Auth. Rev. (Christian Homes, Inc.) <sup>2,</sup> <sup>5</sup> | 160410 | 5.00 | 5/15/36 | 8020 |
|  IL Fin. Auth. Rev. (Edward Elmhurst Healthcare) | 1000000 | 5.00 | 1/1/44 | 1049339 |
|  IL Fin. Auth. Sports Facs. Rev. (North Shore Ice Arena Proj.) | 1000000 | 6.25 | 12/1/38 | 697748 |
|  IL Sports Facilities Auth. Rev. (State Tax Supported) (AGM Insured) | 1000000 | 5.25 | 6/15/31 | 1015996 |
|  Malta Tax Allocation Rev. <sup>2,</sup> <sup>5,</sup> <sup>15</sup> | 1921000 | 5.75 | N/A | 461040 |
|  |  |  |  | 5533422 |
|  **Indiana - 1.5%** |  |  |  |  |
|  IN Finance Auth. Rev. (Indiana Masonic Home Proj.) | 350000 | 5.38 | 5/1/50 | 349507 |
|  IN Hsg. & Community Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1500000 | 4.80 | 7/1/54 | 1490189 |
|  |  |  |  | 1839696 |
|  **Iowa - 0.6%** |  |  |  |  |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 500000 | 4.00 | 5/15/53 | 384516 |
|  IA Fin. Auth. Rev. (Lifespace Communities, Inc.) | 530000 | 4.00 | 5/15/55 | 399715 |
|  |  |  |  | 784231 |
|  **Kentucky - 0.5%** |  |  |  |  |
|  Boyle Co. Educational Facs. Auth. Rev. (Centre College) | 600000 | 5.25 | 6/1/49 | 605464 |
|  **Louisiana - 3.2%** |  |  |  |  |
|  Capital Area Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 250000 | 5.00 | 10/1/50 | 251010 |
|  Capital Area Finance Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.50 | 10/1/53 | 519267 |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.05 | 6/1/45 | 512477 |

---

DECEMBER 31, 2025<sub>3</sub>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br> Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | 385000 | 2.50 | 12/1/45 | 284689 |
|  LA Hsg. Fin. Agy. Single Family Mtg. Rev. (Home Ownership Prog.) (GNMA/FHLMC Collateralized) | 450000 | 5.75 | 6/1/54 | 486574 |
|  LA Local Government Environmental Facilities & Community Development Auth. | 500000 | 6.00 | 11/15/30 | 500370 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup> | 200000 | 5.65 | 11/1/37 | 209428 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup> | 310000 | 4.00 | 11/1/44 | 284606 |
|  LA Local Government Environmental Facilities & Community Development Auth. Rev. <sup>4</sup> | 615000 | 4.00 | 11/1/46 | 549955 |
|  LA Public Facs. Auth. Rev. (Tulane Univ. Proj.) (NATL-RE Insured) <sup>1</sup> | 435000 | 3.46 | 2/15/36 | 429781 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028157 |
|  **Massachusetts - 1.1%** |  |  |  |  |
|  MA Dev. Finance Agy. Rev. (Orchard Cove, Inc.) | 400000 | 5.00 | 10/1/49 | 392992 |
|  MA Education Finance Auth. Education Rev. | 1000000 | 3.00 | 7/1/51 | 682471 |
|  MA Housing Finance Agy. Rev. | 400000 | 3.85 | 12/1/47 | 359191 |
|  |  |  |  | 1434654 |
|  **Michigan - 4.6%** |  |  |  |  |
|  Allen Park G.O. (BAM Insured) | 300000 | 3.25 | 5/1/34 | 299397 |
|  Grand Rapids Economic Dev. Corp. Rev. (Beacon Hill at Eastgate Proj.) | 255000 | 6.00 | 11/1/50 | 251707 |
|  MI Finance Auth. Rev. (Holly Academy Proj.) | 300000 | 3.00 | 12/1/31 | 279255 |
|  MI Finance Auth. Rev. (Madison Academy Proj.) | 155000 | 4.25 | 12/1/39 | 136737 |
|  MI Hsg. Dev. Auth. Rev. | 2000000 | 2.75 | 6/1/51 | 1466549 |
|  MI Hsg. Dev. Auth. Rev. | 3500000 | 2.50 | 6/1/52 | 2381198 |
|  MI Hsg. Dev. Auth. Rev. | 685000 | 4.95 | 12/1/53 | 684276 |
|  MI Public Educational Facs. Auth. Rev. (Chandler Park Academy) | 115000 | 6.35 | 11/1/28 | 115095 |
|  Northern Michigan University Rev. | 250000 | 5.50 | 6/1/55 | 267400 |
|  |  |  |  | 5881614 |
|  **Minnesota - 0.2%** |  |  |  |  |
|  Apple Valley Rev. (Senior Living, LLC Proj.) | 475000 | 5.00 | 1/1/47 | 260218 |
|  **Mississippi - 0.5%** |  |  |  |  |
|  MS Development Bank Rev. (Green Bond-Hancock County) <sup>4</sup> | 600000 | 4.55 | 11/1/39 | 607920 |
|  **Missouri - 2.1%** |  |  |  |  |
|  Joplin Industrial Dev. Auth. Rev. (32nd Street Place Community Improvement Dist. Proj.) | 115000 | 3.50 | 11/1/40 | 108113 |
|  Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) <sup>2,</sup> <sup>5</sup> | 118010 | 2.00 | 11/15/46 | 12 |
|  Kansas City Industrial Dev. Auth. Rev. (United Methodist Retirement Home, Inc.) <sup>2,</sup> <sup>5</sup> | 264421 | 5.00 | 11/15/46 | 100480 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 960000 | 5.00 | 11/1/48 | 972426 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 435000 | 2.50 | 5/1/50 | 306338 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 350000 | 2.40 | 11/1/51 | 230742 |
|  MO Hsg. Dev. Commission Rev. (GNMA/FNMA/FHLMC Collateralized) | 1000000 | 5.05 | 11/1/55 | 1004930 |
|  |  |  |  | 2723041 |
|  **Montana - 0.2%** |  |  |  |  |
|  MT Board of Housing Single Family Rev. | 400000 | 2.40 | 12/1/45 | 289399 |
|  **Nevada - 1.0%** |  |  |  |  |
|  Las Vegas NV Special Improvement District No. 817 Special Assessment (Summerlin Village 29) | 300000 | 6.00 | 6/1/48 | 316601 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 750000 | 2.60 | 4/1/46 | 558581 |
|  NV Hsg. Division Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 2.45 | 10/1/51 | 330857 |
|  |  |  |  | 1206039 |
|  **New Hampshire - 1.0%** |  |  |  |  |
|  New Hampshire Business Finance Auth. Rev. (Pennichuck Water Works, Inc.) | 450000 | 5.50 | 4/1/54 | 450671 |

---

**4**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br> Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  New Hampshire Business National Finance Auth. Rev. (Grace Christian School Proj.) | 300000 | 5.75 | 8/1/55 | 295031 |
|  New Hampshire Business National Finance Auth. Rev. (Grand Pines Proj.) <sup>4</sup> | 250000 | 5.63 | 6/1/39 | 250080 |
|  New Hampshire Business National Finance Auth. Rev. (Katy Court Proj. Dev.) <sup>4</sup> | 250000 | 5.88 | 12/1/32 | 250109 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245891 |
|  **New Mexico - 0.3%** |  |  |  |  |
|  NM Mtg. Fin. Auth. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 2.35 | 7/1/51 | 330523 |
|  **New York - 5.1%** |  |  |  |  |
|  Build NYC Resource Corp. Rev. (Senior Airport Facilities) | 300000 | 5.50 | 7/1/55 | 309919 |
|  Hempstead Town Local Development Corp. Rev. (Hofstra University Proj.) | 350000 | 4.00 | 7/1/33 | 350170 |
|  New York City Housing Development Corp. Multifamily Mtg. Rev. | 300000 | 4.05 | 11/1/41 | 289666 |
|  New York Transportation Dev. Corp. Rev. | 500000 | 6.00 | 6/30/55 | 527983 |
|  New York Transportation Dev. Corp. Rev. | 500000 | 5.50 | 6/30/60 | 504049 |
|  New York Transportation Dev. Corp. Rev. (AGC Insured) | 1000000 | 5.25 | 12/31/54 | 1013798 |
|  New York Transportation Dev. Corp. Rev. (AGM Insured) | 300000 | 5.50 | 6/30/44 | 313473 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 1000000 | 2.45 | 10/1/45 | 732583 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 980000 | 2.50 | 10/1/46 | 711826 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 710000 | 3.30 | 10/1/47 | 574223 |
|  NY State Mortgage Agency Homeowner Mortgage Rev. | 1625000 | 2.55 | 4/1/50 | 1133408 |
|  |  |  |  | 6461098 |
|  **North Carolina - 0.7%** |  |  |  |  |
|  Mecklenburg Co. Rev. (Little Rock Apts) | 420000 | 5.38 | 1/1/36 | 420920 |
|  NC Housing Finance Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 490000 | 5.00 | 7/1/46 | 500411 |
|  |  |  |  | 921331 |
|  **North Dakota - 0.9%** |  |  |  |  |
|  ND Housing Finance Agency Rev. | 925000 | 2.50 | 7/1/44 | 692593 |
|  ND Housing Finance Agency Rev. | 500000 | 5.10 | 7/1/48 | 509248 |
|  |  |  |  | 1201841 |
|  **Ohio - 7.3%** |  |  |  |  |
|  Bedford City School District G.O. (BAM Insured) | 750000 | 5.50 | 12/1/50 | 793632 |
|  Columbus Regional Airport Auth. Rev. (John Glenn Columbus International Airport) | 725000 | 5.50 | 1/1/50 | 765723 |
|  Euclid Public Library G.O. | 300000 | 5.00 | 12/1/49 | 306827 |
|  Hamilton Co. Rev. (Life Enriching Communities) | 500000 | 5.50 | 1/1/50 | 509081 |
|  North Ridgeville City School District G.O. | 300000 | 5.25 | 12/1/54 | 305806 |
|  OH Housing Fin. Agy. Rev. | 1800000 | 2.45 | 9/1/51 | 1203900 |
|  OH Housing Fin. Agy. Rev. (First-Time Homebuyer Program) (GNMA/FNMA/FHLMC Collateralized) | 500000 | 2.90 | 9/1/45 | 396901 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1265000 | 5.10 | 9/1/47 | 1296790 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.20 | 9/1/50 | 512741 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 965000 | 2.75 | 9/1/51 | 703611 |
|  OH Housing Fin. Agy. Rev. (GNMA/FNMA/FHLMC Collateralized) | 990000 | 4.70 | 9/1/54 | 990106 |
|  OH Housing Fin. Agy. Rev. (Middletown Phase Two Proj.) <sup>4</sup> | 500000 | 6.25 | 3/1/26 | 501250 |
|  St Bernard OH Rev. (AGM Insured) | 500000 | 5.00 | 12/1/43 | 500425 |
|  Xenia OH G.O. (BAM Insured) | 500000 | 5.00 | 12/1/54 | 513097 |
|  |  |  |  | 9299890 |
|  **Oregon - 0.8%** |  |  |  |  |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 500000 | 2.35 | 1/1/44 | 364812 |

---

DECEMBER 31, 2025<sub>5</sub>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br> Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  OR Hsg. & Community Services Dept. Rev. (Single Family Mtg. Program) | 1000000 | 2.38 | 1/1/45 | 703266 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068078 |
|  **Pennsylvania - 2.8%** |  |  |  |  |
|  Butler Co. General Authority Rev. (School District Proj.) (AGM G.O. of District) <sup>1</sup> | 460000 | 3.55 | 10/1/34 | 449800 |
|  Cumberland Municipal Auth. Rev. (Messiah Village Proj.) | 500000 | 5.50 | 6/1/51 | 502914 |
|  PA Higher Educational Assistance Agy. Rev. | 265000 | 2.63 | 6/1/42 | 240268 |
|  PA Hsg. Finance Agency Rev. | 500000 | 5.10 | 10/1/45 | 511906 |
|  PA Hsg. Finance Agency Rev. | 1000000 | 5.00 | 10/1/50 | 1009146 |
|  Philadelphia Airport Rev. | 425000 | 5.00 | 7/1/37 | 432442 |
|  Philadelphia Industrial Dev. Auth. Rev. (Charter School Proj.) | 350000 | 5.63 | 8/1/36 | 351623 |
|  |  |  |  | 3498099 |
|  **South Carolina - 2.8%** |  |  |  |  |
|  Berkeley Co. Nexton Improvement District Special Assessment | 350000 | 4.25 | 11/1/40 | 330870 |
|  SC Jobs-Economic Dev. Auth. Rev. (Carealliance Health Services) | 500000 | 5.25 | 8/15/46 | 500898 |
|  SC Jobs-Economic Dev. Auth. Rev. (River Academy Proj.) <sup>4</sup> | 325000 | 7.00 | 6/15/43 | 333320 |
|  SC Jobs-Economic Dev. Auth. Rev. (Seafields at Kiawah Island Proj.) | 500000 | 7.50 | 11/15/53 | 528592 |
|  SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 495000 | 4.70 | 1/1/55 | 495365 |
|  SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 1000000 | 5.00 | 1/1/55 | 1006989 |
|  SC State Hsg. Finance & Dev. Auth. Rev. (GNMA/FNMA/FHLMC Collateralized) | 300000 | 4.95 | 7/1/55 | 301621 |
|  |  |  |  | 3497655 |
|  **Tennessee - 4.2%** |  |  |  |  |
|  Metropolitan Govt. Nashville & Davidson County Health & Edu. Facs. Board Rev. (Blakford at Green Hills) | 895000 | 4.00 | 11/1/45 | 763219 |
|  Metropolitan Nashville Airport Auth. Rev. | 300000 | 5.00 | 7/1/49 | 302590 |
|  Nashville Metropolitan Dev. & Hsg. Agency Tax Allocation <sup>4</sup> | 300000 | 5.13 | 6/1/36 | 304746 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2,</sup> <sup>5,</sup> <sup>15</sup> | 1850000 | 5.35 | N/A | 185 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2,</sup> <sup>5</sup> | 7875000 | 5.55 | 1/1/29 | 788 |
|  Shelby Co. Health, Education & Hsg. Facs. Rev. (CME Memphis Apts. Proj.) <sup>2,</sup> <sup>5</sup> | 1630000 | 6.00 | 1/1/29 | 16 |
|  TN Hsg. Dev. Agency Rev. | 815000 | 2.55 | 1/1/45 | 614020 |
|  TN Hsg. Dev. Agency Rev. | 1485000 | 2.38 | 7/1/46 | 1061305 |
|  TN Hsg. Dev. Agency Rev. | 385000 | 2.55 | 7/1/46 | 283075 |
|  TN Hsg. Dev. Agency Rev. | 730000 | 5.05 | 7/1/48 | 744142 |
|  TN Hsg. Dev. Agency Rev. | 990000 | 2.50 | 7/1/51 | 681951 |
|  TN Hsg. Dev. Agency Rev. (GNMA/FNMA/FHLMC Collateralized) | 500000 | 5.35 | 7/1/48 | 519836 |
|  |  |  |  | 5275873 |
|  **Texas - 12.4%** |  |  |  |  |
|  Arlington Higher Education Finance Corp., Education Rev. (Pineywoods Community Academy) | 750000 | 2.38 | 8/15/51 | 480501 |
|  Brazos Higher Education Auth., Inc. Rev. (Subordinate Student Loan) | 1000000 | 3.00 | 4/1/40 | 826005 |
|  Clifton Higher Education Finance Corp. Rev. (Aristoi Classical Academy) | 500000 | 6.00 | 8/15/50 | 492022 |
|  Clifton Higher Education Finance Corp. Rev. (International Leadership of Texas, Inc.) | 250000 | 5.25 | 2/15/49 | 260492 |
|  Dallas Special Tax (Fair Park Venue Proj.) <sup>1,</sup> <sup>4</sup> | 250000 | 6.25 | 8/15/53 | 250138 |
|  El Paso Hsg. Finance Corp. Rev. (GNMA Collateralized) | 770000 | 5.20 | 3/1/55 | 790406 |
|  Houston Airport System Rev. (AGM Insured) | 1000000 | 5.25 | 7/1/48 | 1033200 |
|  New Hope Cultural Education Fac. Corp. Rev. (Cardinal Bay) <sup>2,</sup> <sup>15</sup> | 260000 | 4.00 | N/A | 260000 |
|  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 | 516508 |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Buckingham Senior Living Community, Inc.) <sup>1</sup> | 540977 | 2.00 | 11/15/61 | 232631 |

---

**6**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Principal<br>Amount ($)** | **Coupon<br> Rate (%)** | **Maturity<br>Date** | **Fair**<br> **Value ($)** |
|  New Hope Cultural Education Facs. Finance Corp. Rev. (Wesleyan Homes, Inc. Proj.) | 750000 | 5.00 | 1/1/55 | 670350 |
|  North Central Texas Health Facility Development Corp. (CC Young Memorial Home) <sup>2,</sup> <sup>5,</sup> <sup>15</sup> | 204000 | 5.38 | N/A | 161160 |
|  TX Affordable Hsg. Corp. Rev. (GNMA Collateralized) | 500000 | 5.00 | 3/1/49 | 515406 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 3.00 | 9/1/45 | 404006 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 985000 | 2.50 | 7/1/51 | 678506 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1750000 | 3.13 | 1/1/52 | 1358712 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 500000 | 5.00 | 1/1/49 | 513688 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1000000 | 5.00 | 1/1/50 | 1010324 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 750000 | 5.25 | 9/1/52 | 769621 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1500000 | 5.25 | 1/1/53 | 1529124 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1000000 | 5.25 | 9/1/53 | 1021665 |
|  TX Department of Housing & Community Affairs (GNMA Collateralized) | 1500000 | 5.13 | 1/1/54 | 1537859 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;15671124 |
|  **Utah - 2.2%** |  |  |  |  |
|  Fields Estates Public Infrastructure District Special Assessment (Fields Estates Assessment Area) <sup>4</sup> | 500000 | 5.25 | 12/1/53 | 488045 |
|  Jordanelle Ridge Public Infrastructure District No. 2 G.O. <sup>4</sup> | 500000 | 7.75 | 3/1/54 | 521945 |
|  Panorama Public Infrastructure District No. 1 G.O. <sup>4</sup> | 500000 | 6.25 | 3/1/55 | 503320 |
|  UT Charter School Finance Auth. Rev. (Mountain Sunrise Academy) <sup>4</sup> | 495000 | 3.50 | 12/15/31 | 457878 |
|  UT Charter School Finance Auth. Rev. (Wasatch Peak Academy Proj.) | 325000 | 5.00 | 10/15/49 | 328980 |
|  UT Hsg. Corp. Single Family Mtg. Rev. | 5000 | 5.75 | 1/1/33 | 5009 |
|  UT Hsg. Corp. Single Family Mtg. Rev. (GNMA/FNMA/FHLMC Collateralized) | 470000 | 5.00 | 1/1/54 | 477091 |
|  |  |  |  | 2782268 |
|  **Virginia - 0.3%** |  |  |  |  |
|  VA Beach Dev. Auth. Rev. (Westminster Canterbury Proj.) | 320000 | 6.25 | 9/1/30 | 323559 |
|  **Washington - 0.6%** |  |  |  |  |
|  King Co. Hsg. Auth. Rev. | 250000 | 5.38 | 7/1/45 | 261685 |
|  WA State Hsg. Finance Commission Rev. (Horizon House Proj.) | 500000 | 6.25 | 1/1/56 | 498812 |
|  |  |  |  | 760497 |
|  **West Virginia - 0.5%** |  |  |  |  |
|  WV Hsg. Dev. Fund Rev. | 500000 | 2.50 | 11/1/51 | 343575 |
|  WV Hsg. Dev. Fund Rev. | 250000 | 5.13 | 11/1/55 | 254375 |
|  |  |  |  | 597950 |
|  **Wisconsin - 2.0%** |  |  |  |  |
|  Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) | 500000 | 5.00 | 2/1/52 | 493587 |
|  Public Finance Auth. Rev. (Grand Hyatt San Antonio Hotel Acquisition Proj.) <sup>4</sup> | 500000 | 6.00 | 2/1/62 | 512784 |
|  Public Finance Auth. Rev. (Legacy Hills Proj.) <sup>4</sup> | 500000 | 6.00 | 11/15/45 | 485225 |
|  Public Finance Auth. Rev. (Viticus Group Proj.) <sup>4</sup> | 250000 | 6.25 | 12/1/45 | 253960 |
|  WI Public Finance Auth. Rev. (Delray Beach Radiation Therapy) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 750000 | 6.25 | 11/1/28 | 259425 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16520 | 9.00 | 1/1/46 | 100 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16287 | 9.00 | 1/1/47 | 98 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 447 | 12.00 | 1/1/47 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16171 | 9.00 | 1/1/48 | 97 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 390 | 12.00 | 1/1/48 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16055 | 9.00 | 1/1/49 | 97 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 384 | 11.00 | 1/1/49 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 15822 | 9.00 | 1/1/50 | 95 |

---

DECEMBER 31, 2025<sub>7</sub>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 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,</sup> <sup>4,</sup> <sup>5</sup> | 372 | 11.00 | 1/1/50 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 17334 | 9.00 | 1/1/51 | 104 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 365 | 11.00 | 1/1/51 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>1,</sup> <sup>2,</sup> <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;438536 | 3.75 | 7/1/51 | 299400 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 17218 | 9.00 | 1/1/52 | 104 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 475 | 10.00 | 1/1/52 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16985 | 9.00 | 1/1/53 | 102 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 469 | 10.00 | 1/1/53 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16869 | 9.00 | 1/1/54 | 101 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 453 | 10.00 | 1/1/54 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 444 | 9.00 | 1/1/55 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16636 | 9.00 | 1/1/55 | 100 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16404 | 9.00 | 1/1/56 | 98 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 434 | 9.00 | 1/1/56 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16287 | 9.00 | 1/1/57 | 98 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 481 | 9.00 | 1/1/57 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 16055 | 9.00 | 1/1/58 | 96 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 469 | 9.00 | 1/1/58 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 456 | 9.00 | 1/1/59 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 15938 | 9.00 | 1/1/59 | 95 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 447 | 8.00 | 1/1/60 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 15822 | 9.00 | 1/1/60 | 95 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 440 | 8.00 | 1/1/61 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 15589 | 9.00 | 1/1/61 | 93 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 428 | 8.00 | 1/1/62 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 15473 | 9.00 | 1/1/62 | 93 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 419 | 8.00 | 1/1/63 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 15240 | 9.00 | 1/1/63 | 91 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 409 | 8.00 | 1/1/64 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 15124 | 9.00 | 1/1/64 | 90 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 403 | 7.00 | 1/1/65 | 2 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 15008 | 9.00 | 1/1/65 | 90 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 434 | 7.00 | 1/1/66 | 3 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 14775 | 9.00 | 1/1/66 | 88 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 5235 | 5.00 | 1/1/67 | 31 |
|  WI Public Finance Auth. Rev. (Lombard Public Facilities Corp.) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 192429 | 9.00 | 1/1/67 | 1148 |
|  WI Public Finance Auth. Rev. (MD Proton Treatment Center) <sup>2,</sup> <sup>4,</sup> <sup>5</sup> | 500000 | 6.13 | 1/1/33 | 225000 |
|  |  |  |  | 2532638 |
|  **Total Municipal Bonds<br>(Cost: $142,351,592)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;116309829 |
|  | **Quantity** |  |  |  |
|  **Investment Companies - 4.4%** |  |  |  |  |
|  BlackRock MuniHoldings Fund, Inc. (MHD) | 19518 |  |  | 229141 |
|  BlackRock MuniHoldings Quality Fund II, Inc. (MUE) | 30464 |  |  | 305554 |
|  BlackRock MuniYield Quality Fund III, Inc. (MYI) | 36183 |  |  | 393309 |

---

**8**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE OF INVESTMENTS (Unaudited)** 

December 31, 2025

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

---

| | | |
|:---|:---|:---|
| **Name of Issuer** | **Quantity** | **Fair**<br> **Value ($)** |
|  DWS Municipal Income Trust (KTF) | &nbsp;&nbsp;&nbsp;&nbsp;76592 | 696221 |
|  Invesco Advantage Municipal Income Trust II (VKI) | 55874 | 509571 |
|  Invesco Municipal Opportunity Trust (VMO) | 62240 | 595637 |
|  Invesco Municipal Trust (VKQ) | 67772 | 654000 |
|  Invesco Pennsylvania Value Municipal Income Trust (VPV) | 3459 | 36181 |
|  Invesco Quality Municipal Income Trust (IQI) | 78114 | 778016 |
|  Invesco Trust for Investment Grade Municipals (VGM) | 56447 | 585355 |
|  Nuveen AMT-Free Municipal Credit Income Fund (NVG) | 32623 | 413007 |
|  Nuveen AMT-Free Quality Municipal Income Fund (NEA) | 23612 | 274608 |
|  Nuveen Quality Municipal Income Fund (NAD) | 7010 | 84260 |
|  **Total Investment Companies<br>(cost: $6,788,244)** |  | 5554860 |
|  **Total Investments in Securities - 96.3%<br>(cost: $149,139,836)** |  | 121864689 |
|  **Other Assets and Liabilities, net - 3.7%** |  | 4724653 |
|  **Net Assets - 100.0%** |  | $126589342 |

---

---

| | |
|:---|:---|
| 1 | Variable rate security. Rate disclosed is as of December 31, 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 December 31, 2025 was $2,383,385 and represented 1.9% of net assets.  |

---

---

| | |
|:---|:---|
| 4 | 144A Restricted Security. The total value of such securities as of December 31, 2025 was $13,613,740 and represented 10.8% 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 December 31, 2025 was $1,465,185 and represented 1.2% 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 December 31, 2025 was $301,091 and represented 0.2% 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.

A summary of the levels for the Fund's investments as of December 31, 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 |  | 116309829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 116309829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5554860 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 5554860 |
|  Total: | 5554860 | 116309829 | &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;121864689 |

---

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.

DECEMBER 31, 2025<sub>9</sub>

## 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:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $129094893.58

**Total Liabilities:** $2538980.56

**Net Assets:** $126555913.02

**Delayed Delivery Securities:** $502320.00

**Cash Not Reported:** $5451486.05

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 104.06304000 | **1-Year:** 1322.94418000 | **5-Year:** 10498.33786000 | **10-Year:** 84876.22808000 | **30-Year:** 6487.77795000

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

- **3-Month:** 8.46319000 | **1-Year:** 55.05254000 | **5-Year:** 156.81105000 | **10-Year:** 1615.73751000 | **30-Year:** 29.47468000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000009601 | 1.47%                | 0.28%                | -0.02%               |
| Class ID C000229508 | 1.50%                | 0.30%                | 0.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-998059.81              | $2535697.08                                |
| Month 2  | $-233508.74              | $260837.64                                 |
| Month 3  | $-91508.39               | $-393810.04                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LOUISIANA ST LOCAL GOVT ENVRNM                    | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 546282H56<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500370.20    | 0.40%             | 2030-11-15      | Fixed         | 6.00%                 | 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        |    495000 | PA      | $495364.67    | 0.39%             | 2055-01-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       409 | PA      | $2.44         | 0.00%             | 2064-01-01      | 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      | $432441.96    | 0.34%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46246K6Y3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    530000 | PA      | $399715.24    | 0.32%             | 2055-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804616T0<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    385000 | PA      | $283074.79    | 0.22%             | 2046-07-01      | Fixed         | 2.55%                 | 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      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15008 | PA      | $89.61        | 0.00%             | 2065-01-01      | None          | 0.00%                 | 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      | $1033199.50   | 0.82%             | 2048-07-01      | Fixed         | 5.25%                 | 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      | $1013797.70   | 0.80%             | 2054-12-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804615R5<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1061304.40   | 0.84%             | 2046-07-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAQ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       469 | PA      | $2.82         | 0.00%             | 2053-01-01      | None          | 0.00%                 | 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      | $396901.15    | 0.31%             | 2045-09-01      | Fixed         | 2.90%                 | 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      | $150127.64    | 0.12%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KGD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256788.38    | 0.20%             | 2055-05-01      | Fixed         | 5.90%                 | 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      | $703610.74    | 0.56%             | 2051-09-01      | Fixed         | 2.75%                 | 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      | $250217.93    | 0.20%             | 2035-05-01      | Fixed         | 6.80%                 | 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      | $1015995.80   | 0.80%             | 2031-06-15      | Fixed         | 5.25%                 | 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      | $136737.19    | 0.11%             | 2039-12-01      | Fixed         | 4.25%                 | 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      | $826005.40    | 0.65%             | 2040-04-01      | Fixed         | 3.00%                 | 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      | $364812.20    | 0.29%             | 2044-01-01      | Fixed         | 2.35%                 | 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      | $1466549.00   | 1.16%             | 2051-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBC3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       403 | PA      | $2.41         | 0.00%             | 2065-01-01      | None          | 0.00%                 | 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        |    990000 | PA      | $990106.33    | 0.78%             | 2054-09-01      | Fixed         | 4.70%                 | 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      | $780376.12    | 0.62%             | 2047-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCE8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     17334 | PA      | $104.27       | 0.00%             | 2051-01-01      | None          | 0.00%                 | 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      | $549954.46    | 0.43%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                    | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704AAA0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500898.40    | 0.40%             | 2046-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCV0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     14775 | PA      | $88.18        | 0.00%             | 2066-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAR1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       453 | PA      | $2.72         | 0.00%             | 2054-01-01      | None          | 0.00%                 | 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      | $429781.09    | 0.34%             | 2036-02-15      | Variable      | 3.46%                 | 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        |    400000 | PA      | $289398.60    | 0.23%             | 2045-12-01      | Fixed         | 2.40%                 | 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      | $449800.28    | 0.36%             | 2034-10-01      | Variable      | 3.54%                 | 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        |    115000 | PA      | $115095.30    | 0.09%             | 2028-11-01      | Fixed         | 6.35%                 | 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      | $305553.92    | 0.24%             |  |  |  | No            |                  1 | 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      | $703265.50    | 0.56%             | 2045-01-01      | Fixed         | 2.38%                 | 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      | $364075.01    | 0.29%             | 2040-05-01      | Fixed         | 5.15%                 | 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      | $328979.59    | 0.26%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MECKLENBURG CNTY NC MF HSG REV                    | County of Mecklenburg NC                                                         | CUSIP: 58400RAD6<br>LEI: 5493006G3IC5PBHB7A65 | Long             | DBT              | MUN               | US        |    420000 | PA      | $420920.09    | 0.33%             | 2036-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBD1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       434 | PA      | $2.59         | 0.00%             | 2066-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCF5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     17218 | PA      | $103.50       | 0.00%             | 2052-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                     | Capital Trust Authority                                                          | CUSIP: 14054WDB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $498767.45    | 0.39%             | 2055-07-01      | Fixed         | 6.12%                 | 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      | $321054.00    | 0.25%             | 2038-07-01      | Fixed         | 5.00%                 | 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      | $1021665.10   | 0.81%             | 2053-09-01      | Fixed         | 5.25%                 | 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      | $2350.00      | 0.00%             | 2031-07-01      | Fixed         | 5.50%                 | 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    | 0.40%             | 2027-07-01      | Fixed         | 11.50%                | 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      | $297522.47    | 0.24%             | 2045-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DWS Municipal Income Trust                        | DWS Municipal Income Trust                                                       | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             | EC               | RF                | US        |     76592 | NS      | $696221.28    | 0.55%             |  |  |  | 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        |    305000 | PA      | $322108.67    | 0.25%             | 2033-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAS9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       444 | PA      | $2.66         | 0.00%             | 2055-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PANORAMA PUBLIC INFRASTRUCTURE                    | Panorama Public Infrastructure District No 1                                     | CUSIP: 69862YAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503320.05    | 0.40%             | 2055-03-01      | Fixed         | 6.25%                 | No            |                  2 | 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      | $161160.00    | 0.13%             | 2025-02-15      | Fixed         | 5.38%                 | 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      | $208929.62    | 0.17%             | 2034-05-01      | 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      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCG3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16985 | PA      | $102.04       | 0.00%             | 2053-01-01      | None          | 0.00%                 | 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      | $2381198.05   | 1.88%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Invesco Municipal Trust                           | Invesco Municipal Trust                                                          | CUSIP: 46131J103<br>LEI: GKS5Y4B1VKHV66WSPK53 | Long             | EC               | RF                | US        |     67772 | NS      | $653999.80    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    438536 | PA      | $299399.52    | 0.24%             | 2051-07-01      | Variable      | 3.75%                 | 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      | $431690.25    | 0.34%             | 2050-10-01      | Fixed         | 4.50%                 | 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      | $334463.56    | 0.26%             | 2052-05-01      | Fixed         | 4.00%                 | 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      | $769620.90    | 0.61%             | 2052-09-01      | Fixed         | 5.25%                 | 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      | $393727.20    | 0.31%             | 2030-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                       | Indiana Finance Authority                                                        | CUSIP: 45506ENH2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    350000 | PA      | $349507.55    | 0.28%             | 2050-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                    | Florida Development Finance Corp                                                 | CUSIP: 34061WBV5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    400000 | PA      | $389207.36    | 0.31%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $488774.40    | 0.39%             | 2044-05-01      | Fixed         | 5.25%                 | 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      | $384515.70    | 0.30%             | 2053-05-15      | Fixed         | 4.00%                 | 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        |    405000 | PA      | $311767.91    | 0.25%             | 2038-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| EUCLID OH PUBLIC LIBRARY SPL O                    | Euclid Public Library                                                            | CUSIP: 29805CAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306827.43    | 0.24%             | 2049-12-01      | Fixed         | 5.00%                 | 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      | $4700.00      | 0.00%             | 2051-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VLG CDD #16 FL SPL ASSMNT REVE                    | Village Community Development District No 16                                     | CUSIP: 92708MAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499644.15    | 0.39%             | 2056-05-01      | Fixed         | 5.12%                 | 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      | $796200.75    | 0.63%             | 2049-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 8804615S3<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    990000 | PA      | $681950.51    | 0.54%             | 2051-07-01      | Fixed         | 2.50%                 | 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      | $506342.60    | 0.40%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAT7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       434 | PA      | $2.60         | 0.00%             | 2056-01-01      | None          | 0.00%                 | 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      |
| KING CNTY WA HSG AUTH                             | King County Housing Authority                                                    | CUSIP: 494759TB9<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261685.55    | 0.21%             | 2045-07-01      | Fixed         | 5.38%                 | 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      |
| NEW MEXICO ST MTGE FIN AUTH                       | New Mexico Mortgage Finance Authority                                            | CUSIP: 647201PC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $330522.49    | 0.26%             | 2051-07-01      | Fixed         | 2.35%                 | 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      | $401438.64    | 0.32%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16869 | PA      | $101.28       | 0.00%             | 2054-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HSG DEV FUND                     | West Virginia Housing Development Fund                                           | CUSIP: 95662NXR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254374.90    | 0.20%             | 2055-11-01      | Fixed         | 5.12%                 | 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      | $503282.45    | 0.40%             | 2049-10-01      | Fixed         | 5.00%                 | 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      | $351623.27    | 0.28%             | 2036-08-01      | Fixed         | 5.62%                 | 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      | $357531.45    | 0.28%             | 2058-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH EDU REVEN                    | New Hampshire Business Finance Authority                                         | CUSIP: 63607EAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295031.22    | 0.23%             | 2055-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Invesco Municipal Opportunity Trust               | Invesco Municipal Opportunity Trust                                              | CUSIP: 46132C107<br>LEI: WERC5RXCUSU16MOTZ848 | Long             | EC               | RF                | US        |     62240 | NS      | $595636.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DE                    | South Carolina State Housing Finance & Development Authority                     | CUSIP: 83712GBB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301620.45    | 0.24%             | 2055-07-01      | Fixed         | 4.95%                 | 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      | $304746.09    | 0.24%             | 2036-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PS97<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485225.15    | 0.38%             | 2045-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCP3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15822 | PA      | $94.69        | 0.00%             | 2060-01-01      | None          | 0.00%                 | 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      | $1203899.58   | 0.95%             | 2051-09-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP SF MTGE                     | Louisiana Housing Corp                                                           | CUSIP: 54627DUL3<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512477.35    | 0.40%             | 2045-06-01      | Fixed         | 5.05%                 | 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      | $305806.56    | 0.24%             | 2054-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAU4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       481 | PA      | $2.88         | 0.00%             | 2057-01-01      | None          | 0.00%                 | 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      | $527797.85    | 0.42%             | 2042-05-01      | Fixed         | 5.90%                 | 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      | $301090.86    | 0.24%             | 2048-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST EDUCTNL FING                     | Massachusetts Educational Financing Authority                                    | CUSIP: 57563RSK6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $682471.00    | 0.54%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MI UNIV REVENUES                            | Northern Michigan University                                                     | CUSIP: 665398PT4<br>LEI: 549300Y2Q94GGNQC7X56 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267400.08    | 0.21%             | 2055-06-01      | Fixed         | 5.50%                 | 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      | $790405.69    | 0.62%             | 2055-03-01      | Fixed         | 5.20%                 | 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      | $289665.84    | 0.23%             | 2041-11-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAL4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       384 | PA      | $2.31         | 0.00%             | 2049-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAE0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |      5235 | PA      | $31.23        | 0.00%             | 2067-01-01      | None          | 0.00%                 | 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      | $493587.45    | 0.39%             | 2052-02-01      | 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      | $470508.40    | 0.37%             | 2039-06-01      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637GMF3<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004929.70   | 0.79%             | 2055-11-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| XENIA OH                                          | City of Xenia OH                                                                 | CUSIP: 984053GK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513096.95    | 0.41%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                              | Stamford Housing Authority                                                       | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $763146.38    | 0.60%             | 2055-10-01      | Fixed         | 6.50%                 | 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      | $692593.10    | 0.55%             | 2044-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BlackRock MuniHoldings Fund Inc                   | BlackRock MuniHoldings Fund Inc                                                  | CUSIP: 09253N104<br>LEI: MZBVMGS24JR92TGE6Z32 | Long             | EC               | RF                | US        |     19518 | NS      | $229141.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GEORGIA ST HSG & FIN AUTH REVE                    | Georgia Housing & Finance Authority                                              | CUSIP: 37353PRH4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023111.50   | 0.81%             | 2045-12-01      | Fixed         | 5.05%                 | 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      | $611634.88    | 0.48%             | 2044-09-01      | Fixed         | 6.25%                 | 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      |
| 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      | $1133407.93   | 0.90%             | 2050-04-01      | Fixed         | 2.55%                 | 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      | $678506.32    | 0.54%             | 2051-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                          | Iowa Finance Authority                                                           | CUSIP: 46247SBN3<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $384515.70    | 0.30%             | 2053-05-15      | Fixed         | 4.00%                 | 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      | $500262.15    | 0.40%             | 2055-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAV2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       469 | PA      | $2.81         | 0.00%             | 2058-01-01      | None          | 0.00%                 | 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      | $85835.64     | 0.07%             | 2031-05-01      | Fixed         | 3.88%                 | 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        |     36183 | NS      | $393309.21    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032399.40   | 0.82%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756Q2F3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1296789.58   | 1.02%             | 2047-09-01      | Fixed         | 5.10%                 | 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      | $480500.70    | 0.38%             | 2051-08-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE                     | Ohio Housing Finance Agency                                                      | CUSIP: 67756UDN5<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $512740.70    | 0.41%             | 2050-09-01      | Fixed         | 5.20%                 | 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      | $510497.60    | 0.40%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                    | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DYA1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517974.20    | 0.41%             | 2055-05-01      | 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      | $99.83        | 0.00%             | 2055-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV                    | County of Hamilton OH                                                            | CUSIP: 40727RDH8<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509080.80    | 0.40%             | 2050-01-01      | Fixed         | 5.50%                 | 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      | $330870.16    | 0.26%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PR80<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253960.03    | 0.20%             | 2045-12-01      | Fixed         | 6.25%                 | 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      | $763219.31    | 0.60%             | 2045-11-01      | Fixed         | 4.00%                 | 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      | $209428.32    | 0.17%             | 2037-11-01      | Fixed         | 5.65%                 | 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      | $501249.85    | 0.40%             | 2026-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAW0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       456 | PA      | $2.73         | 0.00%             | 2059-01-01      | None          | 0.00%                 | 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      | $1358711.73   | 1.07%             | 2052-01-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GALESBURG IL REVENUE                              | City of Galesburg IL                                                             | CUSIP: 363433BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512406.45    | 0.40%             | 2045-10-01      | Fixed         | 6.00%                 | 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      | $199384.43    | 0.16%             | 2052-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN                    | New Hampshire Business Finance Authority                                         | CUSIP: 63608TBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250109.15    | 0.20%             | 2032-12-01      | Fixed         | 5.88%                 | 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      | $11.80        | 0.00%             | 2046-11-15      | Fixed         | 2.00%                 | 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      | $516121.45    | 0.41%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 88046KCF1<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    730000 | PA      | $744142.14    | 0.59%             | 2048-07-01      | Fixed         | 5.05%                 | 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      | $350170.31    | 0.28%             | 2033-07-01      | Fixed         | 4.00%                 | 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      | $336471.71    | 0.27%             | 2044-05-15      | Fixed         | 5.00%                 | 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      | $308211.69    | 0.24%             | 2053-05-01      | Fixed         | 5.90%                 | 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      | $324204.00    | 0.26%             | 2037-05-01      | Fixed         | 5.00%                 | 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      | $631382.25    | 0.50%             | 2035-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PENSACOLA FL ARPT REVENUE                         | City of Pensacola FL Airport Revenue                                             | CUSIP: 709427FG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525867.55    | 0.42%             | 2055-10-01      | Fixed         | 5.50%                 | 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      | $361054.51    | 0.29%             | 2044-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCK4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16404 | PA      | $98.38        | 0.00%             | 2056-01-01      | None          | 0.00%                 | 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      | $174690.14    | 0.14%             | 2051-05-01      | Fixed         | 4.30%                 | 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      | $260000.00    | 0.21%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    192429 | PA      | $1147.95      | 0.00%             | 2067-01-01      | None          | 0.00%                 | 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      | $521945.35    | 0.41%             | 2054-03-01      | Fixed         | 7.75%                 | 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        |    120000 | PA      | $115055.26    | 0.09%             | 2032-05-01      | Fixed         | 3.65%                 | 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      | $250604.75    | 0.20%             | 2033-04-01      | 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    | 0.11%             | 2035-04-01      | Fixed         | 7.00%                 | 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        |    490000 | PA      | $500410.49    | 0.40%             | 2046-07-01      | Fixed         | 5.00%                 | 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        |    335000 | PA      | $278125.44    | 0.22%             | 2051-05-01      | Fixed         | 4.00%                 | 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      | $100479.89    | 0.08%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                    | Washington State Housing Finance Commission                                      | CUSIP: 939783Z41<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498811.90    | 0.39%             | 2056-01-01      | Fixed         | 6.25%                 | 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      | $230741.67    | 0.18%             | 2051-11-01      | Fixed         | 2.40%                 | 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      | $510300.70    | 0.40%             | 2045-10-01      | Fixed         | 5.05%                 | 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        |    200000 | PA      | $203010.02    | 0.16%             | 2031-05-01      | Fixed         | 4.12%                 | 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      | $306338.01    | 0.24%             | 2050-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAX8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       447 | PA      | $2.68         | 0.00%             | 2060-01-01      | None          | 0.00%                 | 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      | $669273.30    | 0.53%             | 2044-05-01      | Fixed         | 5.15%                 | 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      | $514159.65    | 0.41%             | 2048-01-01      | Fixed         | 5.25%                 | 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      | $404005.90    | 0.32%             | 2045-09-01      | Fixed         | 3.00%                 | 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        |      3459 | NS      | $36181.14     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCL2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16287 | PA      | $97.62        | 0.00%             | 2057-01-01      | 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      | $359191.28    | 0.28%             | 2047-12-01      | Fixed         | 3.85%                 | 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      | $515406.20    | 0.41%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                     | Capital Trust Authority                                                          | CUSIP: 14054WCJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504078.95    | 0.40%             | 2055-07-01      | Fixed         | 6.50%                 | 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        |    210000 | PA      | $200671.11    | 0.16%             | 2031-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45204EM96<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049338.80   | 0.83%             | 2044-01-01      | Fixed         | 5.00%                 | 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      | $5008.51      | 0.00%             | 2033-01-01      | Fixed         | 5.75%                 | 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      | $302590.38    | 0.24%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL AREA FIN AUTH LA SF MT                    | Capital Area Finance Authority                                                   | CUSIP: 13973GDJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251010.33    | 0.20%             | 2050-10-01      | Fixed         | 5.00%                 | 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      | $558581.33    | 0.44%             | 2046-04-01      | Fixed         | 2.60%                 | No            |                  2 | 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    | 0.28%             | 2026-07-01      | Fixed         | 4.00%                 | 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      | $605463.84    | 0.48%             | 2049-06-01      | Fixed         | 5.25%                 | 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      | $1529124.00   | 1.21%             | 2053-01-01      | Fixed         | 5.25%                 | 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      | $585355.39    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A                    | California Enterprise Development Authority                                      | CUSIP: 13067REJ8<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    300000 | PA      | $274007.49    | 0.22%             | 2054-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAY6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       440 | PA      | $2.63         | 0.00%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                    | New York Transportation Development Corp                                         | CUSIP: 650116JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $527982.65    | 0.42%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH EDUCTNL F                    | Illinois Finance Authority                                                       | CUSIP: 452029AK7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258453.60    | 0.20%             | 2045-08-01      | Fixed         | 6.25%                 | 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        |     23612 | NS      | $274607.56    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| FIELDS ESTATES PUBLIC INFRASTR                    | Fields Estates Public Infrastructure District                                    | CUSIP: 31657CAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488045.35    | 0.39%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCM0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16055 | PA      | $96.18        | 0.00%             | 2058-01-01      | None          | 0.00%                 | 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      | $316600.80    | 0.25%             | 2048-06-01      | Fixed         | 6.00%                 | 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      | $207663.18    | 0.16%             | 2056-08-15      | Fixed         | 4.00%                 | 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      | $1009145.90   | 0.80%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MI ECON DEV CORP                     | Grand Rapids Economic Development Corp                                           | CUSIP: 386246HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $251706.50    | 0.20%             | 2050-11-01      | Fixed         | 6.00%                 | 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      | $732583.50    | 0.58%             | 2045-10-01      | Fixed         | 2.45%                 | 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      | $512784.05    | 0.41%             | 2062-02-01      | Fixed         | 6.00%                 | 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      | $450671.13    | 0.36%             | 2054-04-01      | Fixed         | 5.50%                 | 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      | $284688.37    | 0.22%             | 2045-12-01      | Fixed         | 2.50%                 | 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    | 0.18%             | 2033-01-01      | Fixed         | 6.12%                 | 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      | $1006989.40   | 0.80%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY HOMEOWNER                    | State of New York Mortgage Agency Homeowner Mortgage Revenue                     | CUSIP: 64988YQG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $574223.22    | 0.45%             | 2047-10-01      | Fixed         | 3.30%                 | 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      | $509570.88    | 0.40%             |  |  |  | No            |                  1 | 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      | $510724.25    | 0.40%             | 2032-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       428 | PA      | $2.56         | 0.00%             | 2062-01-01      | None          | 0.00%                 | 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      | $500138.35    | 0.40%             | 2035-09-01      | Fixed         | 6.00%                 | 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      | $350870.63    | 0.28%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | 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      | $523378.15    | 0.41%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST DEV BANK SPL OB                    | Mississippi Development Bank                                                     | CUSIP: 60534WP69<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |    600000 | PA      | $607920.48    | 0.48%             | 2039-11-01      | Fixed         | 4.55%                 | 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    | 0.36%             | 2025-12-30      | Fixed         | 5.75%                 | 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      | $765723.47    | 0.61%             | 2050-01-01      | 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        |    547259 | PA      | $405099.71    | 0.32%             | 2044-12-01      | Fixed         | 3.62%                 | 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      | $304513.59    | 0.24%             | 2037-05-01      | Fixed         | 5.25%                 | 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        |    500000 | PA      | $343575.15    | 0.27%             | 2051-11-01      | Fixed         | 2.50%                 | 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      | $301268.64    | 0.24%             | 2047-05-01      | Fixed         | 5.38%                 | 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      | $658339.86    | 0.52%             | 2041-08-01      | None          | 0.00%                 | 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      | $514863.15    | 0.41%             | 2034-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCN8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15938 | PA      | $95.43        | 0.00%             | 2059-01-01      | 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      | $1010323.80   | 0.80%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       447 | PA      | $2.70         | 0.00%             | 2047-01-01      | None          | 0.00%                 | No            |                  2 | 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      | $178846.08    | 0.14%             | 2050-05-01      | Fixed         | 4.50%                 | 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      | $509247.90    | 0.40%             | 2048-07-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY AL LTD OBLG                           | County of Mobile AL                                                              | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $363695.60    | 0.29%             | 2045-11-01      | Fixed         | 4.00%                 | 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      | $589434.10    | 0.47%             | 2034-08-01      | Fixed         | 6.12%                 | 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      | $778015.44    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JOPLIN MO INDL DEV AUTH SALES                     | Joplin Industrial Development Authority                                          | CUSIP: 48068CAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $108113.60    | 0.09%             | 2040-11-01      | Fixed         | 3.50%                 | 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      | $519266.85    | 0.41%             | 2053-10-01      | Fixed         | 5.50%                 | 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      | $392992.16    | 0.31%             | 2049-10-01      | Fixed         | 5.00%                 | 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      | $320209.59    | 0.25%             | 2043-05-15      | 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      | $413007.18    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                    | Clifton Higher Education Finance Corp                                            | CUSIP: 187145XQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $492021.65    | 0.39%             | 2050-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15589 | PA      | $93.25        | 0.00%             | 2061-01-01      | 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      | $2.24         | 0.00%             | 2050-01-01      | None          | 0.00%                 | 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      | $260218.06    | 0.21%             | 2047-01-01      | Fixed         | 5.00%                 | 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      | $537814.55    | 0.42%             | 2043-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QDS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16520 | PA      | $99.75        | 0.00%             | 2046-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST HSG CORP SF MTGE                     | Louisiana Housing Corp                                                           | CUSIP: 54627DLR0<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |    450000 | PA      | $486574.25    | 0.38%             | 2054-06-01      | Fixed         | 5.75%                 | 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      | $513688.30    | 0.41%             | 2049-01-01      | Fixed         | 5.00%                 | 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      | $313472.85    | 0.25%             | 2044-06-30      | Fixed         | 5.50%                 | 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      | $793631.70    | 0.63%             | 2050-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HSG DEV COMMISSION                    | Missouri Housing Development Commission                                          | CUSIP: 60637B7C8<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    960000 | PA      | $972425.95    | 0.77%             | 2048-11-01      | 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      | $98.26        | 0.00%             | 2047-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL PROJS FIN AUTH FL EDUC                    | Capital Projects Finance Authority/FL                                            | CUSIP: 14043FAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503353.30    | 0.40%             | 2055-06-15      | Fixed         | 6.50%                 | 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      | $170520.17    | 0.13%             | 2052-05-01      | Fixed         | 3.75%                 | 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      | $499073.20    | 0.39%             | 2045-10-01      | Fixed         | 5.00%                 | 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      | $299396.97    | 0.24%             | 2034-05-01      | Fixed         | 3.25%                 | 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        |    685000 | PA      | $684275.48    | 0.54%             | 2053-12-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KD52 CDD #1 FL SPL ASSMNT REVE                    | KD52 Community Development District No 1                                         | CUSIP: 48668RAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350353.40    | 0.28%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH RENTA                    | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885LAG9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $498391.40    | 0.39%             | 2050-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAN0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       365 | PA      | $2.20         | 0.00%             | 2051-01-01      | None          | 0.00%                 | 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      | $250311.75    | 0.20%             | 2034-07-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAK6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       390 | PA      | $2.35         | 0.00%             | 2048-01-01      | None          | 0.00%                 | 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      | $17625.00     | 0.01%             | 2050-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15473 | PA      | $92.51        | 0.00%             | 2062-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIRETHORN CDD FL CAPITAL IMPT                     | Firethorn Community Development District                                         | CUSIP: 31832AAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $263373.54    | 0.21%             | 2055-05-01      | Fixed         | 5.60%                 | 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      | $457878.37    | 0.36%             | 2031-12-15      | Fixed         | 3.50%                 | 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      | $1490188.80   | 1.18%             | 2054-07-01      | Fixed         | 4.80%                 | 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      | $19255.38     | 0.02%             | 2039-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HGR EDU ASSISTANC                    | Pennsylvania Higher Education Assistance Agency                                  | CUSIP: 70878CAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $240268.21    | 0.19%             | 2042-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16171 | PA      | $97.48        | 0.00%             | 2048-01-01      | None          | 0.00%                 | 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      | $260491.93    | 0.21%             | 2049-02-15      | Fixed         | 5.25%                 | 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      | $361841.24    | 0.29%             | 2035-05-01      | Fixed         | 5.20%                 | 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      | $250138.05    | 0.20%             | 2053-08-15      | Variable      | 6.25%                 | 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        |    310000 | PA      | $284606.01    | 0.22%             | 2044-11-01      | Fixed         | 4.00%                 | 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      | $511906.35    | 0.40%             | 2045-10-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                    | Michigan Finance Authority                                                       | CUSIP: 594479GW1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    300000 | PA      | $279254.91    | 0.22%             | 2031-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH SPL REVEN                    | New Hampshire Business Finance Authority                                         | CUSIP: 63608TAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250079.83    | 0.20%             | 2039-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SAINT BERNARD OH INCOME TAX RE                    | City of St Bernard OH                                                            | CUSIP: 85233CAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500424.90    | 0.40%             | 2043-12-01      | Fixed         | 5.00%                 | 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      | $516508.45    | 0.41%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15240 | PA      | $91.08        | 0.00%             | 2063-01-01      | None          | 0.00%                 | 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      | $697747.60    | 0.55%             | 2038-12-01      | 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      | $429497.08    | 0.34%             | 2044-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                      | Cumberland County Municipal Authority                                            | CUSIP: 230614TZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502913.50    | 0.40%             | 2051-06-01      | Fixed         | 5.50%                 | 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      | $711826.14    | 0.56%             | 2046-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     16055 | PA      | $96.71        | 0.00%             | 2049-01-01      | None          | 0.00%                 | 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      | $519745.18    | 0.41%             | 2050-07-01      | Fixed         | 2.75%                 | 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      | $477090.89    | 0.38%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QBA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       419 | PA      | $2.50         | 0.00%             | 2063-01-01      | None          | 0.00%                 | 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        |    540977 | PA      | $232630.98    | 0.18%             | 2061-11-15      | Variable      | 0.01%                 | 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      | $330856.37    | 0.26%             | 2051-10-01      | Fixed         | 2.45%                 | 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      | $528591.95    | 0.42%             | 2053-11-15      | Fixed         | 7.50%                 | 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      | $102441.31    | 0.08%             | 2035-05-01      | Fixed         | 6.25%                 | 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      | $17625.00     | 0.01%             | 2030-07-01      | Fixed         | 6.75%                 | 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      | $456361.65    | 0.36%             | 2045-08-15      | Fixed         | 4.00%                 | 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        |    490000 | PA      | $481279.23    | 0.38%             | 2049-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                     | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $333866.61    | 0.26%             | 2054-05-01      | Fixed         | 5.55%                 | 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      | $384468.77    | 0.30%             | 2035-11-15      | Fixed         | 6.25%                 | 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      | $460128.95    | 0.36%             | 2043-07-01      | Fixed         | 6.00%                 | 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      | $504048.85    | 0.40%             | 2060-06-30      | Fixed         | 5.50%                 | 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      | $670350.45    | 0.53%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                      | Illinois Finance Authority                                                       | CUSIP: 45203H6Y3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    160410 | PA      | $8020.49      | 0.01%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                        | Public Finance Authority                                                         | CUSIP: 74442PDC6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $259425.00    | 0.20%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15124 | PA      | $90.34        | 0.00%             | 2064-01-01      | None          | 0.00%                 | 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      | $306288.99    | 0.24%             | 2038-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Nuveen Quality Municipal Income Fund              | Nuveen Quality Municipal Income Fund                                             | CUSIP: 67066V101<br>LEI: 549300RDIO25ZNWCOA97 | Long             | EC               | RF                | US        |      7010 | NS      | $84260.20     | 0.07%             |  |  |  | No            |                  1 | 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      | $1537858.65   | 1.22%             | 2054-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QAP5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |       475 | PA      | $2.86         | 0.00%             | 2052-01-01      | None          | 0.00%                 | 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      | $333320.42    | 0.26%             | 2043-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EAST NASSAU STEWARDSHIP DIST F                    | East Nassau Stewardship District                                                 | CUSIP: 273794AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518710.45    | 0.41%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 88046KGU4<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519836.35    | 0.41%             | 2048-07-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST HSG FIN AUTH SF MTG                    | Alabama Housing Finance Authority                                                | CUSIP: 01030RRB0<br>LEI: 549300VFN7EHPOFS7D76 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501394.55    | 0.40%             | 2055-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FIN                    | Tennessee Housing Development Agency                                             | CUSIP: 880461X29<br>LEI: 25490004PSQYQLFJGI76 | Long             | DBT              | MUN               | US        |    815000 | PA      | $614020.10    | 0.49%             | 2045-01-01      | Fixed         | 2.55%                 | 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      | $323559.17    | 0.26%             | 2030-09-01      | Fixed         | 6.25%                 | 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      | $309918.72    | 0.24%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCEC                    | Public Finance Authority                                                         | CUSIP: 74445QCD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     15822 | PA      | $95.24        | 0.00%             | 2050-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RIVER LANDING CDD FL CAP IMPT                     | River Landing Community Development District                                     | CUSIP: 76828JAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $265273.89    | 0.21%             | 2051-05-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

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

**Signature:** Paul Rasmussen

**Name of Signer:** Paul Rasmussen

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